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v3.22.2.2

Debt (Tables) | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Debt purchased and retired | In September 2022, we used cash on hand to purchase and retire the following notes in connection with cash tender offers that we publicly announced in August 2022 and completed in September 2022 (in millions):
Debt Purchased and Retired |  | Principal Amount
3.65% Senior Notes due 2025 |  | $ | 48 |
2.850% Senior Notes due 2025 |  | 291 |
4.375% VLP Senior Notes due 2026 |  | 62 |
3.400% Senior Notes due 2026 |  | 166 |
4.350% Senior Notes due 2028 |  | 131 |
4.000% Senior Notes due 2029 |  | 552 |
Total |  | $ | 1,250 |
The proceeds and cash on hand were used to purchase and retire the following notes in connection with cash tender offers that we publicly announced and completed in February 2022 (in millions):
Debt Purchased 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):
|  |  |  |  | September 30, 2022
| Facility Amount |  | Maturity Date |  | Outstanding Borrowings |  | Letters of Credit Issued (a) |  | Availability
Committed facilities: |  |  |  |  |  |  |  |  |
Valero Revolver | $ | 4,000 |  |  | March 2024 |  | $ | — |  |  | $ | 538 |  |  | $ | 3,462 |
Canadian Revolver | C$ | 150 |  |  | November 2022 |  | C$ | — |  |  | C$ | 5 |  |  | C$ | 145 |
Accounts receivable sales facility | $ | 1,300 |  |  | July 2023 |  | $ | — |  |  | 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 |  |  | $ | 8 |  |  | $ | 292 |
DGD Loan Agreement (d) | $ | 25 |  |  | April 2023 |  | $ | — |  |  | n/a |  | $ | 25 |
IEnova Revolver (e) | $ | 830 |  |  | February 2028 |  | $ | 705 |  |  | n/a |  | $ | 125 |
Uncommitted facilities: |  |  |  |  |  |  |  |  |
Letter of credit facilities | n/a |  | n/a |  | n/a |  | $ | 1,613 |  |  | n/a
________________________ (a)Letters of credit issued as of September 30, 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 4.320 percent and 1.860 percent as of September 30, 2022 and December 31, 2021, respectively. (d)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 5.133 percent and 2.603 percent as of September 30, 2022 and December 31, 2021, respectively. (e)The variable interest rate on the IEnova Revolver was 5.927 percent and 3.781 percent as of September 30, 2022 and December 31, 2021, respectively. Activity under our credit facilities was as follows (in millions):
| Nine Months Ended September 30, |  |
| 2022 |  | 2021 |  |  |  |
Borrowings: |  |  |  |  |  |  |
Accounts receivable sales facility | $ | 1,200 |  |  | $ | — |  |  |  |  |
DGD Revolver | 659 |  |  | 100 |  |  |  |  |
DGD Loan Agreement | 25 |  |  | — |  |  |  |  |
IEnova Revolver | 73 |  |  | 29 |  |  |  |  |
Repayments: |  |  |  |  |  |  |
Accounts receivable sales facility | (1,200) |  |  | — |  |  |  |  |
DGD Revolver | (659) |  |  | — |  |  |  |  |
DGD Loan Agreement | (50) |  |  | — |  |  |  |  |
IEnova Revolver | (47) |  |  | — |  |  |  |  |
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 September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Interest and debt expense | $ | 154 |  |  | $ | 162 |  |  | $ | 467 |  |  | $ | 488 |
Less: Capitalized interest | 16 |  |  | 10 |  |  | 42 |  |  | 37 |
Interest and debt expense, net of capitalized interest | $ | 138 |  |  | $ | 152 |  |  | $ | 425 |  |  | $ | 451 |

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