Debt and Finance Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2023

Debt and Lease Obligation [Abstract]

Debt, at stated values, and finance lease obligations consisted of the following (in millions):


	Final Maturity	December 31,
		2023		2022
Credit facilities:
Valero Revolver	2027	$	—	$	—
Canadian Revolver	2023	n/a		—
Accounts Receivable Sales Facility	2024	—		—
DGD Revolver	2026	250		100
DGD Loan Agreement	2026	—		25
IEnova Revolver	2028	766		717
Public debt:
Valero Senior Notes
1.200%	2024	167		167
2.850%	2025	251		251
3.65%	2025	189		189
3.400%	2026	426		426
2.150%	2027	564		578
4.350%	2028	591		606
4.000%	2029	439		439
8.75%	2030	200		200
2.800%	2031	462		472
7.5%	2032	729		733
6.625%	2037	1,380		1,442
6.75%	2037	24		24
10.500%	2039	113		113
4.90%	2045	621		626
3.650%	2051	829		855
4.000%	2052	508		553
7.45%	2097	70		70
Valero Energy Partners LP (VLP) Senior Notes
4.375%	2026	146		146
4.500%	2028	456		474
Debenture, 7.65%	2026	100		100

Other debt	2024	14		19
Net unamortized debt issuance costs and other		(77)		(84)
Total debt		9,218		9,241
Finance lease obligations (see Note 5)		2,306		2,394
Total debt and finance lease obligations		11,524		11,635
Less: Current portion		1,406		1,109
Debt and finance lease obligations, less current portion		$	10,118	$	10,526

Summary of credit facilities

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


				December 31, 2023
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued (a)		Availability

Committed facilities:
Valero Revolver	$	4,000	November 2027	$	—	$	4	$	3,996
Accounts receivable sales facility	1,300		July 2024	—		n/a		1,300

Committed facilities of VIEs (b):
DGD Revolver	400		June 2026	250		54		96
DGD Loan Agreement (c)	100		June 2026	—		n/a		100
IEnova Revolver	830		February 2028	766		n/a		64
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		—		n/a

________________________

(a)Letters of credit issued as of December 31, 2023 expire at various times in 2024 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,
	2023		2022		2021
Borrowings:
Accounts receivable sales facility	$	1,750	$	1,600	$	—
DGD Revolver	550		759		276
DGD Loan Agreement	—		50		25
IEnova Revolver	120		105		81
Repayments:
Accounts receivable sales facility	(1,750)		(1,600)		—
DGD Revolver	(400)		(759)		(176)
DGD Loan Agreement	(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 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 VLP Senior Notes	66
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 Retired	Principal 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 Notes	62
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 Retired	Principal 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 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

These proceeds and cash on hand were used to redeem or purchase and retire a portion of the following notes in connection with cash tender offers that we publicly announced in November 2021 and completed in December 2021 (in millions):


Debt Redeemed or Purchased and Retired	Principal Amount
2.700% Senior Notes due 2023	$	850
1.200% Senior Notes due 2024	756
3.65% Senior Notes due 2025	276
4.375% VLP Senior Notes due 2026	124
10.500% Senior Notes due 2039	137
Total	$	2,143

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,
	2023		2022		2021
Interest and debt expense	$	611	$	619	$	651
Less: Capitalized interest	19		57		48
Interest and debt expense, net of capitalized interest	$	592	$	562	$	603

Principal maturities for debt obligations

Principal maturities for our debt obligations as of December 31, 2023 were as follows (in millions):


2024 (a)	$	1,197
2025	441
2026	672
2027	564
2028	1,047
Thereafter	5,374
Net unamortized debt issuance costs and other	(77)
Total debt	$	9,218

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(a)Maturities for 2024 include the DGD Revolver and the IEnova Revolver.