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Debt and Finance Lease Obligations (Tables)
 12 Months Ended
Dec. 31, 2021
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,
20212020
Credit facilities:
Valero Revolver
2024$— $— 
Canadian Revolver
2022— — 
Accounts Receivable Sales Facility2022— — 
364-Day Revolving Credit Facility2021— — 
DGD Revolver2024100 — 
DGD Loan Agreement202225 — 
IEnova Revolver
2028679 598 
Public debt:
Valero Senior Notes
6.625%
20371,500 1,500 
3.400%
20261,250 1,250 
2.850%
20251,050 1,050 
4.000%
20291,000 1,000 
3.650%
2051950 — 
4.350%
2028750 750 
7.5%
2032750 750 
4.90%
2045650 650 
2.150%
2027600 600 
2.800%
2031500 — 
3.65%
2025324 600 
8.75%
2030200 200 
1.200%
2024169 925 
10.500%
2039113 250 
7.45%
2097100 100 
6.75%
203724 24 
2.700%
2023— 850 
Floating Rate Notes at 1.3665%
2023— 575 
VLP Senior Notes
4.500%
2028500 500 
4.375%
2026376 500 
Gulf Opportunity Zone Revenue Bonds, Series 2010, 4.00%
2040300 300 
Debenture, 7.65%
2026100 100 
Other debt202326 31 
Net unamortized debt issuance costs and other(86)(90)
Total debt11,950 13,013 
Finance lease obligations (see Note 6)
1,920 1,664 
Total debt and finance lease obligations13,870 14,677 
Less: Current portion1,264 723 
Debt and finance lease obligations, less current portion$12,606 $13,954 
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, 2021
Facility
Amount		Maturity DateOutstanding
Borrowings		Letters of Credit
Issued (a)		Availability
Committed facilities:
Valero Revolver$4,000 March 2024$— $288 $3,712 
Canadian RevolverC$150 November 2022C$— C$5 C$145 
Accounts receivable
sales facility
$1,300 July 2022$— n/a$1,300 
Letter of credit facility$50 November 2022n/a$— $50 
Committed facilities of
VIEs (b):
DGD Revolver$400 March 2024$100 $— $300 
DGD Loan Agreement (c)$25 April 2022$25 n/a$— 
IEnova Revolver$830 February 2028$679 n/a$151 
Uncommitted facilities:
Letter of credit
facilities
n/an/an/a$331 n/a
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(a)Letters of credit issued as of December 31, 2021 expire at various times in 2022 through 2023.
(b)Creditors of the VIEs do not have recourse against us.
(c)The amounts shown for this facility represent the facility amount available from, and borrowings outstanding to, the noncontrolling member as any transactions between DGD and us under this facility are eliminated in consolidation.
Activity under our credit facilities was as follows (in millions):
Year Ended December 31,
202120202019
Borrowings:
Accounts receivable sales facility$— $300 $900 
DGD Revolver276 — — 
DGD Loan Agreement25 — — 
IEnova Revolver81 250 239 
Repayments:
Accounts receivable sales facility— (400)(900)
DGD Revolver(176)— — 
Debt repurchased and retired In November and December 2021, these proceeds and cash on hand were used to repurchase and retire, or redeem the following notes in connection with our cash tender offers that were publicly announced on November 18, 2021 and updated on December 3, 2021 (in millions):
Debt Repurchased and
Retired, or Redeemed		Principal
Amount
2.700% Senior Notes due 2023
$850 
1.200% Senior Notes due 2024
756 
3.65% Senior Notes due 2025
276 
4.375% VLP Senior Notes due 2026
124 
10.500% Senior Notes due 2039
137 
Total$2,143 
On February 17, 2022, the proceeds and cash on hand were used to repurchase and retire the following notes in connection with our cash tender offers that were publicly announced on February 2, 2022 and updated on February 16, 2022 (in millions):
Debt Repurchased and RetiredPrincipal
Amount
3.65% Senior Notes due 2025
$72 
2.850% Senior Notes due 2025
507 
4.375% VLP Senior Notes due 2026
168 
3.400% Senior Notes due 2026
653 
Total$1,400 
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,
202120202019
Interest and debt expense$651 $638 $544 
Less: Capitalized interest48 75 90 
Interest and debt expense, net of
capitalized interest
$603 $563 $454 
Principal maturities for debt obligations
Principal maturities for our debt obligations as of December 31, 2021 were as follows (in millions):
2022 (a)$1,110 
202320 
2024169 
20251,374 
20261,726 
Thereafter7,637 
Net unamortized debt issuance costs and other(86)
Total debt$11,950 
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(a)Maturities for 2022 include the DGD Revolver, the DGD Loan Agreement, the IEnova Revolver, and our 4.00 percent Gulf Opportunity Zone Revenue Bonds Series 2010 (GO Zone Bonds). Our GO Zone Bonds are due December 1, 2040, but they are subject to mandatory tender on June 1, 2022 (the Mandatory Tender Date) at a price equal to par plus accrued and unpaid interest up to, but excluding, the Mandatory Tender Date, and are reflected in current portion of debt and finance lease obligations as of December 31, 2021.