VLookup works even after external reference file deleted

[WaltzAir]

Excel 2010 being used. I have VLookup references to another Excel file. After deleting the other file, the references still compute.
If I change the array positional reference, it supplies the new value, even though the reference file has been permanently deleted.
Does the file maintain a cache of the table that is referenced? It would seem that it must. Is this documented somewhere?

 

[Jonmo1]

Yes it does.
I'm sure it's documented somewhere, but I've never looked for it.
Logic tells me (and you) that it must store the table somewhere in the file.

What's even crazier, is you can even create new formulas using that same table (or subset of it) and they work.
As long as the ranges referenced in the new formula are within the range of the original formula.

 

[WaltzAir]

I've never noticed this before, but at least I'm not crazy (or at least not the only one).
Maybe that's new to Excel 2010? I have been using mostly 2007 until recently.
I suppose the baggage is only removed after all references are deleted.

 

[WaltzAir]

Excel Options has "When Calculating this workbook:

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