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Debt | 6 Months Ended
--- | ---
Jun. 30, 2013
Debt |
Debt | Note 7—Debt Debt consisted of the following as of the dates indicated (in millions):
|  | June 30, |  | December 31, |
|  | 2013 |  | 2012 |
SHORT-TERM DEBT |  |  |  |  |
Credit Facilities : |  |  |  |  |
PAA senior secured hedged inventory facility, bearing a weighted-average interest rate of 1.3% and 1.6% at June 30, 2013 and December 31, 2012, respectively |  | $ | 575 |  | $ | 665 |
PAA senior unsecured revolving credit facility, bearing a weighted-average interest rate of 3.2% and 2.4% at June 30, 2013 and December 31, 2012, respectively (1) |  | 25 |  | 92 |
PNG senior unsecured revolving credit facility, bearing a weighted-average interest rate of 2.0% and 2.1% at June 30, 2013 and December 31, 2012, respectively (2) |  | 49 |  | 77 |
5.63% senior notes due December 2013 (3) |  | 250 |  | 250 |
Other |  | 3 |  | 2 |
Total short-term debt |  | 902 |  | 1,086 |
LONG-TERM DEBT |  |  |  |  |
Senior notes, net of unamortized discounts of $14 and $15 at June 30, 2013 and December 31, 2012, respectively |  | 6,011 |  | 6,010 |
Credit Facilities and Other: |  |  |  |  |
PNG senior unsecured revolving credit facility, bearing a weighted-average interest rate of 2.0% and 2.1% at June 30, 2013 and December 31, 2012, respectively (2) |  | 97 |  | 105 |
PNG GO Bond term loans, bearing a weighted-average interest rate of 1.5% at both June 30, 2013 and December 31, 2012 |  | 200 |  | 200 |
Other |  | 5 |  | 5 |
Total long-term debt |  | 6,313 |  | 6,320 |
Total debt (1) (2) (4) |  | $ | 7,215 |  | $ | 7,406 |
(1) 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. (2) 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. (3) Our $250 million 5.63% senior notes will mature in December 2013 and are thus classified as short-term at June 30, 2013 and December 31, 2012. (4) Our fixed-rate senior notes (including current maturities) had a face value of approximately $6.3 billion at both June 30, 2013 and December 31, 2012. We estimated the aggregate fair value of these notes as of June 30, 2013 and December 31, 2012 to be approximately $6.8 billion and $7.3 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 and agreements approximates fair value as interest rates reflect current market rates. The fair value estimates for both our senior notes and credit facilities and agreements are based upon observable market data and are classified within level 2 of the fair value hierarchy. Borrowings and Repayments under Credit Agreements Total borrowings under our credit agreements for the six months ended June 30, 2013 and 2012 were approximately $7.561 billion and $4.856 billion, respectively. Total repayments under our credit agreements were approximately $7.747 billion and $4.511 billion for the six months ended June 30, 2013 and 2012, respectively. Letters of Credit In connection with our supply and logistics activities and PNG’s natural gas storage and commercial marketing activities, we provide certain suppliers with irrevocable standby letters of credit to secure our obligation for the purchase of crude oil. At June 30, 2013 and December 31, 2012, we had outstanding letters of credit of approximately $50 million and $24 million, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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