Company: PAGP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001581990-25-000006
Chunk: 149

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 16
Chunk 149
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 senior notes due February 2045649 649 Unamortized discounts and debt issuance costs(42)(41)PAA senior notes, net of unamortized discounts and debt issuance costs7,141 7,242 Other long-term debt:Other72 63 Total long-term debt7,213 7,305 Total debt (4)$7,621 $7,751 (1)PAA classified these commercial paper notes as short-term as of December 31, 2024 and 2023, as these notes 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 December 31, 2023, PAA classified its $750 million, 3.60% senior notes due November 2024 as long-term based on its ability and intent to refinance these notes on a long-term basis at that time. PAA redeemed these senior notes on November 1, 2024.(3)As of December 31, 2024, PAA classified its $1 billion, 4.65% senior notes due October 2025 as long-term based on its ability and intent to refinance these notes on a long-term basis.(4)PAA’s fixed-rate senior notes had a face value of approximately $7.2 billion and $7.3 billion at December 31, 2024 and 2023, respectively. We estimated the aggregate fair value of these notes to be approximately $6.7 billion and $6.9 billion at December 31, 2024 and 2023, 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 commercial paper program approximates fair value as interest rates reflect current market rates. The fair value estimates for the PAA senior notes and commercial paper program are based upon observable market data and are classified in Level 2 of the fair value hierarchy.

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Table of ContentsIndex to Financial StatementsPLAINS GP HOLDINGS, L.P. AND SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

PAA Commercial Paper ProgramPAA