Valero 2015 Annual Report Download - page 87
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Table of Contents
VALERO ENERGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Canadian Revolver
One of our Canadian subsidiaries has a C$50 million committed revolving credit facility (the Canadian Revolver) under which it may
borrow and obtain letters of credit that has a maturity date of November 2016.
During the years ended December 31, 2015, 2014, and 2013, we had no borrowings or repayments under the Canadian Revolver.
Accounts Receivable Sales Facility
We have an accounts receivable sales facility with a group of third-party entities and financial institutions to sell eligible trade
receivables on a revolving basis. In July 2015, we amended our agreement to decrease the facility from $1.5 billion to $1.4 billion and
extended the maturity date to July 2016. Proceeds from the sale of receivables under this facility are reflected as debt. Under this
program, one of our marketing subsidiaries (Valero Marketing) sells eligible receivables, without recourse, to another of our
subsidiaries (Valero Capital), whereupon the receivables are no longer owned by Valero Marketing. Valero Capital, in turn, sells an
undivided percentage ownership interest in the eligible receivables, without recourse, to the third-party entities and financial institutions.
To the extent that Valero Capital retains an ownership interest in the receivables it has purchased from Valero Marketing, such interest
is included in our financial statements solely as a result of the consolidation of the financial statements of Valero Capital with those of
Valero Energy Corporation; the receivables are not available to satisfy the claims of the creditors of Valero Marketing or Valero Energy
Corporation.
As of December 31, 2015 and 2014, $1.3 billion and $1.7 billion, respectively, of our accounts receivable composed the designated
pool of accounts receivable included in the program. All amounts outstanding under the accounts receivable sales facility are reflected
as debt on our balance sheets and proceeds and repayments are reflected as cash flows from financing activities on the statements of
cash flows. During the years ended December 31, 2015, 2014, and 2013, we had no proceeds from or repayments under the accounts
receivable sales facility.
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