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Debt | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
DEBT | 4. DEBT Public Debt During the three months ended March 31, 2021 and 2020, there was no issuance or redemption activity related to our public debt. Credit Facilities Summary of Credit Facilities 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, 2021
|  | Facility Amount |  | Maturity Date |  | Outstanding Borrowings |  | Letters of Credit Issued (a) |  | Availability
Committed facilities: |  |  |  |  |  |  |  |  |  |
Valero Revolver |  | $ | 4,000 |  |  | March 2024 |  | $ | — |  |  | $ | 118 |  |  | $ | 3,882 |
364-day Revolving Credit Facility (b) |  | $ | 875 |  |  | April 2021 |  | $ | — |  |  | n/a |  | $ | 875 |
Canadian Revolver |  | C$ | 150 |  |  | November 2021 |  | C$ | — |  |  | C$ | 5 |  |  | C$ | 145 |
Accounts receivable sales facility |  | $ | 1,000 |  |  | July 2021 |  | $ | — |  |  | n/a |  | $ | 1,000 |
Letter of credit facility |  | $ | 50 |  |  | November 2021 |  | n/a |  | $ | — |  |  | $ | 50 |
Committed facilities of VIEs (c): |  |  |  |  |  |  |  |  |  |
DGD Revolver |  | $ | 400 |  |  | March 2024 |  | $ | — |  |  | $ | — |  |  | $ | 400 |
IEnova Revolver (d) |  | $ | 660 |  |  | February 2028 |  | $ | 606 |  |  | n/a |  | $ | 54 |
Uncommitted facilities: |  |  |  |  |  |  |  |  |  |
Letter of credit facilities |  | n/a |  | n/a |  | n/a |  | $ | 330 |  |  | n/a
________________________ (a)Letters of credit issued as of March 31, 2021 expire at various times in 2021 through 2023. (b)This facility matured on April 12, 2021 and was not renewed. (c)Creditors of our VIEs do not have recourse against us. (d)As of March 31, 2021 and December 31, 2020, the variable interest rate on the IEnova Revolver was 3.888 percent and 3.870 percent, respectively. Activities under our credit facilities were as follows (in millions):
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Borrowings: |  |  |  |  |  |  |
Accounts receivable sales facility | $ | — |  | $ | 300 |  |  |  |
IEnova Revolver | 8 |  | 70 |  |  |  |
DGD Revolver In March 2021, DGD (as described in Note 6) entered into a $400 million unsecured revolving credit facility (the DGD Revolver) that matures in March 2024. DGD has the option to increase the aggregate commitments under the DGD Revolver to $550 million, subject to certain restrictions. The DGD Revolver also provides for the issuance of letters of credit of up to $10 million. The DGD Revolver is available only to the operations of DGD, and the creditors of DGD do not have recourse against us. Outstanding borrowings under the DGD Revolver generally bear interest, at DGD’s option, at either (i) an alternate base rate plus the applicable margin or (ii) an adjusted LIBOR rate for the applicable interest period in effect from time to time plus the applicable margin. The DGD Revolver also requires payments for customary fees, including unused commitment fees, letter of credit fees, and administrative agent fees. During the three months ended March 31, 2021, there were no borrowings or repayments under the DGD Revolver. Other Disclosures “Interest and debt expense, net of capitalized interest” is comprised as follows (in millions):
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Interest and debt expense | $ | 164 |  |  | $ | 145 |  |  |  |  |
Less: Capitalized interest | 15 |  |  | 20 |  |  |  |  |
Interest and debt expense, net of capitalized interest | $ | 149 |  |  | $ | 125 |  |  |  |  |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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