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Equity-Indexed Compensation Plans | 9 Months Ended
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Sep. 30, 2015
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 16 to our Consolidated Financial Statements included in Part IV of our 2014 Annual Report on Form 10-K. PAA LTIP Awards Activity for LTIP awards under our equity-indexed compensation plans denominated in PAA units is summarized in the following table (units in millions):
|  |  |  | Weighted Average |
|  |  |  | Grant Date |
|  | Units (1) |  | Fair Value per Unit |
Outstanding at December 31, 2014 |  | 7.3 |  | $ | 41.45 |
Granted |  | 1.3 |  | $ | 38.91 |
Vested (2) |  | (2.1) |  | $ | 28.91 |
Cancelled or forfeited |  | (0.3) |  | $ | 45.68 |
Outstanding at September 30, 2015 |  | 6.2 |  | $ | 44.98 |
| (1) |  | Amounts do not include AAP Management Units.
| (2) |  | Approximately 0.5 million PAA common units were issued, net of tax withholding of 0.3 million units, during the nine months ended September 30, 2015 in connection with the settlement of vested awards. The remaining PAA awards that vested during the nine months ended September 30, 2015 (approximately 1.3 million units) were settled in cash.
AAP Management Units Activity for AAP Management Units is summarized in the following table (in millions):
|  |  |  |  |  |  |  |  | Grant Date |
|  | Reserved for Future |  |  |  | Outstanding Units |  |  | Fair Value Of Outstanding |
|  | Grants |  | Outstanding |  | Earned |  |  | AAP Management Units (1) |
Balance at December 31, 2014 |  | 3.0 |  | 49.1 |  | 47.8 |  |  | $ | 64 |
Granted |  | (1.6) |  | 1.6 |  | — |  |  |  | 24 |
Earned |  | N/A |  | N/A |  | 0.7 |  |  |  | N/A |
Balance at September 30, 2015 |  | 1.4 |  | 50.7 |  | 48.5 |  |  | $ | 88 |
| (1) |  | Of the $88 million grant date fair value, $57 million had been recognized through September 30, 2015 on a cumulative basis. Of this amount, $1 million was recognized as expense during the nine months ended September 30, 2015.
Other Consolidated Equity-Indexed Compensation Plan Information The table below summarizes the expense recognized and the value of vested LTIP awards (settled both in common units and cash) under our equity-indexed compensation plans and includes both liability-classified and equity-classified awards for the periods indicated (in millions):
|  | Three Months Ended |  | Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Equity-indexed compensation expense/(benefit) |  | $ | (8) |  | $ | 22 |  | $ | 27 |  | $ | 90 |
LTIP unit-settled vestings |  | $ | 2 |  | $ | 1 |  | $ | 37 |  | $ | 52 |
LTIP cash-settled vestings |  | $ | 10 |  | $ | — |  | $ | 66 |  | $ | 52 |
DER cash payments |  | $ | 2 |  | $ | 2 |  | $ | 6 |  | $ | 6 |

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