XML 46 R18.htm IDEA: XBRL DOCUMENT v3.3.0.814
Equity-Indexed Compensation Plans
 9 Months Ended
Sep. 30, 2015
Equity-Indexed Compensation Plans  
Equity-Indexed Compensation Plans

Note 9—Equity-Indexed Compensation Plans

 

We refer to the PAA LTIPs and AAP Management Units collectively as our “equity-indexed compensation plans.” For additional discussion of our equity-indexed compensation plans and awards, see Note 16 to our Consolidated Financial Statements included in Part IV of our 2014 Annual Report on Form 10-K.

 

PAA LTIP Awards

 

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

 
1.3

 

$
38.91

 

Vested (2)

 
(2.1)

 

$
28.91

 

Cancelled or forfeited

 
(0.3)

 

$
45.68

 

Outstanding at September 30, 2015

 
6.2

 

$
44.98

 

 

(1)

Amounts do not include AAP Management Units.

 

(2)

Approximately 0.5 million PAA common units were issued, net of tax withholding of 0.3 million units, during the nine months ended September 30, 2015 in connection with the settlement of vested awards. The remaining PAA awards that vested during the nine months ended September 30, 2015 (approximately 1.3 million units) were settled in cash.

 

AAP Management Units

 

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

 

Granted

 
(1.6)

 
1.6

 

 —

 

 

 
24

 

Earned

 

N/A

 

N/A

 
0.7

 

 

 

N/A

 

Balance at September 30, 2015

 
1.4

 
50.7

 
48.5

 

 

$
88

 

 

(1)

Of the $88 million grant date fair value, $57 million had been recognized through September 30, 2015 on a cumulative basis. Of this amount, $1 million was recognized as expense during the nine months ended September 30, 2015.

 

Other Consolidated Equity-Indexed Compensation Plan Information

 

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

    

Nine Months Ended

    

 

    

September 30,

    

September 30,

    

 

 

2015

    

2014

    

2015

    

2014

 

Equity-indexed compensation expense/(benefit)

 

$
(8)

 

$
22

 

$
27

 

$
90

 

LTIP unit-settled vestings

 

$
2

 

$
1

 

$
37

 

$
52

 

LTIP cash-settled vestings

 

$
10

 

$

 —

 

$
66

 

$
52

 

DER cash payments

 

$
2

 

$
2

 

$
6

 

$
6