Debt and Finance Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2019

Debt and Lease Obligation [Abstract]

Debt and finance lease obligations

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

	Final Maturity	December 31,
		2019			2018
Credit facilities:
Valero Revolver	2024	$	—		$	—
IEnova Revolver	2028	348			109
Canadian Revolver	2020	—			—
Accounts receivable sales facility	2020	100			100
Public debt:
Valero Senior Notes
6.625%	2037	1,500			1,500
3.4%	2026	1,250			1,250
4.0%	2029	1,000			—
6.125%	2020	—			850
4.35%	2028	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
4.5%	2028	500			500
Gulf Opportunity Zone Revenue Bonds, Series 2010, 4.0%	2040	300			300
Debenture, 7.65%	2026	100			100
Other debt	Various	47			50
Net unamortized debt issuance costs and other		(88		)	(80		)
Total debt		8,881			8,503
Finance lease obligations (see Note 5)		791			606
Total debt and finance lease obligations		9,672			9,109
Less: Current portion		494			238
Debt and finance lease obligations, less current portion		$	9,178		$	8,871

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, 2019
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued (a)		Availability
Committed facilities:
Valero Revolver	$	4,000	March 2024	$	—	$	34	$	3,966
Canadian Revolver	C$	150	November 2020	C$	—	C$	5	C$	145
Accounts receivable sales facility	$	1,300	July 2020	$	100	n/a		$	1,200
Letter of credit facility (b)	$	50	November 2020	n/a		$	—	$	50
Committed facility of VIE (c):
IEnova Revolver	$	491	February 2028	$	348	n/a		$	143
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		$	121	n/a

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(a) Letters of credit issued as of December 31, 2019 expire at various times in 2020 through 2021.

(b) The letter of credit facility was amended to reduce the facility from $100 million to $50 million and to extend the maturity date from November 2019 to November 2020.

(c) Creditors of our VIE do not have recourse against us.

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,
	2019		2018		2017
Interest and debt expense	$	544	$	557	$	539
Less: Capitalized interest	90		87		71
Interest and debt expense, net of capitalized interest	$	454	$	470	$	468

Principal maturities for debt obligations

Principal maturities for our debt obligations as of December 31, 2019 were as follows (in millions):

2020 (a)	$	453
2021	17
2022	6
2023	19
2024	—
Thereafter	8,474
Net unamortized debt issuance costs and other	(88		)
Total debt	$	8,881

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(a)

As of December 31, 2019, our debt obligations due in 2020 include $348 million associated with borrowings under the IEnova Revolver.