Debt (Tables)

3 Months Ended

Mar. 31, 2023

In February 2023, we used cash on hand to purchase and retire a portion of the following notes (in millions):


Debt Purchased and Retired	Principal Amount
6.625% Senior Notes due 2037	$	62
3.650% Senior Notes due 2051	26
4.000% Senior Notes due 2052	45
Various other Valero and Valero Energy Partners (VLP) Senior Notes	66
Total	$	199

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


Debt Purchased 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, 2023
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued (a)		Availability
Committed facilities:
Valero Revolver	$	4,000	November 2027	$	—	$	6	$	3,994
Canadian Revolver	C$	150	November 2023	C$	—	C$	5	C$	145
Accounts receivable sales facility	$	1,300	July 2023	$	—	n/a		$	1,300
Committed facilities of VIEs (b):
DGD Revolver (c)	$	400	March 2024	$	100	$	75	$	225
DGD Loan Agreement (d)	$	25	April 2023	$	25	n/a		$	—
IEnova Revolver (e)	$	830	February 2028	$	710	n/a		$	120
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		$	158	n/a

________________________

(a)Letters of credit issued as of March 31, 2023 expire at various times in 2023 through 2024.

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

(c)The variable interest rate on the DGD Revolver was 6.460 percent and 5.880 percent as of March 31, 2023 and December 31, 2022, respectively.

(d)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 7.173 percent and 6.672 percent as of March 31, 2023 and December 31, 2022, respectively. We expect this facility to be renewed prior to its maturity date.

(e)The variable interest rate on the IEnova Revolver was 8.443 percent and 7.393 percent as of March 31, 2023 and December 31, 2022, respectively.

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


	Three Months Ended March 31,
	2023		2022
Borrowings:
Accounts receivable sales facility	$	750	$	300
DGD Revolver	150		99

IEnova Revolver	14		28
Repayments:
Accounts receivable sales facility	(750)		(300)
DGD Revolver	(150)		(99)

IEnova Revolver	(21)		(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,
		2023		2022
Interest and debt expense		$	152	$	157
Less: Capitalized interest		6		12
Interest and debt expense, net of capitalized interest		$	146	$	145