Debt

Debt consisted of the following (in millions):



	September 30, 2016			December 31, 2015
SHORT-TERM DEBT
PAA commercial paper notes, bearing a weighted-average interest rate of 1.3% and 1.1%, respectively ⁽¹⁾	$	256		$	696
PAA senior secured hedged inventory facility, bearing a weighted-average interest rate of 1.5% and 1.4%, respectively ⁽¹⁾	725			300
PAA senior notes:
6.13% senior notes due January 2017	400			—
Other	3			3
Total short-term debt	1,384			999

LONG-TERM DEBT
PAA senior notes, net of unamortized discounts and debt issuance costs of $70 and $77, respectively	9,130			9,698
Other long-term debt:
PAA commercial paper notes, bearing a weighted-average interest rate of 1.3% and 1.1%, respectively ⁽²⁾	500			672
AAP term loan, bearing a weighted-average interest rate of 2.2% and 2.0%, respectively	550			550
AAP senior secured revolving credit facility, bearing a weighted-average interest rate of 2.1% and 2.0%, respectively	53			9
Unamortized debt issuance costs	(1		)	(2		)
Other	4			5
Total long-term debt	10,236			10,932
Total debt ⁽³⁾	$	11,620		$	11,931

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⁽¹⁾	We classified these PAA commercial paper notes and credit facility borrowings as short-term as of September 30, 2016 and December 31, 2015, as these notes and borrowings were primarily designated as working capital borrowings, were required to be repaid within one year and were primarily for hedged NGL and crude oil inventory and NYMEX and ICE margin deposits.


⁽²⁾	As of September 30, 2016 and December 31, 2015, we classified a portion of our commercial paper notes as long-term based on our ability and intent to refinance such amounts on a long-term basis under our credit facilities.

⁽³⁾

PAA’s fixed-rate senior notes (including current maturities) had a face value of approximately $9.6 billion and $9.8 billion as of September 30, 2016 and December 31, 2015, respectively. We estimated the aggregate fair value of these notes as of September 30, 2016 and December 31, 2015 to be approximately $9.7 billion and $8.6 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 the credit agreements 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 agreements and the PAA commercial paper program are based upon observable market data and are classified in Level 2 of the fair value hierarchy.

Credit Facilities

In August 2016, PAA extended the maturity dates of its senior unsecured revolving credit facility, senior secured hedged inventory facility and 364-day credit facility to August 2021, August 2019 and August 2017, respectively.

Borrowings and Repayments

Total borrowings under the credit agreements and the PAA commercial paper program for the nine months ended September 30, 2016 and 2015 were approximately $41.4 billion and $37.1 billion, respectively. Total repayments under the credit agreements and the PAA commercial paper program were approximately $41.6 billion and $36.9 billion for the nine months ended September 30, 2016 and 2015, respectively. The variance in total gross borrowings and repayments is impacted by various business and financial factors including, but not limited to, the timing, average term and method of general partnership borrowing activities.

Letters of Credit

In connection with our supply and logistics activities, we provide certain suppliers with irrevocable standby letters of credit to secure our obligation for the purchase of crude oil, NGL and natural gas. Additionally, we issue letters of credit to support insurance programs, derivative transactions and construction activities. At September 30, 2016 and December 31, 2015, we had outstanding letters of credit of $47 million and $46 million, respectively.

Senior Notes Repayments

PAA's $175 million, 5.88% senior notes were repaid in August 2016. We utilized cash on hand and available capacity under PAA's commercial paper program and credit facilities to repay these notes.