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Investments in Unconsolidated Entities (Tables) | 12 Months Ended
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Dec. 31, 2012
Equity Method Investments and Joint Ventures [Abstract] |
Repayment and completion guarantees | In connection with our land development joint ventures, we may also provide certain types of guarantees to associated lenders. These guarantees can be classified into two categories: (i) Repayment Guarantees and (ii) Completion Guarantees, described in more detail below. Additionally, we have classified a guarantee related to our minority ownership in the South Edge joint venture separately, as there is pending litigation with the venture's lender group regarding that guarantee.
(In thousands) |  | At December 31, 2012 |  | At December 31, 2011
Repayment guarantees |  | $ | 219 |  |  | $ | 346 |
Completion guarantees (1) |  | — |  |  | — |
South Edge guarantee (2) |  | 13,243 |  |  | 13,243 |
Total guarantees |  | $ | 13,462 |  |  | $ | 13,589 |
(1) | As our completion guarantees are typically backed by funding from a third party, we believe these guarantees do not represent a potential cash obligation for us, as they require only non-financial performance.
(2) | As discussed in Note 13, although we have a reserve for the amounts we believe are appropriate, we dispute the enforceability of this guarantee, and ultimate resolution of this matter will be addressed through litigation and/or arbitration.
Financial information related to unconsolidated joint ventures, Balance sheets |
| At December 31, 2012 |  | At December 31, 2011
Assets: |  |  |
Cash | $ | 7,650 |  |  | $ | 4,530 |
Real estate | 36,626 |  |  | 44,764 |
Other assets | 3,478 |  |  | 3,946 |
Total assets | $ | 47,754 |  |  | $ | 53,240 |
Liabilities and equity: |  |  |
Accounts payable and other liabilities | $ | 4,748 |  |  | $ | 4,534 |
Notes and mortgages payable | 14,001 |  |  | 20,923 |
Equity of: |  |  |
Meritage (1) | 9,631 |  |  | 9,351 |
Other | 19,374 |  |  | 18,432 |
Total liabilities and equity | $ | 47,754 |  |  | $ | 53,240 |
Financial information related to unconsolidated joint ventures, operations |
| Years Ended December 31,
| 2012 |  | 2011 |  | 2010
Revenue | $ | 38,230 |  |  | $ | 19,881 |  |  | $ | 24,754 |
Costs and expenses | (21,093 | ) |  | (11,783 | ) |  | (152,873 | )
Net earnings of unconsolidated entities | $ | 17,137 |  |  | $ | 8,098 |  |  | $ | (128,119 | )
Meritage’s share of pre-tax earnings (1)(2)(3) | $ | 10,441 |  |  | $ | 5,849 |  |  | $ | 5,653 |
(1) | Balance represents Meritage's interest, as reflected in the financial records of the respective joint ventures. This balance may differ from the balance reflected in our consolidated balance sheets due to the following reconciling items: (i) timing differences for revenue and distributions recognition, (ii) step-up basis and corresponding amortization, (iii) income deferrals as discussed in Note (3) below and (iv) the cessation of allocation of losses from joint ventures in which we have previously impaired our investment balance to zero and where we have no commitment to fund additional losses.
(2) | The joint venture financial statements above represent the most recent information available to us.
(3) | Our share of pre-tax earnings is recorded in “Earnings from unconsolidated entities, net” on our consolidated statements of operations and excludes joint venture profit related to lots we purchased from the joint ventures. Such profit is deferred until homes are delivered by us and title passes to a homebuyer.

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- Definition Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 45 -Paragraph 13, 16 -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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12069-110248 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 9, 10, 11, 12 -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 460 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12265-110248 + Details
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