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Debt (Tables) | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Debt repurchased and retired | The proceeds and cash on hand were used to repurchase and retire the following notes in connection with cash tender offers that we publicly announced and completed in February 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 |
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, 2022
| Facility Amount |  | Maturity Date |  | Outstanding Borrowings |  | Letters of Credit Issued (a) |  | Availability
Committed facilities: |  |  |  |  |  |  |  |  |
Valero Revolver | $ | 4,000 |  |  | March 2024 |  | $ | — |  |  | $ | 615 |  |  | $ | 3,385 |
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 (c) | $ | 400 |  |  | March 2024 |  | $ | 100 |  |  | $ | 15 |  |  | $ | 285 |
DGD Loan Agreement (d) | $ | 25 |  |  | April 2023 |  | $ | 25 |  |  | n/a |  | $ | — |
IEnova Revolver (e) | $ | 830 |  |  | February 2028 |  | $ | 692 |  |  | n/a |  | $ | 138 |
Uncommitted facilities: |  |  |  |  |  |  |  |  |
Letter of credit facilities | n/a |  | n/a |  | n/a |  | $ | 834 |  |  | n/a
________________________ (a)Letters of credit issued as of March 31, 2022 expire at various times in 2022 through 2023. (b)Creditors of the VIEs do not have recourse against us. (c)The variable interest rate on the DGD Revolver was 2.140 percent and 1.860 percent as of March 31, 2022 and December 31, 2021, respectively. (d)In March 2022, the maturity date of this facility was extended to April 2023. 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. The variable interest rate on the DGD Loan Agreement was 2.735 percent and 2.603 percent as of March 31, 2022 and December 31, 2021, respectively. (e)The variable interest rate on the IEnova Revolver was 3.864 percent and 3.781 percent as of March 31, 2022 and December 31, 2021, respectively. Activity under our credit facilities was as follows (in millions):
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Borrowings: |  |  |  |  |  |  |
Accounts receivable sales facility | $ | 300 |  |  | $ | — |  |  |  |  |
DGD Revolver | 99 |  |  | — |  |  |  |  |
IEnova Revolver | 28 |  |  | 8 |  |  |  |  |
Repayments: |  |  |  |  |  |  |
Accounts receivable sales facility | (300) |  |  | — |  |  |  |  |
DGD Revolver | (99) |  |  | — |  |  |  |  |
IEnova Revolver | (15) |  |  | — |  |  |  |  |
Interest and debt expense, net of capitalized interest | “Interest and debt expense, net of capitalized interest” is comprised as follows (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021
Interest and debt expense |  |  |  |  | $ | 157 |  |  | $ | 164 |
Less: Capitalized interest |  |  |  |  | 12 |  |  | 15 |
Interest and debt expense, net of capitalized interest |  |  |  |  | $ | 145 |  |  | $ | 149 |

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- Definition Tabular disclosure of debt extinguished which may include, amount of gain (loss), the income tax effect and the per share amount of the aggregate gain (loss), net of the related income tax. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7516071&loc=d3e13374-112631 + Details
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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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