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Debt | 9 Months Ended
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Sep. 30, 2012
Debt Disclosure [Abstract] |
Debt Disclosure | Debt Our senior notes are summarized as follows ($000’s omitted):
| September 30, 2012 |  | December 31, 2011
5.45% unsecured senior notes due August 2012 (b) | $ | — |  |  | $ | 96,795 |
6.25% unsecured senior notes due February 2013 (b) | 62,722 |  |  | 62,677 |
5.125% unsecured senior notes due October 2013 (b) | 118,174 |  |  | 117,197 |
5.25% unsecured senior notes due January 2014 (b) | 255,896 |  |  | 255,882 |
5.70% unsecured senior notes due May 2014 (b) | 314,038 |  |  | 311,900 |
5.20% unsecured senior notes due February 2015 (b) | 207,935 |  |  | 207,906 |
5.25% unsecured senior notes due June 2015 (b) | 273,568 |  |  | 270,551 |
6.50% unsecured senior notes due May 2016 (b) | 471,026 |  |  | 469,147 |
7.625% unsecured senior notes due October 2017 (a) | 149,454 |  |  | 149,373 |
7.875% unsecured senior notes due June 2032 (b) | 299,141 |  |  | 299,108 |
6.375% unsecured senior notes due May 2033 (b) | 398,473 |  |  | 398,418 |
6.00% unsecured senior notes due February 2035 (b) | 299,410 |  |  | 299,390 |
7.375% unsecured senior notes due June 2046 (b) | 150,000 |  |  | 150,000 |
Total senior notes – carrying value (c) | $ | 2,999,837 |  |  | $ | 3,088,344 |
Estimated fair value | $ | 3,118,116 |  |  | $ | 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.
Debt retirement We retired $96.4 million of senior notes at their scheduled maturity dates during the three and nine months ended September 30, 2012. During the nine months ended September 30, 2011, we retired $13.9 million of senior notes at their scheduled maturity dates. We also retired $53.0 million of senior notes prior to their scheduled maturity dates, which resulted in losses totaling $3.5 million. Such losses included the write-off of unamortized discounts, premiums, and transaction fees and are reflected in other expense (income), net. On October 24, 2012, we announced a tender offer to repurchase up to $1.0 billion of senior notes with maturity dates ranging from 2013 to 2016. The tender offer will be completed in November 2012. These senior notes are currently trading above par value. Accordingly, we expect to record a loss upon repurchasing the tendered notes in the fourth quarter of 2012. The amount of the loss will depend upon the amount of senior notes repurchased and the prices paid for such notes but will not have a material effect on our financial position. Letter of credit facilities We maintain separate cash-collateralized letter of credit agreements with a number of financial institutions. Letters of credit totaling $57.1 million and $83.2 million were outstanding under these agreements at September 30, 2012 and December 31, 2011, respectively. Under these agreements, we are required to maintain deposits with the respective 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 originally permitted the issuance of up to $200.0 million of letters of credit for general corporate purposes in support of any wholly-owned subsidiary. We voluntarily reduced the capacity of this facility to $150.0 million effective July 2, 2012. At September 30, 2012 and December 31, 2011, letters of credit of $133.6 million and $152.7 million, respectively, were outstanding under this facility. Financial Services Pulte Mortgage provides mortgage financing for the majority of our home closings utilizing its own funds and funds made available pursuant to credit agreements with third parties or through intercompany borrowings. Pulte Mortgage uses these resources to finance its lending activities until the mortgage loans are sold to third party investors, generally within 30 days. On September 28, 2012, Pulte Mortgage entered into a Master Repurchase Agreement (the “Repurchase Agreement”). The Repurchase Agreement provides for loan purchases of up to $150.0 million, subject to certain sublimits, and expires on September 27, 2013. Borrowings under the Repurchase Agreement are secured by residential mortgage loans available-for-sale. The Repurchase Agreement contains various affirmative and negative covenants applicable to Pulte Mortgage, including quantitative thresholds related to net worth, net income, and liquidity. At September 30, 2012, Pulte Mortgage had $103.0 million outstanding under the Repurchase Agreement.

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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 Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 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 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. + Details
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