Tri Pointe Homes (TPH) 10-Q 24 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 10, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	1-35796
Entity Registrant Name	TRI Pointe Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1763235
Entity Address, Address Line One	19540 Jamboree Road
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92612
City Area Code	949
Local Phone Number	438-1400
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	TPH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		130,325,865
Entity Central Index Key	0001561680
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal year Focus	2020
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 474,545	$ 329,011
Receivables	87,580	69,276
Real estate inventories	3,012,622	3,065,436
Investments in unconsolidated entities	36,040	11,745
Goodwill and other intangible assets, net	159,626	159,893
Deferred tax assets, net	39,744	49,904
Other assets	167,747	173,425
Total assets	3,977,904	3,858,690
Liabilities
Accounts payable	71,086	66,120
Accrued expenses and other liabilities	314,818	322,043
Loans payable	250,000	250,000
Senior notes, net	1,166,189	1,033,985
Total liabilities	1,802,093	1,672,148
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized;    130,325,865 and 136,149,633 shares issued and outstanding at    June 30, 2020 and December 31, 2019, respectively	1,303	1,361
Additional paid-in capital	482,111	581,195
Retained earnings	1,692,385	1,603,974
Total stockholders’ equity	2,175,799	2,186,530
Noncontrolling interests	12	12
Total equity	2,175,811	2,186,542
Total liabilities and equity	$ 3,977,904	$ 3,858,690

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	500,000,000	500,000,000
Common stock, shares issued (shares)	130,325,865	136,149,633
Common stock, shares outstanding (shares)	130,325,865	136,149,633

Consolidated Statements of Oper

Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other operations revenue	$ 648	$ 637	$ 1,266	$ 1,235
Total revenues	770,106	698,714	1,367,156	1,193,346
Other operations expense	624	627	1,248	1,217
Sales and marketing	45,194	47,065	87,831	86,054
General and administrative	37,554	36,854	77,391	75,451
Restructuring charges	5,549	0	5,549	0
Homebuilding income from operations	77,081	33,166	116,355	26,289
Equity in loss of unconsolidated entities	(25)	(26)	(39)	(51)
Other (expense) income, net	(6,328)	153	(5,955)	6,394
Homebuilding income before income taxes	70,728	33,293	110,361	32,632
Equity in income of unconsolidated entities	2,932	1,972	4,488	2,747
Financial services income before income taxes	3,943	2,101	6,014	2,857
Income before income taxes	74,671	35,394	116,375	35,489
Provision for income taxes	(18,143)	(9,132)	(27,964)	(9,156)
Net income	$ 56,528	$ 26,262	$ 88,411	$ 26,333
Earnings per share
Basic (in dollars per share)	$ 0.43	$ 0.18	$ 0.67	$ 0.19
Diluted (in dollars per share)	$ 0.43	$ 0.18	$ 0.67	$ 0.18
Weighted average shares outstanding
Basic (shares)	130,292,563	142,244,166	132,326,856	142,055,766
Diluted (shares)	130,506,567	142,471,191	132,763,775	142,431,725
Homebuilding
Total revenues	$ 767,810	$ 697,958	$ 1,363,266	$ 1,192,288
Home sales
Home sales and Land and lot sales revenue	766,942	692,138	1,361,780	1,184,841
Cost of sales and expenses	601,434	574,684	1,074,316	996,220
Land and lots
Home sales and Land and lot sales revenue	220	5,183	220	6,212
Cost of sales and expenses	374	5,562	576	7,057
Financial Services
Home sales and Land and lot sales revenue	2,296	756	3,890	1,058
Total revenues	2,296	756	3,890	1,058
Cost of sales and expenses	$ 1,285	$ 627	$ 2,364	$ 948

Consolidated Statements of Equi

Consolidated Statements of Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Total Stockholders’ Equity	Noncontrolling Interests
Beginning Balance at Dec. 31, 2018	$ 2,056,937	$ 1,417	$ 658,720	$ 1,396,787	$ 2,056,924	$ 13
Beginning Balance (shares) at Dec. 31, 2018		141,661,713
Increase (Decrease) in Stockholders' Equity
Net income	26,333			26,333	26,333
Shares issued under share-based awards	199	$ 6	193		199
Shares issued under share-based awards (shares)		596,950
Minimum tax withholding paid on behalf of employees for restricted stock units	(3,612)		(3,612)		(3,612)
Stock-based compensation expense	6,786		6,786		6,786
Ending Balance at Jun. 30, 2019	2,086,643	$ 1,423	662,087	1,423,120	2,086,630	13
Ending Balance (shares) at Jun. 30, 2019		142,258,663
Beginning Balance at Mar. 31, 2019	2,057,036	$ 1,422	658,743	1,396,858	2,057,023	13
Beginning Balance (shares) at Mar. 31, 2019		142,210,147
Increase (Decrease) in Stockholders' Equity
Net income	26,262			26,262	26,262
Shares issued under share-based awards	1	$ 1	0		1
Shares issued under share-based awards (shares)		48,516
Minimum tax withholding paid on behalf of employees for restricted stock units	(7)		(7)		(7)
Stock-based compensation expense	3,351		3,351		3,351
Ending Balance at Jun. 30, 2019	2,086,643	$ 1,423	662,087	1,423,120	2,086,630	13
Ending Balance (shares) at Jun. 30, 2019		142,258,663
Beginning Balance at Dec. 31, 2019	$ 2,186,542	$ 1,361	581,195	1,603,974	2,186,530	12
Beginning Balance (shares) at Dec. 31, 2019	136,149,633	136,149,633
Increase (Decrease) in Stockholders' Equity
Net income	$ 88,411			88,411	88,411
Shares issued under share-based awards	921	$ 8	913		921
Shares issued under share-based awards (shares)		734,555
Minimum tax withholding paid on behalf of employees for restricted stock units	(5,473)		(5,473)		(5,473)
Stock-based compensation expense	7,411		7,411		7,411
Share repurchases	(102,001)	$ (66)	(101,935)		(102,001)
Share repurchases (Shares)		(6,558,323)
Ending Balance at Jun. 30, 2020	$ 2,175,811	$ 1,303	482,111	1,692,385	2,175,799	12
Ending Balance (shares) at Jun. 30, 2020	130,325,865	130,325,865
Beginning Balance at Mar. 31, 2020	$ 2,115,293	$ 1,302	478,122	1,635,857	2,115,281	12
Beginning Balance (shares) at Mar. 31, 2020		130,236,981
Increase (Decrease) in Stockholders' Equity
Net income	56,528			56,528	56,528
Shares issued under share-based awards	231	$ 1	230		231
Shares issued under share-based awards (shares)		88,884
Minimum tax withholding paid on behalf of employees for restricted stock units	(27)		(27)		(27)
Stock-based compensation expense	3,786		3,786		3,786
Share repurchases	0	$ 0	0		0
Share repurchases (Shares)		0
Ending Balance at Jun. 30, 2020	$ 2,175,811	$ 1,303	$ 482,111	$ 1,692,385	$ 2,175,799	$ 12
Ending Balance (shares) at Jun. 30, 2020	130,325,865	130,325,865

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 88,411	$ 26,333
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	12,176	11,561
Equity in income of unconsolidated entities, net	(4,449)	(2,696)
Deferred income taxes, net	10,160	3,097
Amortization of stock-based compensation	7,411	6,786
Charges for impairments and lot option abandonments	1,729	5,490
Changes in assets and liabilities:
Real estate inventories	53,902	(50,700)
Receivables	(18,304)	(6,778)
Other assets	3,677	(1,774)
Accounts payable	4,966	(18,221)
Accrued expenses and other liabilities	(5,784)	(80,964)
Returns on investments in unconsolidated entities, net	5,475	3,927
Loss on extinguishment of debt	6,858	0
Net cash provided by (used in) operating activities	166,228	(103,939)
Cash flows from investing activities:
Purchases of property and equipment	(12,002)	(13,142)
Proceeds from sale of property and equipment	17	46
Investments in unconsolidated entities	(25,715)	(712)
Net cash used in investing activities	(37,700)	(13,808)
Cash flows from financing activities:
Borrowings from debt	850,000	400,000
Repayment of debt	(721,673)	(381,895)
Debt issuance costs	(4,768)	(3,125)
Proceeds from issuance of common stock under share-based awards	921	199
Minimum tax withholding paid on behalf of employees for share-based awards	(5,473)	(3,612)
Share repurchases	(102,001)	0
Net cash provided by financing activities	17,006	11,567
Net increase (decrease) in cash and cash equivalents	145,534	(106,180)
Cash and cash equivalents–beginning of period	329,011	277,696
Cash and cash equivalents–end of period	$ 474,545	$ 171,516

Organization, Basis of Presenta

Organization, Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation and Summary of Significant Accounting Policies	Organization, Basis of Presentation and Summary of Significant Accounting Policies Organization TRI Pointe is engaged in the design, construction and sale of innovative single-family attached and detached homes through its portfolio of six quality brands across ten states, including Maracay in Arizona, Pardee Homes in California and Nevada, Quadrant Homes in Washington, Trendmaker Homes in Texas, TRI Pointe Homes in California, Colorado and the Carolinas and Winchester Homes in Maryland and Virginia. Basis of Presentation The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the full year ending December 31, 2020 due to seasonal variations and other factors, such as the effects of the novel coronavirus (“COVID-19”) and its influence on our future results. The consolidated financial statements include the accounts of TRI Pointe Group and its wholly owned subsidiaries, as well as other entities in which TRI Pointe Group has a controlling interest and variable interest entities (“VIEs”) in which TRI Pointe Group is the primary beneficiary. The noncontrolling interests as of June 30, 2020 and December 31, 2019 represent the outside owners’ interests in the Company’s consolidated entities. All significant intercompany accounts have been eliminated upon consolidation. Use of Estimates Our financial statements have been prepared in accordance with GAAP. The preparation of these financial statements requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from our estimates. Revenue Recognition We recognize revenue in accordance with Accounting Standards Topic 606 (“ASC 606”), Revenue from Contracts with Customers . Under ASC 606, we apply the following steps to determine the timing and amount of revenue to recognize: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. Home sales revenue We generate the majority of our total revenues from home sales, which consists of our core business operation of building and delivering completed homes to homebuyers. Home sales revenue and related profit is generally recognized when title to and possession of the home is transferred to the homebuyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. Included in home sales revenue are forfeited deposits, which occur when homebuyers cancel home purchase contracts that include a nonrefundable deposit. Both revenue from forfeited deposits and deferred revenue resulting from uncompleted performance obligations existing at the time we deliver new homes to our homebuyers are immaterial. Land and lot sales revenue Historically, we have generated land and lot sales revenue from a small number of transactions, although in some years we have realized a significant amount of revenue and gross margin. We do not expect our future land and lot sales revenue to be material, but we still consider these sales to be an ordinary part of our business, thus meeting the definition of contracts with customers. Similar to our home sales, revenue from land and lot sales is typically fully recognized when the land and lot sales transactions are consummated, at which time no further performance obligations are left to be satisfied. Some of our historical land and lot sales have included future profit participation rights. We will recognize future land and lot sales revenue in the periods in which all closing conditions are met, subject to the constraint on variable consideration related to profit participation rights, if such rights exist in the sales contract. Other operations revenue The majority of our homebuilding other operations revenue relates to a ground lease at our Quadrant Homes reporting segment. We are responsible for making lease payments to the landowner, and we collect sublease payments from the buyers of the buildings. This ground lease is accounted for in accordance with ASC Topic 842, Leases . We do not recognize a material profit on this ground lease. Financial services revenues TRI Pointe Solutions is a reportable segment and is comprised of our TRI Pointe Connect mortgage financing operations, TRI Pointe Assurance title and escrow services operations, and TRI Pointe Advantage property and casualty insurance agency operations. Mortgage financing operations TRI Pointe Connect was formed as a joint venture with an established mortgage lender and is accounted for under the equity method of accounting. We record a percentage of income earned by TRI Pointe Connect based on our ownership percentage in this joint venture. TRI Pointe Connect activity appears as equity in income of unconsolidated entities under the Financial Services section of our consolidated statements of operations. Title and escrow services operations TRI Pointe Assurance provides title examinations for our homebuyers in Austin (Texas), Colorado and Maryland and both title examinations and escrow services for our homebuyers in Arizona, Nevada, Texas and Virginia. TRI Pointe Assurance is a wholly owned subsidiary of TRI Pointe and acts as a title agency for First American Title Insurance Company. Revenue from our title and escrow services operations is fully recognized at the time of the consummation of the home sales transaction, at which time no further performance obligations are left to be satisfied. TRI Pointe Assurance revenue is included in the Financial Services section of our consolidated statements of operations. Property and casualty insurance agency operations TRI Pointe Advantage is a wholly owned subsidiary of TRI Pointe and provides property and casualty insurance agency services that help facilitate the closing process in all of the markets in which we operate. The total consideration for these services, including renewal options, is estimated upon the issuance of the initial insurance policy, subject to constraint. TRI Pointe Advantage revenue is included in the Financial Services section of our consolidated statements of operations. Restructuring Charges In May 2020, due to the existing and anticipated future impact of the COVID-19 pandemic on our business, we implemented a workforce reduction plan. As a result of the workforce reduction plan, we incurred $5.5 million of pre-tax restructuring charges consisting of severance and related costs, substantially all of which had been pai d as of June 30, 2020. Recently Issued Accounting Standards Not Yet Adopted In December 2019, the FASB issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for the Company beginning after December 15, 2020. We do not expect the adoption of ASU 2019-12 to have a material impact on our consolidated financial statements. Adoption of New Accounting Standards In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment (“ASU 2017-04”), which removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted, and applied prospectively. We adopted ASU 2017-04 on January 1, 2020 and our adoption did not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses for financial instruments, including receivables from community facilities districts or similar municipalities. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted. We adopted ASU 2016-13 on January 1, 2020 and our adoption did not have a material impact on our consolidated financial statements.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information We operate two principal businesses: homebuilding and financial services. Our homebuilding operations consist of six homebuilding brands that acquire and develop land and construct and sell single-family detached and attached homes. In accordance with ASC Topic 280, Segment Reporting , in determining the most appropriate reportable segments, we considered similar economic and other characteristics, including product types, average selling prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. Based upon these factors, our homebuilding operations are comprised of the following six reportable segments: Maracay, consisting of operations in Arizona; Pardee Homes, consisting of operations in California and Nevada; Quadrant Homes, consisting of operations in Washington; Trendmaker Homes, consisting of operations in Texas; TRI Pointe Homes, consisting of operations in California and Colorado, as well as early stage operations in the Carolinas; and Winchester Homes, consisting of operations in Maryland and Virginia. Our TRI Pointe Solutions financial services operation is a reportable segment and is comprised of our TRI Pointe Connect mortgage financing operations, our TRI Pointe Assurance title and escrow services operations, and our TRI Pointe Advantage property and casualty insurance agency operations. For further details, see Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies. Corporate is a non-operating segment that develops and implements company-wide strategic initiatives and provides support to our homebuilding reporting segments by centralizing certain administrative functions, such as marketing, legal, accounting, treasury, insurance, internal audit and risk management, information technology and human resources, to benefit from economies of scale. Our Corporate non-operating segment also includes general and administrative expenses related to operating our corporate headquarters. A portion of the expenses incurred by Corporate is allocated to the homebuilding reporting segments. The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies . Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented. Total revenues and income before income taxes for each of our reportable segments were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenues Maracay $ 86,674 $ 55,653 $ 158,426 $ 95,214 Pardee Homes 242,282 194,699 420,684 329,562 Quadrant Homes 37,298 71,066 81,372 114,937 Trendmaker Homes 121,257 121,963 217,377 192,784 TRI Pointe Homes 206,474 192,752 365,144 364,543 Winchester Homes 73,825 61,825 120,263 95,248 Total homebuilding revenues 767,810 697,958 1,363,266 1,192,288 Financial services 2,296 756 3,890 1,058 Total $ 770,106 $ 698,714 $ 1,367,156 $ 1,193,346 Income (loss) before income taxes Maracay $ 8,042 $ 2,986 $ 12,604 $ 4,176 Pardee Homes 48,980 14,735 82,459 13,944 Quadrant Homes 2,246 5,193 4,943 2,554 Trendmaker Homes 10,512 6,908 15,309 5,310 TRI Pointe Homes 15,741 12,280 20,101 22,489 Winchester Homes 4,670 2,555 5,716 1,789 Corporate (19,463) (11,364) (30,771) (17,630) Total homebuilding income before income taxes 70,728 33,293 110,361 32,632 Financial services 3,943 2,101 6,014 2,857 Total $ 74,671 $ 35,394 $ 116,375 $ 35,489 Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands): June 30, 2020 December 31, 2019 Real estate inventories Maracay $ 352,316 $ 338,259 Pardee Homes 1,209,444 1,218,384 Quadrant Homes 270,446 264,437 Trendmaker Homes 240,467 268,759 TRI Pointe Homes 699,708 737,662 Winchester Homes 240,241 237,935 Total $ 3,012,622 $ 3,065,436 Total assets Maracay $ 389,587 $ 382,262 Pardee Homes 1,306,846 1,300,047 Quadrant Homes 320,792 331,187 Trendmaker Homes 300,157 353,610 TRI Pointe Homes 893,417 930,348 Winchester Homes 304,466 291,456 Corporate 429,512 241,357 Total homebuilding assets 3,944,777 3,830,267 Financial services 33,127 28,423 Total $ 3,977,904 $ 3,858,690

