Valero Energy (VLO) 10-K 22 Feb 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Cover [Abstract]
Document type	10-K
Document annual report	true
Document period end date	Dec. 31, 2023
Current fiscal year end date	--12-31
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 well-known seasoned issuer	Yes
Entity voluntary filers	No
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
ICFR auditor attestation flag	true
Document financial statement error correction	false
Entity shell company	false
Entity public float			$ 41.4
Entity common stock, shares outstanding		332,481,908
Documents incorporated by reference	DOCUMENTS INCORPORATED BY REFERENCE We intend to file with the Securities and Exchange Commission a definitive Proxy Statement for our Annual Meeting of Stockholders scheduled for May 15, 2024, at which directors will be elected. Portions of the 2024 Proxy Statement are incorporated by reference in PART III of this Form 10-K and are deemed to be a part of this report.
Entity central index key	0001035002
Amendment flag	false
Document fiscal year focus	2023
Document fiscal period focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor name	KPMG LLP
Auditor location	San Antonio, Texas
Auditor firm ID	185

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 5,424	$ 4,862
Receivables, net	12,525	11,919
Inventories	7,583	6,752
Prepaid expenses and other	689	600
Total current assets	26,221	24,133
Property, plant, and equipment, at cost	51,668	50,576
Accumulated depreciation	(21,459)	(19,598)
Property, plant, and equipment, net	30,209	30,978
Deferred charges and other assets, net	6,626	5,871
Total assets	63,056	60,982
Current liabilities:
Current portion of debt and finance lease obligations	1,406	1,109
Accounts payable	12,567	12,728
Accrued expenses	1,240	1,215
Taxes other than income taxes payable	1,452	1,568
Income taxes payable	137	841
Total current liabilities	16,802	17,461
Debt and finance lease obligations, less current portion	10,118	10,526
Deferred income tax liabilities	5,349	5,217
Other long-term liabilities	2,263	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	6,901	6,863
Treasury stock, at cost; 340,199,677 and 301,372,958 common shares	(25,322)	(20,197)
Retained earnings	45,630	38,247
Accumulated other comprehensive loss	(870)	(1,359)
Total Valero Energy Corporation stockholders’ equity	26,346	23,561
Noncontrolling interests	2,178	1,907
Total equity	28,524	25,468
Total liabilities and equity	$ 63,056	$ 60,982

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Valero Energy Corporation stockholders’ equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	1,200,000,000	1,200,000,000
Common stock issued (in shares)	673,501,593	673,501,593
Treasury stock, common (in shares)	340,199,677	301,372,958

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues	[1]	$ 144,766	$ 176,383	$ 113,977
Cost of sales:
Cost of materials and other	[2]	123,087	150,770	102,714
Operating expenses (excluding depreciation and amortization expense reflected below)		6,089	6,389	5,776
Depreciation and amortization expense		2,658	2,428	2,358
Total cost of sales		131,834	159,587	110,848
Asset impairment loss		0	61	0
Other operating expenses		33	66	87
General and administrative expenses (excluding depreciation and amortization expense reflected below)		998	934	865
Depreciation and amortization expense		43	45	47
Operating income		11,858	15,690	2,130
Other income, net		502	179	16
Interest and debt expense, net of capitalized interest		(592)	(562)	(603)
Income before income tax expense		11,768	15,307	1,543
Income tax expense		2,619	3,428	255
Net income		9,149	11,879	1,288
Less: Net income attributable to noncontrolling interests		314	351	358
Net income attributable to Valero Energy Corporation stockholders		$ 8,835	$ 11,528	$ 930
Earnings per common share (in dollars per share)		$ 24.93	$ 29.05	$ 2.27
Weighted-average common shares outstanding (shares)		353	395	407
Earnings per common share – assuming dilution (in dollars per share)		$ 24.92	$ 29.04	$ 2.27
Weighted-average common shares outstanding – assuming dilution (shares)		353	396	407
Supplemental information:
Includes excise taxes on sales by certain of our foreign operations		$ 5,765	$ 5,194	$ 5,645
[1] Includes excise taxes on sales by certain of our foreign operations of $5,765 million, $5,194 million, and $5,645 million for the years ended December 31, 2023, 2022, and 2021. Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $1.2 billion, $761 million, and $371 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income	$ 9,149	$ 11,879	$ 1,288
Other comprehensive income (loss):
Foreign currency translation adjustment	433	(613)	(47)
Net gain on pension and other postretirement benefits	30	335	378
Net gain (loss) on cash flow hedges	90	(6)	(2)
Other comprehensive income (loss) before income tax expense	553	(284)	329
Income tax expense related to items of other comprehensive income (loss)	18	70	82
Other comprehensive income (loss)	535	(354)	247
Comprehensive income	9,684	11,525	1,535
Less: Comprehensive income attributable to noncontrolling interests	360	348	359
Comprehensive income attributable to Valero Energy Corporation stockholders	$ 9,324	$ 11,177	$ 1,176

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Valero Energy Corporation Stockholders' Equity [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]
Balance as of beginning of period at Dec. 31, 2020	$ 19,642	$ 18,801	$ 7	$ 6,814	$ (15,719)	$ 28,953	$ (1,254)	$ 841
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income	1,288	930				930		358
Dividends on common stock	(1,602)	(1,602)				(1,602)
Stock-based compensation expense	80	80		80
Transactions in connection with stock-based compensation plans	2	2		(67)	69
Purchases of common stock for treasury	(27)	(27)			(27)
Contributions from noncontrolling interests	189							189
Distributions to noncontrolling interests	(2)							(2)
Other comprehensive income (loss)	247	246					246	1
Balance as of end 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	11,879	11,528				11,528		351
Dividends on common stock	(1,562)	(1,562)				(1,562)
Stock-based compensation expense	89	89		89
Transactions in connection with stock-based compensation plans	4	4		(53)	57
Purchases of common stock for treasury	(4,577)	(4,577)			(4,577)
Contributions from noncontrolling interests	265							265
Distributions to noncontrolling interests	(93)							(93)
Other comprehensive income (loss)	(354)	(351)					(351)	(3)
Balance as of end 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	9,149	8,835				8,835		314
Dividends on common stock	(1,452)	(1,452)				(1,452)
Stock-based compensation expense	94	94		94
Transactions in connection with stock-based compensation plans	7	7		(56)	63
Purchases of common stock for treasury	(5,188)	(5,188)			(5,188)
Contributions from noncontrolling interests	75							75
Distributions to noncontrolling interests	(164)							(164)
Other comprehensive income (loss)	535	489					489	46
Balance as of end of period at Dec. 31, 2023	$ 28,524	$ 26,346	$ 7	$ 6,901	$ (25,322)	$ 45,630	$ (870)	$ 2,178

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common stock dividends:
Dividends on common stock (in usd per share)	$ 4.08	$ 3.92	$ 3.92

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 9,149	$ 11,879	$ 1,288
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	2,701	2,473	2,405
Loss (gain) on early redemption and retirement of debt, net	(11)	(14)	193
Asset impairment loss	0	61	0
Gain on sale of assets	0	0	(62)
Deferred income tax expense (benefit)	103	50	(126)
Changes in current assets and current liabilities	(2,326)	(1,626)	2,225
Changes in deferred charges and credits and other operating activities, net	(387)	(249)	(64)
Net cash provided by operating activities	9,229	12,574	5,859
Cash flows from investing activities:
Purchases of available-for-sale (AFS) debt securities	(276)	(100)	0
Proceeds from sales and maturities of AFS debt securities	314	5	0
Proceeds from sale of assets	0	32	270
Investments in nonconsolidated joint ventures	0	(1)	(9)
Other investing activities, net	13	(4)	38
Net cash used in investing activities	(1,865)	(2,805)	(2,159)
Cash flows from financing activities:
Premiums paid on early redemption and retirement of debt	(5)	(56)	(179)
Purchases of common stock for treasury	(5,136)	(4,577)	(27)
Common stock dividend payments	(1,452)	(1,562)	(1,602)
Contributions from noncontrolling interests	75	265	189
Distributions to noncontrolling interests	(164)	(93)	(2)
Other financing activities, net	3	(16)	(18)
Net cash used in financing activities	(6,941)	(8,849)	(2,846)
Effect of foreign exchange rate changes on cash	139	(180)	(45)
Net increase in cash and cash equivalents	562	740	809
Cash and cash equivalents at beginning of year	4,862	4,122	3,313
Cash and cash equivalents at end of year	5,424	4,862	4,122
Excluding Variable Interest Entities (VIEs) [Member]
Cash flows from investing activities:
Capital expenditures	(665)	(788)	(513)
Deferred turnaround and catalyst cost expenditures	(946)	(1,030)	(787)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	1,750	2,239	1,446
Repayments of debt and finance lease obligations	(2,125)	(5,067)	(2,849)
Diamond Green Diesel Holdings LLC (DGD) [Member]
Cash flows from investing activities:
Capital expenditures	(235)	(853)	(1,042)
Deferred turnaround and catalyst cost expenditures	(59)	(26)	(6)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	550	809	301
Repayments of debt and finance lease obligations	(480)	(823)	(180)
Other VIEs [Member]
Cash flows from investing activities:
Capital expenditures	(11)	(40)	(110)
Cash flows from financing activities:
Proceeds from borrowings of other VIEs	120	105	81
Repayments of debt and finance lease obligations	$ (77)	$ (73)	$ (6)

Description of Business, Basis

Description of Business, Basis of Presentation, and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES	1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES Description of Business 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. We are a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and we sell our products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America. We own 15 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. We are a joint venture member in DGD, which owns two renewable diesel plants located in the Gulf Coast region of the U.S. with a combined production capacity of approximately 1.2 billion gallons per year, and we own 12 ethanol plants located in the Mid-Continent region of the U.S. with a combined production capacity of approximately 1.6 billion gallons per year. Basis of Presentation General These consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (GAAP) and with the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Reclassifications Certain prior year amounts in our statements of cash flows have been reclassified to conform to the 2023 presentation. Prior year amounts for activities related to investments in AFS debt securities have been reclassified from “other investing activities, net” to purchases of AFS debt securities and proceeds from sales and maturities of AFS debt securities. Significant Accounting Policies Principles of Consolidation These financial statements include those of Valero, our wholly owned subsidiaries, and VIEs in which we have a controlling financial interest. The VIEs that we consolidate are described in Note 12. The ownership interests held by others in the VIEs are recorded as noncontrolling interests. Intercompany items and transactions have been eliminated in consolidation. Investments in less than wholly owned entities where we have significant influence are accounted for using the equity method. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the 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. Cash Equivalents Our cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and have a maturity of three months or less when acquired. Investments in Debt Securities Investments in debt securities that have stated maturities of three months or less from the date of acquisition are classified as cash equivalents, and those with stated maturities of greater than three months but less than one year are classified as short-term investments, which are reflected in prepaid expenses and other in our balance sheets. Our investments in debt securities are classified as AFS and are subsequently measured and carried at fair value in our balance sheets with changes in fair value reported in other comprehensive income until realized. The cost of a security sold is determined using the first-in, first-out method. Receivables Trade receivables are carried at amortized cost, which is the original invoice amount adjusted for cash collections, write-offs, and foreign exchange. We maintain an allowance for credit losses, which is adjusted based on management’s assessment of our customers’ historical collection experience, known or expected credit risks, and industry and economic conditions. Inventories The cost of (i) refinery feedstocks and refined petroleum products and blendstocks, (ii) renewable diesel feedstocks (i.e., waste and renewable feedstocks, predominately animal fats, used cooking oils, vegetable oils, and inedible distillers corn oils) and products, and (iii) ethanol feedstocks and products is determined under the last-in, first-out (LIFO) method using the dollar-value LIFO approach, with any increments valued based on average purchase prices during the year. Our LIFO inventories are carried at the lower of cost or market. The cost of products purchased for resale and the cost of materials and supplies are determined principally under the weighted-average cost method. Our non-LIFO inventories are carried at the lower of cost or net realizable value. In determining the market value of our inventories, we assume that feedstocks are converted into products, which requires us to make estimates regarding the products expected to be produced from those feedstocks and the conversion costs required to convert those feedstocks into products. We also estimate the usual and customary transportation costs required to move the inventory from our plants to the appropriate points of sale. We then apply an estimated selling price to our inventories. If the aggregate market value of our LIFO inventories or the aggregate net realizable value of our non-LIFO inventories is less than the related aggregate cost, we recognize a loss for the difference in our statements of income. To the extent the aggregate market value of our LIFO inventories subsequently increases, we recognize an increase to the value of our inventories (not to exceed cost) and a gain in our statements of income. Property, Plant, and Equipment The cost of property, plant, and equipment (property assets) purchased or constructed, including betterments of property assets, is capitalized. However, the cost of repairs to and normal maintenance of property assets is expensed as incurred. Betterments of property assets are those that extend the useful life, increase the capacity or improve the operating efficiency of the asset, or improve the safety of our operations. The cost of property assets constructed includes interest and certain overhead costs allocable to the construction activities. Our operations are highly capital intensive. Each of our refineries and plants comprises a large base of property assets, consisting of a series of interconnected, highly integrated and interdependent crude oil and other feedstock processing facilities and supporting infrastructure (Units) and other property assets that support our business. Improvements consist of the addition of new Units and other property assets and betterments of those Units and assets. We plan for these improvements by developing a multi-year capital investment program that is updated and revised based on changing internal and external factors. Depreciation of crude oil processing and waste and renewable feedstocks processing facilities is recorded on a straight-line basis over the estimated useful lives of these assets primarily using the composite method of depreciation. We maintain a separate composite group of property assets for each of our refineries and our renewable diesel plants. We estimate the useful life of each group based on an evaluation of the property assets comprising the group, and such evaluations consist of, but are not limited to, the physical inspection of the assets to determine their condition, consideration of the manner in which the assets are maintained, assessment of the need to replace assets, and evaluation of the manner in which improvements impact the useful life of the group. The estimated useful lives of our composite groups range primarily from 20 to 30 years. Under the composite method of depreciation, the cost of an improvement is added to the composite group to which it relates and is depreciated over that group’s estimated useful life. We design improvements to our crude oil processing and waste and renewable feedstocks processing facilities in accordance with engineering specifications, design standards, and practices we believe to be accepted in our industry, and these improvements have design lives consistent with our estimated useful lives. Therefore, we believe the use of the group life to depreciate the cost of improvements made to the group is reasonable because the estimated useful life of each improvement is consistent with that of the group. Also under the composite method of depreciation, the historical cost of a minor property asset (net of salvage value) that is retired or replaced is charged to accumulated depreciation and no gain or loss is recognized. However, a gain or loss is recognized for a major property asset that is retired, replaced, sold, or for an abnormal disposition of a property asset (primarily involuntary conversions). Gains and losses are reflected in depreciation and amortization expense, unless such amounts are reported separately due to materiality. Depreciation of our corn processing facilities, administrative buildings, and other assets is recorded on a straight-line basis over the estimated useful lives of the related assets using the component method of deprecation. The estimated useful life of our corn processing facilities is 20 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated useful life of the related asset. Finance lease right-of-use assets are amortized as discussed below under “Leases.” Deferred Charges and Other Assets “Deferred charges and other assets, net” primarily include the following: • turnaround costs, which are incurred in connection with planned major maintenance activities at our refineries, renewable diesel plants, and ethanol plants, are deferred when incurred and amortized on a straight-line basis over the period of time estimated to lapse until the next turnaround occurs; • fixed-bed catalyst costs, representing the cost of catalyst that is changed out at periodic intervals when the quality of the catalyst has deteriorated beyond its prescribed function, are deferred when incurred and amortized on a straight-line basis over the estimated useful life of the specific catalyst; • operating lease right-of-use assets, which are amortized as discussed below under “Leases”; • investments in nonconsolidated joint ventures; • purchased compliance credits, which are described below under “Costs of Renewable and Low-Carbon Fuel Programs”; • goodwill; • intangible assets, which are amortized over their estimated useful lives; and • noncurrent income taxes receivable. Leases We evaluate if a contract is or contains a lease at inception of the contract. If we determine that a contract is or contains a lease, we recognize a right-of-use (ROU) asset and lease liability at the commencement date of the lease based on the present value of lease payments over the lease term. The present value of the lease payments is determined by using the implicit rate when readily determinable. If not readily determinable, our centrally managed treasury group provides an incremental borrowing rate based on quoted interest rates obtained from financial institutions. The rate used is for a term similar to the duration of the lease based on information available at the commencement date. Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise those options. We recognize ROU assets and lease liabilities for leasing arrangements with terms greater than one year. Except for the marine transportation asset class, we account for lease and nonlease components in a contract as a single lease component for all classes of underlying assets. Our marine transportation contracts include nonlease components, such as maintenance and crew costs. We allocate the consideration in these contracts based on pricing information provided by the third-party broker. Expense for an operating lease is recognized as a single lease cost on a straight-line basis over the lease term and is reflected in the appropriate income statement line item based on the leased asset’s function. Amortization expense of a finance lease ROU asset is recognized on a straight-line basis over the lesser of the useful life of the leased asset or the lease term. However, if the lessor transfers ownership of the finance lease ROU asset to us at the end of the lease term, the finance lease ROU asset is amortized over the useful life of the leased asset. Amortization expense is reflected in depreciation and amortization expense. Interest expense is incurred based on the carrying value of the lease liability and is reflected in “interest and debt expense, net of capitalized interest.” Impairment of Assets Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. A long-lived asset is not deemed recoverable if its carrying amount exceeds the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If a long-lived asset is not deemed recoverable, an impairment loss is recognized for the amount by which the carrying amount of the long-lived asset exceeds its fair value, with fair value determined based on discounted estimated net cash flows or other appropriate methods. We evaluate our equity method investments for impairment when there is evidence that we may not be able to recover the carrying amount of our investments or the investee is unable to sustain an earnings capacity that justifies the carrying amount. A loss in the value of an investment that is other than a temporary decline is recognized based on the difference between the estimated current fair value of the investment and its carrying amount. Goodwill is not amortized, but is tested for impairment annually on October 1st and in interim periods when events or changes in circumstances indicate that the fair value of a reporting unit with goodwill is below its carrying amount. A goodwill impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. Asset Retirement Obligations We record a liability, which is referred to as an asset retirement obligation, at fair value for the estimated cost to retire a tangible long-lived asset at the time we incur that liability, which is generally when the asset is purchased, constructed, or leased. We record the liability when we have a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, we record the liability when sufficient information is available to estimate the liability’s fair value. We have obligations with respect to certain of our assets at our refineries and plants to clean and/or dispose of various component parts of the assets at the time they are retired. However, these component parts can be used for extended and indeterminate periods of time as long as they are properly maintained and/or upgraded. It is our practice and current intent to maintain all our assets and continue making improvements to those assets based on technological advances. As a result, we believe that assets at our refineries and plants have indeterminate lives for purposes of estimating asset retirement obligations because dates or ranges of dates upon which we would retire such assets cannot reasonably be estimated at this time. We will recognize a liability at such time when sufficient information exists to estimate a date or range of potential settlement dates that is needed to employ a present value technique to estimate fair value. Environmental Matters Liabilities for future remediation costs are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. Other than for assessments, the timing and magnitude of these accruals generally are based on the completion of investigations or other studies or a commitment to a formal plan of action. Amounts recorded for environmental liabilities have not been reduced by possible recoveries from third parties and have not been measured on a discounted basis. Legal Contingencies We are subject to legal proceedings, claims, and liabilities that arise in the ordinary course of business. We accrue losses associated with legal claims when such losses are probable and reasonably estimable. If we determine that a loss is probable and cannot estimate a specific amount for that loss but can estimate a range of loss, the best estimate within the range is accrued. If no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. Estimates are adjusted as additional information becomes available or circumstances change. Legal defense costs associated with loss contingencies are expensed in the period incurred. Foreign Currency Translation Generally, our foreign subsidiaries use their local currency as their functional currency. Balance sheet amounts are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. Income statement amounts are translated into U.S. dollars using the exchange rates in effect at the time the underlying transactions occur. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive loss. Revenue Recognition Our revenues are primarily generated from contracts with customers. We generate revenue from contracts with customers from the sale of products by our Refining, Renewable Diesel, and Ethanol segments. Revenues are recognized when we satisfy our performance obligation to transfer products to our customers, which typically occurs at a point in time upon shipment or delivery of the products, and for an amount that reflects the transaction price that is allocated to the performance obligation. The customer is able to direct the use of, and obtain substantially all of the benefits from, the products at the point of shipment or delivery. As a result, we consider control to have transferred upon shipment or delivery because we have a present right to payment at that time, the customer has legal title to the asset, we have transferred physical possession of the asset, and the customer has significant risks and rewards of ownership of the asset. Our contracts with customers state the final terms of the sale, including the description, quantity, and price for goods sold. Payment terms for our customers vary by type of customer and method of delivery; however, the payment is typically due in full within two The transaction price is the consideration that we expect to be entitled to in exchange for our products. The transaction price for substantially all of our contracts is generally based on commodity market pricing (i.e., variable consideration). As such, this market pricing may be constrained (i.e., not estimable) at the inception of the contract but will be recognized based on the applicable market pricing, which will be known upon transfer of the goods to the customer. Some of our contracts also contain variable consideration in the form of sales incentives to our customers, such as discounts and rebates. For contracts that include variable consideration, we estimate the factors that determine the variable consideration in order to establish the transaction price. We have elected to exclude from the measurement of the transaction price all taxes assessed by government authorities that are both imposed on and concurrent with a specific revenue-producing transaction and collected by us from a customer (e.g., sales tax, use tax, value-added tax, etc.). We continue to include in the transaction price excise taxes that are imposed on certain inventories in our foreign operations. The amount of such taxes is provided in supplemental information in a footnote to the statements of income. There are instances where we provide shipping services in relation to the goods sold to our customer. Shipping and handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are included in cost of materials and other. We have elected to account for shipping and handling activities that occur after the customer has obtained control of a good as fulfillment activities rather than as a promised service, and we have included these activities in cost of materials and other. We enter into certain purchase and sale arrangements with the same counterparty that are deemed to be made in contemplation of one another. We combine these transactions and present the net effect in cost of materials and other. We also enter into refined petroleum product exchange transactions to fulfill sales contracts with our customers by accessing refined petroleum products in markets where we do not operate our own refineries. These refined petroleum product exchanges are accounted for as exchanges of nonmonetary assets, and no revenues are recorded on these transactions. Cost Classifications Cost of materials and other primarily includes the cost of materials that are a component of our products sold. These costs include (i) the direct cost of materials (such as crude oil and other refinery feedstocks, refined petroleum products and blendstocks, renewable diesel feedstocks and products, and ethanol feedstocks and products) that are a component of our products sold; (ii) costs related to the delivery (such as shipping and handling costs) of products sold; (iii) costs related to our obligations to comply with the Renewable and Low-Carbon Fuel Programs defined below under “Costs of Renewable and Low-Carbon Fuel Programs”; (iv) the blender’s tax credit recognized on qualified fuel mixtures; (v) gains and losses on our commodity derivative instruments; and (vi) certain excise taxes. Operating expenses (excluding depreciation and amortization expense) include costs to operate our refineries (and associated logistics assets), renewable diesel plants, and ethanol plants. These costs primarily include employee-related expenses, energy and utility costs, catalysts and chemical costs, and repair and maintenance expenses. Depreciation and amortization expense associated with our operations is separately presented in our statements of income as a component of cost of sales and general and administrative expenses and is disclosed by reportable segment in Note 17. Other operating expenses include costs, if any, incurred by our reportable segments that are not associated with our cost of sales. Costs of Renewable and Low-Carbon Fuel Programs We purchase credits to comply with various government and regulatory blending programs, such as the U.S. Environmental Protection Agency’s Renewable Fuel Standard, California Low Carbon Fuel Standard, Canada Clean Fuel Regulations, and similar programs in other jurisdictions in which we operate (collectively, the Renewable and Low-Carbon Fuel Programs). We purchase compliance credits (primarily Renewable Identification Numbers (RINs)) to comply with government regulations that 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 that we are unable to blend renewable and low-carbon fuels at the required quotas, we must purchase compliance credits to meet our obligations. The costs of purchased compliance credits are charged to cost of materials and other when such credits are needed to satisfy our compliance obligations. To the extent we have not purchased enough credits nor entered into fixed-price purchase contracts to satisfy our obligations as of the balance sheet date, we charge cost of materials and other for such deficiency based on the market prices of the credits as of the balance sheet date, and we record a liability for our obligation to purchase those credits. See Note 19 for disclosure of our fair value liability. If the number of purchased credits exceeds our obligation as of the balance sheet date, we record a prepaid asset equal to the amount paid for those excess credits. Stock-Based Compensation Compensation expense for our share-based compensation plans is based on the fair value of the awards granted and is recognized on a straight-line basis over the shorter of (i) the requisite service period of each award or (ii) the period from the grant date to the date retirement eligibility is achieved if that date is expected to occur during the vesting period established in the award. Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred amounts are measured using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by unrecognized tax benefits, if such items may be available to offset the unrecognized tax benefit. Income tax effects are released from accumulated other comprehensive loss to retained earnings, when applicable, on an individual item basis as those items are reclassified into income. We have elected to classify any interest expense and penalties related to the underpayment of income taxes in income tax expense. We have elected to treat the global intangible low-taxed income (GILTI) tax as a period expense. Earnings per Common Share Earnings per common share is computed by dividing net income attributable to Valero stockholders by the weighted-average number of common shares outstanding for the year. Participating securities are included in the computation of basic earnings per share using the two-class method. Earnings per common share – assuming dilution is computed by dividing net income attributable to Valero stockholders by the weighted-average number of common shares outstanding for the year increased by the effect of dilutive securities. Earnings per common share – assuming dilution is also determined using the two-class method, unless the treasury stock method is more dilutive. Potentially dilutive securities are excluded from the computation of earnings per common share – assuming dilution when the effect of including such shares would be antidilutive. Derivatives and Hedging All derivative instruments, not designated as normal purchases or sales, are recognized in our balance sheets as either assets or liabilities measured at their fair values with changes in fair value recognized currently in income or in other comprehensive income as appropriate. The cash flow effects of all of our derivative instruments are reflected in operating activities in our statements of cash flows. Accounting Pronouncement Adopted on January 1, 2024 ASU 2023-07 In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , to improve the disclosures about a public entity’s reportable segments primarily through improved disclosures about significant segment expenses and other segment related items. We adopted this ASU effective January 1, 2024 and it did not affect our financial position or our results of operations, but will result in additional disclosures. Accounting Pronouncement Not Yet Adopted ASU 2023-09 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to improve income tax disclosures by requiring further disaggregation of information in the rate reconciliation and disaggregation of income taxes paid by jurisdiction. This ASU also includes certain other amendments intended to improve the effectiveness of income tax disclosures. We expect to adopt this ASU effective January 1, 2025 and the adoption will not affect our financial position or our results of operations, but will result in additional disclosures.

Uncertainty

Uncertainty	12 Months Ended
	Dec. 31, 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. 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) authorized 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 expanded 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) created the Division of Petroleum Market Oversight within the CEC to analyze the data provided under SBx 1-2, and (iv) authorized the CEC to regulate the timing and other aspects of refinery turnaround and maintenance activities in certain instances. 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. The provisions of SBx 1-2 became effective June 26, 2023. In September 2023, Governor Newsom directed the CEC to immediately begin the regulatory processes concerning the potential imposition of a penalty for exceeding a max margin and the timing of refinery turnarounds and maintenance. Consequently, in October 2023, the CEC adopted an order instituting an informational proceeding on a max margin and penalty under SBx 1-2, as well as an order initiating rulemaking activity under SBx 1-2. The CEC indicated in a November 2023 workshop that the latter rulemaking process will be focused on rules relating to the timing of refinery maintenance and turnarounds, as well as the standardization of data collection and reporting; final regulations are expected by July 2024. It remains uncertain as to what extent any regulations will address the remaining reporting requirements under SBx 1-2. In a separate November 2023 workshop, the CEC indicated a formal staff recommendation on establishing a max margin and penalty is expected in late 2024. 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 of 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 our financial condition, results of operations, and liquidity.

