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Debt and Capital Lease Obligations | 3 Months Ended
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Mar. 31, 2018
Debt and Capital Lease Obligations [Abstract] |
DEBT AND CAPITAL LEASE OBLIGATIONS |
3. | DEBT AND CAPITAL LEASE OBLIGATIONS
Debt During the three months ended March 31, 2018, VLP issued in a public offering $500 million aggregate principal amount of its 4.5 percent Senior Notes due March 15, 2028. Gross proceeds from this debt issuance were $498 million before deducting the underwriting discount and other debt issuance costs totaling $5 million. The proceeds are available only to the operations of VLP and were used to repay the outstanding balance of $410 million on VLP’s $750 million senior unsecured revolving credit facility (the VLP Revolver) and $85 million of its notes payable to us, which is eliminated in consolidation. During the three months ended March 31, 2017, we had no significant debt activity. 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):
|  |  |  |  |  | March 31, 2018
|  | Facility Amount |  | Maturity Date |  | Outstanding Borrowings |  | Letters of Credit Issued |  | Availability
Committed facilities: |  |  |  |  |  |  |  |  |  |
Valero Revolver |  | $ | 3,000 |  |  | November 2020 |  | $ | — |  |  | $ | 138 |  |  | $ | 2,862 |
VLP Revolver |  | 750 |  |  | November 2020 |  | — |  |  | — |  |  | 750 |
Canadian Revolver |  | C$ | 75 |  |  | November 2018 |  | C$ | — |  |  | C$ | 6 |  |  | C$ | 69 |
Accounts receivable sales facility |  | 1,300 |  |  | July 2018 |  | 100 |  |  | n/a |  |  | 1,200 |
Letter of credit facility |  | 100 |  |  | November 2018 |  | n/a |  |  | — |  |  | 100 |
Uncommitted facilities: |  |  |  |  |  |  |  |  |  |
Letter of credit facilities |  | n/a |  |  | n/a |  | n/a |  |  | 273 |  |  | n/a |
Letters of credit issued as of March 31, 2018 expire at various times in 2018 through 2020. As of March 31, 2018 and December 31, 2017, the variable interest rate on the accounts receivable sales facility was 2.3616 percent and 2.0387 percent, respectively. Other Disclosures Interest and debt expense, net of capitalized interest is comprised of the following (in millions):
| Three Months Ended March 31,
| 2018 |  | 2017
Interest and debt expense | $ | 139 |  |  | $ | 134 |
Less capitalized interest | 18 |  |  | 13 |
Interest and debt expense, net of capitalized interest | $ | 121 |  |  | $ | 121 |

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- Definition The entire disclosure for debt and capital lease obligations can be reported. 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. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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