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Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consisted of the following (in millions):

December 31,
2024		December 31,
2023
SHORT-TERM DEBT
PAA commercial paper notes, bearing a weighted-average interest rate of 4.6% and 5.8%, respectively (1)
$393 $433 
Other15 13 
Total short-term debt408 446 
LONG-TERM DEBT
PAA senior notes:
3.60% senior notes due November 2024 (2)
— 750 
4.65% senior notes due October 2025 (3)
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
750 750 
5.70% senior notes due September 2034
650 — 
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
499 499 
4.30% senior notes due January 2043
348 348 
4.70% senior notes due June 2044
687 687 
4.90% senior notes due February 2045
649 649 
Unamortized discounts and debt issuance costs(42)(41)
PAA senior notes, net of unamortized discounts and debt issuance costs7,141 7,242 
Other long-term debt:
Other72 63 
Total long-term debt7,213 7,305 
Total debt (4)
$7,621 $7,751 
(1)PAA classified these commercial paper notes as short-term as of December 31, 2024 and 2023, as these notes 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)As of December 31, 2023, PAA classified its $750 million, 3.60% senior notes due November 2024 as long-term based on its ability and intent to refinance these notes on a long-term basis at that time. PAA redeemed these senior notes on November 1, 2024.
(3)As of December 31, 2024, PAA classified its $1 billion, 4.65% senior notes due October 2025 as long-term based on its ability and intent to refinance these notes on a long-term basis.
(4)PAA’s fixed-rate senior notes had a face value of approximately $7.2 billion and $7.3 billion at December 31, 2024 and 2023, respectively. We estimated the aggregate fair value of these notes to be approximately $6.7 billion and $6.9 billion at December 31, 2024 and 2023, 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 commercial paper program approximates fair value as interest rates reflect current market rates. The fair value estimates for the PAA senior notes and commercial paper program are based upon observable market data and are classified in Level 2 of the fair value hierarchy.
Schedule of PAA's Senior Unsecured Notes
PAA Senior Notes Issuances. The table below summarizes PAA’s issuances of senior unsecured notes during the three years ended December 31, 2024 (in millions):

YearDescriptionMaturityFace ValueInterest Payment Dates
2024
5.70% Senior Notes issued at 99.953% of face value
September 2034
$650 March 15 and September 15
During the three years ended December 31, 2024, PAA repaid the following senior unsecured notes in full (in millions):
YearDescriptionRepayment Date
2024
$750 million 3.60% Senior Notes due November 2024
November 2024
(1)
2023
$700 million 3.85% Senior Notes due October 2023
October 2023
(2)
2023
$400 million 2.85% Senior Notes due January 2023
January 2023
(2)
2022
$750 million 3.65% Senior Notes due June 2022
March 2022
(2)
(1)PAA repaid these senior notes with proceeds from its 5.70% senior notes issued in June 2024, cash on hand and borrowings under its commercial paper program.
(2)PAA repaid these senior notes with cash on hand and borrowings under its commercial paper program.
Schedule of Aggregate Maturities of Long-term Debt The following table presents the aggregate contractually scheduled maturities of such senior notes for the next five years and thereafter. The amounts presented exclude unamortized discounts and debt issuance costs.
Calendar Year
Payment
(in millions)
2025$1,000 
2026$750 
2027$— 
2028$— 
2029$1,000 
Thereafter$4,433