Debt and Capital Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2016

Debt and Capital Lease Obligations [Abstract]

Debt and capital lease obligations

Debt, at stated values, and capital lease obligations consisted of the following (in millions):

	Final Maturity	December 31,
		2016			2015
Bank credit facilities:
Valero Revolver	2020	$	—		$	—
VLP Revolver	2020	30			175
Canadian Revolver	2017	—			—
Accounts receivable sales facility	2017	100			100
Non-bank debt:
Valero Senior Notes
6.625%	2037	1,500			1,500
3.4%	2026	1,250			—
6.125%	2020	850			850
9.375%	2019	750			750
7.5%	2032	750			750
4.9%	2045	650			650
3.65%	2025	600			600
10.5%	2039	250			250
8.75%	2030	200			200
7.45%	2097	100			100
6.75%	2037	24			24
7.2%	2017	—			200
6.125%	2017	—			750
VLP Senior Notes, 4.375%	2026	500			—
Gulf Opportunity Zone Revenue Bonds, Series 2010, 4.0%	2040	300			300
Debenture, 7.65%	2026	100			100
Other debt	2023	51			17
Net unamortized debt issuance costs and other		(79		)	(66		)
Total debt		7,926			7,250
Capital lease obligations		75			85
Total debt and capital lease obligations		8,001			7,335
Less current portion		(115		)	(127		)
Debt and capital lease obligations, less current portion		$	7,886		$	7,208

Summary of credit facilities

Summary of Credit Facilities

We had outstanding borrowings, letters of credit issued, and availability under our revolving credit facilities as follows (in millions):

				December 31, 2016
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued		Availability
Committed facilities:
Valero Revolver	$	3,000	November 2020	$	—	$	53	$	2,947
VLP Revolver	$	750	November 2020	$	30	$	—	$	720
Canadian Revolver	C$	25	November 2017	C$	—	C$	10	C$	15
Accounts receivable sales facility	$	1,300	July 2017	$	100	$	—	$	1,200
Letter of credit facilities	$	225	June 2017 and November 2017	$	—	$	—	$	225
Uncommitted facilities:
Letter of credit facilities	$	670	N/A	$	—	$	202	$	468

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,
	2016		2015		2014
Interest and debt expense incurred	$	511	$	504	$	467
Less capitalized interest	65		71		70
Interest and debt expense, net of capitalized interest	$	446	$	433	$	397

Principal payments on debt and future minimum rentals on capital lease obligations

Principal maturities for our debt obligations and future minimum rentals on capital lease obligations as of December 31, 2016 were as follows (in millions):

	Debt			Capital Lease Obligations
2017	$	105		$	17
2018	5			16
2019	755			16
2020	885			13
2021	5			12
Thereafter	6,250			31
Net unamortized debt issuance costs and other	(79		)	—
Less interest expense	—			(30		)
Total	$	7,926		$	75