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Debt | 12 Months Ended
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Dec. 31, 2012
Debt Disclosure [Abstract] |
Debt Disclosure | Debt Our senior notes are summarized as follows ($000’s omitted):
| December 31,
| 2012 |  | 2011
5.45% unsecured senior notes due August 2012 (a) | — |  |  | 96,795 |
6.25% unsecured senior notes due February 2013 (a) | — |  |  | 62,677 |
5.125% unsecured senior notes due October 2013 (a) | — |  |  | 117,197 |
5.25% unsecured senior notes due January 2014 (a) | 187,970 |  |  | 255,882 |
5.70% unsecured senior notes due May 2014 (a) | 208,274 |  |  | 311,900 |
5.20% unsecured senior notes due February 2015 (a) | 95,615 |  |  | 207,906 |
5.25% unsecured senior notes due June 2015 (a) | 264,058 |  |  | 270,551 |
6.50% unsecured senior notes due May 2016 (a) | 457,154 |  |  | 469,147 |
7.625% unsecured senior notes due October 2017 (b) | 149,481 |  |  | 149,373 |
7.875% unsecured senior notes due June 2032 (a) | 299,152 |  |  | 299,108 |
6.375% unsecured senior notes due May 2033 (a) | 398,492 |  |  | 398,418 |
6.00% unsecured senior notes due February 2035 (a) | 299,417 |  |  | 299,390 |
7.375% unsecured senior notes due June 2046 (a) | 150,000 |  |  | 150,000 |
Total senior notes – carrying value (c) | $ | 2,509,613 |  |  | $ | 3,088,344 |
Estimated fair value | $ | 2,663,451 |  |  | $ | 2,765,151 |
(a) | Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.
(b) | Not 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 14 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, 2012, we were in compliance with all of the covenants and requirements under the senior notes. Total senior note principal maturities of $2.5 billion during the five years after 2012 are as follows: 2013 - $0.0 million; 2014 - $398.9 million; 2015 - $369.2 million; 2016 - $465.2 million; 2017 - $150.0 million; and thereafter - $1.2 billion. Debt retirement During the last three years, we significantly reduced our outstanding senior notes through a variety of transactions, including scheduled maturities, open market repurchases, early redemptions as provided within indenture agreements, and tender offers. As a result of these transactions, we reduced our outstanding senior notes by $592.4 million, $323.9 million, and $898.5 million during 2012, 2011, and 2010, respectively, and recorded losses totaling $32.1 million, $5.6 million, and $38.9 million in 2012, 2011 and 2010, 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 We maintain separate cash-collateralized letter of credit agreements with a number of financial institutions. Letters of credit totaling $54.5 million and $83.2 million were outstanding under these agreements at December 31, 2012 and 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 September 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 December 31, 2012 and 2011, $124.6 million and $152.7 million, respectively, of letters of credit 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 party lenders 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. In September 2012, Pulte Mortgage entered into a Master Repurchase Agreement (the “Repurchase Agreement”) with third party lenders. The Repurchase Agreement provides for borrowings up to $150.0 million, subject to certain sublimits, and expires in September 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 December 31, 2012, Pulte Mortgage had $138.8 million outstanding and was in compliance with all of the covenants and requirements under the Repurchase Agreement. During 2010 and 2011, Pulte Mortgage funded its operations using internal Company resources after allowing the majority of its third party credit arrangements to expire during 2010. The following is aggregate borrowing information for our mortgage operations as of each year-end ($000’s omitted):
| December 31,
| 2012 |  | 2011 |  | 2010
Available credit lines | $ | 150,000 |  |  | $ | 2,500 |  |  | $ | 2,500 |
Unused credit lines | $ | 11,205 |  |  | $ | 2,500 |  |  | $ | 2,500 |
Weighted-average interest rate | 3.00 | % |  | 4.50 | % |  | 4.50 | %

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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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