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Debt (Tables) | 3 Months Ended
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Mar. 31, 2014
Debt |
Components of debt | Debt consisted of the following as of the dates indicated (in millions):
|  | March 31, |  | December 31, |
|  | 2014 |  | 2013 |
SHORT-TERM DEBT |  |  |  |  |
PAA commercial paper notes, bearing a weighted-average interest rate of 0.30% and 0.33%, respectively (1) (2) |  | $ | 876 |  | $ | 1,109 |
Other |  | 3 |  | 4 |
Total short-term debt |  | 879 |  | 1,113 |
LONG-TERM DEBT |  |  |  |  |
Senior notes, net of unamortized discounts of $14 and $15, respectively |  | $ | 6,711 |  | $ | 6,710 |
PAA commercial paper notes, bearing a weighted-average interest rate of 0.30% (2) |  | 102 |  | — |
Other |  | 5 |  | 5 |
Total long-term debt |  | 6,818 |  | 6,715 |
Total debt (1) (3) |  | $ | 7,697 |  | $ | 7,828 |
(1) At March 31, 2014 and December 31, 2013, we classified $876 million and $1.1 billion, respectively, of borrowings under our commercial paper program as short-term. 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) PAA commercial paper notes are backstopped by the PAA senior unsecured revolving credit facility and the PAA senior secured hedged inventory facility, which mature in August 2018 and August 2016, respectively; as such, any borrowings under the PAA commercial paper program reduce the available capacity under these facilities. Although our PAA commercial paper notes generally have maturities of less than one year, we classified $102 million of such notes as long-term based on our ability and intent to refinance them on a long-term basis. (3) Our fixed-rate senior notes had a face value of approximately $6.7 billion at both March 31, 2014 and December 31, 2013. We estimated the aggregate fair value of these notes as of March 31, 2014 and December 31, 2013 to be approximately $7.3 billion and $7.2 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 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.

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- 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
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