Debt and Capital Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2018

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,
		2018			2017
Credit facilities:
Valero Revolver	2020	$	—		$	—
VLP Revolver	2020	—			410
IEnova Revolver	2028	109			—
Canadian Revolver	2019	—			—
Accounts receivable sales facility	2019	100			100
Public debt:
Valero Senior Notes
6.625%	2037	1,500			1,500
3.4%	2026	1,250			1,250
6.125%	2020	850			850
4.35 %	2028	750			—
9.375%	2019	—			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
4.5%	2028	500			—
Gulf Opportunity Zone Revenue Bonds, Series 2010, 4.0%	2040	300			300
Debenture, 7.65%	2026	100			100
Other debt	Various	50			49
Net unamortized debt issuance costs and other		(80		)	(73		)
Total debt		8,503			8,310
Capital lease obligations		606			562
Total debt and capital lease obligations		9,109			8,872
Less current portion		238			122
Debt and capital lease obligations, less current portion		$	8,871		$	8,750

Summary of credit facilities

We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (amounts in millions and currency in U.S. dollars, except as noted):

				December 31, 2018
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued		Availability
Committed facilities:
Valero Revolver	$	3,000	November 2020	$	—	$	57	$	2,943
Canadian Revolver	C$	150	November 2019	C$	—	C$	5	C$	145
Accounts receivable sales facility	$	1,300	July 2019	$	100	n/a		$	1,200
Letter of credit facility	$	100	November 2019	n/a		$	—	$	100
Committed facilities of VIEs (a):
VLP Revolver (b)	$	750	November 2020	$	—	$	—	$	750
IEnova Revolver	$	340	February 2028	$	109	n/a		$	231
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		$	229	n/a

^{__________________________} 

(a) Creditors of our VIEs do not have recourse against us.

(b) The VLP Revolver was terminated on January 10, 2019. See “VLP Revolver” above.

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,
	2018		2017		2016
Interest and debt expense	$	557	$	539	$	511
Less capitalized interest	87		71		65
Interest and debt expense, net of capitalized interest	$	470	$	468	$	446

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, 2018 were as follows (in millions):

	Debt			Capital Lease Obligations
2019	$	214		$	69
2020	855			65
2021	15			62
2022	5			64
2023	20			65
Thereafter	7,474			957
Net unamortized debt issuance costs and other	(80		)	n/a
Total minimum lease payments	n/a			1,282
Less amount representing interest	n/a			676
Total	$	8,503		$	606