Receivables

Receivables	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
RECEIVABLES	3. RECEIVABLES Receivables consisted of the following (in millions): December 31, 2023 2022 Receivables from contracts with customers $ 7,209 $ 7,189 Receivables from certain purchase and sale arrangements 3,857 3,602 Receivables before allowance for credit losses 11,066 10,791 Allowance for credit losses (28) (30) Receivables after allowance for credit losses 11,038 10,761 Income taxes receivable 409 142 Other receivables 1,078 1,016 Receivables, net $ 12,525 $ 11,919

Inventories

Inventories	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
INVENTORIES	4. INVENTORIES Inventories consisted of the following (in millions): December 31, 2023 2022 Refinery feedstocks $ 2,223 $ 1,949 Refined petroleum products and blendstocks 3,790 3,579 Renewable diesel feedstocks and products 913 583 Ethanol feedstocks and products 313 328 Materials and supplies 344 313 Inventories $ 7,583 $ 6,752 As of December 31, 2023 and 2022, the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $4.4 billion and $6.3 billion, respectively. During the year ended December 31, 2022, we had a liquidation of certain LIFO inventory layers, which was due to weather-related production disruptions that occurred at the end of the year that decreased cost of materials and other by $323 million. Our non-LIFO inventories accounted for $1.5 billion and $1.6 billion of our total inventories as of December 31, 2023 and 2022, respectively.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
LEASES	5. LEASES General We have entered into long-term leasing arrangements for the right to use various classes of underlying assets as follows: • Pipelines, Terminals, and Tanks includes facilities and equipment used in the storage, transportation, production, and sale of refinery feedstock, refined petroleum product, ethanol, and corn inventories; • Marine Transportation includes time charters for ocean-going tankers and coastal vessels; • Rail Transportation includes railcars and related storage facilities; and • Other includes machinery, equipment, and various facilities used in our refining, renewable diesel, and ethanol operations; facilities and equipment related to industrial gases and power used in our operations; land and rights-of-way associated with our refineries, plants, and pipelines and other logistics assets, as well as office facilities; and equipment primarily used at our corporate offices, such as printers and copiers. In addition to fixed lease payments, some arrangements contain provisions for variable lease payments. Certain leases for pipelines, terminals, and tanks provide for variable lease payments based on, among other things, throughput volumes in excess of a base amount. Certain marine transportation leases contain provisions for payments that are contingent on usage. Additionally, if the rental increases are not scheduled in the lease, such as an increase based on subsequent changes in the index or rate, those rents are considered variable lease payments. In all instances, variable lease payments are recognized in the period in which the obligation for those payments is incurred. Lease Costs and Other Supplemental Information Our total lease cost comprises costs that are included in our statements of income, as well as costs capitalized as part of an item of property, plant, and equipment or inventory. Total lease cost was as follows (in millions): Pipelines, Transportation Other Total Marine Rail Year ended December 31, 2023 Finance lease cost: Amortization of ROU assets $ 213 $ — $ 3 $ 30 $ 246 Interest on lease liabilities 101 — 1 5 107 Operating lease cost 166 127 80 45 418 Variable lease cost 114 61 — 8 183 Short-term lease cost 18 125 2 112 257 Sublease income — (29) — (2) (31) Total lease cost $ 612 $ 284 $ 86 $ 198 $ 1,180 Year ended December 31, 2022 Finance lease cost: Amortization of ROU assets $ 183 $ — $ 3 $ 32 $ 218 Interest on lease liabilities 78 — 1 5 84 Operating lease cost 171 102 68 38 379 Variable lease cost 79 50 — 9 138 Short-term lease cost 15 82 3 57 157 Sublease income — (27) — (2) (29) Total lease cost $ 526 $ 207 $ 75 $ 139 $ 947 Year ended December 31, 2021 Finance lease cost: Amortization of ROU assets $ 137 $ — $ 2 $ 28 $ 167 Interest on lease liabilities 66 — 1 5 72 Operating lease cost 163 105 64 49 381 Variable lease cost 51 21 — 7 79 Short-term lease cost 5 44 1 46 96 Sublease income — (4) — (3) (7) Total lease cost $ 422 $ 166 $ 68 $ 132 $ 788 The following table presents additional information related to our operating and finance leases (in millions, except for lease terms and discount rates): December 31, 2023 December 31, 2022 Operating Finance Operating Finance Supplemental balance sheet information ROU assets, net reflected in the following balance sheet line items: Property, plant, and equipment, net $ — $ 2,195 $ — $ 2,278 Deferred charges and other assets, net 1,136 — 1,114 — Total ROU assets, net $ 1,136 $ 2,195 $ 1,114 $ 2,278 Current lease liabilities reflected in the following balance sheet line items: Current portion of debt and finance lease obligations $ — $ 209 $ — $ 248 Accrued expenses 360 — 311 — Noncurrent lease liabilities reflected in the following balance sheet line items: Debt and finance lease obligations, less current portion — 2,097 — 2,146 Other long-term liabilities 753 — 776 — Total lease liabilities $ 1,113 $ 2,306 $ 1,087 $ 2,394 Other supplemental information Weighted-average remaining lease term 6.9 years 14.3 years 7.5 years 14.6 years Weighted-average discount rate 5.7 % 4.8 % 5.2 % 4.6 % Supplemental cash flow information related to our operating and finance leases is presented in Note 18. DGD Port Arthur Plant Finance Lease In connection with the construction of the DGD plant located next to our Port Arthur Refinery (the DGD Port Arthur Plant), DGD entered into an agreement with a third party to utilize certain rail facilities, truck rack facilities, and tanks for the transportation and storage of feedstocks and renewable diesel. The agreement commenced in the fourth quarter of 2022, upon completion of the DGD Port Arthur Plant, and has an initial term of 20 years with two automatic five-year renewal periods. In the fourth quarter of 2022, DGD recognized a finance lease ROU asset and related liability of approximately $500 million in connection with this agreement. Maturity Analyses As of December 31, 2023, the remaining minimum lease payments due under our long-term leases were as follows (in millions): Operating Finance 2024 $ 398 $ 312 2025 254 298 2026 195 274 2027 103 244 2028 64 243 Thereafter 386 1,967 Total undiscounted lease payments 1,400 3,338 Less: Amount associated with discounting 287 1,032 Total lease liabilities $ 1,113 $ 2,306
LEASES	5. LEASES General We have entered into long-term leasing arrangements for the right to use various classes of underlying assets as follows: • Pipelines, Terminals, and Tanks includes facilities and equipment used in the storage, transportation, production, and sale of refinery feedstock, refined petroleum product, ethanol, and corn inventories; • Marine Transportation includes time charters for ocean-going tankers and coastal vessels; • Rail Transportation includes railcars and related storage facilities; and • Other includes machinery, equipment, and various facilities used in our refining, renewable diesel, and ethanol operations; facilities and equipment related to industrial gases and power used in our operations; land and rights-of-way associated with our refineries, plants, and pipelines and other logistics assets, as well as office facilities; and equipment primarily used at our corporate offices, such as printers and copiers. In addition to fixed lease payments, some arrangements contain provisions for variable lease payments. Certain leases for pipelines, terminals, and tanks provide for variable lease payments based on, among other things, throughput volumes in excess of a base amount. Certain marine transportation leases contain provisions for payments that are contingent on usage. Additionally, if the rental increases are not scheduled in the lease, such as an increase based on subsequent changes in the index or rate, those rents are considered variable lease payments. In all instances, variable lease payments are recognized in the period in which the obligation for those payments is incurred. Lease Costs and Other Supplemental Information Our total lease cost comprises costs that are included in our statements of income, as well as costs capitalized as part of an item of property, plant, and equipment or inventory. Total lease cost was as follows (in millions): Pipelines, Transportation Other Total Marine Rail Year ended December 31, 2023 Finance lease cost: Amortization of ROU assets $ 213 $ — $ 3 $ 30 $ 246 Interest on lease liabilities 101 — 1 5 107 Operating lease cost 166 127 80 45 418 Variable lease cost 114 61 — 8 183 Short-term lease cost 18 125 2 112 257 Sublease income — (29) — (2) (31) Total lease cost $ 612 $ 284 $ 86 $ 198 $ 1,180 Year ended December 31, 2022 Finance lease cost: Amortization of ROU assets $ 183 $ — $ 3 $ 32 $ 218 Interest on lease liabilities 78 — 1 5 84 Operating lease cost 171 102 68 38 379 Variable lease cost 79 50 — 9 138 Short-term lease cost 15 82 3 57 157 Sublease income — (27) — (2) (29) Total lease cost $ 526 $ 207 $ 75 $ 139 $ 947 Year ended December 31, 2021 Finance lease cost: Amortization of ROU assets $ 137 $ — $ 2 $ 28 $ 167 Interest on lease liabilities 66 — 1 5 72 Operating lease cost 163 105 64 49 381 Variable lease cost 51 21 — 7 79 Short-term lease cost 5 44 1 46 96 Sublease income — (4) — (3) (7) Total lease cost $ 422 $ 166 $ 68 $ 132 $ 788 The following table presents additional information related to our operating and finance leases (in millions, except for lease terms and discount rates): December 31, 2023 December 31, 2022 Operating Finance Operating Finance Supplemental balance sheet information ROU assets, net reflected in the following balance sheet line items: Property, plant, and equipment, net $ — $ 2,195 $ — $ 2,278 Deferred charges and other assets, net 1,136 — 1,114 — Total ROU assets, net $ 1,136 $ 2,195 $ 1,114 $ 2,278 Current lease liabilities reflected in the following balance sheet line items: Current portion of debt and finance lease obligations $ — $ 209 $ — $ 248 Accrued expenses 360 — 311 — Noncurrent lease liabilities reflected in the following balance sheet line items: Debt and finance lease obligations, less current portion — 2,097 — 2,146 Other long-term liabilities 753 — 776 — Total lease liabilities $ 1,113 $ 2,306 $ 1,087 $ 2,394 Other supplemental information Weighted-average remaining lease term 6.9 years 14.3 years 7.5 years 14.6 years Weighted-average discount rate 5.7 % 4.8 % 5.2 % 4.6 % Supplemental cash flow information related to our operating and finance leases is presented in Note 18. DGD Port Arthur Plant Finance Lease In connection with the construction of the DGD plant located next to our Port Arthur Refinery (the DGD Port Arthur Plant), DGD entered into an agreement with a third party to utilize certain rail facilities, truck rack facilities, and tanks for the transportation and storage of feedstocks and renewable diesel. The agreement commenced in the fourth quarter of 2022, upon completion of the DGD Port Arthur Plant, and has an initial term of 20 years with two automatic five-year renewal periods. In the fourth quarter of 2022, DGD recognized a finance lease ROU asset and related liability of approximately $500 million in connection with this agreement. Maturity Analyses As of December 31, 2023, the remaining minimum lease payments due under our long-term leases were as follows (in millions): Operating Finance 2024 $ 398 $ 312 2025 254 298 2026 195 274 2027 103 244 2028 64 243 Thereafter 386 1,967 Total undiscounted lease payments 1,400 3,338 Less: Amount associated with discounting 287 1,032 Total lease liabilities $ 1,113 $ 2,306

Property, Plant, and Equipment

Property, Plant, and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT, AND EQUIPMENT	6. PROPERTY, PLANT, AND EQUIPMENT Summary by Major Class Major classes of property, plant, and equipment, including assets held under finance leases, consisted of the following (in millions): December 31, 2023 2022 Land $ 505 $ 499 Crude oil processing facilities 34,043 32,699 Transportation and terminaling facilities 5,978 5,900 Waste and renewable feedstocks processing facilities 3,243 3,215 Corn processing facilities 1,069 1,052 Administrative buildings 1,137 1,095 Finance lease ROU assets (see Note 5) 3,062 2,906 Other 1,942 1,886 Construction in progress 689 1,324 Property, plant, and equipment, at cost 51,668 50,576 Accumulated depreciation (21,459) (19,598) Property, plant, and equipment, net $ 30,209 $ 30,978 Depreciation expense for the years ended December 31, 2023, 2022, and 2021 was $1.9 billion, $1.7 billion, and $1.7 billion, respectively. Asset Impairment Our ethanol plant located in Lakota, Iowa (Lakota ethanol plant) was previously configured to produce a higher-grade ethanol product, as opposed to fuel-grade ethanol, suitable for hand sanitizer blending or industrial purposes that has a higher market value than fuel-grade ethanol. During 2022, demand for higher-grade ethanol declined and had a negative impact on the profitability of the plant. As a result, we tested the recoverability of the carrying value of the Lakota ethanol plant and concluded that it was impaired. Therefore, we reduced the carrying value of the plant to its estimated fair value and recognized an asset impairment loss of $61 million for the year ended December 31, 2022. See Note 19 for disclosure related to the method used to determine fair value. During the third quarter of 2023, the Lakota ethanol plant resumed production of fuel-grade ethanol. Sale of Ethanol Plant In June 2022, we sold our ethanol plant in Jefferson, Wisconsin (Jefferson ethanol plant) for $32 million, which resulted in a gain of $23 million that is included in depreciation and amortization expense for the year ended December 31, 2022. Change in Useful Life The Jefferson ethanol plant was temporarily idled in 2020 at the onset of the COVID-19 pandemic in response to the decreased demand for ethanol resulting from the effects of the pandemic on our business, and we had previously evaluated this plant for potential impairment assuming that operations would resume. However, we completed an evaluation of the plant during the third quarter of 2021 and concluded that it was no longer a strategic asset for our ethanol business. The plant’s operations permanently ceased at that time and we reduced its estimated useful life, which reduced its net book value to estimated salvage value. The additional depreciation expense of $48 million for the year ended December 31, 2021 resulting from this change did not have a material impact on our results of operations nor was there a material impact to our financial position.

Deferred Charges and Other Asse

Deferred Charges and Other Assets	12 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
DEFERRED CHARGES AND OTHER ASSETS	7. DEFERRED CHARGES AND OTHER ASSETS “Deferred charges and other assets, net” consisted of the following (in millions): December 31, 2023 2022 Deferred turnaround and catalyst costs, net $ 2,382 $ 2,139 Operating lease ROU assets, net (see Note 5) 1,136 1,114 Investments in nonconsolidated joint ventures 713 724 Purchased compliance credits 612 543 Goodwill 260 260 Intangible assets, net 183 202 Income taxes receivable 56 26 Other 1,284 863 Deferred charges and other assets, net $ 6,626 $ 5,871 Amortization expense for deferred turnaround and catalyst costs and intangible assets was $821 million, $745 million, and $695 million for the years ended December 31, 2023, 2022, and 2021, respectively. The entire balance of goodwill is related to our Refining segment. See Note 17 for information on our reportable segments.

Accrued Expenses and Other Long

Accrued Expenses and Other Long-Term Liabilities	12 Months Ended
	Dec. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES	8. ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES Accrued expenses and other long-term liabilities consisted of the following (in millions): Accrued Other Long-Term December 31, December 31, 2023 2022 2023 2022 Operating lease liabilities (see Note 5) $ 360 $ 311 $ 753 $ 776 Liability for unrecognized tax benefits — — 238 239 Defined benefit plan liabilities (see Note 13) 55 35 476 448 Repatriation tax liability (see Note 15) (a) — — 167 301 Environmental liabilities 23 21 294 296 Wage and other employee-related liabilities 392 388 90 87 Accrued interest expense 83 67 — — Contract liabilities from contracts with customers (see Note 17) 40 129 — — Blending program obligations (see Note 19) 83 189 — — Other accrued liabilities 204 75 245 163 Accrued expenses and other long-term liabilities $ 1,240 $ 1,215 $ 2,263 $ 2,310 ________________________ (a) The current portion of repatriation tax liability is included in income taxes payable. As of December 31, 2023 and 2022, the current portion of repatriation tax liability was $134 million and $100 million, respectively.

Debt and Finance Lease Obligati

Debt and Finance Lease Obligations	12 Months Ended
	Dec. 31, 2023
Debt and Lease Obligation [Abstract]
DEBT AND FINANCE LEASE OBLIGATIONS	9. DEBT AND FINANCE LEASE OBLIGATIONS Debt, at stated values, and finance lease obligations consisted of the following (in millions): Final December 31, 2023 2022 Credit facilities: Valero Revolver 2027 $ — $ — Canadian Revolver 2023 n/a — Accounts Receivable Sales Facility 2024 — — DGD Revolver 2026 250 100 DGD Loan Agreement 2026 — 25 IEnova Revolver 2028 766 717 Public debt: Valero Senior Notes 1.200% 2024 167 167 2.850% 2025 251 251 3.65% 2025 189 189 3.400% 2026 426 426 2.150% 2027 564 578 4.350% 2028 591 606 4.000% 2029 439 439 8.75% 2030 200 200 2.800% 2031 462 472 7.5% 2032 729 733 6.625% 2037 1,380 1,442 6.75% 2037 24 24 10.500% 2039 113 113 4.90% 2045 621 626 3.650% 2051 829 855 4.000% 2052 508 553 7.45% 2097 70 70 Valero Energy Partners LP (VLP) Senior Notes 4.375% 2026 146 146 4.500% 2028 456 474 Debenture, 7.65% 2026 100 100 Other debt 2024 14 19 Net unamortized debt issuance costs and other (77) (84) Total debt 9,218 9,241 Finance lease obligations (see Note 5) 2,306 2,394 Total debt and finance lease obligations 11,524 11,635 Less: Current portion 1,406 1,109 Debt and finance lease obligations, less current portion $ 10,118 $ 10,526 Credit Facilities Valero Revolver We have a $4 billion revolving credit facility (the Valero Revolver) that matures in November 2027. We have the option to increase the aggregate commitments under the Valero Revolver to $5.5 billion, subject to certain conditions. The Valero Revolver also provides for the issuance of letters of credit of up to $2.4 billion. Outstanding borrowings under the Valero Revolver bear interest, at our option, at either (i) the Adjusted Term SOFR, a secured overnight financing rate (SOFR) or (ii) the Alternate Base Rate (each of these rates is defined in the Valero Revolver), plus the applicable margins. The Valero Revolver also requires payments for customary fees, including facility fees, letter of credit participation fees, and administrative agent fees. The interest rate and facility fees under the Valero Revolver are subject to adjustment based upon the credit ratings assigned to our senior unsecured debt. Canadian Revolver One of our Canadian subsidiaries had a C$150 million committed revolving credit facility (the Canadian Revolver) with a maturity date of November 2023. The Canadian Revolver provided for the issuance of letters of credit. Prior to November 30, 2023, all letters of credit under this facility were canceled and the facility was terminated. Accounts Receivable Sales Facility We have an accounts receivable sales facility with a group of third-party entities and financial institutions to sell up to $1.3 billion of eligible trade receivables on a revolving basis. In July 2023, we extended the maturity date of this facility to July 2024. Under this program, one of our marketing subsidiaries (Valero Marketing) sells eligible receivables, without recourse, to another of our subsidiaries (Valero Capital), whereupon the receivables are no longer owned by Valero Marketing. Valero Capital, in turn, sells an undivided percentage ownership interest in the eligible receivables, without recourse, to the third-party entities and financial institutions. To the extent that Valero Capital retains an ownership interest in the receivables it has purchased from Valero Marketing, such interest is included in our financial statements solely as a result of the consolidation of the financial statements of Valero Capital with those of Valero Energy Corporation; the receivables are not available to satisfy the claims of the creditors of Valero Marketing or Valero Energy Corporation. As of December 31, 2023 and 2022, $2.6 billion and $3.0 billion, respectively, of our accounts receivable composed the designated pool of accounts receivable included in the program. All amounts outstanding under the accounts receivable sales facility are reflected as debt in our balance sheets and proceeds and repayments are reflected as cash flows from financing activities. Outstanding borrowings under the facility bear interest, at either (i) an adjusted daily simple SOFR or (ii) an alternate base rate as allowed under the terms of this facility, plus applicable margins. The interest rates under the program are subject to adjustment based upon the credit ratings assigned to our senior unsecured debt. The program also requires payments for customary fees, including facility fees. DGD Revolver In March 2021, DGD, as described in Note 12, entered into a $400 million unsecured revolving credit facility (the DGD Revolver) with a syndicate of financial institutions. In June 2023, DGD amended this facility to (i) extend the maturity date from March 2024 to June 2026 and (ii) transition the benchmark reference interest rate previously based on the London Interbank Offered Rate (LIBOR) to a SOFR. DGD has the option to increase the aggregate commitments under the DGD Revolver to $550 million, subject to certain restrictions. The DGD Revolver also provides for the issuance of letters of credit of up to $150 million. The DGD Revolver is only available to fund the operations of DGD, and the creditors of DGD do not have recourse against us. As of December 31, 2023, all outstanding borrowings under this facility are reflected in current portion of debt as payment is expected to occur in 2024. Effective June 2023, outstanding borrowings under the DGD Revolver generally bear interest, at DGD’s option, at (i) an alternate base rate, (ii) an adjusted term SOFR, or (iii) an adjusted daily simple SOFR as allowed under the terms of the agreement for the applicable interest period in effect from time to time, plus the applicable margins. As of December 31, 2023 and 2022, the variable interest rate on the DGD Revolver was 7.201 percent and 5.880 percent, respectively. The DGD Revolver also requires payments for customary fees, including unused commitment fees, letter of credit fees, and administrative agent fees. DGD Loan Agreement DGD had an unsecured revolving loan agreement with its members (Darling Ingredients Inc. (Darling) and us) with a maturity date of April 2022. Under this agreement, each member had committed $25 million, resulting in aggregate commitments of $50 million. In March 2022, the maturity date of this facility was extended to April 2023, and then further extended to June 2023. In June 2023, DGD entered into a new unsecured revolving loan agreement (the DGD Loan Agreement) with its members that replaced and superseded the previous agreement. The new agreement includes the following modifications from the previous agreement: (i) extends the maturity date from June 2023 to June 2026, (ii) increases 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) transitions the benchmark reference interest rate previously based on the LIBOR to a SOFR. The DGD Loan Agreement is only available to fund the operations of DGD. Any outstanding borrowings under this agreement represent loans made by the noncontrolling member as any transactions between DGD and us under this agreement are eliminated in consolidation. Effective June 2023, outstanding borrowings under the DGD Loan Agreement bear interest at a term SOFR for the applicable interest period in effect from time to time plus the applicable margin. There were no outstanding borrowings under the DGD Loan Agreement as of December 31, 2023. As of December 31, 2022, the variable interest rate was 6.672 percent. IEnova Revolver Central Mexico Terminals, as described in Note 12, has a combined $830 million unsecured revolving credit facility (IEnova Revolver) with IEnova (defined in Note 12), that matures in February 2028. IEnova may terminate this revolver at any time and demand repayment of all outstanding amounts; therefore, all outstanding borrowings are reflected in current portion of debt. The IEnova Revolver is only available to fund the operations of Central Mexico Terminals, and the creditors of Central Mexico Terminals do not have recourse against us. Outstanding borrowings under the IEnova Revolver bear interest at a SOFR for the applicable interest period in effect from time to time plus the applicable margin. The interest rate under this revolver is subject to adjustment, with agreement by both parties, based upon changes in market conditions. As of December 31, 2023 and 2022, the variable interest rate was 9.245 percent and 7.393 percent, respectively. Summary of Credit Facilities We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions): December 31, 2023 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 November 2027 $ — $ 4 $ 3,996 Accounts receivable sales facility 1,300 July 2024 — n/a 1,300 Committed facilities of VIEs (b): DGD Revolver 400 June 2026 250 54 96 DGD Loan Agreement (c) 100 June 2026 — n/a 100 IEnova Revolver 830 February 2028 766 n/a 64 Uncommitted facilities: Letter of credit facilities n/a n/a n/a — n/a ________________________ (a) Letters of credit issued as of December 31, 2023 expire at various times in 2024 through 2026. (b) Creditors of the VIEs do not have recourse against us. (c) 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. We are charged letter of credit issuance fees under our various uncommitted short-term bank credit facilities. These uncommitted credit facilities have no commitment fees or compensating balance requirements. Activity under our credit facilities was as follows (in millions): Year Ended December 31, 2023 2022 2021 Borrowings: Accounts receivable sales facility $ 1,750 $ 1,600 $ — DGD Revolver 550 759 276 DGD Loan Agreement — 50 25 IEnova Revolver 120 105 81 Repayments: Accounts receivable sales facility (1,750) (1,600) — DGD Revolver (400) (759) (176) DGD Loan Agreement (25) (50) — IEnova Revolver (71) (67) — 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 VLP Senior Notes 66 Total $ 199 During the year ended December 31, 2022, the following activity occurred: • In November and December 2022, we used cash on hand to purchase and retire a portion of the following notes (in millions): Debt Purchased and Retired Principal 2.150% Senior Notes due 2027 $ 22 4.500% VLP Senior Notes due 2028 26 2.800% Senior Notes due 2031 28 6.625% Senior Notes due 2037 58 4.90% Senior Notes due 2045 24 3.650% Senior Notes due 2051 95 4.000% Senior Notes due 2052 97 7.45% Senior Notes due 2097 30 Various other Valero Senior Notes 62 Total $ 442 • In September 2022, we used cash on hand to purchase and retire a portion of the following notes in connection with cash tender offers that we publicly announced in August 2022 and completed in September 2022 (in millions): Debt Purchased and Retired Principal 3.65% Senior Notes due 2025 $ 48 2.850% Senior Notes due 2025 291 4.375% VLP Senior Notes due 2026 62 3.400% Senior Notes due 2026 166 4.350% Senior Notes due 2028 131 4.000% Senior Notes due 2029 552 Total $ 1,250 • 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 During the year ended December 31, 2021, the following activity occurred: • In November 2021, we issued $500 million of 2.800 percent Senior Notes due December 1, 2031 and $950 million of 3.650 percent Senior Notes due December 1, 2051. Proceeds from these debt issuances totaled $1.446 billion before deducting the underwriting discounts and other debt issuance costs. These proceeds and cash on hand were used to redeem or purchase and retire a portion of the following notes in connection with cash tender offers that we publicly announced in November 2021 and completed in December 2021 (in millions): Debt Redeemed or Principal 2.700% Senior Notes due 2023 $ 850 1.200% Senior Notes due 2024 756 3.65% Senior Notes due 2025 276 4.375% VLP Senior Notes due 2026 124 10.500% Senior Notes due 2039 137 Total $ 2,143 In connection with the early debt redemption and retirement activity described above, we recognized a charge of $193 million in “other income, net” comprised of $179 million of premiums paid, $10 million of unamortized debt discounts and deferred debt costs, and $4 million of bank fees. • In September 2021, we redeemed our Floating Rate Senior Notes due September 15, 2023 for $575 million. Other Disclosures “Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Year Ended December 31, 2023 2022 2021 Interest and debt expense $ 611 $ 619 $ 651 Less: Capitalized interest 19 57 48 Interest and debt expense, net of capitalized interest $ 592 $ 562 $ 603 Our credit facilities and other debt arrangements contain various customary restrictive covenants, including cross-default and cross-acceleration clauses. Principal maturities for our debt obligations as of December 31, 2023 were as follows (in millions): 2024 (a) $ 1,197 2025 441 2026 672 2027 564 2028 1,047 Thereafter 5,374 Net unamortized debt issuance costs and other (77) Total debt $ 9,218 ________________________ (a) Maturities for 2024 include the DGD Revolver and the IEnova Revolver.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES Purchase Obligations We have various purchase obligations under certain crude oil and other feedstock supply arrangements, industrial gas supply arrangements (such as hydrogen supply arrangements), natural gas supply arrangements, and various throughput, transportation, and terminaling agreements. We enter into these contracts to ensure an adequate supply of feedstock and utilities and adequate storage capacity to operate our refineries and ethanol plants. Substantially all of our purchase obligations are based on market prices or adjustments based on market indices. Certain of these purchase obligations include fixed or minimum volume requirements, while others are based on our usage requirements. None of these obligations is associated with suppliers’ financing arrangements. These purchase obligations are not reflected as liabilities. Self-Insurance We are self-insured for certain medical and dental, workers’ compensation, automobile liability, general liability, and other third-party liability claims up to applicable retention limits. Liabilities are accrued for self-insured claims, or when estimated losses exceed coverage limits, and when sufficient information is available to reasonably estimate the amount of the loss. These liabilities are included in accrued expenses and other long-term liabilities.

