XML 66 R26.htm IDEA: XBRL DOCUMENT v2.4.0.8
Debt (Tables)
9 Months Ended
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.