Investments In Unconsolidated Entities

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investments in unconsolidated entities

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



	December 31,
	2015		2014
Investments in joint ventures with debt non-recourse to PulteGroup	$	23,236	$	26,488
Investments in other active joint ventures	18,031		13,880
Total investments in unconsolidated entities	$	41,267	$	40,368

Total joint venture debt	$	16,369	$	25,849

PulteGroup proportionate share of joint venture debt:
Joint venture debt with limited recourse guaranties	$	226	$	283
Joint venture debt non-recourse to PulteGroup	6,744		11,341
PulteGroup's total proportionate share of joint venture debt	$	6,970	$	11,624

In 2015, 2014, and 2013, we recognized income from unconsolidated joint ventures of $7.4 million, $8.4 million, and $1.1 million, respectively (of which $0.2 million and $0.1 million for 2014 and 2013, respectively, related to Financial Services). We received distributions from our unconsolidated joint ventures of $6.0 million, $13.1 million, and $3.1 million, in 2015, 2014, and 2013, respectively, and made no significant capital contributions during such periods.

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.