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the components used in the computation of basic and diluted earnings per share (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net income $ 56,528 $ 26,262 $ 88,411 $ 26,333 Denominator: Basic weighted-average shares outstanding 130,292,563 142,244,166 132,326,856 142,055,766 Effect of dilutive shares: Stock options and unvested restricted stock units 214,004 227,025 436,919 375,959 Diluted weighted-average shares outstanding 130,506,567 142,471,191 132,763,775 142,431,725 Earnings per share Basic $ 0.43 $ 0.18 $ 0.67 $ 0.19 Diluted $ 0.43 $ 0.18 $ 0.67 $ 0.18 Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share 3,090,298 2,920,708 2,992,479 3,144,445

Receivables

Receivables	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Receivables	Receivables Receivables consisted of the following (in thousands): June 30, 2020 December 31, 2019 Escrow proceeds and other accounts receivable, net $ 47,836 $ 29,282 Warranty insurance receivable (Note 13) 39,744 39,994 Total receivables $ 87,580 $ 69,276 R eceivables are evaluated for collectability and allowances for potential losses are established or maintained on applicable receivables when collection becomes doubtful. Receivables were net of allowances for doubtful accounts of $419,000 and $426,000 as of

Real Estate Inventories

Real Estate Inventories	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Real Estate Inventories	Real Estate Inventories Real estate inventories consisted of the following (in thousands): June 30, 2020 December 31, 2019 Real estate inventories owned: Homes completed or under construction $ 1,039,681 $ 951,974 Land under development 1,452,440 1,641,354 Land held for future development 152,032 122,847 Model homes 286,760 275,204 Total real estate inventories owned 2,930,913 2,991,379 Real estate inventories not owned: Land purchase and land option deposits 81,709 74,057 Total real estate inventories not owned 81,709 74,057 Total real estate inventories $ 3,012,622 $ 3,065,436 Homes completed or under construction is comprised of costs associated with homes in various stages of construction and includes direct construction and related land acquisition and land development costs. Land under development primarily consists of land acquisition and land development costs, which include capitalized interest and real estate taxes, associated with land undergoing im provement activity. Land held for future development principally reflects land acquisition and land development costs related to land where development activity has not yet begun or has been suspended, but is expected to occur in the future. The increase in land held for future development is attributable to two projects located in the Inland Empire in California at our Pardee Homes reporting segment that were transferred from land under development. Real estate inventories not owned represents deposits related to land purchase and land and lot option agreements, as well as consolidated inventory held by variable interest entities. For further details, see Note 7, Variable Interest Entities . Interest incurred, capitalized and expensed were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest incurred $ 21,828 $ 21,962 $ 42,607 $ 45,335 Interest capitalized (21,828) (21,962) (42,607) (45,335) Interest expensed $ — $ — $ — $ — Capitalized interest in beginning inventory $ 196,313 $ 193,440 $ 192,356 $ 184,400 Interest capitalized as a cost of inventory 21,828 21,962 42,607 45,335 Interest previously capitalized as a cost of inventory, included in cost of sales (21,806) (18,107) (38,628) (32,440) Capitalized interest in ending inventory $ 196,335 $ 197,295 $ 196,335 $ 197,295 Interest is capitalized to real estate inventory during development and other qualifying activities. During all periods presented, we capitalized all interest incurred to real estate inventory in accordance with ASC Topic 835, Interest, as our qualified assets exceeded our debt. Interest that is capitalized to real estate inventory is included in cost of home sales or cost of land and lot sales as related units or lots are delivered. Interest that is expensed as incurred is included in other (expense) income, net. Real Estate Inventory Impairments and Land Option Abandonments Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Real estate inventory impairments $ — $ — $ — $ — Land and lot option abandonments and pre-acquisition charges 1,380 288 1,729 5,490 Total $ 1,380 $ 288 $ 1,729 $ 5,490 Impairments of real estate inventory relate primarily to projects or communities that include homes completed or under construction. Within a project or community, there may be individual homes or parcels of land that are currently held for sale. Impairment charges recognized as a result of adjusting individual held-for-sale assets within a community to estimated fair value less cost to sell are also included in the total impairment charges. No real estate inventory impairments were recorded for the three or six-month periods ended June 30, 2020 or 2019. In addition to owning land and residential lots, we also have option agreements to purchase land and lots at a future date. We have option deposits and capitalized pre-acquisition costs associated with the optioned land and lots. When the economics of a project no longer support acquisition of the land or lots under option, we may elect not to move forward with the acquisition. Option deposits and capitalized pre-acquisition costs associated with the assets under option may be forfeited at that time. Real estate inventory impairments and land option abandonments are recorded in cost of home sales and cost of land and lot sales on the consolidated statements of operations.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities As of June 30, 2020, we held equity investme nts in six active homebuilding partnerships or limited liability companies and one financial services limited liability company. Our participation in these enti ties may be as a developer, a builder, or an investment partner. Our ownership percentage varies from 7% to 65%, depending on the investment, with no controlling interest held in any of these investments. Unconsolidated Financial Information Aggregated assets, liabilities and operating results of the entities we account for as equity-method investments are provided below. Because our ownership interest in these entities varies, a direct relationship does not exist between the information presented below and the amounts that are reflected on our consolidated balance sheets as our investments in unconsolidated entities or on our consolidated statements of operations as equity in income of unconsolidated entities. Assets and liabilities of unconsolidated entities (in thousands): June 30, 2020 December 31, 2019 Assets Cash $ 12,005 $ 8,537 Receivables 2,498 7,393 Real estate inventories 198,789 116,760 Other assets 604 703 Total assets $ 213,896 $ 133,393 Liabilities and equity Accounts payable and other liabilities $ 42,248 $ 11,009 Company’s equity 36,040 11,745 Outside interests’ equity 135,608 110,639 Total liabilities and equity $ 213,896 $ 133,393 Results of operations from unconsolidated entities (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net sales $ 8,726 $ 6,353 $ 14,696 $ 10,464 Other operating expense (4,400) (3,528) (8,156) (6,280) Other income, net (1) (7) (4) 1 Net income $ 4,325 $ 2,818 $ 6,536 $ 4,185 Company’s equity in income of unconsolidated entities $ 2,907 $ 1,946 $ 4,449 $ 2,696

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities In the ordinary course of business, we enter into land and lot option agreements in order to procure land and residential lots for future development and the construction of homes. The use of such land and lot option agreements generally allows us to reduce the risks associated with direct land ownership and development, and reduces our capital and financial commitments. Pursuant to these land and lot option agreements, we generally provide a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. These deposits are recorded as land purchase and land option deposits under real estate inventories not owned on the accompanying consolidated balance sheets. We analyze each of our land and lot option agreements and other similar contracts under the provisions of ASC 810, Consolidation to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, if we are determined to be the primary beneficiary of the VIE, we will consolidate the VIE in our financial statements and reflect its assets as real estate inventory not owned included in our real estate inventories, its liabilities as debt (nonrecourse) held by VIEs in accrued expenses and other liabilities and the net equity of the VIE owners as noncontrolling interests on our consolidated balance sheets. In determining whether we are the primary beneficiary, we consider, among other things, whether we have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Such activities would include, among other things, determining or limiting the scope or purpose of the VIE, selling or transferring property owned or controlled by the VIE, or arranging financing for the VIE. Creditors of the entities with which we have land and lot option agreements have no recourse against us. The maximum exposure to loss under our land and lot option agreements is generally limited to non-refundable option deposits and any capitalized pre-acquisition costs. In some cases, we have also contracted to complete development work at a fixed cost on behalf of the landowner and budget shortfalls and savings will be borne by us. Additionally, we have entered into land banking arrangements which require us to complete development work even if we terminate the option to procure land or lots. The following provides a summary of our interests in land and lot option agreements (in thousands): June 30, 2020 December 31, 2019 Deposits Remaining Consolidated Deposits Remaining Consolidated Consolidated VIEs $ — $ — $ — $ — $ — $ — Unconsolidated VIEs 39,070 441,528 N/A 42,896 440,974 N/A Other land option agreements 42,639 374,674 N/A 31,161 358,345 N/A Total $ 81,709 $ 816,202 $ — $ 74,057 $ 799,319 $ — Unconsolidated VIEs represent land option agreements that were not consolidated because we were not the primary beneficiary. Other land option agreements were not considered VIEs. In addition to the deposits presented in the table above, our exposure to loss related to our land and lot option contracts consisted of capitalized pre-acquisition cost s of $7.9 million an

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets As of June 30, 2020 and December 31, 2019, $139.3 million of goodwill is included in goodwill and other intangible assets, net on each of the consolidated balance sheets. The Company’s goodwill balance is included in the TRI Pointe Homes reporting segment in Note 2, Segment Information . We have two intangible assets as of June 30, 2020, comprised of an existing trade name from the acquisition of Maracay in 2006, which has a 20 year useful life, and a TRI Pointe Homes trade name resulting from the acquisition of Weyerhaeuser Real Estate Company in 2014, which has an indefinite useful life. Goodwill and other intangible assets consisted of the following (in thousands): June 30, 2020 December 31, 2019 Gross Accumulated Net Gross Accumulated Net Goodwill $ 139,304 $ — $ 139,304 $ 139,304 $ — $ 139,304 Trade names 27,979 (7,657) 20,322 27,979 (7,390) 20,589 Total $ 167,283 $ (7,657) $ 159,626 $ 167,283 $ (7,390) $ 159,893 The remaining useful life of our amortizing intangible asset related to the Maracay trade name was 5.7 and 6.2 years as of June 30, 2020 and December 31, 2019, respectively. The net carrying amount related to this intangible asset was $3.0 million and $3.3 million as of June 30, 2020 and December 31, 2019, respectively. Amortization expense related to this intangible asset was $134,000 for each of the three-month periods ended June 30, 2020 and 2019, respectively, and $267,000 for each of the six-month periods ended June 30, 2020 and December 31, 2019, respectively. Amortization of this intangible was charged to sales and marketing expense. Our $17.3 million indefinite life intangible asset related to the TRI Pointe Homes trade name is not amortizing. All trade names and goodwill are evaluated for impairment on an annual basis or more frequently if indicators of impairment exist. Expected amortization of our intangible asset related to Maracay for the remainder of 2020, the next four years and thereafter is (in thousands): Remainder of 2020 $ 267 2021 534 2022 534 2023 534 2024 534 Thereafter 619 Total $ 3,022

