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Debt | 9 Months Ended
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Sep. 30, 2014
Debt Disclosure [Abstract] |
Debt | Debt Our senior notes are summarized as follows ($000’s omitted):
| September 30, 2014 |  | December 31, 2013
5.20% unsecured senior notes due February 2015 (a) | $ | — |  |  | $ | 95,633 |
5.25% unsecured senior notes due June 2015 (a) | 235,610 |  |  | 233,085 |
6.50% unsecured senior notes due May 2016 (a) | 461,402 |  |  | 459,581 |
7.625% unsecured senior notes due October 2017 (b) | 122,730 |  |  | 122,663 |
7.875% unsecured senior notes due June 2032 (a) | 299,228 |  |  | 299,196 |
6.375% unsecured senior notes due May 2033 (a) | 398,622 |  |  | 398,567 |
6.00% unsecured senior notes due February 2035 (a) | 299,462 |  |  | 299,443 |
7.375% unsecured senior notes due June 2046 (a) | — |  |  | 150,000 |
Total senior notes – carrying value (c) | $ | 1,817,054 |  |  | $ | 2,058,168 |
Estimated fair value | $ | 1,900,488 |  |  | $ | 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 nine months ended September 30, 2014, we retired prior to their scheduled maturity dates senior notes totaling $245.7 million and recorded losses related to these transactions totaling $8.6 million. During the three and nine months ended September 30, 2013, we retired prior to their scheduled maturity dates senior notes totaling $27.0 million and $461.4 million, respectively, and recorded losses related to these transactions totaling $3.9 million and $26.9 million, respectively. Losses on debt repurchase 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 a separate cash-collateralized letter of credit agreement with a financial institution. Letters of credit totaling $10.3 million and $58.7 million were outstanding under this agreement (or similar previous agreements with different financial institutions) at September 30, 2014 and December 31, 2013, respectively. Under this agreement, we are required to maintain deposits with the financial institution in amounts approximating the letters of credit outstanding. Such deposits are included in restricted cash. An unsecured letter of credit facility we previously maintained with a bank expired in September 2014. Revolving credit facility On July 23, 2014, we entered into a senior unsecured revolving credit facility (the “Revolving Credit Facility”) that matures on July 21, 2017. The Revolving Credit Facility provides for maximum borrowings of $500 million and contains an uncommitted accordion feature that could increase the size of the Revolving Credit Facility to $1.0 billion, subject to certain conditions and availability of additional bank commitments. The Revolving Credit Facility also provides for the issuance of letters of credit that reduce available borrowing capacity under the Revolving Credit Facility and may total no more than the greater of: (i) 50% of the size of the facility or (ii) $300 million in the aggregate. The interest rate on borrowings under the Revolving Credit Facility may be based on either the London Interbank Offered Rate or Base Rate plus an applicable margin, as defined. Letters of credit totaling $195.5 million were outstanding under this facility at September 30, 2014. The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth, a minimum Interest Coverage Ratio, and a maximum Debt to Capitalization Ratio (as each term is defined in the Revolving Credit Facility). As of September 30, 2014, we were in compliance with all covenants. Outstanding loans under the Revolving Credit Facility are guaranteed by certain of our wholly-owned subsidiaries. Financial Services Pulte Mortgage maintains a master repurchase agreement (the “Repurchase Agreement”) with third party lenders. In September 2014, Pulte Mortgage entered into the Fourth Amendment to the Repurchase Agreement that extended the effective date to September 2015. Effective September 2014, the borrowing capacity under the agreement was set at $150.0 million. The capacity will reduce to $99.8 million in February 2015 and will increase again to $150.0 million in June 2015. The purpose for the change in capacity during the term of the agreement is 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 $71.6 million and $105.7 million outstanding under the Repurchase Agreement at September 30, 2014 and December 31, 2013, respectively, and was in compliance with all of its covenants and requirements as of those dates.

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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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