Investments In Unconsolidated Entities

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments In unconsolidated entities

Investments in unconsolidated entities

We participate in a number of joint ventures and other investments with independent third parties. These entities generally purchase, develop, and sell land, including selling land to us for use in our homebuilding operations. A summary of our investments in such entities is presented below ($000’s omitted):

 

	December 31,
	2019		2018
Investments in joint ventures with limited recourse debt	$	39,527	$	31,551
Investments in joint ventures with debt non-recourse to PulteGroup	3,655		3,471
Investments in other unconsolidated entities	16,584		19,568
Total investments in unconsolidated entities	$	59,766	$	54,590
Total joint venture debt	$	775	$	42,948
PulteGroup proportionate share of joint venture debt:
Joint venture debt with limited recourse guaranties	$	—	$	21,059
Joint venture debt non-recourse to PulteGroup	205		217
PulteGroup's total proportionate share of joint venture debt	$	205	$	21,276

In 2019, 2018, and 2017, we recognized earnings (losses) from unconsolidated joint ventures of $0.7 million, $2.7 million, and $(2.0) million, respectively. We received distributions from our unconsolidated joint ventures of $5.1 million, $12.1 million, and $9.4 million, in 2019, 2018, and 2017, respectively. We made capital contributions of $9.5 million, $1.0 million and $23.0 million in 2019, 2018, and 2017, respectively.

The timing of cash flows related 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 exposure related to joint ventures is unlikely to exceed the combined investment and limited recourse guaranty totals.