Debt (Tables)

3 Months Ended

Mar. 31, 2022

The proceeds and cash on hand were used to repurchase and retire the following notes in connection with cash tender offers that we publicly announced and completed in February 2022 (in millions):


Debt Repurchased and Retired	Principal 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

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):


				March 31, 2022
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued (a)		Availability
Committed facilities:
Valero Revolver	$	4,000	March 2024	$	—	$	615	$	3,385
Canadian Revolver	C$	150	November 2022	C$	—	C$	5	C$	145
Accounts receivable sales facility	$	1,300	July 2022	$	—	n/a		$	1,300
Letter of credit facility	$	50	November 2022	n/a		$	—	$	50
Committed facilities of VIEs (b):
DGD Revolver (c)	$	400	March 2024	$	100	$	15	$	285
DGD Loan Agreement (d)	$	25	April 2023	$	25	n/a		$	—
IEnova Revolver (e)	$	830	February 2028	$	692	n/a		$	138
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		$	834	n/a

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(a)Letters of credit issued as of March 31, 2022 expire at various times in 2022 through 2023.

(b)Creditors of the VIEs do not have recourse against us.

(c)The variable interest rate on the DGD Revolver was 2.140 percent and 1.860 percent as of March 31, 2022 and December 31, 2021, respectively.

(d)In March 2022, the maturity date of this facility was extended to April 2023. 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. The variable interest rate on the DGD Loan Agreement was 2.735 percent and 2.603 percent as of March 31, 2022 and December 31, 2021, respectively.

(e)The variable interest rate on the IEnova Revolver was 3.864 percent and 3.781 percent as of March 31, 2022 and December 31, 2021, respectively.

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


	Three Months Ended March 31,
	2022		2021
Borrowings:
Accounts receivable sales facility	$	300	$	—
DGD Revolver	99		—

IEnova Revolver	28		8
Repayments:
Accounts receivable sales facility	(300)		—
DGD Revolver	(99)		—

IEnova Revolver	(15)		—

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 March 31,
		2022		2021
Interest and debt expense		$	157	$	164
Less: Capitalized interest		12		15
Interest and debt expense, net of capitalized interest		$	145	$	149