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Debt (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Debt purchased and retired | In February 2023, we used cash on hand to purchase and retire a portion of the following notes (in millions):
Debt Purchased and Retired |  | Principal Amount
6.625% Senior Notes due 2037 |  | $ | 62 |
3.650% Senior Notes due 2051 |  | 26 |
4.000% Senior Notes due 2052 |  | 45 |
Various other Valero and Valero Energy Partners (VLP) Senior Notes |  | 66 |
Total |  | $ | 199 |
The proceeds and cash on hand were used to purchase and retire a portion of 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):
|  |  |  |  | March 31, 2023
| Facility Amount |  | Maturity Date |  | Outstanding Borrowings |  | Letters of Credit Issued (a) |  | Availability
Committed facilities: |  |  |  |  |  |  |  |  |
Valero Revolver | $ | 4,000 |  |  | November 2027 |  | $ | — |  |  | $ | 6 |  |  | $ | 3,994 |
Canadian Revolver | C$ | 150 |  |  | November 2023 |  | C$ | — |  |  | C$ | 5 |  |  | C$ | 145 |
Accounts receivable sales facility | $ | 1,300 |  |  | July 2023 |  | $ | — |  |  | n/a |  | $ | 1,300 |
Committed facilities of VIEs (b): |  |  |  |  |  |  |  |  |
DGD Revolver (c) | $ | 400 |  |  | March 2024 |  | $ | 100 |  |  | $ | 75 |  |  | $ | 225 |
DGD Loan Agreement (d) | $ | 25 |  |  | April 2023 |  | $ | 25 |  |  | n/a |  | $ | — |
IEnova Revolver (e) | $ | 830 |  |  | February 2028 |  | $ | 710 |  |  | n/a |  | $ | 120 |
Uncommitted facilities: |  |  |  |  |  |  |  |  |
Letter of credit facilities | n/a |  | n/a |  | n/a |  | $ | 158 |  |  | n/a
________________________ (a)Letters of credit issued as of March 31, 2023 expire at various times in 2023 through 2024. (b)Creditors of the VIEs do not have recourse against us. (c)The variable interest rate on the DGD Revolver was 6.460 percent and 5.880 percent as of March 31, 2023 and December 31, 2022, 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 7.173 percent and 6.672 percent as of March 31, 2023 and December 31, 2022, respectively. We expect this facility to be renewed prior to its maturity date. (e)The variable interest rate on the IEnova Revolver was 8.443 percent and 7.393 percent as of March 31, 2023 and December 31, 2022, respectively. Activity under our credit facilities was as follows (in millions):
| Three Months Ended March 31,
| 2023 |  | 2022
Borrowings: |  |  |
Accounts receivable sales facility | $ | 750 |  |  | $ | 300 |
DGD Revolver | 150 |  |  | 99 |
IEnova Revolver | 14 |  |  | 28 |
Repayments: |  |  |
Accounts receivable sales facility | (750) |  |  | (300) |
DGD Revolver | (150) |  |  | (99) |
IEnova Revolver | (21) |  |  | (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,
|  |  |  |  | 2023 |  | 2022
Interest and debt expense |  |  |  |  | $ | 152 |  |  | $ | 157 |
Less: Capitalized interest |  |  |  |  | 6 |  |  | 12 |
Interest and debt expense, net of capitalized interest |  |  |  |  | $ | 146 |  |  | $ | 145 |

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