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Debt | 3 Months Ended
--- | ---
Mar. 31, 2013
Debt Disclosure [Abstract] |
Debt | Debt Our senior notes are summarized as follows ($000’s omitted):
| March 31, 2013 |  | December 31, 2012
5.25% unsecured senior notes due January 2014 (a) | $ | 187,973 |  |  | $ | 187,970 |
5.70% unsecured senior notes due May 2014 (a) | 208,745 |  |  | 208,274 |
5.20% unsecured senior notes due February 2015 (a) | 95,620 |  |  | 95,615 |
5.25% unsecured senior notes due June 2015 (a) | 265,025 |  |  | 264,058 |
6.50% unsecured senior notes due May 2016 (a) | 457,761 |  |  | 457,154 |
7.625% unsecured senior notes due October 2017 (b) | 149,508 |  |  | 149,481 |
7.875% unsecured senior notes due June 2032 (a) | 299,163 |  |  | 299,152 |
6.375% unsecured senior notes due May 2033 (a) | 398,511 |  |  | 398,492 |
6.00% unsecured senior notes due February 2035 (a) | 299,423 |  |  | 299,417 |
7.375% unsecured senior notes due June 2046 (a) | 150,000 |  |  | 150,000 |
Total senior notes – carrying value (c) | $ | 2,511,729 |  |  | $ | 2,509,613 |
Estimated fair value | $ | 2,675,497 |  |  | $ | 2,663,451 |
(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.
On April 24, 2013, we announced that we will use a portion of our cash on hand to redeem the remaining $398.9 million aggregate principal amount of outstanding senior notes due in 2014. The senior note indentures require a make whole premium. Accordingly, we expect to record a loss on debt retirement of approximately $18.0 million when the redemptions are completed in the second quarter of 2013. Letter of credit facilities We maintain separate cash-collateralized letter of credit agreements with a number of financial institutions. Letters of credit totaling $50.0 million and $54.5 million were outstanding under these agreements at March 31, 2013 and December 31, 2012, 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 permits the issuance of up to $150.0 million of letters of credit for general corporate purposes in support of any wholly-owned subsidiary. Letters of credit totaling $122.7 million and $124.6 million were outstanding under this facility at March 31, 2013 and December 31, 2012, respectively. 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 in the secondary market, which generally occurs 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 loan purchases of up to $150.0 million, subject to certain sublimits, and expires on 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 March 31, 2013, Pulte Mortgage had $56.6 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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