Valero Energy (VLO) 10-Q 27 Jul 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 21, 2023
Cover [Abstract]
Document type	10-Q
Document quarterly report	true
Document period end date	Jun. 30, 2023
Document transition report	false
Entity file number	001-13175
Entity registrant name	VALERO ENERGY CORP/TX
Entity incorporation, state or country code	DE
Entity tax identification number	74-1828067
Entity address, address line one	One Valero Way
Entity address, city or town	San Antonio
Entity address, state or province	TX
Entity address, postal zip code	78249
City area code	210
Local phone number	345-2000
Title of 12(b) security	Common Stock, par value $0.01 per share
Trading symbol	VLO
Security exchange name	NYSE
Entity current reporting status	Yes
Entity interactive data current	Yes
Entity filer category	Large Accelerated Filer
Entity small business	false
Entity emerging growth company	false
Entity shell company	false
Entity common stock, shares outstanding		353,132,880
Entity central index key	0001035002
Amendment flag	false
Document fiscal year focus	2023
Document fiscal period focus	Q2
Current fiscal year end date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 5,075	$ 4,862
Receivables, net	10,888	11,919
Inventories	6,961	6,752
Prepaid expenses and other	771	600
Total current assets	23,695	24,133
Property, plant, and equipment, at cost	51,125	50,576
Accumulated depreciation	(20,555)	(19,598)
Property, plant, and equipment, net	30,570	30,978
Deferred charges and other assets, net	6,402	5,871
Total assets	60,667	60,982
Current liabilities:
Current portion of debt and finance lease obligations	1,193	1,109
Accounts payable	10,825	12,728
Accrued expenses	1,117	1,215
Taxes other than income taxes payable	1,491	1,568
Income taxes payable	322	841
Total current liabilities	14,948	17,461
Debt and finance lease obligations, less current portion	10,130	10,526
Deferred income tax liabilities	5,382	5,217
Other long-term liabilities	2,213	2,310
Commitments and contingencies
Valero Energy Corporation stockholders’ equity:
Common stock, $0.01 par value; 1,200,000,000 shares authorized; 673,501,593 and 673,501,593 shares issued	7	7
Additional paid-in capital	6,889	6,863
Treasury stock, at cost; 320,378,393 and 301,372,958 common shares	(22,586)	(20,197)
Retained earnings	42,512	38,247
Accumulated other comprehensive loss	(971)	(1,359)
Total Valero Energy Corporation stockholders’ equity	25,851	23,561
Noncontrolling interests	2,143	1,907
Total equity	27,994	25,468
Total liabilities and equity	$ 60,667	$ 60,982

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Valero Energy Corporation stockholders’ equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,200,000,000	1,200,000,000
Common stock, shares issued	673,501,593	673,501,593
Treasury stock, common shares	320,378,393	301,372,958

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues	[1]	$ 34,509	$ 51,641	$ 70,948	$ 90,183
Cost of sales:
Cost of materials and other	[2]	29,430	42,946	59,435	77,895
Operating expenses (excluding depreciation and amortization expense reflected below)		1,440	1,626	2,917	3,005
Depreciation and amortization expense		658	590	1,308	1,185
Total cost of sales		31,528	45,162	63,660	82,085
Other operating expenses		2	15	12	34
General and administrative expenses (excluding depreciation and amortization expense reflected below)		209	233	453	438
Depreciation and amortization expense		11	12	21	23
Operating income		2,759	6,219	6,802	7,603
Other income, net		106	33	235	13
Interest and debt expense, net of capitalized interest		(148)	(142)	(294)	(287)
Income before income tax expense		2,717	6,110	6,743	7,329
Income tax expense		595	1,342	1,475	1,594
Net income		2,122	4,768	5,268	5,735
Less: Net income attributable to noncontrolling interests		178	75	257	137
Net income attributable to Valero Energy Corporation stockholders		$ 1,944	$ 4,693	$ 5,011	$ 5,598
Earnings per common share (in dollars per share)		$ 5.41	$ 11.58	$ 13.75	$ 13.75
Weighted-average common shares outstanding (in shares)		358	404	363	406
Earnings per common share – assuming dilution (in dollars per share)		$ 5.40	$ 11.57	$ 13.74	$ 13.74
Weighted-average common shares outstanding – assuming dilution (in shares)		358	404	363	406
Supplemental information:
Includes excise taxes on sales by certain of our foreign operations		$ 1,449	$ 1,254	$ 2,871	$ 2,677
[1]Includes excise taxes on sales by certain of our foreign operations of $1,449 million and $1,254 million for the three months ended June 30, 2023 and 2022, respectively, and $2,871 million and $2,677 million for the six months ended June 30, 2023 and 2022, respectively.[2] Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $388 million and $198 million for the three months ended June 30, 2023 and 2022, respectively, and $634 million and $354 million for the six months ended June 30, 2023 and 2022, respectively.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income	$ 2,122	$ 4,768	$ 5,268	$ 5,735
Other comprehensive income (loss):
Foreign currency translation adjustment	257	(442)	391	(429)
Net gain (loss) on pension and other postretirement benefits	(6)	9	(13)	17
Net gain (loss) on cash flow hedges	(47)	50	10	5
Other comprehensive income (loss) before income tax expense (benefit)	204	(383)	388	(407)
Income tax expense (benefit) related to items of other comprehensive income (loss)	(6)	7	(5)	7
Other comprehensive income (loss)	210	(390)	393	(414)
Comprehensive income	2,332	4,378	5,661	5,321
Less: Comprehensive income attributable to noncontrolling interests	154	101	262	140
Comprehensive income attributable to Valero Energy Corporation stockholders	$ 2,178	$ 4,277	$ 5,399	$ 5,181

Consolidated Statements of Equi

Consolidated Statements of Equity (unaudited) - USD ($) $ in Millions	Total	Valero Energy Corporation Stockholders' Equity [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Non-controlling Interests [Member]
Balance as of beginning of period at Dec. 31, 2021	$ 19,817	$ 18,430	$ 7	$ 6,827	$ (15,677)	$ 28,281	$ (1,008)	$ 1,387
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income	5,735	5,598				5,598		137
Dividends on common stock	(800)	(800)				(800)
Stock-based compensation expense	47	47		47
Transactions in connection with stock-based compensation plans	3	3		(29)	32
Purchases of common stock for treasury	(1,892)	(1,892)			(1,892)
Contributions from noncontrolling interests	240							240
Distributions to noncontrolling interests	(3)							(3)
Other comprehensive income (loss)	(414)	(417)					(417)	3
Balance as of end of period at Jun. 30, 2022	22,733	20,969	7	6,845	(17,537)	33,079	(1,425)	1,764
Balance as of beginning of period at Mar. 31, 2022	20,410	18,821	7	6,832	(15,794)	28,785	(1,009)	1,589
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income	4,768	4,693				4,693		75
Dividends on common stock	(399)	(399)				(399)
Stock-based compensation expense	15	15		15
Transactions in connection with stock-based compensation plans	3	3		(2)	5
Purchases of common stock for treasury	(1,748)	(1,748)			(1,748)
Contributions from noncontrolling interests	75							75
Distributions to noncontrolling interests	(1)							(1)
Other comprehensive income (loss)	(390)	(416)					(416)	26
Balance as of end of period at Jun. 30, 2022	22,733	20,969	7	6,845	(17,537)	33,079	(1,425)	1,764
Balance as of beginning of period at Dec. 31, 2022	25,468	23,561	7	6,863	(20,197)	38,247	(1,359)	1,907
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income	5,268	5,011				5,011		257
Dividends on common stock	(746)	(746)				(746)
Stock-based compensation expense	53	53		53
Transactions in connection with stock-based compensation plans	1	1		(27)	28
Purchases of common stock for treasury	(2,417)	(2,417)			(2,417)
Contributions from noncontrolling interests	75							75
Distributions to noncontrolling interests	(101)							(101)
Other comprehensive income (loss)	393	388					388	5
Balance as of end of period at Jun. 30, 2023	27,994	25,851	7	6,889	(22,586)	42,512	(971)	2,143
Balance as of beginning of period at Mar. 31, 2023	27,067	24,977	7	6,877	(21,637)	40,935	(1,205)	2,090
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income	2,122	1,944				1,944		178
Dividends on common stock	(367)	(367)				(367)
Stock-based compensation expense	14	14		14
Transactions in connection with stock-based compensation plans	0			(2)	2
Purchases of common stock for treasury	(951)	(951)			(951)
Distributions to noncontrolling interests	(101)							(101)
Other comprehensive income (loss)	210	234					234	(24)
Balance as of end of period at Jun. 30, 2023	$ 27,994	$ 25,851	$ 7	$ 6,889	$ (22,586)	$ 42,512	$ (971)	$ 2,143

Consolidated Statements of Eq_2

Consolidated Statements of Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Common stock dividends:
Dividends on common stock (in dollars per share)	$ 1.02	$ 0.98	$ 2.04	$ 1.96

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 5,268	$ 5,735
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	1,329	1,208
Loss (gain) on early retirement of debt, net	(11)	50
Deferred income tax expense (benefit)	159	(333)
Changes in current assets and current liabilities	(1,728)	(128)
Changes in deferred charges and credits and other operating activities, net	(335)	(99)
Net cash provided by operating activities	4,682	6,433
Cash flows from investing activities:
Purchases of available-for-sale (AFS) debt securities	(354)	0
Proceeds from sales and maturities of AFS debt securities	251	0
Proceeds from sale of assets	0	32
Investments in nonconsolidated joint ventures	0	(1)
Other investing activities, net	7	4
Net cash used in investing activities	(1,078)	(1,460)
Cash flows from financing activities:
Premiums paid on early retirement of debt	(5)	(48)
Purchases of common stock for treasury	(2,393)	(1,892)
Common stock dividend payments	(746)	(800)
Contributions from noncontrolling interests	75	240
Distributions to noncontrolling interests	(101)	(3)
Other financing activities, net	(1)	(5)
Net cash used in financing activities	(3,520)	(3,642)
Effect of foreign exchange rate changes on cash	129	(61)
Net increase in cash and cash equivalents	213	1,270
Cash and cash equivalents at beginning of period	4,862	4,122
Cash and cash equivalents at end of period	5,075	5,392
Excluding Variable Interest Entities (VIEs) [Member]
Cash flows from investing activities:
Capital expenditures	(311)	(324)
Deferred turnaround and catalyst cost expenditures	(508)	(681)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	1,450	1,439
Repayments of debt and finance lease obligations	(1,726)	(2,580)
Diamond Green Diesel Holdings LLC (DGD) [Member]
Cash flows from investing activities:
Capital expenditures	(122)	(458)
Deferred turnaround and catalyst cost expenditures	(39)	(13)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	300	359
Repayments of debt and finance lease obligations	(386)	(365)
Other VIEs [Member]
Cash flows from investing activities:
Capital expenditures	(2)	(19)
Cash flows from financing activities:
Proceeds from borrowings of other VIEs	54	46
Repayments of debt and finance lease obligations	$ (41)	$ (33)

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation General The terms “Valero,” “we,” “our,” and “us,” as used in this report, may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. The term “DGD,” as used in this report, may refer to Diamond Green Diesel Holdings LLC, its wholly owned consolidated subsidiary, or both of them taken as a whole. These interim unaudited financial statements have been prepared in conformity with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these interim unaudited financial statements reflect all adjustments considered necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. These interim unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2022. The balance sheet as of December 31, 2022 has been derived from our audited financial statements as of that date. For further information, refer to our audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2022. Significant Accounting Policy 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 these interim unaudited 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.

