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Debt | 3 Months Ended
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Mar. 31, 2014
Debt Disclosure [Abstract] |
Debt | Debt Our senior notes are summarized as follows ($000’s omitted):
| March 31, 2014 |  | December 31, 2013
5.20% unsecured senior notes due February 2015 (a) | $ | — |  |  | $ | 95,633 |
5.25% unsecured senior notes due June 2015 (a) | 233,926 |  |  | 233,085 |
6.50% unsecured senior notes due May 2016 (a) | 460,189 |  |  | 459,581 |
7.625% unsecured senior notes due October 2017 (b) | 122,685 |  |  | 122,663 |
7.875% unsecured senior notes due June 2032 (a) | 299,207 |  |  | 299,196 |
6.375% unsecured senior notes due May 2033 (a) | 398,585 |  |  | 398,567 |
6.00% unsecured senior notes due February 2035 (a) | 299,449 |  |  | 299,443 |
7.375% unsecured senior notes due June 2046 (a) | — |  |  | 150,000 |
Total senior notes – carrying value (c) | $ | 1,814,041 |  |  | $ | 2,058,168 |
Estimated fair value | $ | 1,891,326 |  |  | $ | 2,070,744 |
(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.
Debt retirement During the three months ended March 31, 2014, we retired prior to their scheduled maturity dates $245.7 million of senior notes. We recorded losses related to these transactions totaling $8.6 million during the three months ended March 31, 2014. Losses on these transactions include the write-off of unamortized discounts, premiums, and transaction fees and are reflected in other expense, net. Letter of credit facilities We maintain separate cash-collateralized letter of credit agreements with a number of financial institutions. Letters of credit totaling $62.4 million and $58.7 million were outstanding under these agreements at March 31, 2014 and December 31, 2013, 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 $99.4 million and $124.4 million were outstanding under this facility at March 31, 2014 and December 31, 2013, respectively. Financial Services Pulte Mortgage maintains a master repurchase agreement (the “Repurchase Agreement”) with third party lenders that expires in September 2014. Effective January 2014, Pulte Mortgage voluntarily reduced the borrowing capacity under the Repurchase Agreement from $150.0 million to $99.8 million subject to certain sublimits. We reduced the borrowing capacity in order to lower associated fees during seasonally low volume periods when the additional capacity is unnecessary. 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. Pulte Mortgage had $35.8 million and $105.7 million outstanding under the Repurchase Agreement at March 31, 2014 and December 31, 2013, respectively, and was in compliance with all of its covenants and requirements.

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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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: 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 3: 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 + Details
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