Valero 2015 Annual Report Download - page 59

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Table of Contents
INTEREST RATE RISK
The following table provides information about our debt obligations (dollars in millions), the fair values of which are sensitive to
changes in interest rates. Principal cash flows and related weighted-average interest rates by expected maturity dates are presented. We
had no interest rate derivative instruments outstanding as of December 31, 2015 or 2014.
December 31, 2015
Expected Maturity Dates
2016
2017
2018
2019
2020
There-
after
Total (a)
Fair
Value
Fixed rate $ —
$ 950
$ —
$ 750
$ 850
$ 4,474
$ 7,024
$ 7,467
Average interest rate —%
6.4%
—%
9.4%
6.1%
6.3%
6.6%
Floating rate $ 117
$ —
$ —
$ —
$ 175
$ —
$ 292
$ 292
Average interest rate 1.7%
—%
—%
—%
1.5%
—%
1.6%
December 31, 2014
Expected Maturity Dates
2015
2016
2017
2018
2019
There-
after
Total (a)
Fair
Value
Fixed rate $ 475
$ —
$ 950
$ —
$ 750
$ 4,074
$ 6,249
$ 7,436
Average interest rate 5.2%
—%
6.4%
—%
9.4%
6.9%
7.0%
Floating rate $ 126
$ —
$ —
$ —
$ —
$ —
$ 126
$ 126
Average interest rate 2.0%
—%
—%
—%
—%
—%
2.0%
________________________
(a) Excludes unamortized discount and fair value adjustments recorded when the debt was acquired in connection with a business combination.
FOREIGN CURRENCY RISK
As of December 31, 2015, we had commitments to purchase $292 million of U.S. dollars. Our market risk was minimal on these
contracts, as all of them matured on or before January 31, 2016, resulting in a gain of $10 million in the first quarter of 2016.
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