Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

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):

				September 30, 2020
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued (a)		Availability
Committed facilities:
Valero Revolver	$	4,000	March 2024	$	—	$	34	$	3,966
364-day Revolving Credit Facility	$	875	April 2021	$	—	n/a		$	875
Canadian Revolver	C$	150	November 2020	C$	—	C$	5	C$	145
Accounts receivable sales facility (b)	$	1,000	July 2021	$	—	n/a		$	817
Letter of credit facility	$	50	November 2020	n/a		$	—	$	50
Committed facilities of VIE (c):
IEnova Revolver	$	660	February 2028	$	550	n/a		$	110
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		$	46	n/a

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(a)Letters of credit issued as of September 30, 2020 expire at various times in 2020 through 2023.

(b)In July 2020, we extended the maturity date of this facility to July 2021 and decreased the facility amount from $1.3 billion to $1.0 billion. The available borrowing capacity was lower than the facility amount due to low product prices impacting the amount of eligible receivables.

(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):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Interest and debt expense	$	162	$	133	$	468	$	405
Less: Capitalized interest	19		22		58		70
Interest and debt expense, net of capitalized interest	$	143	$	111	$	410	$	335