Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of debt

Debt consisted of the following (in millions):

	December 31, 2016			December 31, 2015
SHORT-TERM DEBT
PAA commercial paper notes, bearing a weighted-average interest rate of 1.6% and 1.1%, respectively (1)	$	563		$	696
PAA senior secured hedged inventory facility, bearing a weighted-average interest rate of 1.8% and 1.4%, respectively (1)	750			300
PAA senior notes:
6.13% senior notes due January 2017	400			—
Other	2			3
Total short-term debt (2)	1,715			999
LONG-TERM DEBT
PAA senior notes:
5.88% senior notes due August 2016 (3)	—			175
6.13% senior notes due January 2017	—			400
6.50% senior notes due May 2018	600			600
8.75% senior notes due May 2019	350			350
2.60% senior notes due December 2019	500			500
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			750
4.65% senior notes due October 2025	1,000			1,000
4.50% senior notes due December 2026	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			700
4.90% senior notes due February 2045	650			650
Unamortized discounts and debt issuance costs	(76		)	(77		)
PAA senior notes, net of unamortized discounts and debt issuance costs	9,874			9,698
PAA commercial paper notes, bearing a weighted-average interest rate of 1.6% and 1.1%, respectively (3)	247			672
AAP term loan, bearing a weighted-average interest rate of 2.0% (4)	—			550
AAP senior secured revolving credit facility, bearing a weighted-average interest rate of 2.0% (4)	—			9
Unamortized debt issuance costs	—			(2		)
Other	3			5
Total long-term debt	10,124			10,932
Total debt (5)	$	11,839		$	11,931

⁽¹⁾  We classified these PAA commercial paper notes and credit facility borrowings as short-term at December 31, 2016 and 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⁾  At December 31, 2016, includes borrowings of $410 million for cash margin deposits with NYMEX and ICE, which are associated with financial derivatives used for hedging purposes.

⁽³⁾  As of December 31, 2016 and 2015, we classified a portion of our commercial paper notes as long-term and as of December 31, 2015, we classified PAA’s $175 million, 5.88% senior notes due August 2016 as long-term based on PAA’s ability and intent to refinance such amounts on a long-term basis under its credit facilities.

⁽⁴⁾  On November 15, 2016, as part of the Simplification Transactions, PAA assumed and immediately repaid all of AAP’s outstanding debt.

⁽⁵⁾  PAA’s fixed-rate senior notes (including current maturities) had a face value of approximately $10.3 billion and $9.8 billion as of December 31, 2016 and 2015, respectively. We estimated the aggregate fair value of these notes as of December 31, 2016 and 2015 to be approximately $10.4 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 year 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 in Level 2 of the fair value hierarchy.

Summary of PAA's issuances of senior unsecured notes

The table below summarizes PAA’s issuances of senior unsecured notes during 2016, 2015 and 2014 (in millions):

Year	Description	Maturity	Face Value		Interest Payment Dates
2016	4.50% Senior Notes issued at 99.716% of face value	December 2026	$	750	June 15 and December 15
2015	4.65% Senior Notes issued at 99.846% of face value	October 2025	$	1,000	April 15 and October 15
2014	2.60% Senior Notes issued at 99.813% of face value	December 2019	$	500	June 15 and December 15
2014	4.90% Senior Notes issued at 99.876% of face value	February 2045	$	650	February 15 and August 15
2014	3.60% Senior Notes issued at 99.842% of face value	November 2024	$	750	May 1 and November 1
2014	4.70% Senior Notes issued at 99.734% of face value	June 2044	$	700	June 15 and December 15

Aggregate maturities of long-term debt

The amounts presented exclude unamortized discounts and debt issuance costs.

Calendar Year	Payment (in millions)
2017	$	247
2018	600
2019	850
2020	500
2021	600
Thereafter	7,403