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consisted of the following (in thousands): June 30, 2020 December 31, 2019 Prepaid expenses $ 21,273 $ 24,070 Refundable fees and other deposits 29,785 30,242 Development rights, held for future use or sale 2,063 2,213 Deferred loan costs—loans payable 3,709 4,345 Operating properties and equipment, net 58,155 57,803 Lease right-of-use assets 49,506 50,947 Other 3,256 3,805 Total $ 167,747 $ 173,425

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): June 30, 2020 December 31, 2019 Accrued payroll and related costs $ 25,015 $ 42,798 Warranty reserves (Note 13) 79,190 76,607 Estimated cost for completion of real estate inventories 78,601 90,899 Customer deposits 29,925 20,390 Income tax liability to Weyerhaeuser 346 346 Accrued income taxes payable 18,605 1,530 Liability for uncertain tax positions (Note 15) 486 486 Accrued interest 6,886 11,952 Other tax liability 7,665 8,448 Lease liabilities 54,395 56,125 Other 13,704 12,462 Total $ 314,818 $ 322,043

Senior Notes and Loans Payable

Senior Notes and Loans Payable	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Senior Notes and Loans Payable	Senior Notes and Loans Payable Senior Notes The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands): June 30, 2020 December 31, 2019 4.875% Senior Notes due July 1, 2021 $ 83,734 $ 300,000 5.875% Senior Notes due June 15, 2024 450,000 450,000 5.250% Senior Notes due June 1, 2027 300,000 300,000 5.700% Senior Notes due June 15, 2028 350,000 — Discount and deferred loan costs (17,545) (16,015) Total $ 1,166,189 $ 1,033,985 In June 2020, TRI Pointe Group issued $350 million aggregate principal amount of 5.700% Senior Notes due 2028 (the “2028 Notes”) a t 100.00% of their aggregate principal amount. Net proceeds of this issuance were $345.2 million, after debt issuance costs and discounts. The 2028 Notes mature on June 15, 2028 and interest is paid semiannually in arrears on June 15 and December 15. In June 2017, TRI Pointe Group issued $300 million aggregate principal amount of 5.250% Senior Notes due 2027 (the “2027 Notes”) at 100.00% of their aggregate principal amount. Net proceeds of this issuance were $296.3 million, after debt issuance costs and discounts. The 2027 Notes mature on June 1, 2027 and interest is paid semiannually in arrears on June 1 and December 1. In May 2016, TRI Pointe Group issued $300 million aggregate principal amount of 4.875% Senior Notes due 2021 (the “2021 Notes”) at 99.44% of their aggregate principal amount. Net proceeds of this issuance were $293.9 million, after debt issuance costs and discounts. The 2021 Notes mature on July 1, 2021 and interest is paid semiannually in arrears on January 1 and July 1. On June 3, 2020, the Company commenced a cash tender offer for any and all of the outstanding 2021 Notes at a price of $1,025 per $1,000 principal amount of 2021 Notes tendered before the expiration of the tender offer. The principal amount of 2021 Notes tendered was $216.3 million, or 72% of the outstanding principal amount, after which $83.7 million principal amount of 2021 Notes remained outstanding as of June 30, 2020. The remaining outstanding principal amount of $83.7 million was fully paid in July 2020 in connection with the redemption of the remaining 2021 Notes. TRI Pointe Group and its wholly owned subsidiary TRI Pointe Homes, Inc. (“TRI Pointe Homes”) are co-issuers of the $450 million aggregate principal amount 5.875% Senior Notes due 2024 (the “2024 Notes”). The 2024 Notes were issued at 98.15% of their aggregate principal amount. The net proceeds from the offering of the 2024 Notes was $429.0 million, after debt issuance costs and discounts. The 2024 Notes mature on June 15, 2024, with interest payable semiannually in arrears on June 15 and December 15. As of June 30, 2020, there were $13.6 million of capitalized debt financing costs, included in senior notes, net on our consolidated balance sheet, related to the Senior Notes that will amortize over the lives of the Senior Notes. Accrued interest related to the Senior Notes was $5.6 million and $9.8 million as of June 30, 2020 and December 31, 2019, respectively. Loans Payable The Company’s outstanding loans payable consisted of the following (in thousands): June 30, 2020 December 31, 2019 Term loan facility $ 250,000 $ 250,000 Total $ 250,000 $ 250,000 On March 29, 2019, the Company entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”), which amended and restated the Company’s Amended and Restated Credit Agreement, dated as of July 7, 2015. The Credit Facility (as defined below), which matures on March 29, 2023, consists of a $600 million revolving credit facility (the “Revolving Facility”) and a $250 million term loan facility (the “Term Facility” and together with the Revolving Facility, the “Credit Facility”). The Term Facility includes a 90-day delayed draw provision that allowed the Company to draw the full $250 million from the Term Facility in June 2019 in connection with the maturity of the 4.375% Senior Notes that matured on June 15, 2019. The Company may increase the Credit Facility to not more than $1 billion in the aggregate, at its request, upon satisfaction of specified conditions. The Revolving Facility contains a sublimit of $75 million for letters of credit. The Company may borrow under the Revolving Facility in the ordinary course of business to repay senior notes and fund its operations, including its land acquisition, land development and homebuilding activities. Borrowings under the Revolving Facility will be governed by, among other things, a borrowing base. Interest rates on borrowings under the Revolving Facility will be based on either a daily Eurocurrency base rate or a Eurocurrency rate, in either case, plus a spread ranging from 1.25% to 2.00%, depending on the Company’s leverage ratio. Interest rates on borrowings under the Term Facility will be based on either a daily Eurocurrency base rate or a Eurocurrency rate, in either case, plus a spread ranging from 1.10% to 1.85%, depending on the Company’s leverage ratio. As of June 30, 2020, we had no outstanding debt under the Revolving Facility and there w as $559.4 million of availability after considering the borrowing base provisions and outstanding letters of credit. As of June 30, 2020, we had $250 million outstanding debt under the Term Facility with an interest rate of 1.52%. As of June 30, 2020, there were $3.7 million of capitalized debt financing costs, included in other assets on our consolidated balance sheet, related to the Credit Facility tha t will amortize over the remaining term of the Credit Facility. Accrued interest, including loan commitment fees, related to the Credit Facility was $488,000 and $1.2 million as of June 30, 2020 and December 31, 2019, respectively. At June 30, 2020 and December 31, 2019, we had outstanding letters o f credit of $40.6 million and $32.6 million, respectively. These letters of credit were issued to secure various financial obligations. We believe it is not probable that any outstanding letters of credit will be drawn upon. Interest Incurred During the three months ended June 30, 2020 and 2019, the Company incurred interest of $21.8 million and $22.0 million, respectively, related to all debt during the period. Included in int erest incurred are amortization of deferred financing and Senior Note discount costs of $1.2 million and $1.9 million for the three months ended June 30, 2020 and 2019, respectively. During the six months ended June 30, 2020 and 2019, the Company incurred interest of $42.6 million and $45.3 million, respectively, related to all debt during the period. Included in interest incurred was amortization of deferred fin ancing and Senior Note discount costs of $2.4 million and $3.8 million for the six months ended June 30, 2020 and 2019, respectively. Accrued interest related to all outstanding debt at June 30, 2020 and December 31, 2019 was $6.9 million and $12.0 million, respectively. Covenant Requirements The Senior Notes contain covenants that restrict our ability to, among other things, create liens or other encumbrances, enter into sale and leaseback transactions, or merge or sell all or substantially all of our assets. These limitations are subject to a number of qualifications and exceptions. Under the Credit Facility, the Company is required to comply with certain financial covenants, including those relating to consolidated tangible net worth, leverage, liquidity or interest coverage, and a spec unit inventory test. The Credit Facility also requires that at least 97.0% of consolidated tangible net worth must be attributable to the Company and its guarantor subsidiaries, subject to certain grace periods. The Company was in compliance with all applicable financial covenants as of June 30, 2020 and December 31, 2019.

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures Fair Value Measurements ASC Topic 820, Fair Value Measurements and Disclosures , defines “fair value” as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories: • Level 1—Quoted prices for identical instruments in active markets • Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date • Level 3—Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date Fair Value of Financial Instruments A summary of assets and liabilities at June 30, 2020 and December 31, 2019, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (in thousands): June 30, 2020 December 31, 2019 Hierarchy Book Value Fair Value Book Value Fair Value Senior Notes (1) Level 2 $ 1,179,783 $ 1,195,826 $ 1,045,072 $ 1,104,750 Term loan facility (2) Level 2 $ 250,000 $ 250,000 $ 250,000 $ 250,000 __________ (1) The book value of the Senior Notes is net of discounts, excluding deferred loan costs of $13.6 million and $11.1 million as of June 30, 2020 and December 31, 2019, respectively. The estimated fair value of the Senior Notes at June 30, 2020 and December 31, 2019 is based on quoted market prices. (2) The estimated fair value of the Term Loan Facility as of June 30, 2020 approximated book value due to the variable interest rate terms of this loan. At June 30, 2020 and December 31, 2019, the carrying value of cash and cash equivalents and receivables approximated fair value due to their short-term nature and variable interest rate terms. Fair Value of Nonfinancial Assets

