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Tables in the 10-Q of VALERO ENERGY CORP/TX
66 tables with numbers, filed Oct 28, 2026. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| Page |
| PART I – FINANCIAL INFORMATION | |
| ITEM 1. FINANCIAL STATEMENTS | |
| Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025 | 1 |
| Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2026 and 2025 | 2 |
| Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2026 and 2025 | 3 |
| Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2026 and 2025 | 4 |
| Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025 | 6 |
First 8 of 19 rows. The CSV has all of them.
Table 2 after “(millions of dollars, except par value)”
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| September 30, 2026 | December 31, 2025 | |
| (unaudited) | | |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $9,840 | | $4,688 |
| Receivables, net | 14,749 | | 9,877 |
| Inventories | 7,611 | | 7,591 |
| Prepaid expenses and other | 1,361 | | 1,054 |
First 8 of 37 rows. The CSV has all of them.
| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Revenues (a) | $46,098 | | $32,168 | | $122,955 | $92,315 |
| Cost of sales: | | | | | | |
| Cost of materials and other | 32,741 | | 26,132 | | 94,056 | 76,858 |
| Taxes other than income taxes | 1,654 | | 1,826 | | 5,023 | 4,980 |
| Operating expenses (excluding depreciation and amortizationexpense reflected below) | 1,627 | | 1,614 | | 4,728 | 4,659 |
| Depreciation and amortization expense | 669 | | 824 | | 2,220 | 2,290 |
First 8 of 28 rows. The CSV has all of them.
| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Net income | $6,989 | | $1,066 | | $12,384 | $1,077 |
| Other comprehensive income (loss): | | | | | | |
| Foreign currency translation adjustment | (55) | | (157) | | (265) | 569 |
| Net gain (loss) on pension and other postretirementbenefits | (3) | | (4) | | (9) | 1 |
| Net gain (loss) on cash flow hedges | (173) | | 8 | | (160) | 8 |
| Other comprehensive income (loss) beforeincome tax expense (benefit) | (231) | | (153) | | (434) | 578 |
First 8 of 13 rows. The CSV has all of them.
| Valero Energy Corporation Stockholders’ Equity | | | | | | | | | | | | |
| Common Stock | Additional Paid-in Capital | | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | | Total | Non- controlling Interests | Total Equity | | | |
| Balance as of June 30, 2026 | $7 | | $7,014 | | $(33,575) | | $52,228 | | $(673) | | $25,001 | $3,267 | $28,268 |
| Net income | — | | — | | — | | 6,828 | | — | | 6,828 | 161 | 6,989 |
| Dividends on common stock($1.20 per share) | — | | — | | — | | (345) | | — | | (345) | — | (345) |
| Stock-based compensation expense | — | | 10 | | — | | — | | — | | 10 | — | 10 |
| Transactions in connectionwith stock-basedcompensation plans | — | | 1 | | (1) | | — | | — | | — | — | — |
| Purchases of common stock fortreasury | — | | — | | (3,396) | | — | | — | | (3,396) | — | (3,396) |
First 8 of 21 rows. The CSV has all of them.
| Valero Energy Corporation Stockholders’ Equity | | | | | | | | | | | | |
| Common Stock | Additional Paid-in Capital | | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | | Total | Non- controlling Interests | Total Equity | | | |
| Balance as of December 31, 2025 | $7 | | $6,981 | | $(30,753) | | $47,959 | | $(469) | | $23,725 | $2,880 | $26,605 |
| Net income | — | | — | | — | | 11,811 | | — | | 11,811 | 573 | 12,384 |
| Dividends on common stock($3.60 per share) | — | | — | | — | | (1,059) | | — | | (1,059) | — | (1,059) |
| Stock-based compensation expense | — | | 70 | | — | | — | | — | | 70 | — | 70 |
| Transactions in connectionwith stock-basedcompensation plans | — | | (26) | | 26 | | — | | — | | — | — | — |
| Purchases of common stock fortreasury | — | | — | | (6,245) | | — | | — | | (6,245) | — | (6,245) |
First 8 of 22 rows. The CSV has all of them.
| Nine Months Ended September 30, | | |
| 2026 | 2025 | |
| Cash flows from operating activities: | | | |
| Net income | $12,384 | | $1,077 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | |
| Depreciation and amortization expense | 2,261 | | 2,341 |
| Asset impairment loss | — | | 1,131 |
| Deferred income tax benefit | (575) | | (288) |
First 8 of 42 rows. The CSV has all of them.
Table 8 after “Inventories consisted of the following (in millions):”
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| September 30, 2026 | December 31, 2025 | |
| Refinery feedstocks | $1,622 | | $1,880 |
| Refined petroleum products and blendstocks | 4,276 | | 4,182 |
| Renewable diesel feedstocks and products | 970 | | 809 |
| Ethanol feedstocks and products | 330 | | 314 |
| Materials and supplies | 413 | | 406 |
| Inventories | $7,611 | | $7,591 |
Table 9 after “We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions):”
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| | | | September 30, 2026 | | | | | | |
| Facility Amount | Maturity Date | | Outstanding Borrowings | | Letters of Credit Issued (a) | Availability | | | |
| Committed facilities: | | | | | | | | | | |
| Valero Revolver | $4,000 | | October 2030 | | $— | | $2 | | | $3,998 |
| Accounts receivable salesfacility | 1,300 | | June 2027 | | — | | n/a | | 1,300 | |
| Committed facilities of VIEs (b): | | | | | | | | | | |
| DGD Revolver (c) | 400 | | February 2029 | | — | | — | | | 400 |
| DGD Loan Agreement (d) | 100 | | June 2029 | | — | | n/a | | 100 | |
First 8 of 13 rows. The CSV has all of them.
