XML 33 R11.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Debt | 9 Months Ended
--- | ---
Sep. 30, 2013
Debt Disclosure [Abstract] |
DEBT |
5. | DEBT
Bank Debt and Credit Facilities We have a $3 billion revolving credit facility (the Revolver) that has a maturity date of December 2016. The Revolver has certain restrictive covenants, including a maximum debt-to-capitalization ratio of 60 percent. As of September 30, 2013 and December 31, 2012, our debt-to-capitalization ratios, calculated in accordance with the terms of the Revolver, were 20 percent and 23 percent, respectively. We believe that we will remain in compliance with this covenant. In addition to the Revolver, one of our Canadian subsidiaries has a committed revolving credit facility under which it may borrow and obtain letters of credit up to C$50 million. During the nine months ended September 30, 2013, we had no borrowings or repayments under our Revolver. During the nine months ended September 30, 2012, we borrowed and repaid $1.1 billion under our Revolver. We had no borrowings or repayments under the Canadian revolving credit facility during the nine months ended September 30, 2013 and 2012. As of September 30, 2013 and December 31, 2012, we had no borrowings outstanding under the Revolver or the Canadian revolving credit facility. On March 20, 2013, in anticipation of the separation of our retail business as described in Note 2, CST entered into a credit agreement providing for $800 million of senior secured credit facilities (consisting of a $500 million term loan facility and a revolving credit facility with an aggregate principal amount of up to $300 million). Borrowings under the term loan and revolving credit facilities bear interest at the London Interbank Offered Rate (LIBOR) plus a margin or an alternate base rate, as defined in the agreement, plus a margin. The credit agreement matures on May 1, 2018 and has certain restrictive covenants. This credit agreement and related credit facilities were retained by CST after the separation from us. Therefore, we have no rights to obtain credit under nor any liabilities in connection with this credit agreement and related credit facilities. On April 16, 2013, also in anticipation of the separation of our retail business, we borrowed $550 million under a short-term debt agreement with a third-party financial institution. On May 1, 2013, CST issued $550 million of its senior unsecured bonds to us, and we exchanged those bonds with the third-party financial institution in satisfaction of our short-term debt. On October 24, 2013, we borrowed $525 million under a short-term debt agreement with a third-party financial institution in anticipation of the liquidation of our remaining 20 percent of the outstanding shares of CST common stock. The debt matures on December 12, 2013. We had outstanding letters of credit under our committed lines of credit as follows (in millions):
|  |  |  |  |  | Amounts Outstanding
|  | Borrowing Capacity |  | Expiration |  | September 30, 2013 |  | December 31, 2012
Letter of credit facilities |  | $ | 550 |  |  | June 2014 |  | $ | 292 |  |  | $ | 418 |
Revolver |  | $ | 3,000 |  |  | December 2016 |  | $ | 59 |  |  | $ | 59 |
Canadian revolving credit facility |  | C$ | 50 |  |  | November 2013 |  | C$ | 10 |  |  | C$ | 10 |
As of September 30, 2013 and December 31, 2012, we had $257 million and $275 million, respectively, of letters of credit outstanding under our uncommitted short-term bank credit facilities. We anticipate that we will be able to renew our Canadian revolving credit facility prior to its expiration in November 2013. Non-Bank Debt During the nine months ended September 30, 2013, the following activity occurred:
• | in June 2013, we made a scheduled debt repayment of $300 million related to our 4.75% notes; and
• | in January 2013, we made a scheduled debt repayment of $180 million related to our 6.7% senior notes.
During the nine months ended September 30, 2012, the following activity occurred:
• | in June 2012, we remarketed and received proceeds of $300 million related to the 4.0% Gulf Opportunity Zone Revenue Bonds Series 2010 issued by the Parish of St. Charles, State of Louisiana, which are due December 1, 2040, but are subject to mandatory tender on June 1, 2022;
• | in April 2012, we made scheduled debt repayments of $4 million related to our Series 1997A 5.45% industrial revenue bonds and $750 million related to our 6.875% notes; and
• | in March 2012, we exercised the call provisions on our Series 1997 5.6%, Series 1998 5.6%, Series 1999 5.7%, Series 2001 6.65%, and Series 1997A 5.45% industrial revenue bonds, which were redeemed on May 3, 2012 for $108 million, or 100 percent of their outstanding stated values.
Accounts Receivable Sales Facility We have an accounts receivable sales facility with a group of third-party entities and financial institutions to sell up to $1.5 billion of eligible trade receivables on a revolving basis. In July 2013, we amended this facility to extend the maturity date to July 2014. Proceeds from the sale of receivables under this facility are reflected as debt. Under this program, one of our marketing subsidiaries (Valero Marketing) sells eligible receivables, without recourse, to another of our subsidiaries (Valero Capital), whereupon the receivables are no longer owned by Valero Marketing. Valero Capital, in turn, sells an undivided percentage ownership interest in the eligible receivables, without recourse, to the third-party entities and financial institutions. To the extent that Valero Capital retains an ownership interest in the receivables it has purchased from Valero Marketing, such interest is included in our financial statements solely as a result of the consolidation of the financial statements of Valero Capital with those of Valero Energy Corporation; the receivables are not available to satisfy the claims of the creditors of Valero Marketing or Valero Energy Corporation. Changes in the amounts outstanding under our accounts receivable sales facility were as follows (in millions):
| Nine Months Ended September 30,
| 2013 |  | 2012
Balance as of beginning of period | $ | 100 |  |  | $ | 250 |
Proceeds from the sale of receivables | — |  |  | 1,500 |
Repayments | — |  |  | (1,650 | )
Balance as of end of period | $ | 100 |  |  | $ | 100 |
Capitalized Interest Capitalized interest was $16 million and $59 million for the three months ended September 30, 2013 and 2012, respectively, and $101 million and $164 million for the nine months ended September 30, 2013 and 2012, respectively.

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration