Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

DEBT

4.    DEBT

Public Debt

In March 2024, we repaid the $167 million outstanding principal balance of our 1.200 percent Senior Notes that matured on March 15, 2024.

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 LP Senior Notes	66
Total	$	199

Credit Facilities

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

				September 30, 2024
	Facility Amount		Maturity Date	Outstanding 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/a		1,300
Committed facilities of VIEs (b):
DGD Revolver (c)	400		June 2026	—		60		340
DGD Loan Agreement (d)	100		June 2026	—		n/a		100
IEnova Revolver (e)	830		February 2028	329		n/a		501
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		95		n/a

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(a)Letters of credit issued as of September 30, 2024 expire at various times in 2024 through 2026.

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

(c)The variable interest rate on the unsecured revolving credit facility with a syndicate of financial institutions (the DGD Revolver) was 7.201 percent as of December 31, 2023.

(d)The amounts shown for DGD’s unsecured revolving loan agreement with its members (the DGD Loan Agreement) 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.

(e)Central Mexico Terminals (defined in Note 6) has an unsecured revolving credit facility (the IEnova Revolver) with IEnova (defined in Note 6). During the three months ended March 31, 2024, IEnova converted $457 million of outstanding borrowings under this facility to additional equity in Central Mexico Terminals, which resulted in an increase in the noncontrolling interest related to IEnova. The variable interest rate on the IEnova Revolver was 9.182 percent and 9.245 percent as of September 30, 2024 and December 31, 2023, respectively.

Borrowings and repayments under our credit facilities were as follows (in millions):

	Nine Months Ended September 30,
	2024		2023
Borrowings:
Accounts receivable sales facility	$	5,200	$	1,750
DGD Revolver	150		500
DGD Loan Agreement	100		—
IEnova Revolver	23		86
Repayments:
Accounts receivable sales facility	(5,200)		(1,750)
DGD Revolver	(400)		(400)
DGD Loan Agreement	(100)		(25)
IEnova Revolver	—		(55)

Other Disclosures

“Interest and debt expense, net of capitalized interest” is comprised as follows (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest and debt expense	$	145	$	153	$	438	$	456
Less: Capitalized interest	4		4		17		13
Interest and debt expense, net of capitalized interest	$	141	$	149	$	421	$	443