Equity

Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
EQUITY	11. EQUITY Share Activity Activity in the number of shares of common stock and treasury stock was as follows (in millions): Common Treasury Balance as of December 31, 2020 673 (265) Transactions in connection with stock-based compensation plans — 1 Balance as of December 31, 2021 673 (264) Transactions in connection with stock-based compensation plans — 1 Purchases of common stock for treasury — (38) Balance as of December 31, 2022 673 (301) Transactions in connection with stock-based compensation plans — 1 Purchases of common stock for treasury — (40) Balance as of December 31, 2023 673 (340) Preferred Stock We have 20 million shares of preferred stock authorized with a par value of $0.01 per share. No shares of preferred stock were outstanding as of December 31, 2023 or 2022. Treasury Stock We purchase shares of our outstanding common stock as authorized by our board of directors (Board), including under share purchase programs (described in the table below) and with respect to our employee stock-based compensation plans. Our Board authorized us to purchase shares of our outstanding common stock under various programs with no expiration dates as follows (in millions): Program Name Announcement Total Cost Completion of Remaining January 2018 Program January 23, 2018 $ 2,500 Second quarter of 2022 $ — July 2022 Program July 7, 2022 2,500 Fourth quarter of 2022 — October 2022 Program October 26, 2022 2,500 Second quarter of 2023 — February 2023 Program February 23, 2023 2,500 Fourth quarter of 2023 — September 2023 Program September 15, 2023 2,500 n/a 2,199 On February 22, 2024, 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, which is in addition to the amount remaining under the September 2023 Program. Common Stock Dividends On January 18, 2024, our Board declared a quarterly cash dividend of $1.07 per common share payable on March 4, 2024 to holders of record at the close of business on February 1, 2024. Income Tax Effects Related to Components of Other Comprehensive Income (Loss) The tax effects allocated to each component of other comprehensive income (loss) were as follows (in millions): Before-Tax Tax Expense Net Amount Year ended December 31, 2023 Foreign currency translation adjustment $ 433 $ — $ 433 Pension and other postretirement benefits: Gain (loss) arising during the year related to: Net actuarial gain 77 18 59 Prior service cost (19) (4) (15) Miscellaneous loss — 2 (2) Amounts reclassified into income related to: Net actuarial gain (12) (3) (9) Prior service credit (22) (5) (17) Settlement loss 2 — 2 Effect of exchange rates 4 1 3 Net gain on pension and other postretirement benefits 30 9 21 Derivative instruments designated and qualifying as cash flow hedges: Net gain arising during the year 82 8 74 Net loss reclassified into income 8 1 7 Net gain on cash flow hedges 90 9 81 Other comprehensive income $ 553 $ 18 $ 535 Before-Tax Tax Expense Net Amount Year ended December 31, 2022 Foreign currency translation adjustment $ (613) $ (7) $ (606) Pension and other postretirement benefits: Net actuarial gain arising during the year 244 57 187 Amounts reclassified into income related to: Net actuarial loss 52 12 40 Prior service credit (22) (5) (17) Settlement loss 61 13 48 Net gain on pension and other postretirement benefits 335 77 258 Derivative instruments designated and qualifying as cash flow hedges: Net loss arising during the year (292) (32) (260) Net loss reclassified into income 286 32 254 Net loss on cash flow hedges (6) — (6) Other comprehensive loss $ (284) $ 70 $ (354) Year ended December 31, 2021 Foreign currency translation adjustment $ (47) $ — $ (47) Pension and other postretirement benefits: Gain (loss) arising during the year related to: Net actuarial gain 317 69 248 Prior service cost (4) (1) (3) Amounts reclassified into income related to: Net actuarial loss 80 18 62 Prior service credit (25) (6) (19) Settlement loss 8 2 6 Effect of exchange rates 2 — 2 Net gain on pension and other postretirement benefits 378 82 296 Derivative instruments designated and qualifying as cash flow hedges: Net loss arising during the year (48) (5) (43) Net loss reclassified into income 46 5 41 Net loss on cash flow hedges (2) — (2) Other comprehensive income $ 329 $ 82 $ 247 Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Foreign Defined Gains Total Balance as of December 31, 2020 $ (515) $ (737) $ (2) $ (1,254) Other comprehensive income (loss) before reclassifications (47) 245 (21) 177 Amounts reclassified from accumulated other comprehensive loss — 49 18 67 Effect of exchange rates — 2 — 2 Other comprehensive income (loss) (47) 296 (3) 246 Balance as of December 31, 2021 (562) (441) (5) (1,008) Other comprehensive income (loss) before reclassifications (606) 187 (114) (533) Amounts reclassified from accumulated other comprehensive loss — 71 111 182 Other comprehensive income (loss) (606) 258 (3) (351) Balance as of December 31, 2022 (1,168) (183) (8) (1,359) Other comprehensive income before reclassifications 433 42 32 507 Amounts reclassified from accumulated other comprehensive loss — (24) 3 (21) Effect of exchange rates — 3 — 3 Other comprehensive income 433 21 35 489 Balance as of December 31, 2023 $ (735) $ (162) $ 27 $ (870) Gains (losses) reclassified out of accumulated other comprehensive loss and into net income were as follows (in millions): Details about Affected Line Year Ended December 31, 2023 2022 2021 Amortization of items related to defined benefit pension plans: Net actuarial gain (loss) $ 12 $ (52) $ (80) (a) Other income, net Prior service credit 22 22 25 (a) Other income, net Settlement loss (2) (61) (8) (a) Other income, net 32 (91) (63) Total before tax (8) 20 14 Tax benefit (expense) $ 24 $ (71) $ (49) Net of tax Losses on cash flow hedges: Commodity contracts $ (8) $ (286) $ (46) Revenues (8) (286) (46) Total before tax 1 32 5 Tax benefit $ (7) $ (254) $ (41) Net of tax Total reclassifications for the year $ 17 $ (325) $ (90) Net of tax ________________________ (a) These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost, as discussed in Note 13.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	12. VARIABLE INTEREST ENTITIES Consolidated VIEs In the normal course of business, we have financial interests in certain entities that have been determined to be VIEs. We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary such that we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE. In order to make this determination, we evaluated our contractual arrangements with the VIE, including arrangements for the use of assets, purchases of products and services, debt, equity, or management of operating activities. The following discussion summarizes our involvement with the consolidated VIEs: • DGD is a joint venture with a subsidiary of Darling that owns and operates two plants that process waste and renewable feedstocks (predominately animal fats, used cooking oils, vegetable oils, and inedible distillers corn oils) into renewable diesel and renewable naphtha. One plant is located next to our St. Charles Refinery (the DGD St. Charles Plant) and the other plant is the DGD Port Arthur Plant. Our significant agreements with DGD include an operations agreement that outlines our responsibilities as operator of both plants. As operator, we operate the plants and perform certain day-to-day operating and management functions for DGD as an independent contractor. The operations agreement provides us (as operator) with certain power to direct the activities that most significantly impact DGD’s economic performance. Because this agreement conveys such power to us and is separate from our ownership rights, we determined that DGD was a VIE. For this reason and because we hold a 50 percent ownership interest that provides us with significant economic rights and obligations, we determined that we are the primary beneficiary of DGD. DGD has risk associated with its operations because it generates revenues from external customers. • Central Mexico Terminals is a collective group of three subsidiaries of Infraestructura Energetica Nova, S.A.P.I. de C.V. (IEnova), 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 because we have determined them to be finance leases due to our exclusive use of the terminals. Although we do not have an ownership interest in the entities that own each of the three terminals, the finance leases convey to us (i) the power to direct the activities that most significantly impact the economic performance of all three terminals and (ii) the ability to influence the benefits received or the losses incurred by the terminals because of our use of the terminals. As a result, we determined each of the entities was a VIE and that we are the primary beneficiary of each. Substantially all of Central Mexico Terminals’ revenues will be derived from us; therefore, we believe there is limited risk to us associated with revenues from external customers. • We also have financial interests in other entities that have been determined to be VIEs because the entities’ contractual arrangements transfer the power to us to direct the activities that most significantly impact their economic performance or reduce the exposure to operational variability and risk of loss created by the entity that otherwise would be held exclusively by the equity owners. Furthermore, we determined that we are the primary beneficiary of these VIEs because (i) certain contractual arrangements (exclusive of our ownership rights) provide us with the power to direct the activities that most significantly impact the economic performance of these entities and/or (ii) our 50 percent ownership interests provide us with significant economic rights and obligations. 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 table presents 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 December 31, 2023 Assets Cash and cash equivalents $ 237 $ — $ 23 $ 260 Other current assets 1,520 11 46 1,577 Property, plant, and equipment, net 3,772 665 75 4,512 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 616 $ 808 $ 19 $ 1,443 Debt and finance lease obligations, less current portion 669 — — 669 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. On April 19, 2021, we sold a 24.99 percent membership interest in MVP Terminalling, LLC (MVP), a nonconsolidated joint venture, for $270 million that resulted in a gain of $62 million, which is included in “other income, net” for the year ended December 31, 2021. MVP owns and operates a marine terminal (the MVP Terminal) located on the Houston Ship Channel in Pasadena, Texas. We retained a 25.01 percent membership interest in MVP.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	13. EMPLOYEE BENEFIT PLANS Defined Benefit Plans We have defined benefit pension plans, some of which are subject to collective bargaining agreements, that cover most of our employees. These plans provide eligible employees with retirement income based primarily on years of service and compensation during specific periods under final average pay and cash balance formulas. We fund all of our pension plans as required by local regulations. In the U.S., all qualified pension plans are subject to the Employee Retirement Income Security Act’s minimum funding standard. We typically do not fund or fully fund U.S. nonqualified and certain foreign pension plans that are not subject to funding requirements because contributions to these pension plans may be less economic and investment returns may be less attractive than our other investment alternatives. We also provide health care and life insurance benefits for certain retired employees through our postretirement benefit plans. Most of our employees become eligible for these benefits if, while still working for us, they reach normal retirement age or take early retirement. These plans are unfunded, and retired employees share the cost with us. Individuals who became our employees as a result of an acquisition became eligible for postretirement benefits under our plans as determined by the terms of the relevant acquisition agreement. The changes in benefit obligation related to all of our defined benefit plans, the changes in fair value of plan assets (a) , and the funded status of our defined benefit plans as of and for the years ended below were as follows (in millions): Pension Plans Other Postretirement December 31, December 31, 2023 2022 2023 2022 Changes in benefit obligation Benefit obligation as of beginning of year $ 2,413 $ 3,463 $ 258 $ 347 Service cost 111 152 4 6 Interest cost 121 85 13 8 Participant contributions — — 22 13 Plan amendments 19 — — — Benefits paid (166) (366) (42) (29) Actuarial (gain) loss 110 (882) 10 (86) Foreign currency exchange rate changes 10 (39) 1 (1) Benefit obligation as of end of year $ 2,618 $ 2,413 $ 266 $ 258 Changes in plan assets (a) Fair value of plan assets as of beginning of year $ 2,485 $ 3,303 $ — $ — Actual return on plan assets 399 (532) — — Company contributions 101 120 20 16 Participant contributions — — 22 13 Benefits paid (166) (366) (42) (29) Foreign currency exchange rate changes 16 (40) — — Fair value of plan assets as of end of year $ 2,835 $ 2,485 $ — $ — Reconciliation of funded status (a) Fair value of plan assets as of end of year $ 2,835 $ 2,485 $ — $ — Less: Benefit obligation as of end of year 2,618 2,413 266 258 Funded status as of end of year $ 217 $ 72 $ (266) $ (258) Accumulated benefit obligation $ 2,450 $ 2,271 n/a n/a ________________________ (a) Plan assets include only the assets associated with pension plans subject to legal minimum funding standards. Plan assets associated with U.S. nonqualified pension plans are not included here because they are not protected from our creditors and therefore cannot be reflected as a reduction from our obligations under the pension plans. As a result, the reconciliation of funded status does not reflect the effect of plan assets that exist for all of our defined benefit plans. See Note 19 for the assets associated with certain U.S. nonqualified pension plans. The actuarial loss for the year ended December 31, 2023 primarily resulted from a decrease in the discount rates used to determine our benefit obligations for our pension plans from 5.19 percent in 2022 to 5.01 percent in 2023. The actuarial gain for the year ended December 31, 2022 primarily resulted from an increase in the discount rates used to determine our benefit obligations for our pension plans from 2.93 percent in 2021 to 5.19 percent in 2022, primarily due to rising interest rates during 2022 as a result of actions by the Federal Reserve System and other central banks to address inflation. Benefits paid for the year ended December 31, 2023 were lower than those paid in 2022 primarily due to fewer participants retiring in 2023 who elected lump-sum distributions. The fair value of our plan assets as of December 31, 2023 was favorably impacted by the return on plan assets resulting primarily from an improvement in equity market prices throughout the year. The fair value of our plan assets as of December 31, 2022 was unfavorably impacted by the negative return on plan assets resulting primarily from a significant decline in equity market prices throughout the year. Amounts recognized in our balance sheets for our pension and other postretirement benefits plans include (in millions): Pension Plans Other Postretirement December 31, December 31, 2023 2022 2023 2022 Deferred charges and other assets, net $ 482 $ 297 $ — $ — Accrued expenses (32) (14) (23) (21) Other long-term liabilities (233) (211) (243) (237) $ 217 $ 72 $ (266) $ (258) The following table presents information for our pension plans with projected benefit obligations in excess of plan assets (in millions): December 31, 2023 2022 Projected benefit obligation $ 265 $ 249 Fair value of plan assets — 24 The following table presents information for our pension plans with accumulated benefit obligations in excess of plan assets (in millions): December 31, 2023 2022 Accumulated benefit obligation $ 220 $ 209 Fair value of plan assets — 24 Benefit payments that we expect to pay, including amounts related to expected future services that we expect to receive, are as follows for the years ending December 31 (in millions): Pension Other 2024 $ 177 $ 22 2025 221 22 2026 193 21 2027 198 20 2028 185 19 2029-2033 1,020 94 We plan to contribute $113 million to our pension plans and $22 million to our other postretirement benefit plans during 2024. The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement Year Ended December 31, Year Ended December 31, 2023 2022 2021 2023 2022 2021 Service cost $ 111 $ 152 $ 161 $ 4 $ 6 $ 7 Interest cost 121 85 73 13 8 7 Expected return on plan assets (202) (192) (192) — — — Amortization of: Net actuarial (gain) loss (6) 52 81 (6) — (1) Prior service credit (18) (18) (18) (4) (4) (7) Settlement loss 2 61 8 — — — Net periodic benefit cost $ 8 $ 140 $ 113 $ 7 $ 10 $ 6 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.” Amortization of the net actuarial (gain) loss shown in the preceding table was based on the straight-line amortization of the excess of the unrecognized (gain) loss over 10 percent of the greater of the projected benefit obligation or market-related value of plan assets (smoothed asset value) over the average remaining service period of active employees expected to receive benefits under each respective plan. Amortization of prior service credit shown in the preceding table was based on a straight-line amortization of the credit over the average remaining service period of employees expected to receive benefits under each respective plan. Pre-tax amounts recognized in other comprehensive income (loss) were as follows (in millions): Pension Plans Other Postretirement Year Ended December 31, Year Ended December 31, 2023 2022 2021 2023 2022 2021 Net gain (loss) arising during the year: Net actuarial gain (loss) $ 87 $ 158 $ 308 $ (10) $ 86 $ 9 Prior service cost (19) — (4) — — — Net (gain) loss reclassified into income: Net actuarial (gain) loss (6) 53 81 (6) (1) (1) Prior service credit (18) (18) (18) (4) (4) (7) Settlement loss 2 61 8 — — — Effect of exchange rates 4 — 2 — — — Total changes in other comprehensive income (loss) $ 50 $ 254 $ 377 $ (20) $ 81 $ 1 The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost were as follows (in millions): Pension Plans Other Postretirement December 31, December 31, 2023 2022 2023 2022 Net actuarial (gain) loss $ 256 $ 342 $ (73) $ (89) Prior service cost (credit) 11 (25) 2 (2) Total $ 267 $ 317 $ (71) $ (91) The weighted-average assumptions used to determine the benefit obligations were as follows: Pension Plans Other Postretirement December 31, December 31, 2023 2022 2023 2022 Discount rate 5.01 % 5.19 % 5.01 % 5.20 % Rate of compensation increase 3.83 % 3.76 % n/a n/a Interest crediting rate for cash balance plans 3.59 % 3.76 % n/a n/a The discount rate assumption used to determine the benefit obligations as of December 31, 2023 and 2022 for the majority of our pension plans and other postretirement benefit plans was based on the Aon AA Only Above Median yield curve and considered the timing of the projected cash outflows under our plans. This curve was designed by Aon, our actuarial consultant, to provide a means for plan sponsors to value the liabilities of their pension plans or postretirement benefit plans. To develop this curve, a hypothetical double-A yield curve represented by a series of annualized individual discount rates with maturities from six months to 99 years is constructed. Each bond issue underlying the double-A yield curve is required to have an average rating of double-A when averaging all available ratings by Moody’s Investors Service, Standard & Poor’s Ratings Services, and Fitch Ratings. Only the bonds representing the 50 percent highest yielding issuances of this double-A yield curve are then included in the Aon AA Only Above Median yield curve. We based our discount rate assumption on the Aon AA Only Above Median yield curve because we believe it is representative of the types of bonds we would use to settle our pension and other postretirement benefit plan liabilities as of those dates. We believe that the yields associated with the bonds used to develop this yield curve reflect the current level of interest rates. The weighted-average assumptions used to determine the net periodic benefit cost were as follows: Pension Plans Other Postretirement Year Ended December 31, Year Ended December 31, 2023 2022 2021 2023 2022 2021 Discount rate 5.19 % 2.94 % 2.62 % 5.20 % 2.96 % 2.64 % Expected long-term rate of return on plan assets 7.31 % 6.71 % 7.09 % n/a n/a n/a Rate of compensation increase 3.76 % 3.70 % 3.66 % n/a n/a n/a Interest crediting rate for cash balance plans 3.76 % 3.03 % 3.03 % n/a n/a n/a The assumed health care cost trend rates were as follows: December 31, 2023 2022 Health care cost trend rate assumed for the next year 6.68 % 6.78 % Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) 4.97 % 4.97 % Year that the rate reaches the ultimate trend rate 2032 2032 The following table presents the fair values of the assets of our pension plans (in millions) as of December 31, 2023 and 2022 by level of the fair value hierarchy. Assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on unadjusted quoted prices from national securities exchanges. Assets categorized in Level 2 of the hierarchy are measured at net asset value in a market that is not active or inputs other than quoted prices that are observable. No assets were categorized in Level 3 of the hierarchy as of December 31, 2023 and 2022. As previously noted, we do not fund or fully fund U.S. nonqualified and certain foreign pension plans that are not subject to funding requirements, and we do not fund our other postretirement benefit plans. 2023 2022 Level 1 Level 2 Total Level 1 Level 2 Total Equity securities (a) $ 585 $ — $ 585 $ 528 $ — $ 528 Mutual funds 223 — 223 191 — 191 Corporate debt instruments (a) — 251 251 — 253 253 Government securities 86 186 272 69 127 196 Common collective trusts (b) — 1,078 1,078 — 940 940 Pooled separate accounts (c) — 323 323 — 279 279 Private fund — 46 46 — 43 43 Insurance contract — 13 13 — 14 14 Interest and dividends receivable 6 — 6 5 — 5 Cash and cash equivalents 48 — 48 38 3 41 Securities transactions payable, net (10) — (10) (5) — (5) Total pension plan assets $ 938 $ 1,897 $ 2,835 $ 826 $ 1,659 $ 2,485 ________________________ (a) This class of securities includes domestic and international securities, which are held in a wide range of industry sectors. (b) This class primarily includes investments in approximately 80 percent equities and 20 percent bonds as of December 31, 2023 and 2022. (c) This class primarily includes investments in approximately 45 percent equities and 55 percent bonds as of December 31, 2023. As of December 31, 2022, this class primarily included investments in approximately 55 percent equities and 45 percent bonds. The investment policies and strategies for the assets of our pension plans incorporate a well-diversified approach that is expected to earn long-term returns from capital appreciation and a growing stream of current income. This approach recognizes that assets are exposed to risk and the market value of the pension plans’ assets may fluctuate from year to year. Risk tolerance is determined based on our financial ability to withstand risk within the investment program and the willingness to accept return volatility. In line with the investment return objective and risk parameters, the pension plans’ mix of assets includes a diversified portfolio of equity and fixed-income investments. Equity securities include international securities and a blend of U.S. growth and value stocks of various sizes of capitalization. Fixed income securities include bonds and notes issued by the U.S. government and its agencies, corporate bonds, and mortgage-backed securities. The aggregate asset allocation is reviewed on an annual basis. As of December 31, 2023, the target allocations for plan assets under our primary pension plan are 70 percent equity securities and 30 percent fixed income investments. The expected long-term rate of return on plan assets is based on a forward-looking expected asset return model. This model derives an expected rate of return based on the target asset allocation of a plan’s assets. The underlying assumptions regarding expected rates of return for each asset class reflect Aon’s best expectations for these asset classes. The model reflects the positive effect of periodic rebalancing among diversified asset classes. We select an expected asset return that is supported by this model. Defined Contribution Plans We have defined contribution plans that cover most of our employees. Our contributions to these plans are based on employees’ compensation and/or a partial match of employee contributions to the plans. Our contributions to these defined contribution plans were $87 million, $83 million, and $82 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	14. STOCK-BASED COMPENSATION Overview Under our 2020 Omnibus Stock Incentive Plan (the 2020 OSIP), various stock and stock-based awards may be granted to employees, non-employee directors, and third-party service providers. The 2020 OSIP permits grants of (i) restricted stock and restricted stock units; (ii) stock options (including incentive and non-qualified stock options); (iii) stock appreciation rights; (iv) performance awards of cash, stock, or other securities; and (v) other stock-based awards (e.g., stock unit awards). Awards under the 2020 OSIP are granted at the discretion of our Board’s Human Resources and Compensation Committee (and approved by the independent directors in the case of our Chief Executive Officer and Executive Chairman) and may be subject to vesting or performance periods, performance goals, or other restrictions. The 2020 OSIP was approved by our stockholders on April 30, 2020, and as of such date, any shares of common stock that were not subject to outstanding awards and were available to be awarded under the 2011 Omnibus Stock Incentive Plan (the 2011 OSIP) became available for issuance under the 2020 OSIP and any shares of common stock subject to awards under the 2011 OSIP outstanding as of April 30, 2020, that are subsequently forfeited, terminated, canceled or rescinded, settled in cash in lieu of common stock, exchanged for awards not involving common stock, or expire unexercised also become available for issuance under the 2020 OSIP. No future awards will be made under the 2011 OSIP. As of December 31, 2023, 12,036,501 shares of our common stock remained available to be awarded under the 2020 OSIP. The following table reflects activity related to our stock-based compensation arrangements (in millions): Year Ended December 31, 2023 2022 2021 Stock-based compensation expense: Restricted stock $ 66 $ 67 $ 65 Performance awards 38 32 21 Stock options and other awards 3 4 2 Total stock-based compensation expense $ 107 $ 103 $ 88 Tax benefit recognized on stock-based compensation expense $ 14 $ 15 $ 13 Tax benefit realized for tax deductions resulting from exercises and vestings 2 2 1 Restricted Stock Restricted stock is our most significant stock-based compensation arrangement. Employees, non-employee directors, and third-party service providers are eligible to receive restricted stock, which vests in accordance with individual written agreements between the participants and us, usually in equal annual installments over a period of three years beginning one year after the date of grant. The fair value of each share of restricted stock is equal to the market price of our common stock. A summary of the status of our restricted stock awards is presented in the following table: Number of Shares Weighted- Nonvested shares as of January 1, 2023 1,182,177 $ 87.36 Granted 518,092 125.57 Vested (786,920) 84.12 Forfeited (10,503) 95.04 Nonvested shares as of December 31, 2023 902,846 112.01 As of December 31, 2023, there was $52 million of unrecognized compensation cost related to outstanding unvested restricted stock awards, which is expected to be recognized over a weighted-average period of approximately two years. The following table reflects activity related to our restricted stock: Year Ended December 31, 2023 2022 2021 Weighted-average grant-date fair value per share of restricted stock granted $ 125.57 $ 112.88 $ 77.71 Fair value of restricted stock vested (in millions) 99 99 59

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	15. INCOME TAXES Income Statement Components Income before income tax expense was as follows (in millions): Year Ended December 31, 2023 2022 2021 U.S. operations $ 9,335 $ 11,716 $ 1,023 Foreign operations 2,433 3,591 520 Income before income tax expense $ 11,768 $ 15,307 $ 1,543 Statutory income tax rates applicable to the countries in which we operate were as follows: Year Ended December 31, 2023 2022 2021 U.S. 21 % 21 % 21 % Canada 15 % 15 % 15 % U.K. (a) 25 % 19 % 19 % Ireland 13 % 13 % 13 % Peru 30 % 30 % 30 % Mexico 30 % 30 % 30 % ________________________ (a) Statutory income tax rate was increased to 25 percent effective April 1, 2023. The following is a reconciliation of income tax expense computed by applying statutory income tax rates to actual income tax expense (dollars in millions): U.S. Foreign Total Amount Percent Amount Percent Amount Percent Year ended December 31, 2023 Income tax expense at statutory rates $ 1,960 21.0 % $ 449 18.5 % $ 2,409 20.5 % U.S. state and Canadian provincial tax expense, net of federal income tax effect 114 1.2 % 161 6.6 % 275 2.3 % Permanent differences (87) (0.9) % (18) (0.7) % (105) (0.9) % GILTI tax 167 1.8 % — — 167 1.4 % Foreign tax credits (149) (1.6) % — — (149) (1.3) % Repatriation withholding tax 45 0.5 % — — 45 0.4 % Tax effects of income associated with noncontrolling interests (84) (0.9) % 30 1.2 % (54) (0.4) % Other, net 8 — % 23 0.9 % 31 0.3 % Income tax expense $ 1,974 21.1 % $ 645 26.5 % $ 2,619 22.3 % ________________________ See notes on page 119 . U.S. Foreign Total Amount Percent Amount Percent Amount Percent Year ended December 31, 2022 Income tax expense at statutory rates $ 2,460 21.0 % $ 611 17.0 % $ 3,071 20.1 % U.S. state and Canadian provincial tax expense, net of federal income tax effect 182 1.6 % 255 7.1 % 437 2.8 % Permanent differences (61) (0.5) % (16) (0.5) % (77) (0.5) % GILTI tax 413 3.5 % — — 413 2.7 % Foreign tax credits (396) (3.4) % — — (396) (2.6) % Repatriation withholding tax 51 0.4 % — — 51 0.3 % Tax effects of income associated with noncontrolling interests (78) (0.7) % 25 0.7 % (53) (0.3) % Other, net (27) (0.2) % 9 0.3 % (18) (0.1) % Income tax expense $ 2,544 21.7 % $ 884 24.6 % $ 3,428 22.4 % Year ended December 31, 2021 Income tax expense at statutory rates $ 215 21.0 % $ 73 14.0 % $ 288 18.7 % U.S. state and Canadian provincial tax expense, net of federal income tax effect 16 1.6 % 53 10.2 % 69 4.5 % Permanent differences (34) (3.3) % (14) (2.7) % (48) (3.1) % Changes in tax law (a) (10) (1.0) % 74 14.2 % 64 4.1 % CARES Act (b) (56) (5.5) % — — (56) (3.6) % GILTI tax 125 12.2 % — — 125 8.1 % Foreign tax credits (103) (10.1) % — — (103) (6.7) % Settlements (22) (2.1) % — — (22) (1.4) % Tax effects of income associated with noncontrolling interests (74) (7.2) % 30 5.8 % (44) (2.9) % Other, net (7) (0.7) % (11) (2.1) % (18) (1.2) % Income tax expense $ 50 4.9 % $ 205 39.4 % $ 255 16.5 % ________________________ (a) During the three months ended June 30, 2021, certain statutory income tax rate changes (primarily an increase in the U.K. rate from 19 percent to 25 percent effective in 2023) were enacted that resulted in the remeasurement of our deferred tax liabilities and related deferred income tax expense. (b) Upon filing our superseding 2020 federal income tax return in the fourth quarter of 2021, we recorded an additional tax benefit during the year ended December 31, 2021 related to the additional 2020 tax net operating loss (NOL) carryback to 2015, as permitted by the Coronavirus Aid, Relief and Economic Security (CARES) Act enacted on March 27, 2020. Components of income tax expense were as follows (in millions): U.S. Foreign Total Year ended December 31, 2023 Current: Country $ 1,804 $ 415 $ 2,219 U.S. state / Canadian provincial 157 140 297 Total current 1,961 555 2,516 Deferred: Country 25 69 94 U.S. state / Canadian provincial (12) 21 9 Total deferred 13 90 103 Income tax expense $ 1,974 $ 645 $ 2,619 Year ended December 31, 2022 Current: Country $ 2,147 $ 766 $ 2,913 U.S. state / Canadian provincial 153 312 465 Total current 2,300 1,078 3,378 Deferred: Country 164 (138) 26 U.S. state / Canadian provincial 80 (56) 24 Total deferred 244 (194) 50 Income tax expense $ 2,544 $ 884 $ 3,428 Year ended December 31, 2021 Current: Country $ 68 $ 215 $ 283 U.S. state / Canadian provincial 1 97 98 Total current 69 312 381 Deferred: Country 5 (63) (58) U.S. state / Canadian provincial (24) (44) (68) Total deferred (19) (107) (126) Income tax expense $ 50 $ 205 $ 255 Income Taxes Paid (Refunded) Income taxes paid to (received from) U.S. and foreign taxing authorities were as follows (in millions): Year Ended December 31, 2023 2022 2021 U.S. $ 2,158 $ 2,396 $ (878) (a) Foreign 1,336 892 36 Income taxes paid (refunded), net $ 3,494 $ 3,288 $ (842) ________________________ (a) This amount includes a refund of $962 million that we received related to our U.S. federal income tax return for 2020. Deferred Income Tax Assets and Liabilities The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows (in millions): December 31, 2023 2022 Deferred income tax assets: Tax credit carryforwards $ 809 $ 660 NOLs 710 642 Inventories 237 326 Compensation and employee benefit liabilities 32 44 Environmental liabilities 59 57 Finance lease obligations 314 309 Operating lease liabilities 519 512 Other 130 186 Total deferred income tax assets 2,810 2,736 Valuation allowance (1,383) (1,234) Net deferred income tax assets 1,427 1,502 Deferred income tax liabilities: Property, plant, and equipment 5,121 5,022 Deferred turnaround costs 399 369 Operating lease ROU assets 546 507 Inventories 106 234 Investments 423 431 Other 181 156 Total deferred income tax liabilities 6,776 6,719 Net deferred income tax liabilities $ 5,349 $ 5,217 We had the following income tax credit and loss carryforwards as of December 31, 2023 (in millions): Amount Expiration U.S. state income tax credits (gross amount) $ 76 2024 through 2033 U.S. state income tax credits (gross amount) 2 Unlimited U.S. foreign tax credits 748 2027 through 2033 U.S. state income tax NOLs (gross amount) 12,164 2024 through 2040 Foreign NOLs (gross amount) 329 Unlimited We have recorded a valuation allowance as of December 31, 2023 and 2022 due to uncertainties related to our ability to utilize some of our deferred income tax assets associated with our U.S. foreign tax credits, certain U.S. state income tax credits, certain foreign deferred tax assets, and certain NOLs before they expire. The valuation allowance is based on our estimates of future taxable income in the various jurisdictions in which we operate and the period over which deferred income tax assets will be recoverable. The valuation allowance increased by $149 million in 2023 primarily due to the generation of foreign tax credits that cannot be realized. Unrecognized Tax Benefits Changes in Unrecognized Tax Benefits The following is a reconciliation of the changes in unrecognized tax benefits, excluding related interest and penalties (in millions): Year Ended December 31, 2023 2022 2021 Balance as of beginning of year $ 284 $ 816 $ 847 Additions for tax positions related to the current year 18 27 3 Additions for tax positions related to prior years 4 19 13 Reductions for tax positions related to prior years (73) (573) (25) Reductions for tax positions related to the lapse of applicable statute of limitations (9) (5) — Settlements (38) — (22) Balance as of end of year $ 186 $ 284 $ 816 As of December 31, 2023 and 2022, there was $126 million and $190 million, respectively, of unrecognized tax benefits that if recognized would reduce our annual effective tax rate. Interest and penalties incurred during the years ended December 31, 2023, 2022, and 2021 were not material. Accrued interest and penalties as of December 31, 2023 and 2022 were not material. Although reasonably possible, we do not anticipate that any of our tax audits will be resolved during the next 12 months that would result in a reduction in our liability for unrecognized tax benefits either due to our tax positions being sustained or due to our agreement to their disallowance. Should any reductions occur, we do not expect that they would have a material impact on our financial statements because such reductions would not materially affect our annual effective tax rate. Tax Returns Under Audit U.S. Federal In 2023, we settled the audits related to our U.S. federal income tax returns for 2012 through 2015, with the exception of one issue regarding the timing of deductibility of certain costs at our refineries. We intend to file formal claims for refund with the Internal Revenue Service (IRS) for this disagreed-upon issue. The settlement related to these audits resulted in a favorable reduction in our unrecognized tax benefits. As of December 31, 2023, our U.S. federal income tax returns for 2017 through 2020 were under audit by the IRS. We continue to work with the IRS to resolve these audits and we believe that they will be resolved for amounts consistent with our recorded amounts of unrecognized tax benefits associated with these audits. U.S. State As of December 31, 2023, our California tax returns for 2011 through 2019 were under audit by the state of California. We do not expect the ultimate disposition of these audits will result in a material change to our financial condition, results of operations, and liquidity. We believe these audits will be resolved for amounts consistent with our recorded amounts for unrecognized tax benefits associated with these audits. Foreign As of December 31, 2023, certain of our Canadian subsidiaries’ federal tax returns for 2013 through 2015 and 2017 through 2020 were under audit by the Canada Revenue Agency and our Quebec provincial tax returns for 2013 through 2015 and 2017 through 2020 were under audit by Revenue Quebec. As of December 31, 2023, the 2020 tax return for one of our Mexican subsidiaries was under audit by Servicio de Administración Tributaria, and we are protesting proposed adjustments for this tax return. We do not expect the ultimate disposition of these audits or inquiries will result in a material change to our financial condition, results of operations, and liquidity. Other Disclosures Undistributed Earnings of Foreign Subsidiaries As of December 31, 2023, the cumulative undistributed earnings of our foreign subsidiaries that is considered permanently reinvested in the relevant foreign countries were $7.1 billion. This amount excludes $1.4 billion of earnings that are no longer considered permanently reinvested. We are able to distribute cash via a dividend from our foreign subsidiaries with a full dividend received deduction in the U.S. However, there is a cost to repatriate the undistributed earnings of certain of our foreign subsidiaries to us, including, but not limited to, withholding taxes imposed by certain foreign jurisdictions, U.S. state income taxes, and U.S. federal income tax on foreign exchange gains. We have accrued $45 million of withholding and other taxes on the $1.4 billion of earnings previously noted, but it is not practicable to estimate the amount of additional tax that would be payable on the undistributed earnings that are considered permanently reinvested. Repatriation Tax Liability Our repatriation tax liability relates to our recognition of a one-time transition tax on the deemed repatriation of previously undistributed accumulated earnings and profits of our foreign subsidiaries and is included in other long-term liabilities (see Note 8). This transition tax will be remitted to the IRS over the eight-year period provided in the Internal Revenue Code of 1986, as amended, with annual installments through 2025.

Earnings Per Common Share

Earnings Per Common Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	16. EARNINGS PER COMMON SHARE Earnings per common share was computed as follows (dollars and shares in millions, except per share amounts): Year Ended December 31, 2023 2022 2021 Earnings per common share: Net income attributable to Valero stockholders $ 8,835 $ 11,528 $ 930 Less: Income allocated to participating securities 27 43 6 Net income available to common stockholders $ 8,808 $ 11,485 $ 924 Weighted-average common shares outstanding 353 395 407 Earnings per common share $ 24.93 $ 29.05 $ 2.27 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 8,835 $ 11,528 $ 930 Less: Income allocated to participating securities 27 43 6 Net income available to common stockholders $ 8,808 $ 11,485 $ 924 Weighted-average common shares outstanding 353 395 407 Effect of dilutive securities — 1 — Weighted-average common shares outstanding – assuming dilution 353 396 407 Earnings per common share – assuming dilution $ 24.92 $ 29.04 $ 2.27 Participating securities include restricted stock and performance awards granted under our 2020 OSIP or our 2011 OSIP. Dilutive securities include participating securities as well as outstanding stock options. For the years ended December 31, 2023, 2022, and 2021, we computed earnings per common share – assuming dilution using the two-class method for all dilutive securities.

