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Equity-Indexed Compensation Plans (Tables)
 6 Months Ended
Jun. 30, 2015
Summary of expense recognized and the value of vested LTIP awards under equity-indexed compensation plans

The table below summarizes the expense recognized and the value of vested LTIP awards (settled both in common units and cash) under our equity-indexed compensation plans and includes both liability-classified and equity-classified awards for the periods indicated (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended

    

Six Months Ended

    

 

    

June 30,

    

June 30,

    

 

 

2015

    

2014

    

2015

    

2014

 

Equity-indexed compensation expense

 

$
17

 

$
34

 

$
36

 

$
68

 

LTIP unit-settled vestings

 

$
35

 

$
44

 

$
35

 

$
51

 

LTIP cash-settled vestings

 

$
55

 

$
51

 

$
55

 

$
52

 

DER cash payments

 

$
2

 

$
2

 

$
4

 

$
4

 

 

Long-Term Incentive Plan Awards  
Summary of activity for equity-indexed compensation plans

Activity for LTIP awards under our equity-indexed compensation plans denominated in PAA units is summarized in the following table (units in millions):

 

 

 

 

 

 

 

 

 

 

    

    

    

Weighted Average

 

 

 

 

 

Grant Date

 

 

 

Units (1)

 

Fair Value per Unit

 

Outstanding at December 31, 2014

 
7.3

 

$
41.45

 

Granted

 
1.1

 

$
39.98

 

Vested (2)

 
(1.8)

 

$
25.96

 

Cancelled or forfeited

 
(0.1)

 

$
43.26

 

Outstanding at June 30, 2015

 
6.5

 

$
45.47

 

 

(1)

Amounts do not include AAP Management Units.

 

(2)

Approximately 0.5 million PAA common units were issued, net of tax withholding of 0.2 million units, during the six months ended June 30, 2015 in connection with the settlement of vested awards. The remaining PAA awards that vested during the six months ended June 30, 2015 of approximately 1.1 million units were settled in cash.

 

AAP Management Units  
Summary of activity for equity-indexed compensation plans

Activity for AAP Management Units is summarized in the following table (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Date

 

 

 

Reserved for Future

 

 

 

Outstanding Units

 

 

Fair Value Of Outstanding

 

 

    

Grants

    

Outstanding

    

Earned

    

    

AAP Management Units (1)

 

Balance at December 31, 2014

 
3.0

 
49.1

 
47.8

 

 

$
64

 

Earned

 

N/A

 

N/A

 
0.4

 

 

 

N/A

 

Balance at June 30, 2015

 
3.0

 
49.1

 
48.2

 

 

$
64

 

 

(1)

Of the $64 million grant date fair value, $57 million had been recognized through June 30, 2015 on a cumulative basis. Of this amount, $1 million was recognized as expense during the six months ended June 30, 2015.