Uncertainty

Uncertainty	6 Months Ended
	Jun. 30, 2023
Risks and Uncertainties [Abstract]
UNCERTAINTY	2. UNCERTAINTY In September 2022, California adopted Senate Bill No. 1322 (SB 1322), which requires refineries in California to report monthly on the volume and cost of the crude oil they buy, the quantity and price of the wholesale gasoline they sell, and the gross gasoline margin per barrel, among other information. The provisions of SB 1322 were effective January 2023, and we began the required monthly reporting for our two California refineries at that time. In March 2023, California adopted Senate Bill No. 2 (such statute, together with any regulations contemplated or issued thereunder, SBx 1-2), which, among other things, (i) authorizes the establishment of a maximum gross gasoline refining margin (max margin) and the imposition of a financial penalty for profits above a max margin, (ii) significantly expands the reporting obligations under SB 1322 and the Petroleum Industry Information Reporting Act of 1980, which include reporting requirements to the California Energy Commission (CEC) for all participants in the petroleum industry supply chain in California (e.g., refiners, marketers, importers, transporters, terminals, producers, renewables producers, pipelines, and ports), (iii) creates the Division of Petroleum Market Oversight within the CEC to analyze the data provided under SBx 1-2, and (iv) authorizes the CEC to regulate the timing and other aspects of refinery turnaround and maintenance activities in certain instances. The provisions of SBx 1-2 became effective June 26, 2023. The CEC has not yet undertaken rulemaking with respect to SBx 1-2, including the establishment of any max margin, the imposition of a financial penalty, or restrictions on turnaround and maintenance activities, and it is uncertain when or whether any such rulemaking will occur. SBx 1-2 imposes increased and substantial reporting requirements, which include daily, weekly, monthly, and annual reporting of detailed operational and financial data on all aspects of our operations in California, much of it at the transaction level. The operational data includes our plans for turnaround and maintenance activities at our two California refineries and the manner in which we expect to address the potential impacts on feedstock and product inventories in California as a result of such turnaround and maintenance activities. We continue to review and analyze the provisions of SBx 1-2 and the possible impacts to our refining and marketing operations in California. While the CEC has not yet established a max margin, imposed a financial penalty for profits above a max margin, or imposed restrictions on turnaround and maintenance activities, the potential implementation of a financial penalty or any restrictions or delays on our ability to undertake turnaround or maintenance activities creates uncertainty due to the potential adverse effects on us. Any adverse effects on our operations or financial performance in California could indicate that the carrying value of our assets in California is not recoverable, which would result in an impairment loss that could be material. In addition, if the circumstances that trigger an impairment loss result in a reduction in the estimated useful lives of the assets, we may be required to recognize an asset retirement obligation that could be material. Other jurisdictions are contemplating similarly focused legislation or actions. The ultimate timing and impacts of SBx 1-2 and any other similarly focused legislation or actions are subject to considerable uncertainty due to a number of factors, including technological and economic feasibility, legal challenges, and potential changes in law, regulation, or policy, and it is not currently possible to predict the ultimate effects of these matters and developments on us.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
INVENTORIES	3. INVENTORIES Inventories consisted of the following (in millions): June 30, December 31, Refinery feedstocks $ 1,980 $ 1,949 Refined petroleum products and blendstocks 3,773 3,579 Renewable diesel feedstocks and products 585 583 Ethanol feedstocks and products 293 328 Materials and supplies 330 313 Inventories $ 6,961 $ 6,752

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT	4. DEBT Public Debt In February 2023, we used cash on hand to purchase and retire a portion of the following notes (in millions): Debt Purchased and Retired Principal 6.625% Senior Notes due 2037 $ 62 3.650% Senior Notes due 2051 26 4.000% Senior Notes due 2052 45 Various other Valero and Valero Energy Partners (VLP) Senior Notes 66 Total $ 199 In June 2022, we reduced our debt through the acquisition of the $300 million of 4.00 percent Gulf Opportunity Zone Revenue Bonds Series 2010 that are due December 1, 2040, but were subject to mandatory tender on June 1, 2022. We have the option to effectuate a remarketing of these bonds. In February 2022, we issued $650 million of 4.000 percent Senior Notes due June 1, 2052. Proceeds from this debt issuance totaled $639 million before deducting the underwriting discount and other debt issuance costs. The proceeds and cash on hand were used to purchase and retire a portion of the following notes in connection with cash tender offers that we publicly announced and completed in February 2022 (in millions): Debt Purchased and Retired Principal 3.65% Senior Notes due 2025 $ 72 2.850% Senior Notes due 2025 507 4.375% VLP Senior Notes due 2026 168 3.400% Senior Notes due 2026 653 Total $ 1,400 Credit Facilities We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (amounts in millions and currency in U.S. dollars, except as noted): June 30, 2023 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 November 2027 $ — $ 6 $ 3,994 Canadian Revolver C$ 150 November 2023 C$ — C$ 5 C$ 145 Accounts receivable sales facility (b) $ 1,300 July 2023 $ — n/a $ 1,300 Committed facilities of VIEs (c): DGD Revolver (d) $ 400 June 2026 $ 50 $ 58 $ 292 DGD Loan Agreement (e) $ 100 June 2026 $ — n/a $ 100 IEnova Revolver (f) $ 830 February 2028 $ 733 n/a $ 97 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 70 n/a ________________________ (a) Letters of credit issued as of June 30, 2023 expire at various times in 2023 through 2024. (b) In July 2023, we extended the maturity date of this facility to July 2024. (c) Creditors of the VIEs do not have recourse against us. (d) In June 2023, DGD amended this facility to (i) extend the maturity date to June 2026 and (ii) transition the benchmark reference interest rate previously based on the London Interbank Offered Rate (LIBOR) to a secured overnight financing rate (SOFR). The variable interest rate on the DGD Revolver was 6.980 percent and 5.880 percent as of June 30, 2023 and December 31, 2022, respectively. (e) The amounts shown for this facility represent the facility amount available from, and borrowings outstanding to, the noncontrolling member as any transactions between DGD and us under this facility are eliminated in consolidation. In April 2023, DGD extended the maturity date of this facility to June 2023. In June 2023, DGD amended this facility to (i) extend the maturity date to June 2026, (ii) increase each member’s commitment from $25 million to $100 million, resulting in an increase in aggregate commitments from $50 million to $200 million, and (iii) transition the benchmark reference interest rate previously based on the LIBOR to Term SOFR. The variable interest rate on the DGD Loan Agreement was 6.672 percent as of December 31, 2022. (f) Both parties to this facility have agreed to use a SOFR as the interest rate applied to outstanding borrowings. The variable interest rate on the IEnova Revolver was 8.740 percent and 7.393 percent as of June 30, 2023 and December 31, 2022, respectively. Activity under our credit facilities was as follows (in millions): Six Months Ended 2023 2022 Borrowings: Accounts receivable sales facility $ 1,450 $ 800 DGD Revolver 300 359 IEnova Revolver 54 46 Repayments: Accounts receivable sales facility (1,450) (800) DGD Revolver (350) (359) DGD Loan Agreement (25) — IEnova Revolver (38) (30) Other Disclosures “Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Interest and debt expense $ 151 $ 156 $ 303 $ 313 Less: Capitalized interest 3 14 9 26 Interest and debt expense, net of capitalized interest $ 148 $ 142 $ 294 $ 287

Equity

Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
EQUITY	5. EQUITY Treasury Stock We purchase shares of our outstanding common stock as authorized by our board of directors (Board), including under share purchase programs (described below) and with respect to our employee stock-based compensation plans. During the three and six months ended June 30, 2023, we purchased for treasury 8,421,452 shares and 19,414,793 shares, respectively. During the three and six months ended June 30, 2022, we purchased for treasury 14,211,408 shares and 15,757,281 shares, respectively. On October 26, 2022, our Board authorized us to purchase shares of our outstanding common stock for a total cost of up to $2.5 billion with no expiration date, and we completed all authorized share purchases under that program during the second quarter of 2023. On February 23, 2023, our Board authorized us to purchase shares of our outstanding common stock for a total cost of up to $2.5 billion with no expiration date (the 2023 Program). As of June 30, 2023, we had $2.5 billion remaining available for purchase under the 2023 Program. Common Stock Dividends On July 20, 2023, our Board declared a quarterly cash dividend of $1.02 per common share payable on September 5, 2023 to holders of record at the close of business on August 3, 2023. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended June 30, 2023 2022 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (1,031) $ (188) $ 14 $ (1,205) $ (549) $ (437) $ (23) $ (1,009) Other comprehensive income (loss) before reclassifications 257 — 12 269 (442) 1 (50) (491) Amounts reclassified from accumulated other comprehensive loss — (6) (30) (36) — 4 69 73 Effect of exchange rates — 1 — 1 — 2 — 2 Other comprehensive income (loss) 257 (5) (18) 234 (442) 7 19 (416) Balance as of end of period $ (774) $ (193) $ (4) $ (971) $ (991) $ (430) $ (4) $ (1,425) Six Months Ended June 30, 2023 2022 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (1,168) $ (183) $ (8) $ (1,359) $ (562) $ (441) $ (5) $ (1,008) Other comprehensive income (loss) before reclassifications 394 — 49 443 (429) (2) (114) (545) Amounts reclassified from accumulated other comprehensive loss — (13) (45) (58) — 11 115 126 Effect of exchange rates — 3 — 3 — 2 — 2 Other comprehensive income (loss) 394 (10) 4 388 (429) 11 1 (417) Balance as of end of period $ (774) $ (193) $ (4) $ (971) $ (991) $ (430) $ (4) $ (1,425)

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	6. VARIABLE INTEREST ENTITIES Consolidated VIEs We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary. As of June 30, 2023, the significant consolidated VIEs included: • DGD, a joint venture with a subsidiary of Darling Ingredients Inc. that owns and operates two plants that process waste and renewable feedstocks (predominately animal fats, used cooking oils, and inedible distillers corn oils) into renewable diesel and renewable naphtha; and • Central Mexico Terminals, a collective group of three subsidiaries of Infraestructura Energetica Nova, S.A.P.I. de C.V. (IEnova), which is a Mexican company and indirect subsidiary of Sempra Energy, a U.S. public company. We have terminaling agreements with Central Mexico Terminals that represent variable interests. We do not have an ownership interest in Central Mexico Terminals. The assets of the consolidated VIEs can only be used to settle their own obligations and the creditors of the consolidated VIEs have no recourse to our other assets. We generally do not provide financial guarantees to the VIEs. Although we have provided credit facilities to some of the VIEs in support of their construction or acquisition activities, these transactions are eliminated in consolidation. Our financial position, results of operations, and cash flows are impacted by the performance of the consolidated VIEs, net of intercompany eliminations, to the extent of our ownership interest in each VIE. The following tables present summarized balance sheet information for the significant assets and liabilities of the consolidated VIEs, which are included in our balance sheets (in millions): DGD Central Other Total June 30, 2023 Assets Cash and cash equivalents $ 318 $ — $ 26 $ 344 Other current assets 1,204 6 31 1,241 Property, plant, and equipment, net 3,748 672 74 4,494 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 432 $ 782 $ 18 $ 1,232 Debt and finance lease obligations, less current portion 680 — — 680 DGD Central Other Total December 31, 2022 Assets Cash and cash equivalents $ 133 $ — $ 16 $ 149 Other current assets 1,106 7 32 1,145 Property, plant, and equipment, net 3,785 681 79 4,545 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 626 $ 737 $ 21 $ 1,384 Debt and finance lease obligations, less current portion 693 — — 693 Nonconsolidated VIEs We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These nonconsolidated VIEs are not material to our financial position or results of operations and are accounted for as equity investments.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	7. EMPLOYEE BENEFIT PLANS The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement 2023 2022 2023 2022 Three months ended June 30 Service cost $ 28 $ 39 $ 1 $ 1 Interest cost 30 21 3 2 Expected return on plan assets (51) (48) — — Amortization of: Net actuarial (gain) loss (1) 13 (2) — Prior service credit (4) (5) (1) (1) Net periodic benefit cost $ 2 $ 20 $ 1 $ 2 Six months ended June 30 Service cost $ 56 $ 77 $ 2 $ 3 Interest cost 60 42 6 4 Expected return on plan assets (101) (96) — — Amortization of: Net actuarial (gain) loss (3) 26 (3) — Prior service credit (9) (9) (2) (2) Net periodic benefit cost $ 3 $ 40 $ 3 $ 5 The components of net periodic benefit cost other than the service cost component (i.e., the non-service cost components) are included in “other income, net.”

