XML 59 R41.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Debt and Finance Lease Obligations (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
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,
|  | 2024 |  | 2023
Credit facilities: |  |  |  |  |
Valero Revolver | 2027 |  | $ | — |  |  | $ | — |
Accounts Receivable Sales Facility | 2025 |  | — |  |  | — |
DGD Revolver | 2026 |  | — |  |  | 250 |
DGD Loan Agreement | 2026 |  | — |  |  | — |
IEnova Revolver | 2028 |  | 58 |  |  | 766 |
Public debt: |  |  |  |  |
Valero Senior Notes |  |  |  |  |
1.200% | 2024 |  | — |  |  | 167 |
2.850% | 2025 |  | 251 |  |  | 251 |
3.65% | 2025 |  | 189 |  |  | 189 |
3.400% | 2026 |  | 426 |  |  | 426 |
2.150% | 2027 |  | 564 |  |  | 564 |
4.350% | 2028 |  | 591 |  |  | 591 |
4.000% | 2029 |  | 439 |  |  | 439 |
8.75% | 2030 |  | 200 |  |  | 200 |
2.800% | 2031 |  | 462 |  |  | 462 |
7.5% | 2032 |  | 729 |  |  | 729 |
6.625% | 2037 |  | 1,380 |  |  | 1,380 |
6.75% | 2037 |  | 24 |  |  | 24 |
10.500% | 2039 |  | 113 |  |  | 113 |
4.90% | 2045 |  | 621 |  |  | 621 |
3.650% | 2051 |  | 829 |  |  | 829 |
4.000% | 2052 |  | 508 |  |  | 508 |
7.45% | 2097 |  | 70 |  |  | 70 |
Valero Energy Partners LP (VLP) Senior Notes |  |  |  |  |
4.375% | 2026 |  | 146 |  |  | 146 |
4.500% | 2028 |  | 456 |  |  | 456 |
Debenture, 7.65% | 2026 |  | 100 |  |  | 100 |
Other debt | 2024 |  | — |  |  | 14 |
Net unamortized debt issuance costs and other |  |  | (71) |  |  | (77) |
Total debt |  |  | 8,085 |  |  | 9,218 |
Finance lease obligations (see Note 5) |  |  | 2,378 |  |  | 2,306 |
Total debt and finance lease obligations |  |  | 10,463 |  |  | 11,524 |
Less: Current portion |  |  | 743 |  |  | 1,406 |
Debt and finance lease obligations, less current portion |  |  | $ | 9,720 |  |  | $ | 10,118 |
Summary of Credit Facilities | We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions):
|  |  |  |  |  | December 31, 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 |  | 1,300 |  |  | July 2025 |  | — |  |  | n/a |  | 1,300 |
Committed facilities of VIEs (b): |  |  |  |  |  |  |  |  |  |
DGD Revolver |  | 400 |  |  | June 2026 |  | — |  |  | 14 |  |  | 386 |
DGD Loan Agreement (c) |  | 100 |  |  | June 2026 |  | — |  |  | n/a |  | 100 |
IEnova Revolver |  | 830 |  |  | February 2028 |  | 58 |  |  | n/a |  | 772 |
Uncommitted facilities: |  |  |  |  |  |  |  |  |  |
Letter of credit facilities |  | n/a |  | n/a |  | n/a |  | 71 |  |  | n/a
________________________ (a)Letters of credit issued as of December 31, 2024 expire at various times in 2025 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,
| 2024 |  | 2023 |  | 2022
Borrowings: |  |  |  |  |
Accounts receivable sales facility | $ | 6,700 |  |  | $ | 1,750 |  |  | $ | 1,600 |
DGD Revolver | 310 |  |  | 550 |  |  | 759 |
DGD Loan Agreement | 100 |  |  | — |  |  | 50 |
IEnova Revolver | 27 |  |  | 120 |  |  | 105 |
Repayments: |  |  |  |  |
Accounts receivable sales facility | (6,700) |  |  | (1,750) |  |  | (1,600) |
DGD Revolver | (560) |  |  | (400) |  |  | (759) |
DGD Loan Agreement | (100) |  |  | (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 |
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,
| 2024 |  | 2023 |  | 2022
Interest and debt expense | $ | 580 |  |  | $ | 611 |  |  | $ | 619 |
Less: Capitalized interest | 24 |  |  | 19 |  |  | 57 |
Interest and debt expense, net of capitalized interest | $ | 556 |  |  | $ | 592 |  |  | $ | 562 |
Principal Maturities for Debt Obligations | Principal maturities for our debt obligations as of December 31, 2024 were as follows (in millions):
2025 (a) | $ | 499 |
2026 | 672 |
2027 | 564 |
2028 | 1,047 |
2029 | 439 |
Thereafter | 4,935 |
Net unamortized debt issuance costs and other | (71) |
Total debt | $ | 8,085 |
________________________ (a)Maturities for 2025 include the IEnova Revolver.

X
- References No definition available. + Details
Name: | us-gaap_DebtAndCapitalLeaseObligationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities. + References No definition available. + Details
Name: | us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Name Accounting Standards Codification -Topic 470 -SubTopic 50 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481244/470-50-50-1 + Details
Name: | us-gaap_ScheduleOfExtinguishmentOfDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration