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Debt (Tables) | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consisted of the following (in millions):
| June 30, 2026 |  | December 31, 2025
SHORT-TERM DEBT |  |  |
PAA commercial paper notes, bearing a weighted-average interest rate of 3.9% (1) | $ | — |  |  | $ | 554 |
Other | 9 |  |  | 9 |
Total short-term debt | 9 |  |  | 563 |
LONG-TERM DEBT |  |  |
PAA senior notes, net of unamortized discounts and debt issuance costs of $60 and $65, respectively (2) | 8,373 |  |  | 9,118 |
PAA commercial paper notes, bearing a weighted-average interest rate of 3.9% (3) | — |  |  | 416 |
PAA term loan, net of debt issuance costs of $1, and bearing a weighted-average interest rate of 5.0% | — |  |  | 1,099 |
Other | 59 |  |  | 63 |
Total long-term debt | 8,432 |  |  | 10,696 |
Total debt (4) | $ | 8,441 |  |  | $ | 11,259 |
(1)We classified these PAA commercial paper notes as short-term as of December 31, 2025, as these notes were primarily designated as working capital borrowings, were required to be repaid within one year and were primarily for hedged inventory and NYMEX and ICE margin deposits. (2)As of December 31, 2025, PAA classified its $750 million, 4.50% senior notes due December 2026 as long-term based on its ability and intent to refinance the notes on a long-term basis at that time. PAA redeemed these senior notes on June 25, 2026. (3)As of December 31, 2025, PAA classified a portion of its commercial paper notes as long-term based on its ability and intent to refinance such amounts on a long-term basis. (4)PAA’s fixed-rate senior notes had a face value of approximately $8.4 billion and $9.2 billion at June 30, 2026 and December 31, 2025, respectively. We estimated the aggregate fair value of these notes as of June 30, 2026 and December 31, 2025 to be approximately $8.2 billion and $9.0 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 commercial paper program and term loan approximate fair value as interest rates reflect current market rates. The fair value estimates for PAA’s senior notes, commercial paper program and term loan are based upon observable market data and are classified in Level 2 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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