Revenues and Segment Informatio

Revenues and Segment Information	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
REVENUES AND SEGMENT INFORMATION	17. 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): December 31, 2023 2022 Receivables from contracts with customers (see Note 3) $ 7,209 $ 7,189 Contract liabilities, included in accrued expenses (see Note 8) 40 129 During the years ended December 31, 2023, 2022, and 2021, we recognized as revenue $127 million, $76 million, and $47 million, respectively, that was included in contract liabilities as of December 31, 2022, 2021, and 2020, respectively. Remaining Performance Obligations We have spot and term contracts with customers, the majority of which are spot contracts with no remaining performance obligations. We do not disclose remaining performance obligations for contracts that have terms of one year or less. The transaction price for our remaining term contracts includes a fixed component and variable consideration (i.e., a commodity price), both of which are allocated entirely to a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. The fixed component is not material and the variable consideration is highly uncertain. Therefore, as of December 31, 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 12, 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, including a reconciliation to our consolidated income before income tax expense, and total expenditures for long-lived assets by reportable segment (in millions): Refining Renewable Ethanol Corporate Total Year ended December 31, 2023 Revenues: Revenues from external customers $ 136,470 $ 3,823 $ 4,473 $ — $ 144,766 Intersegment revenues 18 3,168 1,086 (4,272) — Total revenues 136,488 6,991 5,559 (4,272) 144,766 Cost of sales: Cost of materials and other (a) 117,401 5,550 4,395 (4,259) 123,087 Operating expenses (excluding depreciation and amortization expense reflected below) 5,208 358 515 8 6,089 Depreciation and amortization expense 2,351 231 80 (4) 2,658 Total cost of sales 124,960 6,139 4,990 (4,255) 131,834 Other operating expenses 17 — 16 — 33 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 998 998 Depreciation and amortization expense — — — 43 43 Operating income by segment $ 11,511 $ 852 $ 553 $ (1,058) 11,858 Other income, net 502 Interest and debt expense, net of capitalized interest (592) Income before income tax expense $ 11,768 Total expenditures for long-lived assets (b) $ 1,488 $ 294 $ 43 $ 91 $ 1,916 ________________________ See notes on page 128 Refining Renewable Ethanol Corporate Total Year ended December 31, 2022 Revenues: Revenues from external customers $ 168,154 $ 3,483 $ 4,746 $ — $ 176,383 Intersegment revenues 56 2,018 740 (2,814) — Total revenues 168,210 5,501 5,486 (2,814) 176,383 Cost of sales: Cost of materials and other (a) 144,588 4,350 4,628 (2,796) 150,770 Operating expenses (excluding depreciation and amortization expense reflected below) 5,509 255 625 — 6,389 Depreciation and amortization expense 2,247 122 59 — 2,428 Total cost of sales 152,344 4,727 5,312 (2,796) 159,587 Asset impairment loss — — 61 — 61 Other operating expenses 63 — 3 — 66 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 934 934 Depreciation and amortization expense — — — 45 45 Operating income by segment $ 15,803 $ 774 $ 110 $ (997) 15,690 Other income, net 179 Interest and debt expense, net of capitalized interest (562) Income before income tax expense $ 15,307 Total expenditures for long-lived assets (b) $ 1,763 $ 879 $ 22 $ 73 $ 2,737 ________________________ See notes on page 128 Refining Renewable Ethanol Corporate Total Year ended December 31, 2021 Revenues: Revenues from external customers $ 106,947 $ 1,874 $ 5,156 $ — $ 113,977 Intersegment revenues 14 468 433 (915) — Total revenues 106,961 2,342 5,589 (915) 113,977 Cost of sales: Cost of materials and other (a) 97,759 1,438 4,428 (911) 102,714 Operating expenses (excluding depreciation and amortization expense reflected below) 5,088 134 556 (2) 5,776 Depreciation and amortization expense 2,169 58 131 — 2,358 Total cost of sales 105,016 1,630 5,115 (913) 110,848 Other operating expenses 83 3 1 — 87 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 865 865 Depreciation and amortization expense — — — 47 47 Operating income by segment $ 1,862 $ 709 $ 473 $ (914) 2,130 Other income, net 16 Interest and debt expense, net of capitalized interest (603) Income before income tax expense $ 1,543 Total expenditures for long-lived assets (b) $ 1,374 $ 1,049 $ 18 $ 17 $ 2,458 ________________________ (a) Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $1.2 billion, $761 million, and $371 million for the years ended December 31, 2023, 2022, and 2021, respectively. (b) Total expenditures for long-lived assets includes amounts related to capital expenditures; deferred turnaround and catalyst costs; and property, plant, and equipment for acquisitions. The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions): Year Ended December 31, 2023 2022 2021 Refining: Gasolines and blendstocks $ 61,538 $ 70,496 $ 49,534 Distillates 63,664 82,521 45,939 Other product revenues 11,268 15,137 11,474 Total Refining revenues 136,470 168,154 106,947 Renewable Diesel: Renewable diesel 3,665 3,333 1,874 Renewable naphtha 158 150 — Total Renewable Diesel revenues 3,823 3,483 1,874 Ethanol: Ethanol 3,300 3,653 4,122 Distillers grains 1,173 1,093 1,034 Total Ethanol revenues 4,473 4,746 5,156 Revenues $ 144,766 $ 176,383 $ 113,977 Revenues by geographic area are shown in the following table (in millions). The geographic area is based on location of customer and no customer accounted for 10 percent or more of our revenues. Year Ended December 31, 2023 2022 2021 U.S. $ 104,208 $ 126,722 $ 82,940 Canada 10,107 11,743 6,597 U.K. and Ireland 16,148 17,822 13,307 Mexico and Peru 6,438 8,396 3,855 Other countries 7,865 11,700 7,278 Revenues $ 144,766 $ 176,383 $ 113,977 Long-lived assets include “property, plant, and equipment. net” and certain long-lived assets included in “deferred charges and other assets, net.” Long-lived assets by geographic area consisted of the following (in millions): December 31, 2023 2022 U.S. $ 28,868 $ 29,378 Canada 1,598 1,634 U.K. and Ireland 1,346 1,301 Mexico and Peru 837 860 Total long-lived assets $ 32,649 $ 33,173 Total assets by reportable segment were as follows (in millions): December 31, 2023 2022 Refining $ 49,031 $ 48,484 Renewable Diesel 5,790 5,217 Ethanol 1,549 1,551 Corporate and eliminations 6,686 5,730 Total assets $ 63,056 $ 60,982 As of December 31, 2023 and 2022, our investments in nonconsolidated joint ventures accounted for under the equity method were $713 million and $724 million, respectively, all of which related to the Refining segment and are reflected in “deferred charges and other assets, net” as presented in Note 7.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	18. SUPPLEMENTAL CASH FLOW INFORMATION In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Year Ended December 31, 2023 2022 2021 Increase in current assets: Receivables, net $ (387) $ (1,619) $ (4,382) Inventories (684) (672) (253) Prepaid expenses and other (34) (180) (22) Increase (decrease) in current liabilities: Accounts payable (169) 521 6,301 Accrued expenses (50) (5) 253 Taxes other than income taxes payable (226) 98 104 Income taxes payable (776) 231 224 Changes in current assets and current liabilities $ (2,326) $ (1,626) $ 2,225 Changes in current assets and current liabilities for the year ended December 31, 2023 were primarily due to the following: • The increase in receivables was primarily due to an increase in refined petroleum product sales volumes in December 2023 compared to December 2022, partially offset by a decrease in related prices; • The increase in inventories was primarily due to an increase in inventory volumes in December 2023 compared to December 2022; • The decrease in accounts payable was due to a decrease in crude oil and other feedstock prices in December 2023 compared to December 2022, partially offset by an increase in related volumes purchased; and • The decrease in income taxes payable was primarily due to income tax payments made during the year ended December 31, 2023. Changes in current assets and current liabilities for the year ended December 31, 2022 were primarily due to the following: • The increase in receivables was primarily due to an increase in refined petroleum product prices in December 2022 compared to December 2021; • The increase in inventories was primarily due to an increase in inventory volumes associated with the DGD Port Arthur Plant, which commenced operations in the fourth quarter of 2022; and • The increase in accounts payable was primarily due to an increase in feedstock volumes purchased for the start-up of the DGD Port Arthur Plant in December 2022 compared to December 2021. Changes in current assets and current liabilities for the year ended December 31, 2021 were primarily due to the following: • The increase in receivables was primarily due to an increase in refined petroleum product prices combined with an increase in sales volumes in December 2021 compared to December 2020, partially offset by a decrease in income taxes receivable associated with the receipt of a $962 million refund related to our U.S. federal income tax return for 2020; and • The increase in accounts payable was primarily due to an increase in crude oil and other feedstock prices combined with an increase in related volumes purchased in December 2021 compared to December 2020. Cash flows related to interest and income taxes were as follows (in millions): Year Ended December 31, 2023 2022 2021 Interest paid in excess of amount capitalized, including interest on finance leases $ 562 $ 570 $ 598 Income taxes paid (refunded), net (see Note 15) 3,494 3,288 (842) Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Year Ended December 31, 2023 2022 2021 Operating Finance Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 428 $ 107 $ 395 $ 83 $ 397 $ 72 Investing cash flows — — — — 1 — Financing cash flows — 250 — 180 — 135 Changes in lease balances resulting from new and modified leases (a) 396 157 178 660 451 378 ________________________ (a) Noncash activity for the year ended December 31, 2022 primarily included approximately $500 million for a finance lease ROU asset and related liability recognized in connection with the completion of the DGD Port Arthur Plant described in Note 5. There were no significant noncash investing and financing activities during the years ended December 31, 2023, 2022, and 2021, except as noted in the table above.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	19. FAIR VALUE MEASUREMENTS General GAAP requires or permits certain assets and liabilities to be measured at fair value on a recurring or nonrecurring basis in our balance sheets, and those assets and liabilities are presented below under “ Recurring Fair Value Measurements ” and “ Nonrecurring Fair Value Measurements .” Assets and liabilities measured at fair value on a recurring basis, such as derivative financial instruments, are measured at fair value at the end of each reporting period. Assets and liabilities measured at fair value on a nonrecurring basis, such as the impairment of property, plant and equipment, are measured at fair value in particular circumstances. GAAP also requires the disclosure of the fair values of financial instruments when an option to elect fair value accounting has been provided, but such election has not been made. A debt obligation is an example of such a financial instrument. The disclosure of the fair values of financial instruments not recognized at fair value in our balance sheets is presented below under “ Financial Instruments .” GAAP provides a framework for measuring fair value and establishes a three-level fair value hierarchy that prioritizes inputs to valuation techniques based on the degree to which objective prices in external active markets are available to measure fair value. The following is a description of each of the levels of the fair value hierarchy. • Level 1 – Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3 – Unobservable inputs for the asset or liability. Unobservable inputs reflect our own assumptions about what market participants would use to price the asset or liability. The inputs are developed based on the best information available in the circumstances, which might include occasional market quotes or sales of similar instruments or our own financial data such as internally developed pricing models, discounted cash flow methodologies, as well as instruments for which the fair value determination requires significant judgment. 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 December 31, 2023 and 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 in our balance sheets. December 31, 2023 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 803 $ — $ — $ 803 $ (642) $ (66) $ 95 $ — Investments of certain benefit plans 76 — 4 80 n/a n/a 80 n/a Investments in AFS debt securities 36 75 — 111 n/a n/a 111 n/a Total $ 915 $ 75 $ 4 $ 994 $ (642) $ (66) $ 286 Liabilities Commodity derivative contracts $ 643 $ — $ — $ 643 $ (642) $ (1) $ — $ (67) Blending program obligations — 58 — 58 n/a n/a 58 n/a Physical purchase contracts — 6 — 6 n/a n/a 6 n/a Foreign currency contracts 7 — — 7 n/a n/a 7 n/a Total $ 650 $ 64 $ — $ 714 $ (642) $ (1) $ 71 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 20. 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 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 years ended December 31, 2023 and 2022. • Blending program obligations represent our liability for the purchase of compliance credits needed to satisfy our blending obligations under 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 discussed in Note 6, we concluded that our 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 December 31, 2023 and 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). December 31, 2023 December 31, 2022 Fair Value Carrying Fair Carrying Fair Financial liabilities: Debt (excluding finance lease obligations) Level 2 $ 9,218 $ 9,109 $ 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	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
PRICE RISK MANAGEMENT ACTIVITIES	20. 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 19), 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 is periodically reviewed with our Board and/or relevant Board committee. 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 December 31, 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 natural gas contracts that are presented in millions of British thermal units and corn contracts that are presented in thousands of bushels). Notional Contract 2024 Derivatives designated as cash flow hedges: Refined petroleum products: Futures – long 1,925 Futures – short 8,821 Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 98,244 Futures – short 94,194 Natural gas: Futures – long 1,595,000 Corn: Futures – long 47,135 Futures – short 63,660 Physical contracts – long 15,679 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 December 31, 2023, we had foreign currency contracts to purchase $622 million of U.S. dollars. These commitments matured on or before January 25, 2024. 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 RINs). For the years ended December 31, 2023, 2022, and 2021, the cost of meeting our credit obligations under the Renewable and Low-Carbon Fuel Programs was $1.3 billion, $1.5 billion, and $2.1 billion, respectively, which 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 December 31, 2023 and 2022 (in millions) and the line items in our balance sheets in which the fair values are reflected. See Note 19 for additional information related to the fair values of our derivative instruments. As indicated in Note 19, 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 December 31, 2023 December 31, 2022 Asset Liability Asset Liability Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 141 $ 34 $ 61 $ 44 Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 662 $ 609 $ 769 $ 661 Physical purchase contracts Inventories — 6 4 4 Foreign currency contracts Accrued expenses — 7 — 2 Total $ 662 $ 622 $ 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 that are periodically reviewed with our Board and/or relevant Board committee. 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) Recognized in Income on Derivatives Year Ended December 31, 2023 2022 2021 Commodity contracts: Gain (loss) recognized in other comprehensive income (loss) n/a $ 82 $ (292) $ (44) Loss reclassified from accumulated other comprehensive loss into income Revenues (8) (286) (46) For cash flow hedges, no component of any derivative instrument’s gain or loss was excluded from the assessment of hedge effectiveness for the years ended December 31, 2023, 2022, and 2021. For the years ended December 31, 2023, 2022, and 2021, cash flow hedges primarily related to forecasted sales of renewable diesel. As of December 31, 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 years ended December 31, 2023, 2022, and 2021 are described in Note 11. 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 our statements of income in which such gains (losses) are reflected (in millions): Derivatives Not Location of Gain (Loss) Recognized in Income on Derivatives Year Ended December 31, 2023 2022 2021 Commodity contracts Revenues $ (27) $ (17) $ 28 Commodity contracts Cost of materials and other 208 (988) (86) Commodity contracts Operating expenses 1 (1) 54 Foreign currency contracts Cost of materials and other (34) 73 9 Foreign currency contracts Other income, net — (119) 44

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 8,835	$ 11,528	$ 930

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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

Description of Business, Basi_2

Description of Business, Basis of Presentation, and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation General These consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (GAAP) and with the rules and regulations of the U.S. Securities and Exchange Commission (SEC).
Reclassifications	Reclassifications Certain prior year amounts in our statements of cash flows have been reclassified to conform to the 2023 presentation. Prior year amounts for activities related to investments in AFS debt securities have been reclassified from “other investing activities, net” to purchases of AFS debt securities and proceeds from sales and maturities of AFS debt securities.
Principles of Consolidation	Principles of Consolidation These financial statements include those of Valero, our wholly owned subsidiaries, and VIEs in which we have a controlling financial interest. The VIEs that we consolidate are described in Note 12. The ownership interests held by others in the VIEs are recorded as noncontrolling interests. Intercompany items and transactions have been eliminated in consolidation. Investments in less than wholly owned entities where we have significant influence are accounted for using the equity method.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the 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.
Cash Equivalents	Cash Equivalents Our cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and have a maturity of three months or less when acquired.
Investments in Debt Securities	Investments in Debt Securities Investments in debt securities that have stated maturities of three months or less from the date of acquisition are classified as cash equivalents, and those with stated maturities of greater than three months but less than one year are classified as short-term investments, which are reflected in prepaid expenses and other in our balance sheets. Our investments in debt securities are classified as AFS and are subsequently measured and carried at fair value in our balance sheets with changes in fair value reported in other comprehensive income until realized. The cost of a security sold is determined using the first-in, first-out method.
Receivables	Receivables Trade receivables are carried at amortized cost, which is the original invoice amount adjusted for cash collections, write-offs, and foreign exchange. We maintain an allowance for credit losses, which is adjusted based on management’s assessment of our customers’ historical collection experience, known or expected credit risks, and industry and economic conditions.
Inventories	Inventories The cost of (i) refinery feedstocks and refined petroleum products and blendstocks, (ii) renewable diesel feedstocks (i.e., waste and renewable feedstocks, predominately animal fats, used cooking oils, vegetable oils, and inedible distillers corn oils) and products, and (iii) ethanol feedstocks and products is determined under the last-in, first-out (LIFO) method using the dollar-value LIFO approach, with any increments valued based on average purchase prices during the year. Our LIFO inventories are carried at the lower of cost or market. The cost of products purchased for resale and the cost of materials and supplies are determined principally under the weighted-average cost method. Our non-LIFO inventories are carried at the lower of cost or net realizable value. In determining the market value of our inventories, we assume that feedstocks are converted into products, which requires us to make estimates regarding the products expected to be produced from those feedstocks and the conversion costs required to convert those feedstocks into products. We also estimate the usual and customary transportation costs required to move the inventory from our plants to the appropriate points of sale. We then apply an estimated selling price to our inventories. If the aggregate market value of our LIFO inventories or the aggregate net realizable value of our non-LIFO inventories is less than the related aggregate cost, we recognize a loss for the difference in our statements of income. To the extent the aggregate market value of our LIFO inventories subsequently increases, we recognize an increase to the value of our inventories (not to exceed cost) and a gain in our statements of income.
Property, Plant, and Equipment	Property, Plant, and Equipment The cost of property, plant, and equipment (property assets) purchased or constructed, including betterments of property assets, is capitalized. However, the cost of repairs to and normal maintenance of property assets is expensed as incurred. Betterments of property assets are those that extend the useful life, increase the capacity or improve the operating efficiency of the asset, or improve the safety of our operations. The cost of property assets constructed includes interest and certain overhead costs allocable to the construction activities. Our operations are highly capital intensive. Each of our refineries and plants comprises a large base of property assets, consisting of a series of interconnected, highly integrated and interdependent crude oil and other feedstock processing facilities and supporting infrastructure (Units) and other property assets that support our business. Improvements consist of the addition of new Units and other property assets and betterments of those Units and assets. We plan for these improvements by developing a multi-year capital investment program that is updated and revised based on changing internal and external factors. Depreciation of crude oil processing and waste and renewable feedstocks processing facilities is recorded on a straight-line basis over the estimated useful lives of these assets primarily using the composite method of depreciation. We maintain a separate composite group of property assets for each of our refineries and our renewable diesel plants. We estimate the useful life of each group based on an evaluation of the property assets comprising the group, and such evaluations consist of, but are not limited to, the physical inspection of the assets to determine their condition, consideration of the manner in which the assets are maintained, assessment of the need to replace assets, and evaluation of the manner in which improvements impact the useful life of the group. The estimated useful lives of our composite groups range primarily from 20 to 30 years. Under the composite method of depreciation, the cost of an improvement is added to the composite group to which it relates and is depreciated over that group’s estimated useful life. We design improvements to our crude oil processing and waste and renewable feedstocks processing facilities in accordance with engineering specifications, design standards, and practices we believe to be accepted in our industry, and these improvements have design lives consistent with our estimated useful lives. Therefore, we believe the use of the group life to depreciate the cost of improvements made to the group is reasonable because the estimated useful life of each improvement is consistent with that of the group. Also under the composite method of depreciation, the historical cost of a minor property asset (net of salvage value) that is retired or replaced is charged to accumulated depreciation and no gain or loss is recognized. However, a gain or loss is recognized for a major property asset that is retired, replaced, sold, or for an abnormal disposition of a property asset (primarily involuntary conversions). Gains and losses are reflected in depreciation and amortization expense, unless such amounts are reported separately due to materiality. Depreciation of our corn processing facilities, administrative buildings, and other assets is recorded on a straight-line basis over the estimated useful lives of the related assets using the component method of deprecation. The estimated useful life of our corn processing facilities is 20 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated useful life of the related asset. Finance lease right-of-use assets are amortized as discussed below under “Leases.”
Deferred Charges and Other Assets	Deferred Charges and Other Assets “Deferred charges and other assets, net” primarily include the following: • turnaround costs, which are incurred in connection with planned major maintenance activities at our refineries, renewable diesel plants, and ethanol plants, are deferred when incurred and amortized on a straight-line basis over the period of time estimated to lapse until the next turnaround occurs; • fixed-bed catalyst costs, representing the cost of catalyst that is changed out at periodic intervals when the quality of the catalyst has deteriorated beyond its prescribed function, are deferred when incurred and amortized on a straight-line basis over the estimated useful life of the specific catalyst; • operating lease right-of-use assets, which are amortized as discussed below under “Leases”; • investments in nonconsolidated joint ventures; • purchased compliance credits, which are described below under “Costs of Renewable and Low-Carbon Fuel Programs”; • goodwill; • intangible assets, which are amortized over their estimated useful lives; and • noncurrent income taxes receivable.
Leases	Leases We evaluate if a contract is or contains a lease at inception of the contract. If we determine that a contract is or contains a lease, we recognize a right-of-use (ROU) asset and lease liability at the commencement date of the lease based on the present value of lease payments over the lease term. The present value of the lease payments is determined by using the implicit rate when readily determinable. If not readily determinable, our centrally managed treasury group provides an incremental borrowing rate based on quoted interest rates obtained from financial institutions. The rate used is for a term similar to the duration of the lease based on information available at the commencement date. Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise those options. We recognize ROU assets and lease liabilities for leasing arrangements with terms greater than one year. Except for the marine transportation asset class, we account for lease and nonlease components in a contract as a single lease component for all classes of underlying assets. Our marine transportation contracts include nonlease components, such as maintenance and crew costs. We allocate the consideration in these contracts based on pricing information provided by the third-party broker. Expense for an operating lease is recognized as a single lease cost on a straight-line basis over the lease term and is reflected in the appropriate income statement line item based on the leased asset’s function. Amortization expense of a finance lease ROU asset is recognized on a straight-line basis over the lesser of the useful life of the leased asset or the lease term. However, if the lessor transfers ownership of the finance lease ROU asset to us at the end of the lease term, the finance lease ROU asset is amortized over the useful life of the leased asset. Amortization expense is reflected in depreciation and amortization expense. Interest expense is incurred based on the carrying value of the lease liability and is reflected in “interest and debt expense, net of capitalized interest.”
Impairment of Assets	Impairment of Assets Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. A long-lived asset is not deemed recoverable if its carrying amount exceeds the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If a long-lived asset is not deemed recoverable, an impairment loss is recognized for the amount by which the carrying amount of the long-lived asset exceeds its fair value, with fair value determined based on discounted estimated net cash flows or other appropriate methods.
Equity Method Investments	We evaluate our equity method investments for impairment when there is evidence that we may not be able to recover the carrying amount of our investments or the investee is unable to sustain an earnings capacity that justifies the carrying amount. A loss in the value of an investment that is other than a temporary decline is recognized based on the difference between the estimated current fair value of the investment and its carrying amount.
Goodwill	Goodwill is not amortized, but is tested for impairment annually on October 1st and in interim periods when events or changes in circumstances indicate that the fair value of a reporting unit with goodwill is below its carrying amount. A goodwill impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit.
Asset Retirement Obligations	Asset Retirement Obligations We record a liability, which is referred to as an asset retirement obligation, at fair value for the estimated cost to retire a tangible long-lived asset at the time we incur that liability, which is generally when the asset is purchased, constructed, or leased. We record the liability when we have a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, we record the liability when sufficient information is available to estimate the liability’s fair value. We have obligations with respect to certain of our assets at our refineries and plants to clean and/or dispose of various component parts of the assets at the time they are retired. However, these component parts can be used for extended and indeterminate periods of time as long as they are properly maintained and/or upgraded. It is our practice and current intent to maintain all our assets and continue making improvements to those assets based on technological advances. As a result, we believe that assets at our refineries and plants have indeterminate lives for purposes of estimating asset retirement obligations because dates or ranges of dates upon which we would retire such assets cannot reasonably be estimated at this time. We will recognize a liability at such time when sufficient information exists to estimate a date or range of potential settlement dates that is needed to employ a present value technique to estimate fair value.
Environmental Matters	Environmental Matters Liabilities for future remediation costs are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. Other than for assessments, the timing and magnitude of these accruals generally are based on the completion of investigations or other studies or a commitment to a formal plan of action. Amounts recorded for environmental liabilities have not been reduced by possible recoveries from third parties and have not been measured on a discounted basis.
Legal Contingencies	Legal Contingencies We are subject to legal proceedings, claims, and liabilities that arise in the ordinary course of business. We accrue losses associated with legal claims when such losses are probable and reasonably estimable. If we determine that a loss is probable and cannot estimate a specific amount for that loss but can estimate a range of loss, the best estimate within the range is accrued. If no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. Estimates are adjusted as additional information becomes available or circumstances change. Legal defense costs associated with loss contingencies are expensed in the period incurred.
Foreign Currency Translation	Foreign Currency Translation Generally, our foreign subsidiaries use their local currency as their functional currency. Balance sheet amounts are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. Income statement amounts are translated into U.S. dollars using the exchange rates in effect at the time the underlying transactions occur. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive loss.
Revenue Recognition	Revenue Recognition Our revenues are primarily generated from contracts with customers. We generate revenue from contracts with customers from the sale of products by our Refining, Renewable Diesel, and Ethanol segments. Revenues are recognized when we satisfy our performance obligation to transfer products to our customers, which typically occurs at a point in time upon shipment or delivery of the products, and for an amount that reflects the transaction price that is allocated to the performance obligation. The customer is able to direct the use of, and obtain substantially all of the benefits from, the products at the point of shipment or delivery. As a result, we consider control to have transferred upon shipment or delivery because we have a present right to payment at that time, the customer has legal title to the asset, we have transferred physical possession of the asset, and the customer has significant risks and rewards of ownership of the asset. Our contracts with customers state the final terms of the sale, including the description, quantity, and price for goods sold. Payment terms for our customers vary by type of customer and method of delivery; however, the payment is typically due in full within two The transaction price is the consideration that we expect to be entitled to in exchange for our products. The transaction price for substantially all of our contracts is generally based on commodity market pricing (i.e., variable consideration). As such, this market pricing may be constrained (i.e., not estimable) at the inception of the contract but will be recognized based on the applicable market pricing, which will be known upon transfer of the goods to the customer. Some of our contracts also contain variable consideration in the form of sales incentives to our customers, such as discounts and rebates. For contracts that include variable consideration, we estimate the factors that determine the variable consideration in order to establish the transaction price. We have elected to exclude from the measurement of the transaction price all taxes assessed by government authorities that are both imposed on and concurrent with a specific revenue-producing transaction and collected by us from a customer (e.g., sales tax, use tax, value-added tax, etc.). We continue to include in the transaction price excise taxes that are imposed on certain inventories in our foreign operations. The amount of such taxes is provided in supplemental information in a footnote to the statements of income. There are instances where we provide shipping services in relation to the goods sold to our customer. Shipping and handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are included in cost of materials and other. We have elected to account for shipping and handling activities that occur after the customer has obtained control of a good as fulfillment activities rather than as a promised service, and we have included these activities in cost of materials and other. We enter into certain purchase and sale arrangements with the same counterparty that are deemed to be made in contemplation of one another. We combine these transactions and present the net effect in cost of materials and other. We also enter into refined petroleum product exchange transactions to fulfill sales contracts with our customers by accessing refined petroleum products in markets where we do not operate our own refineries. These refined petroleum product exchanges are accounted for as exchanges of nonmonetary assets, and no revenues are recorded on these transactions.
Cost Classifications	Cost Classifications Cost of materials and other primarily includes the cost of materials that are a component of our products sold. These costs include (i) the direct cost of materials (such as crude oil and other refinery feedstocks, refined petroleum products and blendstocks, renewable diesel feedstocks and products, and ethanol feedstocks and products) that are a component of our products sold; (ii) costs related to the delivery (such as shipping and handling costs) of products sold; (iii) costs related to our obligations to comply with the Renewable and Low-Carbon Fuel Programs defined below under “Costs of Renewable and Low-Carbon Fuel Programs”; (iv) the blender’s tax credit recognized on qualified fuel mixtures; (v) gains and losses on our commodity derivative instruments; and (vi) certain excise taxes. Operating expenses (excluding depreciation and amortization expense) include costs to operate our refineries (and associated logistics assets), renewable diesel plants, and ethanol plants. These costs primarily include employee-related expenses, energy and utility costs, catalysts and chemical costs, and repair and maintenance expenses. Depreciation and amortization expense associated with our operations is separately presented in our statements of income as a component of cost of sales and general and administrative expenses and is disclosed by reportable segment in Note 17. Other operating expenses include costs, if any, incurred by our reportable segments that are not associated with our cost of sales.
Costs of Renewable and Low-Carbon Fuel Programs	Costs of Renewable and Low-Carbon Fuel Programs We purchase credits to comply with various government and regulatory blending programs, such as the U.S. Environmental Protection Agency’s Renewable Fuel Standard, California Low Carbon Fuel Standard, Canada Clean Fuel Regulations, and similar programs in other jurisdictions in which we operate (collectively, the Renewable and Low-Carbon Fuel Programs). We purchase compliance credits (primarily Renewable Identification Numbers (RINs)) to comply with government regulations that 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 that we are unable to blend renewable and low-carbon fuels at the required quotas, we must purchase compliance credits to meet our obligations. The costs of purchased compliance credits are charged to cost of materials and other when such credits are needed to satisfy our compliance obligations. To the extent we have not purchased enough credits nor entered into fixed-price purchase contracts to satisfy our obligations as of the balance sheet date, we charge cost of materials and other for such deficiency based on the market prices of the credits as of the balance sheet date, and we record a liability for our obligation to purchase those credits. See Note 19 for disclosure of our fair value liability. If the number of purchased credits exceeds our obligation as of the balance sheet date, we record a prepaid asset equal to the amount paid for those excess credits.
Stock-Based Compensation	Stock-Based Compensation Compensation expense for our share-based compensation plans is based on the fair value of the awards granted and is recognized on a straight-line basis over the shorter of (i) the requisite service period of each award or (ii) the period from the grant date to the date retirement eligibility is achieved if that date is expected to occur during the vesting period established in the award.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred amounts are measured using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by unrecognized tax benefits, if such items may be available to offset the unrecognized tax benefit. Income tax effects are released from accumulated other comprehensive loss to retained earnings, when applicable, on an individual item basis as those items are reclassified into income. We have elected to classify any interest expense and penalties related to the underpayment of income taxes in income tax expense. We have elected to treat the global intangible low-taxed income (GILTI) tax as a period expense.
Earnings per Common Share	Earnings per Common Share Earnings per common share is computed by dividing net income attributable to Valero stockholders by the weighted-average number of common shares outstanding for the year. Participating securities are included in the computation of basic earnings per share using the two-class method. Earnings per common share – assuming dilution is computed by dividing net income attributable to Valero stockholders by the weighted-average number of common shares outstanding for the year increased by the effect of dilutive securities. Earnings per common share – assuming dilution is also determined using the two-class method, unless the treasury stock method is more dilutive. Potentially dilutive securities are excluded from the computation of earnings per common share – assuming dilution when the effect of including such shares would be antidilutive.
Derivatives and Hedging	Derivatives and Hedging All derivative instruments, not designated as normal purchases or sales, are recognized in our balance sheets as either assets or liabilities measured at their fair values with changes in fair value recognized currently in income or in other comprehensive income as appropriate. The cash flow effects of all of our derivative instruments are reflected in operating activities in our statements of cash flows. 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 19), 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) .”
Accounting Pronouncements Adopted and Not Yet Adopted	Accounting Pronouncement Adopted on January 1, 2024 ASU 2023-07 In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , to improve the disclosures about a public entity’s reportable segments primarily through improved disclosures about significant segment expenses and other segment related items. We adopted this ASU effective January 1, 2024 and it did not affect our financial position or our results of operations, but will result in additional disclosures. Accounting Pronouncement Not Yet Adopted ASU 2023-09 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to improve income tax disclosures by requiring further disaggregation of information in the rate reconciliation and disaggregation of income taxes paid by jurisdiction. This ASU also includes certain other amendments intended to improve the effectiveness of income tax disclosures. We expect to adopt this ASU effective January 1, 2025 and the adoption will not affect our financial position or our results of operations, but will result in additional disclosures.
Variable interest entities	In the normal course of business, we have financial interests in certain entities that have been determined to be VIEs. We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary such that we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE. In order to make this determination, we evaluated our contractual arrangements with the VIE, including arrangements for the use of assets, purchases of products and services, debt, equity, or management of operating activities. We also have financial interests in other entities that have been determined to be VIEs because the entities’ contractual arrangements transfer the power to us to direct the activities that most significantly impact their economic performance or reduce the exposure to operational variability and risk of loss created by the entity that otherwise would be held exclusively by the equity owners. Furthermore, we determined that we are the primary beneficiary of these VIEs because (i) certain contractual arrangements (exclusive of our ownership rights) provide us with the power to direct the activities that most significantly impact the economic performance of these entities and/or (ii) our 50 percent ownership interests provide us with significant economic rights and obligations. 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 in our balance sheets.
Derivative instruments collateral requirements	We do not require any collateral or other security to support derivative instruments into which we enter.

