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Debt (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2011
Debt |
Components of debt |
|  | June 30, |  | December 31, |
|  | 2011 |  | 2010 |
SHORT-TERM DEBT |  |  |  |  |
Credit Facilities: |  |  |  |  |
Senior secured hedged inventory facility bearing a weighted-average interest rate of 2.1% for both periods presented |  | $ | 300 |  | $ | 500 |
PAA senior unsecured revolving credit facility, bearing a weighted-average interest rate of 1.1% and 0.7% at June 30, 2011 and December 31, 2010, respectively (1) |  | 234 |  | 824 |
Other |  | 2 |  | 2 |
Total short-term debt |  | 536 |  | 1,326 |
LONG-TERM DEBT |  |  |  |  |
Senior Notes: |  |  |  |  |
4.25% senior notes due September 2012 (2) |  | 500 |  | 500 |
7.75% senior notes due October 2012 (3) |  | — |  | 200 |
5.63% senior notes due December 2013 |  | 250 |  | 250 |
5.25% senior notes due June 2015 |  | 150 |  | 150 |
3.95% senior notes due September 2015 |  | 400 |  | 400 |
5.88% senior notes due August 2016 |  | 175 |  | 175 |
6.13% senior notes due January 2017 |  | 400 |  | 400 |
6.50% senior notes due May 2018 |  | 600 |  | 600 |
8.75% senior notes due May 2019 |  | 350 |  | 350 |
5.75% senior notes due January 2020 |  | 500 |  | 500 |
5.00% senior notes due February 2021 (4) |  | 600 |  | — |
6.70% senior notes due May 2036 |  | 250 |  | 250 |
6.65% senior notes due January 2037 |  | 600 |  | 600 |
Unamortized discounts |  | (14 | ) | (12 | )
Senior notes, net of unamortized discounts |  | 4,761 |  | 4,363 |
Credit Facilities and Other: |  |  |  |  |
PNG senior unsecured revolving credit facility, bearing a weighted-average interest rate of 2.9% and 3.2% at June 30, 2011 and December 31, 2010, respectively |  | 226 |  | 260 |
Other |  | 8 |  | 8 |
Total long-term debt (1) |  | 4,995 |  | 4,631 |
Total debt (5) |  | $ | 5,531 |  | $ | 5,957 |
(1) We classify as short-term any borrowings under our PAA senior unsecured revolving credit facility. These borrowings are designated as working capital borrowings, must be repaid within one year and are primarily for hedged LPG and crude oil inventory and NYMEX and ICE margin deposits. (2) The proceeds from these notes are being used to supplement capital available from our hedged inventory facility. At June 30, 2011 and December 31, 2010, approximately $500 million and $466 million, respectively, had been used to fund hedged inventory and would be classified as short-term debt if funded on our credit facilities. (3) On February 7, 2011, our $200 million, 7.75% senior notes due 2012 were redeemed in full. In conjunction with the early redemption, we recognized a loss of approximately $23 million, recorded to Other income/(expense), net in our condensed consolidated statement of operations. We utilized cash on hand and available capacity under our credit facilities to redeem these notes. (4) In January 2011, we completed the issuance of $600 million, 5.00% senior notes due 2021. The senior notes were sold at 99.521% of face value. Interest payments are due on February 1 and August 1 of each year, beginning on August 1, 2011. We used the net proceeds from this offering to repay outstanding indebtedness under our credit facilities and for general partnership purposes. (5) Our fixed-rate senior notes have a face value of approximately $4.8 billion and $4.4 billion as of June 30, 2011 and December 31, 2010, respectively. We estimate the aggregate fair value of these notes as of June 30, 2011 and December 31, 2010 to be approximately $5.2 billion and $4.7 billion, respectively. Our fixed-rate senior notes are traded among institutions, which trades are routinely published by a reporting service. Our determination of fair value is based on reported trading activity near quarter end. We estimate that the carrying value of outstanding borrowings under our credit facilities approximates fair value as interest rates reflect current market rates.

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