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Debt | 3 Months Ended
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Mar. 31, 2012
Debt Disclosure [Abstract] |
Debt Disclosure | Debt Our senior notes are summarized as follows ($000’s omitted):
| March 31, 2012 |  | December 31, 2011
5.45% unsecured senior notes due August 2012 (b) | $ | 96,634 |  |  | $ | 96,795 |
6.25% unsecured senior notes due February 2013 (b) | 62,692 |  |  | 62,677 |
5.125% unsecured senior notes due October 2013 (b) | 117,522 |  |  | 117,197 |
5.25% unsecured senior notes due January 2014 (b) | 255,887 |  |  | 255,882 |
5.70% unsecured senior notes due May 2014 (b) | 312,613 |  |  | 311,900 |
5.20% unsecured senior notes due February 2015 (b) | 207,916 |  |  | 207,906 |
5.25% unsecured senior notes due June 2015 (b) | 271,557 |  |  | 270,551 |
6.50% unsecured senior notes due May 2016 (b) | 469,774 |  |  | 469,147 |
7.625% unsecured senior notes due October 2017 (a) | 149,400 |  |  | 149,373 |
7.875% unsecured senior notes due June 2032 (b) | 299,119 |  |  | 299,108 |
6.375% unsecured senior notes due May 2033 (b) | 398,436 |  |  | 398,418 |
6.00% unsecured senior notes due February 2035 (b) | 299,396 |  |  | 299,390 |
7.375% unsecured senior notes due June 2046 (b) | 150,000 |  |  | 150,000 |
Total senior notes – carrying value (c) | $ | 3,090,946 |  |  | $ | 3,088,344 |
Estimated fair value | $ | 3,030,286 |  |  | $ | 2,765,151 |
(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.
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. No borrowings were outstanding under the Credit Facility during 2011. 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 the three months ended March 31, 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 $190.0 million, the majority of which is uncommitted. Letters of credit totaling $71.3 million and $83.2 million were outstanding under these agreements at March 31, 2012 and December 31, 2011, respectively. 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 March 31, 2012 and December 31, 2011, $148.0 million and $152.7 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.

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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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