Table 10 after “Activity under our credit facilities was as follows (in millions):”
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| Nine Months Ended September 30, | | |
| 2026 | 2025 | |
| Borrowings: | | | |
| Accounts receivable sales facility | $1,850 | | $4,950 |
| DGD Revolver | 400 | | 400 |
| DGD Loan Agreement | 150 | | — |
| Repayments: | | | |
| Accounts receivable sales facility | (1,850) | | (4,950) |
First 8 of 11 rows. The CSV has all of them.
Table 11 after ““Interest and debt expense, net of capitalized interest” was as follows (in millions):”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Interest and debt expense | $151 | | $144 | | $449 | $432 |
| Less: Capitalized interest | 7 | | 5 | | 20 | 15 |
| Interest and debt expense, net of capitalizedinterest | $144 | | $139 | | $429 | $417 |
Table 12 after “Our Board authorized us to purchase shares of our outstanding common stock under various programs with no expiration dates as follows (in mi”
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| Program Name | Authorization Date | Total Cost Authorized | Completion of Authorized Share Purchases | | RemainingAvailable forPurchase as ofSeptember 30,2026 | |
| September 2024 Program | September 19, 2024 | $2,500 | | Second quarter of 2026 | | $— |
| February 2026 Program | February 25, 2026 | 2,500 | | Third quarter of 2026 | | — |
| July 2026 Program | July 16, 2026 | 5,000 | | n/a | | 3,029 |
Table 13 after “Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions):”
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| Three Months Ended September 30, | | | | | | | | | | | | |
| 2026 | 2025 | | | | | | | | | | | |
| Foreign Currency Translation Adjustment | Defined Benefit Plans Items | | Gains (Losses) on Cash Flow Hedges | Total | Foreign Currency Translation Adjustment | | Defined Benefit Plans Items | Gains (Losses) on Cash Flow Hedges | Total | | | |
| Balance as of beginningof period | $(807) | | $125 | | $9 | | $(673) | | $(548) | | $1 | $(6) | $(553) |
| Other comprehensiveloss beforereclassifications | (55) | | — | | (104) | | (159) | | (155) | | — | (6) | (161) |
| Amounts reclassifiedfrom accumulatedother comprehensiveloss | — | | (2) | | 36 | | 34 | | — | | (1) | 9 | 8 |
| Effect of exchange rates | — | | 1 | | — | | 1 | | — | | (2) | — | (2) |
| Other comprehensiveincome (loss) | (55) | | (1) | | (68) | | (124) | | (155) | | (3) | 3 | (155) |
First 8 of 9 rows. The CSV has all of them.
Table 14 after “Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions):”
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| Nine Months Ended September 30, | | | | | | | | | | | | |
| 2026 | 2025 | | | | | | | | | | | |
| Foreign Currency Translation Adjustment | Defined Benefit Plans Items | | Gains (Losses) on Cash Flow Hedges | Total | Foreign Currency Translation Adjustment | | Defined Benefit Plans Items | Gains (Losses) on Cash Flow Hedges | Total | | | |
| Balance as of beginningof period | $(602) | | $130 | | $3 | | $(469) | | $(1,264) | | $(2) | $(6) | $(1,272) |
| Other comprehensiveincome (loss) beforereclassifications | (260) | | — | | (162) | | (422) | | 561 | | — | (6) | 555 |
| Amounts reclassifiedfrom accumulatedother comprehensiveloss | — | | (5) | | 100 | | 95 | | — | | (5) | 9 | 4 |
| Effect of exchange rates | — | | (1) | | — | | (1) | | — | | 5 | — | 5 |
| Other comprehensiveincome (loss) | (260) | | (6) | | (62) | | (328) | | 561 | | — | 3 | 564 |
First 8 of 9 rows. The CSV has all of them.
Table 15 after “The following tables present summarized balance sheet information for the significant assets and liabilities of the consolidated VIEs, which”
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| DGD | Central Mexico Terminals | | Other | Total | |
| September 30, 2026 | | | | | | |
| Assets | | | | | | |
| Cash and cash equivalents | $365 | | $2 | | $32 | $399 |
| Other current assets | 1,338 | | 15 | | 136 | 1,489 |
| Property, plant, and equipment, net | 3,489 | | 605 | | 58 | 4,152 |
| Liabilities | | | | | | |
| Current liabilities, including current portion ofdebt and finance lease obligations | $215 | | $22 | | $5 | $242 |
First 8 of 9 rows. The CSV has all of them.
