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Debt (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of debt | Debt consisted of the following (in millions):
| December 31, 2020 |  | December 31, 2019
SHORT-TERM DEBT |  |  |
PAA commercial paper notes, bearing a weighted-average interest rate of 0.7% and 2.2%, respectively (1) | $ | 547 |  |  | $ | 93 |
PAA senior secured hedged inventory facility, bearing a weighted-average interest rate of 1.2% and 2.7%, respectively (1) | 167 |  |  | 325 |
Other | 117 |  |  | 86 |
Total short-term debt | 831 |  |  | 504 |
LONG-TERM DEBT |  |  |
PAA senior notes: |  |  |
5.00% senior notes due February 2021 | — |  |  | 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 |  |  | 750 |
4.65% senior notes due October 2025 | 1,000 |  |  | 1,000 |
4.50% senior notes due December 2026 | 750 |  |  | 750 |
3.55% senior notes due December 2029 | 1,000 |  |  | 1,000 |
3.80% senior notes due September 2030 | 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 (2) | 499 |  |  | 500 |
4.30% senior notes due January 2043 (2) | 348 |  |  | 350 |
4.70% senior notes due June 2044 (2) | 687 |  |  | 700 |
4.90% senior notes due February 2045 (2) | 649 |  |  | 650 |
Unamortized discounts and debt issuance costs | (62) |  |  | (61) |
PAA senior notes, net of unamortized discounts and debt issuance costs | 9,071 |  |  | 8,939 |
Other long-term debt: |  |  |
PAA GO Zone term loans, net of debt issuance costs of $1 and $1, respectively, bearing a weighted-average interest rate of 1.3% and 2.6%, respectively | 199 |  |  | 199 |
Other | 112 |  |  | 49 |
Total long-term debt | 9,382 |  |  | 9,187 |
Total debt (3) | $ | 10,213 |  |  | $ | 9,691 |
(1)We classified these PAA commercial paper notes and credit facility borrowings as short-term as of December 31, 2020 and 2019, as these notes and borrowings were primarily designated as working capital borrowings, were required to be repaid within one year and were primarily for hedged NGL and crude oil inventory and NYMEX and ICE margin deposits. (2)During the year ended December 31, 2020, we repurchased $17 million of our outstanding senior notes on the open market and recognized a gain of $3 million on these transactions, which is included in “Other income/(expense), net” on our Consolidated Statement of Operations. (3)PAA’s fixed-rate senior notes had a face value of approximately $9.1 billion and $9.0 billion as of December 31, 2020 and 2019, respectively. We estimated the aggregate fair value of these notes as of December 31, 2020 and 2019 to be approximately $9.9 billion and $9.3 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 the end of the reporting period. We estimate that the carrying value of outstanding borrowings under PAA’s credit facilities, commercial paper program and GO Zone term loans approximates fair value as interest rates reflect current market rates. The fair value estimates for the PAA senior notes, credit facilities, commercial paper program and GO Zone term loans are based upon observable market data and are classified in Level 2 of the fair value hierarchy.
Summary of PAA's issuances of senior unsecured notes | The table below summarizes PAA’s issuances of senior unsecured notes during the three years ended December 31, 2020 (in millions):
Year |  | Description |  | Maturity |  | Face Value |  | Interest Payment Dates
2020 |  | 3.80% Senior Notes issued at 99.794% of face value |  | September 2030 |  | $ | 750 |  |  | March 15 and September 15
2019 |  | 3.55% Senior Notes issued at 99.801% of face value |  | December 2029 |  | $ | 1,000 |  |  | June 15 and December 15
During the three years ended December 31, 2020, PAA repaid the following senior unsecured notes in full (in millions):
Year |  | Description |  | Repayment Date |  |
2020 |  | $600 million 5.00% Senior Notes due February 2021 |  | November 2020 |  | (1)
2019 |  | $500 million 2.60% Senior Notes due December 2019 |  | November 2019 |  | (2)
2019 |  | $500 million 5.75% Senior Notes due January 2020 |  | December 2019 |  | (2)
(1)These senior notes were repaid with proceeds from PAA’s 3.80% senior notes issued in June 2020 and cash on hand. (2)These senior notes were repaid with proceeds from PAA’s 3.55% senior notes issued in September 2019 and cash on hand.
Aggregate maturities of long-term debt | The following table presents the aggregate contractually scheduled maturities of such senior notes and GO Zone term loans for the next five years and thereafter. The amounts presented exclude unamortized discounts and debt issuance costs.
Calendar Year |  | Payment (in millions)
2021 |  | $ | — |
2022 |  | $ | 750 |
2023 |  | $ | 1,300 |
2024 |  | $ | 750 |
2025 |  | $ | 1,000 |
Thereafter |  | $ | 5,533 |

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