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Debt | 12 Months Ended
--- | ---
Dec. 31, 2011
Debt Disclosure [Abstract] |
Debt Disclosure | Debt Our senior notes are summarized as follows ($000’s omitted):
| December 31,
| 2011 |  | 2010
8.125% unsecured senior notes due February 2011 (a) | $ | — |  |  | $ | 13,900 |
5.45% unsecured senior notes due August 2012 (b) | 96,795 |  |  | 104,823 |
6.25% unsecured senior notes due February 2013 (b) | 62,677 |  |  | 62,617 |
5.125% unsecured senior notes due October 2013 (b) | 117,197 |  |  | 160,212 |
5.25% unsecured senior notes due January 2014 (b) | 255,882 |  |  | 335,848 |
5.70% unsecured senior notes due May 2014 (b) | 311,900 |  |  | 309,048 |
5.20% unsecured senior notes due February 2015 (b) | 207,906 |  |  | 244,839 |
5.25% unsecured senior notes due June 2015 (b) | 270,551 |  |  | 397,700 |
6.50% unsecured senior notes due May 2016 (b) | 469,147 |  |  | 466,644 |
7.625% unsecured senior notes due October 2017 (a) | 149,373 |  |  | 149,265 |
7.875% unsecured senior notes due June 2032 (b) | 299,108 |  |  | 299,065 |
6.375% unsecured senior notes due May 2033 (b) | 398,418 |  |  | 398,344 |
6.00% unsecured senior notes due February 2035 (b) | 299,390 |  |  | 299,363 |
7.375% unsecured senior notes due June 2046 (b) | 150,000 |  |  | 150,000 |
Total senior notes – carrying value (c) | $ | 3,088,344 |  |  | $ | 3,391,668 |
Estimated fair value | $ | 2,765,151 |  |  | $ | 3,227,404 |
(a) | Not redeemable prior to maturity, guaranteed on a senior basis by certain wholly-owned subsidiaries
(b) | Redeemable prior to maturity, guaranteed on a senior basis by certain wholly-owned subsidiaries
(c) | The recorded carrying value reflects the impact of various discounts and premiums that are amortized to interest cost over the respective terms of the senior notes
Refer to Note 16 for supplemental consolidating financial information of the Company. The indentures governing the senior notes impose certain restrictions on the incurrence of additional debt along with other limitations. At December 31, 2011, we were in compliance with all of the covenants and requirements under the senior notes. Total senior note principal maturities during the five years after 2011 are as follows: 2012 - $96.4 million; 2013 - $182.2 million; 2014 - $574.6 million; 2015 - $492.5 million; 2016 - $480.0 million; and thereafter - $1.3 billion. Debt retirement During the last three years, we reduced our outstanding senior notes through a variety of transactions ($000’s omitted):
Retirement Date | Series | Transaction Type | Principal Retired
November / December 2011 | 5.25% unsecured senior notes due January 2014 | Open market repurchases | $ | 80,000 |
| 5.20% unsecured senior notes due February 2015 |  | 37,000 |
| 5.25% unsecured senior notes due June 2015 |  | 140,000 |
|  |  | 257,000 |
June 2011 | 5.45% unsecured senior notes due August 2012 | Open market repurchases | 7,306 |
| 5.125% unsecured senior notes due October 2013 |  | 45,690 |
|  |  | 52,996 |
February 2011 | 8.125% unsecured senior notes due February 2011 | Scheduled maturity | 13,900 |
Total 2011 |  |  | $ | 323,896 |
December 2010 | 7.875% unsecured notes due February 2011 | Early redemption as | 85,595 |
| 7.875% unsecured notes due July 2011 | provided within indenture | 132,186 |
| 7.50% unsecured notes due January 2012 | agreements | 110,262 |
|  |  | 328,043 |
November 2010 | 5.45% unsecured notes due August 2012 | Open market repurchases | 23,000 |
October 2010 | 4.55% unsecured notes due November 2010 | Scheduled maturity | 47,427 |
October 2010 | 6.25% unsecured notes due February 2013 | Tender offer | 162,471 |
| 5.125% unsecured notes due October 2013 |  | 104,749 |
| 5.25% unsecured notes due January 2014 |  | 128,077 |
| 5.70% unsecured notes due May 2014 |  | 31,329 |
| 5.20% unsecured notes due February 2015 |  | 47,838 |
| 5.25% unsecured notes due June 2015 |  | 25,536 |
|  |  | 500,000 |
Total 2010 | $ | 898,470 |
September 2009 | 4.55% unsecured notes due November 2010 | Tender offer | 252,573 |
| 7.875% unsecured notes due February 2011 |  | 306,905 |
| 8.125% unsecured notes due February 2011 |  | 186,098 |
| 7.875% unsecured notes due July 2011 |  | 341,377 |
| 7.50% unsecured notes due January 2012 |  | 214,662 |
| 5.45% unsecured notes due August 2012 |  | 168,301 |
| 5.125% unsecured notes due October 2013 |  | 30,084 |
|  |  | 1,500,000 |
