Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

DEBT

4.    DEBT

Public Debt

During the six months ended June 30, 2021, there was no issuance or redemption activity related to our public debt.

During the six months ended June 30, 2020, we issued $850 million of 2.700 percent Senior Notes due April 15, 2023 and $650 million of 2.850 percent Senior Notes due April 15, 2025. Proceeds from these debt issuances totaled $1.499 billion before deducting the underwriting discount and other debt issuance costs.

Credit Facilities

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):

				June 30, 2021
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued (a)		Availability
Committed facilities:
Valero Revolver	$	4,000	March 2024	$	—	$	154	$	3,846
Canadian Revolver	C$	150	November 2021	C$	—	C$	5	C$	145
Accounts receivable sales facility (b)	$	1,000	July 2021	$	—	n/a		$	1,000
Letter of credit facility	$	50	November 2021	n/a		$	—	$	50
Committed facilities of VIEs (c):
DGD Revolver	$	400	March 2024	$	—	$	—	$	400
IEnova Revolver	$	743	February 2028	$	614	n/a		$	129
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		$	140	n/a

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(a)Letters of credit issued as of June 30, 2021 expire at various times in 2021 through 2023.

(b)In July 2021, we extended the maturity date of this facility to July 2022 and increased the facility amount from $1.0 billion to $1.3 billion.

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

We had an $875 million 364-day Revolving Credit Facility that matured on April 12, 2021 and was not renewed.

Activities under our credit facilities were as follows (in millions):

	Six Months Ended June 30,
	2021		2020
Borrowings:
Accounts receivable sales facility	$	—	$	300
IEnova Revolver	16		163
Repayments:
Accounts receivable sales facility	—		400

DGD Revolver

In March 2021, DGD (as described in Note 6) entered into a $400 million unsecured revolving credit facility (the DGD Revolver) that matures in March 2024. DGD has the option to increase the aggregate commitments under the DGD Revolver to $550 million, subject to certain restrictions. The DGD

Revolver also provides for the issuance of letters of credit of up to $10 million. The DGD Revolver is available only to the operations of DGD, and the creditors of DGD do not have recourse against us.

Outstanding borrowings under the DGD Revolver generally bear interest, at DGD’s option, at either (i) an alternate base rate plus the applicable margin or (ii) an adjusted LIBOR rate for the applicable interest period in effect from time to time plus the applicable margin. The DGD Revolver also requires payments for customary fees, including unused commitment fees, letter of credit fees, and administrative agent fees.

During the six months ended June 30, 2021, there were no borrowings or repayments under the DGD Revolver.

IEnova Revolver

In May 2021, the borrowing capacity under the IEnova Revolver was increased from $660 million to $743 million. As of June 30, 2021 and December 31, 2020, the variable weighted-average interest rate on the IEnova Revolver was 3.546 percent and 3.870 percent, respectively. The IEnova Revolver is available only to the operations of Central Mexico Terminals (as described in Note 6), and the creditors of Central Mexico Terminals do not have recourse against us.

Other Disclosures

“Interest and debt expense, net of capitalized interest” is comprised as follows (in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Interest and debt expense	$	162	$	161	$	326	$	306
Less: Capitalized interest	12		19		27		39
Interest and debt expense, net of capitalized interest	$	150	$	142	$	299	$	267