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	8. EARNINGS PER COMMON SHARE Earnings per common share was computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended Six Months Ended 2023 2022 2023 2022 Earnings per common share: Net income attributable to Valero stockholders $ 1,944 $ 4,693 $ 5,011 $ 5,598 Less: Income allocated to participating securities 6 17 16 20 Net income available to common stockholders $ 1,938 $ 4,676 $ 4,995 $ 5,578 Weighted-average common shares outstanding 358 404 363 406 Earnings per common share $ 5.41 $ 11.58 $ 13.75 $ 13.75 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 1,944 $ 4,693 $ 5,011 $ 5,598 Less: Income allocated to participating securities 6 17 16 20 Net income available to common stockholders $ 1,938 $ 4,676 $ 4,995 $ 5,578 Weighted-average common shares outstanding 358 404 363 406 Effect of dilutive securities — — — — Weighted-average common shares outstanding – assuming dilution 358 404 363 406 Earnings per common share – assuming dilution $ 5.40 $ 11.57 $ 13.74 $ 13.74 Participating securities include restricted stock and performance awards granted under our 2020 Omnibus Stock Incentive Plan (OSIP) or our 2011 OSIP. Dilutive securities include participating securities as well as outstanding stock options.

Revenues and Segment Informatio

Revenues and Segment Information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
REVENUES AND SEGMENT INFORMATION	9. REVENUES AND SEGMENT INFORMATION Revenue from Contracts with Customers Disaggregation of Revenue Revenue is presented in the table below under “Segment Information” disaggregated by product because this is the level of disaggregation that management has determined to be beneficial to users of our financial statements. Contract Balances Contract balances were as follows (in millions): June 30, December 31, Receivables from contracts with customers, included in receivables, net $ 5,878 $ 7,189 Contract liabilities, included in accrued expenses 85 129 During the six months ended June 30, 2023 and 2022, we recognized as revenue $123 million and $72 million that was included in contract liabilities as of December 31, 2022 and 2021, respectively. Revenue recognized related to contract liabilities during the three months ended June 30, 2023 and 2022 was not material. Remaining Performance Obligations We have spot and term contracts with customers, the majority of which are spot contracts with no remaining performance obligations. We do not disclose remaining performance obligations for contracts that have terms of one year or less. The transaction price for our remaining term contracts includes a fixed component and variable consideration (i.e., a commodity price), both of which are allocated entirely to a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. The fixed component is not material and the variable consideration is highly uncertain. Therefore, as of June 30, 2023, we have not disclosed the aggregate amount of the transaction price allocated to our remaining performance obligations. Segment Information We have three reportable segments — Refining, Renewable Diesel, and Ethanol. Each segment is a strategic business unit that offers different products and services by employing unique technologies and marketing strategies and whose operations and operating performance are managed and evaluated separately. Operating performance is measured based on the operating income generated by the segment, which includes revenues and expenses that are directly attributable to the management of the respective segment. Intersegment sales are generally derived from transactions made at prevailing market rates. The following is a description of each segment’s business operations. • The Refining segment includes the operations of our petroleum refineries, the associated activities to market our refined petroleum products, and the logistics assets that support our refining operations. The principal products manufactured by our refineries and sold by this segment include gasolines and blendstocks, distillates, and other products. • The Renewable Diesel segment represents the operations of DGD, a consolidated joint venture as discussed in Note 6, and the associated activities to market renewable diesel and renewable naphtha. The principal products manufactured by DGD and sold by this segment are renewable diesel and renewable naphtha. This segment sells some renewable diesel to the Refining segment, which is then sold to that segment’s customers. • The Ethanol segment includes the operations of our ethanol plants and the associated activities to market our ethanol and co-products. The principal products manufactured by our ethanol plants are ethanol and distillers grains. This segment sells some ethanol to the Refining segment for blending into gasoline, which is sold to that segment’s customers as a finished gasoline product. Operations that are not included in any of the reportable segments are included in the corporate category. The following tables reflect information about our operating income by reportable segment (in millions): Refining Renewable Ethanol Corporate Total Three months ended June 30, 2023 Revenues: Revenues from external customers $ 31,996 $ 1,296 $ 1,217 $ — $ 34,509 Intersegment revenues (3) 950 257 (1,204) — Total revenues 31,993 2,246 1,474 (1,204) 34,509 Cost of sales: Cost of materials and other (a) 27,773 1,643 1,199 (1,185) 29,430 Operating expenses (excluding depreciation and amortization expense reflected below) 1,205 104 128 3 1,440 Depreciation and amortization expense 582 59 19 (2) 658 Total cost of sales 29,560 1,806 1,346 (1,184) 31,528 Other operating expenses 1 — 1 — 2 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 209 209 Depreciation and amortization expense — — — 11 11 Operating income by segment $ 2,432 $ 440 $ 127 $ (240) $ 2,759 Three months ended June 30, 2022 Revenues: Revenues from external customers $ 49,495 $ 855 $ 1,291 $ — $ 51,641 Intersegment revenues 11 596 201 (808) — Total revenues 49,506 1,451 1,492 (808) 51,641 Cost of sales: Cost of materials and other (a) 41,313 1,213 1,226 (806) 42,946 Operating expenses (excluding depreciation and amortization expense reflected below) 1,402 58 167 (1) 1,626 Depreciation and amortization expense 565 28 (3) — 590 Total cost of sales 43,280 1,299 1,390 (807) 45,162 Other operating expenses 14 — 1 — 15 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 233 233 Depreciation and amortization expense — — — 12 12 Operating income by segment $ 6,212 $ 152 $ 101 $ (246) $ 6,219 ________________________ See note (a) on page 20 Refining Renewable Ethanol Corporate Total Six months ended June 30, 2023 Revenues: Revenues from external customers $ 66,403 $ 2,231 $ 2,314 $ — $ 70,948 Intersegment revenues — 1,695 480 (2,175) — Total revenues 66,403 3,926 2,794 (2,175) 70,948 Cost of sales: Cost of materials and other (a) 56,283 2,974 2,330 (2,152) 59,435 Operating expenses (excluding depreciation and amortization expense reflected below) 2,466 190 258 3 2,917 Depreciation and amortization expense 1,154 117 39 (2) 1,308 Total cost of sales 59,903 3,281 2,627 (2,151) 63,660 Other operating expenses 11 — 1 — 12 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 453 453 Depreciation and amortization expense — — — 21 21 Operating income by segment $ 6,489 $ 645 $ 166 $ (498) $ 6,802 Six months ended June 30, 2022 Revenues: Revenues from external customers $ 86,308 $ 1,450 $ 2,425 $ — $ 90,183 Intersegment revenues 15 982 328 (1,325) — Total revenues 86,323 2,432 2,753 (1,325) 90,183 Cost of sales: Cost of materials and other (a) 74,919 1,968 2,330 (1,322) 77,895 Operating expenses (excluding depreciation and amortization expense reflected below) 2,595 109 302 (1) 3,005 Depreciation and amortization expense 1,114 54 17 — 1,185 Total cost of sales 78,628 2,131 2,649 (1,323) 82,085 Other operating expenses 32 — 2 — 34 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 438 438 Depreciation and amortization expense — — — 23 23 Operating income by segment $ 7,663 $ 301 $ 102 $ (463) $ 7,603 ________________________ (a) Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $388 million and $198 million for the three months ended June 30, 2023 and 2022, respectively, and $634 million and $354 million for the six months ended June 30, 2023 and 2022, respectively. The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Refining: Gasolines and blendstocks $ 15,229 $ 20,604 $ 30,277 $ 36,164 Distillates 13,992 24,427 30,830 41,871 Other product revenues 2,775 4,464 5,296 8,273 Total Refining revenues 31,996 49,495 66,403 86,308 Renewable Diesel: Renewable diesel 1,249 817 2,125 1,412 Renewable naphtha 47 38 106 38 Total Renewable Diesel revenues 1,296 855 2,231 1,450 Ethanol: Ethanol 898 979 1,661 1,854 Distillers grains 319 312 653 571 Total Ethanol revenues 1,217 1,291 2,314 2,425 Revenues $ 34,509 $ 51,641 $ 70,948 $ 90,183 Total assets by reportable segment were as follows (in millions): June 30, December 31, Refining $ 47,253 $ 48,484 Renewable Diesel 5,524 5,217 Ethanol 1,499 1,551 Corporate and eliminations 6,391 5,730 Total assets $ 60,667 $ 60,982