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters Lawsuits, claims and proceedings have been and may be instituted or asserted against us in the normal course of business, including actions brought on behalf of various classes of claimants. We are also subject to local, state and federal laws and regulations related to land development activities, house construction standards, sales practices, employment practices, environmental protection and financial services. As a result, we are subject to periodic examinations or inquiry by agencies administering these laws and regulations. We record a reserve for potential legal claims and regulatory matters when they are probable of occurring and a potential loss is reasonably estimable. We accrue for these matters based on facts and circumstances specific to each matter and revise th ese estimates when necessary. In view of the inherent difficulty of predicting outcomes of legal claims and related contingencies, we generally cannot predict their ultimate resolution, related timing or eventual loss. Accordingly, it is possible that the ultimate outcome of any matter, if in excess of a related accrual or if no accrual was made, could be material to our financial statements. For matters as to which the Company believes a loss is probable and reasonably estimable, we had $319,000 and $419,000 of le gal reserves as of June 30, 2020 and December 31, 2019, respectively. Warranty Warranty reserves are accrued as home deliveries occur. Our warranty reserves on homes delivered will vary based on product type and geographic area and also depending on state and local laws. The warranty reserve is included in accrued expenses and other liabilities on our consolidated balance sheets and represents expected future costs based on our historical experience over previous years. Estimated warranty costs are charged to cost of home sales in the period in which the related home sales revenue is recognized. We maintain general liability insurance designed to protect us against a portion of our risk of loss from warranty and construction defect-related claims. We also generally require our subcontractors and design professionals to indemnify us for liabilities arising from their work, subject to various limitations. However, such indemnity is significantly limited with respect to certain subcontractors that are added to our general liability insurance policy. Our warranty reserve and related estimated insurance recoveries are based on actuarial analysis that uses our historical claim and expense data, as well as industry data to estimate these overall costs and related recoveries. Key assumptions used in developing these estimates include claim frequencies, severities and resolution patterns, which can occur over an extended period of time. These estimates are subject to variability due to the length of time between the delivery of a home to a homebuyer and when a warranty or construction defect claim is made, and the ultimate resolution of such claim; uncertainties regarding such claims relative to our markets and the types of product we build; and legal or regulatory actions and/or interpretations, among other factors. Due to the degree of judgment involved and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated. There can be no assurance that the terms and limitations of the limited warranty will be effective against claims made by homebuyers, that we will be able to renew our insurance coverage or renew it at reasonable rates, that we will not be liable for damages, cost of repairs, and/or the expense of litigation surrounding possible construction defects, soil subsidence or building related claims or that claims will not arise out of uninsurable events or circumstances not covered by insurance and not subject to effective indemnification agreements with certain subcontractors. We also record expected recoveries from insurance carriers based on actual insurance claims made and actuarially determined amounts that depend on various factors, including the above-described reserve estimates, our insurance policy coverage limits for the applicable policy years and historical recovery rates. Because of the inherent uncertainty and variability in these assumptions, our actual insurance recoveries could differ significantly from amounts currently estimated. Outstanding warranty insurance receivables were $39.7 million and $40.0 million as of June 30, 2020 and December 31, 2019, respectively. Warranty insurance receivables are recorded in receivables on the accompanying consolidated balance sheets. Warranty reserve activity consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Warranty reserves, beginning of period $ 76,487 $ 70,947 $ 76,607 $ 71,836 Warranty reserves accrued 6,988 6,385 12,144 10,655 Warranty expenditures (4,285) (5,861) (9,561) (11,020) Warranty reserves, end of period $ 79,190 $ 71,471 $ 79,190 $ 71,471 Performance Bonds We obtain surety bonds in the normal course of business to ensure completion of certain infrastructure improvements of our projects. The beneficiaries of the bond s are various municipalities. As of June 30, 2020 and December 31, 2019, the Company had outstanding surety bonds totaling $614.2 million and $611.6 million, respectively. As of June 30, 2020 and December 31, 2019, our estimated cost to complete obligations related to these surety bonds was $390.8 million and $382.3 million, respectively. Lease Obligations Under ASC 842 we recognize a right-of-use lease asset and a lease liability for contracts deemed to contain a lease at the inception of the contract. Our lease population is fully comprised of operating leases, which are now recorded at the net present value of future lease obligations existing at each balance sheet date. At the inception of a lease, or if a lease is subsequently modified, we determine whether the lease is an operating or financing lease. Key estimates involved with ASC 842 include the discount rate used to measure our future lease obligations and the lease term, where considerations include renewal options and intent to renew. Lease right-of-use assets are included in other assets and lease liabilities are included in accrued expenses and other liabilities on our consolidated balance sheet. Operating Leases We lease certain property and equipment under non-cancelable operating leases. Office leases are for terms of up to ten years and generally provide renewal options. In most cases, we expect that, in the normal course of business, leases that expire will be renewed or replaced by other leases. Equipment leases are typically for terms of three Ground Leases In 1987, we obtained two 55-year ground leases of commercial property that provided for three renewal options of ten years each and one 45-year renewal option. We exercised the three ten the lease through 2071. The commercial buildings on these properties have been sold and the ground leases have been sublet to the buyers. For one of these leases, we are responsible for making lease payments to the landowner, and we collect sublease payments from the buyers of the buildings. This ground lease has been subleased through 2041 to the buyers of the commercial buildings. For the second lease, the buyers of the buildings are responsible for making lease payments directly to the landowner, however, we have guaranteed the performance of the buyers/lessees. See below for additional information on leases (dollars in thousands): Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Lease Cost Operating lease cost (included in SG&A expense) $ 2,456 $ 2,166 $ 4,794 $ 4,210 Ground lease cost (included in other operations expense) 624 627 1,248 1,217 Sublease income, operating leases — — — — Sublease income, ground leases (included in other operations revenue) (648) (637) (1,266) (1,235) Net lease cost $ 2,432 $ 2,156 $ 4,776 $ 4,192 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating lease cash flows (included in operating cash flows) $ 2,220 $ 1,641 $ 4,234 $ 3,250 Ground lease cash flows (included in operating cash flows) $ 624 $ 609 $ 1,248 $ 1,217 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,135 $ 346 $ 1,155 $ 2,053 June 30, 2020 December 31, 2019 Weighted-average discount rate: Operating leases 5.9 % 5.9 % Ground leases 10.2 % 10.2 % Weighted-average remaining lease term (in years): Operating leases 5.8 6.1 Ground leases 47.5 48.1 The future minimum lease payments under our operating leases are as follows (in thousands): Property, Equipment and Other Leases Ground Leases (1) Remaining in 2020 $ 4,460 $ 1,535 2021 7,855 3,070 2022 5,610 3,070 2023 4,503 3,070 2024 2,779 3,070 Thereafter 6,410 83,515 Total lease payments $ 31,617 $ 97,330 Less: Interest 4,762 69,790 Present value of operating lease liabilities $ 26,855 $ 27,540 __________ (1) Ground leases are fully subleased through 20 41, representing $65.5 million of the $97.3 million future ground lease obligations.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation 2013 Long-Term Incentive Plan The Company’s stock compensation plan, the 2013 Long-Term Incentive Plan (the “2013 Incentive Plan”), was adopted by TRI Pointe in January 2013 and amended, with the approval of our stockholders, in 2014 and 2015. In addition, our board of directors amended the 2013 Incentive Plan in 2014 to prohibit repricing (other than in connection with any equity restructuring or any change in capitalization) of outstanding options or stock appreciation rights without stockholder approval. The 2013 Incentive Plan provides for the grant of equity-based awards, including options to purchase shares of common stock, stock appreciation rights, bonus stock, restricted stock, restricted stock units (“RSUs”) and performance awards. The 2013 Incentive Plan will automatically expire on the tenth anniversary of its effective date. Our board of directors may terminate or amend the 2013 Incentive Plan at any time, subject to any requirement of stockholder approval required by applicable law, rule or regulation. As amended, the number of shares of our common stock that may be issued under the 2013 Incentive Plan is 11,727,833 shares. To the extent that shares of our common stock subject to an outstanding option, stock appreciation right, stock award or performance award granted under the 2013 Incentive Plan are not issued or delivered by reason of the expiration, termination, cancellation or forfeiture of such award or the settlement of such award in cash, then such shares of our common stock generally shall again be available under the 2013 Incentive Plan. As of June 30, 2020, there were 5,468,092 shares available for future grant under the 2013 Incentive Plan. The following table presents compensation expense recognized related to all stock-based awards (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Total stock-based compensation $ 3,786 $ 3,351 $ 7,411 $ 6,786 Stock-based compensation is charged to general and administrative expense on the accompanying consolidated statements of operations. As of June 30, 2020, total unrecognized stock-based compensation related to all stock-based awards was $24.7 million and the weighted average term over which the expense was expected to be recognized was 2.1 years. Summary of Stock Option Activity The following table presents a summary of stock option awards for the six months ended June 30, 2020: Options Weighted Weighted Aggregate Options outstanding at December 31, 2019 891,343 $ 15.03 3.4 $ 994 Granted — — — — Exercised (78,506) $ 11.94 — — Forfeited (8,257) $ 14.37 — — Options outstanding at June 30, 2020 804,580 $ 15.34 3 $ 247 Options exercisable at June 30, 2020 804,580 $ 15.34 3 $ 247 The intrinsic value of each stock option award outstanding or exercisable is the difference between the fair market value of the Company’s common stock at the end of the period and the exercise price of each stock option award to the extent it is considered “in-the-money”. A stock option award is considered to be “in-the-money” if the fair market value of the Company’s stock is greater than the exercise price of the stock option award. The aggregate intrinsic value of options outstanding and options exercisable represents the value that would have been received by the holders of stock option awards had they exercised their stock option award on the last trading day of the period and sold the underlying shares at the closing price on that day. Summary of Restricted Stock Unit Activity The following table presents a summary of RSUs for the six months ended June 30, 2020: Restricted Weighted Aggregate Nonvested RSUs at December 31, 2019 3,384,351 $ 12.39 $ 52,694 Granted 1,458,633 $ 18.45 — Vested (990,929) $ 13.36 — Forfeited (744,904) $ 10.81 — Nonvested RSUs at June 30, 2020 3,107,151 $ 15.30 $ 43,997 RSUs that vested, as reflected in the table above, during the six months ended June 30, 2020 include previously granted time-based RSUs. RSUs that were forfeited, as reflected in the table above, during the six months ended June 30, 2020 include performance-based RSUs and time-based RSUs that were forfeited for no consideration. On April 27, 2020, the Company granted an aggregate of 47,080 time-based RSUs to the non-employee members of its board of directors. The RSUs granted to non-employee directors vest in their entirety on the day immediately prior to the Company’s 2021 annual meeting of stockholders. The fair value of each RSU granted on April 27, 2020 was measured using a price of $10.62 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period. On March 9, 2020 and February 20, 2020, the Company granted an aggregate of 17,692 and 639,395, respectively, time-based RSUs to certain employees and officers. The RSUs granted vest in equal installment annually on the anniversary of the grant date over a three-year period. The fair value of each RSU granted on March 9, 2020 and February 20, 2020 was measured using a price of $14.13 and $18.39 per share, respectively, which were the closing stock prices on the dates of grant. Each award will be expensed on a straight-line basis over the vesting period. On February 20, 2020, the Company granted an aggregate of 547,166 performance-based RSUs to the Company’s Chief Executive Officer, Chief Operating Officer and President, Chief Financial Officer, General Counsel, Chief Marketing Officer and Chief Human Resources Officer. These performance-based RSUs are allocated to two separate performance metrics, as follows: (i) 50% to homebuilding revenue, and (ii) 50% to pre-tax earnings. The vesting, if at all, of these performance-based RSUs may range from 0% to 100% and will be based on the Company’s percentage attainment of specified threshold, target and maximum performance goals. Any award earned based on performance achieved may be increased or decreased by 25% based on the Company’s total stockholder return (“TSR'”) relative to its peer-group homebuilders. The performance period for these performance-based RSUs is January 1, 2020 to December 31, 2022. The fair value of these performance-based RSUs was determined to be $19.36 per share based on a Monte Carlo simulation. Each award will be expensed over the requisite service period. On February 20, 2020, the Company granted an aggregate of 207,300 performance-based RSUs to the Company’s division presidents. These performance-based RSUs are allocated to two separate performance metrics, as follows: (i) 50% to homebuilding revenue of the applicable Company division, and (ii) 50% to pre-tax earnings of the applicable Company division. The vesting, if at all, of these performance-based RSUs may range from 0% to 100% and will be based on the applicable Company division’s percentage attainment of specified threshold, target and maximum performance goals. The performance period for these performance-based RSUs is January 1, 2020 to December 31, 2022. The fair value of these performance-based RSUs was measured using a price of $18.39, which was the closing stock price on the date of grant. Each award will be expensed over the requisite service period. On May 6, 2019, the Company granted an aggregate of 61,488 time-based RSUs to the non-employee members of its board of directors and 1,098 time-based RSUs to certain employees. The RSUs granted to non-employee directors vest in their entirety on the day immediately prior to the Company’s 2020 annual meeting of stockholders and the RSUs granted to employees vest in equal installments annually on the anniversary of the grant date over a three On March 11, 2019 and February 28, 2019, the Company granted an aggregate of 3,025 and 990,723, respectively, of time-based RSUs to certain employees and officers. The RSUs granted vest in equal installments annually on the anniversary of the grant date over a three On February 28, 2019, the Company granted 247,619, 238,095 and 114,285 performance-based RSUs to the Company’s Chief Executive Officer, President, and Chief Financial Officer, respectively. These performance-based RSUs are allocated to two separate performance metrics, as follows: (i) 30% to TSR, with vesting based on the Company’s TSR relative to its peer-group homebuilders; and (ii) 70% to earnings per share. The vesting, if at all, of these performance-based RSUs may range from 0% to 100% and will be based on the Company’s percentage attainment of specified threshold, target and maximum performance goals. The performance period for these performance-based RSUs is January 1, 2019 to December 31, 2021. The fair value of the performance-based RSUs related to the TSR metric was determined to be $8.16 per share based on a Monte Carlo simulation. The fair value of the performance-based RSUs related to the earnings per share goal was measured using a price of $12.60 per share, which was the closing stock price on the date of grant. Each award will be expensed over the requisite service period. As RSUs vest for employees, a portion of the shares awarded is generally withheld to cover employee tax withholdings. As a result, the number of RSUs vested and the number of shares of TRI Pointe common stock issued will differ.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”), which requires an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statements and tax bases of assets and liabilities using enacted tax rates for the years in which taxes are expected to be paid or recovered. Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable under ASC 740. We are required to establish a valuation allowance for any portion of the asset we conclude is more likely than not to be unrealizable. Our assessment considers, among other things, the nature, frequency and severity of our current and cumulative losses, forecasts of our future taxable income, the duration of statutory carryforward periods and tax planning alternatives. We had net deferred tax assets of $39.7 million and $49.9 million as of June 30, 2020 and December 31, 2019. We had a valuation allowance related to those net deferred tax assets of $3.5 million as of June 30, 2020 and December 31, 2019. The Company will continue to evaluate both positive and negative evidence in determining the need for a valuation allowance against its deferred tax assets. Changes in positive and negative evidence, including differences between the Company’s future operating results and the estimates utilized in the determination of the valuation allowance, could result in changes in the Company’s estimate of the valuation allowance against its deferred tax assets. The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company’s consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation allowance against the Company’s deferred tax assets. TRI Pointe has certain liabilities to Weyerhaeuser Company (“Weyerhaeuser”) related to a tax sharing agreement. As of both June 30, 2020 and December 31, 2019, we had an income tax liability to Weyerhaeuser of $346,000. The income tax liability to Weyerhaeuser is recorded in accrued expenses and other liabilities on the accompanying consolidated balance sheets. During the six months ended June 30, 2019, we amended our existing tax sharing agreement with Weyerhaeuser, pursuant to which the parties agreed, among other things, that we had no further obligation to remit payment to Weyerhaeuser in connection with any potential utilization of certain deductions or losses associated with certain Weyerhaeuser entities with respect to federal and state taxes. As a result of the amendment, during the three months ended March 31, 2019, we decreased our income tax liability to Weyerhaeuser and recorded other income of $6.0 million, which is included in other income, net in the accompanying consolidated statements of operations.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsWe had no related party transactions for the six months ended June 30, 2020 and 2019.