Receivables (Tables)

Receivables (Tables)	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Receivables, net	Receivables consisted of the following (in millions): December 31, 2023 2022 Receivables from contracts with customers $ 7,209 $ 7,189 Receivables from certain purchase and sale arrangements 3,857 3,602 Receivables before allowance for credit losses 11,066 10,791 Allowance for credit losses (28) (30) Receivables after allowance for credit losses 11,038 10,761 Income taxes receivable 409 142 Other receivables 1,078 1,016 Receivables, net $ 12,525 $ 11,919

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): December 31, 2023 2022 Refinery feedstocks $ 2,223 $ 1,949 Refined petroleum products and blendstocks 3,790 3,579 Renewable diesel feedstocks and products 913 583 Ethanol feedstocks and products 313 328 Materials and supplies 344 313 Inventories $ 7,583 $ 6,752

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Total lease cost by class of underlying asset	Total lease cost was as follows (in millions): Pipelines, Transportation Other Total Marine Rail Year ended December 31, 2023 Finance lease cost: Amortization of ROU assets $ 213 $ — $ 3 $ 30 $ 246 Interest on lease liabilities 101 — 1 5 107 Operating lease cost 166 127 80 45 418 Variable lease cost 114 61 — 8 183 Short-term lease cost 18 125 2 112 257 Sublease income — (29) — (2) (31) Total lease cost $ 612 $ 284 $ 86 $ 198 $ 1,180 Year ended December 31, 2022 Finance lease cost: Amortization of ROU assets $ 183 $ — $ 3 $ 32 $ 218 Interest on lease liabilities 78 — 1 5 84 Operating lease cost 171 102 68 38 379 Variable lease cost 79 50 — 9 138 Short-term lease cost 15 82 3 57 157 Sublease income — (27) — (2) (29) Total lease cost $ 526 $ 207 $ 75 $ 139 $ 947 Year ended December 31, 2021 Finance lease cost: Amortization of ROU assets $ 137 $ — $ 2 $ 28 $ 167 Interest on lease liabilities 66 — 1 5 72 Operating lease cost 163 105 64 49 381 Variable lease cost 51 21 — 7 79 Short-term lease cost 5 44 1 46 96 Sublease income — (4) — (3) (7) Total lease cost $ 422 $ 166 $ 68 $ 132 $ 788
Additional information related to operating and finance leases	The following table presents additional information related to our operating and finance leases (in millions, except for lease terms and discount rates): December 31, 2023 December 31, 2022 Operating Finance Operating Finance Supplemental balance sheet information ROU assets, net reflected in the following balance sheet line items: Property, plant, and equipment, net $ — $ 2,195 $ — $ 2,278 Deferred charges and other assets, net 1,136 — 1,114 — Total ROU assets, net $ 1,136 $ 2,195 $ 1,114 $ 2,278 Current lease liabilities reflected in the following balance sheet line items: Current portion of debt and finance lease obligations $ — $ 209 $ — $ 248 Accrued expenses 360 — 311 — Noncurrent lease liabilities reflected in the following balance sheet line items: Debt and finance lease obligations, less current portion — 2,097 — 2,146 Other long-term liabilities 753 — 776 — Total lease liabilities $ 1,113 $ 2,306 $ 1,087 $ 2,394 Other supplemental information Weighted-average remaining lease term 6.9 years 14.3 years 7.5 years 14.6 years Weighted-average discount rate 5.7 % 4.8 % 5.2 % 4.6 %
Remaining minimum lease payments due under long-term operating leases	As of December 31, 2023, the remaining minimum lease payments due under our long-term leases were as follows (in millions): Operating Finance 2024 $ 398 $ 312 2025 254 298 2026 195 274 2027 103 244 2028 64 243 Thereafter 386 1,967 Total undiscounted lease payments 1,400 3,338 Less: Amount associated with discounting 287 1,032 Total lease liabilities $ 1,113 $ 2,306
Remaining minimum lease payments due under long-term finance leases	As of December 31, 2023, the remaining minimum lease payments due under our long-term leases were as follows (in millions): Operating Finance 2024 $ 398 $ 312 2025 254 298 2026 195 274 2027 103 244 2028 64 243 Thereafter 386 1,967 Total undiscounted lease payments 1,400 3,338 Less: Amount associated with discounting 287 1,032 Total lease liabilities $ 1,113 $ 2,306

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Major classes of property, plant, and equipment	Major classes of property, plant, and equipment, including assets held under finance leases, consisted of the following (in millions): December 31, 2023 2022 Land $ 505 $ 499 Crude oil processing facilities 34,043 32,699 Transportation and terminaling facilities 5,978 5,900 Waste and renewable feedstocks processing facilities 3,243 3,215 Corn processing facilities 1,069 1,052 Administrative buildings 1,137 1,095 Finance lease ROU assets (see Note 5) 3,062 2,906 Other 1,942 1,886 Construction in progress 689 1,324 Property, plant, and equipment, at cost 51,668 50,576 Accumulated depreciation (21,459) (19,598) Property, plant, and equipment, net $ 30,209 $ 30,978

Deferred Charges and Other As_2

Deferred Charges and Other Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of deferred charges and other assets, net	“Deferred charges and other assets, net” consisted of the following (in millions): December 31, 2023 2022 Deferred turnaround and catalyst costs, net $ 2,382 $ 2,139 Operating lease ROU assets, net (see Note 5) 1,136 1,114 Investments in nonconsolidated joint ventures 713 724 Purchased compliance credits 612 543 Goodwill 260 260 Intangible assets, net 183 202 Income taxes receivable 56 26 Other 1,284 863 Deferred charges and other assets, net $ 6,626 $ 5,871

Accrued Expenses and Other Lo_2

Accrued Expenses and Other Long-Term Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Accrued expenses and other long-term liabilities	Accrued expenses and other long-term liabilities consisted of the following (in millions): Accrued Other Long-Term December 31, December 31, 2023 2022 2023 2022 Operating lease liabilities (see Note 5) $ 360 $ 311 $ 753 $ 776 Liability for unrecognized tax benefits — — 238 239 Defined benefit plan liabilities (see Note 13) 55 35 476 448 Repatriation tax liability (see Note 15) (a) — — 167 301 Environmental liabilities 23 21 294 296 Wage and other employee-related liabilities 392 388 90 87 Accrued interest expense 83 67 — — Contract liabilities from contracts with customers (see Note 17) 40 129 — — Blending program obligations (see Note 19) 83 189 — — Other accrued liabilities 204 75 245 163 Accrued expenses and other long-term liabilities $ 1,240 $ 1,215 $ 2,263 $ 2,310 ________________________ (a) The current portion of repatriation tax liability is included in income taxes payable. As of December 31, 2023 and 2022, the current portion of repatriation tax liability was $134 million and $100 million, respectively.

Debt and Finance Lease Obliga_2

Debt and Finance Lease Obligations (Tables)	12 Months Ended
	Dec. 31, 2023
Debt and Lease Obligation [Abstract]
Debt and finance lease obligations	Debt, at stated values, and finance lease obligations consisted of the following (in millions): Final December 31, 2023 2022 Credit facilities: Valero Revolver 2027 $ — $ — Canadian Revolver 2023 n/a — Accounts Receivable Sales Facility 2024 — — DGD Revolver 2026 250 100 DGD Loan Agreement 2026 — 25 IEnova Revolver 2028 766 717 Public debt: Valero Senior Notes 1.200% 2024 167 167 2.850% 2025 251 251 3.65% 2025 189 189 3.400% 2026 426 426 2.150% 2027 564 578 4.350% 2028 591 606 4.000% 2029 439 439 8.75% 2030 200 200 2.800% 2031 462 472 7.5% 2032 729 733 6.625% 2037 1,380 1,442 6.75% 2037 24 24 10.500% 2039 113 113 4.90% 2045 621 626 3.650% 2051 829 855 4.000% 2052 508 553 7.45% 2097 70 70 Valero Energy Partners LP (VLP) Senior Notes 4.375% 2026 146 146 4.500% 2028 456 474 Debenture, 7.65% 2026 100 100 Other debt 2024 14 19 Net unamortized debt issuance costs and other (77) (84) Total debt 9,218 9,241 Finance lease obligations (see Note 5) 2,306 2,394 Total debt and finance lease obligations 11,524 11,635 Less: Current portion 1,406 1,109 Debt and finance lease obligations, less current portion $ 10,118 $ 10,526
Summary of credit facilities	We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions): December 31, 2023 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 November 2027 $ — $ 4 $ 3,996 Accounts receivable sales facility 1,300 July 2024 — n/a 1,300 Committed facilities of VIEs (b): DGD Revolver 400 June 2026 250 54 96 DGD Loan Agreement (c) 100 June 2026 — n/a 100 IEnova Revolver 830 February 2028 766 n/a 64 Uncommitted facilities: Letter of credit facilities n/a n/a n/a — n/a ________________________ (a) Letters of credit issued as of December 31, 2023 expire at various times in 2024 through 2026. (b) Creditors of the VIEs do not have recourse against us. (c) 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. Activity under our credit facilities was as follows (in millions): Year Ended December 31, 2023 2022 2021 Borrowings: Accounts receivable sales facility $ 1,750 $ 1,600 $ — DGD Revolver 550 759 276 DGD Loan Agreement — 50 25 IEnova Revolver 120 105 81 Repayments: Accounts receivable sales facility (1,750) (1,600) — DGD Revolver (400) (759) (176) DGD Loan Agreement (25) (50) — IEnova Revolver (71) (67) —
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 VLP Senior Notes 66 Total $ 199 In November and December 2022, we used cash on hand to purchase and retire a portion of the following notes (in millions): Debt Purchased and Retired Principal 2.150% Senior Notes due 2027 $ 22 4.500% VLP Senior Notes due 2028 26 2.800% Senior Notes due 2031 28 6.625% Senior Notes due 2037 58 4.90% Senior Notes due 2045 24 3.650% Senior Notes due 2051 95 4.000% Senior Notes due 2052 97 7.45% Senior Notes due 2097 30 Various other Valero Senior Notes 62 Total $ 442 In September 2022, we used cash on hand to purchase and retire a portion of the following notes in connection with cash tender offers that we publicly announced in August 2022 and completed in September 2022 (in millions): Debt Purchased and Retired Principal 3.65% Senior Notes due 2025 $ 48 2.850% Senior Notes due 2025 291 4.375% VLP Senior Notes due 2026 62 3.400% Senior Notes due 2026 166 4.350% Senior Notes due 2028 131 4.000% Senior Notes due 2029 552 Total $ 1,250 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 Debt Redeemed or Principal 2.700% Senior Notes due 2023 $ 850 1.200% Senior Notes due 2024 756 3.65% Senior Notes due 2025 276 4.375% VLP Senior Notes due 2026 124 10.500% Senior Notes due 2039 137 Total $ 2,143
Interest and debt expense, net of capitalized interest	“Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Year Ended December 31, 2023 2022 2021 Interest and debt expense $ 611 $ 619 $ 651 Less: Capitalized interest 19 57 48 Interest and debt expense, net of capitalized interest $ 592 $ 562 $ 603
Principal maturities for debt obligations	Principal maturities for our debt obligations as of December 31, 2023 were as follows (in millions): 2024 (a) $ 1,197 2025 441 2026 672 2027 564 2028 1,047 Thereafter 5,374 Net unamortized debt issuance costs and other (77) Total debt $ 9,218 ________________________ (a) Maturities for 2024 include the DGD Revolver and the IEnova Revolver.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Share activity	Activity in the number of shares of common stock and treasury stock was as follows (in millions): Common Treasury Balance as of December 31, 2020 673 (265) Transactions in connection with stock-based compensation plans — 1 Balance as of December 31, 2021 673 (264) Transactions in connection with stock-based compensation plans — 1 Purchases of common stock for treasury — (38) Balance as of December 31, 2022 673 (301) Transactions in connection with stock-based compensation plans — 1 Purchases of common stock for treasury — (40) Balance as of December 31, 2023 673 (340)
Share repurchase program	Our Board authorized us to purchase shares of our outstanding common stock under various programs with no expiration dates as follows (in millions): Program Name Announcement Total Cost Completion of Remaining January 2018 Program January 23, 2018 $ 2,500 Second quarter of 2022 $ — July 2022 Program July 7, 2022 2,500 Fourth quarter of 2022 — October 2022 Program October 26, 2022 2,500 Second quarter of 2023 — February 2023 Program February 23, 2023 2,500 Fourth quarter of 2023 — September 2023 Program September 15, 2023 2,500 n/a 2,199 On February 22, 2024, 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, which is in addition to the amount remaining under the September 2023 Program.
Income tax effects related to components of other comprehensive income (loss)	The tax effects allocated to each component of other comprehensive income (loss) were as follows (in millions): Before-Tax Tax Expense Net Amount Year ended December 31, 2023 Foreign currency translation adjustment $ 433 $ — $ 433 Pension and other postretirement benefits: Gain (loss) arising during the year related to: Net actuarial gain 77 18 59 Prior service cost (19) (4) (15) Miscellaneous loss — 2 (2) Amounts reclassified into income related to: Net actuarial gain (12) (3) (9) Prior service credit (22) (5) (17) Settlement loss 2 — 2 Effect of exchange rates 4 1 3 Net gain on pension and other postretirement benefits 30 9 21 Derivative instruments designated and qualifying as cash flow hedges: Net gain arising during the year 82 8 74 Net loss reclassified into income 8 1 7 Net gain on cash flow hedges 90 9 81 Other comprehensive income $ 553 $ 18 $ 535 Before-Tax Tax Expense Net Amount Year ended December 31, 2022 Foreign currency translation adjustment $ (613) $ (7) $ (606) Pension and other postretirement benefits: Net actuarial gain arising during the year 244 57 187 Amounts reclassified into income related to: Net actuarial loss 52 12 40 Prior service credit (22) (5) (17) Settlement loss 61 13 48 Net gain on pension and other postretirement benefits 335 77 258 Derivative instruments designated and qualifying as cash flow hedges: Net loss arising during the year (292) (32) (260) Net loss reclassified into income 286 32 254 Net loss on cash flow hedges (6) — (6) Other comprehensive loss $ (284) $ 70 $ (354) Year ended December 31, 2021 Foreign currency translation adjustment $ (47) $ — $ (47) Pension and other postretirement benefits: Gain (loss) arising during the year related to: Net actuarial gain 317 69 248 Prior service cost (4) (1) (3) Amounts reclassified into income related to: Net actuarial loss 80 18 62 Prior service credit (25) (6) (19) Settlement loss 8 2 6 Effect of exchange rates 2 — 2 Net gain on pension and other postretirement benefits 378 82 296 Derivative instruments designated and qualifying as cash flow hedges: Net loss arising during the year (48) (5) (43) Net loss reclassified into income 46 5 41 Net loss on cash flow hedges (2) — (2) Other comprehensive income $ 329 $ 82 $ 247
Changes in components of accumulated other comprehensive loss	Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Foreign Defined Gains Total Balance as of December 31, 2020 $ (515) $ (737) $ (2) $ (1,254) Other comprehensive income (loss) before reclassifications (47) 245 (21) 177 Amounts reclassified from accumulated other comprehensive loss — 49 18 67 Effect of exchange rates — 2 — 2 Other comprehensive income (loss) (47) 296 (3) 246 Balance as of December 31, 2021 (562) (441) (5) (1,008) Other comprehensive income (loss) before reclassifications (606) 187 (114) (533) Amounts reclassified from accumulated other comprehensive loss — 71 111 182 Other comprehensive income (loss) (606) 258 (3) (351) Balance as of December 31, 2022 (1,168) (183) (8) (1,359) Other comprehensive income before reclassifications 433 42 32 507 Amounts reclassified from accumulated other comprehensive loss — (24) 3 (21) Effect of exchange rates — 3 — 3 Other comprehensive income 433 21 35 489 Balance as of December 31, 2023 $ (735) $ (162) $ 27 $ (870)
Gains (losses) reclassified out of accumulated other comprehensive loss	Gains (losses) reclassified out of accumulated other comprehensive loss and into net income were as follows (in millions): Details about Affected Line Year Ended December 31, 2023 2022 2021 Amortization of items related to defined benefit pension plans: Net actuarial gain (loss) $ 12 $ (52) $ (80) (a) Other income, net Prior service credit 22 22 25 (a) Other income, net Settlement loss (2) (61) (8) (a) Other income, net 32 (91) (63) Total before tax (8) 20 14 Tax benefit (expense) $ 24 $ (71) $ (49) Net of tax Losses on cash flow hedges: Commodity contracts $ (8) $ (286) $ (46) Revenues (8) (286) (46) Total before tax 1 32 5 Tax benefit $ (7) $ (254) $ (41) Net of tax Total reclassifications for the year $ 17 $ (325) $ (90) Net of tax ________________________ (a) These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost, as discussed in Note 13.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summarized balance sheet information of VIEs	The following table presents 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 December 31, 2023 Assets Cash and cash equivalents $ 237 $ — $ 23 $ 260 Other current assets 1,520 11 46 1,577 Property, plant, and equipment, net 3,772 665 75 4,512 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 616 $ 808 $ 19 $ 1,443 Debt and finance lease obligations, less current portion 669 — — 669 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)	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
The changes in benefit obligation, the changes in fair value of plan assets, and the funded status of our pension plans and other postretirement benefit plans	The changes in benefit obligation related to all of our defined benefit plans, the changes in fair value of plan assets (a) , and the funded status of our defined benefit plans as of and for the years ended below were as follows (in millions): Pension Plans Other Postretirement December 31, December 31, 2023 2022 2023 2022 Changes in benefit obligation Benefit obligation as of beginning of year $ 2,413 $ 3,463 $ 258 $ 347 Service cost 111 152 4 6 Interest cost 121 85 13 8 Participant contributions — — 22 13 Plan amendments 19 — — — Benefits paid (166) (366) (42) (29) Actuarial (gain) loss 110 (882) 10 (86) Foreign currency exchange rate changes 10 (39) 1 (1) Benefit obligation as of end of year $ 2,618 $ 2,413 $ 266 $ 258 Changes in plan assets (a) Fair value of plan assets as of beginning of year $ 2,485 $ 3,303 $ — $ — Actual return on plan assets 399 (532) — — Company contributions 101 120 20 16 Participant contributions — — 22 13 Benefits paid (166) (366) (42) (29) Foreign currency exchange rate changes 16 (40) — — Fair value of plan assets as of end of year $ 2,835 $ 2,485 $ — $ — Reconciliation of funded status (a) Fair value of plan assets as of end of year $ 2,835 $ 2,485 $ — $ — Less: Benefit obligation as of end of year 2,618 2,413 266 258 Funded status as of end of year $ 217 $ 72 $ (266) $ (258) Accumulated benefit obligation $ 2,450 $ 2,271 n/a n/a ________________________ (a) Plan assets include only the assets associated with pension plans subject to legal minimum funding standards. Plan assets associated with U.S. nonqualified pension plans are not included here because they are not protected from our creditors and therefore cannot be reflected as a reduction from our obligations under the pension plans. As a result, the reconciliation of funded status does not reflect the effect of plan assets that exist for all of our defined benefit plans. See Note 19 for the assets associated with certain U.S. nonqualified pension plans.
Schedule of amounts recognized in balance sheet	Amounts recognized in our balance sheets for our pension and other postretirement benefits plans include (in millions): Pension Plans Other Postretirement December 31, December 31, 2023 2022 2023 2022 Deferred charges and other assets, net $ 482 $ 297 $ — $ — Accrued expenses (32) (14) (23) (21) Other long-term liabilities (233) (211) (243) (237) $ 217 $ 72 $ (266) $ (258)
Projected benefit obligations in excess of fair value of plan assets	The following table presents information for our pension plans with projected benefit obligations in excess of plan assets (in millions): December 31, 2023 2022 Projected benefit obligation $ 265 $ 249 Fair value of plan assets — 24
Accumulated benefit obligations in excess of fair value of plan assets	The following table presents information for our pension plans with accumulated benefit obligations in excess of plan assets (in millions): December 31, 2023 2022 Accumulated benefit obligation $ 220 $ 209 Fair value of plan assets — 24
Expected benefit payments	Benefit payments that we expect to pay, including amounts related to expected future services that we expect to receive, are as follows for the years ending December 31 (in millions): Pension Other 2024 $ 177 $ 22 2025 221 22 2026 193 21 2027 198 20 2028 185 19 2029-2033 1,020 94
Components of net periodic benefit costs	The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement Year Ended December 31, Year Ended December 31, 2023 2022 2021 2023 2022 2021 Service cost $ 111 $ 152 $ 161 $ 4 $ 6 $ 7 Interest cost 121 85 73 13 8 7 Expected return on plan assets (202) (192) (192) — — — Amortization of: Net actuarial (gain) loss (6) 52 81 (6) — (1) Prior service credit (18) (18) (18) (4) (4) (7) Settlement loss 2 61 8 — — — Net periodic benefit cost $ 8 $ 140 $ 113 $ 7 $ 10 $ 6
Pre-tax amounts recognized in other comprehensive income (loss)	Pre-tax amounts recognized in other comprehensive income (loss) were as follows (in millions): Pension Plans Other Postretirement Year Ended December 31, Year Ended December 31, 2023 2022 2021 2023 2022 2021 Net gain (loss) arising during the year: Net actuarial gain (loss) $ 87 $ 158 $ 308 $ (10) $ 86 $ 9 Prior service cost (19) — (4) — — — Net (gain) loss reclassified into income: Net actuarial (gain) loss (6) 53 81 (6) (1) (1) Prior service credit (18) (18) (18) (4) (4) (7) Settlement loss 2 61 8 — — — Effect of exchange rates 4 — 2 — — — Total changes in other comprehensive income (loss) $ 50 $ 254 $ 377 $ (20) $ 81 $ 1
Pre-tax amounts in accumulated other comprehensive loss not yet recognized	The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost were as follows (in millions): Pension Plans Other Postretirement December 31, December 31, 2023 2022 2023 2022 Net actuarial (gain) loss $ 256 $ 342 $ (73) $ (89) Prior service cost (credit) 11 (25) 2 (2) Total $ 267 $ 317 $ (71) $ (91)
Weighted-average assumptions used to determine the benefit obligations and net periodic benefit cost	The weighted-average assumptions used to determine the benefit obligations were as follows: Pension Plans Other Postretirement December 31, December 31, 2023 2022 2023 2022 Discount rate 5.01 % 5.19 % 5.01 % 5.20 % Rate of compensation increase 3.83 % 3.76 % n/a n/a Interest crediting rate for cash balance plans 3.59 % 3.76 % n/a n/a The weighted-average assumptions used to determine the net periodic benefit cost were as follows: Pension Plans Other Postretirement Year Ended December 31, Year Ended December 31, 2023 2022 2021 2023 2022 2021 Discount rate 5.19 % 2.94 % 2.62 % 5.20 % 2.96 % 2.64 % Expected long-term rate of return on plan assets 7.31 % 6.71 % 7.09 % n/a n/a n/a Rate of compensation increase 3.76 % 3.70 % 3.66 % n/a n/a n/a Interest crediting rate for cash balance plans 3.76 % 3.03 % 3.03 % n/a n/a n/a
Assumed health care cost trend rates	The assumed health care cost trend rates were as follows: December 31, 2023 2022 Health care cost trend rate assumed for the next year 6.68 % 6.78 % Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) 4.97 % 4.97 % Year that the rate reaches the ultimate trend rate 2032 2032
Fair value of pension plan assets by level of fair value hierarchy	The following table presents the fair values of the assets of our pension plans (in millions) as of December 31, 2023 and 2022 by level of the fair value hierarchy. Assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on unadjusted quoted prices from national securities exchanges. Assets categorized in Level 2 of the hierarchy are measured at net asset value in a market that is not active or inputs other than quoted prices that are observable. No assets were categorized in Level 3 of the hierarchy as of December 31, 2023 and 2022. As previously noted, we do not fund or fully fund U.S. nonqualified and certain foreign pension plans that are not subject to funding requirements, and we do not fund our other postretirement benefit plans. 2023 2022 Level 1 Level 2 Total Level 1 Level 2 Total Equity securities (a) $ 585 $ — $ 585 $ 528 $ — $ 528 Mutual funds 223 — 223 191 — 191 Corporate debt instruments (a) — 251 251 — 253 253 Government securities 86 186 272 69 127 196 Common collective trusts (b) — 1,078 1,078 — 940 940 Pooled separate accounts (c) — 323 323 — 279 279 Private fund — 46 46 — 43 43 Insurance contract — 13 13 — 14 14 Interest and dividends receivable 6 — 6 5 — 5 Cash and cash equivalents 48 — 48 38 3 41 Securities transactions payable, net (10) — (10) (5) — (5) Total pension plan assets $ 938 $ 1,897 $ 2,835 $ 826 $ 1,659 $ 2,485 ________________________ (a) This class of securities includes domestic and international securities, which are held in a wide range of industry sectors. (b) This class primarily includes investments in approximately 80 percent equities and 20 percent bonds as of December 31, 2023 and 2022. (c) This class primarily includes investments in approximately 45 percent equities and 55 percent bonds as of December 31, 2023. As of December 31, 2022, this class primarily included investments in approximately 55 percent equities and 45 percent bonds.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of stock-based compensation expense and tax benefits	The following table reflects activity related to our stock-based compensation arrangements (in millions): Year Ended December 31, 2023 2022 2021 Stock-based compensation expense: Restricted stock $ 66 $ 67 $ 65 Performance awards 38 32 21 Stock options and other awards 3 4 2 Total stock-based compensation expense $ 107 $ 103 $ 88 Tax benefit recognized on stock-based compensation expense $ 14 $ 15 $ 13 Tax benefit realized for tax deductions resulting from exercises and vestings 2 2 1
Summary of restricted stock awards	A summary of the status of our restricted stock awards is presented in the following table: Number of Shares Weighted- Nonvested shares as of January 1, 2023 1,182,177 $ 87.36 Granted 518,092 125.57 Vested (786,920) 84.12 Forfeited (10,503) 95.04 Nonvested shares as of December 31, 2023 902,846 112.01 The following table reflects activity related to our restricted stock: Year Ended December 31, 2023 2022 2021 Weighted-average grant-date fair value per share of restricted stock granted $ 125.57 $ 112.88 $ 77.71 Fair value of restricted stock vested (in millions) 99 99 59

