Investments In Unconsolidated Entities

12 Months Ended

Dec. 31, 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):

	December 31,
	2014		2013
Investments in joint ventures with debt non-recourse to PulteGroup	$	26,488	$	26,532
Investments in other active joint ventures	13,880		18,791
Total investments in unconsolidated entities	$	40,368	$	45,323
Total joint venture debt	$	25,849	$	12,408
PulteGroup proportionate share of joint venture debt:
Joint venture debt with limited recourse guaranties	$	283	$	750
Joint venture debt non-recourse to PulteGroup	11,341		3,654
PulteGroup's total proportionate share of joint venture debt	$	11,624	$	4,404

In 2014, 2013, and 2012, we recognized income from unconsolidated joint ventures of $8.4 million, $1.1 million, and $4.1 million, respectively. During 2014, 2013, and 2012, we made capital contributions of $0.0 million, $1.7 million, and $16.5 million, respectively, and received distributions of $13.1 million, $3.1 million, and $10.5 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.