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Debt and Finance Lease Obligations (Tables) | 12 Months Ended
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Dec. 31, 2023
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,
|  | 2023 |  | 2022
Credit facilities: |  |  |  |  |
Valero Revolver | 2027 |  | $ | — |  |  | $ | — |
Canadian Revolver | 2023 |  | n/a |  | — |
Accounts Receivable Sales Facility | 2024 |  | — |  |  | — |
DGD Revolver | 2026 |  | 250 |  |  | 100 |
DGD Loan Agreement | 2026 |  | — |  |  | 25 |
IEnova Revolver | 2028 |  | 766 |  |  | 717 |
Public debt: |  |  |  |  |
Valero Senior Notes |  |  |  |  |
1.200% | 2024 |  | 167 |  |  | 167 |
2.850% | 2025 |  | 251 |  |  | 251 |
3.65% | 2025 |  | 189 |  |  | 189 |
3.400% | 2026 |  | 426 |  |  | 426 |
2.150% | 2027 |  | 564 |  |  | 578 |
4.350% | 2028 |  | 591 |  |  | 606 |
4.000% | 2029 |  | 439 |  |  | 439 |
8.75% | 2030 |  | 200 |  |  | 200 |
2.800% | 2031 |  | 462 |  |  | 472 |
7.5% | 2032 |  | 729 |  |  | 733 |
6.625% | 2037 |  | 1,380 |  |  | 1,442 |
6.75% | 2037 |  | 24 |  |  | 24 |
10.500% | 2039 |  | 113 |  |  | 113 |
4.90% | 2045 |  | 621 |  |  | 626 |
3.650% | 2051 |  | 829 |  |  | 855 |
4.000% | 2052 |  | 508 |  |  | 553 |
7.45% | 2097 |  | 70 |  |  | 70 |
Valero Energy Partners LP (VLP) Senior Notes |  |  |  |  |
4.375% | 2026 |  | 146 |  |  | 146 |
4.500% | 2028 |  | 456 |  |  | 474 |
Debenture, 7.65% | 2026 |  | 100 |  |  | 100 |
Other debt | 2024 |  | 14 |  |  | 19 |
Net unamortized debt issuance costs and other |  |  | (77) |  |  | (84) |
Total debt |  |  | 9,218 |  |  | 9,241 |
Finance lease obligations (see Note 5) |  |  | 2,306 |  |  | 2,394 |
Total debt and finance lease obligations |  |  | 11,524 |  |  | 11,635 |
Less: Current portion |  |  | 1,406 |  |  | 1,109 |
Debt and finance lease obligations, less current portion |  |  | $ | 10,118 |  |  | $ | 10,526 |
Summary of credit facilities | We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions):
|  |  |  |  |  | December 31, 2023
|  | Facility Amount |  | Maturity Date |  | Outstanding Borrowings |  | Letters of Credit Issued (a) |  | Availability
Committed facilities: |  |  |  |  |  |  |  |  |  |
Valero Revolver |  | $ | 4,000 |  |  | November 2027 |  | $ | — |  |  | $ | 4 |  |  | $ | 3,996 |
Accounts receivable sales facility |  | 1,300 |  |  | July 2024 |  | — |  |  | n/a |  | 1,300 |
Committed facilities of VIEs (b): |  |  |  |  |  |  |  |  |  |
DGD Revolver |  | 400 |  |  | June 2026 |  | 250 |  |  | 54 |  |  | 96 |
DGD Loan Agreement (c) |  | 100 |  |  | June 2026 |  | — |  |  | n/a |  | 100 |
IEnova Revolver |  | 830 |  |  | February 2028 |  | 766 |  |  | n/a |  | 64 |
Uncommitted facilities: |  |  |  |  |  |  |  |  |  |
Letter of credit facilities |  | n/a |  | n/a |  | n/a |  | — |  |  | n/a
________________________ (a)Letters of credit issued as of December 31, 2023 expire at various times in 2024 through 2026. (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,
| 2023 |  | 2022 |  | 2021
Borrowings: |  |  |  |  |
Accounts receivable sales facility | $ | 1,750 |  |  | $ | 1,600 |  |  | $ | — |
DGD Revolver | 550 |  |  | 759 |  |  | 276 |
DGD Loan Agreement | — |  |  | 50 |  |  | 25 |
IEnova Revolver | 120 |  |  | 105 |  |  | 81 |
Repayments: |  |  |  |  |
Accounts receivable sales facility | (1,750) |  |  | (1,600) |  |  | — |
DGD Revolver | (400) |  |  | (759) |  |  | (176) |
DGD Loan Agreement | (25) |  |  | (50) |  |  | — |
IEnova Revolver | (71) |  |  | (67) |  |  | — |
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 VLP Senior Notes |  | 66 |
Total |  | $ | 199 |
In November and December 2022, we used cash on hand to purchase and retire a portion of the following notes (in millions):
Debt Purchased and Retired |  | Principal Amount
2.150% Senior Notes due 2027 |  | $ | 22 |
4.500% VLP Senior Notes due 2028 |  | 26 |
2.800% Senior Notes due 2031 |  | 28 |
6.625% Senior Notes due 2037 |  | 58 |
4.90% Senior Notes due 2045 |  | 24 |
3.650% Senior Notes due 2051 |  | 95 |
4.000% Senior Notes due 2052 |  | 97 |
7.45% Senior Notes due 2097 |  | 30 |
Various other Valero Senior Notes |  | 62 |
Total |  | $ | 442 |
In September 2022, we used cash on hand to purchase and retire a portion of 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 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 |
These proceeds and cash on hand were used to redeem or purchase and retire a portion of the following notes in connection with cash tender offers that we publicly announced in November 2021 and completed in December 2021 (in millions):
Debt Redeemed or Purchased and Retired |  | 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 |  |  |  |  |
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,
| 2023 |  | 2022 |  | 2021
Interest and debt expense | $ | 611 |  |  | $ | 619 |  |  | $ | 651 |
Less: Capitalized interest | 19 |  |  | 57 |  |  | 48 |
Interest and debt expense, net of capitalized interest | $ | 592 |  |  | $ | 562 |  |  | $ | 603 |
Principal maturities for debt obligations | Principal maturities for our debt obligations as of December 31, 2023 were as follows (in millions):
2024 (a) | $ | 1,197 |
2025 | 441 |
2026 | 672 |
2027 | 564 |
2028 | 1,047 |
Thereafter | 5,374 |
Net unamortized debt issuance costs and other | (77) |
Total debt | $ | 9,218 |
________________________ (a)Maturities for 2024 include the DGD Revolver and the IEnova Revolver.

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