Investments In Unconsolidated Entities

9 Months Ended

Sep. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

Investments In Unconsolidated Entities

Investments in unconsolidated entities

We participate in a number of joint ventures with independent third parties. Many of these joint ventures purchase, develop, and/or sell land and homes. A summary of our joint ventures is presented below ($000’s omitted):

	September 30, 2014		December 31, 2013
Investments in joint ventures with debt non-recourse to PulteGroup	$	26,491	$	26,532
Investments in other active joint ventures	13,804		18,791
Total investments in unconsolidated entities	$	40,295	$	45,323
Total joint venture debt	$	24,546	$	12,408
PulteGroup proportionate share of joint venture debt:
Joint venture debt with limited recourse guaranties	$	988	$	750
Joint venture debt non-recourse to PulteGroup	9,271		3,654
PulteGroup's total proportionate share of joint venture debt	$	10,259	$	4,404

We recognized (income) expense from unconsolidated joint ventures of $(0.3) million and $(0.8) million during the three months endedSeptember 30, 2014 and 2013, respectively, and $(7.5) million and $(0.3) million during the nine months endedSeptember 30, 2014 and 2013, respectively. During the nine months endedSeptember 30, 2014 and 2013, we made capital contributions of $0.0 million and $1.1 million, respectively, and received distributions of $12.4 million and $1.9 million, respectively.

The timing of cash obligations under a joint venture and any related financing agreements varies by agreement. If additional capital contributions are required and approved, we would need to contribute our pro rata portion of those capital needs in order to not dilute our ownership in the joint ventures. While future capital contributions may be required, we believe the total amount of such contributions will be limited. Our maximum financial loss exposure related to joint ventures is unlikely to exceed the combined investment and limited recourse guaranty totals.