Table 16 after “CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)”
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| DGD | Central Mexico Terminals | | Other | Total | |
| December 31, 2025 | | | | | | |
| Assets | | | | | | |
| Cash and cash equivalents | $196 | | $2 | | $30 | $228 |
| Other current assets | 1,106 | | 18 | | 49 | 1,173 |
| Property, plant, and equipment, net | 3,643 | | 619 | | 61 | 4,323 |
| Liabilities | | | | | | |
| Current liabilities, including current portion ofdebt and finance lease obligations | $297 | | $43 | | $4 | $344 |
First 8 of 9 rows. The CSV has all of them.
Table 17 after “The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions):”
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| Pension Plans | Other Postretirement Benefit Plans | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Three months ended September 30 | | | | | | |
| Service cost | $28 | | $27 | | $— | $— |
| Interest cost | 32 | | 34 | | 3 | 3 |
| Expected return on plan assets | (57) | | (56) | | — | — |
| Amortization of: | | | | | | |
| Net actuarial gain | (2) | | (2) | | (2) | (2) |
First 8 of 20 rows. The CSV has all of them.
Table 18 after “Earnings per common share was computed as follows (dollars and shares in millions, except per share amounts):”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Earnings per common share: | | | | | | |
| Net income attributable to Valero stockholders | $6,828 | | $1,095 | | $11,811 | $1,214 |
| Less: Income allocated to participating securities | 19 | | 3 | | 33 | 3 |
| Net income available to common stockholders | $6,809 | | $1,092 | | $11,778 | $1,211 |
| Weighted-average common shares outstanding | 285 | | 309 | | 292 | 311 |
| Earnings per common share | $23.90 | | $3.54 | | $40.30 | $3.89 |
First 8 of 16 rows. The CSV has all of them.
Table 19 after “Contract balances were as follows (in millions):”
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| September 30, 2026 | December 31, 2025 | |
| Receivables from contracts with customers,included in receivables, net | $9,447 | | $6,233 |
| Contract liabilities, included in accrued expenses | 82 | | 60 |
Table 20 after “The following tables reflect information about our reportable segments and include the reconciliation to our consolidated income before inco”
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| Refining | Renewable Diesel | | Ethanol | Total | |
| Three months ended September 30, 2026 | | | | | | |
| Revenues: | | | | | | |
| Revenues from external customers | $44,369 | | $664 | | $1,065 | $46,098 |
| Intersegment revenues | 3 | | 1,729 | | 352 | 2,084 |
| 44,372 | | 2,393 | | 1,417 | 48,182 |
| Reconciliation of revenues by segmentto consolidated revenues | | | | | | |
| Elimination of intersegment revenues | | | | | (2,084) | |
First 8 of 27 rows. The CSV has all of them.
Table 21 after “CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)”
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| Refining | Renewable Diesel | | Ethanol | Total | |
| Three months ended September 30, 2025 | | | | | | |
| Revenues: | | | | | | |
| Revenues from external customers | $30,414 | | $719 | | $1,035 | $32,168 |
| Intersegment revenues | 1 | | 484 | | 259 | 744 |
| 30,415 | | 1,203 | | 1,294 | 32,912 |
| Reconciliation of revenues by segmentto consolidated revenues | | | | | | |
| Elimination of intersegment revenues | | | | | (744) | |
First 8 of 27 rows. The CSV has all of them.
Table 22 after “CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)”
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| Refining | Renewable Diesel | | Ethanol | Total | |
| Nine months ended September 30, 2026 | | | | | | |
| Revenues: | | | | | | |
| Revenues from external customers | $117,474 | | $2,551 | | $2,930 | $122,955 |
| Intersegment revenues | 7 | | 3,938 | | 965 | 4,910 |
| 117,481 | | 6,489 | | 3,895 | 127,865 |
| Reconciliation of revenues by segmentto consolidated revenues | | | | | | |
| Elimination of intersegment revenues | | | | | (4,910) | |
First 8 of 28 rows. The CSV has all of them.
Table 23 after “CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)”
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| Refining | Renewable Diesel | | Ethanol | Total | |
| Nine months ended September 30, 2025 | | | | | | |
| Revenues: | | | | | | |
| Revenues from external customers | $87,495 | | $1,777 | | $3,043 | $92,315 |
| Intersegment revenues | 5 | | 1,424 | | 681 | 2,110 |
| 87,500 | | 3,201 | | 3,724 | 94,425 |
| Reconciliation of revenues by segmentto consolidated revenues | | | | | | |
| Elimination of intersegment revenues | | | | | (2,110) | |
First 8 of 29 rows. The CSV has all of them.
Table 24 after “Total assets for reportable segments reconciled to our consolidated assets were as follows (in millions):”
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| September 30, 2026 | December 31, 2025 | |
| Total assets for reportable segments | $56,682 | | $51,316 |
| Corporate assets | 11,815 | | 6,938 |
| Elimination of intercompany receivables and other assets | (546) | | (266) |
| Total consolidated assets | $67,951 | | $57,988 |
Table 25 after “Expenditures for long-lived assets for reportable segments reconciled to our consolidated expenditures for long-lived assets were as follows”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Expenditures for long-lived assets forreportable segments | $426 | | $385 | | $1,206 | $1,419 |
| Corporate expenditures for long-lived assets | 6 | | 24 | | 24 | 56 |
| Total consolidated expenditures forlong-lived assets | $432 | | $409 | | $1,230 | $1,475 |
Table 26 after “The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in milli”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Refining: | | | | | | |
| Gasolines and blendstocks | $17,932 | | $13,287 | | $47,780 | $38,382 |
| Distillates | 22,003 | | 14,582 | | 58,152 | 40,736 |
| Other product revenues | 4,434 | | 2,545 | | 11,542 | 8,377 |
| Total Refining revenues | 44,369 | | 30,414 | | 117,474 | 87,495 |
| Renewable Diesel: | | | | | | |
First 8 of 17 rows. The CSV has all of them.