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income (loss) before income tax expense (benefit) from U.S. and international operations	Income before income tax expense was as follows (in millions): Year Ended December 31, 2023 2022 2021 U.S. operations $ 9,335 $ 11,716 $ 1,023 Foreign operations 2,433 3,591 520 Income before income tax expense $ 11,768 $ 15,307 $ 1,543
Reconciliation of income tax expense (benefit) related to continuing operations to income tax expense (benefit) at statutory rate	Statutory income tax rates applicable to the countries in which we operate were as follows: Year Ended December 31, 2023 2022 2021 U.S. 21 % 21 % 21 % Canada 15 % 15 % 15 % U.K. (a) 25 % 19 % 19 % Ireland 13 % 13 % 13 % Peru 30 % 30 % 30 % Mexico 30 % 30 % 30 % ________________________ (a) Statutory income tax rate was increased to 25 percent effective April 1, 2023. The following is a reconciliation of income tax expense computed by applying statutory income tax rates to actual income tax expense (dollars in millions): U.S. Foreign Total Amount Percent Amount Percent Amount Percent Year ended December 31, 2023 Income tax expense at statutory rates $ 1,960 21.0 % $ 449 18.5 % $ 2,409 20.5 % U.S. state and Canadian provincial tax expense, net of federal income tax effect 114 1.2 % 161 6.6 % 275 2.3 % Permanent differences (87) (0.9) % (18) (0.7) % (105) (0.9) % GILTI tax 167 1.8 % — — 167 1.4 % Foreign tax credits (149) (1.6) % — — (149) (1.3) % Repatriation withholding tax 45 0.5 % — — 45 0.4 % Tax effects of income associated with noncontrolling interests (84) (0.9) % 30 1.2 % (54) (0.4) % Other, net 8 — % 23 0.9 % 31 0.3 % Income tax expense $ 1,974 21.1 % $ 645 26.5 % $ 2,619 22.3 % ________________________ See notes on page 119 . U.S. Foreign Total Amount Percent Amount Percent Amount Percent Year ended December 31, 2022 Income tax expense at statutory rates $ 2,460 21.0 % $ 611 17.0 % $ 3,071 20.1 % U.S. state and Canadian provincial tax expense, net of federal income tax effect 182 1.6 % 255 7.1 % 437 2.8 % Permanent differences (61) (0.5) % (16) (0.5) % (77) (0.5) % GILTI tax 413 3.5 % — — 413 2.7 % Foreign tax credits (396) (3.4) % — — (396) (2.6) % Repatriation withholding tax 51 0.4 % — — 51 0.3 % Tax effects of income associated with noncontrolling interests (78) (0.7) % 25 0.7 % (53) (0.3) % Other, net (27) (0.2) % 9 0.3 % (18) (0.1) % Income tax expense $ 2,544 21.7 % $ 884 24.6 % $ 3,428 22.4 % Year ended December 31, 2021 Income tax expense at statutory rates $ 215 21.0 % $ 73 14.0 % $ 288 18.7 % U.S. state and Canadian provincial tax expense, net of federal income tax effect 16 1.6 % 53 10.2 % 69 4.5 % Permanent differences (34) (3.3) % (14) (2.7) % (48) (3.1) % Changes in tax law (a) (10) (1.0) % 74 14.2 % 64 4.1 % CARES Act (b) (56) (5.5) % — — (56) (3.6) % GILTI tax 125 12.2 % — — 125 8.1 % Foreign tax credits (103) (10.1) % — — (103) (6.7) % Settlements (22) (2.1) % — — (22) (1.4) % Tax effects of income associated with noncontrolling interests (74) (7.2) % 30 5.8 % (44) (2.9) % Other, net (7) (0.7) % (11) (2.1) % (18) (1.2) % Income tax expense $ 50 4.9 % $ 205 39.4 % $ 255 16.5 % ________________________ (a) During the three months ended June 30, 2021, certain statutory income tax rate changes (primarily an increase in the U.K. rate from 19 percent to 25 percent effective in 2023) were enacted that resulted in the remeasurement of our deferred tax liabilities and related deferred income tax expense. (b) Upon filing our superseding 2020 federal income tax return in the fourth quarter of 2021, we recorded an additional tax benefit during the year ended December 31, 2021 related to the additional 2020 tax net operating loss (NOL) carryback to 2015, as permitted by the Coronavirus Aid, Relief and Economic Security (CARES) Act enacted on March 27, 2020.
Components of income tax expense (benefit)	Components of income tax expense were as follows (in millions): U.S. Foreign Total Year ended December 31, 2023 Current: Country $ 1,804 $ 415 $ 2,219 U.S. state / Canadian provincial 157 140 297 Total current 1,961 555 2,516 Deferred: Country 25 69 94 U.S. state / Canadian provincial (12) 21 9 Total deferred 13 90 103 Income tax expense $ 1,974 $ 645 $ 2,619 Year ended December 31, 2022 Current: Country $ 2,147 $ 766 $ 2,913 U.S. state / Canadian provincial 153 312 465 Total current 2,300 1,078 3,378 Deferred: Country 164 (138) 26 U.S. state / Canadian provincial 80 (56) 24 Total deferred 244 (194) 50 Income tax expense $ 2,544 $ 884 $ 3,428 Year ended December 31, 2021 Current: Country $ 68 $ 215 $ 283 U.S. state / Canadian provincial 1 97 98 Total current 69 312 381 Deferred: Country 5 (63) (58) U.S. state / Canadian provincial (24) (44) (68) Total deferred (19) (107) (126) Income tax expense $ 50 $ 205 $ 255
Schedule of income taxes paid (refunded), net	Income taxes paid to (received from) U.S. and foreign taxing authorities were as follows (in millions): Year Ended December 31, 2023 2022 2021 U.S. $ 2,158 $ 2,396 $ (878) (a) Foreign 1,336 892 36 Income taxes paid (refunded), net $ 3,494 $ 3,288 $ (842) ________________________ (a) This amount includes a refund of $962 million that we received related to our U.S. federal income tax return for 2020.
Deferred income tax assets and liabilities	The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows (in millions): December 31, 2023 2022 Deferred income tax assets: Tax credit carryforwards $ 809 $ 660 NOLs 710 642 Inventories 237 326 Compensation and employee benefit liabilities 32 44 Environmental liabilities 59 57 Finance lease obligations 314 309 Operating lease liabilities 519 512 Other 130 186 Total deferred income tax assets 2,810 2,736 Valuation allowance (1,383) (1,234) Net deferred income tax assets 1,427 1,502 Deferred income tax liabilities: Property, plant, and equipment 5,121 5,022 Deferred turnaround costs 399 369 Operating lease ROU assets 546 507 Inventories 106 234 Investments 423 431 Other 181 156 Total deferred income tax liabilities 6,776 6,719 Net deferred income tax liabilities $ 5,349 $ 5,217
Income tax credit and loss carryforwards	We had the following income tax credit and loss carryforwards as of December 31, 2023 (in millions): Amount Expiration U.S. state income tax credits (gross amount) $ 76 2024 through 2033 U.S. state income tax credits (gross amount) 2 Unlimited U.S. foreign tax credits 748 2027 through 2033 U.S. state income tax NOLs (gross amount) 12,164 2024 through 2040 Foreign NOLs (gross amount) 329 Unlimited
Reconciliation of the changes in unrecognized tax benefits	The following is a reconciliation of the changes in unrecognized tax benefits, excluding related interest and penalties (in millions): Year Ended December 31, 2023 2022 2021 Balance as of beginning of year $ 284 $ 816 $ 847 Additions for tax positions related to the current year 18 27 3 Additions for tax positions related to prior years 4 19 13 Reductions for tax positions related to prior years (73) (573) (25) Reductions for tax positions related to the lapse of applicable statute of limitations (9) (5) — Settlements (38) — (22) Balance as of end of year $ 186 $ 284 $ 816

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of earnings (loss) per common share, basic and diluted	Earnings per common share was computed as follows (dollars and shares in millions, except per share amounts): Year Ended December 31, 2023 2022 2021 Earnings per common share: Net income attributable to Valero stockholders $ 8,835 $ 11,528 $ 930 Less: Income allocated to participating securities 27 43 6 Net income available to common stockholders $ 8,808 $ 11,485 $ 924 Weighted-average common shares outstanding 353 395 407 Earnings per common share $ 24.93 $ 29.05 $ 2.27 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 8,835 $ 11,528 $ 930 Less: Income allocated to participating securities 27 43 6 Net income available to common stockholders $ 8,808 $ 11,485 $ 924 Weighted-average common shares outstanding 353 395 407 Effect of dilutive securities — 1 — Weighted-average common shares outstanding – assuming dilution 353 396 407 Earnings per common share – assuming dilution $ 24.92 $ 29.04 $ 2.27

Revenues and Segment Informat_2

Revenues and Segment Information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of contract balances	Contract balances were as follows (in millions): December 31, 2023 2022 Receivables from contracts with customers (see Note 3) $ 7,209 $ 7,189 Contract liabilities, included in accrued expenses (see Note 8) 40 129
Revenues from external customers by product	The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions): Year Ended December 31, 2023 2022 2021 Refining: Gasolines and blendstocks $ 61,538 $ 70,496 $ 49,534 Distillates 63,664 82,521 45,939 Other product revenues 11,268 15,137 11,474 Total Refining revenues 136,470 168,154 106,947 Renewable Diesel: Renewable diesel 3,665 3,333 1,874 Renewable naphtha 158 150 — Total Renewable Diesel revenues 3,823 3,483 1,874 Ethanol: Ethanol 3,300 3,653 4,122 Distillers grains 1,173 1,093 1,034 Total Ethanol revenues 4,473 4,746 5,156 Revenues $ 144,766 $ 176,383 $ 113,977
Revenues by geographic area of customer	Revenues by geographic area are shown in the following table (in millions). The geographic area is based on location of customer and no customer accounted for 10 percent or more of our revenues. Year Ended December 31, 2023 2022 2021 U.S. $ 104,208 $ 126,722 $ 82,940 Canada 10,107 11,743 6,597 U.K. and Ireland 16,148 17,822 13,307 Mexico and Peru 6,438 8,396 3,855 Other countries 7,865 11,700 7,278 Revenues $ 144,766 $ 176,383 $ 113,977
Geographic information by country for long-lived assets	Long-lived assets by geographic area consisted of the following (in millions): December 31, 2023 2022 U.S. $ 28,868 $ 29,378 Canada 1,598 1,634 U.K. and Ireland 1,346 1,301 Mexico and Peru 837 860 Total long-lived assets $ 32,649 $ 33,173
Segment activity, including total assets by reportable segment	The following tables reflect information about our operating income, including a reconciliation to our consolidated income before income tax expense, and total expenditures for long-lived assets by reportable segment (in millions): Refining Renewable Ethanol Corporate Total Year ended December 31, 2023 Revenues: Revenues from external customers $ 136,470 $ 3,823 $ 4,473 $ — $ 144,766 Intersegment revenues 18 3,168 1,086 (4,272) — Total revenues 136,488 6,991 5,559 (4,272) 144,766 Cost of sales: Cost of materials and other (a) 117,401 5,550 4,395 (4,259) 123,087 Operating expenses (excluding depreciation and amortization expense reflected below) 5,208 358 515 8 6,089 Depreciation and amortization expense 2,351 231 80 (4) 2,658 Total cost of sales 124,960 6,139 4,990 (4,255) 131,834 Other operating expenses 17 — 16 — 33 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 998 998 Depreciation and amortization expense — — — 43 43 Operating income by segment $ 11,511 $ 852 $ 553 $ (1,058) 11,858 Other income, net 502 Interest and debt expense, net of capitalized interest (592) Income before income tax expense $ 11,768 Total expenditures for long-lived assets (b) $ 1,488 $ 294 $ 43 $ 91 $ 1,916 ________________________ See notes on page 128 Refining Renewable Ethanol Corporate Total Year ended December 31, 2022 Revenues: Revenues from external customers $ 168,154 $ 3,483 $ 4,746 $ — $ 176,383 Intersegment revenues 56 2,018 740 (2,814) — Total revenues 168,210 5,501 5,486 (2,814) 176,383 Cost of sales: Cost of materials and other (a) 144,588 4,350 4,628 (2,796) 150,770 Operating expenses (excluding depreciation and amortization expense reflected below) 5,509 255 625 — 6,389 Depreciation and amortization expense 2,247 122 59 — 2,428 Total cost of sales 152,344 4,727 5,312 (2,796) 159,587 Asset impairment loss — — 61 — 61 Other operating expenses 63 — 3 — 66 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 934 934 Depreciation and amortization expense — — — 45 45 Operating income by segment $ 15,803 $ 774 $ 110 $ (997) 15,690 Other income, net 179 Interest and debt expense, net of capitalized interest (562) Income before income tax expense $ 15,307 Total expenditures for long-lived assets (b) $ 1,763 $ 879 $ 22 $ 73 $ 2,737 ________________________ See notes on page 128 Refining Renewable Ethanol Corporate Total Year ended December 31, 2021 Revenues: Revenues from external customers $ 106,947 $ 1,874 $ 5,156 $ — $ 113,977 Intersegment revenues 14 468 433 (915) — Total revenues 106,961 2,342 5,589 (915) 113,977 Cost of sales: Cost of materials and other (a) 97,759 1,438 4,428 (911) 102,714 Operating expenses (excluding depreciation and amortization expense reflected below) 5,088 134 556 (2) 5,776 Depreciation and amortization expense 2,169 58 131 — 2,358 Total cost of sales 105,016 1,630 5,115 (913) 110,848 Other operating expenses 83 3 1 — 87 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 865 865 Depreciation and amortization expense — — — 47 47 Operating income by segment $ 1,862 $ 709 $ 473 $ (914) 2,130 Other income, net 16 Interest and debt expense, net of capitalized interest (603) Income before income tax expense $ 1,543 Total expenditures for long-lived assets (b) $ 1,374 $ 1,049 $ 18 $ 17 $ 2,458 ________________________ (a) Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $1.2 billion, $761 million, and $371 million for the years ended December 31, 2023, 2022, and 2021, respectively. (b) Total expenditures for long-lived assets includes amounts related to capital expenditures; deferred turnaround and catalyst costs; and property, plant, and equipment for acquisitions. Total assets by reportable segment were as follows (in millions): December 31, 2023 2022 Refining $ 49,031 $ 48,484 Renewable Diesel 5,790 5,217 Ethanol 1,549 1,551 Corporate and eliminations 6,686 5,730 Total assets $ 63,056 $ 60,982

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 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): Year Ended December 31, 2023 2022 2021 Increase in current assets: Receivables, net $ (387) $ (1,619) $ (4,382) Inventories (684) (672) (253) Prepaid expenses and other (34) (180) (22) Increase (decrease) in current liabilities: Accounts payable (169) 521 6,301 Accrued expenses (50) (5) 253 Taxes other than income taxes payable (226) 98 104 Income taxes payable (776) 231 224 Changes in current assets and current liabilities $ (2,326) $ (1,626) $ 2,225 Cash flows related to interest and income taxes were as follows (in millions): Year Ended December 31, 2023 2022 2021 Interest paid in excess of amount capitalized, including interest on finance leases $ 562 $ 570 $ 598 Income taxes paid (refunded), net (see Note 15) 3,494 3,288 (842) Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Year Ended December 31, 2023 2022 2021 Operating Finance Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 428 $ 107 $ 395 $ 83 $ 397 $ 72 Investing cash flows — — — — 1 — Financing cash flows — 250 — 180 — 135 Changes in lease balances resulting from new and modified leases (a) 396 157 178 660 451 378 ________________________ (a) Noncash activity for the year ended December 31, 2022 primarily included approximately $500 million for a finance lease ROU asset and related liability recognized in connection with the completion of the DGD Port Arthur Plant described in Note 5.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair value of financial 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 December 31, 2023 and 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 in our balance sheets. December 31, 2023 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 803 $ — $ — $ 803 $ (642) $ (66) $ 95 $ — Investments of certain benefit plans 76 — 4 80 n/a n/a 80 n/a Investments in AFS debt securities 36 75 — 111 n/a n/a 111 n/a Total $ 915 $ 75 $ 4 $ 994 $ (642) $ (66) $ 286 Liabilities Commodity derivative contracts $ 643 $ — $ — $ 643 $ (642) $ (1) $ — $ (67) Blending program obligations — 58 — 58 n/a n/a 58 n/a Physical purchase contracts — 6 — 6 n/a n/a 6 n/a Foreign currency contracts 7 — — 7 n/a n/a 7 n/a Total $ 650 $ 64 $ — $ 714 $ (642) $ (1) $ 71 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
Carrying amounts 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). December 31, 2023 December 31, 2022 Fair Value Carrying Fair Carrying Fair Financial liabilities: Debt (excluding finance lease obligations) Level 2 $ 9,218 $ 9,109 $ 9,241 $ 8,902

Price Risk Management Activit_2

Price Risk Management Activities (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of December 31, 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 natural gas contracts that are presented in millions of British thermal units and corn contracts that are presented in thousands of bushels). Notional Contract 2024 Derivatives designated as cash flow hedges: Refined petroleum products: Futures – long 1,925 Futures – short 8,821 Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 98,244 Futures – short 94,194 Natural gas: Futures – long 1,595,000 Corn: Futures – long 47,135 Futures – short 63,660 Physical contracts – long 15,679
Fair values of derivative instruments	The following table provides information about the fair values of our derivative instruments as of December 31, 2023 and 2022 (in millions) and the line items in our balance sheets in which the fair values are reflected. See Note 19 for additional information related to the fair values of our derivative instruments. As indicated in Note 19, 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 December 31, 2023 December 31, 2022 Asset Liability Asset Liability Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 141 $ 34 $ 61 $ 44 Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 662 $ 609 $ 769 $ 661 Physical purchase contracts Inventories — 6 4 4 Foreign currency contracts Accrued expenses — 7 — 2 Total $ 662 $ 622 $ 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) Recognized in Income on Derivatives Year Ended December 31, 2023 2022 2021 Commodity contracts: Gain (loss) recognized in other comprehensive income (loss) n/a $ 82 $ (292) $ (44) Loss reclassified from accumulated other comprehensive loss into income Revenues (8) (286) (46) 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 our statements of income in which such gains (losses) are reflected (in millions): Derivatives Not Location of Gain (Loss) Recognized in Income on Derivatives Year Ended December 31, 2023 2022 2021 Commodity contracts Revenues $ (27) $ (17) $ 28 Commodity contracts Cost of materials and other 208 (988) (86) Commodity contracts Operating expenses 1 (1) 54 Foreign currency contracts Cost of materials and other (34) 73 9 Foreign currency contracts Other income, net — (119) 44

Description of Business, Basi_3

Description of Business, Basis of Presentation, and Significant Accounting Policies (Details) bbl / d in Millions, gal / yr in Billions	12 Months Ended
	Dec. 31, 2023 bbl / d gal / yr plant refinery ethanol_plant
Description Of Business, Basis Of Presentation, And Significant Accounting Policies [Line Items]
Number of petroleum refineries owned | refinery	15
Combined throughput capacity of petroleum refining (barrels per day) | bbl / d	3.2
Number of ethanol plants owned | ethanol_plant	12
Combined production capacity of ethanol (gallons per year)	1.6
Equipment [Member]
Description Of Business, Basis Of Presentation, And Significant Accounting Policies [Line Items]
Property, plant, and equipment, useful life	20 years
Minimum [Member]
Description Of Business, Basis Of Presentation, And Significant Accounting Policies [Line Items]
Property, plant, and equipment, useful life	20 years
Typical payment due date post date of invoice terms (in days)	2 days
Maximum [Member]
Description Of Business, Basis Of Presentation, And Significant Accounting Policies [Line Items]
Property, plant, and equipment, useful life	30 years
Typical payment due date post date of invoice terms (in days)	10 days
Diamond Green Diesel Holdings LLC (DGD) [Member]
Description Of Business, Basis Of Presentation, And Significant Accounting Policies [Line Items]
Number of renewable diesel plants owned by joint venture | plant	2
Combined production capacity of renewable diesel (gallons per year)	1.2

Uncertainty (Details)

Uncertainty (Details)	12 Months Ended
	Dec. 31, 2023 refinery
California [Member]
Uncertainty (Textual)
Number of refineries	2

Receivables (Details)

Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Receivables
Receivables	$ 11,066	$ 10,791
Allowance for credit losses	(28)	(30)
Receivables after allowance for credit losses	11,038	10,761
Income taxes receivable	409	142
Other receivables	1,078	1,016
Receivables, net	12,525	11,919
Trade Accounts Receivable, Contracts with Customers [Member]
Receivables
Receivables	7,209	7,189
Trade Accounts Receivable, Purchase and Sale Arrangements [Member]
Receivables
Receivables	$ 3,857	$ 3,602

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Schedule of Inventories
Refinery feedstocks	$ 1,949	$ 2,223
Refined petroleum products and blendstocks	3,579	3,790
Renewable diesel feedstocks and products	583	913
Ethanol feedstocks and products	328	313
Materials and supplies	313	344
Inventories	6,752	7,583
Inventories (Textual)
Excess of market value over carrying amount of LIFO inventories	6,300	4,400
Liquidation of LIFO, cost decrease	323
Amount of non-LIFO inventory	$ 1,600	$ 1,500

Leases, Total Lease Cost by Cla

Leases, Total Lease Cost by Class of Underlying Asset (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finance lease cost:
Amortization of ROU assets	$ 246	$ 218	$ 167
Interest on lease liabilities	107	84	72
Lease cost:
Operating lease cost	418	379	381
Variable lease cost	183	138	79
Short-term lease cost	257	157	96
Sublease income	(31)	(29)	(7)
Total lease cost	1,180	947	788
Pipelines, Terminals, and Tanks [Member]
Finance lease cost:
Amortization of ROU assets	213	183	137
Interest on lease liabilities	101	78	66
Lease cost:
Operating lease cost	166	171	163
Variable lease cost	114	79	51
Short-term lease cost	18	15	5
Sublease income	0	0	0
Total lease cost	612	526	422
Maritime Equipment [Member]
Finance lease cost:
Amortization of ROU assets	0	0	0
Interest on lease liabilities	0	0	0
Lease cost:
Operating lease cost	127	102	105
Variable lease cost	61	50	21
Short-term lease cost	125	82	44
Sublease income	(29)	(27)	(4)
Total lease cost	284	207	166
Railroad Transportation Equipment [Member]
Finance lease cost:
Amortization of ROU assets	3	3	2
Interest on lease liabilities	1	1	1
Lease cost:
Operating lease cost	80	68	64
Variable lease cost	0	0	0
Short-term lease cost	2	3	1
Sublease income	0	0	0
Total lease cost	86	75	68
Other Assets [Member]
Finance lease cost:
Amortization of ROU assets	30	32	28
Interest on lease liabilities	5	5	5
Lease cost:
Operating lease cost	45	38	49
Variable lease cost	8	9	7
Short-term lease cost	112	57	46
Sublease income	(2)	(2)	(3)
Total lease cost	$ 198	$ 139	$ 132

Leases, Additional Information

Leases, Additional Information Related to Operating and Finance Leases (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
ROU assets, net reflected in the following balance sheet line items:
Operating lease ROU assets, net, balance sheet line item	Deferred charges and other assets, net	Deferred charges and other assets, net
Operating leases - deferred charges and other assets, net	$ 1,136	$ 1,114
Current lease liabilities reflected in the following balance sheet line items:
Current operating lease liabilities, balance sheet line item	Accrued expenses	Accrued expenses
Operating leases - accrued expenses	$ 360	$ 311
Noncurrent lease liabilities reflected in the following balance sheet line items:
Noncurrent operating lease liabilities, balance sheet line item	Other long-term liabilities	Other long-term liabilities
Operating leases - other long-term liabilities	$ 753	$ 776
Operating leases - total lease liabilities	$ 1,113	$ 1,087
ROU assets, net reflected in the following balance sheet line items:
Finance lease ROU assets, net, balance sheet line item	Property, plant, and equipment, net	Property, plant, and equipment, net
Finance leases - property, plant, and equipment, net	$ 2,195	$ 2,278
Current lease liabilities reflected in the following balance sheet line items:
Current finance lease liabilities, balance sheet line item	Current portion of debt and finance lease obligations	Current portion of debt and finance lease obligations
Finance leases - current portion of debt and finance lease obligations	$ 209	$ 248
Noncurrent lease liabilities reflected in the following balance sheet line items:
Noncurrent finance lease liabilities, balance sheet line item	Debt and finance lease obligations, less current portion	Debt and finance lease obligations, less current portion
Finance leases - debt and finance lease obligations, less current portion	$ 2,097	$ 2,146
Finance leases - total lease liabilities	$ 2,306	$ 2,394
Operating Leases
Weighted-average remaining lease term	6 years 10 months 24 days	7 years 6 months
Weighted-average discount rate	5.70%	5.20%
Finance Leases
Weighted-average remaining lease term	14 years 3 months 18 days	14 years 7 months 6 days
Weighted-average discount rate	4.80%	4.60%

Leases, Significant Lease Comme

Leases, Significant Lease Commencement (Details) $ in Millions		3 Months Ended	12 Months Ended
		Dec. 31, 2022 USD ($) renewal	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Significant Lease Commencement (Textual)
Finance lease ROU asset and related liability recognized	[1]		$ 157	$ 660	$ 378
Diamond Green Diesel Holdings LLC (DGD) [Member] | DGD Port Arthur Plant [Member]
Significant Lease Commencement (Textual)
Finance lease, term of contract		20 years		20 years
Finance lease, number of automatic renewal periods | renewal		2
Finance lease, renewal period		5 years		5 years
Finance lease ROU asset and related liability recognized		$ 500
[1] Noncash activity for the year ended December 31, 2022 primarily included approximately $500 million for a finance lease ROU asset and related liability recognized in connection with the completion of the DGD Port Arthur Plant described in Note 5.

Leases, Remaining Minimum Lease

Leases, Remaining Minimum Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 398
2025	254
2026	195
2027	103
2028	64
Thereafter	386
Total undiscounted lease payments	1,400
Less: Amount associated with discounting	287
Total lease liabilities	1,113	$ 1,087
Finance Leases
2024	312
2025	298
2026	274
2027	244
2028	243
Thereafter	1,967
Total undiscounted lease payments	3,338
Less: Amount associated with discounting	1,032
Total lease liabilities	$ 2,306	$ 2,394

Property, Plant, and Equipmen_2

Property, Plant, and Equipment (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant, and Equipment, Net
Finance lease ROU assets (see Note 5)		$ 3,062	$ 2,906
Property, plant, and equipment, at cost		51,668	50,576
Accumulated depreciation		(21,459)	(19,598)
Property, plant, and equipment, net		30,209	30,978
Property, Plant, and Equipment (Textual)
Depreciation expense		1,900	1,700	$ 1,700
Asset impairment loss		0	61	0
Land [Member]
Property, Plant, and Equipment, Net
Property, plant, and equipment, at cost		505	499
Crude Oil Processing Facilities [Member]
Property, Plant, and Equipment, Net
Property, plant, and equipment, at cost		34,043	32,699
Transportation and Terminaling Facilities [Member]
Property, Plant, and Equipment, Net
Property, plant, and equipment, at cost		5,978	5,900
Waste And Renewable Feedstocks Processing Facilities [Member]
Property, Plant, and Equipment, Net
Property, plant, and equipment, at cost		3,243	3,215
Corn Processing Facilities [Member]
Property, Plant, and Equipment, Net
Property, plant, and equipment, at cost		1,069	1,052
Administrative Buildings [Member]
Property, Plant, and Equipment, Net
Property, plant, and equipment, at cost		1,137	1,095
Other [Member]
Property, Plant, and Equipment, Net
Property, plant, and equipment, at cost		1,942	1,886
Construction in Progress [Member]
Property, Plant, and Equipment, Net
Property, plant, and equipment, at cost		$ 689	1,324
Ethanol Plants, Lakota, Iowa [Member]
Property, Plant, and Equipment (Textual)
Asset impairment loss			$ 61
Ethanol Plants, Jefferson, Wisconsin [Member]
Property, Plant, and Equipment (Textual)
Depreciation expense				$ 48
Proceeds from sale of ethanol plant	$ 32
Gain on sale of ethanol plant	$ 23

Deferred Charges and Other As_3

Deferred Charges and Other Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Charges and Other Assets
Deferred turnaround and catalyst costs, net	$ 2,382	$ 2,139
Operating lease ROU assets, net (see Note 5)	1,136	1,114
Investments in nonconsolidated joint ventures	713	724
Purchased compliance credits	612	543
Goodwill	260	260
Intangible assets, net	183	202
Income taxes receivable	56	26
Other	1,284	863
Deferred charges and other assets, net	6,626	5,871
Deferred Charges and Other Assets (Textual)
Amortization expense, deferred turnaround and catalyst costs and intangible assets	$ 821	$ 745	$ 695

Accrued Expenses and Other Lo_3

Accrued Expenses and Other Long-Term Liabilities (Details) - USD ($) $ in Millions		Dec. 31, 2023	Dec. 31, 2022
Accrued Expenses
Operating lease liabilities, current		$ 360	$ 311
Defined benefit plan liabilities, current		55	35
Environmental liabilities, current		23	21
Wage and other employee-related liabilities, current		392	388
Accrued interest expense, current		83	67
Contract liabilities from contracts with customers, current		40	129
Blending program obligations, current		83	189
Other accrued liabilities, current		204	75
Accrued expenses		1,240	1,215
Other Long-Term Liabilities
Operating lease liabilities, noncurrent		753	776
Liability for unrecognized tax benefits, noncurrent		238	239
Defined benefit plan liabilities, noncurrent		476	448
Repatriation tax liability, noncurrent	[1]	167	301
Environmental liabilities, noncurrent		294	296
Wage and other employee-related liabilities, noncurrent		90	87
Other accrued liabilities, noncurrent		245	163
Other long-term liabilities		2,263	2,310
Accrued Expenses and Other Long-Term Liabilities (Textual)
Current portion of repatriation tax liability, included in income taxes payable		$ 134	$ 100
[1] The current portion of repatriation tax liability is included in income taxes payable. As of December 31, 2023 and 2022, the current portion of repatriation tax liability was $134 million and $100 million, respectively.

Debt and Finance Lease Obliga_3

Debt and Finance Lease Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Feb. 28, 2022	Dec. 31, 2021	Nov. 30, 2021
Debt and Finance Lease Obligations:
Net unamortized debt issuance costs and other	$ (77)	$ (84)
Total debt	9,218	9,241
Finance lease obligations (see Note 5)	2,306	2,394
Total debt and finance lease obligations	11,524	11,635
Less: Current portion	1,406	1,109
Debt and finance lease obligations, less current portion	10,118	10,526
Other Debt [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	14	19
Valero Revolver [Member] | Credit Facilities [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	0	0
Canadian Revolver [Member] | Credit Facilities [Member]
Short-term Debt [Abstract]
Short-term debt at stated values		0
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]
Short-term Debt [Abstract]
Short-term debt at stated values	0	0
DGD Revolver [Member] | Credit Facilities [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	250	100
DGD Loan Agreement [Member] | Credit Facilities [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	0	25
IEnova Revolver [Member] | Credit Facilities [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	766	717
1.200% Valero Senior Notes Due 2024 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 167	167
Interest rate of notes (percent)	1.20%				1.20%
2.850% Valero Senior Notes Due 2025 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 251	251
Interest rate of notes (percent)	2.85%		2.85%	2.85%
3.65% Valero Senior Notes Due 2025 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 189	189
Interest rate of notes (percent)	3.65%		3.65%	3.65%	3.65%
3.400% Valero Senior Notes Due 2026 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 426	426
Interest rate of notes (percent)	3.40%		3.40%	3.40%
2.150% Valero Senior Notes Due 2027 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 564	$ 578
Interest rate of notes (percent)	2.15%	2.15%
4.350% Valero Senior Notes Due 2028 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 591	$ 606
Interest rate of notes (percent)	4.35%		4.35%
4.000% Valero Senior Notes Due 2029 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 439	439
Interest rate of notes (percent)	4%		4%
8.75% Valero Senior Notes Due 2030 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 200	200
Interest rate of notes (percent)	8.75%
2.800% Valero Senior Notes Due 2031 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 462	$ 472
Interest rate of notes (percent)	2.80%	2.80%				2.80%
7.5% Valero Senior Notes Due in 2032 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 729	$ 733
Interest rate of notes (percent)	7.50%
6.625% Valero Senior Notes Due 2037 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 1,380	$ 1,442
Interest rate of notes (percent)	6.625%	6.625%
6.75% Valero Senior Notes Due in 2037 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 24	$ 24
Interest rate of notes (percent)	6.75%
10.500% Valero Senior Notes Due 2039 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 113	113
Interest rate of notes (percent)	10.50%				10.50%
4.90% Valero Senior Notes Due 2045 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 621	$ 626
Interest rate of notes (percent)	4.90%	4.90%
3.650% Valero Senior Notes Due 2051 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 829	$ 855
Interest rate of notes (percent)	3.65%	3.65%				3.65%
4.000% Valero Senior Notes Due 2052 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 508	$ 553
Interest rate of notes (percent)	4%	4%		4%
7.45% Valero Senior Notes Due 2097 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 70	$ 70
Interest rate of notes (percent)	7.45%	7.45%
4.375% VLP Senior Notes Due 2026 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 146	$ 146
Interest rate of notes (percent)	4.375%		4.375%	4.375%	4.375%
4.500% VLP Senior Notes Due March 2028 [Member] | Senior Notes [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 456	$ 474
Interest rate of notes (percent)	4.50%	4.50%
Debenture, 7.65% Due In 2026 [Member] | Debenture [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 100	$ 100
Interest rate of notes (percent)	7.65%

Debt and Finance Lease Obliga_4

Debt and Finance Lease Obligations, Credit Facilities (Details)		Dec. 31, 2023 USD ($)		Nov. 30, 2023 CAD ($)	Jun. 30, 2023 USD ($)	May 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Valero Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount		$ 4,000,000,000
Outstanding borrowings, long term		0
Availability		3,996,000,000
Credit Facilities (Textual)
Facility amount		4,000,000,000
Option to increase aggregate commitments under line of credit facility, increase limit, subject to certain restrictions		5,500,000,000
Outstanding borrowings, long term		0
Valero Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount		2,400,000,000
Letters of credit issued	[1]	4,000,000
Credit Facilities (Textual)
Facility amount		2,400,000,000
Canadian Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount				$ 150,000,000
Credit Facilities (Textual)
Facility amount				$ 150,000,000
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount		1,300,000,000
Outstanding borrowings, short-term		0
Availability		1,300,000,000
Credit Facilities (Textual)
Facility amount		1,300,000,000
Designated pool of accounts receivable		2,600,000,000					$ 3,000,000,000
DGD Revolver [Member] | Credit Facilities [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount		400,000,000	[2]					$ 400,000,000
Outstanding borrowings, long term	[2]	250,000,000
Availability	[2]	96,000,000
Credit Facilities (Textual)
Facility amount		$ 400,000,000	[2]					$ 400,000,000
Option to increase aggregate commitments under line of credit facility, increase limit, subject to certain restrictions					$ 550,000,000
Interest rate at period end (percent)		7.201%					5.88%
Outstanding borrowings, long term	[2]	$ 250,000,000
DGD Revolver Letter of Credit [Member] | Credit Facilities [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount					150,000,000
Letters of credit issued	[1],[2]	54,000,000
Credit Facilities (Textual)
Facility amount					150,000,000
DGD Loan Agreement [Member] | Credit Facilities [Member] | DGD [Member] | Darling Ingredients Inc. [Member]
Line of Credit Facility
Facility amount						$ 25,000,000
Credit Facilities (Textual)
Facility amount						25,000,000
DGD Loan Agreement [Member] | Credit Facilities [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount						50,000,000
Credit Facilities (Textual)
Facility amount						50,000,000
Interest rate at period end (percent)							6.672%
DGD Loan Agreement [Member] | Credit Facilities [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Valero Energy Corporation [Member]
Line of Credit Facility
Facility amount						25,000,000
Credit Facilities (Textual)
Facility amount						$ 25,000,000
DGD Loan Agreement [Member] | Credit Facilities [Member] | DGD [Member] | Darling Ingredients Inc. [Member]
Line of Credit Facility
Facility amount					100,000,000
Credit Facilities (Textual)
Facility amount					100,000,000
DGD Loan Agreement [Member] | Credit Facilities [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount					200,000,000
Credit Facilities (Textual)
Facility amount					200,000,000
DGD Loan Agreement [Member] | Credit Facilities [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Valero Energy Corporation [Member]
Line of Credit Facility
Facility amount		100,000,000	[2],[3]		100,000,000
Outstanding borrowings, long term	[2],[3]	0
Availability	[2],[3]	100,000,000
Credit Facilities (Textual)
Facility amount		100,000,000	[2],[3]		$ 100,000,000
Outstanding borrowings, long term	[2],[3]	0
IEnova Revolver [Member] | Credit Facilities [Member] | Central Mexico Terminals [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount	[2]	830,000,000
Outstanding borrowings, long term	[2]	766,000,000
Availability	[2]	64,000,000
Credit Facilities (Textual)
Facility amount	[2]	$ 830,000,000
Interest rate at period end (percent)		9.245%					7.393%
Outstanding borrowings, long term	[2]	$ 766,000,000
Uncommitted Letter of Credit Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1]	$ 0
[1] Letters of credit issued as of December 31, 2023 expire at various times in 2024 through 2026. Creditors of the VIEs do not have recourse against us. 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.

