XML 34 R29.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Debt (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2012
Debt |
Components of debt |
Debt consisted of the following (in millions):
|  | September 30, |  | December 31, |
|  | 2012 |  | 2011 |
SHORT-TERM DEBT |  |  |  |  |
Credit Facilities (1) : |  |  |  |  |
Senior secured hedged inventory facility bearing a weighted-average interest rate of 1.4% and 1.5% at September 30, 2012 and December 31, 2011, respectively |  | $ | 694 |  | $ | 75 |
PAA senior unsecured revolving credit facility, bearing a weighted-average interest rate of 2.6% and 1.6% at September 30, 2012 and December 31, 2011, respectively (2) |  | 58 |  | 32 |
PNG senior unsecured revolving credit facility, bearing a weighted-average interest rate of 2.1% at both September 30, 2012 and December 31, 2011 (3) |  | 80 |  | 68 |
4.25% senior notes due September 2012 (4) |  | — |  | 500 |
Other |  | 2 |  | 4 |
Total short-term debt |  | 834 |  | 679 |
LONG-TERM DEBT |  |  |  |  |
Senior Notes: |  |  |  |  |
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 |  | 600 |  | 600 |
3.65% senior notes due June 2022 (5) |  | 750 |  | — |
6.70% senior notes due May 2036 |  | 250 |  | 250 |
6.65% senior notes due January 2037 |  | 600 |  | 600 |
5.15% senior notes due June 2042 (5) |  | 500 |  | — |
Unamortized discounts |  | (14 | ) | (13 | )
Senior notes, net of unamortized discounts |  | 5,511 |  | 4,262 |
Credit Facilities and Other: |  |  |  |  |
PNG senior unsecured revolving credit facility, bearing a weighted-average interest rate of 2.1% at September 30, 2012 and December 31, 2011 (3) |  | 95 |  | 54 |
PNG GO Bond term loans, bearing a weighted-average interest rate of 1.5% at both September 30, 2012 and December 31, 2011 |  | 200 |  | 200 |
Other |  | 5 |  | 4 |
Total long-term debt |  | 5,811 |  | 4,520 |
Total debt (2) (3) (6) |  | $ | 6,645 |  | $ | 5,199 |
(1) During June 2012, we expanded and extended our senior secured hedged inventory facility and expanded PNG’s credit facility. See “Credit Facilities” below for further discussion. (2) We classify as short-term certain borrowings under our PAA senior unsecured revolving credit facility. These borrowings are primarily designated as working capital borrowings, must be repaid within one year and are primarily for hedged NGL and crude oil inventory and NYMEX and ICE margin deposits. (3) PNG classifies as short-term debt any borrowings under the PNG senior unsecured revolving credit facility that have been designated as working capital borrowings and must be repaid within one year. Such borrowings are primarily related to a portion of PNG’s hedged natural gas inventory. (4) Our $500 million 4.25% senior notes matured in September 2012 and were repaid with proceeds from our credit facilities. The proceeds from the issuance of these senior notes were used to supplement capital available from our hedged inventory facility, to fund working capital needs associated with base levels of waterborne cargos and for seasonal NGL inventory requirements. After the maturity of these senior notes, we are now using our expanded credit facilities for such purposes. See “Credit Facilities” below. (5) In March 2012, we completed the issuance of $750 million, 3.65% senior notes due 2022 and $500 million, 5.15% senior notes due 2042. The senior notes were sold at 99.823% and 99.755% of face value, respectively. Interest payments are due on June 1 and December 1 each year, beginning on December 1, 2012. We used the net proceeds from these offerings to fund a portion of the consideration for the BP NGL Acquisition and for general partnership purposes. See Note 4 for more information regarding this acquisition. (6) Our fixed-rate senior notes had a face value of approximately $5.5 billion and $4.8 billion as of September 30, 2012 and December 31, 2011, respectively. We estimated the aggregate fair value of these notes as of September 30, 2012 and December 31, 2011 to be approximately $6.5 billion and $5.4 billion, respectively. Our fixed-rate senior notes are traded among institutions, and these 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. The fair value estimates for both our senior notes and credit facilities are based upon observable market data and are classified within Level 2 of the fair value hierarchy.

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration