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Investments in Unconsolidated Entities | 6 Months Ended
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Jun. 30, 2011
Investments in Unconsolidated Entities |
Investments in Unconsolidated Entities |
6. | Investments in unconsolidated entities
The Company participates in a number of joint ventures with independent third parties. These joint ventures generally purchase, develop, and/or sell land and homes in the United States or Puerto Rico. A summary of the Company's joint ventures is presented below ($000's omitted):
|  | June 30, 2011 |  |  | December 31, 2010 |
Investments in joint ventures with limited recourse guaranties |  | $ | 65 |  |  | $ | 122 |
Investments in joint ventures with debt non-recourse to PulteGroup |  |  | 11,574 |  |  |  | 11,486 |
Investments in other joint ventures |  |  | 29,372 |  |  |  | 34,705 |
Total investments in unconsolidated entities |  | $ | 41,011 |  |  | $ | 46,313 |
Total joint venture debt |  | $ | 11,449 |  |  | $ | 15,467 |
PulteGroup's proportionate share of joint venture debt: |  |  |  |  |  |  |  |
Joint venture debt with limited recourse guaranties |  | $ | 1,174 |  |  | $ | 1,444 |
Joint venture debt non-recourse to PulteGroup |  |  | 2,231 |  |  |  | 3,696 |
PulteGroup's total proportionate share of joint venture debt |  | $ | 3,405 |  |  | $ | 5,140 |
The Company recognized income (expense) from its unconsolidated joint ventures of $1.2 million and $2.3 million during the three and six months ended June 30, 2011, respectively, compared with $5.5 million and $5.4 million during the three and six months ended June 30, 2010, respectively, including impairments of $1.9 million for the six months ended June 30, 2010. During the six months ended June 30, 2011 and 2010, the Company made capital contributions of $3.2 million and $19.6 million, respectively, to its joint ventures and received capital and earnings distributions of $4.3 million and $5.7 million, respectively, from its joint ventures. The timing of cash obligations under the joint venture and related financing agreements varies by agreement and in certain instances is contingent upon the joint venture's sale of its land holdings. If additional capital infusions are required and approved, the Company would need to contribute its pro rata portion of those capital needs in order not to dilute its ownership in the joint ventures. While future capital contributions may be required, the Company believes the total amount of such contributions will be limited. The Company's maximum financial loss exposure related to joint ventures is unlikely to exceed the combined investment and limited recourse guaranty totals. A terminated joint venture financing agreement required the Company and other members of one joint venture to guaranty for the benefit of the lender the completion of the project if the joint venture did not perform the required development and an increment of interest in certain circumstances. This joint venture defaulted under its debt agreement, and the lender foreclosed on the joint venture's property that served as collateral. During 2008, the lender also filed suit against the majority of the members of the joint venture, including the Company, in an effort to enforce the completion guaranty. In March 2011, the parties to this litigation executed a settlement agreement, and the Company paid its proportionate share of such settlement, which did not have a material impact on the Company's financial position, results of operations, or cash flows. The Company has investments in other unconsolidated entities, some of which have debt. These investments include the Company's joint ventures in Puerto Rico, which are in the final stages of liquidation. The Company does not have any significant financing exposures related to these entities.

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- Definition The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32787-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32847-111569 + Details
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