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Debt (Tables) | 12 Months Ended
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Dec. 31, 2012
Debt |
Components of debt |
|  | December 31, |  | December 31, |
|  | 2012 |  | 2011 |
SHORT-TERM DEBT |  |  |  |  |
Credit Facilities (1): |  |  |  |  |
PAA senior secured hedged inventory facility, bearing a weighted-average interest rate of 1.6% and 1.5% at December 31, 2012 and December 31, 2011, respectively |  | $ | 665 |  | $ | 75 |
PAA senior unsecured revolving credit facility, bearing a weighted-average interest rate of 2.4% and 1.6% at December 31, 2012 and December 31, 2011, respectively (2) |  | 92 |  | 32 |
PNG senior unsecured revolving credit facility, bearing a weighted-average interest rate of 2.1% at both December 31, 2012 and December 31, 2011 (3) |  | 77 |  | 68 |
5.63% senior notes due December 2013 (4) |  | 250 |  | — |
4.25% senior notes due September 2012 (5) |  | — |  | 500 |
Other |  | 2 |  | 4 |
Total short-term debt |  | 1,086 |  | 679 |
LONG-TERM DEBT |  |  |  |  |
Senior Notes: |  |  |  |  |
5.63% senior notes due December 2013 (4) |  | — |  | 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 |  | 750 |  | — |
2.85% senior notes due January 2023 |  | 400 |  | — |
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 |  | 500 |  | — |
4.30% senior notes due January 2043 |  | 350 |  | — |
Unamortized discounts |  | (15 | ) | (13 | )
Senior notes, net of unamortized discounts |  | 6,010 |  | 4,262 |
Credit Facilities and Other: |  |  |  |  |
PNG senior unsecured revolving credit facility, bearing a weighted-average interest rate of 2.1% at both December 31, 2012 and December 31, 2011 (3) |  | 105 |  | 54 |
PNG GO Bond term loans, bearing a weighted-average interest rate of 1.5% at both December 31, 2012 and December 31, 2011 |  | 200 |  | 200 |
Other |  | 5 |  | 4 |
Total long-term debt |  | 6,320 |  | 4,520 |
Total debt (2) (3) (6) |  | $ | 7,406 |  | $ | 5,199 |
(1) During 2012 and 2011, we renewed, extended or refinanced our principal bank credit facilities, including 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 $250 million 5.63% senior notes will mature in December 2013 and are thus classified as short-term at December 31, 2012. (5) 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. (6) Our fixed-rate senior notes (including current maturities) had a face value of approximately $6.3 billion and $4.8 billion as of December 31, 2012 and 2011, respectively. We estimated the aggregate fair value of these notes as of December 31, 2012 and 2011 to be approximately $7.3 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 year end. We estimate that the carrying value of outstanding borrowings under our credit facilities and agreements 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.
Long-term debt maturities |
Calendar Year |  | Payment |
2013 (1) |  | $ | — |
2014 |  | — |
2015 |  | 550 |
2016 |  | 480 |
2017 |  | 400 |
Thereafter |  | 4,900 |
Total (2) |  | $ | 6,330 |
(1) Our $250 million 5.63% senior notes will mature in December 2013 and thus are classified as short-term at December 31, 2012. (2) Excludes aggregate unamortized net discount of approximately $15 million and other long-term obligations of approximately $5 million.

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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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