Table 27 after “In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets an”
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| Nine Months Ended September 30, | | |
| 2026 | 2025 | |
| Decrease (increase) in current assets: | | | |
| Receivables, net | $(5,021) | | $619 |
| Inventories | (15) | | 529 |
| Prepaid expenses and other | (281) | | 51 |
| Increase (decrease) in current liabilities: | | | |
| Accounts payable | 3,635 | | (1,438) |
First 8 of 12 rows. The CSV has all of them.
Table 28 after “Cash flows related to interest and income taxes were as follows (in millions):”
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| Nine Months Ended September 30, | | |
| 2026 | 2025 | |
| Interest paid in excess of amount capitalized,including interest on finance leases | $378 | | $362 |
| Income taxes paid, net | 1,880 | | 398 |
Table 29 after “Supplemental cash flow information related to our operating and finance leases was as follows (in millions):”
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| Nine Months Ended September 30, | | | | | |
| 2026 | 2025 | | | | |
| Operating Leases | Finance Leases | | Operating Leases | Finance Leases | |
| Cash paid for amounts included in themeasurement of lease liabilities: | | | | | | |
| Operating cash flows | $424 | | $89 | | $394 | $84 |
| Financing cash flows | — | | 185 | | — | 196 |
| Changes in lease balances resulting from newand modified leases | 778 | | 263 | | 357 | 22 |
Table 30 after “We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, i”
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| September 30, 2026 | | | | | | | | | | | | | | |
| | Total Gross Fair Value | | Effect of Counter- party Netting | Effect of Cash Collateral Netting | Net Carrying Value on Balance Sheet | | Cash Collateral Paid or Received Not Offset | | | | | | | |
| Fair Value Hierarchy | | | | | | | | | | | | | | |
| Level 1 | Level 2 | | Level 3 | | | | | | | | | | | |
| Assets | | | | | | | | | | | | | | | |
| Commodity derivativecontracts | $2,602 | | $— | | $— | | $2,602 | | $(2,552) | | $(19) | | $31 | | $— |
| Physical purchasecontracts | — | | 11 | | — | | 11 | | n/a | n/a | | 11 | | n/a | |
| Clean fuel productioncredits | — | | — | | 87 | | 87 | | n/a | n/a | | 87 | | n/a | |
First 8 of 17 rows. The CSV has all of them.
Table 31 after “CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)”
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| December 31, 2025 | | | | | | | | | | | | | | |
| | Total Gross Fair Value | | Effect of Counter- party Netting | Effect of Cash Collateral Netting | Net Carrying Value on Balance Sheet | | Cash Collateral Paid or Received Not Offset | | | | | | | |
| Fair Value Hierarchy | | | | | | | | | | | | | | |
| Level 1 | Level 2 | | Level 3 | | | | | | | | | | | |
| Assets | | | | | | | | | | | | | | | |
| Commodity derivativecontracts | $490 | | $— | | $— | | $490 | | $(448) | | $(7) | | $35 | | $— |
| Physical purchasecontracts | — | | 1 | | — | | 1 | | n/a | n/a | | 1 | | n/a | |
| Clean fuel productioncredits | — | | — | | 55 | | 55 | | n/a | n/a | | 55 | | n/a | |
First 8 of 17 rows. The CSV has all of them.
Table 32 after “The estimated fair values of cash and cash equivalents, restricted cash, receivables, payables, and operating and finance lease obligations ”
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| | September 30, 2026 | December 31, 2025 | | | | |
| Fair Value Hierarchy | Carrying Amount | Fair Value | | Carrying Amount | Fair Value | |
| Financial liabilities: | | | | | | | |
| Debt (excluding finance leaseobligations) | Level 2 | $8,579 | | $8,089 | | $8,261 | $8,190 |
Table 33 after “As of September 30, 2026, we had the following outstanding commodity derivative instruments that were used as cash flow hedges and economic ”
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| Notional Contract Volumes by Year of Maturity | | |
| 2026 | 2027 | |
| Derivatives designated as cash flow hedges: | | | |
| Refined petroleum products: | | | |
| Futures – short | 1,800 | | 1,544 |
| Derivatives designated as economic hedges: | | | |
| Crude oil and refined petroleum products: | | | |
| Futures – long | 129,486 | | 9,709 |
First 8 of 13 rows. The CSV has all of them.