Supplemental Disclosure to Cons

Supplemental Disclosure to Consolidated Statements of Cash Flows	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosure to Consolidated Statements of Cash Flows	Supplemental Disclosure to Consolidated Statements of Cash Flows The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Six Months Ended June 30, 2020 2019 Supplemental disclosure of cash flow information: Interest paid (capitalized), net $ 1,191 $ (3,104) Income taxes paid (refunded), net $ (12) $ 10,601 Supplemental disclosures of noncash activities: Amortization of senior note discount capitalized to real estate inventory $ 579 $ 981 Amortization of deferred loan costs capitalized to real estate inventory $ 1,844 $ 2,826

Supplemental Guarantor Informat

Supplemental Guarantor Information	6 Months Ended
	Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract]
Supplemental Guarantor Information	Supplemental Guarantor Information 2021 Notes, 2027 Notes and 2028 Notes On May 26, 2016, TRI Pointe Group issued the 2021 Notes, on June 5, 2017, TRI Pointe Group issued the 2027 Notes and on June 10, 2020, TRI P ointe Group issued the 2028 Notes. All of TRI Pointe Group’s 100% owned subsidiaries that are guarantors (each a “Guarantor” and, collectively, the “Guarantors”) of the Credit Facility, including TRI Pointe Homes, are party to supplemental indentures pursuant to which they jointly and severally guarantee TRI Pointe Group’s obligations with respect to these Notes. Each Guarantor of the 2021 Notes, the 2027 Notes and the 2028 Notes is 100% owned by TRI Pointe Group, and all guarantees are full and unconditional, subject to customary exceptions pursuant to the indentures governing the 2021 Notes, the 2027 Notes and the 2028 Notes, as described in the following paragraph. All of our non-Guarantor subsidiaries have nominal assets and operations and are considered minor, as defined in Rule 3-10(h) of Regulation S-X. In addition, TRI Pointe Group has no independent assets or operations, as defined in Rule 3-10(h) of Regulation S-X. There are no significant restrictions upon the ability of TRI Pointe Group or any Guarantor to obtain funds from any of their respective wholly owned subsidiaries by dividend or loan. None of the assets of our subsidiaries represent restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X. A Guarantor of the 2021 Notes, the 2027 Notes and the 2028 Notes shall be released from all of its obligations under its guarantee if (i) all of the assets of the Guarantor have been sold; (ii) all of the equity interests of the Guarantor held by TRI Pointe Group or a subsidiary thereof have been sold; (iii) the Guarantor merges with and into TRI Pointe Group or another Guarantor, with TRI Pointe Group or such other Guarantor surviving the merger; (iv) the Guarantor is designated “unrestricted” for covenant purposes; (v) the Guarantor ceases to guarantee any indebtedness of TRI Pointe Group or any other Guarantor which gave rise to such Guarantor guaranteeing the 2021 Notes, the 2027 Notes or the 2028 Notes; (vi) TRI Pointe Group exercises its legal defeasance or covenant defeasance options; or (vii) all obligations under the applicable supplemental indenture are discharged. 2024 Notes TRI Pointe Group and TRI Pointe Homes are co-issuers of the 2024 Notes. All of the Guarantors (other than TRI Pointe Homes) have entered into supplemental indentures pursuant to which they jointly and severally guarantee the obligations of TRI Pointe Group and TRI Pointe Homes with respect to the 2024 Notes. Each Guarantor of the 2024 Notes is 100% owned by TRI Pointe Group and TRI Pointe Homes, and all guarantees are full and unconditional, subject to customary exceptions pursuant to the indentures governing the 2024 Notes, as described below. A Guarantor of the 2024 Notes shall be released from all of its obligations under its guarantee if (i) all of the assets of the Guarantor have been sold; (ii) all of the equity interests of the Guarantor held by TRI Pointe or a subsidiary thereof have been sold; (iii) the Guarantor merges with and into TRI Pointe or another Guarantor, with TRI Pointe or such other Guarantor surviving the merger; (iv) the Guarantor is designated “unrestricted” for covenant purposes; (v) the Guarantor ceases to guarantee any indebtedness of TRI Pointe or any other Guarantor which gave rise to such Guarantor guaranteeing the 2024 Notes; (vi) TRI Pointe exercises its legal defeasance or covenant defeasance options; or (vii) all obligations under the applicable indenture are discharged. Presented below are the condensed consolidating balance sheets at June 30, 2020 and December 31, 2019, condensed consolidating statements of operations for the three and six months ended June 30, 2020 and 2019 and condensed consolidating statement of cash flows for the six months ended June 30, 2020 and 2019. Because TRI Pointe’s non-Guarantor subsidiaries are considered minor, as defined in Rule 3-10(h) of Regulation S-X, the non-Guarantor subsidiaries’ information is not separately presented in the tables below, but is included with the Guarantors. Additionally, because TRI Pointe Group has no independent assets or operations, as defined in Rule 3-10(h) of Regulation S-X, the condensed consolidated financial information of TRI Pointe Group and TRI Pointe Homes, the co-issuers of the 2024 Notes, is presented together in the column titled “Issuer”. Condensed Consolidating Balance Sheet (in thousands): June 30, 2020 Issuer Guarantor Consolidating Consolidated Assets Cash and cash equivalents $ 393,481 $ 81,064 $ — $ 474,545 Receivables 27,555 60,025 — 87,580 Intercompany receivables 421,075 — (421,075) — Real estate inventories 699,708 2,312,914 — 3,012,622 Investments in unconsolidated entities — 36,040 — 36,040 Goodwill and other intangible assets, net 156,604 3,022 — 159,626 Investments in subsidiaries 1,968,697 — (1,968,697) — Deferred tax assets, net 9,021 30,723 — 39,744 Other assets 5,192 162,555 — 167,747 Total assets $ 3,681,333 $ 2,686,343 $ (2,389,772) $ 3,977,904 Liabilities Accounts payable $ 16,911 $ 54,175 $ — $ 71,086 Intercompany payables — 421,075 (421,075) — Accrued expenses and other liabilities 72,434 242,384 — 314,818 Loans payable 250,000 — — 250,000 Senior notes 1,166,189 — — 1,166,189 Total liabilities 1,505,534 717,634 (421,075) 1,802,093 Equity Total stockholders’ equity 2,175,799 1,968,697 (1,968,697) 2,175,799 Noncontrolling interests — 12 — 12 Total equity 2,175,799 1,968,709 (1,968,697) 2,175,811 Total liabilities and equity $ 3,681,333 $ 2,686,343 $ (2,389,772) $ 3,977,904 Condensed Consolidating Balance Sheet (in thousands): December 31, 2019 Issuer Guarantor Consolidating Consolidated Assets Cash and cash equivalents $ 186,200 $ 142,811 $ — $ 329,011 Receivables 26,016 43,260 — 69,276 Intercompany receivables 576,846 — (576,846) — Real estate inventories 737,662 2,327,774 — 3,065,436 Investments in unconsolidated entities — 11,745 — 11,745 Goodwill and other intangible assets, net 156,604 3,289 — 159,893 Investments in subsidiaries 1,870,885 — (1,870,885) — Deferred tax assets, net 9,020 40,884 — 49,904 Other assets 14,676 158,749 — 173,425 Total assets $ 3,577,909 $ 2,728,512 $ (2,447,731) $ 3,858,690 Liabilities Accounts payable $ 14,915 $ 51,205 $ — $ 66,120 Intercompany payables — 576,846 (576,846) — Accrued expenses and other liabilities 92,479 229,564 — 322,043 Loans payable 250,000 — — 250,000 Senior notes 1,033,985 — — 1,033,985 Total liabilities 1,391,379 857,615 (576,846) 1,672,148 Equity Total stockholders’ equity 2,186,530 1,870,885 (1,870,885) 2,186,530 Noncontrolling interests — 12 — 12 Total equity 2,186,530 1,870,897 (1,870,885) 2,186,542 Total liabilities and equity $ 3,577,909 $ 2,728,512 $ (2,447,731) $ 3,858,690 Condensed Consolidating Statement of Operations (in thousands): Three Months Ended June 30, 2020 Issuer Guarantor Consolidating Consolidated Homebuilding: Home sales revenue $ 206,473 $ 560,469 $ — $ 766,942 Land and lot sales revenue — 220 — 220 Other operations revenue — 648 — 648 Total revenues 206,473 561,337 — 767,810 Cost of home sales 172,086 429,348 — 601,434 Cost of land and lot sales — 374 — 374 Other operations expense — 624 — 624 Sales and marketing 10,667 34,527 — 45,194 General and administrative 19,875 17,679 — 37,554 Restructuring charges 1,111 4,438 — 5,549 Homebuilding income from operations 2,734 74,347 — 77,081 Equity in loss of unconsolidated entities — (25) — (25) Other loss, net (6,320) (8) — (6,328) Homebuilding (loss) income before income taxes (3,586) 74,314 — 70,728 Financial Services: Revenues — 2,296 — 2,296 Expenses — 1,285 — 1,285 Equity in income of unconsolidated entities — 2,932 — 2,932 Financial services income before income taxes — 3,943 — 3,943 (Loss) income before income taxes (3,586) 78,257 — 74,671 Equity of net income of subsidiaries 60,114 — (60,114) — Provision for income taxes — (18,143) — (18,143) Net income $ 56,528 $ 60,114 $ (60,114) $ 56,528 Condensed Consolidating Statement of Operations (in thousands): Three Months Ended June 30, 2019 Issuer Guarantor Consolidating Consolidated Homebuilding: Home sales revenue $ 192,752 $ 499,386 $ — $ 692,138 Land and lot sales revenue — 5,183 — 5,183 Other operations revenue — 637 — 637 Total revenues 192,752 505,206 — 697,958 Cost of home sales 163,356 411,328 — 574,684 Cost of land and lot sales — 5,562 — 5,562 Other operations expense — 627 — 627 Sales and marketing 9,961 37,104 — 47,065 General and administrative 18,391 18,463 — 36,854 Homebuilding income from operations 1,044 32,122 — 33,166 Equity in loss of unconsolidated entities — (26) — (26) Other income, net 8 145 — 153 Homebuilding income before income taxes 1,052 32,241 — 33,293 Financial Services: Revenues — 756 — 756 Expenses — 627 — 627 Equity in income of unconsolidated entities — 1,972 — 1,972 Financial services income before income taxes — 2,101 — 2,101 Income before income taxes 1,052 34,342 — 35,394 Equity of net income of subsidiaries 25,215 — (25,215) — Provision for income taxes (5) (9,127) — (9,132) Net income $ 26,262 $ 25,215 $ (25,215) $ 26,262 Condensed Consolidating Statement of Operations (in thousands): Six Months Ended June 30, 2020 Issuer (1) Guarantor Consolidating Consolidated Homebuilding: Home sales revenue $ 365,143 $ 996,637 $ — $ 1,361,780 Land and lot sales revenue — 220 — 220 Other operations revenue — 1,266 — 1,266 Total revenues 365,143 998,123 — 1,363,266 Cost of home sales 307,986 766,330 — 1,074,316 Cost of land and lot sales — 576 — 576 Other operations expense — 1,248 — 1,248 Sales and marketing 21,102 66,729 — 87,831 General and administrative 39,218 38,173 — 77,391 Restructuring charges 1,111 4,438 — 5,549 Homebuilding (loss) income from operations (4,274) 120,629 — 116,355 Equity in loss of unconsolidated entities — (39) — (39) Other (loss) income, net (6,128) 173 — (5,955) Homebuilding (loss) income before income taxes (10,402) 120,763 — 110,361 Financial Services: Revenues — 3,890 — 3,890 Expenses — 2,364 — 2,364 Equity in income of unconsolidated entities — 4,488 — 4,488 Financial services income before income taxes — 6,014 — 6,014 (Loss) income before income taxes (10,402) 126,777 — 116,375 Equity of net income of subsidiaries 98,813 — (98,813) — Provision for income taxes — (27,964) — (27,964) Net income $ 88,411 $ 98,813 $ (98,813) $ 88,411 Condensed Consolidating Statement of Operations (in thousands): Six Months Ended June 30, 2019 Issuer (1) Guarantor Consolidating Consolidated Homebuilding: Home sales revenue $ 364,543 $ 820,298 $ — $ 1,184,841 Land and lot sales revenue — 6,212 — 6,212 Other operations revenue — 1,235 — 1,235 Total revenues 364,543 827,745 — 1,192,288 Cost of home sales 308,431 687,789 — 996,220 Cost of land and lot sales — 7,057 — 7,057 Other operations expense — 1,217 — 1,217 Sales and marketing 19,260 66,794 — 86,054 General and administrative 37,870 37,581 — 75,451 Homebuilding (loss) income from operations (1,018) 27,307 — 26,289 Equity in loss of unconsolidated entities — (51) — (51) Other income, net 6,148 246 — 6,394 Homebuilding income before taxes 5,130 27,502 — 32,632 Financial Services: Revenues — 1,058 — 1,058 Expenses — 948 — 948 Equity in loss of unconsolidated entities — 2,747 — 2,747 Financial services income from operations before taxes — 2,857 — 2,857 Income before taxes 5,130 30,359 — 35,489 Equity of net income of subsidiaries 21,208 — (21,208) — Provision for income taxes (5) (9,151) — (9,156) Net income $ 26,333 $ 21,208 $ (21,208) $ 26,333 Condensed Consolidating Statement of Cash Flows (in thousands): Six Months Ended June 30, 2020 Issuer Guarantor Consolidating Consolidated Cash flows from operating activities: Net cash provided by operating activities $ 36,321 $ 129,907 $ — $ 166,228 Cash flows from investing activities: Purchases of property and equipment (4,162) (7,840) — (12,002) Proceeds from sale of property and equipment — 17 — 17 Investments in unconsolidated entities — (25,715) — (25,715) Intercompany 158,116 — (158,116) — Net cash used in (provided by) investing activities 153,954 (33,538) (158,116) (37,700) Cash flows from financing activities: Borrowings from debt 850,000 — — 850,000 Repayment of debt (721,673) — — (721,673) Debt issuance costs (4,768) — — (4,768) Proceeds from issuance of common stock under 921 — — 921 Minimum tax withholding paid on behalf of employees for restricted stock units (5,473) — — (5,473) Share repurchases (102,001) — — (102,001) Intercompany — (158,116) 158,116 — Net cash provided by (used in) financing activities 17,006 (158,116) 158,116 17,006 Net increase (decrease) in cash and cash equivalents 207,281 (61,747) — 145,534 Cash and cash equivalents–beginning of period 186,200 142,811 — 329,011 Cash and cash equivalents–end of period $ 393,481 $ 81,064 $ — $ 474,545 Condensed Consolidating Statement of Cash Flows (in thousands): Six Months Ended June 30, 2019 Issuer Guarantor Consolidating Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 32,114 $ (136,053) $ — $ (103,939) Cash flows from investing activities: Purchases of property and equipment (4,532) (8,610) — (13,142) Proceeds from sale of property and equipment — 46 — 46 Investments in unconsolidated entities — (712) — (712) Intercompany (133,658) — 133,658 — Net cash used in investing activities (138,190) (9,276) 133,658 (13,808) Cash flows from financing activities: Borrowings from notes payable 400,000 — — 400,000 Repayment of notes payable (381,895) — — (381,895) Debt issuance costs (3,125) — — (3,125) Proceeds from issuance of common stock under share-based awards 199 — — 199 Minimum tax withholding paid on behalf of employees for restricted stock units (3,612) — — (3,612) Intercompany — 133,658 (133,658) — Net cash provided by (used in) financing activities 11,567 133,658 (133,658) 11,567 Net decrease in cash and cash equivalents (94,509) (11,671) — (106,180) Cash and cash equivalents–beginning of period 148,129 129,567 — 277,696 Cash and cash equivalents–end of period $ 53,620 $ 117,896 $ — $ 171,516

