Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of debt

Debt consisted of the following (in millions):

	December 31, 2022		December 31, 2021
SHORT-TERM DEBT
PAA senior notes:
3.65% senior notes due June 2022	$	—	$	750
2.85% senior notes due January 2023	400		—
3.85% senior notes due October 2023	700		—
Other	59		72
Total short-term debt	1,159		822
LONG-TERM DEBT
PAA senior notes:
2.85% senior notes due January 2023	—		400
3.85% senior notes due October 2023	—		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	499		499
4.30% senior notes due January 2043	348		348
4.70% senior notes due June 2044	687		687
4.90% senior notes due February 2045	649		649
Unamortized discounts and debt issuance costs	(46)		(54)
PAA senior notes, net of unamortized discounts and debt issuance costs	7,237		8,329
Other long-term debt:
Other	50		69
Total long-term debt	7,287		8,398
Total debt (1)	$	8,446	$	9,220

(1)PAA’s fixed-rate senior notes had a face value of approximately $8.4 billion and $9.1 billion at December 31, 2022 and 2021, respectively. We estimated the aggregate fair value of these notes to be approximately $7.6 billion and $9.9 billion at December 31, 2022 and 2021, 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 PAA’s credit facilities and commercial paper program approximates fair value as interest rates reflect current market rates. The fair value estimates for the PAA senior notes, credit facilities and 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 the three years ended December 31, 2022 (in millions):

Year	Description	Maturity	Face Value		Interest Payment Dates
2020	3.80% Senior Notes issued at 99.794% of face value	September 2030	$	750	March 15 and September 15

During the three years ended December 31, 2022, PAA repaid the following senior unsecured notes in full (in millions):

Year	Description	Repayment Date
2022	$750 million 3.65% Senior Notes due June 2022	March 2022	(1)
2020	$600 million 5.00% Senior Notes due February 2021	November 2020	(2)

(1)PAA repaid these senior notes with cash on hand and borrowings under our commercial paper program.

(2)These senior notes were repaid with proceeds from PAA’s 3.80% senior notes issued in June 2020 and cash on hand.

Summary of 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)
2023	$	1,100
2024	$	750
2025	$	1,000
2026	$	750
2027	$	—
Thereafter	$	4,783