Table 34 after “As indicated in Note 12, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty ”
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| Balance Sheet Location | | September 30, 2026 | | December 31, 2025 | | | | |
| | Asset Derivatives | | Liability Derivatives | | Asset Derivatives | Liability Derivatives | | |
| Derivatives designatedas hedging instruments: | | | | | | | | | |
| Commodity contracts | Receivables, net | | $15 | | | $203 | | $31 | $7 |
| Derivatives not designatedas hedging instruments: | | | | | | | | | |
| Commodity contracts | Receivables, net | | $2,587 | | | $2,913 | | $459 | $446 |
| Physical purchase contracts | Inventories | | 11 | | | 5 | | 1 | 4 |
| Foreign currency contracts | Receivables, net | | 13 | | | — | | — | — |
First 8 of 10 rows. The CSV has all of them.
Table 35 after “The following table provides information about the loss recognized in income and other comprehensive income (loss) due to fair value adjustm”
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| Derivatives in Cash Flow Hedging Relationships | Location of LossRecognized in Incomeon Derivatives | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | |
| 2026 | 2025 | 2026 | | 2025 | | | | |
| Commodity contracts: | | | | | | | | |
| Loss recognized inother comprehensiveincome (loss) | n/a | | $(265) | | | $(15) | $(418) | $(15) |
| Loss reclassifiedfrom accumulatedother comprehensiveloss into income | Revenues | | (92) | | | (23) | (258) | (23) |
Table 36 after “The following table provides information about the gain (loss) recognized in income on our derivative instruments with respect to our econom”
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| Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss)Recognized in Incomeon Derivatives | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | |
| 2026 | 2025 | 2026 | | 2025 | | | | |
| Commodity contracts | Revenues | | $(253) | | | $(3) | $(382) | $(7) |
| Commodity contracts | Cost of materials and other | | 74 | | | — | 73 | (50) |
| Foreign currency contracts | Cost of materials and other | | 9 | | | 13 | 37 | (7) |
| Three Months Ended September 30, | | | | |
| 2026 | 2025 | | Change | |
| Refining segment: | | | | | |
| Operating income | $8,782 | | $1,610 | | $7,172 |
| Adjusted operating income | 8,774 | | 1,665 | | 7,109 |
| Renewable Diesel segment: | | | | | |
| Operating income (loss) | 353 | | (28) | | 381 |
| Ethanol segment: | | | | | |
First 8 of 12 rows. The CSV has all of them.
| Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | Change | |
| Refining segment: | | | | | |
| Operating income | $15,058 | | $2,346 | | $12,712 |
| Adjusted operating income | 15,048 | | 3,540 | | 11,508 |
| Renewable Diesel segment: | | | | | |
| Operating income (loss) | 1,209 | | (248) | | 1,457 |
| Ethanol segment: | | | | | |
First 8 of 12 rows. The CSV has all of them.
| Three Months Ended September 30, 2026 | | | | | | | |
| Refining | Renewable Diesel | | Ethanol | Corporate and Other | Total | | |
| Revenues: | | | | | | | | |
| Revenues from external customers | $44,369 | | $664 | | $1,065 | | $— | $46,098 |
| Intersegment revenues | 3 | | 1,729 | | 352 | | (2,084) | — |
| Total revenues | 44,372 | | 2,393 | | 1,417 | | (2,084) | 46,098 |
| Cost of sales: | | | | | | | | |
| Cost of materials and other | 31,988 | | 1,883 | | 962 | | (2,092) | 32,741 |
First 8 of 23 rows. The CSV has all of them.
| Three Months Ended September 30, 2025 | | | | | | | |
| Refining | Renewable Diesel | | Ethanol | Corporate and Other | Total | | |
| Revenues: | | | | | | | | |
| Revenues from external customers | $30,414 | | $719 | | $1,035 | | $— | $32,168 |
| Intersegment revenues | 1 | | 484 | | 259 | | (744) | — |
| Total revenues | 30,415 | | 1,203 | | 1,294 | | (744) | 32,168 |
| Cost of sales: | | | | | | | | |
| Cost of materials and other | 24,858 | | 1,077 | | 942 | | (745) | 26,132 |
First 8 of 23 rows. The CSV has all of them.
Table 41 after “Average Market Reference Prices and Differentials”
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| Three Months Ended September 30, | | |
| 2026 | 2025 | |
| Refining | | | |
| Feedstocks (dollars per barrel) | | | |
| Brent crude oil | $91.61 | | $68.14 |
| Brent less West Texas Intermediate (WTI) crude oil | 5.37 | | 3.11 |
| Brent less WTI Houston crude oil | 4.29 | | 2.09 |
| Brent less Dated Brent crude oil | (5.75) | | (0.91) |
First 8 of 28 rows. The CSV has all of them.
Table 42 after “Average Market Reference Prices and Differentials (continued)”
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| Three Months Ended September 30, | | |
| 2026 | 2025 | |
| Renewable Diesel | | | |
| New York Mercantile Exchange ULS diesel (dollars per gallon) | $4.33 | | $2.35 |
| Biodiesel RIN (dollars per RIN) | 2.23 | | 1.13 |
| California LCFS carbon credit (dollars per metric ton) | 80.60 | | 53.36 |
| U.S. Gulf Coast (USGC) used cooking oil (dollars per pound) | 0.76 | | 0.62 |
| USGC DCO (dollars per pound) | 0.77 | | 0.64 |
First 8 of 12 rows. The CSV has all of them.
