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Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of debt
Debt consisted of the following (in millions):

December 31,
2021		December 31,
2020
SHORT-TERM DEBT
PAA commercial paper notes, bearing a weighted-average interest rate of 0.7% (1)
$— $547 
PAA senior secured hedged inventory facility, bearing a weighted-average interest rate of 1.2% (1)
— 167 
PAA senior notes:
3.65% senior notes due June 2022 (2)
750 — 
Other72 117 
Total short-term debt822 831 
LONG-TERM DEBT
PAA senior notes:
3.65% senior notes due June 2022
— 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
750 750 
3.55% senior notes due December 2029
1,000 1,000 
3.80% senior notes due September 2030
750 750 
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 (3)
499 499 
4.30% senior notes due January 2043 (3)
348 348 
4.70% senior notes due June 2044 (3)
687 687 
4.90% senior notes due February 2045 (3)
649 649 
Unamortized discounts and debt issuance costs(54)(62)
PAA senior notes, net of unamortized discounts and debt issuance costs8,329 9,071 
Other long-term debt:
PAA GO Zone term loans, net of debt issuance costs of $1, bearing a weighted-average interest rate of 1.3% (4)
— 199 
Other69 112 
Total long-term debt8,398 9,382 
Total debt (5)
$9,220 $10,213 
(1)We classified these PAA commercial paper notes and credit facility borrowings as short-term as of December 31, 2020, 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)In January 2022, PAA provided notice of its intention to redeem these senior notes on March 1, 2022.
(3)During the year ended December 31, 2020, we repurchased $17 million of our outstanding senior notes on the open market and recognized a gain of $3 million on these transactions, which is included in “Other income/(expense), net” on our Consolidated Statement of Operations.
(4)The GO Zone term loans were initially assumed by a subsidiary of PAA in connection with the acquisition of the Southern Pines natural gas storage facility. The loans were repaid in August 2021 in connection with the sale of that facility. See Note 7 for additional information.
(5)PAA’s fixed-rate senior notes had a face value of approximately $9.1 billion at both December 31, 2021 and 2020. We estimated the aggregate fair value of these notes to be approximately $9.9 billion at both December 31, 2021 and 2020. 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 PAA’s credit facilities, commercial paper program and GO Zone term loans approximates fair value as interest rates reflect current market rates. The fair value estimates for the PAA senior notes, credit facilities, commercial paper program and GO Zone term loans 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 the three years ended December 31, 2021 (in millions):
YearDescriptionMaturityFace ValueInterest Payment Dates
2020
3.80% Senior Notes issued at 99.794% of face value
September 2030$750 March 15 and September 15
2019
3.55% Senior Notes issued at 99.801% of face value
December 2029$1,000 June 15 and December 15
During the three years ended December 31, 2021, PAA repaid the following senior unsecured notes in full (in millions):
YearDescriptionRepayment Date
2020
$600 million 5.00% Senior Notes due February 2021
November 2020
(1)
2019
$500 million 2.60% Senior Notes due December 2019
November 2019
(2)
2019
$500 million 5.75% Senior Notes due January 2020
December 2019
(2)
(1)These senior notes were repaid with proceeds from PAA’s 3.80% senior notes issued in June 2020 and cash on hand.
(2)These senior notes were repaid with proceeds from PAA’s 3.55% senior notes issued in September 2019 and cash on hand.
Aggregate maturities of long-term debt The following table presents the aggregate contractually scheduled maturities of such senior notes for the next five years and thereafter. The amounts presented exclude unamortized discounts and debt issuance costs.
Calendar Year
Payment
(in millions)
2022$750 
2023$1,100 
2024$750 
2025$1,000 
2026$750 
Thereafter$4,783