Investments In Unconsolidated Entities

9 Months Ended

Sep. 30, 2015

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, 2015		December 31, 2014
Investments in joint ventures with debt non-recourse to PulteGroup	$	24,412	$	26,488
Investments in other active joint ventures	17,097		13,880
Total investments in unconsolidated entities	$	41,509	$	40,368
Total joint venture debt	$	16,387	$	25,849
PulteGroup proportionate share of joint venture debt:
Joint venture debt with limited recourse guaranties	$	215	$	283
Joint venture debt non-recourse to PulteGroup	6,769		11,341
PulteGroup's total proportionate share of joint venture debt	$	6,984	$	11,624

We recognized income from unconsolidated joint ventures of $2.2 million and $0.3 million during the three months endedSeptember 30, 2015 and 2014, respectively, and $4.5 million and $7.5 million during the nine months endedSeptember 30, 2015 and 2014, respectively. During the nine months endedSeptember 30, 2015 and 2014, we received distributions of $3.7 million and $12.4 million, respectively.

The timing of cash flows relating to a joint venture and any related financing agreements varies by agreement. If additional capital contributions are required and approved by the joint venture, 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 our combined investment and limited recourse guaranty totals.