Debt (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued (a)		Availability
Committed facilities:
Valero Revolver	$	4,000	March 2024	$	—	$	288	$	3,712
Canadian Revolver	C$	150	November 2021	C$	—	C$	5	C$	145
Accounts receivable sales facility (b)	$	1,300	July 2022	$	—	n/a		$	1,300
Letter of credit facility	$	50	November 2021	n/a		$	—	$	50
Committed facilities of VIEs (c):
DGD Revolver	$	400	March 2024	$	100	$	7	$	293
IEnova Revolver	$	743	February 2028	$	627	n/a		$	116
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		$	127	n/a

________________________

(a)Letters of credit issued as of September 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.

Activity under our credit facilities was as follows (in millions):

	Nine Months Ended September 30,
	2021		2020
Borrowings:
Accounts receivable sales facility	$	—	$	300
DGD Revolver	100		—
IEnova Revolver	29		202
Repayments:
Accounts receivable sales facility	—		(400)

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,
	2021		2020		2021		2020
Interest and debt expense	$	162	$	162	$	488	$	468
Less: Capitalized interest	10		19		37		58
Interest and debt expense, net of capitalized interest	$	152	$	143	$	451	$	410