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	10. SUPPLEMENTAL CASH FLOW INFORMATION In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Six Months Ended 2023 2022 Decrease (increase) in current assets: Receivables, net $ 1,225 $ (4,163) Inventories (73) (1,056) Prepaid expenses and other (55) (108) Increase (decrease) in current liabilities: Accounts payable (1,909) 4,240 Accrued expenses (128) (126) Taxes other than income taxes payable (136) 133 Income taxes payable (652) 952 Changes in current assets and current liabilities $ (1,728) $ (128) Changes in current assets and current liabilities for the six months ended June 30, 2023 were primarily due to the following: • The decrease in receivables was due to a decrease in refined petroleum product prices combined with a decrease in sales volumes in June 2023 compared to December 2022; • The decrease in accounts payable was due to a decrease in crude oil and other feedstock prices combined with a decrease in related volumes purchased in June 2023 compared to December 2022; and • The decr ease in income taxes payable was primarily due to income tax payments made in 2023. Changes in current assets and cu rrent liabilities for the six months ended June 30, 2022 were primarily due to the following: • The increase in receivables was due to an increase in refined petroleum product prices in June 2022 compared to December 2021, partially offset by a decrease in sales volumes; • The increase in inventories was due to an increase in inventory volumes valued at higher unit prices in June 2022 compared to December 2021; • The increase in accounts payable was due to an increase in crude oil and other feedstock prices in June 2022 compared to December 2021, partially offset by a decrease in crude oil and other feedstock volumes purchased; and • The increase in income taxes payable was primarily due to higher income before income tax expense in the second quarter of 2022. Cash flows related to interest and income taxes were as follows (in millions): Six Months Ended 2023 2022 Interest paid in excess of amount capitalized, including interest on finance leases $ 273 $ 291 Income taxes paid, net 2,410 916 Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Six Months Ended June 30, 2023 2022 Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 206 $ 54 $ 196 $ 39 Financing cash flows — 107 — 86 Changes in lease balances resulting from new and modified leases 237 48 92 164 There were no significant noncash investing and financing activities during the six months ended June 30, 2023 or 2022, except as noted in the table above.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	11. FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of June 30, 2023 and December 31, 2022. We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. June 30, 2023 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 469 $ — $ — $ 469 $ (398) $ — $ 71 $ — Physical purchase contracts — — — — n/a n/a — n/a Investments of certain benefit plans 72 — 6 78 n/a n/a 78 n/a Investments in AFS debt securities 104 98 — 202 n/a n/a 202 n/a Total $ 645 $ 98 $ 6 $ 749 $ (398) $ — $ 351 Liabilities Commodity derivative contracts $ 398 $ — $ — $ 398 $ (398) $ — $ — $ (54) Blending program obligations — 55 — 55 n/a n/a 55 n/a Physical purchase contracts — 51 — 51 n/a n/a 51 n/a Foreign currency contracts 1 — — 1 n/a n/a 1 n/a Total $ 399 $ 106 $ — $ 505 $ (398) $ — $ 107 December 31, 2022 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 830 $ — $ — $ 830 $ (705) $ (8) $ 117 $ — Physical purchase contracts — 4 — 4 n/a n/a 4 n/a Investments of certain benefit plans 72 — 6 78 n/a n/a 78 n/a Investments in AFS debt securities 56 165 — 221 n/a n/a 221 n/a Total $ 958 $ 169 $ 6 $ 1,133 $ (705) $ (8) $ 420 Liabilities Commodity derivative contracts $ 705 $ — $ — $ 705 $ (705) $ — $ — $ (149) Blending program obligations — 55 — 55 n/a n/a 55 n/a Physical purchase contracts — 4 — 4 n/a n/a 4 n/a Foreign currency contracts 2 — — 2 n/a n/a 2 n/a Total $ 707 $ 59 $ — $ 766 $ (705) $ — $ 61 A description of our assets and liabilities recognized at fair value along with the valuation methods and inputs we used to develop their fair value measurements are as follows: • Commodity derivative contracts consist primarily of exchange-traded futures, which are used to reduce the impact of price volatility on our results of operations and cash flows as discussed in Note 12. These contracts are measured at fair value using a market approach based on quoted prices from the commodity exchange and are categorized in Level 1 of the fair value hierarchy. • Physical purchase contracts represent the fair value of fixed-price corn purchase contracts. The fair values of these purchase contracts are measured using a market approach based on quoted prices from the commodity exchange or an independent pricing service and are categorized in Level 2 of the fair value hierarchy. • Investments of certain benefit plans consist of investment securities held by trusts for the purpose of satisfying a portion of our obligations under certain U.S. nonqualified benefit plans. The plan assets categorized in Level 1 of the fair value hierarchy are measured at fair value using a market approach based on quoted prices from national securities exchanges. The plan assets categorized in Level 3 of the fair value hierarchy represent insurance contracts, the fair value of which is provided by the insurer. • Investments in AFS debt securities consist primarily of commercial paper and U.S. government treasury bills and have maturities within one year. The securities were reflected in the following balance sheet line items (in millions): June 30, 2023 December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Cash and cash equivalents $ — $ — $ — $ — $ 125 $ 125 Prepaid expenses and other 104 98 202 56 40 96 Investments in AFS debt securities $ 104 $ 98 $ 202 $ 56 $ 165 $ 221 The securities categorized in Level 1 are measured at fair value using a market approach based on quoted prices from national securities exchanges, and the securities categorized in Level 2 are measured at fair value using a market approach based on quoted prices from independent pricing services. The amortized cost basis of the securities approximates fair value. Realized and unrealized gains and losses were de minimis for the three and six months ended June 30, 2023. There were no AFS debt securities held as of and for the six months ended June 30, 2022. • Blending program obligations represent our liability for the purchase of compliance credits needed to satisfy our blending obligations under various government and regulatory blending programs, such as the U.S. Environmental Protection Agency’s (EPA) Renewable Fuel Standard (RFS), the California Low Carbon Fuel Standard (LCFS), the Canada Clean Fuel Regulations, and similar programs in other jurisdictions in which we operate (collectively, the Renewable and Low-Carbon Fuel Programs). The blending program obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based on quoted prices from an independent pricing service. • Foreign currency contracts consist of foreign currency exchange and purchase contracts and foreign currency swap agreements related to our foreign operations to manage our exposure to exchange rate fluctuations on transactions denominated in currencies other than the local (functional) currencies of our operations. These contracts are valued based on quoted foreign currency exchange rates and are categorized in Level 1 of the fair value hierarchy. Nonrecurring Fair Value Measurements As previously disclosed in our annual report on Form 10-K for the year ended December 31, 2022, we concluded that our ethanol plant located in Lakota, Iowa (Lakota ethanol plant) was impaired as of December 31, 2022, which resulted in an asset impairment loss of $61 million. The fair value of the Lakota ethanol plant was determined using a combination of the income and market approaches and was classified in Level 3. We employed a probability-weighted approach to possible future cash flow scenarios, including the use of peer company metrics and comparison to a recent sales transaction. There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of June 30, 2023 and December 31, 2022, except as noted above. Financial Instruments Our financial instruments include cash and cash equivalents, investments in AFS debt securities, receivables, payables, debt obligations, operating and finance lease obligations, commodity derivative contracts, and foreign currency contracts. The estimated fair values of cash and cash equivalents, receivables, payables, and operating and finance lease obligations approximate their carrying amounts; the carrying value and fair value of debt is shown in the table below (in millions). June 30, 2023 December 31, 2022 Fair Value Carrying Fair Carrying Fair Financial liabilities: Debt (excluding finance lease obligations) Level 2 $ 8,986 $ 8,664 $ 9,241 $ 8,902 Investments in AFS debt securities, commodity derivative contracts, and foreign currency contracts are recognized at their fair values as shown in “ Recurring Fair Value Measurements ” above.

Price Risk Management Activitie

Price Risk Management Activities	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
PRICE RISK MANAGEMENT ACTIVITIES	12. PRICE RISK MANAGEMENT ACTIVITIES General We are exposed to market risks primarily related to the volatility in the price of commodities, foreign currency exchange rates, and the price of credits needed to comply with the Renewable and Low-Carbon Fuel Programs. We enter into derivative instruments to manage some of these risks, including derivative instruments related to the various commodities we purchase or produce, and foreign currency exchange and purchase contracts, as described below under “ Risk Management Activities by Type of Risk. ” These derivative instruments are recorded as either assets or liabilities measured at their fair values (see Note 11), as summarized below under “ Fair Values of Derivative Instruments. ” The effect of these derivative instruments on our income and other comprehensive income (loss) is summarized below under “ Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss). ” Risk Management Activities by Type of Risk Commodity Price Risk We are exposed to market risks related to the volatility in the price of feedstocks (primarily crude oil, waste and renewable feedstocks, and corn), the products we produce, and natural gas used in our operations. To reduce the impact of price volatility on our results of operations and cash flows, we use commodity derivative instruments, such as futures and options. Our positions in commodity derivative instruments are monitored and managed on a daily basis by our risk control group to ensure compliance with our stated risk management policy that has been approved by our Board. We primarily use commodity derivative instruments as cash flow hedges and economic hedges. Our objectives for entering into each type of hedge is described below. • Cash flow hedges – The objective of our cash flow hedges is to lock in the price of forecasted purchases and/or product sales at existing market prices that we deem favorable. • Economic hedges – Our objectives for holding economic hedges are to (i) manage price volatility in certain feedstock and product inventories and (ii) lock in the price of forecasted purchases and/or product sales at existing market prices that we deem favorable. As of June 30, 2023, we had the following outstanding commodity derivative instruments that were used as cash flow hedges and economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except corn contracts that are presented in thousands of bushels). Notional Contract Volumes by 2023 2024 Derivatives designated as cash flow hedges: Refined petroleum products: Futures – long 2,451 — Futures – short 7,020 — Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 75,103 59 Futures – short 73,103 302 Corn: Futures – long 172,335 20 Futures – short 212,675 2,120 Physical contracts – long 40,132 2,084 Foreign Currency Risk We are exposed to exchange rate fluctuations on transactions related to our foreign operations that are denominated in currencies other than the local (functional) currencies of our operations. To manage our exposure to these exchange rate fluctuations, we often use foreign currency contracts. These contracts are not designated as hedging instruments for accounting purposes and therefore are classified as economic hedges. As of June 30, 2023, we had foreign currency contracts to purchase $614 million of U.S. dollars. All of these commitments matured on or before July 26, 2023. Renewable and Low-Carbon Fuel Programs Price Risk We are exposed to market risk related to the volatility in the price of credits needed to comply with the Renewable and Low-Carbon Fuel Programs. To manage this risk, we enter into contracts to purchase these credits. Some of these contracts are derivative instruments; however, we elect the normal purchase exception and do not record these contracts at their fair values. The Renewable and Low-Carbon Fuel Programs require us to blend a certain volume of renewable and low-carbon fuels into the petroleum-based transportation fuels we produce in, or import into, the respective jurisdiction to be consumed therein based on annual quotas. To the degree we are unable to blend at the required quotas, we must purchase compliance credits (primarily Renewable Identification Numbers (RINs)). The cost of meeting our credit obligations under the Renewable and Low-Carbon Fuel Programs was $387 million and $221 million for the three months ended June 30, 2023 and 2022, respectively, and $800 million and $523 million for the six months ended June 30, 2023 and 2022, respectively. These amounts are reflected in cost of materials and other. Fair Values of Derivative Instruments The following table provides information about the fair values of our derivative instruments as of June 30, 2023 and December 31, 2022 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 11 for additional information related to the fair values of our derivative instruments. As indicated in Note 11, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following table, however, is presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts: Balance Sheet June 30, 2023 December 31, 2022 Asset Liability Asset Liability Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 7 $ 1 $ 61 $ 44 Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 462 $ 397 $ 769 $ 661 Physical purchase contracts Inventories — 51 4 4 Foreign currency contracts Accrued expenses — 1 — 2 Total $ 462 $ 449 $ 773 $ 667 Market Risk Our price risk management activities involve the receipt or payment of fixed price commitments into the future. These transactions give rise to market risk, which is the risk that future changes in market conditions may make an instrument less valuable. We closely monitor and manage our exposure to market risk on a daily basis in accordance with policies approved by our Board. Market risks are monitored by our risk control group to ensure compliance with our stated risk management policy. We do not require any collateral or other security to support derivative instruments into which we enter. We also do not have any derivative instruments that require us to maintain a minimum investment-grade credit rating. Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss) The following table provides information about the gain (loss) recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions): Derivatives in Location of Gain (Loss) Three Months Ended Six Months Ended 2023 2022 2023 2022 Commodity contracts: Gain (loss) recognized in other comprehensive income (loss) n/a $ 31 $ (130) $ 126 $ (294) Gain (loss) reclassified from accumulated other comprehensive loss into income Revenues 78 (180) 116 (299) For cash flow hedges, no component of any derivative instrument’s gains or losses was excluded from the assessment of hedge effectiveness for the three and six months ended June 30, 2023 and 2022. For the three and six months ended June 30, 2023 and 2022, cash flow hedges primarily related to forecasted sales of renewable diesel. As of June 30, 2023, the estimated deferred after-tax gain that is expected to be reclassified into revenues within the next 12 months was not material. The changes in accumulated other comprehensive loss by component, net of tax, for the three and six months ended June 30, 2023 and 2022 are described in Note 5. The following table provides information about the gain (loss) recognized in income on our derivative instruments with respect to our economic hedges and our foreign currency hedges and the line items in the statements of income in which such gains (losses) are reflected (in millions): Derivatives Not Location of Gain (Loss) Three Months Ended Six Months Ended 2023 2022 2023 2022 Commodity contracts Revenues $ (10) $ (2) $ (17) $ (6) Commodity contracts Cost of materials 91 (272) 174 (867) Commodity contracts Operating expenses — 6 1 9 Foreign currency contracts Cost of materials (17) 49 (20) 47 Foreign currency contracts Other income, net — (115) — (81)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income attributable to Valero stockholders	$ 1,944	$ 4,693	$ 5,011	$ 5,598