September 2009 | 5.80% unsecured notes due September 2009 | Scheduled maturity | 210,920 |
July 2009 | 4.875% unsecured notes due July 2009 | Scheduled maturity | 25,413 |
May / June 2009 | 7.875% unsecured notes due July 2011 | Open market repurchases | 25,000 |
| 6.25% unsecured notes due February 2013 |  | 74,785 |
| 5.25% unsecured notes due January 2014 |  | 36,004 |
| 5.20% unsecured notes due February 2015 |  | 57,135 |
|  |  | 192,924 |
Total 2009 | $ | 1,929,257 |
Total for three-year period | $ | 3,151,623 |
We recorded losses related to these transactions totaling $5.6 million, $38.9 million, and $31.6 million in 2011, 2010 and 2009, respectively. Losses on these transactions include the write-off of unamortized discounts, premiums, and transaction fees and are reflected in other expense (income), net. Letter of credit facilities As a cost-saving measure and to provide increased operational flexibility, we voluntarily terminated our $250.0 million unsecured revolving credit facility ("the Credit Facility") effective March 30, 2011. The Credit Facility was scheduled to expire in June 2012 and was being used solely to issue letters of credit ($221.6 million outstanding at December 31, 2010). No borrowings were outstanding under the Credit Facility during 2011, 2010, or 2009. We did not pay any penalties as a result of the termination. The termination of the Credit Facility also:
• | released $250.0 million of cash required to be maintained in liquidity reserve accounts; and
• | resulted in expense of $1.3 million related to the write-off of unamortized issuance costs, which is included within selling, general, and administrative expenses during 2011.
In connection with the termination of the Credit Facility, we entered into separate cash-collateralized letter of credit agreements with a number of financial institutions. These agreements provide capacity to issue letters of credit totaling up to $191.2 million, the majority of which is uncommitted. Letters of credit totaling $83.2 million were outstanding under these agreements at December 31, 2011. Under these agreements, we are required to maintain deposits with these financial institutions in amounts approximating the letters of credit outstanding. Such deposits are included in restricted cash. We also maintain an unsecured letter of credit facility with a bank that expires in June 2014. This facility permits the issuance of up to $200.0 million of letters of credit for general corporate purposes in support of any wholly-owned subsidiary. At December 31, 2011 and 2010, $152.7 million and $167.2 million, respectively, of letters of credit were outstanding under this facility. Financial Services Pulte Mortgage provides mortgage financing for many of our home closings utilizing its own funds and funds available pursuant to a repurchase agreement with the Company. Pulte Mortgage uses these resources to finance its lending activities until the mortgage loans are sold to third party investors, generally within 30 days. Given our current liquidity position and the cost of third party financing relative to existing mortgage rates, Pulte Mortgage allowed each of its third party borrowing arrangements to expire during 2010 and began funding its operations using internal Company resources. In order to satisfy regulatory requirements in certain states, Pulte Mortgage maintains a $2.5 million repurchase lending agreement with a bank that expires in October 2012. There were no borrowings outstanding under this facility at December 31, 2011. The following is aggregate borrowing information for our mortgage operations ($000’s omitted):
| 2011 |  | 2010 |  | 2009
Available credit lines at year-end | $ | 2,500 |  |  | $ | 2,500 |  |  | $ | 175,000 |
Unused credit lines at year-end | $ | 2,500 |  |  | $ | 2,500 |  |  | $ | 157,000 |
Maximum amount outstanding at the end of any month | $ | — |  |  | $ | 75,403 |  |  | $ | 79,422 |
Average monthly indebtedness | $ | — |  |  | $ | 17,241 |  |  | $ | 44,522 |
Range of interest rates during the year: | N/A |  |  | 4.25 | % |  | 0.53 | %
|  |  | to |  |  | to |
|  |  | 4.50 | % |  | 4.75 | %
Weighted-average rate at year-end | 4.50 | % |  | 4.50 | % |  | 4.29 | %
Borrowings under Pulte Mortgage’s credit lines are secured by residential mortgage loans available-for-sale. The carrying amounts of such borrowings approximate fair value

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 + Details
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