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Debt (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of 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 LP Senior Notes |  | 66 |
Total |  | $ | 199 |
Schedule of Credit Facilities | We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions):
|  |  |  |  | June 30, 2024
| Facility Amount |  | Maturity Date |  | Outstanding Borrowings |  | Letters of Credit Issued (a) |  | Availability
Committed facilities: |  |  |  |  |  |  |  |  |
Valero Revolver | $ | 4,000 |  |  | November 2027 |  | $ | — |  |  | $ | 2 |  |  | $ | 3,998 |
Accounts receivable sales facility (b) | 1,300 |  |  | July 2024 |  | — |  |  | n/a |  | 1,300 |
Committed facilities of VIEs (c): |  |  |  |  |  |  |  |  |
DGD Revolver (d) | 400 |  |  | June 2026 |  | — |  |  | 112 |  |  | 288 |
DGD Loan Agreement (e) | 100 |  |  | June 2026 |  | — |  |  | n/a |  | 100 |
IEnova Revolver (f) | 830 |  |  | February 2028 |  | 329 |  |  | n/a |  | 501 |
Uncommitted facilities: |  |  |  |  |  |  |  |  |
Letter of credit facilities | n/a |  | n/a |  | n/a |  | — |  |  | n/a
________________________ (a)Letters of credit issued as of June 30, 2024 expire at various times in 2024 through 2026. (b)In July 2024, we extended the maturity date of this facility to July 2025. (c)Creditors of the VIEs do not have recourse against us. (d)The variable interest rate on the unsecured revolving credit facility with a syndicate of financial institutions (the DGD Revolver) was 7.201 percent as of December 31, 2023. (e)The amounts shown for DGD’s unsecured revolving loan agreement with its members (the DGD Loan Agreement) 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. (f)Central Mexico Terminals (defined in Note 6) has an unsecured revolving credit facility (the IEnova Revolver) with IEnova (defined in Note 6). During the three months ended March 31, 2024, IEnova converted $457 million of outstanding borrowings under this facility to additional equity in Central Mexico Terminals, which resulted in an increase in the noncontrolling interest related to IEnova. The variable interest rate on the IEnova Revolver was 9.152 percent and 9.245 percent as of June 30, 2024 and December 31, 2023, respectively. Borrowings and repayments under our credit facilities were as follows (in millions):
| Six Months Ended June 30,
| 2024 |  | 2023
Borrowings: |  |  |
Accounts receivable sales facility | $ | 2,850 |  |  | $ | 1,450 |
DGD Revolver | 150 |  |  | 300 |
DGD Loan Agreement | 100 |  |  | — |
IEnova Revolver | 23 |  |  | 54 |
Repayments: |  |  |
Accounts receivable sales facility | (2,850) |  |  | (1,450) |
DGD Revolver | (400) |  |  | (350) |
DGD Loan Agreement | (100) |  |  | (25) |
IEnova Revolver | — |  |  | (38) |
Schedule of 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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Interest and debt expense | $ | 146 |  |  | $ | 151 |  |  | $ | 293 |  |  | $ | 303 |
Less: Capitalized interest | 6 |  |  | 3 |  |  | 13 |  |  | 9 |
Interest and debt expense, net of capitalized interest | $ | 140 |  |  | $ | 148 |  |  | $ | 280 |  |  | $ | 294 |

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