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Debt | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
DEBT | 4. DEBT Public Debt On February 7, 2025, we issued $650 million of 5.150 percent Senior Notes due February 15, 2030. Proceeds from this debt issuance totaled $649 million before deducting the underwriting discount and other debt issuance costs. We used a portion of the net proceeds to repay the $189 million outstanding principal balance of our 3.65 percent Senior Notes that matured on March 15, 2025 and the $251 million outstanding principal balance of our 2.850 percent Senior Notes that matured on April 15, 2025. In March 2024, we repaid the $167 million outstanding principal balance of our 1.200 percent Senior Notes that matured on March 15, 2024. 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) |  |  | — |
Other Disclosures “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 The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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