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation General The terms “Valero,” “we,” “our,” and “us,” as used in this report, may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. The term “DGD,” as used in this report, may refer to Diamond Green Diesel Holdings LLC, its wholly owned consolidated subsidiary, or both of them taken as a whole. These interim unaudited financial statements have been prepared in conformity with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these interim unaudited financial statements reflect all adjustments considered necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. These interim unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2022. The balance sheet as of December 31, 2022 has been derived from our audited financial statements as of that date. For further information, refer to our audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2022.
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 these interim unaudited 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.
Variable interest entities	We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary.We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These nonconsolidated VIEs are not material to our financial position or results of operations and are accounted for as equity investments.
Offsetting fair value amounts of commodity derivative contracts	We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet.
Derivatives	We are exposed to market risks primarily related to the volatility in the price of commodities, foreign currency exchange rates, and the price of credits needed to comply with the Renewable and Low-Carbon Fuel Programs. We enter into derivative instruments to manage some of these risks, including derivative instruments related to the various commodities we purchase or produce, and foreign currency exchange and purchase contracts, as described below under “ Risk Management Activities by Type of Risk. ” These derivative instruments are recorded as either assets or liabilities measured at their fair values (see Note 11), as summarized below under “ Fair Values of Derivative Instruments. ” The effect of these derivative instruments on our income and other comprehensive income (loss) is summarized below under “ Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss). ”
Derivative instruments collateral requirements	We do not require any collateral or other security to support derivative instruments into which we enter.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): June 30, December 31, Refinery feedstocks $ 1,980 $ 1,949 Refined petroleum products and blendstocks 3,773 3,579 Renewable diesel feedstocks and products 585 583 Ethanol feedstocks and products 293 328 Materials and supplies 330 313 Inventories $ 6,961 $ 6,752

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt purchased and retired	In February 2023, we used cash on hand to purchase and retire a portion of the following notes (in millions): Debt Purchased and Retired Principal 6.625% Senior Notes due 2037 $ 62 3.650% Senior Notes due 2051 26 4.000% Senior Notes due 2052 45 Various other Valero and Valero Energy Partners (VLP) Senior Notes 66 Total $ 199 Debt Purchased and Retired Principal 3.65% Senior Notes due 2025 $ 72 2.850% Senior Notes due 2025 507 4.375% VLP Senior Notes due 2026 168 3.400% Senior Notes due 2026 653 Total $ 1,400
Summary of credit facilities	We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (amounts in millions and currency in U.S. dollars, except as noted): June 30, 2023 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 November 2027 $ — $ 6 $ 3,994 Canadian Revolver C$ 150 November 2023 C$ — C$ 5 C$ 145 Accounts receivable sales facility (b) $ 1,300 July 2023 $ — n/a $ 1,300 Committed facilities of VIEs (c): DGD Revolver (d) $ 400 June 2026 $ 50 $ 58 $ 292 DGD Loan Agreement (e) $ 100 June 2026 $ — n/a $ 100 IEnova Revolver (f) $ 830 February 2028 $ 733 n/a $ 97 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 70 n/a ________________________ (a) Letters of credit issued as of June 30, 2023 expire at various times in 2023 through 2024. (b) In July 2023, we extended the maturity date of this facility to July 2024. (c) Creditors of the VIEs do not have recourse against us. (d) In June 2023, DGD amended this facility to (i) extend the maturity date to June 2026 and (ii) transition the benchmark reference interest rate previously based on the London Interbank Offered Rate (LIBOR) to a secured overnight financing rate (SOFR). The variable interest rate on the DGD Revolver was 6.980 percent and 5.880 percent as of June 30, 2023 and December 31, 2022, respectively. (e) The amounts shown for this facility represent the facility amount available from, and borrowings outstanding to, the noncontrolling member as any transactions between DGD and us under this facility are eliminated in consolidation. In April 2023, DGD extended the maturity date of this facility to June 2023. In June 2023, DGD amended this facility to (i) extend the maturity date to June 2026, (ii) increase each member’s commitment from $25 million to $100 million, resulting in an increase in aggregate commitments from $50 million to $200 million, and (iii) transition the benchmark reference interest rate previously based on the LIBOR to Term SOFR. The variable interest rate on the DGD Loan Agreement was 6.672 percent as of December 31, 2022. (f) Both parties to this facility have agreed to use a SOFR as the interest rate applied to outstanding borrowings. The variable interest rate on the IEnova Revolver was 8.740 percent and 7.393 percent as of June 30, 2023 and December 31, 2022, respectively. Activity under our credit facilities was as follows (in millions): Six Months Ended 2023 2022 Borrowings: Accounts receivable sales facility $ 1,450 $ 800 DGD Revolver 300 359 IEnova Revolver 54 46 Repayments: Accounts receivable sales facility (1,450) (800) DGD Revolver (350) (359) DGD Loan Agreement (25) — IEnova Revolver (38) (30)
Interest and debt expense, net of capitalized interest	“Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Interest and debt expense $ 151 $ 156 $ 303 $ 313 Less: Capitalized interest 3 14 9 26 Interest and debt expense, net of capitalized interest $ 148 $ 142 $ 294 $ 287

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Changes in components of accumulated other comprehensive loss	Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended June 30, 2023 2022 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (1,031) $ (188) $ 14 $ (1,205) $ (549) $ (437) $ (23) $ (1,009) Other comprehensive income (loss) before reclassifications 257 — 12 269 (442) 1 (50) (491) Amounts reclassified from accumulated other comprehensive loss — (6) (30) (36) — 4 69 73 Effect of exchange rates — 1 — 1 — 2 — 2 Other comprehensive income (loss) 257 (5) (18) 234 (442) 7 19 (416) Balance as of end of period $ (774) $ (193) $ (4) $ (971) $ (991) $ (430) $ (4) $ (1,425) Six Months Ended June 30, 2023 2022 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (1,168) $ (183) $ (8) $ (1,359) $ (562) $ (441) $ (5) $ (1,008) Other comprehensive income (loss) before reclassifications 394 — 49 443 (429) (2) (114) (545) Amounts reclassified from accumulated other comprehensive loss — (13) (45) (58) — 11 115 126 Effect of exchange rates — 3 — 3 — 2 — 2 Other comprehensive income (loss) 394 (10) 4 388 (429) 11 1 (417) Balance as of end of period $ (774) $ (193) $ (4) $ (971) $ (991) $ (430) $ (4) $ (1,425)

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summarized balance sheet information of consolidated VIEs	The following tables present summarized balance sheet information for the significant assets and liabilities of the consolidated VIEs, which are included in our balance sheets (in millions): DGD Central Other Total June 30, 2023 Assets Cash and cash equivalents $ 318 $ — $ 26 $ 344 Other current assets 1,204 6 31 1,241 Property, plant, and equipment, net 3,748 672 74 4,494 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 432 $ 782 $ 18 $ 1,232 Debt and finance lease obligations, less current portion 680 — — 680 DGD Central Other Total December 31, 2022 Assets Cash and cash equivalents $ 133 $ — $ 16 $ 149 Other current assets 1,106 7 32 1,145 Property, plant, and equipment, net 3,785 681 79 4,545 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 626 $ 737 $ 21 $ 1,384 Debt and finance lease obligations, less current portion 693 — — 693

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Periodic benefit cost related to our defined benefit plans, net	The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement 2023 2022 2023 2022 Three months ended June 30 Service cost $ 28 $ 39 $ 1 $ 1 Interest cost 30 21 3 2 Expected return on plan assets (51) (48) — — Amortization of: Net actuarial (gain) loss (1) 13 (2) — Prior service credit (4) (5) (1) (1) Net periodic benefit cost $ 2 $ 20 $ 1 $ 2 Six months ended June 30 Service cost $ 56 $ 77 $ 2 $ 3 Interest cost 60 42 6 4 Expected return on plan assets (101) (96) — — Amortization of: Net actuarial (gain) loss (3) 26 (3) — Prior service credit (9) (9) (2) (2) Net periodic benefit cost $ 3 $ 40 $ 3 $ 5

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of earnings per common share, basic and diluted	Earnings per common share was computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended Six Months Ended 2023 2022 2023 2022 Earnings per common share: Net income attributable to Valero stockholders $ 1,944 $ 4,693 $ 5,011 $ 5,598 Less: Income allocated to participating securities 6 17 16 20 Net income available to common stockholders $ 1,938 $ 4,676 $ 4,995 $ 5,578 Weighted-average common shares outstanding 358 404 363 406 Earnings per common share $ 5.41 $ 11.58 $ 13.75 $ 13.75 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 1,944 $ 4,693 $ 5,011 $ 5,598 Less: Income allocated to participating securities 6 17 16 20 Net income available to common stockholders $ 1,938 $ 4,676 $ 4,995 $ 5,578 Weighted-average common shares outstanding 358 404 363 406 Effect of dilutive securities — — — — Weighted-average common shares outstanding – assuming dilution 358 404 363 406 Earnings per common share – assuming dilution $ 5.40 $ 11.57 $ 13.74 $ 13.74

Revenues and Segment Informat_2

Revenues and Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of contract balances	Contract balances were as follows (in millions): June 30, December 31, Receivables from contracts with customers, included in receivables, net $ 5,878 $ 7,189 Contract liabilities, included in accrued expenses 85 129
Segment information for our reportable segments	The following tables reflect information about our operating income by reportable segment (in millions): Refining Renewable Ethanol Corporate Total Three months ended June 30, 2023 Revenues: Revenues from external customers $ 31,996 $ 1,296 $ 1,217 $ — $ 34,509 Intersegment revenues (3) 950 257 (1,204) — Total revenues 31,993 2,246 1,474 (1,204) 34,509 Cost of sales: Cost of materials and other (a) 27,773 1,643 1,199 (1,185) 29,430 Operating expenses (excluding depreciation and amortization expense reflected below) 1,205 104 128 3 1,440 Depreciation and amortization expense 582 59 19 (2) 658 Total cost of sales 29,560 1,806 1,346 (1,184) 31,528 Other operating expenses 1 — 1 — 2 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 209 209 Depreciation and amortization expense — — — 11 11 Operating income by segment $ 2,432 $ 440 $ 127 $ (240) $ 2,759 Three months ended June 30, 2022 Revenues: Revenues from external customers $ 49,495 $ 855 $ 1,291 $ — $ 51,641 Intersegment revenues 11 596 201 (808) — Total revenues 49,506 1,451 1,492 (808) 51,641 Cost of sales: Cost of materials and other (a) 41,313 1,213 1,226 (806) 42,946 Operating expenses (excluding depreciation and amortization expense reflected below) 1,402 58 167 (1) 1,626 Depreciation and amortization expense 565 28 (3) — 590 Total cost of sales 43,280 1,299 1,390 (807) 45,162 Other operating expenses 14 — 1 — 15 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 233 233 Depreciation and amortization expense — — — 12 12 Operating income by segment $ 6,212 $ 152 $ 101 $ (246) $ 6,219 ________________________ See note (a) on page 20 Refining Renewable Ethanol Corporate Total Six months ended June 30, 2023 Revenues: Revenues from external customers $ 66,403 $ 2,231 $ 2,314 $ — $ 70,948 Intersegment revenues — 1,695 480 (2,175) — Total revenues 66,403 3,926 2,794 (2,175) 70,948 Cost of sales: Cost of materials and other (a) 56,283 2,974 2,330 (2,152) 59,435 Operating expenses (excluding depreciation and amortization expense reflected below) 2,466 190 258 3 2,917 Depreciation and amortization expense 1,154 117 39 (2) 1,308 Total cost of sales 59,903 3,281 2,627 (2,151) 63,660 Other operating expenses 11 — 1 — 12 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 453 453 Depreciation and amortization expense — — — 21 21 Operating income by segment $ 6,489 $ 645 $ 166 $ (498) $ 6,802 Six months ended June 30, 2022 Revenues: Revenues from external customers $ 86,308 $ 1,450 $ 2,425 $ — $ 90,183 Intersegment revenues 15 982 328 (1,325) — Total revenues 86,323 2,432 2,753 (1,325) 90,183 Cost of sales: Cost of materials and other (a) 74,919 1,968 2,330 (1,322) 77,895 Operating expenses (excluding depreciation and amortization expense reflected below) 2,595 109 302 (1) 3,005 Depreciation and amortization expense 1,114 54 17 — 1,185 Total cost of sales 78,628 2,131 2,649 (1,323) 82,085 Other operating expenses 32 — 2 — 34 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 438 438 Depreciation and amortization expense — — — 23 23 Operating income by segment $ 7,663 $ 301 $ 102 $ (463) $ 7,603 ________________________ (a) Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $388 million and $198 million for the three months ended June 30, 2023 and 2022, respectively, and $634 million and $354 million for the six months ended June 30, 2023 and 2022, respectively. The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Refining: Gasolines and blendstocks $ 15,229 $ 20,604 $ 30,277 $ 36,164 Distillates 13,992 24,427 30,830 41,871 Other product revenues 2,775 4,464 5,296 8,273 Total Refining revenues 31,996 49,495 66,403 86,308 Renewable Diesel: Renewable diesel 1,249 817 2,125 1,412 Renewable naphtha 47 38 106 38 Total Renewable Diesel revenues 1,296 855 2,231 1,450 Ethanol: Ethanol 898 979 1,661 1,854 Distillers grains 319 312 653 571 Total Ethanol revenues 1,217 1,291 2,314 2,425 Revenues $ 34,509 $ 51,641 $ 70,948 $ 90,183 Total assets by reportable segment were as follows (in millions): June 30, December 31, Refining $ 47,253 $ 48,484 Renewable Diesel 5,524 5,217 Ethanol 1,499 1,551 Corporate and eliminations 6,391 5,730 Total assets $ 60,667 $ 60,982

