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Equity-Indexed Compensation Plans (Tables)
 9 Months Ended
Sep. 30, 2015
Summary of activity for awards under the PAGP LTIP

Activity for awards under the PAGP LTIP is summarized in the following table (shares in millions):

 

 

 

 

 

 

 

 

 

    

    

    

Weighted Average

 

 

 

PAGP

 

Grant Date

 

 

 

Shares

 

Fair Value per Share

 

Outstanding at December 31, 2014

 
0.1

 

$
27.84

 

Granted (1)

 

 —

 

$
27.84

 

Vested (2)

 

 —

 

$
27.84

 

Outstanding at September 30, 2015

 
0.1

 

$
27.84

 

(1)

During the nine months ended September 30, 2015, less than 0.1 million PAGP LTIP awards were issued under the automatic re-grant feature for awards issued to PAGP directors.

 

(2)

During the nine months ended September 30, 2015, less than 0.1 million PAGP LTIP awards vested and were settled in Class A shares.

 

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 in PAA common units, PAGP shares 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) (1)

 

$
(8)

 

$
22

 

$
27

 

$
91

 

LTIP unit- or share-settled vestings (2)

 

$
2

 

$
1

 

$
37

 

$
52

 

LTIP cash-settled vestings (3)

 

$
10

 

$

 —

 

$
66

 

$
52

 

DER cash payments (4)

 

$
2

 

$
2

 

$
6

 

$
6

 

 

(1)

For each of the three months ended September 30, 2015 and 2014, and the nine months ended September 30, 2015, amount includes less than $1 million of expense related to PAGP LTIP awards. For the nine months ended September 30, 2014, amount includes $1 million of expense related to PAGP LTIP awards.

 

(2)

For the nine months ended September 30, 2015, $1 million relates to awards settled in PAGP Class A shares. For the three months ended September 30, 2015 and the three and nine months ended September 30, 2014, all amounts relate to awards settled in PAA common units.

 

(3)

All cash settled vestings for the three and nine months ended September 30, 2015 and 2014 related to PAA LTIP awards.

 

(4)

For each of the three and nine months ended September 30, 2015 and 2014, less than $1 million of cash paid was related to DERs on PAGP LTIP awards.
PAA LTIP  
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

 

 

 

PAA

 

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  
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

 

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.