Debt and Capital Lease Obligations

3 Months Ended

Mar. 31, 2017


3.	DEBT AND CAPITAL LEASE OBLIGATIONS

There was no significant activity related to our debt during the three months ended March 31, 2017 and 2016.

Summary of Credit Facilities

We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions):



				March 31, 2017
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued		Availability
Committed facilities:
Valero Revolver	$	3,000	November 2020	$	—	$	150	$	2,850
VLP Revolver	$	750	November 2020	$	30	$	—	$	720
Canadian Revolver	C$	25	November 2017	C$	—	C$	10	C$	15
Accounts receivable sales facility	$	1,300	July 2017	$	100	n/a		$	1,183
Letter of credit facilities	$	225	June 2017 and November 2017	n/a		$	—	$	225
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		$	235	n/a

As of March 31, 2017 and December 31, 2016, the weighted-average interest rate on the VLP Revolver was 2.3125 percent. As of March 31, 2017 and December 31, 2016, the weighted-average interest rate on the accounts receivable sales facility was 1.4805 percent and 1.3422 percent, respectively.

Capital Leases

In January 2017, we recognized capital lease assets and related obligations of approximately $490 million for the lease of storage tanks located at three of our refineries. These lease agreements have initial terms of 10 years each with successive 10-year automatic renewal terms.