XML 59 R41.htm IDEA: XBRL DOCUMENT v3.25.0.1
Debt and Finance Lease Obligations (Tables)
 12 Months Ended
Dec. 31, 2024
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,
20242023
Credit facilities:
Valero Revolver
2027$— $— 
Accounts Receivable Sales Facility2025— — 
DGD Revolver2026— 250 
DGD Loan Agreement2026— — 
IEnova Revolver
202858 766 
Public debt:
Valero Senior Notes
1.200%
2024— 167 
2.850%
2025251 251 
3.65%
2025189 189 
3.400%
2026426 426 
2.150%
2027564 564 
4.350%
2028591 591 
4.000%
2029439 439 
8.75%
2030200 200 
2.800%
2031462 462 
7.5%
2032729 729 
6.625%
20371,380 1,380 
6.75%
203724 24 
10.500%
2039113 113 
4.90%
2045621 621 
3.650%
2051829 829 
4.000%
2052508 508 
7.45%
209770 70 
Valero Energy Partners LP (VLP) Senior Notes
4.375%
2026146 146 
4.500%
2028456 456 
Debenture, 7.65%
2026100 100 
Other debt2024— 14 
Net unamortized debt issuance costs and other(71)(77)
Total debt8,085 9,218 
Finance lease obligations (see Note 5)
2,378 2,306 
Total debt and finance lease obligations10,463 11,524 
Less: Current portion743 1,406 
Debt and finance lease obligations, less current portion$9,720 $10,118 
Summary of Credit Facilities
We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions):
December 31, 2024
Facility
Amount		Maturity DateOutstanding
Borrowings		Letters of Credit
Issued (a)		Availability
Committed facilities:
Valero Revolver$4,000 November 2027$— $2 $3,998 
Accounts receivable
sales facility
1,300 July 2025— n/a1,300 
Committed facilities of
VIEs (b):
DGD Revolver400 June 2026— 14 386 
DGD Loan Agreement (c)100 June 2026— n/a100 
IEnova Revolver830 February 202858 n/a772 
Uncommitted facilities:
Letter of credit facilitiesn/an/an/a71 n/a
________________________
(a)Letters of credit issued as of December 31, 2024 expire at various times in 2025 through 2026.
(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,
202420232022
Borrowings:
Accounts receivable sales facility$6,700 $1,750 $1,600 
DGD Revolver310 550 759 
DGD Loan Agreement100 — 50 
IEnova Revolver27 120 105 
Repayments:
Accounts receivable sales facility(6,700)(1,750)(1,600)
DGD Revolver(560)(400)(759)
DGD Loan Agreement(100)(25)(50)
IEnova Revolver— (71)(67)
Debt Purchased and Retired
In February 2023, we used cash on hand to purchase and retire a portion of the following notes (in millions):
Debt Purchased and RetiredPrincipal
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 VLP Senior Notes66 
Total$199 
In November and December 2022, we used cash on hand to purchase and retire a portion of the following notes (in millions):
Debt Purchased and RetiredPrincipal
Amount
2.150% Senior Notes due 2027
$22 
4.500% VLP Senior Notes due 2028
26 
2.800% Senior Notes due 2031
28 
6.625% Senior Notes due 2037
58 
4.90% Senior Notes due 2045
24 
3.650% Senior Notes due 2051
95 
4.000% Senior Notes due 2052
97 
7.45% Senior Notes due 2097
30 
Various other Valero Senior Notes62 
Total$442 
In September 2022, we used cash on hand to purchase and retire a portion of the following notes in connection with cash tender offers that we publicly announced in August 2022 and completed in September 2022 (in millions):
Debt Purchased and RetiredPrincipal
Amount
3.65% Senior Notes due 2025
$48 
2.850% Senior Notes due 2025
291 
4.375% VLP Senior Notes due 2026
62 
3.400% Senior Notes due 2026
166 
4.350% Senior Notes due 2028
131 
4.000% Senior Notes due 2029
552 
Total$1,250 
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 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,
202420232022
Interest and debt expense$580 $611 $619 
Less: Capitalized interest24 19 57 
Interest and debt expense, net of
capitalized interest
$556 $592 $562 
Principal Maturities for Debt Obligations
Principal maturities for our debt obligations as of December 31, 2024 were as follows (in millions):
2025 (a)$499 
2026672 
2027564 
20281,047 
2029439 
Thereafter4,935 
Net unamortized debt issuance costs and other(71)
Total debt$8,085 
________________________
(a)Maturities for 2025 include the IEnova Revolver.