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Information [Abstract]
Schedule of cash flows, supplemental disclosures	In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Six Months Ended 2023 2022 Decrease (increase) in current assets: Receivables, net $ 1,225 $ (4,163) Inventories (73) (1,056) Prepaid expenses and other (55) (108) Increase (decrease) in current liabilities: Accounts payable (1,909) 4,240 Accrued expenses (128) (126) Taxes other than income taxes payable (136) 133 Income taxes payable (652) 952 Changes in current assets and current liabilities $ (1,728) $ (128) Cash flows related to interest and income taxes were as follows (in millions): Six Months Ended 2023 2022 Interest paid in excess of amount capitalized, including interest on finance leases $ 273 $ 291 Income taxes paid, net 2,410 916 Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Six Months Ended June 30, 2023 2022 Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 206 $ 54 $ 196 $ 39 Financing cash flows — 107 — 86 Changes in lease balances resulting from new and modified leases 237 48 92 164

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair value of assets and liabilities measured on recurring basis	The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of June 30, 2023 and December 31, 2022. We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. June 30, 2023 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 469 $ — $ — $ 469 $ (398) $ — $ 71 $ — Physical purchase contracts — — — — n/a n/a — n/a Investments of certain benefit plans 72 — 6 78 n/a n/a 78 n/a Investments in AFS debt securities 104 98 — 202 n/a n/a 202 n/a Total $ 645 $ 98 $ 6 $ 749 $ (398) $ — $ 351 Liabilities Commodity derivative contracts $ 398 $ — $ — $ 398 $ (398) $ — $ — $ (54) Blending program obligations — 55 — 55 n/a n/a 55 n/a Physical purchase contracts — 51 — 51 n/a n/a 51 n/a Foreign currency contracts 1 — — 1 n/a n/a 1 n/a Total $ 399 $ 106 $ — $ 505 $ (398) $ — $ 107 December 31, 2022 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 830 $ — $ — $ 830 $ (705) $ (8) $ 117 $ — Physical purchase contracts — 4 — 4 n/a n/a 4 n/a Investments of certain benefit plans 72 — 6 78 n/a n/a 78 n/a Investments in AFS debt securities 56 165 — 221 n/a n/a 221 n/a Total $ 958 $ 169 $ 6 $ 1,133 $ (705) $ (8) $ 420 Liabilities Commodity derivative contracts $ 705 $ — $ — $ 705 $ (705) $ — $ — $ (149) Blending program obligations — 55 — 55 n/a n/a 55 n/a Physical purchase contracts — 4 — 4 n/a n/a 4 n/a Foreign currency contracts 2 — — 2 n/a n/a 2 n/a Total $ 707 $ 59 $ — $ 766 $ (705) $ — $ 61 June 30, 2023 December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Cash and cash equivalents $ — $ — $ — $ — $ 125 $ 125 Prepaid expenses and other 104 98 202 56 40 96 Investments in AFS debt securities $ 104 $ 98 $ 202 $ 56 $ 165 $ 221
Carrying amount and estimated fair value of financial instruments	The estimated fair values of cash and cash equivalents, receivables, payables, and operating and finance lease obligations approximate their carrying amounts; the carrying value and fair value of debt is shown in the table below (in millions). June 30, 2023 December 31, 2022 Fair Value Carrying Fair Carrying Fair Financial liabilities: Debt (excluding finance lease obligations) Level 2 $ 8,986 $ 8,664 $ 9,241 $ 8,902

Price Risk Management Activit_2

Price Risk Management Activities (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of June 30, 2023, we had the following outstanding commodity derivative instruments that were used as cash flow hedges and economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except corn contracts that are presented in thousands of bushels). Notional Contract Volumes by 2023 2024 Derivatives designated as cash flow hedges: Refined petroleum products: Futures – long 2,451 — Futures – short 7,020 — Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 75,103 59 Futures – short 73,103 302 Corn: Futures – long 172,335 20 Futures – short 212,675 2,120 Physical contracts – long 40,132 2,084
Fair values of derivative instruments	The following table provides information about the fair values of our derivative instruments as of June 30, 2023 and December 31, 2022 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 11 for additional information related to the fair values of our derivative instruments. As indicated in Note 11, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following table, however, is presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts: Balance Sheet June 30, 2023 December 31, 2022 Asset Liability Asset Liability Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 7 $ 1 $ 61 $ 44 Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 462 $ 397 $ 769 $ 661 Physical purchase contracts Inventories — 51 4 4 Foreign currency contracts Accrued expenses — 1 — 2 Total $ 462 $ 449 $ 773 $ 667
Effect of derivative instruments on income and other comprehensive income (loss)	The following table provides information about the gain (loss) recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions): Derivatives in Location of Gain (Loss) Three Months Ended Six Months Ended 2023 2022 2023 2022 Commodity contracts: Gain (loss) recognized in other comprehensive income (loss) n/a $ 31 $ (130) $ 126 $ (294) Gain (loss) reclassified from accumulated other comprehensive loss into income Revenues 78 (180) 116 (299) The following table provides information about the gain (loss) recognized in income on our derivative instruments with respect to our economic hedges and our foreign currency hedges and the line items in the statements of income in which such gains (losses) are reflected (in millions): Derivatives Not Location of Gain (Loss) Three Months Ended Six Months Ended 2023 2022 2023 2022 Commodity contracts Revenues $ (10) $ (2) $ (17) $ (6) Commodity contracts Cost of materials 91 (272) 174 (867) Commodity contracts Operating expenses — 6 1 9 Foreign currency contracts Cost of materials (17) 49 (20) 47 Foreign currency contracts Other income, net — (115) — (81)

Uncertainty (Details)

Uncertainty (Details)	6 Months Ended
	Jun. 30, 2023 refinery
California [Member]
Concentration Risk [Line Items]
Number of refineries	2

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Schedule of Inventories
Refinery feedstocks	$ 1,980	$ 1,949
Refined petroleum products and blendstocks	3,773	3,579
Renewable diesel feedstocks and products	585	583
Ethanol feedstocks and products	293	328
Materials and supplies	330	313
Inventories	$ 6,961	$ 6,752

Inventories (Details) (Narrativ

Inventories (Details) (Narrative) - USD ($) $ in Billions	Jun. 30, 2023	Dec. 31, 2022
Inventories (Textual)
Excess of market value over carrying amount of LIFO inventories	$ 5.1	$ 6.3
Amount of non-LIFO inventory	$ 1	$ 1.6

Debt, Public Debt (Details)

Debt, Public Debt (Details) - USD ($)	1 Months Ended
	Feb. 28, 2023	Jun. 30, 2022	Feb. 28, 2022
Senior Notes [Member]
Debt Purchased and Retired
Debt purchased and retired amount	$ 199,000,000		$ 1,400,000,000
Senior Notes [Member] | 6.625% Valero Senior Notes due 2037 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)	6.625%
Debt purchased and retired amount	$ 62,000,000
Senior Notes [Member] | 3.650% Valero Senior Notes due 2051 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)	3.65%
Debt purchased and retired amount	$ 26,000,000
Senior Notes [Member] | 4.000% Valero Senior Notes due 2052 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)	4%		4%
Debt purchased and retired amount	$ 45,000,000
Public Debt (Textual)
Face amount of long-term debt issuance			$ 650,000,000
Proceeds from issuance of senior long-term debt			$ 639,000,000
Senior Notes [Member] | Various other Valero and Valero Energy Partners (VLP) Senior Notes [Member]
Debt Purchased and Retired
Debt purchased and retired amount	$ 66,000,000
Senior Notes [Member] | 3.65% Valero Senior Notes due 2025 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)			3.65%
Debt purchased and retired amount			$ 72,000,000
Senior Notes [Member] | 2.850% Valero Senior Notes due 2025 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)			2.85%
Debt purchased and retired amount			$ 507,000,000
Senior Notes [Member] | 4.375% VLP Senior Notes due 2026 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)			4.375%
Debt purchased and retired amount			$ 168,000,000
Senior Notes [Member] | 3.400% Valero Senior Notes due 2026 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)			3.40%
Debt purchased and retired amount			$ 653,000,000
Revenue Bonds [Member] | Gulf Opportunity Zone Revenue Bonds Series 2010 due 2040 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)		4%
Public Debt (Textual)
Repayments of long-term debt		$ 300,000,000

Debt, Credit Facilities (Detail

Debt, Credit Facilities (Details)		Jun. 30, 2023 USD ($)	Jun. 30, 2023 CAD ($)	May 31, 2023 USD ($)	Dec. 31, 2022
Valero Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount		$ 4,000,000,000
Outstanding borrowings, long term		0
Availability		3,994,000,000
Valero Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1]	6,000,000
Canadian Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount			$ 150,000,000
Outstanding borrowings, short-term			0
Availability			145,000,000
Canadian Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1]		$ 5,000,000
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount	[2]	1,300,000,000
Outstanding borrowings, short-term	[2]	0
Availability	[2]	1,300,000,000
DGD Revolver [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount	[3],[4]	400,000,000
Outstanding borrowings, long term	[3],[4]	50,000,000
Availability	[3],[4]	$ 292,000,000
Interest rate at period end (percent)		6.98%	6.98%		5.88%
DGD Revolver Letter Of Credit [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Letters of credit issued	[1],[3],[4]	$ 58,000,000
DGD Loan Agreement [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Darling Ingredients Inc. [Member]
Line of Credit Facility
Facility amount				$ 25,000,000
DGD Loan Agreement [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount				50,000,000
Interest rate at period end (percent)					6.672%
DGD Loan Agreement [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Valero Energy Corporation [Member]
Line of Credit Facility
Facility amount				$ 25,000,000
DGD Loan Agreement [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Darling Ingredients Inc. [Member]
Line of Credit Facility
Facility amount		100,000,000
DGD Loan Agreement [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount		200,000,000
DGD Loan Agreement [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Valero Energy Corporation [Member]
Line of Credit Facility
Facility amount	[3],[5]	100,000,000
Outstanding borrowings, long term	[3],[5]	0
Availability	[3],[5]	100,000,000
IEnova Revolver [Member] | Credit Facilities [Member] | Central Mexico Terminals [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount	[3],[6]	830,000,000
Outstanding borrowings, long term	[3],[6]	733,000,000
Availability	[3],[6]	$ 97,000,000
Interest rate at period end (percent)		8.74%	8.74%		7.393%
Uncommitted Letter of Credit Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1]	$ 70,000,000
[1]Letters of credit issued as of June 30, 2023 expire at various times in 2023 through 2024.[2]In July 2023, we extended the maturity date of this facility to July 2024.[3]Creditors of the VIEs do not have recourse against us.[4]In June 2023, DGD amended this facility to (i) extend the maturity date to June 2026 and (ii) transition the benchmark reference interest rate previously based on the London Interbank Offered Rate (LIBOR) to a secured overnight financing rate (SOFR). The variable interest rate on the DGD Revolver was 6.980 percent and 5.880 percent as of June 30, 2023 and December 31, 2022, respectively.[5] The amounts shown for this facility represent the facility amount available from, and borrowings outstanding to, the noncontrolling member as any transactions between DGD and us under this facility are eliminated in consolidation. In April 2023, DGD extended the maturity date of this facility to June 2023. In June 2023, DGD amended this facility to (i) extend the maturity date to June 2026, (ii) increase each member’s commitment from $25 million to $100 million, resulting in an increase in aggregate commitments from $50 million to $200 million, and (iii) transition the benchmark reference interest rate previously based on the LIBOR to Term SOFR. The variable interest rate on the DGD Loan Agreement was 6.672 percent as of December 31, 2022.

