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Debt and Finance Lease Obligations (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt and Lease Obligation [Abstract] |
Debt and finance lease obligations | Debt, at stated values, and finance lease obligations consisted of the following (in millions):
| Final Maturity |  | December 31,
|  | 2021 |  | 2020
Credit facilities: |  |  |  |  |
Valero Revolver | 2024 |  | $ | — |  |  | $ | — |
Canadian Revolver | 2022 |  | — |  |  | — |
Accounts Receivable Sales Facility | 2022 |  | — |  |  | — |
364-Day Revolving Credit Facility | 2021 |  | — |  |  | — |
DGD Revolver | 2024 |  | 100 |  |  | — |
DGD Loan Agreement | 2022 |  | 25 |  |  | — |
IEnova Revolver | 2028 |  | 679 |  |  | 598 |
Public debt: |  |  |  |  |
Valero Senior Notes |  |  |  |  |
6.625% | 2037 |  | 1,500 |  |  | 1,500 |
3.400% | 2026 |  | 1,250 |  |  | 1,250 |
2.850% | 2025 |  | 1,050 |  |  | 1,050 |
4.000% | 2029 |  | 1,000 |  |  | 1,000 |
3.650% | 2051 |  | 950 |  |  | — |
4.350% | 2028 |  | 750 |  |  | 750 |
7.5% | 2032 |  | 750 |  |  | 750 |
4.90% | 2045 |  | 650 |  |  | 650 |
2.150% | 2027 |  | 600 |  |  | 600 |
2.800% | 2031 |  | 500 |  |  | — |
3.65% | 2025 |  | 324 |  |  | 600 |
8.75% | 2030 |  | 200 |  |  | 200 |
1.200% | 2024 |  | 169 |  |  | 925 |
10.500% | 2039 |  | 113 |  |  | 250 |
7.45% | 2097 |  | 100 |  |  | 100 |
6.75% | 2037 |  | 24 |  |  | 24 |
2.700% | 2023 |  | — |  |  | 850 |
Floating Rate Notes at 1.3665% | 2023 |  | — |  |  | 575 |
VLP Senior Notes |  |  |  |  |
4.500% | 2028 |  | 500 |  |  | 500 |
4.375% | 2026 |  | 376 |  |  | 500 |
Gulf Opportunity Zone Revenue Bonds, Series 2010, 4.00% | 2040 |  | 300 |  |  | 300 |
Debenture, 7.65% | 2026 |  | 100 |  |  | 100 |
Other debt | 2023 |  | 26 |  |  | 31 |
Net unamortized debt issuance costs and other |  |  | (86) |  |  | (90) |
Total debt |  |  | 11,950 |  |  | 13,013 |
Finance lease obligations (see Note 6) |  |  | 1,920 |  |  | 1,664 |
Total debt and finance lease obligations |  |  | 13,870 |  |  | 14,677 |
Less: Current portion |  |  | 1,264 |  |  | 723 |
Debt and finance lease obligations, less current portion |  |  | $ | 12,606 |  |  | $ | 13,954 |
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):
|  |  |  |  |  | December 31, 2021
|  | Facility Amount |  | Maturity Date |  | Outstanding Borrowings |  | Letters of Credit Issued (a) |  | Availability
Committed facilities: |  |  |  |  |  |  |  |  |  |
Valero Revolver |  | $ | 4,000 |  |  | March 2024 |  | $ | — |  |  | $ | 288 |  |  | $ | 3,712 |
Canadian Revolver |  | C$ | 150 |  |  | November 2022 |  | C$ | — |  |  | C$ | 5 |  |  | C$ | 145 |
Accounts receivable sales facility |  | $ | 1,300 |  |  | July 2022 |  | $ | — |  |  | n/a |  | $ | 1,300 |
Letter of credit facility |  | $ | 50 |  |  | November 2022 |  | n/a |  | $ | — |  |  | $ | 50 |
Committed facilities of VIEs (b): |  |  |  |  |  |  |  |  |  |
DGD Revolver |  | $ | 400 |  |  | March 2024 |  | $ | 100 |  |  | $ | — |  |  | $ | 300 |
DGD Loan Agreement (c) |  | $ | 25 |  |  | April 2022 |  | $ | 25 |  |  | n/a |  | $ | — |
IEnova Revolver |  | $ | 830 |  |  | February 2028 |  | $ | 679 |  |  | n/a |  | $ | 151 |
Uncommitted facilities: |  |  |  |  |  |  |  |  |  |
Letter of credit facilities |  | n/a |  | n/a |  | n/a |  | $ | 331 |  |  | n/a
________________________ (a)Letters of credit issued as of December 31, 2021 expire at various times in 2022 through 2023. (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,
| 2021 |  | 2020 |  | 2019
Borrowings: |  |  |  |  |
Accounts receivable sales facility | $ | — |  |  | $ | 300 |  |  | $ | 900 |
DGD Revolver | 276 |  |  | — |  |  | — |
DGD Loan Agreement | 25 |  |  | — |  |  | — |
IEnova Revolver | 81 |  |  | 250 |  |  | 239 |
Repayments: |  |  |  |  |
Accounts receivable sales facility | — |  |  | (400) |  |  | (900) |
DGD Revolver | (176) |  |  | — |  |  | — |
Debt repurchased and retired | In November and December 2021, these proceeds and cash on hand were used to repurchase and retire, or redeem the following notes in connection with our cash tender offers that were publicly announced on November 18, 2021 and updated on December 3, 2021 (in millions):
Debt Repurchased and Retired, or Redeemed |  | 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 |  |  |  |  |
On February 17, 2022, the proceeds and cash on hand were used to repurchase and retire the following notes in connection with our cash tender offers that were publicly announced on February 2, 2022 and updated on February 16, 2022 (in millions):
Debt Repurchased 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 |
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,
| 2021 |  | 2020 |  | 2019
Interest and debt expense | $ | 651 |  |  | $ | 638 |  |  | $ | 544 |
Less: Capitalized interest | 48 |  |  | 75 |  |  | 90 |
Interest and debt expense, net of capitalized interest | $ | 603 |  |  | $ | 563 |  |  | $ | 454 |
Principal maturities for debt obligations | Principal maturities for our debt obligations as of December 31, 2021 were as follows (in millions):
2022 (a) | $ | 1,110 |
2023 | 20 |
2024 | 169 |
2025 | 1,374 |
2026 | 1,726 |
Thereafter | 7,637 |
Net unamortized debt issuance costs and other | (86) |
Total debt | $ | 11,950 |
________________________ (a)Maturities for 2022 include the DGD Revolver, the DGD Loan Agreement, the IEnova Revolver, and our 4.00 percent Gulf Opportunity Zone Revenue Bonds Series 2010 (GO Zone Bonds). Our GO Zone Bonds are due December 1, 2040, but they are subject to mandatory tender on June 1, 2022 (the Mandatory Tender Date) at a price equal to par plus accrued and unpaid interest up to, but excluding, the Mandatory Tender Date, and are reflected in current portion of debt and finance lease obligations as of December 31, 2021.

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