Debt and Finance Lease Obliga_5

Debt and Finance Lease Obligations, Activity Under Credit Facilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable Sales Facility [Member] | Line of Credit [Member]
Line of Credit Facility
Borrowings, short-term credit facilities	$ 1,750	$ 1,600	$ 0
Repayments, short-term credit facilities	(1,750)	(1,600)	0
DGD Revolver [Member] | Line of Credit [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Borrowings, long-term credit facilities	550	759	276
Repayments, long-term credit facilities	(400)	(759)	(176)
DGD Loan Agreement [Member] | Line of Credit [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Borrowings, long-term credit facilities	0	50	25
Repayments, long-term credit facilities	(25)	(50)	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	120	105	81
Repayments, long-term credit facilities	$ (71)	$ (67)	$ 0

Debt and Finance Lease Obliga_6

Debt and Finance Lease Obligations, Public Debt (Details) - USD ($)	1 Months Ended						2 Months Ended		12 Months Ended
	Feb. 28, 2023	Sep. 30, 2022	Jun. 30, 2022	Feb. 28, 2022	Nov. 30, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Public Debt (Textual)
Gain (loss) on early retirement of debt									$ 11,000,000	$ 14,000,000	$ (193,000,000)
Premiums paid									$ 5,000,000	$ 56,000,000	$ 179,000,000
Senior Notes [Member]
Debt Purchased and Retired or Redeemed
Debt purchased and retired or redeemed amount	$ 199,000,000	$ 1,250,000,000		$ 1,400,000,000			$ 442,000,000	$ 2,143,000,000
Public Debt (Textual)
Proceeds from issuance of senior long-term debt					$ 1,446,000,000
Gain (loss) on early retirement of debt								(193,000,000)
Premiums paid								179,000,000
Write-off of unamortized debt discounts and deferred debt costs								10,000,000
Bank fees								$ 4,000,000
Senior Notes [Member] | Senior Notes Due 2037, 6.625% [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)	6.625%
Debt purchased and retired or redeemed amount	$ 62,000,000
Senior Notes [Member] | Senior Notes Due 2051, 3.650% [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)	3.65%
Debt purchased and retired or redeemed amount	$ 26,000,000
Senior Notes [Member] | Senior Notes Due 2052, 4.000% [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)	4%
Debt purchased and retired or redeemed amount	$ 45,000,000
Senior Notes [Member] | Various Other Valero and VLP Senior Notes [Member]
Debt Purchased and Retired or Redeemed
Debt purchased and retired or redeemed amount	$ 66,000,000
Senior Notes [Member] | 2.150% Valero Senior Notes Due 2027 [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)							2.15%		2.15%	2.15%
Debt purchased and retired or redeemed amount							$ 22,000,000
Senior Notes [Member] | 4.500% VLP Senior Notes Due March 15, 2028 [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)							4.50%		4.50%	4.50%
Debt purchased and retired or redeemed amount							$ 26,000,000
Senior Notes [Member] | 2.800% Valero Senior Notes Due 2031 [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)					2.80%		2.80%		2.80%	2.80%
Debt purchased and retired or redeemed amount							$ 28,000,000
Public Debt (Textual)
Face amount of long-term debt issuance					$ 500,000,000
Senior Notes [Member] | 6.625% Valero Senior Notes Due 2037 [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)							6.625%		6.625%	6.625%
Debt purchased and retired or redeemed amount							$ 58,000,000
Senior Notes [Member] | 4.90% Valero Senior Notes Due 2045 [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)							4.90%		4.90%	4.90%
Debt purchased and retired or redeemed amount							$ 24,000,000
Senior Notes [Member] | 3.650% Valero Senior Notes Due 2051 [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)					3.65%		3.65%		3.65%	3.65%
Debt purchased and retired or redeemed amount							$ 95,000,000
Public Debt (Textual)
Face amount of long-term debt issuance					$ 950,000,000
Senior Notes [Member] | 4.000% Valero Senior Notes Due 2052 [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)				4%			4%		4%	4%
Debt purchased and retired or redeemed amount							$ 97,000,000
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] | 7.45% Valero Senior Notes Due 2097 [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)							7.45%		7.45%	7.45%
Debt purchased and retired or redeemed amount							$ 30,000,000
Senior Notes [Member] | Various Other Valero Senior Notes [Member]
Debt Purchased and Retired or Redeemed
Debt purchased and retired or redeemed amount							$ 62,000,000
Senior Notes [Member] | 3.65% Valero Senior Notes Due 2025 [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)		3.65%		3.65%				3.65%	3.65%		3.65%
Debt purchased and retired or redeemed amount		$ 48,000,000		$ 72,000,000				$ 276,000,000
Senior Notes [Member] | 2.850% Valero Senior Notes Due 2025 [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)		2.85%		2.85%					2.85%
Debt purchased and retired or redeemed amount		$ 291,000,000		$ 507,000,000
Senior Notes [Member] | 4.375% VLP Senior Notes Due 2026 [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)		4.375%		4.375%				4.375%	4.375%		4.375%
Debt purchased and retired or redeemed amount		$ 62,000,000		$ 168,000,000				$ 124,000,000
Senior Notes [Member] | 3.400% Valero Senior Notes Due 2026 [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)		3.40%		3.40%					3.40%
Debt purchased and retired or redeemed amount		$ 166,000,000		$ 653,000,000
Senior Notes [Member] | 4.350% Valero Senior Notes Due 2028 [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)		4.35%							4.35%
Debt purchased and retired or redeemed amount		$ 131,000,000
Senior Notes [Member] | 4.000% Valero Senior Notes Due 2029 [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)		4%							4%
Debt purchased and retired or redeemed amount		$ 552,000,000
Senior Notes [Member] | 2.700% Valero Senior Notes Due 2023 [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)								2.70%			2.70%
Debt purchased and retired or redeemed amount								$ 850,000,000
Senior Notes [Member] | 1.200% Valero Senior Notes Due 2024 [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)								1.20%	1.20%		1.20%
Debt purchased and retired or redeemed amount								$ 756,000,000
Senior Notes [Member] | 10.500% Valero Senior Notes Due 2039 [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)								10.50%	10.50%		10.50%
Debt purchased and retired or redeemed amount								$ 137,000,000
Senior Notes [Member] | Floating Rate Senior Notes Due September 15, 2023 [Member]
Debt Purchased and Retired or Redeemed
Debt purchased and retired or redeemed amount						$ 575,000,000
Revenue Bonds [Member] | Gulf Opportunity Zone Revenue Bonds Series 2010 Due 2040 [Member]
Debt Purchased and Retired or Redeemed
Interest rate of notes (percent)			4%
Public Debt (Textual)
Repayments of long-term debt			$ 300,000,000

Debt and Finance Lease Obliga_7

Debt and Finance Lease Obligations, Interest Incurred (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest and Debt Expense, Net of Capitalized Interest
Interest and debt expense	$ 611	$ 619	$ 651
Less: Capitalized interest	19	57	48
Interest and debt expense, net of capitalized interest	$ 592	$ 562	$ 603

Debt and Finance Lease Obliga_8

Debt and Finance Lease Obligations, Principal Maturities (Details) - USD ($) $ in Millions		Dec. 31, 2023	Dec. 31, 2022
Principal Payments Due on Debt
2024	[1]	$ 1,197
2025		441
2026		672
2027		564
2028		1,047
Thereafter		5,374
Net unamortized debt issuance costs and other		(77)	$ (84)
Total debt		$ 9,218
[1] Maturities for 2024 include the DGD Revolver and the IEnova Revolver.

Equity, Stock Related Disclosur

Equity, Stock Related Disclosures (Details) - USD ($)		12 Months Ended
	Jan. 18, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 22, 2024	Sep. 15, 2023	Feb. 23, 2023	Oct. 26, 2022	Jul. 07, 2022	Jan. 23, 2018
Share Activity Rollforward
Treasury stock, beginning balance (shares)		(301,372,958)
Treasury stock, ending balance (shares)		(340,199,677)	(301,372,958)
Equity (Textual)
Preferred stock authorized (shares)		20,000,000
Preferred stock par value per share (in usd per share)		$ 0.01
Preferred stock outstanding (shares)		0	0
Subsequent Event [Member]
Equity (Textual)
Dividends declared, amount per share (in usd per share)	$ 1.07
Stock Purchase Program Approved January 2018 [Member]
Stock Repurchase Programs
Authorized amount under stock purchase programs										$ 2,500,000,000
Remaining amount authorized under stock purchase program		$ 0
Stock Purchase Program Approved July 2022 [Member]
Stock Repurchase Programs
Authorized amount under stock purchase programs									$ 2,500,000,000
Remaining amount authorized under stock purchase program		0
Stock Purchase Program Approved October 2022 [Member]
Stock Repurchase Programs
Authorized amount under stock purchase programs								$ 2,500,000,000
Remaining amount authorized under stock purchase program		0
Stock Purchase Program Approved February 2023 [Member]
Stock Repurchase Programs
Authorized amount under stock purchase programs							$ 2,500,000,000
Remaining amount authorized under stock purchase program		0
Stock Repurchase Program Approved September 2023 [Member]
Stock Repurchase Programs
Authorized amount under stock purchase programs						$ 2,500,000,000
Remaining amount authorized under stock purchase program		$ 2,199,000,000
Stock Repurchase Program Approved February 2024 [Member] | Subsequent Event [Member]
Stock Repurchase Programs
Authorized amount under stock purchase programs					$ 2,500,000,000
Common Stock [Member]
Share Activity Rollforward
Common stock, beginning balance (shares)		673,000,000	673,000,000	673,000,000
Common stock, ending balance (shares)		673,000,000	673,000,000	673,000,000
Treasury Stock, Common [Member]
Share Activity Rollforward
Treasury stock, beginning balance (shares)		(301,000,000)	(264,000,000)	(265,000,000)
Transactions in connection with stock-based compensation plans (shares)		1,000,000	1,000,000	1,000,000
Purchases of common stock for treasury (shares)		(40,000,000)	(38,000,000)
Treasury stock, ending balance (shares)		(340,000,000)	(301,000,000)	(264,000,000)

Equity, Income Tax Effects on O

Equity, Income Tax Effects on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Before-Tax Amount
Other comprehensive income (loss) before income tax expense	$ 553	$ (284)	$ 329
Tax Expense (Benefit)
Income tax expense related to items of other comprehensive income (loss)	18	70	82
Net Amount
Other comprehensive income (loss)	535	(354)	247
Foreign Currency Translation Adjustment [Member]
Before-Tax Amount
Other comprehensive income (loss), before reclassifications, before tax	433	(613)	(47)
Tax Expense (Benefit)
Other comprehensive income (loss), before reclassifications, tax expense (benefit)	0	(7)	0
Net Amount
Other comprehensive income (loss), before reclassifications, net of tax	433	(606)	(47)
Net Gain (Loss) on Pension and Other Postretirement Benefits [Member]
Before-Tax Amount
Effect of exchange rates, before tax	4		2
Other comprehensive income (loss) before income tax expense	30	335	378
Tax Expense (Benefit)
Effect of exchange rates, tax expense	1		0
Income tax expense related to items of other comprehensive income (loss)	9	77	82
Net Amount
Effect of exchange rates, net amount	3		2
Other comprehensive income (loss)	21	258	296
Net Actuarial Gain (Loss) [Member]
Before-Tax Amount
Other comprehensive income (loss), before reclassifications, before tax	77	244	317
Reclassification from accumulated other comprehensive loss, current period, before tax	(12)	52	80
Tax Expense (Benefit)
Other comprehensive income (loss), before reclassifications, tax expense (benefit)	18	57	69
Reclassification from accumulated other comprehensive loss, current period, tax expense (benefit)	(3)	12	18
Net Amount
Other comprehensive income (loss), before reclassifications, net of tax	59	187	248
Reclassification from accumulated other comprehensive loss, current period, net of tax	(9)	40	62
Prior Service Cost (Credit) [Member]
Before-Tax Amount
Other comprehensive income (loss), before reclassifications, before tax	(19)		(4)
Reclassification from accumulated other comprehensive loss, current period, before tax	(22)	(22)	(25)
Tax Expense (Benefit)
Other comprehensive income (loss), before reclassifications, tax expense (benefit)	(4)		(1)
Reclassification from accumulated other comprehensive loss, current period, tax expense (benefit)	(5)	(5)	(6)
Net Amount
Other comprehensive income (loss), before reclassifications, net of tax	(15)		(3)
Reclassification from accumulated other comprehensive loss, current period, net of tax	(17)	(17)	(19)
Miscellaneous Loss [Member]
Before-Tax Amount
Other comprehensive income (loss), before reclassifications, before tax	0
Tax Expense (Benefit)
Other comprehensive income (loss), before reclassifications, tax expense (benefit)	2
Net Amount
Other comprehensive income (loss), before reclassifications, net of tax	(2)
Settlement Loss [Member]
Before-Tax Amount
Reclassification from accumulated other comprehensive loss, current period, before tax	2	61	8
Tax Expense (Benefit)
Reclassification from accumulated other comprehensive loss, current period, tax expense (benefit)	0	13	2
Net Amount
Reclassification from accumulated other comprehensive loss, current period, net of tax	2	48	6
Net Gain (Loss) from Derivative Instruments Designated and Qualifying as Cash Flow Hedges [Member]
Before-Tax Amount
Other comprehensive income (loss), before reclassifications, before tax	82	(292)	(48)
Reclassification from accumulated other comprehensive loss, current period, before tax	8	286	46
Other comprehensive income (loss) before income tax expense	90	(6)	(2)
Tax Expense (Benefit)
Other comprehensive income (loss), before reclassifications, tax expense (benefit)	8	(32)	(5)
Reclassification from accumulated other comprehensive loss, current period, tax expense (benefit)	1	32	5
Income tax expense related to items of other comprehensive income (loss)	9	0	0
Net Amount
Other comprehensive income (loss), before reclassifications, net of tax	74	(260)	(43)
Reclassification from accumulated other comprehensive loss, current period, net of tax	7	254	41
Other comprehensive income (loss)	$ 81	$ (6)	$ (2)

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax
Balance as of beginning of period	$ 25,468	$ 19,817	$ 19,642
Other comprehensive income (loss)	535	(354)	247
Balance as of end of period	28,524	25,468	19,817
Accumulated Other Comprehensive Loss [Member]
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax
Balance as of beginning of period	(1,359)	(1,008)	(1,254)
Other comprehensive income (loss) before reclassifications	507	(533)	177
Amounts reclassified from accumulated other comprehensive  loss	(21)	182	67
Effect of exchange rates	3		2
Other comprehensive income (loss)	489	(351)	246
Balance as of end of period	(870)	(1,359)	(1,008)
Foreign Currency Translation Adjustment [Member]
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax
Balance as of beginning of period	(1,168)	(562)	(515)
Other comprehensive income (loss) before reclassifications	433	(606)	(47)
Amounts reclassified from accumulated other comprehensive  loss	0	0	0
Effect of exchange rates	0		0
Other comprehensive income (loss)	433	(606)	(47)
Balance as of end of period	(735)	(1,168)	(562)
Defined Benefit Plans Items [Member]
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax
Balance as of beginning of period	(183)	(441)	(737)
Other comprehensive income (loss) before reclassifications	42	187	245
Amounts reclassified from accumulated other comprehensive  loss	(24)	71	49
Effect of exchange rates	3		2
Other comprehensive income (loss)	21	258	296
Balance as of end of period	(162)	(183)	(441)
Gains (Losses) on Cash Flow Hedges [Member]
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax
Balance as of beginning of period	(8)	(5)	(2)
Other comprehensive income (loss) before reclassifications	32	(114)	(21)
Amounts reclassified from accumulated other comprehensive  loss	3	111	18
Effect of exchange rates	0		0
Other comprehensive income (loss)	35	(3)	(3)
Balance as of end of period	$ 27	$ (8)	$ (5)

Equity, Reclassification Out of

Equity, Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Other income, net		$ 502	$ 179	$ 16
Revenues	[1]	144,766	176,383	113,977
Total before tax		11,768	15,307	1,543
Tax benefit (expense)		(2,619)	(3,428)	(255)
Net income		9,149	11,879	1,288
Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Net income		17	(325)	(90)
Net Gain (Loss) on Pension and Other Postretirement Benefits [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Total before tax		32	(91)	(63)
Tax benefit (expense)		(8)	20	14
Net income		24	(71)	(49)
Net Actuarial Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Other income, net	[2]	12	(52)	(80)
Prior Service Credit [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Other income, net	[2]	22	22	25
Settlement Loss [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Other income, net	[2]	(2)	(61)	(8)
Losses on Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Total before tax		(8)	(286)	(46)
Tax benefit (expense)		1	32	5
Net income		(7)	(254)	(41)
Losses on Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Commodity Contracts [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Revenues		$ (8)	$ (286)	$ (46)
[1] Includes excise taxes on sales by certain of our foreign operations of $5,765 million, $5,194 million, and $5,645 million for the years ended December 31, 2023, 2022, and 2021. These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost, as discussed in Note 13.

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Millions		12 Months Ended
	Apr. 19, 2021 USD ($)	Dec. 31, 2023 USD ($) subsidiary terminal plant	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Assets
Cash and cash equivalents		$ 5,424	$ 4,862
Property, plant, and equipment, net		30,209	30,978
Liabilities
Current liabilities, including current portion of debt and finance lease obligations		16,802	17,461
Debt and finance lease obligations, less current portion		10,118	10,526
Variable Interest Entity (Textual)
Gain on sale of partial interest in MVP Terminalling, LLC (MVP)		0	0	$ 62
MVP Terminalling, LLC (MVP) [Member]
Variable Interest Entity (Textual)
Ownership interest (percent)	25.01%
Percent membership interest in unconsolidated joint venture sold (percent)	24.99%
Proceeds from sale of membership interest in unconsolidated joint venture	$ 270
Gain on sale of partial interest in MVP Terminalling, LLC (MVP)	$ 62
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents		260	149
Other current assets		1,577	1,145
Property, plant, and equipment, net		4,512	4,545
Liabilities
Current liabilities, including current portion of debt and finance lease obligations		1,443	1,384
Debt and finance lease obligations, less current portion		669	693
Diamond Green Diesel Holdings LLC (DGD) [Member]
Assets
Cash and cash equivalents		237	133
Other current assets		1,520	1,106
Property, plant, and equipment, net		3,772	3,785
Liabilities
Current liabilities, including current portion of debt and finance lease obligations		616	626
Debt and finance lease obligations, less current portion		$ 669	693
Variable Interest Entity (Textual)
Number of renewable diesel plants owned by joint venture | plant		2
Ownership interest (percent)		50%
Central Mexico Terminals [Member]
Assets
Cash and cash equivalents		$ 0	0
Other current assets		11	7
Property, plant, and equipment, net		665	681
Liabilities
Current liabilities, including current portion of debt and finance lease obligations		808	737
Debt and finance lease obligations, less current portion		$ 0	0
Variable Interest Entity (Textual)
Number of subsidiaries | subsidiary		3
Number of terminals | terminal		3
Other VIEs [Member]
Assets
Cash and cash equivalents		$ 23	16
Other current assets		46	32
Property, plant, and equipment, net		75	79
Liabilities
Current liabilities, including current portion of debt and finance lease obligations		19	21
Debt and finance lease obligations, less current portion		$ 0	$ 0
Variable Interest Entity (Textual)
Ownership interest (percent)		50%

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Defined Benefit Plan, Amounts Recognized in Balance Sheet
Accrued expenses		$ (55)		$ (35)
Other long-term liabilities		(476)		(448)
Pension Plans [Member]
Changes in benefit obligation
Benefit obligation as of beginning of year		2,413	[1]	3,463
Service cost		111		152		$ 161
Interest cost		121		85		73
Participant contributions		0		0
Plan amendments		19		0
Benefits paid		(166)		(366)
Actuarial (gain) loss		110		(882)
Foreign currency exchange rate changes		10		(39)
Benefit obligation as of end of year		2,618	[1]	2,413	[1]	3,463
Changes in plan assets
Fair value of plan assets as of beginning of year	[1]	2,485		3,303
Actual return on plan assets	[1]	399		(532)
Company contributions	[1]	101		120
Participant contributions	[1]	0		0
Benefits paid	[1]	(166)		(366)
Foreign currency exchange rate changes	[1]	16		(40)
Fair value of plan assets as of end of year	[1]	2,835		2,485		$ 3,303
Reconciliation of funded status:
Funded status as of end of year	[1]	217		72
Accumulated benefit obligation		$ 2,450		$ 2,271
Actuarial Gain (Loss), Discount Rates (Textual)
Discount rate		5.01%		5.19%		2.93%
Defined Benefit Plan, Amounts Recognized in Balance Sheet
Deferred charges and other assets, net		$ 482		$ 297
Accrued expenses		(32)		(14)
Other long-term liabilities		(233)		(211)
Amounts recognized in balance sheet for defined benefit plans		217		72
Other Postretirement Benefit Plans [Member]
Changes in benefit obligation
Benefit obligation as of beginning of year		258	[1]	347
Service cost		4		6		$ 7
Interest cost		13		8		7
Participant contributions		22		13
Plan amendments		0		0
Benefits paid		(42)		(29)
Actuarial (gain) loss		10		(86)
Foreign currency exchange rate changes		1		(1)
Benefit obligation as of end of year		266	[1]	258	[1]	347
Changes in plan assets
Fair value of plan assets as of beginning of year	[1]	0		0
Actual return on plan assets	[1]	0		0
Company contributions	[1]	20		16
Participant contributions	[1]	22		13
Benefits paid	[1]	(42)		(29)
Foreign currency exchange rate changes	[1]	0		0
Fair value of plan assets as of end of year	[1]	0		0		$ 0
Reconciliation of funded status:
Funded status as of end of year	[1]	$ (266)		$ (258)
Actuarial Gain (Loss), Discount Rates (Textual)
Discount rate		5.01%		5.20%
Defined Benefit Plan, Amounts Recognized in Balance Sheet
Deferred charges and other assets, net		$ 0		$ 0
Accrued expenses		(23)		(21)
Other long-term liabilities		(243)		(237)
Amounts recognized in balance sheet for defined benefit plans		$ (266)		$ (258)
[1] Plan assets include only the assets associated with pension plans subject to legal minimum funding standards. Plan assets associated with U.S. nonqualified pension plans are not included here because they are not protected from our creditors and therefore cannot be reflected as a reduction from our obligations under the pension plans. As a result, the reconciliation of funded status does not reflect the effect of plan assets that exist for all of our defined benefit plans. See Note 19 for the assets associated with certain U.S. nonqualified pension plans.

Employee Benefit Plans, Project

Employee Benefit Plans, Projected Benefit Obligations in Excess of Plan Assets (Details) - Pension Plans [Member] - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Information About Pension Plans with Projected Benefit Obligations In Excess of Plan Assets
Projected benefit obligation	$ 265	$ 249
Fair value of plan assets	$ 0	$ 24

Employee Benefit Plans, Accumul

Employee Benefit Plans, Accumulated Benefit Obligations in Excess of Plan Assets (Details) - Pension Plans [Member] - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Information About Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Accumulated benefit obligation	$ 220	$ 209
Fair value of plan assets	$ 0	$ 24

Employee Benefit Plans, Benefit

Employee Benefit Plans, Benefit Payments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Pension Plans [Member]
Estimated Future Benefit Payments
2024	$ 177
2025	221
2026	193
2027	198
2028	185
2029-2033	1,020
Employee Benefit Plans (Textual)
Planned employer contributions to defined benefit plans in next fiscal year	113
Other Postretirement Benefit Plans [Member]
Estimated Future Benefit Payments
2024	22
2025	22
2026	21
2027	20
2028	19
2029-2033	94
Employee Benefit Plans (Textual)
Planned employer contributions to defined benefit plans in next fiscal year	$ 22

Employee Benefit Plans, Compone

Employee Benefit Plans, Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Benefit Plans (Textual)
The percentage of the greater of the projected benefit obligation or market-related value of plan assets in excess of which net actuarial (gains) losses are amortized	10%
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 111	$ 152	$ 161
Interest cost	121	85	73
Expected return on plan assets	(202)	(192)	(192)
Amortization of:
Net actuarial (gain) loss	(6)	52	81
Prior service credit	(18)	(18)	(18)
Settlement loss	2	61	8
Net periodic benefit cost	8	140	113
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	4	6	7
Interest cost	13	8	7
Expected return on plan assets	0	0	0
Amortization of:
Net actuarial (gain) loss	(6)	0	(1)
Prior service credit	(4)	(4)	(7)
Settlement loss	0	0	0
Net periodic benefit cost	$ 7	$ 10	$ 6

Employee Benefit Plans, Pre-Tax

Employee Benefit Plans, Pre-Tax Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net (gain) loss reclassified into income:
Total changes in other comprehensive income (loss)	$ 30	$ 335	$ 378
Pension Plans [Member]
Net gain (loss) arising during the year:
Net actuarial gain (loss)	87	158	308
Prior service cost	(19)	0	(4)
Net (gain) loss reclassified into income:
Net actuarial (gain) loss	(6)	53	81
Prior service credit	(18)	(18)	(18)
Settlement loss	2	61	8
Effect of exchange rates	4	0	2
Total changes in other comprehensive income (loss)	50	254	377
Other Postretirement Benefit Plans [Member]
Net gain (loss) arising during the year:
Net actuarial gain (loss)	(10)	86	9
Prior service cost	0	0	0
Net (gain) loss reclassified into income:
Net actuarial (gain) loss	(6)	(1)	(1)
Prior service credit	(4)	(4)	(7)
Settlement loss	0	0	0
Effect of exchange rates	0	0	0
Total changes in other comprehensive income (loss)	$ (20)	$ 81	$ 1

Employee Benefit Plans, Pre-T_2

Employee Benefit Plans, Pre-Tax Amounts in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Pension Plans [Member]
Pension and Other Postretirement Benefit Plans Accumulated Other Comprehensive Loss, before Tax
Net actuarial (gain) loss	$ 256	$ 342
Prior service cost (credit)	11	(25)
Total	267	317
Other Postretirement Benefit Plans [Member]
Pension and Other Postretirement Benefit Plans Accumulated Other Comprehensive Loss, before Tax
Net actuarial (gain) loss	(73)	(89)
Prior service cost (credit)	2	(2)
Total	$ (71)	$ (91)

Employee Benefit Plans, Weighte

Employee Benefit Plans, Weighted-Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Minimum [Member]
Employee Benefit Plans (Textual)
Yield curve maturities	6 months
Maximum [Member]
Employee Benefit Plans (Textual)
Yield curve maturities	99 years
Pension Plans [Member]
Weighted Average Assumptions Used to Determine Benefit Obligation
Discount rate	5.01%	5.19%	2.93%
Rate of compensation increase	3.83%	3.76%
Interest crediting rate for cash balance plans	3.59%	3.76%
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	5.19%	2.94%	2.62%
Expected long-term rate of return on plan assets	7.31%	6.71%	7.09%
Rate of compensation increase	3.76%	3.70%	3.66%
Interest crediting rate for cash balance plans	3.76%	3.03%	3.03%
Other Postretirement Benefit Plans [Member]
Weighted Average Assumptions Used to Determine Benefit Obligation
Discount rate	5.01%	5.20%
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	5.20%	2.96%	2.64%

Employee Benefit Plans, Health

Employee Benefit Plans, Health Care Cost Trend Rate (Details)	Dec. 31, 2023	Dec. 31, 2022
Assumed Health Care Cost Trend Rates
Health care cost trend rate assumed for the next year	6.68%	6.78%
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate)	4.97%	4.97%

Employee Benefit Plans, Fair Va

Employee Benefit Plans, Fair Value of Pension Plan Assets (Details) - Pension Plans [Member] - USD ($) $ in Millions		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[1]	$ 2,835	$ 2,485	$ 3,303
Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		938	826
Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		1,897	1,659
Equity Securities [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[2]	$ 585	528
Employee Benefit Plans (Textual)
Percentage of target allocations for plan assets		70%
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[2]	$ 585	528
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[2]	0	0
Mutual Funds [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		223	191
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		223	191
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		$ 0	0
Fixed Income Investments [Member]
Employee Benefit Plans (Textual)
Percentage of target allocations for plan assets		30%
Corporate Debt Instruments [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[2]	$ 251	253
Corporate Debt Instruments [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[2]	0	0
Corporate Debt Instruments [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[2]	251	253
Government Securities [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		272	196
Government Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		86	69
Government Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		186	127
Common Collective Trust [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[3]	1,078	940
Common Collective Trust [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[3]	0	0
Common Collective Trust [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[3]	$ 1,078	$ 940
Common Collective Trusts - Equities [Member]
Employee Benefit Plans (Textual)
Defined benefit plan, actual plan asset allocations		80%	80%
Common Collective Trusts - Bonds [Member]
Employee Benefit Plans (Textual)
Defined benefit plan, actual plan asset allocations		20%	20%
Pooled Separate Accounts [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[4]	$ 323	$ 279
Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[4]	0	0
Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[4]	$ 323	$ 279
Pooled Separate Accounts - Equities [Member]
Employee Benefit Plans (Textual)
Defined benefit plan, actual plan asset allocations		45%	55%
Pooled Separate Accounts - Bonds [Member]
Employee Benefit Plans (Textual)
Defined benefit plan, actual plan asset allocations		55%	45%
Private Fund [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		$ 46	$ 43
Private Fund [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Private Fund [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		46	43
Insurance Contract [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		13	14
Insurance Contract [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Insurance Contract [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		13	14
Interest and Dividends Receivable [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		6	5
Interest and Dividends Receivable [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		6	5
Interest and Dividends Receivable [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Cash and Cash Equivalents [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		48	41
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		48	38
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	3
Securities Transactions Payable, Net [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		(10)	(5)
Securities Transactions Payable, Net [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		(10)	(5)
Securities Transactions Payable, Net [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		$ 0	$ 0
[1] Plan assets include only the assets associated with pension plans subject to legal minimum funding standards. Plan assets associated with U.S. nonqualified pension plans are not included here because they are not protected from our creditors and therefore cannot be reflected as a reduction from our obligations under the pension plans. As a result, the reconciliation of funded status does not reflect the effect of plan assets that exist for all of our defined benefit plans. See Note 19 for the assets associated with certain U.S. nonqualified pension plans. This class of securities includes domestic and international securities, which are held in a wide range of industry sectors. This class primarily includes investments in approximately 80 percent equities and 20 percent bonds as of December 31, 2023 and 2022. This class primarily includes investments in approximately 45 percent equities and 55 percent bonds as of December 31, 2023. As of December 31, 2022, this class primarily included investments in approximately 55 percent equities and 45 percent bonds.