Table 43 after “The following table includes selected financial data for the total company, corporate, and other for the third quarter of 2026 and 2025. The”
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| Three Months Ended September 30, | | | | |
| 2026 | 2025 | | Change | |
| Revenues | $46,098 | | $32,168 | | $13,930 |
| Cost of sales | 36,691 | | 30,396 | | 6,295 |
| Operating income | 9,073 | | 1,509 | | 7,564 |
| Adjusted operating income (see note (d)) | 9,084 | | 1,564 | | 7,520 |
| Income tax expense | 2,067 | | 390 | | 1,677 |
| Net income (loss) attributable to noncontrolling interests | 161 | | (29) | | 190 |
Table 44 after “The following table includes selected financial and operating data of our Refining segment for the third quarter of 2026 and 2025. The selec”
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| Three Months Ended September 30, | | | | |
| 2026 | 2025 | | Change | |
| Operating income | $8,782 | | $1,610 | | $7,172 |
| Adjusted operating income (see note (d)) | 8,774 | | 1,665 | | 7,109 |
| Refining margin (see note (d)) | 10,730 | | 3,731 | | 6,999 |
| Operating expenses (excluding depreciation and amortizationexpense reflected below) (see note (c)) | 1,376 | | 1,388 | | (12) |
| Adjusted operating expenses (excluding depreciation andamortization expense reflected below) (see note (d)) | 1,376 | | 1,338 | | 38 |
| Depreciation and amortization expense | 580 | | 728 | | (148) |
First 8 of 9 rows. The CSV has all of them.
Table 45 after “The following table includes selected financial and operating data of our Renewable Diesel segment for the third quarter of 2026 and 2025. T”
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| Three Months Ended September 30, | | | | |
| 2026 | 2025 | | Change | |
| Operating income (loss) | $353 | | $(28) | | $381 |
| Renewable Diesel margin (see note (d)) | 510 | | 126 | | 384 |
| Operating expenses (excluding depreciation and amortizationexpense reflected below) | 86 | | 78 | | 8 |
| Depreciation and amortization expense | 71 | | 76 | | (5) |
| Sales volumes (thousand gallons per day) (see note (f)) | 3,423 | | 2,717 | | 706 |
| Three Months Ended September 30, | | | | |
| 2026 | 2025 | | Change | |
| Operating income | $272 | | $183 | | $89 |
| Ethanol margin (see note (d)) | 455 | | 352 | | 103 |
| Operating expenses (excluding depreciation and amortizationexpense reflected below) | 165 | | 148 | | 17 |
| Depreciation and amortization expense | 18 | | 21 | | (3) |
| Production volumes (thousand gallons per day) (see note (f)) | 4,799 | | 4,635 | | 164 |
| Nine Months Ended September 30, 2026 | | | | | | | |
| Refining | Renewable Diesel | | Ethanol | Corporate and Other | Total | | |
| Revenues: | | | | | | | | |
| Revenues from external customers | $117,474 | | $2,551 | | $2,930 | | $— | $122,955 |
| Intersegment revenues | 7 | | 3,938 | | 965 | | (4,910) | — |
| Total revenues | 117,481 | | 6,489 | | 3,895 | | (4,910) | 122,955 |
| Cost of sales: | | | | | | | | |
| Cost of materials and other (a) | 91,434 | | 4,798 | | 2,678 | | (4,854) | 94,056 |
First 8 of 23 rows. The CSV has all of them.
| Nine Months Ended September 30, 2025 | | | | | | | |
| Refining | Renewable Diesel | | Ethanol | Corporate and Other | Total | | |
| Revenues: | | | | | | | | |
| Revenues from external customers | $87,495 | | $1,777 | | $3,043 | | $— | $92,315 |
| Intersegment revenues | 5 | | 1,424 | | 681 | | (2,110) | — |
| Total revenues | 87,500 | | 3,201 | | 3,724 | | (2,110) | 92,315 |
| Cost of sales: | | | | | | | | |
| Cost of materials and other | 73,015 | | 3,016 | | 2,962 | | (2,135) | 76,858 |
First 8 of 24 rows. The CSV has all of them.
Table 49 after “Average Market Reference Prices and Differentials”
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| Nine Months Ended September 30, | | |
| 2026 | 2025 | |
| Refining | | | |
| Feedstocks (dollars per barrel) | | | |
| Brent crude oil | $88.87 | | $69.87 |
| Brent less WTI crude oil | 5.06 | | 3.08 |
| Brent less WTI Houston crude oil | 3.44 | | 2.02 |
| Brent less Dated Brent crude oil | (5.49) | | (0.91) |
First 8 of 28 rows. The CSV has all of them.
Table 50 after “Average Market Reference Prices and Differentials (continued)”
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| Nine Months Ended September 30, | | |
| 2026 | 2025 | |
| Renewable Diesel | | | |
| New York Mercantile Exchange ULS diesel (dollars per gallon) | $3.66 | | $2.30 |
| Biodiesel RIN (dollars per RIN) | 1.93 | | 1.00 |
| California LCFS carbon credit (dollars per metric ton) | 71.43 | | 57.30 |
| USGC UCO (dollars per pound) | 0.74 | | 0.56 |
| USGC DCO (dollars per pound) | 0.76 | | 0.58 |
First 8 of 12 rows. The CSV has all of them.