Debt, Activity Under Credit Fac

Debt, Activity Under Credit Facilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accounts Receivable Sales Facility [Member] | Line of Credit [Member]
Line of Credit Facility
Borrowings, short-term credit facilities	$ 1,450	$ 800
Repayments, short-term credit facilities	(1,450)	(800)
DGD Revolver [Member] | Line of Credit [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Borrowings, long-term credit facilities	300	359
Repayments, long-term credit facilities	(350)	(359)
DGD Loan Agreement [Member] | Line of Credit [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Repayments, long-term credit facilities	(25)	0
IEnova Revolver [Member] | Line of Credit [Member] | Central Mexico Terminals [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Borrowings, long-term credit facilities	54	46
Repayments, long-term credit facilities	$ (38)	$ (30)

Debt, Interest Incurred (Detail

Debt, Interest Incurred (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest and Debt Expense, Net of Capitalized Interest
Interest and debt expense	$ 151	$ 156	$ 303	$ 313
Less: Capitalized interest	3	14	9	26
Interest and debt expense, net of capitalized interest	$ 148	$ 142	$ 294	$ 287

Equity, Narrative (Details)

Equity, Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jul. 20, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Feb. 23, 2023	Oct. 26, 2022
Subsequent Event [Member]
Equity (Textual)
Dividends declared, amount per share (in usd per share)	$ 1.02
Stock Purchase Program Approved October 2022 [Member]
Equity (Textual)
Authorized amount under stock purchase programs							$ 2,500,000,000
Stock Purchase Program Approved February 2023 [Member]
Equity (Textual)
Authorized amount under stock purchase programs						$ 2,500,000,000
Remaining amount authorized under stock purchase program		$ 2,500,000,000		$ 2,500,000,000
Treasury Stock [Member]
Equity (Textual)
Purchases of common stock for treasury (shares)		8,421,452	14,211,408	19,414,793	15,757,281

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	$ 27,067	$ 20,410	$ 25,468	$ 19,817
Other comprehensive income (loss)	210	(390)	393	(414)
Balance as of end of period	27,994	22,733	27,994	22,733
Accumulated Other Comprehensive Loss [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	(1,205)	(1,009)	(1,359)	(1,008)
Other comprehensive income (loss) before reclassifications	269	(491)	443	(545)
Amounts reclassified from accumulated other comprehensive  loss	(36)	73	(58)	126
Effect of exchange rates	1	2	3	2
Other comprehensive income (loss)	234	(416)	388	(417)
Balance as of end of period	(971)	(1,425)	(971)	(1,425)
Foreign Currency Translation Adjustment [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	(1,031)	(549)	(1,168)	(562)
Other comprehensive income (loss) before reclassifications	257	(442)	394	(429)
Amounts reclassified from accumulated other comprehensive  loss	0	0	0	0
Effect of exchange rates	0	0	0	0
Other comprehensive income (loss)	257	(442)	394	(429)
Balance as of end of period	(774)	(991)	(774)	(991)
Defined Benefit Plans Items [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	(188)	(437)	(183)	(441)
Other comprehensive income (loss) before reclassifications	0	1	0	(2)
Amounts reclassified from accumulated other comprehensive  loss	(6)	4	(13)	11
Effect of exchange rates	1	2	3	2
Other comprehensive income (loss)	(5)	7	(10)	11
Balance as of end of period	(193)	(430)	(193)	(430)
Gains (Losses) on Cash Flow Hedges [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	14	(23)	(8)	(5)
Other comprehensive income (loss) before reclassifications	12	(50)	49	(114)
Amounts reclassified from accumulated other comprehensive  loss	(30)	69	(45)	115
Effect of exchange rates	0	0	0	0
Other comprehensive income (loss)	(18)	19	4	1
Balance as of end of period	$ (4)	$ (4)	$ (4)	$ (4)

Variable Interest Entities (Det

Variable Interest Entities (Details) (Narrative)	Jun. 30, 2023 plant subsidiary
Diamond Green Diesel Holdings LLC (DGD) [Member]
Variable Interest Entity (Textual)
Number of renewable diesel plants owned by joint venture | plant	2
Central Mexico Terminals [Member]
Variable Interest Entity (Textual)
Number of subsidiaries | subsidiary	3

Variable Interest Entities (D_2

Variable Interest Entities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 5,075	$ 4,862
Property, plant, and equipment, net	30,570	30,978
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	14,948	17,461
Debt and finance lease obligations, less current portion	10,130	10,526
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents	344	149
Other current assets	1,241	1,145
Property, plant, and equipment, net	4,494	4,545
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	1,232	1,384
Debt and finance lease obligations, less current portion	680	693
Diamond Green Diesel Holdings LLC (DGD) [Member]
Assets
Cash and cash equivalents	318	133
Other current assets	1,204	1,106
Property, plant, and equipment, net	3,748	3,785
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	432	626
Debt and finance lease obligations, less current portion	680	693
Central Mexico Terminals [Member]
Assets
Cash and cash equivalents	0	0
Other current assets	6	7
Property, plant, and equipment, net	672	681
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	782	737
Debt and finance lease obligations, less current portion	0	0
Other VIEs [Member]
Assets
Cash and cash equivalents	26	16
Other current assets	31	32
Property, plant, and equipment, net	74	79
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	18	21
Debt and finance lease obligations, less current portion	$ 0	$ 0

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 28	$ 39	$ 56	$ 77
Interest cost	30	21	60	42
Expected return on plan assets	(51)	(48)	(101)	(96)
Amortization of:
Net actuarial (gain) loss	(1)	13	(3)	26
Prior service credit	(4)	(5)	(9)	(9)
Net periodic benefit cost	2	20	3	40
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	1	1	2	3
Interest cost	3	2	6	4
Expected return on plan assets	0	0	0	0
Amortization of:
Net actuarial (gain) loss	(2)	0	(3)	0
Prior service credit	(1)	(1)	(2)	(2)
Net periodic benefit cost	$ 1	$ 2	$ 3	$ 5

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings per common share:
Net income attributable to Valero stockholders	$ 1,944	$ 4,693	$ 5,011	$ 5,598
Less: Income allocated to participating securities	6	17	16	20
Net income available to common stockholders	$ 1,938	$ 4,676	$ 4,995	$ 5,578
Weighted-average common shares outstanding (in shares)	358	404	363	406
Earnings per common share (in dollars per share)	$ 5.41	$ 11.58	$ 13.75	$ 13.75
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$ 1,944	$ 4,693	$ 5,011	$ 5,598
Less: Income allocated to participating securities	6	17	16	20
Net income available to common stockholders	$ 1,938	$ 4,676	$ 4,995	$ 5,578
Weighted-average common shares outstanding (in shares)	358	404	363	406
Effect of dilutive securities (in shares)	0	0	0	0
Weighted-average common shares outstanding – assuming dilution (in shares)	358	404	363	406
Earnings per common share – assuming dilution (in dollars per share)	$ 5.40	$ 11.57	$ 13.74	$ 13.74

Revenues and Segment Informat_3

Revenues and Segment Information, Contract Balances (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting [Abstract]
Receivables from contracts with customers, included in receivables, net	$ 5,878		$ 7,189
Contract liabilities, included in accrued expenses	85		$ 129
Contract Balances (Textual)
Revenue recognized that was included in contract liabilities as of prior year end	$ 123	$ 72

Revenues and Segment Informat_4

Revenues and Segment Information, Components of Operating Income (Loss) (Details) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Segment Information for our Reportable Segments
Revenues	[1]	$ 34,509	$ 51,641	$ 70,948	$ 90,183
Cost of sales:
Cost of materials and other	[2]	29,430	42,946	59,435	77,895
Operating expenses (excluding depreciation and amortization expense reflected below)		1,440	1,626	2,917	3,005
Depreciation and amortization expense		658	590	1,308	1,185
Total cost of sales		31,528	45,162	63,660	82,085
Other operating expenses		2	15	12	34
General and administrative expenses (excluding depreciation and amortization expense reflected below)		209	233	453	438
Depreciation and amortization expense		11	12	21	23
Operating income		2,759	6,219	$ 6,802	7,603
Segment Information (Textual)
Number of reportable segments | segment				3
Corporate, Reconciling Items And Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(1,204)	(808)	$ (2,175)	(1,325)
Cost of sales:
Operating income		(240)	(246)	(498)	(463)
Corporate [Member]
Segment Information for our Reportable Segments
Revenues		0	0	0	0
Cost of sales:
General and administrative expenses (excluding depreciation and amortization expense reflected below)		209	233	453	438
Depreciation and amortization expense		11	12	21	23
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(1,204)	(808)	(2,175)	(1,325)
Cost of sales:
Cost of materials and other	[2]	(1,185)	(806)	(2,152)	(1,322)
Operating expenses (excluding depreciation and amortization expense reflected below)		3	(1)	3	(1)
Depreciation and amortization expense		(2)	0	(2)	0
Total cost of sales		(1,184)	(807)	(2,151)	(1,323)
Other operating expenses		0	0	0	0
Refining [Member]
Segment Information for our Reportable Segments
Revenues		31,996	49,495	66,403	86,308
Refining [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		31,993	49,506	66,403	86,323
Cost of sales:
Cost of materials and other	[2]	27,773	41,313	56,283	74,919
Operating expenses (excluding depreciation and amortization expense reflected below)		1,205	1,402	2,466	2,595
Depreciation and amortization expense		582	565	1,154	1,114
Total cost of sales		29,560	43,280	59,903	78,628
Other operating expenses		1	14	11	32
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income		2,432	6,212	6,489	7,663
Refining [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(3)	11	0	15
Renewable Diesel [Member]
Segment Information for our Reportable Segments
Revenues		1,296	855	2,231	1,450
Renewable Diesel [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		2,246	1,451	3,926	2,432
Cost of sales:
Cost of materials and other	[2]	1,643	1,213	2,974	1,968
Operating expenses (excluding depreciation and amortization expense reflected below)		104	58	190	109
Depreciation and amortization expense		59	28	117	54
Total cost of sales		1,806	1,299	3,281	2,131
Other operating expenses		0	0	0	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income		440	152	645	301
Segment Information (Textual)
Blender's tax credit		388	198	634	354
Renewable Diesel [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		950	596	1,695	982
Ethanol [Member]
Segment Information for our Reportable Segments
Revenues		1,217	1,291	2,314	2,425
Ethanol [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		1,474	1,492	2,794	2,753
Cost of sales:
Cost of materials and other	[2]	1,199	1,226	2,330	2,330
Operating expenses (excluding depreciation and amortization expense reflected below)		128	167	258	302
Depreciation and amortization expense		19	(3)	39	17
Total cost of sales		1,346	1,390	2,627	2,649
Other operating expenses		1	1	1	2
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income		127	101	166	102
Ethanol [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ 257	$ 201	$ 480	$ 328
[1]Includes excise taxes on sales by certain of our foreign operations of $1,449 million and $1,254 million for the three months ended June 30, 2023 and 2022, respectively, and $2,871 million and $2,677 million for the six months ended June 30, 2023 and 2022, respectively.[2] Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $388 million and $198 million for the three months ended June 30, 2023 and 2022, respectively, and $634 million and $354 million for the six months ended June 30, 2023 and 2022, respectively.