Employee Benefit Plans, Defined

Employee Benefit Plans, Defined Contribution Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Benefit Plans (Textual)
Contributions to defined contribution plans	$ 87	$ 83	$ 82

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation Arrangements Activity
Stock-based compensation expense	$ 107	$ 103	$ 88
Tax benefit recognized on stock-based compensation expense	14	15	13
Tax benefit realized for tax deductions resulting from exercises and vestings	2	2	1
Restricted Stock [Member]
Stock-Based Compensation Arrangements Activity
Stock-based compensation expense	$ 66	$ 67	$ 65
Number of Shares
Nonvested shares as of beginning of period (shares)	1,182,177
Granted (shares)	518,092
Vested (shares)	(786,920)
Forfeited (shares)	(10,503)
Nonvested shares as of end of period (shares)	902,846	1,182,177
Weighted- Average Grant-Date Fair Value per Share
Nonvested shares as of beginning of period (in USD per share)	$ 87.36
Granted (in USD per share)	125.57	$ 112.88	$ 77.71
Vested (in USD per share)	84.12
Forfeited (in USD per share)	95.04
Nonvested shares as of end of period (in USD per share)	$ 112.01	$ 87.36
Vested Awards Other Than Options Rollforward
Fair value of restricted stock vested (in millions)	$ 99	$ 99	$ 59
Stock-Based Compensation (Textual)
Vesting period of stock-based payment awards granted	3 years
Unrecognized share-based compensation cost related to outstanding unvested awards	$ 52
Weighted-average period of recognition for unrecognized compensation costs on nonvested awards	2 years
Performance Awards [Member]
Stock-Based Compensation Arrangements Activity
Stock-based compensation expense	$ 38	32	21
Stock Options and Other Awards [Member]
Stock-Based Compensation Arrangements Activity
Stock-based compensation expense	$ 3	$ 4	$ 2
2020 Omnibus Stock Incentive Plan (2020 OSIP) [Member] | Share-Based Payment Arrangement [Member]
Stock-Based Compensation (Textual)
Number of shares of common stock available to be awarded under stock-based compensation plans (shares)	12,036,501

Income Taxes, Components of Inc

Income Taxes, Components of Income (Loss) Before Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of Income (Loss) Before Income Tax Expense (Benefit)
U.S. operations	$ 9,335	$ 11,716	$ 1,023
Foreign operations	2,433	3,591	520
Income before income tax expense	$ 11,768	$ 15,307	$ 1,543

Income Taxes, Reconciliation of

Income Taxes, Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount
Income tax expense (benefit) at statutory rates		$ 2,409	$ 3,071	$ 288
U.S. state and Canadian provincial tax expense, net of federal income tax effect		275	437	69
Permanent differences		(105)	(77)	(48)
Changes in tax law	[1]			64
CARES Act	[2]			(56)
GILTI tax		167	413	125
Foreign tax credits		(149)	(396)	(103)
Repatriation withholding tax		45	51
Settlements				(22)
Tax effects of income associated with noncontrolling interests		(54)	(53)	(44)
Other, net		31	(18)	(18)
Income tax expense		$ 2,619	$ 3,428	$ 255
Effective Income Tax Rate Reconciliation, Percent
Income tax expense (benefit) at statutory rates (percent)		20.50%	20.10%	18.70%
U.S. state and Canadian provincial tax expense (benefit), net of federal income tax effect (percent)		2.30%	2.80%	4.50%
Permanent differences (percent)		(0.90%)	(0.50%)	(3.10%)
Change in tax law (percent)	[1]			4.10%
CARES Act (percent)	[2]			(3.60%)
GILTI tax (percent)		1.40%	2.70%	8.10%
Foreign tax credits (percent)		(1.30%)	(2.60%)	(6.70%)
Repatriation withholding tax (percent)		0.40%	0.30%
Settlements (percent)				(1.40%)
Tax effects of income associated with noncontrolling interests (percent)		(0.40%)	(0.30%)	(2.90%)
Other, net (percent)		0.30%	(0.10%)	(1.20%)
Income tax expense (percent)		22.30%	22.40%	16.50%
U.S. [Member]
Effective Income Tax Rate Reconciliation, Amount
Income tax expense (benefit) at statutory rates		$ 1,960	$ 2,460	$ 215
U.S. state and Canadian provincial tax expense, net of federal income tax effect		114	182	16
Permanent differences		(87)	(61)	(34)
Changes in tax law	[1]			(10)
CARES Act	[2]			(56)
GILTI tax		167	413	125
Foreign tax credits		(149)	(396)	(103)
Repatriation withholding tax		45	51
Settlements				(22)
Tax effects of income associated with noncontrolling interests		(84)	(78)	(74)
Other, net		8	(27)	(7)
Income tax expense		$ 1,974	$ 2,544	$ 50
Effective Income Tax Rate Reconciliation, Percent
Income tax expense (benefit) at statutory rates (percent)		21%	21%	21%
U.S. state and Canadian provincial tax expense (benefit), net of federal income tax effect (percent)		1.20%	1.60%	1.60%
Permanent differences (percent)		(0.90%)	(0.50%)	(3.30%)
Change in tax law (percent)	[1]			(1.00%)
CARES Act (percent)	[2]			(5.50%)
GILTI tax (percent)		1.80%	3.50%	12.20%
Foreign tax credits (percent)		(1.60%)	(3.40%)	(10.10%)
Repatriation withholding tax (percent)		0.50%	0.40%
Settlements (percent)				(2.10%)
Tax effects of income associated with noncontrolling interests (percent)		(0.90%)	(0.70%)	(7.20%)
Other, net (percent)		0%	(0.20%)	(0.70%)
Income tax expense (percent)		21.10%	21.70%	4.90%
Foreign [Member]
Effective Income Tax Rate Reconciliation, Amount
Income tax expense (benefit) at statutory rates		$ 449	$ 611	$ 73
U.S. state and Canadian provincial tax expense, net of federal income tax effect		161	255	53
Permanent differences		(18)	(16)	(14)
Changes in tax law	[1]			74
CARES Act	[2]			0
GILTI tax		0	0	0
Foreign tax credits		0	0	0
Repatriation withholding tax		0	0
Settlements				0
Tax effects of income associated with noncontrolling interests		30	25	30
Other, net		23	9	(11)
Income tax expense		$ 645	$ 884	$ 205
Effective Income Tax Rate Reconciliation, Percent
Income tax expense (benefit) at statutory rates (percent)		18.50%	17%	14%
U.S. state and Canadian provincial tax expense (benefit), net of federal income tax effect (percent)		6.60%	7.10%	10.20%
Permanent differences (percent)		(0.70%)	(0.50%)	(2.70%)
Change in tax law (percent)	[1]			14.20%
CARES Act (percent)	[2]			0%
GILTI tax (percent)		0%	0%	0%
Foreign tax credits (percent)		0%	0%	0%
Repatriation withholding tax (percent)		0%	0%
Settlements (percent)				0%
Tax effects of income associated with noncontrolling interests (percent)		1.20%	0.70%	5.80%
Other, net (percent)		0.90%	0.30%	(2.10%)
Income tax expense (percent)		26.50%	24.60%	39.40%
[1] During the three months ended June 30, 2021, certain statutory income tax rate changes (primarily an increase in the U.K. rate from 19 percent to 25 percent effective in 2023) were enacted that resulted in the remeasurement of our deferred tax liabilities and related deferred income tax expense. Upon filing our superseding 2020 federal income tax return in the fourth quarter of 2021, we recorded an additional tax benefit during the year ended December 31, 2021 related to the additional 2020 tax net operating loss (NOL) carryback to 2015, as permitted by the Coronavirus Aid, Relief and Economic Security (CARES) Act enacted on March 27, 2020.

Income Taxes, Components of I_2

Income Taxes, Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Country	$ 2,219	$ 2,913	$ 283
U.S. state / Canadian provincial	297	465	98
Total current	2,516	3,378	381
Deferred:
Country	94	26	(58)
U.S. state / Canadian provincial	9	24	(68)
Total deferred	103	50	(126)
Income tax expense	2,619	3,428	255
U.S. [Member]
Current:
Country	1,804	2,147	68
U.S. state / Canadian provincial	157	153	1
Total current	1,961	2,300	69
Deferred:
Country	25	164	5
U.S. state / Canadian provincial	(12)	80	(24)
Total deferred	13	244	(19)
Income tax expense	1,974	2,544	50
Foreign [Member]
Current:
Country	415	766	215
U.S. state / Canadian provincial	140	312	97
Total current	555	1,078	312
Deferred:
Country	69	(138)	(63)
U.S. state / Canadian provincial	21	(56)	(44)
Total deferred	90	(194)	(107)
Income tax expense	$ 645	$ 884	$ 205

Income Taxes, Income Taxes Paid

Income Taxes, Income Taxes Paid (Refunded), Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes Paid, Net
Income taxes paid (refunded), net	$ 3,494	$ 3,288	$ (842)
U.S. [Member]
Income Taxes Paid, Net
Income taxes paid (refunded), net	2,158	2,396	(878)	[1]
U.S. [Member] | Internal Revenue Service (IRS) [Member]
Income Taxes Paid (Textual)
Refund received			962
Foreign [Member]
Income Taxes Paid, Net
Income taxes paid (refunded), net	$ 1,336	$ 892	$ 36
[1] This amount includes a refund of $962 million that we received related to our U.S. federal income tax return for 2020.

Income Taxes, Deferred Income T

Income Taxes, Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets:
Tax credit carryforwards	$ 809	$ 660
NOLs	710	642
Inventories	237	326
Compensation and employee benefit liabilities	32	44
Environmental liabilities	59	57
Finance lease obligations	314	309
Operating lease liabilities	519	512
Other	130	186
Total deferred income tax assets	2,810	2,736
Valuation allowance	(1,383)	(1,234)
Net deferred income tax assets	1,427	1,502
Deferred income tax liabilities:
Property, plant, and equipment	5,121	5,022
Deferred turnaround costs	399	369
Operating lease ROU assets	546	507
Inventories	106	234
Investments	423	431
Other	181	156
Total deferred income tax liabilities	6,776	6,719
Net deferred income tax liabilities	$ 5,349	$ 5,217

Income Taxes, Tax Credits and L

Income Taxes, Tax Credits and Loss Carryforwards (Details) $ in Millions	Dec. 31, 2023 USD ($)
U.S. State [Member] | Operating Loss Carryforwards, Limited [Member]
Operating Loss Carryforwards
Income tax NOLs	$ 12,164
U.S. State [Member] | Tax Credits, Limited [Member]
Operating Loss Carryforwards
Income tax credits	76
U.S. State [Member] | Tax Credits, Unlimited [Member]
Operating Loss Carryforwards
Income tax credits	2
Foreign [Member] | Operating Loss Carryforwards, Unlimited [Member]
Operating Loss Carryforwards
Income tax NOLs	329
Foreign [Member] | Tax Credits, Limited [Member]
Operating Loss Carryforwards
Income tax credits	$ 748

Income Taxes, Narrative (Detail

Income Taxes, Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Narrative (Textual)
Increase in valuation allowance	$ 149
Unrecognized tax benefits if recognized that would reduce the effective tax rate	126	$ 190
Cumulative undistributed earnings of foreign subsidiaries	7,100
Foreign earnings repatriated	1,400
Foreign earnings repatriated, accrued withholding tax	$ 45

Income Taxes, Change in Unrecog

Income Taxes, Change in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unrecognized Tax Benefits [Roll Forward]
Balance as of beginning of year	$ 284	$ 816	$ 847
Additions for tax positions related to the current year	18	27	3
Additions for tax positions related to prior years	4	19	13
Reductions for tax positions related to prior years	(73)	(573)	(25)
Reductions for tax positions related to the lapse of applicable statute of limitations	(9)	(5)	0
Settlements	(38)	0	(22)
Balance as of end of year	$ 186	$ 284	$ 816

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per common share:
Net income attributable to Valero stockholders	$ 8,835	$ 11,528	$ 930
Less: Income allocated to participating securities	27	43	6
Net income available to common stockholders	$ 8,808	$ 11,485	$ 924
Weighted-average common shares outstanding (shares)	353	395	407
Earnings per common share (in dollars per share)	$ 24.93	$ 29.05	$ 2.27
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$ 8,835	$ 11,528	$ 930
Less: Income allocated to participating securities	27	43	6
Net income available to common stockholders	$ 8,808	$ 11,485	$ 924
Weighted-average common shares outstanding (shares)	353	395	407
Effect of dilutive securities (shares)	0	1	0
Weighted-average common shares outstanding – assuming dilution (shares)	353	396	407
Earnings per common share – assuming dilution (in dollars per share)	$ 24.92	$ 29.04	$ 2.27

Revenues and Segment Informat_3

Revenues and Segment Information, Contract Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Receivables from contracts with customers (see Note 3)	$ 7,209	$ 7,189
Contract liabilities, included in accrued expenses (see Note 8)	40	129
Contract Balances (Textual)
Revenue recognized that was included in contract liabilities as of prior year end	$ 127	$ 76	$ 47

Revenues and Segment Informat_4

Revenues and Segment Information, Activity (Details) $ in Millions		12 Months Ended
		Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Information for our Reportable Segments
Revenues	[1]	$ 144,766	$ 176,383	$ 113,977
Cost of sales:
Cost of materials and other	[2]	123,087	150,770	102,714
Operating expenses (excluding depreciation and amortization expense reflected below)		6,089	6,389	5,776
Depreciation and amortization expense		2,658	2,428	2,358
Total cost of sales		131,834	159,587	110,848
Asset impairment loss		0	61	0
Other operating expenses		33	66	87
General and administrative expenses (excluding depreciation and amortization expense reflected below)		998	934	865
Depreciation and amortization expense		43	45	47
Operating income		11,858	15,690	2,130
Other income, net		502	179	16
Interest and debt expense, net of capitalized interest		(592)	(562)	(603)
Income before income tax expense		11,768	15,307	1,543
Total expenditures for long-lived assets	[3]	$ 1,916	2,737	2,458
Segment Information (Textual)
Number of reportable segments | segment		3
Corporate, Reconciling Items, and Eliminations[Member]
Segment Information for our Reportable Segments
Revenues		$ (4,272)	(2,814)	(915)
Cost of sales:
Operating income		(1,058)	(997)	(914)
Corporate [Member]
Segment Information for our Reportable Segments
Revenues		0	0	0
Cost of sales:
General and administrative expenses (excluding depreciation and amortization expense reflected below)		998	934	865
Depreciation and amortization expense		43	45	47
Total expenditures for long-lived assets	[3]	91	73	17
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(4,272)	(2,814)	(915)
Cost of sales:
Cost of materials and other	[2]	(4,259)	(2,796)	(911)
Operating expenses (excluding depreciation and amortization expense reflected below)		8	0	(2)
Depreciation and amortization expense		(4)	0	0
Total cost of sales		(4,255)	(2,796)	(913)
Asset impairment loss			0
Other operating expenses		0	0	0
Refining [Member]
Segment Information for our Reportable Segments
Revenues		136,470	168,154	106,947
Refining [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		136,488	168,210	106,961
Cost of sales:
Cost of materials and other	[2]	117,401	144,588	97,759
Operating expenses (excluding depreciation and amortization expense reflected below)		5,208	5,509	5,088
Depreciation and amortization expense		2,351	2,247	2,169
Total cost of sales		124,960	152,344	105,016
Asset impairment loss			0
Other operating expenses		17	63	83
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0
Depreciation and amortization expense		0	0	0
Operating income		11,511	15,803	1,862
Total expenditures for long-lived assets	[3]	1,488	1,763	1,374
Refining [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		18	56	14
Renewable Diesel [Member]
Segment Information for our Reportable Segments
Revenues		3,823	3,483	1,874
Renewable Diesel [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		6,991	5,501	2,342
Cost of sales:
Cost of materials and other	[2]	5,550	4,350	1,438
Operating expenses (excluding depreciation and amortization expense reflected below)		358	255	134
Depreciation and amortization expense		231	122	58
Total cost of sales		6,139	4,727	1,630
Asset impairment loss			0
Other operating expenses		0	0	3
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0
Depreciation and amortization expense		0	0	0
Operating income		852	774	709
Total expenditures for long-lived assets	[3]	294	879	1,049
Segment Information (Textual)
Blender's tax credit		1,200	761	371
Renewable Diesel [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		3,168	2,018	468
Ethanol [Member]
Segment Information for our Reportable Segments
Revenues		4,473	4,746	5,156
Ethanol [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		5,559	5,486	5,589
Cost of sales:
Cost of materials and other	[2]	4,395	4,628	4,428
Operating expenses (excluding depreciation and amortization expense reflected below)		515	625	556
Depreciation and amortization expense		80	59	131
Total cost of sales		4,990	5,312	5,115
Asset impairment loss			61
Other operating expenses		16	3	1
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0
Depreciation and amortization expense		0	0	0
Operating income		553	110	473
Total expenditures for long-lived assets	[3]	43	22	18
Ethanol [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ 1,086	$ 740	$ 433
[1] Includes excise taxes on sales by certain of our foreign operations of $5,765 million, $5,194 million, and $5,645 million for the years ended December 31, 2023, 2022, and 2021. Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $1.2 billion, $761 million, and $371 million for the years ended December 31, 2023, 2022, and 2021, respectively. Total expenditures for long-lived assets includes amounts related to capital expenditures; deferred turnaround and catalyst costs; and property, plant, and equipment for acquisitions.

Revenues and Segment Informat_5

Revenues and Segment Information, Revenue by Product (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue by Segment
Revenues	[1]	$ 144,766	$ 176,383	$ 113,977
Refining [Member]
Revenue by Segment
Revenues		136,470	168,154	106,947
Refining [Member] | Gasoline and Blendstocks [Member]
Revenue by Segment
Revenues		61,538	70,496	49,534
Refining [Member] | Distillates [Member]
Revenue by Segment
Revenues		63,664	82,521	45,939
Refining [Member] | Other Product Revenues [Member]
Revenue by Segment
Revenues		11,268	15,137	11,474
Renewable Diesel [Member]
Revenue by Segment
Revenues		3,823	3,483	1,874
Renewable Diesel [Member] | Renewable Diesel [Member]
Revenue by Segment
Revenues		3,665	3,333	1,874
Renewable Diesel [Member] | Renewable Naphtha [Member]
Revenue by Segment
Revenues		158	150	0
Ethanol [Member]
Revenue by Segment
Revenues		4,473	4,746	5,156
Ethanol [Member] | Ethanol [Member]
Revenue by Segment
Revenues		3,300	3,653	4,122
Ethanol [Member] | Distillers Grains [Member]
Revenue by Segment
Revenues		$ 1,173	$ 1,093	$ 1,034
[1] Includes excise taxes on sales by certain of our foreign operations of $5,765 million, $5,194 million, and $5,645 million for the years ended December 31, 2023, 2022, and 2021.

Revenues and Segment Informat_6

Revenues and Segment Information, Geographic Information by Country for Revenue and Long-Lived Assets (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Revenues by Geographic Area
Revenues	[1]	$ 144,766	$ 176,383	$ 113,977
Geographic Information by Country for Long-Lived Assets
Long-lived assets		32,649	33,173
U.S. [Member]
Operating Revenues by Geographic Area
Revenues		104,208	126,722	82,940
Geographic Information by Country for Long-Lived Assets
Long-lived assets		28,868	29,378
Canada [Member]
Operating Revenues by Geographic Area
Revenues		10,107	11,743	6,597
Geographic Information by Country for Long-Lived Assets
Long-lived assets		1,598	1,634
U.K. and Ireland [Member]
Operating Revenues by Geographic Area
Revenues		16,148	17,822	13,307
Geographic Information by Country for Long-Lived Assets
Long-lived assets		1,346	1,301
Mexico and Peru [Member]
Operating Revenues by Geographic Area
Revenues		6,438	8,396	3,855
Geographic Information by Country for Long-Lived Assets
Long-lived assets		837	860
Other Countries [Member]
Operating Revenues by Geographic Area
Revenues		$ 7,865	$ 11,700	$ 7,278
[1] Includes excise taxes on sales by certain of our foreign operations of $5,765 million, $5,194 million, and $5,645 million for the years ended December 31, 2023, 2022, and 2021.

Revenues and Segment Informat_7

Revenues and Segment Information, Total Assets by Reportable Segments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Total Assets by Reportable Segments
Reportable segment assets	$ 63,056	$ 60,982
Equity Method Investments (Textual):
Investments in nonconsolidated joint ventures	713	724
Corporate and Eliminations [Member]
Total Assets by Reportable Segments
Reportable segment assets	6,686	5,730
Refining [Member]
Equity Method Investments (Textual):
Investments in nonconsolidated joint ventures	713	724
Refining [Member] | Operating Segments [Member]
Total Assets by Reportable Segments
Reportable segment assets	49,031	48,484
Renewable Diesel [Member] | Operating Segments [Member]
Total Assets by Reportable Segments
Reportable segment assets	5,790	5,217
Ethanol [Member] | Operating Segments [Member]
Total Assets by Reportable Segments
Reportable segment assets	$ 1,549	$ 1,551

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
		Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase in current assets:
Receivables, net			$ (387)	$ (1,619)	$ (4,382)
Inventories			(684)	(672)	(253)
Prepaid expenses and other			(34)	(180)	(22)
Increase (decrease) in current liabilities:
Accounts payable			(169)	521	6,301
Accrued expenses			(50)	(5)	253
Taxes other than income taxes payable			(226)	98	104
Income taxes payable			(776)	231	224
Changes in current assets and current liabilities			(2,326)	(1,626)	2,225
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized, including interest on finance leases			562	570	598
Income taxes paid (refunded), net (see Note 15)			3,494	3,288	(842)
Operating cash flows
Operating Leases			428	395	397
Finance Leases			107	83	72
Investing cash flows
Operating Leases			0	0	1
Financing cash flows
Finance Leases			250	180	135
Changes in lease balances resulting from new and modified leases, Operating Leases	[1]		396	178	451
Changes in lease balances resulting from new and modified leases, Finance Leases	[1]		157	660	378
Diamond Green Diesel Holdings LLC (DGD) [Member] | DGD Port Arthur Plant [Member]
Financing cash flows
Changes in lease balances resulting from new and modified leases, Finance Leases		$ 500
U.S. [Member]
Cash Flows Related to Interest and Income Taxes
Income taxes paid (refunded), net (see Note 15)			$ 2,158	$ 2,396	(878)	[2]
U.S. [Member] | Internal Revenue Service (IRS) [Member]
Supplemental Cash Flow Information (Textual)
Refund received					$ 962
[1] Noncash activity for the year ended December 31, 2022 primarily included approximately $500 million for a finance lease ROU asset and related liability recognized in connection with the completion of the DGD Port Arthur Plant described in Note 5. This amount includes a refund of $962 million that we received related to our U.S. federal income tax return for 2020.

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Investments in AFS debt securities	$ 111	$ 221
Total gross fair value, assets	994	1,133
Effect of counterparty netting	(642)	(705)
Effect of cash collateral netting	(66)	(8)
Net carrying value on balance sheet, assets	286	420
Liabilities
Blending program obligations	58	55
Total gross fair value, liabilities	714	766
Effect of counterparty netting	(642)	(705)
Effect of cash collateral netting	(1)	0
Net carrying value on balance sheet, liabilities	71	61
Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	80	78
Commodity Contracts [Member]
Assets
Derivative contracts	803	830
Effect of counterparty netting	(642)	(705)
Effect of cash collateral netting	(66)	(8)
Derivative contracts, net assets	95	117
Cash collateral received not offset	0	0
Liabilities
Derivative contracts	643	705
Effect of counterparty netting	(642)	(705)
Effect of cash collateral netting	(1)	0
Derivative contracts, net liabilities	0	0
Cash collateral paid not offset	(67)	(149)
Physical Purchase Contracts [Member]
Assets
Derivative assets, not subject to netting		4
Liabilities
Derivative liabilities, not subject to netting	6	4
Foreign Currency Contracts [Member]
Liabilities
Derivative liabilities, not subject to netting	7	2
Fair Value, Inputs, Level 1 [Member]
Assets
Investments in AFS debt securities	36	56
Total gross fair value, assets	915	958
Liabilities
Blending program obligations	0	0
Total gross fair value, liabilities	650	707
Fair Value, Inputs, Level 1 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	76	72
Fair Value, Inputs, Level 1 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	803	830
Liabilities
Derivative contracts	643	705
Fair Value, Inputs, Level 1 [Member] | Physical Purchase Contracts [Member]
Assets
Derivative assets, not subject to netting		0
Liabilities
Derivative liabilities, not subject to netting	0	0
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Contracts [Member]
Liabilities
Derivative liabilities, not subject to netting	7	2
Fair Value, Inputs, Level 2 [Member]
Assets
Investments in AFS debt securities	75	165
Total gross fair value, assets	75	169
Liabilities
Blending program obligations	58	55
Total gross fair value, liabilities	64	59
Fair Value, Inputs, Level 2 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	0	0
Fair Value, Inputs, Level 2 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	0	0
Liabilities
Derivative contracts	0	0
Fair Value, Inputs, Level 2 [Member] | Physical Purchase Contracts [Member]
Assets
Derivative assets, not subject to netting		4
Liabilities
Derivative liabilities, not subject to netting	6	4
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contracts [Member]
Liabilities
Derivative liabilities, not subject to netting	0	0
Fair Value, Inputs, Level 3 [Member]
Assets
Investments in AFS debt securities	0	0
Total gross fair value, assets	4	6
Liabilities
Blending program obligations	0	0
Total gross fair value, liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	4	6
Fair Value, Inputs, Level 3 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	0	0
Liabilities
Derivative contracts	0	0
Fair Value, Inputs, Level 3 [Member] | Physical Purchase Contracts [Member]
Assets
Derivative assets, not subject to netting		0
Liabilities
Derivative liabilities, not subject to netting	0	0
Fair Value, Inputs, Level 3 [Member] | Foreign Currency Contracts [Member]
Liabilities
Derivative liabilities, not subject to netting	$ 0	$ 0

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Nonrecurring Fair Value Measurements (Textual)
Asset impairment loss	$ 0	$ 61,000,000	$ 0
Fair Value, Nonrecurring [Member]
Nonrecurring Fair Value Measurements (Textual)
Assets measured at fair value, nonrecurring	0	0
Liabilities measured at fair value, nonrecurring	$ 0	$ 0

Fair Value Measurements, Other

Fair Value Measurements, Other Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial liabilities:
Debt (excluding finance leases), at carrying amount	$ 9,218	$ 9,241
Fair Value, Inputs, Level 2 [Member]
Financial liabilities:
Debt (excluding finance leases), at fair value	$ 9,109	$ 8,902

Price Risk Management Activit_3

Price Risk Management Activities (Details) bu in Thousands, $ in Millions		12 Months Ended
		Dec. 31, 2023 USD ($) MMBTU bu MBbls	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $	[1]	$ 123,087	$ 150,770	$ 102,714
Costs of Renewable and Low-Carbon Fuel Programs [Member]
Price Risk Management Activities (Textual)
Compliance program costs | $		$ 1,300	$ 1,500	$ 2,100
Derivatives Designated as Economic Hedges [Member] | Futures, 2024 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		98,244
Derivatives Designated as Economic Hedges [Member] | Futures, 2024 Maturity [Member] | Long (Purchases) [Member] | Natural Gas (in millions of Btu) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, energy | MMBTU		1,595,000
Derivatives Designated as Economic Hedges [Member] | Futures, 2024 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		47,135
Derivatives Designated as Economic Hedges [Member] | Futures, 2024 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		94,194
Derivatives Designated as Economic Hedges [Member] | Futures, 2024 Maturity [Member] | Short (Sales) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		63,660
Derivatives Designated as Economic Hedges [Member] | Physical Contracts, 2024 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		15,679
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollars [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		$ 622
Cash Flow Hedges [Member] | Derivatives Designated as Hedges [Member] | Futures, 2024 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		1,925
Cash Flow Hedges [Member] | Derivatives Designated as Hedges [Member] | Futures, 2024 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		8,821
[1] Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $1.2 billion, $761 million, and $371 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Price Risk Management Activit_4

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Trade Accounts Receivable [Member]
Asset Derivatives
Derivative assets, subject to netting, gross	$ 141	$ 61
Liability Derivatives
Derivative liabilities, subject to netting, gross	34	44
Derivatives Not Designated as Hedging Instruments [Member]
Asset Derivatives
Total	662	773
Liability Derivatives
Total	622	667
Derivatives Not Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Trade Accounts Receivable [Member]
Asset Derivatives
Derivative assets, subject to netting, gross	662	769
Liability Derivatives
Derivative liabilities, subject to netting, gross	609	661
Derivatives Not Designated as Hedging Instruments [Member] | Physical Purchase Contracts [Member] | Inventories [Member]
Asset Derivatives
Derivative assets, not subject to netting	0	4
Liability Derivatives
Derivative liabilities, not subject to netting	6	4
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Accrued Expenses [Member]
Asset Derivatives
Derivative assets, not subject to netting	0	0
Liability Derivatives
Derivative liabilities, not subject to netting	$ 7	$ 2

Price Risk Management Activit_5

Price Risk Management Activities, Effect of Derivative Instruments on Income and Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commodity Contracts [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in other comprehensive income (loss)	$ 82	$ (292)	$ (44)
Commodity Contracts [Member] | Revenues [Member]
Effect of Derivative Instruments on Income
Loss reclassified from accumulated other comprehensive loss into income	(8)	(286)	(46)
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	(27)	(17)	28
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	208	(988)	(86)
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	1	(1)	54
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	(34)	73	9
Foreign Currency Contracts [Member] | Other Income, Net [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	$ 0	$ (119)	$ 44