Debt (Tables)

6 Months Ended

Jun. 30, 2020

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):



				June 30, 2020
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued (a)		Availability
Committed facilities:
Valero Revolver	$	4,000	March 2024	$	—	$	33	$	3,967
364-day Revolving Credit Facility	$	875	April 2021	$	—	n/a		$	875
Canadian Revolver	C$	150	November 2020	C$	—	C$	7	C$	143
Accounts receivable sales facility (b)	$	1,300	July 2020	$	—	n/a		$	726
Letter of credit facility	$	50	November 2020	n/a		$	—	$	50
Committed facilities of VIE (c):
IEnova Revolver	$	612	February 2028	$	511	n/a		$	101
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		$	92	n/a

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(a)	Letters of credit issued as of June 30, 2020 expire at various times in 2020 through 2021.


(b)	The available borrowing capacity was lower than the facility amount due to a decline in product prices. In July 2020, we extended the maturity date of this facility to July 2021 and decreased the facility amount from $1.3 billion to $1.0 billion.

(c)

Creditors of our VIE do not have recourse against us.

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 June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Interest and debt expense	$	161	$	136	$	306	$	272
Less: Capitalized interest	19		24		39		48
Interest and debt expense, net of capitalized interest	$	142	$	112	$	267	$	224