Organization, Basis of Presen_2

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Organization and Basis of Presentation	Organization TRI Pointe is engaged in the design, construction and sale of innovative single-family attached and detached homes through its portfolio of six quality brands across ten states, including Maracay in Arizona, Pardee Homes in California and Nevada, Quadrant Homes in Washington, Trendmaker Homes in Texas, TRI Pointe Homes in California, Colorado and the Carolinas and Winchester Homes in Maryland and Virginia. Basis of Presentation The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the full year ending December 31, 2020 due to seasonal variations and other factors, such as the effects of the novel coronavirus (“COVID-19”) and its influence on our future results. The consolidated financial statements include the accounts of TRI Pointe Group and its wholly owned subsidiaries, as well as other entities in which TRI Pointe Group has a controlling interest and variable interest entities (“VIEs”) in which TRI Pointe Group is the primary beneficiary. The noncontrolling interests as of June 30, 2020 and December 31, 2019 represent the outside owners’ interests in the Company’s consolidated entities. All significant intercompany accounts have been eliminated upon consolidation.
Use of Estimates	Use of Estimates Our financial statements have been prepared in accordance with GAAP. The preparation of these financial statements requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from our estimates.
Revenue Recognition	Revenue Recognition We recognize revenue in accordance with Accounting Standards Topic 606 (“ASC 606”), Revenue from Contracts with Customers . Under ASC 606, we apply the following steps to determine the timing and amount of revenue to recognize: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. Home sales revenue We generate the majority of our total revenues from home sales, which consists of our core business operation of building and delivering completed homes to homebuyers. Home sales revenue and related profit is generally recognized when title to and possession of the home is transferred to the homebuyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. Included in home sales revenue are forfeited deposits, which occur when homebuyers cancel home purchase contracts that include a nonrefundable deposit. Both revenue from forfeited deposits and deferred revenue resulting from uncompleted performance obligations existing at the time we deliver new homes to our homebuyers are immaterial. Land and lot sales revenue Historically, we have generated land and lot sales revenue from a small number of transactions, although in some years we have realized a significant amount of revenue and gross margin. We do not expect our future land and lot sales revenue to be material, but we still consider these sales to be an ordinary part of our business, thus meeting the definition of contracts with customers. Similar to our home sales, revenue from land and lot sales is typically fully recognized when the land and lot sales transactions are consummated, at which time no further performance obligations are left to be satisfied. Some of our historical land and lot sales have included future profit participation rights. We will recognize future land and lot sales revenue in the periods in which all closing conditions are met, subject to the constraint on variable consideration related to profit participation rights, if such rights exist in the sales contract. Other operations revenue The majority of our homebuilding other operations revenue relates to a ground lease at our Quadrant Homes reporting segment. We are responsible for making lease payments to the landowner, and we collect sublease payments from the buyers of the buildings. This ground lease is accounted for in accordance with ASC Topic 842, Leases . We do not recognize a material profit on this ground lease. Financial services revenues TRI Pointe Solutions is a reportable segment and is comprised of our TRI Pointe Connect mortgage financing operations, TRI Pointe Assurance title and escrow services operations, and TRI Pointe Advantage property and casualty insurance agency operations. Mortgage financing operations TRI Pointe Connect was formed as a joint venture with an established mortgage lender and is accounted for under the equity method of accounting. We record a percentage of income earned by TRI Pointe Connect based on our ownership percentage in this joint venture. TRI Pointe Connect activity appears as equity in income of unconsolidated entities under the Financial Services section of our consolidated statements of operations. Title and escrow services operations TRI Pointe Assurance provides title examinations for our homebuyers in Austin (Texas), Colorado and Maryland and both title examinations and escrow services for our homebuyers in Arizona, Nevada, Texas and Virginia. TRI Pointe Assurance is a wholly owned subsidiary of TRI Pointe and acts as a title agency for First American Title Insurance Company. Revenue from our title and escrow services operations is fully recognized at the time of the consummation of the home sales transaction, at which time no further performance obligations are left to be satisfied. TRI Pointe Assurance revenue is included in the Financial Services section of our consolidated statements of operations. Property and casualty insurance agency operations TRI Pointe Advantage is a wholly owned subsidiary of TRI Pointe and provides property and casualty insurance agency services that help facilitate the closing process in all of the markets in which we operate. The total consideration for these services, including renewal options, is estimated upon the issuance of the initial insurance policy, subject to constraint. TRI Pointe Advantage revenue is included in the Financial Services section of our consolidated statements of operations.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Not Yet Adopted In December 2019, the FASB issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for the Company beginning after December 15, 2020. We do not expect the adoption of ASU 2019-12 to have a material impact on our consolidated financial statements. Adoption of New Accounting Standards In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment (“ASU 2017-04”), which removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted, and applied prospectively. We adopted ASU 2017-04 on January 1, 2020 and our adoption did not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses for financial instruments, including receivables from community facilities districts or similar municipalities. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted. We adopted ASU 2016-13 on January 1, 2020 and our adoption did not have a material impact on our consolidated financial statements.
Segment Information	We operate two principal businesses: homebuilding and financial services. Our homebuilding operations consist of six homebuilding brands that acquire and develop land and construct and sell single-family detached and attached homes. In accordance with ASC Topic 280, Segment Reporting , in determining the most appropriate reportable segments, we considered similar economic and other characteristics, including product types, average selling prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. Based upon these factors, our homebuilding operations are comprised of the following six reportable segments: Maracay, consisting of operations in Arizona; Pardee Homes, consisting of operations in California and Nevada; Quadrant Homes, consisting of operations in Washington; Trendmaker Homes, consisting of operations in Texas; TRI Pointe Homes, consisting of operations in California and Colorado, as well as early stage operations in the Carolinas; and Winchester Homes, consisting of operations in Maryland and Virginia. Our TRI Pointe Solutions financial services operation is a reportable segment and is comprised of our TRI Pointe Connect mortgage financing operations, our TRI Pointe Assurance title and escrow services operations, and our TRI Pointe Advantage property and casualty insurance agency operations. For further details, see Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies. Corporate is a non-operating segment that develops and implements company-wide strategic initiatives and provides support to our homebuilding reporting segments by centralizing certain administrative functions, such as marketing, legal, accounting, treasury, insurance, internal audit and risk management, information technology and human resources, to benefit from economies of scale. Our Corporate non-operating segment also includes general and administrative expenses related to operating our corporate headquarters. A portion of the expenses incurred by Corporate is allocated to the homebuilding reporting segments. The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies . Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.
Fair Value Measurements	Fair Value Measurements ASC Topic 820, Fair Value Measurements and Disclosures , defines “fair value” as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories: • Level 1—Quoted prices for identical instruments in active markets • Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date • Level 3—Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Summary of Financial Information Relating to Reportable Segments	Total revenues and income before income taxes for each of our reportable segments were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenues Maracay $ 86,674 $ 55,653 $ 158,426 $ 95,214 Pardee Homes 242,282 194,699 420,684 329,562 Quadrant Homes 37,298 71,066 81,372 114,937 Trendmaker Homes 121,257 121,963 217,377 192,784 TRI Pointe Homes 206,474 192,752 365,144 364,543 Winchester Homes 73,825 61,825 120,263 95,248 Total homebuilding revenues 767,810 697,958 1,363,266 1,192,288 Financial services 2,296 756 3,890 1,058 Total $ 770,106 $ 698,714 $ 1,367,156 $ 1,193,346 Income (loss) before income taxes Maracay $ 8,042 $ 2,986 $ 12,604 $ 4,176 Pardee Homes 48,980 14,735 82,459 13,944 Quadrant Homes 2,246 5,193 4,943 2,554 Trendmaker Homes 10,512 6,908 15,309 5,310 TRI Pointe Homes 15,741 12,280 20,101 22,489 Winchester Homes 4,670 2,555 5,716 1,789 Corporate (19,463) (11,364) (30,771) (17,630) Total homebuilding income before income taxes 70,728 33,293 110,361 32,632 Financial services 3,943 2,101 6,014 2,857 Total $ 74,671 $ 35,394 $ 116,375 $ 35,489 Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands): June 30, 2020 December 31, 2019 Real estate inventories Maracay $ 352,316 $ 338,259 Pardee Homes 1,209,444 1,218,384 Quadrant Homes 270,446 264,437 Trendmaker Homes 240,467 268,759 TRI Pointe Homes 699,708 737,662 Winchester Homes 240,241 237,935 Total $ 3,012,622 $ 3,065,436 Total assets Maracay $ 389,587 $ 382,262 Pardee Homes 1,306,846 1,300,047 Quadrant Homes 320,792 331,187 Trendmaker Homes 300,157 353,610 TRI Pointe Homes 893,417 930,348 Winchester Homes 304,466 291,456 Corporate 429,512 241,357 Total homebuilding assets 3,944,777 3,830,267 Financial services 33,127 28,423 Total $ 3,977,904 $ 3,858,690

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the components used in the computation of basic and diluted earnings per share (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net income $ 56,528 $ 26,262 $ 88,411 $ 26,333 Denominator: Basic weighted-average shares outstanding 130,292,563 142,244,166 132,326,856 142,055,766 Effect of dilutive shares: Stock options and unvested restricted stock units 214,004 227,025 436,919 375,959 Diluted weighted-average shares outstanding 130,506,567 142,471,191 132,763,775 142,431,725 Earnings per share Basic $ 0.43 $ 0.18 $ 0.67 $ 0.19 Diluted $ 0.43 $ 0.18 $ 0.67 $ 0.18 Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share 3,090,298 2,920,708 2,992,479 3,144,445

Receivables (Tables)

Receivables (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Components of Receivables	Receivables consisted of the following (in thousands): June 30, 2020 December 31, 2019 Escrow proceeds and other accounts receivable, net $ 47,836 $ 29,282 Warranty insurance receivable (Note 13) 39,744 39,994 Total receivables $ 87,580 $ 69,276

Real Estate Inventories (Tables

Real Estate Inventories (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Summary of Real Estate Inventories	Real estate inventories consisted of the following (in thousands): June 30, 2020 December 31, 2019 Real estate inventories owned: Homes completed or under construction $ 1,039,681 $ 951,974 Land under development 1,452,440 1,641,354 Land held for future development 152,032 122,847 Model homes 286,760 275,204 Total real estate inventories owned 2,930,913 2,991,379 Real estate inventories not owned: Land purchase and land option deposits 81,709 74,057 Total real estate inventories not owned 81,709 74,057 Total real estate inventories $ 3,012,622 $ 3,065,436
Summary of Interest Incurred, Capitalized and Expensed	Interest incurred, capitalized and expensed were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest incurred $ 21,828 $ 21,962 $ 42,607 $ 45,335 Interest capitalized (21,828) (21,962) (42,607) (45,335) Interest expensed $ — $ — $ — $ — Capitalized interest in beginning inventory $ 196,313 $ 193,440 $ 192,356 $ 184,400 Interest capitalized as a cost of inventory 21,828 21,962 42,607 45,335 Interest previously capitalized as a cost of inventory, included in cost of sales (21,806) (18,107) (38,628) (32,440) Capitalized interest in ending inventory $ 196,335 $ 197,295 $ 196,335 $ 197,295
Schedule of Real Estate Inventory Impairments and Land Option Abandonments	Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Real estate inventory impairments $ — $ — $ — $ — Land and lot option abandonments and pre-acquisition charges 1,380 288 1,729 5,490 Total $ 1,380 $ 288 $ 1,729 $ 5,490

