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Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt

Components of debt

		December 31,			December 31,
		2014			2013
SHORT-TERM DEBT
PAA commercial paper notes, bearing a weighted-average interest rate of 0.46% and 0.33%, respectively (1)		$	734		$	1,109
PAA senior notes:
5.25% senior notes due June 2015		150			—
3.95% senior notes due September 2015		400			—
Other		3			4
Total short-term debt		1,287			1,113
LONG-TERM DEBT
PAA senior notes:
5.25% senior notes due June 2015		—			150
3.95% senior notes due September 2015		—			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
2.60% senior notes due December 2019		500			—
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			700
3.60% senior notes due November 2024		750			—
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
4.70% senior notes due June 2044		700			—
4.90% senior notes due February 2045		650			—
Unamortized discounts		(18		)	(15		)
PAA senior notes, net of unamortized discounts		8,757			6,710
Other		5			5
Total long-term debt		8,762			6,715
Total debt (2)		$	10,049		$	7,828

(1) At December 31, 2014 and 2013, we classified all of the borrowings under our commercial paper program as short-term as 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) Our fixed-rate senior notes (including current maturities) had a face value of approximately $9.3 billion and $6.7 billion as of December 31, 2014 and 2013, respectively. We estimated the aggregate fair value of these notes as of December 31, 2014 and 2013 to be approximately $9.9 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 year end. We estimate that the carrying value of outstanding borrowings under our credit facilities and commercial paper program approximates fair value as interest rates reflect current market rates. The fair value estimates for our senior notes, credit facilities and commercial paper program are based upon observable market data and are classified within Level 2 of the fair value hierarchy.

Issuances of senior unsecured notes

Year		Description		Maturity		Face Value			Interest Payment Dates
2014		2.60% Senior Notes issued at 99.813% of face value		December 2019		$	500		June 15 and December 15
2014		4.90% Senior Notes issued at 99.876% of face value		February 2045		$	650		February 15 and August 15
2014		3.60% Senior Notes issued at 99.842% of face value		November 2024		$	750		May 1 and November 1
2014		4.70% Senior Notes issued at 99.734% of face value		June 2044		$	700		June 15 and December 15
2013		3.85% Senior Notes issued at 99.792% of face value		October 2023		$	700		April 15 and October 15
2012		2.85% Senior Notes issued at 99.752% of face value		January 2023		$	400		January 31 and July 31
2012		4.30% Senior Notes issued at 99.925% of face value		January 2043		$	350		January 31 and July 31
2012		3.65% Senior Notes issued at 99.823% of face value		June 2022		$	750		June 1 and December 1
2012		5.15% Senior Notes issued at 99.755% of face value		June 2042		$	500		June 1 and December 1

Long-term debt maturities

Calendar Year		Payment
2015		$	550
2016		175
2017		400
2018		600
2019		850
Thereafter		6,750
Total (1)		$		9,325

(1) Excludes aggregate unamortized net discount of $18 million.

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