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Debt (Tables) | 12 Months Ended
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Dec. 31, 2013
Debt |
Components of debt |
|  | December 31, |  | December 31, |
|  | 2013 |  | 2012 |
SHORT-TERM DEBT |  |  |  |  |
Credit Facilities (1): |  |  |  |  |
PAA senior secured hedged inventory facility, bearing a weighted-average interest rate of 1.6% at December 31, 2012 (2) |  | $ | — |  | $ | 665 |
PAA senior unsecured revolving credit facility, bearing a weighted-average interest rate of 2.4% at December 31, 2012 (2) |  | — |  | 92 |
PNG senior unsecured revolving credit facility, bearing a weighted-average interest rate of 2.1% at December 31, 2012 (3) |  | — |  | 77 |
PAA commercial paper notes, bearing a weighted-average interest rate of 0.33% at December 31, 2013 (2) |  | 1,109 |  | — |
5.63% senior notes due December 2013 |  | — |  | 250 |
Other |  | 4 |  | 2 |
Total short-term debt |  | 1,113 |  | 1,086 |
LONG-TERM DEBT |  |  |  |  |
Senior Notes: |  |  |  |  |
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 |  | 750 |
2.85% senior notes due January 2023 |  | 400 |  | 400 |
3.85% senior notes due October 2023 |  | 700 |  | — |
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 |  | 500 |
4.30% senior notes due January 2043 |  | 350 |  | 350 |
Unamortized discounts |  | (15 | ) | (15 | )
Senior notes, net of unamortized discounts |  | 6,710 |  | 6,010 |
Credit Facilities and Other Long-Term Debt (1): |  |  |  |  |
PNG senior unsecured revolving credit facility, bearing a weighted-average interest rate of 2.1% at December 31, 2012 (3) |  | — |  | 105 |
PNG GO Bond term loans, bearing a weighted-average interest rate of 1.5% at December 31, 2012 (3) |  | — |  | 200 |
Other |  | 5 |  | 5 |
Total long-term debt |  | 6,715 |  | 6,320 |
Total debt (2) (3) (4) |  | $ | 7,828 |  | $ | 7,406 |
(1) During 2013 and 2012, we renewed, extended or refinanced our principal bank credit facilities. See “Credit Facilities” below for further discussion. (2) We classify as short-term certain borrowings under our commercial paper program, PAA senior unsecured revolving credit facility and PAA senior secured hedged inventory 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) On December 31, 2013, in connection with the completion of the PNG Merger, all of PNG’s outstanding debt obligations were repaid and terminated. See Note 10 for further discussion of the PNG Merger. (4) Our fixed-rate senior notes (including current maturities) had a face value of approximately $6.7 billion and $6.3 billion as of December 31, 2013 and 2012, respectively. We estimated the aggregate fair value of these notes as of December 31, 2013 and 2012 to be approximately $7.2 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 year end. We estimate that the carrying value of outstanding borrowings under our credit facilities and agreements and commercial paper program 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 |
2014 |  | $ | — |
2015 |  | 550 |
2016 |  | 175 |
2017 |  | 400 |
2018 |  | 600 |
Thereafter |  | 5,000 |
Total (1) |  | $ | 6,725 |
(1) 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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