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments	Assets and liabilities of unconsolidated entities (in thousands): June 30, 2020 December 31, 2019 Assets Cash $ 12,005 $ 8,537 Receivables 2,498 7,393 Real estate inventories 198,789 116,760 Other assets 604 703 Total assets $ 213,896 $ 133,393 Liabilities and equity Accounts payable and other liabilities $ 42,248 $ 11,009 Company’s equity 36,040 11,745 Outside interests’ equity 135,608 110,639 Total liabilities and equity $ 213,896 $ 133,393 Results of operations from unconsolidated entities (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net sales $ 8,726 $ 6,353 $ 14,696 $ 10,464 Other operating expense (4,400) (3,528) (8,156) (6,280) Other income, net (1) (7) (4) 1 Net income $ 4,325 $ 2,818 $ 6,536 $ 4,185 Company’s equity in income of unconsolidated entities $ 2,907 $ 1,946 $ 4,449 $ 2,696

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Interests in Land Option Agreements	The following provides a summary of our interests in land and lot option agreements (in thousands): June 30, 2020 December 31, 2019 Deposits Remaining Consolidated Deposits Remaining Consolidated Consolidated VIEs $ — $ — $ — $ — $ — $ — Unconsolidated VIEs 39,070 441,528 N/A 42,896 440,974 N/A Other land option agreements 42,639 374,674 N/A 31,161 358,345 N/A Total $ 81,709 $ 816,202 $ — $ 74,057 $ 799,319 $ —

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Other Intangible Assets	Goodwill and other intangible assets consisted of the following (in thousands): June 30, 2020 December 31, 2019 Gross Accumulated Net Gross Accumulated Net Goodwill $ 139,304 $ — $ 139,304 $ 139,304 $ — $ 139,304 Trade names 27,979 (7,657) 20,322 27,979 (7,390) 20,589 Total $ 167,283 $ (7,657) $ 159,626 $ 167,283 $ (7,390) $ 159,893
Schedule of Expected Amortization of Intangible Asset	Expected amortization of our intangible asset related to Maracay for the remainder of 2020, the next four years and thereafter is (in thousands): Remainder of 2020 $ 267 2021 534 2022 534 2023 534 2024 534 Thereafter 619 Total $ 3,022

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): June 30, 2020 December 31, 2019 Prepaid expenses $ 21,273 $ 24,070 Refundable fees and other deposits 29,785 30,242 Development rights, held for future use or sale 2,063 2,213 Deferred loan costs—loans payable 3,709 4,345 Operating properties and equipment, net 58,155 57,803 Lease right-of-use assets 49,506 50,947 Other 3,256 3,805 Total $ 167,747 $ 173,425

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands): June 30, 2020 December 31, 2019 Accrued payroll and related costs $ 25,015 $ 42,798 Warranty reserves (Note 13) 79,190 76,607 Estimated cost for completion of real estate inventories 78,601 90,899 Customer deposits 29,925 20,390 Income tax liability to Weyerhaeuser 346 346 Accrued income taxes payable 18,605 1,530 Liability for uncertain tax positions (Note 15) 486 486 Accrued interest 6,886 11,952 Other tax liability 7,665 8,448 Lease liabilities 54,395 56,125 Other 13,704 12,462 Total $ 314,818 $ 322,043

Senior Notes and Loans Payable

Senior Notes and Loans Payable (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Senior Notes and Loans Payable	The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands): June 30, 2020 December 31, 2019 4.875% Senior Notes due July 1, 2021 $ 83,734 $ 300,000 5.875% Senior Notes due June 15, 2024 450,000 450,000 5.250% Senior Notes due June 1, 2027 300,000 300,000 5.700% Senior Notes due June 15, 2028 350,000 — Discount and deferred loan costs (17,545) (16,015) Total $ 1,166,189 $ 1,033,985 The Company’s outstanding loans payable consisted of the following (in thousands): June 30, 2020 December 31, 2019 Term loan facility $ 250,000 $ 250,000 Total $ 250,000 $ 250,000

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Related to Financial Instruments, Measured at Fair Value on a Recurring Basis	A summary of assets and liabilities at June 30, 2020 and December 31, 2019, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (in thousands): June 30, 2020 December 31, 2019 Hierarchy Book Value Fair Value Book Value Fair Value Senior Notes (1) Level 2 $ 1,179,783 $ 1,195,826 $ 1,045,072 $ 1,104,750 Term loan facility (2) Level 2 $ 250,000 $ 250,000 $ 250,000 $ 250,000 __________ (1) The book value of the Senior Notes is net of discounts, excluding deferred loan costs of $13.6 million and $11.1 million as of June 30, 2020 and December 31, 2019, respectively. The estimated fair value of the Senior Notes at June 30, 2020 and December 31, 2019 is based on quoted market prices. (2) The estimated fair value of the Term Loan Facility as of June 30, 2020 approximated book value due to the variable interest rate terms of this loan.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Warranty Reserves	Warranty reserve activity consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Warranty reserves, beginning of period $ 76,487 $ 70,947 $ 76,607 $ 71,836 Warranty reserves accrued 6,988 6,385 12,144 10,655 Warranty expenditures (4,285) (5,861) (9,561) (11,020) Warranty reserves, end of period $ 79,190 $ 71,471 $ 79,190 $ 71,471
Schedule of Lease Costs and Other Information	See below for additional information on leases (dollars in thousands): Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Lease Cost Operating lease cost (included in SG&A expense) $ 2,456 $ 2,166 $ 4,794 $ 4,210 Ground lease cost (included in other operations expense) 624 627 1,248 1,217 Sublease income, operating leases — — — — Sublease income, ground leases (included in other operations revenue) (648) (637) (1,266) (1,235) Net lease cost $ 2,432 $ 2,156 $ 4,776 $ 4,192 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating lease cash flows (included in operating cash flows) $ 2,220 $ 1,641 $ 4,234 $ 3,250 Ground lease cash flows (included in operating cash flows) $ 624 $ 609 $ 1,248 $ 1,217 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,135 $ 346 $ 1,155 $ 2,053 June 30, 2020 December 31, 2019 Weighted-average discount rate: Operating leases 5.9 % 5.9 % Ground leases 10.2 % 10.2 % Weighted-average remaining lease term (in years): Operating leases 5.8 6.1 Ground leases 47.5 48.1
Schedule of Future Minimum Lease Payments	The future minimum lease payments under our operating leases are as follows (in thousands): Property, Equipment and Other Leases Ground Leases (1) Remaining in 2020 $ 4,460 $ 1,535 2021 7,855 3,070 2022 5,610 3,070 2023 4,503 3,070 2024 2,779 3,070 Thereafter 6,410 83,515 Total lease payments $ 31,617 $ 97,330 Less: Interest 4,762 69,790 Present value of operating lease liabilities $ 26,855 $ 27,540 __________ (1) Ground leases are fully subleased through 20 41, representing $65.5 million of the $97.3 million future ground lease obligations.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Summary of Compensation Expense Recognized Related to all Stock-Based Awards	The following table presents compensation expense recognized related to all stock-based awards (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Total stock-based compensation $ 3,786 $ 3,351 $ 7,411 $ 6,786
Summary of Stock Option Awards	The following table presents a summary of stock option awards for the six months ended June 30, 2020: Options Weighted Weighted Aggregate Options outstanding at December 31, 2019 891,343 $ 15.03 3.4 $ 994 Granted — — — — Exercised (78,506) $ 11.94 — — Forfeited (8,257) $ 14.37 — — Options outstanding at June 30, 2020 804,580 $ 15.34 3 $ 247 Options exercisable at June 30, 2020 804,580 $ 15.34 3 $ 247
Summary of Restricted Stock Units	The following table presents a summary of RSUs for the six months ended June 30, 2020: Restricted Weighted Aggregate Nonvested RSUs at December 31, 2019 3,384,351 $ 12.39 $ 52,694 Granted 1,458,633 $ 18.45 — Vested (990,929) $ 13.36 — Forfeited (744,904) $ 10.81 — Nonvested RSUs at June 30, 2020 3,107,151 $ 15.30 $ 43,997

Supplemental Disclosure to Co_2

Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosure to Consolidated Statements of Cash Flows	The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Six Months Ended June 30, 2020 2019 Supplemental disclosure of cash flow information: Interest paid (capitalized), net $ 1,191 $ (3,104) Income taxes paid (refunded), net $ (12) $ 10,601 Supplemental disclosures of noncash activities: Amortization of senior note discount capitalized to real estate inventory $ 579 $ 981 Amortization of deferred loan costs capitalized to real estate inventory $ 1,844 $ 2,826