Revenues and Segment Informat_5

Revenues and Segment Information, Disaggregation of Revenue by Product (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue by Segment
Revenues	[1]	$ 34,509	$ 51,641	$ 70,948	$ 90,183
Refining [Member]
Revenue by Segment
Revenues		31,996	49,495	66,403	86,308
Refining [Member] | Gasoline and Blendstocks [Member]
Revenue by Segment
Revenues		15,229	20,604	30,277	36,164
Refining [Member] | Distillates [Member]
Revenue by Segment
Revenues		13,992	24,427	30,830	41,871
Refining [Member] | Other Product Revenues [Member]
Revenue by Segment
Revenues		2,775	4,464	5,296	8,273
Renewable Diesel [Member]
Revenue by Segment
Revenues		1,296	855	2,231	1,450
Renewable Diesel [Member] | Renewable Diesel [Member]
Revenue by Segment
Revenues		1,249	817	2,125	1,412
Renewable Diesel [Member] | Renewable Naphtha [Member]
Revenue by Segment
Revenues		47	38	106	38
Ethanol [Member]
Revenue by Segment
Revenues		1,217	1,291	2,314	2,425
Ethanol [Member] | Ethanol [Member]
Revenue by Segment
Revenues		898	979	1,661	1,854
Ethanol [Member] | Distillers Grains [Member]
Revenue by Segment
Revenues		$ 319	$ 312	$ 653	$ 571
[1]Includes excise taxes on sales by certain of our foreign operations of $1,449 million and $1,254 million for the three months ended June 30, 2023 and 2022, respectively, and $2,871 million and $2,677 million for the six months ended June 30, 2023 and 2022, respectively.

Revenues and Segment Informat_6

Revenues and Segment Information, Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Total Assets by Reportable Segment
Reportable segment assets	$ 60,667	$ 60,982
Corporate and Eliminations [Member]
Total Assets by Reportable Segment
Reportable segment assets	6,391	5,730
Refining [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	47,253	48,484
Renewable Diesel [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	5,524	5,217
Ethanol [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	$ 1,499	$ 1,551

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Decrease (increase) in current assets:
Receivables, net	$ 1,225	$ (4,163)
Inventories	(73)	(1,056)
Prepaid expenses and other	(55)	(108)
Increase (decrease) in current liabilities:
Accounts payable	(1,909)	4,240
Accrued expenses	(128)	(126)
Taxes other than income taxes payable	(136)	133
Income taxes payable	(652)	952
Changes in current assets and current liabilities	(1,728)	(128)
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized, including interest on finance leases	273	291
Income taxes paid, net	2,410	916
Operating cash flows
Operating Leases	206	196
Finance Leases	54	39
Financing cash flows
Finance Leases	107	86
Changes in lease balances resulting from new and modified leases, Operating Leases	237	92
Changes in lease balances resulting from new and modified leases, Finance Leases	$ 48	$ 164

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Assets
Investments in AFS debt securities			$ 0
Fair Value, Recurring [Member]
Assets
Investments in AFS debt securities	$ 202,000,000	$ 221,000,000
Total gross fair value, assets	749,000,000	1,133,000,000
Effect of counterparty netting	(398,000,000)	(705,000,000)
Effect of cash collateral netting	0	(8,000,000)
Net carrying value on Balance Sheet, assets	351,000,000	420,000,000
Liabilities
Blending program obligations	55,000,000	55,000,000
Total gross fair value, liabilities	505,000,000	766,000,000
Effect of counterparty netting	(398,000,000)	(705,000,000)
Effect of cash collateral netting	0	0
Net carrying value on Balance Sheet, liabilities	107,000,000	61,000,000
Fair Value, Recurring [Member] | Cash and Cash Equivalents [Member]
Assets
Investments in AFS debt securities	0	125,000,000
Fair Value, Recurring [Member] | Prepaid Expenses and Other [Member]
Assets
Investments in AFS debt securities	202,000,000	96,000,000
Fair Value, Recurring [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	78,000,000	78,000,000
Fair Value, Recurring [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	469,000,000	830,000,000
Effect of counterparty netting	(398,000,000)	(705,000,000)
Effect of cash collateral netting	0	(8,000,000)
Derivative contracts, net assets	71,000,000	117,000,000
Cash collateral received not offset	0	0
Liabilities
Derivative contracts	398,000,000	705,000,000
Effect of counterparty netting	(398,000,000)	(705,000,000)
Effect of cash collateral netting	0	0
Derivative contracts, net liabilities	0	0
Cash collateral paid not offset	(54,000,000)	(149,000,000)
Fair Value, Recurring [Member] | Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting	0	4,000,000
Liabilities
Derivative contracts, not subject to netting	51,000,000	4,000,000
Fair Value, Recurring [Member] | Foreign Currency Contracts [Member]
Liabilities
Derivative contracts, not subject to netting	1,000,000	2,000,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets
Investments in AFS debt securities	104,000,000	56,000,000
Total gross fair value, assets	645,000,000	958,000,000
Liabilities
Blending program obligations	0	0
Total gross fair value, liabilities	399,000,000	707,000,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member]
Assets
Investments in AFS debt securities	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Prepaid Expenses and Other [Member]
Assets
Investments in AFS debt securities	104,000,000	56,000,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	72,000,000	72,000,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	469,000,000	830,000,000
Liabilities
Derivative contracts	398,000,000	705,000,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting	0	0
Liabilities
Derivative contracts, not subject to netting	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Currency Contracts [Member]
Liabilities
Derivative contracts, not subject to netting	1,000,000	2,000,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets
Investments in AFS debt securities	98,000,000	165,000,000
Total gross fair value, assets	98,000,000	169,000,000
Liabilities
Blending program obligations	55,000,000	55,000,000
Total gross fair value, liabilities	106,000,000	59,000,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member]
Assets
Investments in AFS debt securities	0	125,000,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Prepaid Expenses and Other [Member]
Assets
Investments in AFS debt securities	98,000,000	40,000,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	0	0
Liabilities
Derivative contracts	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting	0	4,000,000
Liabilities
Derivative contracts, not subject to netting	51,000,000	4,000,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contracts [Member]
Liabilities
Derivative contracts, not subject to netting	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets
Investments in AFS debt securities	0	0
Total gross fair value, assets	6,000,000	6,000,000
Liabilities
Blending program obligations	0	0
Total gross fair value, liabilities	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	6,000,000	6,000,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	0	0
Liabilities
Derivative contracts	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting	0	0
Liabilities
Derivative contracts, not subject to netting	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Currency Contracts [Member]
Liabilities
Derivative contracts, not subject to netting	$ 0	$ 0

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2023
Nonrecurring Fair Value Measurements (Textual)
Asset impairment loss	$ 61,000,000
Fair Value, Nonrecurring [Member]
Nonrecurring Fair Value Measurements (Textual)
Assets measured at fair value	0	$ 0
Liabilities measured at fair value	$ 0	$ 0

Fair Value Measurements, Financ

Fair Value Measurements, Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financial liabilities:
Debt (excluding finance lease obligations), at carrying amount	$ 8,986	$ 9,241
Fair Value, Inputs, Level 2 [Member]
Financial liabilities:
Debt (excluding finance lease obligations), at fair value	$ 8,664	$ 8,902

Price Risk Management Activit_3

Price Risk Management Activities (Details) bu in Thousands, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) bu MBbls	Jun. 30, 2022 USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $	[1]	$ 29,430	$ 42,946	$ 59,435	$ 77,895
Renewable And Low-Carbon Fuel Programs [Member]
Price Risk Management Activities (Textual)
Compliance program costs | $		387	$ 221	$ 800	$ 523
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Future, 2022 Maturity [Member] | Long (Purchases) [Member] | Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				2,451
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Future, 2022 Maturity [Member] | Short (Sales) [Member] | Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				7,020
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Future, 2023 Maturity [Member] | Long (Purchases) [Member] | Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				0
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Future, 2023 Maturity [Member] | Short (Sales) [Member] | Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				0
Derivatives Designated as Economic Hedges [Member] | Future, 2022 Maturity [Member] | Long (Purchases) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				75,103
Derivatives Designated as Economic Hedges [Member] | Future, 2022 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				172,335
Derivatives Designated as Economic Hedges [Member] | Future, 2022 Maturity [Member] | Short (Sales) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				73,103
Derivatives Designated as Economic Hedges [Member] | Future, 2022 Maturity [Member] | Short (Sales) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				212,675
Derivatives Designated as Economic Hedges [Member] | Future, 2023 Maturity [Member] | Long (Purchases) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				59
Derivatives Designated as Economic Hedges [Member] | Future, 2023 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				20
Derivatives Designated as Economic Hedges [Member] | Future, 2023 Maturity [Member] | Short (Sales) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				302
Derivatives Designated as Economic Hedges [Member] | Future, 2023 Maturity [Member] | Short (Sales) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				2,120
Derivatives Designated as Economic Hedges [Member] | Physical Contracts, 2022 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				40,132
Derivatives Designated as Economic Hedges [Member] | Physical Contracts, 2023 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				2,084
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollars [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		$ 614		$ 614
[1] Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $388 million and $198 million for the three months ended June 30, 2023 and 2022, respectively, and $634 million and $354 million for the six months ended June 30, 2023 and 2022, respectively.

Price Risk Management Activit_4

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, subject to netting	$ 7	$ 61
Derivative liability, subject to netting	1	44
Derivatives Not Designated as Hedging Instruments [Member]
Fair Values of Derivative Instruments
Derivative asset, total	462	773
Derivative liability, total	449	667
Derivatives Not Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, subject to netting	462	769
Derivative liability, subject to netting	397	661
Derivatives Not Designated as Hedging Instruments [Member] | Physical Purchase Contracts [Member] | Inventories [Member]
Fair Values of Derivative Instruments
Derivative asset, not subject to netting	0	4
Derivative liability, not subject to netting	51	4
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Accrued Expenses [Member]
Fair Values of Derivative Instruments
Derivative asset, not subject to netting	0	0
Derivative liability, not subject to netting	$ 1	$ 2

Price Risk Management Activit_5

Price Risk Management Activities, Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Commodity Contracts [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in other comprehensive income (loss)	$ 31	$ (130)	$ 126	$ (294)
Commodity Contracts [Member] | Revenues [Member]
Effect of Derivative Instruments on Income
Gain (loss) reclassified from accumulated other comprehensive loss into income	78	(180)	116	(299)
Commodity Contracts [Member] | Revenues [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	(10)	(2)	(17)	(6)
Commodity Contracts [Member] | Cost of Materials and Other [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	91	(272)	174	(867)
Commodity Contracts [Member] | Operating Expenses (Excluding Depreciation and Amortization Expense) [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	0	6	1	9
Foreign Currency Contracts [Member] | Cost of Materials and Other [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	(17)	49	(20)	47
Foreign Currency Contracts [Member] | Other Income (Expense), Net [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	$ 0	$ (115)	$ 0	$ (81)