Debt and Capital Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2017

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,
		2017			2016
Bank credit facilities:
Valero Revolver	2020	$	—		$	—
VLP Revolver	2020	410			30
Canadian Revolver	2018	—			—
Accounts receivable sales facility	2018	100			100
Non-bank debt:
Valero Senior Notes
6.625%	2037	1,500			1,500
3.4%	2026	1,250			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
VLP Senior Notes, 4.375%	2026	500			500
Gulf Opportunity Zone Revenue Bonds, Series 2010, 4.0%	2040	300			300
Debenture, 7.65%	2026	100			100
Other debt	2023	49			51
Net unamortized debt issuance costs and other		(73		)	(79		)
Total debt		8,310			7,926
Capital lease obligations		562			75
Total debt and capital lease obligations		8,872			8,001
Less current portion		122			115
Debt and capital lease obligations, less current portion		$	8,750		$	7,886

Summary of credit facilities

Summary of Credit Facilities

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

				December 31, 2017
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued		Availability
Committed facilities:
Valero Revolver	$	3,000	November 2020	$	—	$	54	$	2,946
VLP Revolver	$	750	November 2020	$	410	$	—	$	340
Canadian Revolver	C$	75	November 2018	C$	—	C$	10	C$	65
Accounts receivable sales facility	$	1,300	July 2018	$	100	n/a		$	1,200
Letter of credit facility	$	100	November 2018	n/a		$	—	$	100
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		$	249	n/a

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,
	2017		2016		2015
Interest and debt expense	$	539	$	511	$	504
Less capitalized interest	71		65		71
Interest and debt expense, net of capitalized interest	$	468	$	446	$	433

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, 2017 were as follows (in millions):

	Debt			Capital Lease Obligations
2018	$	106		$	55
2019	756			55
2020	1,266			53
2021	6			52
2022	6			54
Thereafter	6,243			969
Net unamortized debt issuance costs and other	(73		)	n/a
Total minimum lease payments	n/a			1,238
Less amount representing interest	n/a			676
Total	$	8,310		$	562