Investment in Unconsolidated Ventures (Tables)

3 Months Ended

Mar. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Combined summarized balance sheet information for our ventures accounted for using the equity method follows:



	March 31, 2018		December 31, 2017
	(In thousands)
Assets:
Cash and cash equivalents	$	6,359	$	13,119
Real estate	88,805		168,914
Other assets	1,353		21,721
Total assets	$	96,517	$	203,754
Liabilities and Equity:
Accounts payable and other liabilities	$	5,208	$	13,101
Debt ^(a)	45,761		85,133
Equity	45,548		105,520
Total liabilities and equity	$	96,517	$	203,754

Forestar's investment in unconsolidated ventures	$	17,284	$	64,579

Combined summarized income statement information for our ventures accounted for using the equity method follows:



	Three Months Ended March 31,
	2018		2017
	(In thousands)
Revenues	$	3,381	$	22,301
Earnings	$	4,280	$	12,221
Forestar's equity in earnings of unconsolidated ventures	$	1,529	$	6,362

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^(a)	As of March 31, 2018 and December 31, 2017, total debt outstanding includes $4,576,000 and $4,584,000 which is recourse to us.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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