Table 51 after “The following table includes selected financial data for the total company, corporate, and other for the first nine months of 2026 and 2025.”
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| Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | Change | |
| Revenues | $122,955 | | $92,315 | | $30,640 |
| Cost of sales (see note (a)) | 106,027 | | 88,787 | | 17,240 |
| Asset impairment loss (see note (b)) | — | | 1,131 | | (1,131) |
| Operating income | 16,000 | | 1,606 | | 14,394 |
| Adjusted operating income (see note (d)) | 16,017 | | 2,800 | | 13,217 |
| Income tax expense | 3,562 | | 404 | | 3,158 |
First 8 of 9 rows. The CSV has all of them.
Table 52 after “The following table includes selected financial and operating data of our Refining segment for the first nine months of 2026 and 2025. The s”
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| Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | Change | |
| Operating income | $15,058 | | $2,346 | | $12,712 |
| Adjusted operating income (see note (d)) | 15,048 | | 3,540 | | 11,508 |
| Refining margin (see note (d)) | 20,980 | | 9,505 | | 11,475 |
| Operating expenses (excluding depreciation and amortizationexpense reflected below) (see note (c)) | 3,985 | | 3,986 | | (1) |
| Adjusted operating expenses (excluding depreciation andamortization expense reflected below) (see note (d)) | 3,985 | | 3,936 | | 49 |
| Depreciation and amortization expense | 1,947 | | 2,029 | | (82) |
First 8 of 10 rows. The CSV has all of them.
Table 53 after “The following table includes selected financial and operating data of our Renewable Diesel segment for the first nine months of 2026 and 202”
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| Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | Change | |
| Operating income (loss) | $1,209 | | $(248) | | $1,457 |
| Renewable Diesel margin (see note (d)) | 1,691 | | 185 | | 1,506 |
| Operating expenses (excluding depreciation and amortizationexpense reflected below) | 262 | | 228 | | 34 |
| Depreciation and amortization expense | 220 | | 205 | | 15 |
| Sales volumes (thousand gallons per day) (see note (f)) | 3,429 | | 2,629 | | 800 |
Table 54 after “The following table includes selected financial and operating data of our Ethanol segment for the first nine months of 2026 and 2025. The se”
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| Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | Change | |
| Operating income | $680 | | $257 | | $423 |
| Ethanol margin (see note (d)) | 1,217 | | 762 | | 455 |
| Operating expenses (excluding depreciation and amortizationexpense reflected below) | 481 | | 446 | | 35 |
| Depreciation and amortization expense | 56 | | 59 | | (3) |
| Production volumes (thousand gallons per day) (see note (f)) | 4,695 | | 4,562 | | 133 |
Table 55 after “is defined as Refining segment operating income excluding the LIFO liquidation adjustment, operating expenses (excluding depreciation and am”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Reconciliation of Refining operating income to Refining margin | | | | | | |
| Refining operating income | $8,782 | | $1,610 | | $15,058 | $2,346 |
| Adjustments: | | | | | | |
| LIFO liquidation adjustment (see note (a)) | — | | — | | (44) | — |
| Operating expenses (excluding depreciationand amortization expense) (see note (c)) | 1,376 | | 1,388 | | 3,985 | 3,986 |
| Depreciation and amortization expense | 580 | | 728 | | 1,947 | 2,029 |
First 8 of 11 rows. The CSV has all of them.
Table 56 after “is defined as Renewable Diesel segment operating income (loss) excluding operating expenses (excluding depreciation and amortization expense”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Reconciliation of Renewable Diesel operatingincome (loss) to Renewable Diesel margin | | | | | | |
| Renewable Diesel operating income (loss) | $353 | | $(28) | | $1,209 | $(248) |
| Adjustments: | | | | | | |
| Operating expenses (excluding depreciationand amortization expense) (see note (c)) | 86 | | 78 | | 262 | 228 |
| Depreciation and amortization expense | 71 | | 76 | | 220 | 205 |
| Renewable Diesel margin | $510 | | $126 | | $1,691 | $185 |
Table 57 after “is defined as Ethanol segment operating income excluding operating expenses (excluding depreciation and amortization expense) and depreciati”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Reconciliation of Ethanol operating incometo Ethanol margin | | | | | | |
| Ethanol operating income | $272 | | $183 | | $680 | $257 |
| Adjustments: | | | | | | |
| Operating expenses (excluding depreciationand amortization expense) (see note (c)) | 165 | | 148 | | 481 | 446 |
| Depreciation and amortization expense | 18 | | 21 | | 56 | 59 |
| Ethanol margin | $455 | | $352 | | $1,217 | $762 |
Table 58 after “is defined as Refining segment operating income excluding the LIFO liquidation adjustment, employee retention and separation costs, the asse”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Reconciliation of Refining operating income to adjusted Refining operating income | | | | | | |
| Refining operating income | $8,782 | | $1,610 | | $15,058 | $2,346 |
| Adjustments: | | | | | | |
| LIFO liquidation adjustment (see note (a)) | — | | — | | (44) | — |
| Employee retention and separation costs (seenote (c)) | — | | 50 | | — | 50 |
| Asset impairment loss (see note (b)) | — | | — | | — | 1,131 |
First 8 of 10 rows. The CSV has all of them.
