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Debt (Tables) | 9 Months Ended
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Sep. 30, 2014
Debt |
Components of debt | Debt consisted of the following as of the dates indicated (in millions):
|  | September 30, |  | 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) |  | $ | 423 |  | $ | 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 |  | 976 |  | 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 |
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 |  | — |
Unamortized discounts |  | (16 | ) | (15 | )
PAA senior notes, net of unamortized discounts |  | 7,609 |  | 6,710 |
Credit Facilities and Other: |  |  |  |  |
AAP term loan, bearing a weighted-average interest rate of 1.8% and 1.9%, respectively (2) |  | 500 |  | 500 |
AAP senior secured revolving credit facility, bearing a weighted-average interest rate of 1.7% and 2.2%, respectively (2) |  | 31 |  | 15 |
Other |  | 4 |  | 5 |
Total long-term debt |  | 8,144 |  | 7,230 |
Total debt (3) |  | $ | 9,120 |  | $ | 8,343 |
(1) 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 2019 and August 2017, respectively; as such, any borrowings under the PAA commercial paper program effectively reduce the available capacity under these facilities. At September 30, 2014 and December 31, 2013, we classified $423 million and approximately $1.1 billion, respectively, of borrowings under the PAA 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) In September 2014, AAP extended the maturity dates of its term loan and senior secured revolving credit facility. See “Credit Facilities” below for further discussion. (3) PAA’s fixed-rate senior notes (including current maturities) had a face value of approximately $8.2 billion and $6.7 billion at September 30, 2014 and December 31, 2013, respectively. We estimated the aggregate fair value of these notes as of September 30, 2014 and December 31, 2013 to be approximately $8.8 billion and $7.2 billion, respectively. PAA’s 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 the credit facilities and the PAA commercial paper program approximates fair value as interest rates reflect current market rates. The fair value estimates for the PAA senior notes, the credit facilities and the PAA commercial paper program are based upon observable market data and are classified within Level 2 of the fair value hierarchy. See Note 10 for additional discussion 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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