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Equity-Indexed Compensation Plans
 9 Months Ended
Sep. 30, 2014
Equity-Indexed Compensation Plans  
Equity-Indexed Compensation Plans

Note 9—Equity-Indexed Compensation Plans

 

We refer to the PAA LTIPs and AAP Management Units collectively as our “Equity-indexed compensation plans.” For additional discussion of our equity-indexed compensation plans and awards, see Note 15 to our Consolidated Financial Statements included in Part IV of our 2013 Annual Report on Form 10-K.

 

PAA LTIP Awards

 

Activity for LTIP awards denominated in PAA units under our equity-indexed compensation plans is summarized in the following table (units in millions):

 

 

 

Units (1)

 

Weighted Average Grant
Date
Fair Value per Unit

 

Outstanding at December 31, 2013

 

8.4

 

$

36.97

 

Granted

 

1.1

 

$

47.27

 

Vested (2)

 

(1.9

)

$

25.54

 

Cancelled or forfeited

 

(0.3

)

$

39.63

 

Outstanding at September 30, 2014

 

7.3

 

$

41.28

 

 

(1)                   Amounts do not include AAP Management Units.

 

(2)                   During the nine months ended September 30, 2014, approximately 0.6 million PAA common units were issued, net of approximately 0.3 million units withheld for taxes, in connection with the settlement of vested awards. The remaining PAA awards (approximately 1.0 million units) that vested during the nine months ended September 30, 2014 were settled in cash.

 

AAP Management Units

 

Activity for AAP Management Units is summarized in the following table (in millions):

 

 

 

Reserved for Future
Grants

 

Outstanding

 

Outstanding Units
Earned

 

 

Grant Date
Fair Value Of Outstanding AAP
Management Units (1)

 

Balance at December 31, 2013

 

3.5

 

48.6

 

47.0

 

 

$

51

 

Granted

 

(0.4

)

0.4

 

—

 

 

11

 

Earned

 

N/A

 

N/A

 

0.8

 

 

N/A

 

Balance at September 30, 2014

 

3.1

 

49.0

 

47.8

 

 

$

62

 

 

(1)                   Of the $62 million grant date fair value, approximately $54 million had been recognized through September 30, 2014. Approximately $5 million of such amount was recognized as expense during the nine months ended September 30, 2014.

 

Other Consolidated Equity-Indexed Compensation Plan Information

 

The table below summarizes the expense recognized and the value of vested LTIPs (settled both in common units and cash) under our equity-indexed compensation plans and includes both liability-classified and equity-classified awards (in millions):

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2014

 

2013

 

2014

 

2013

 

Equity-indexed compensation expense

 

$

22

 

$

17

 

$

90

 

$

96

 

LTIP unit-settled vestings

 

$

1

 

$

1

 

$

52

 

$

47

 

LTIP cash-settled vestings

 

$

—

 

$

—

 

$

52

 

$

61

 

DER cash payments

 

$

2

 

$

2

 

$

6

 

$

5