Table 59 after “is defined as total company operating income excluding the LIFO liquidation adjustment, employee retention and separation costs, the asset i”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Reconciliation of total company operatingincome to adjusted operating income | | | | | | |
| Total company operating income | $9,073 | | $1,509 | | $16,000 | $1,606 |
| Adjustments: | | | | | | |
| LIFO liquidation adjustment (see note (a)) | — | | — | | (44) | — |
| Employee retention and separation costs (seenote (c)) | — | | 50 | | — | 50 |
| Asset impairment loss (see note (b)) | — | | — | | — | 1,131 |
First 8 of 10 rows. The CSV has all of them.
Table 60 after “is defined as Refining segment operating expenses (excluding depreciation and amortization expense) excluding employee retention and separat”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Reconciliation of Refining operatingexpenses (excluding depreciation andamortization expense) to adjusted Refiningoperating expenses (excluding depreciation andamortization expense) | | | | | | |
| Operating expenses (excluding depreciationand amortization expense) | $1,376 | | $1,388 | | $3,985 | $3,986 |
| Adjustment: Employee retention and separationcosts (see note (c)) | — | | (50) | | — | (50) |
| Adjusted Refining operating expenses (excludingdepreciation and amortization expense) | $1,376 | | $1,338 | | $3,985 | $3,936 |
Table 61 after “Our liquidity consisted of the following as of September 30, 2026 (in millions):”
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| Available capacity from our committed facilities (a): | |
| Valero Revolver | $3,998 |
| Accounts receivable sales facility | 1,300 |
| Total available capacity | 5,298 |
| Cash and cash equivalents (b) | 9,441 |
| Total liquidity | $14,739 |
Table 62 after “Components of our cash flows are set forth below (in millions):”
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| Nine Months Ended September 30, | | |
| 2026 | 2025 | |
| Cash flows provided by (used in): | | | |
| Operating activities | $13,902 | | $3,769 |
| Investing activities | (1,180) | | (1,426) |
| Financing activities: | | | |
| Debt issuances and borrowings | 3,250 | | 5,999 |
| Repayments of debt and finance lease obligations | (3,132) | | (5,913) |
First 8 of 16 rows. The CSV has all of them.
Table 63 after “The following table (in millions) reconciles our capital investments to capital investments attributable to Valero for the nine months ended”
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| | Nine Months Ended September 30, | | |
| 2026 | | 2025 | |
| Reconciliation of capital investments to capital investments attributable to Valero | | | | |
| Capital expenditures (excluding VIEs) | | $654 | | $504 |
| Capital expenditures of VIEs: | | | | |
| DGD | | 4 | | 67 |
| Other VIEs | | 3 | | 5 |
| Deferred turnaround and catalyst cost expenditures(excluding VIEs) | | 529 | | 808 |
First 8 of 15 rows. The CSV has all of them.
Table 64 after “The following tables provide information about our debt instruments (dollars in millions), the fair values of which are sensitive to changes”
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| September 30, 2026 (a) | | | | | | | | | | | | | | | |
| Expected Maturity Dates | | | | | | | | | | | | | | | |
| Remainderof 2026 | 2027 | | 2028 | | 2029 | 2030 | | There- after | | Total | Fair Value | | | | |
| Fixed rate | $146 | $564 | | $1,047 | | $439 | $850 | | $5,586 | | $8,632 | $8,069 | | | | |
| Average interest rate | 4.4% | | 2.2% | | | 4.4% | | 4.0% | | | 6.0% | | 5.4% | | 5.0% | |
| Floating rate | $3 | $— | | | $— | | $— | | | $— | | $— | | $3 | | $3 |
| Average interest rate | 7.6% | | —% | | | —% | | —% | | | —% | | —% | | 7.6% | |
| December 31, 2025 (a) | | | | | | | | | | | | | | | |
First 8 of 14 rows. The CSV has all of them.
Table 65 after “The following table discloses purchases of shares of our common stock made by us or on our behalf during the third quarter of 2026.”
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| Period | Total Number of Shares Purchased (a) | Average Price Paid per Share (b) | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (c) | |
| July 2026 | 4,071 | | $308.80 | | — | | $6.4 billion |
| August 2026 | 3,042,477 | | $334.89 | | 3,042,337 | | $5.4 billion |
| September 2026 | 6,010,390 | | $389.63 | | 6,008,233 | | $3.0 billion |
| Total | 9,056,938 | | $371.20 | | 9,050,570 | | $3.0 billion |
| ExhibitNo. | Description |
| 22.01 | Subsidiary Issuer of Guaranteed Securities–incorporated by reference to Exhibit 22.01 to Valero’s quarterly report on Form 10-Q for the quarter ended June 30, 2025 (SEC File No. 001-13175). |
| *31.01 | Rule 13a-14(a) Certification (under Section 302 of the Sarbanes-Oxley Act of 2002) of principal executive officer. |
| *31.02 | Rule 13a-14(a) Certification (under Section 302 of the Sarbanes-Oxley Act of 2002) of principal financial officer. |
| **32.01 | Section 1350 Certifications (under Section 906 of the Sarbanes-Oxley Act of 2002). |
| ***101.INS | Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| ***101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| ***101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
First 8 of 12 rows. The CSV has all of them.