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Debt (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Credit Facilities | We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions):
|  |  |  |  | September 30, 2025
| Facility Amount |  | Maturity Date |  | Outstanding Borrowings |  | Letters of Credit Issued (a) |  | Availability
Committed facilities: |  |  |  |  |  |  |  |  |
Valero Revolver (b) | $ | 4,000 |  |  | November 2027 |  | $ | — |  |  | $ | 2 |  |  | $ | 3,998 |
Accounts receivable sales facility | 1,300 |  |  | July 2026 |  | — |  |  | n/a |  | 1,300 |
Committed facilities of VIEs (c): |  |  |  |  |  |  |  |  |
DGD Revolver (d) | 400 |  |  | June 2026 |  | 100 |  |  | 52 |  |  | 248 |
DGD Loan Agreement (e) | 100 |  |  | June 2026 |  | — |  |  | n/a |  | 100 |
IEnova Revolver (f) | 830 |  |  | February 2028 |  | 31 |  |  | n/a |  | 799 |
Uncommitted facilities: |  |  |  |  |  |  |  |  |
Letter of credit facilities | n/a |  | n/a |  | n/a |  | 6 |  |  | n/a
Uncommitted facility of VIE (c): |  |  |  |  |  |  |  |  |
DGD letter of credit facility | n/a |  | n/a |  | n/a |  | 67 |  |  | n/a
________________________ (a)Letters of credit issued as of September 30, 2025 expire at various times in 2025 through 2026. (b)In October 2025, we extended the maturity date of this facility to October 2030. (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 6.073 percent as of September 30, 2025. (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). The variable interest rate on the IEnova Revolver was 8.141 percent and 8.443 percent as of September 30, 2025 and December 31, 2024, respectively. Borrowings and repayments under our credit facilities were as follows (in millions):
| Nine Months Ended September 30,
| 2025 |  | 2024
Borrowings: |  |  |
Accounts receivable sales facility | $ | 4,950 |  |  | $ | 5,200 |
DGD Revolver | 400 |  |  | 150 |
DGD Loan Agreement | — |  |  | 100 |
IEnova Revolver | — |  |  | 23 |
Repayments: |  |  |
Accounts receivable sales facility | (4,950) |  |  | (5,200) |
DGD Revolver | (300) |  |  | (400) |
DGD Loan Agreement | — |  |  | (100) |
IEnova Revolver | (27) |  |  | — |
Schedule of Interest and Debt Expense, Net of Capitalized Interest | “Interest and debt expense, net of capitalized interest” was comprised as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Interest and debt expense | $ | 144 |  |  | $ | 145 |  |  | $ | 432 |  |  | $ | 438 |
Less: Capitalized interest | 5 |  |  | 4 |  |  | 15 |  |  | 17 |
Interest and debt expense, net of capitalized interest | $ | 139 |  |  | $ | 141 |  |  | $ | 417 |  |  | $ | 421 |

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- 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
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