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Tables)	6 Months Ended
	Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Balance Sheet	Condensed Consolidating Balance Sheet (in thousands): June 30, 2020 Issuer Guarantor Consolidating Consolidated Assets Cash and cash equivalents $ 393,481 $ 81,064 $ — $ 474,545 Receivables 27,555 60,025 — 87,580 Intercompany receivables 421,075 — (421,075) — Real estate inventories 699,708 2,312,914 — 3,012,622 Investments in unconsolidated entities — 36,040 — 36,040 Goodwill and other intangible assets, net 156,604 3,022 — 159,626 Investments in subsidiaries 1,968,697 — (1,968,697) — Deferred tax assets, net 9,021 30,723 — 39,744 Other assets 5,192 162,555 — 167,747 Total assets $ 3,681,333 $ 2,686,343 $ (2,389,772) $ 3,977,904 Liabilities Accounts payable $ 16,911 $ 54,175 $ — $ 71,086 Intercompany payables — 421,075 (421,075) — Accrued expenses and other liabilities 72,434 242,384 — 314,818 Loans payable 250,000 — — 250,000 Senior notes 1,166,189 — — 1,166,189 Total liabilities 1,505,534 717,634 (421,075) 1,802,093 Equity Total stockholders’ equity 2,175,799 1,968,697 (1,968,697) 2,175,799 Noncontrolling interests — 12 — 12 Total equity 2,175,799 1,968,709 (1,968,697) 2,175,811 Total liabilities and equity $ 3,681,333 $ 2,686,343 $ (2,389,772) $ 3,977,904 Condensed Consolidating Balance Sheet (in thousands): December 31, 2019 Issuer Guarantor Consolidating Consolidated Assets Cash and cash equivalents $ 186,200 $ 142,811 $ — $ 329,011 Receivables 26,016 43,260 — 69,276 Intercompany receivables 576,846 — (576,846) — Real estate inventories 737,662 2,327,774 — 3,065,436 Investments in unconsolidated entities — 11,745 — 11,745 Goodwill and other intangible assets, net 156,604 3,289 — 159,893 Investments in subsidiaries 1,870,885 — (1,870,885) — Deferred tax assets, net 9,020 40,884 — 49,904 Other assets 14,676 158,749 — 173,425 Total assets $ 3,577,909 $ 2,728,512 $ (2,447,731) $ 3,858,690 Liabilities Accounts payable $ 14,915 $ 51,205 $ — $ 66,120 Intercompany payables — 576,846 (576,846) — Accrued expenses and other liabilities 92,479 229,564 — 322,043 Loans payable 250,000 — — 250,000 Senior notes 1,033,985 — — 1,033,985 Total liabilities 1,391,379 857,615 (576,846) 1,672,148 Equity Total stockholders’ equity 2,186,530 1,870,885 (1,870,885) 2,186,530 Noncontrolling interests — 12 — 12 Total equity 2,186,530 1,870,897 (1,870,885) 2,186,542 Total liabilities and equity $ 3,577,909 $ 2,728,512 $ (2,447,731) $ 3,858,690
Condensed Consolidating Statement of Operations	Condensed Consolidating Statement of Operations (in thousands): Three Months Ended June 30, 2020 Issuer Guarantor Consolidating Consolidated Homebuilding: Home sales revenue $ 206,473 $ 560,469 $ — $ 766,942 Land and lot sales revenue — 220 — 220 Other operations revenue — 648 — 648 Total revenues 206,473 561,337 — 767,810 Cost of home sales 172,086 429,348 — 601,434 Cost of land and lot sales — 374 — 374 Other operations expense — 624 — 624 Sales and marketing 10,667 34,527 — 45,194 General and administrative 19,875 17,679 — 37,554 Restructuring charges 1,111 4,438 — 5,549 Homebuilding income from operations 2,734 74,347 — 77,081 Equity in loss of unconsolidated entities — (25) — (25) Other loss, net (6,320) (8) — (6,328) Homebuilding (loss) income before income taxes (3,586) 74,314 — 70,728 Financial Services: Revenues — 2,296 — 2,296 Expenses — 1,285 — 1,285 Equity in income of unconsolidated entities — 2,932 — 2,932 Financial services income before income taxes — 3,943 — 3,943 (Loss) income before income taxes (3,586) 78,257 — 74,671 Equity of net income of subsidiaries 60,114 — (60,114) — Provision for income taxes — (18,143) — (18,143) Net income $ 56,528 $ 60,114 $ (60,114) $ 56,528 Condensed Consolidating Statement of Operations (in thousands): Three Months Ended June 30, 2019 Issuer Guarantor Consolidating Consolidated Homebuilding: Home sales revenue $ 192,752 $ 499,386 $ — $ 692,138 Land and lot sales revenue — 5,183 — 5,183 Other operations revenue — 637 — 637 Total revenues 192,752 505,206 — 697,958 Cost of home sales 163,356 411,328 — 574,684 Cost of land and lot sales — 5,562 — 5,562 Other operations expense — 627 — 627 Sales and marketing 9,961 37,104 — 47,065 General and administrative 18,391 18,463 — 36,854 Homebuilding income from operations 1,044 32,122 — 33,166 Equity in loss of unconsolidated entities — (26) — (26) Other income, net 8 145 — 153 Homebuilding income before income taxes 1,052 32,241 — 33,293 Financial Services: Revenues — 756 — 756 Expenses — 627 — 627 Equity in income of unconsolidated entities — 1,972 — 1,972 Financial services income before income taxes — 2,101 — 2,101 Income before income taxes 1,052 34,342 — 35,394 Equity of net income of subsidiaries 25,215 — (25,215) — Provision for income taxes (5) (9,127) — (9,132) Net income $ 26,262 $ 25,215 $ (25,215) $ 26,262 Condensed Consolidating Statement of Operations (in thousands): Six Months Ended June 30, 2020 Issuer (1) Guarantor Consolidating Consolidated Homebuilding: Home sales revenue $ 365,143 $ 996,637 $ — $ 1,361,780 Land and lot sales revenue — 220 — 220 Other operations revenue — 1,266 — 1,266 Total revenues 365,143 998,123 — 1,363,266 Cost of home sales 307,986 766,330 — 1,074,316 Cost of land and lot sales — 576 — 576 Other operations expense — 1,248 — 1,248 Sales and marketing 21,102 66,729 — 87,831 General and administrative 39,218 38,173 — 77,391 Restructuring charges 1,111 4,438 — 5,549 Homebuilding (loss) income from operations (4,274) 120,629 — 116,355 Equity in loss of unconsolidated entities — (39) — (39) Other (loss) income, net (6,128) 173 — (5,955) Homebuilding (loss) income before income taxes (10,402) 120,763 — 110,361 Financial Services: Revenues — 3,890 — 3,890 Expenses — 2,364 — 2,364 Equity in income of unconsolidated entities — 4,488 — 4,488 Financial services income before income taxes — 6,014 — 6,014 (Loss) income before income taxes (10,402) 126,777 — 116,375 Equity of net income of subsidiaries 98,813 — (98,813) — Provision for income taxes — (27,964) — (27,964) Net income $ 88,411 $ 98,813 $ (98,813) $ 88,411 Condensed Consolidating Statement of Operations (in thousands): Six Months Ended June 30, 2019 Issuer (1) Guarantor Consolidating Consolidated Homebuilding: Home sales revenue $ 364,543 $ 820,298 $ — $ 1,184,841 Land and lot sales revenue — 6,212 — 6,212 Other operations revenue — 1,235 — 1,235 Total revenues 364,543 827,745 — 1,192,288 Cost of home sales 308,431 687,789 — 996,220 Cost of land and lot sales — 7,057 — 7,057 Other operations expense — 1,217 — 1,217 Sales and marketing 19,260 66,794 — 86,054 General and administrative 37,870 37,581 — 75,451 Homebuilding (loss) income from operations (1,018) 27,307 — 26,289 Equity in loss of unconsolidated entities — (51) — (51) Other income, net 6,148 246 — 6,394 Homebuilding income before taxes 5,130 27,502 — 32,632 Financial Services: Revenues — 1,058 — 1,058 Expenses — 948 — 948 Equity in loss of unconsolidated entities — 2,747 — 2,747 Financial services income from operations before taxes — 2,857 — 2,857 Income before taxes 5,130 30,359 — 35,489 Equity of net income of subsidiaries 21,208 — (21,208) — Provision for income taxes (5) (9,151) — (9,156) Net income $ 26,333 $ 21,208 $ (21,208) $ 26,333
Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows (in thousands): Six Months Ended June 30, 2020 Issuer Guarantor Consolidating Consolidated Cash flows from operating activities: Net cash provided by operating activities $ 36,321 $ 129,907 $ — $ 166,228 Cash flows from investing activities: Purchases of property and equipment (4,162) (7,840) — (12,002) Proceeds from sale of property and equipment — 17 — 17 Investments in unconsolidated entities — (25,715) — (25,715) Intercompany 158,116 — (158,116) — Net cash used in (provided by) investing activities 153,954 (33,538) (158,116) (37,700) Cash flows from financing activities: Borrowings from debt 850,000 — — 850,000 Repayment of debt (721,673) — — (721,673) Debt issuance costs (4,768) — — (4,768) Proceeds from issuance of common stock under 921 — — 921 Minimum tax withholding paid on behalf of employees for restricted stock units (5,473) — — (5,473) Share repurchases (102,001) — — (102,001) Intercompany — (158,116) 158,116 — Net cash provided by (used in) financing activities 17,006 (158,116) 158,116 17,006 Net increase (decrease) in cash and cash equivalents 207,281 (61,747) — 145,534 Cash and cash equivalents–beginning of period 186,200 142,811 — 329,011 Cash and cash equivalents–end of period $ 393,481 $ 81,064 $ — $ 474,545 Condensed Consolidating Statement of Cash Flows (in thousands): Six Months Ended June 30, 2019 Issuer Guarantor Consolidating Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 32,114 $ (136,053) $ — $ (103,939) Cash flows from investing activities: Purchases of property and equipment (4,532) (8,610) — (13,142) Proceeds from sale of property and equipment — 46 — 46 Investments in unconsolidated entities — (712) — (712) Intercompany (133,658) — 133,658 — Net cash used in investing activities (138,190) (9,276) 133,658 (13,808) Cash flows from financing activities: Borrowings from notes payable 400,000 — — 400,000 Repayment of notes payable (381,895) — — (381,895) Debt issuance costs (3,125) — — (3,125) Proceeds from issuance of common stock under share-based awards 199 — — 199 Minimum tax withholding paid on behalf of employees for restricted stock units (3,612) — — (3,612) Intercompany — 133,658 (133,658) — Net cash provided by (used in) financing activities 11,567 133,658 (133,658) 11,567 Net decrease in cash and cash equivalents (94,509) (11,671) — (106,180) Cash and cash equivalents–beginning of period 148,129 129,567 — 277,696 Cash and cash equivalents–end of period $ 53,620 $ 117,896 $ — $ 171,516

Organization, Basis of Presen_3

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details)	Jun. 30, 2020brandstate
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of brands in portfolio (brands) | brand	6
Number of states entity operates (states) | state	10

Segment Information - Additiona

Segment Information - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2020segmentbusiness
Segment Reporting Information
Number of principal lines of businesses | business	2
All HomeBuilding Segments
Segment Reporting Information
Number of homebuilding companies	6
Number of reportable segments	6

Segment Information - Summary o

Segment Information - Summary of Financial Information Relating to Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Reporting Information
Total revenues	$ 770,106	$ 698,714	$ 1,367,156	$ 1,193,346
Income (loss) before income taxes	74,671	35,394	116,375	35,489
Real estate inventories	3,012,622		3,012,622		$ 3,065,436
Total assets	3,977,904		3,977,904		3,858,690
All HomeBuilding Segments
Segment Reporting Information
Real estate inventories	3,012,622		3,012,622		3,065,436
Total assets	3,944,777		3,944,777		3,830,267
Homebuilding
Segment Reporting Information
Total revenues	767,810	697,958	1,363,266	1,192,288
Homebuilding | All HomeBuilding Segments
Segment Reporting Information
Total revenues	767,810	697,958	1,363,266	1,192,288
Income (loss) before income taxes	70,728	33,293	110,361	32,632
Financial Services
Segment Reporting Information
Total revenues	2,296	756	3,890	1,058
Operating segments | Maracay
Segment Reporting Information
Real estate inventories	352,316		352,316		338,259
Total assets	389,587		389,587		382,262
Operating segments | Pardee Homes
Segment Reporting Information
Real estate inventories	1,209,444		1,209,444		1,218,384
Total assets	1,306,846		1,306,846		1,300,047
Operating segments | Quadrant Homes
Segment Reporting Information
Real estate inventories	270,446		270,446		264,437
Total assets	320,792		320,792		331,187
Operating segments | Trendmaker Homes
Segment Reporting Information
Real estate inventories	240,467		240,467		268,759
Total assets	300,157		300,157		353,610
Operating segments | TRI Pointe Homes
Segment Reporting Information
Real estate inventories	699,708		699,708		737,662
Total assets	893,417		893,417		930,348
Operating segments | Winchester Homes
Segment Reporting Information
Real estate inventories	240,241		240,241		237,935
Total assets	304,466		304,466		291,456
Operating segments | Financial services
Segment Reporting Information
Total assets	33,127		33,127		28,423
Operating segments | Homebuilding | Maracay
Segment Reporting Information
Total revenues	86,674	55,653	158,426	95,214
Income (loss) before income taxes	8,042	2,986	12,604	4,176
Operating segments | Homebuilding | Pardee Homes
Segment Reporting Information
Total revenues	242,282	194,699	420,684	329,562
Income (loss) before income taxes	48,980	14,735	82,459	13,944
Operating segments | Homebuilding | Quadrant Homes
Segment Reporting Information
Total revenues	37,298	71,066	81,372	114,937
Income (loss) before income taxes	2,246	5,193	4,943	2,554
Operating segments | Homebuilding | Trendmaker Homes
Segment Reporting Information
Total revenues	121,257	121,963	217,377	192,784
Income (loss) before income taxes	10,512	6,908	15,309	5,310
Operating segments | Homebuilding | TRI Pointe Homes
Segment Reporting Information
Total revenues	206,474	192,752	365,144	364,543
Income (loss) before income taxes	15,741	12,280	20,101	22,489
Operating segments | Homebuilding | Winchester Homes
Segment Reporting Information
Total revenues	73,825	61,825	120,263	95,248
Income (loss) before income taxes	4,670	2,555	5,716	1,789
Operating segments | Financial Services | Financial services
Segment Reporting Information
Income (loss) before income taxes	3,943	2,101	6,014	2,857
Corporate
Segment Reporting Information
Total assets	429,512		429,512		$ 241,357
Corporate | Homebuilding
Segment Reporting Information
Income (loss) before income taxes	$ (19,463)	$ (11,364)	$ (30,771)	$ (17,630)

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net income	$ 56,528	$ 26,262	$ 88,411	$ 26,333
Denominator:
Basic weighted-average shares outstanding (shares)	130,292,563	142,244,166	132,326,856	142,055,766
Effect of dilutive shares:
Stock options and unvested restricted stock units (shares)	214,004	227,025	436,919	375,959
Diluted weighted-average shares outstanding (shares)	130,506,567	142,471,191	132,763,775	142,431,725
Earnings per share
Basic (in dollars per share)	$ 0.43	$ 0.18	$ 0.67	$ 0.19
Diluted (in dollars per share)	$ 0.43	$ 0.18	$ 0.67	$ 0.18
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share (shares)	3,090,298	2,920,708	2,992,479	3,144,445

Receivables - Components of Rec

Receivables - Components of Receivables (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Receivables [Abstract]
Escrow proceeds and other accounts receivable, net	$ 47,836	$ 29,282
Warranty insurance receivable (Note 13)	39,744	39,994
Total receivables	$ 87,580	$ 69,276

Receivables - Additional Inform

Receivables - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Receivables [Abstract]
Allowance for doubtful accounts	$ 419	$ 426

Real Estate Inventories - Summa

Real Estate Inventories - Summary of Real Estate Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real estate inventories owned:
Homes completed or under construction	$ 1,039,681	$ 951,974
Land under development	1,452,440	1,641,354
Land held for future development	152,032	122,847
Model homes	286,760	275,204
Total real estate inventories owned	2,930,913	2,991,379
Real estate inventories not owned:
Land purchase and land option deposits	81,709	74,057
Total real estate inventories not owned	81,709	74,057
Total real estate inventories	$ 3,012,622	$ 3,065,436

Real Estate Inventories - Sum_2

Real Estate Inventories - Summary of Interest Incurred, Capitalized and Expensed (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Real Estate [Abstract]
Interest incurred	$ 21,828	$ 21,962	$ 42,607	$ 45,335
Interest capitalized	(21,828)	(21,962)	(42,607)	(45,335)
Interest expensed	0	0	0	0
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized interest in beginning inventory	196,313	193,440	192,356	184,400
Interest capitalized as a cost of inventory	21,828	21,962	42,607	45,335
Interest previously capitalized as a cost of inventory, included in cost of sales	(21,806)	(18,107)	(38,628)	(32,440)
Capitalized interest in ending inventory	$ 196,335	$ 197,295	$ 196,335	$ 197,295

Real Estate Inventories - Sched

Real Estate Inventories - Schedule of Land and Lot Option Abandonments and Pre-acquisition Charges (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Real Estate [Abstract]
Real estate inventory impairments	$ 0	$ 0	$ 0	$ 0
Land and lot option abandonments and pre-acquisition charges	1,380,000	288,000	1,729,000	5,490,000
Total	$ 1,380,000	$ 288,000	$ 1,729,000	$ 5,490,000

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2020investment
Minimum
Investment Holdings
Ownership percentage	7.00%
Maximum
Investment Holdings
Ownership percentage	65.00%
Homebuilding Partnerships or Limited Liability Companies
Investment Holdings
Number of equity investments	6
Financial Services Limited Liability Company
Investment Holdings
Number of equity investments	1

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Assets
Cash	$ 474,545		$ 474,545		$ 329,011
Receivables	87,580		87,580		69,276
Real estate inventories	3,012,622		3,012,622		3,065,436
Other assets	167,747		167,747		173,425
Total assets	3,977,904		3,977,904		3,858,690
Liabilities and equity
Company’s equity	2,175,799		2,175,799		2,186,530
Outside interests’ equity	12		12		12
Total liabilities and equity	3,977,904		3,977,904		3,858,690
Net sales	770,106	$ 698,714	1,367,156	$ 1,193,346
Other operations expense	(624)	(627)	(1,248)	(1,217)
Other income, net	(6,328)	153	(5,955)	6,394
Net income	56,528	26,262	88,411	26,333
Company’s equity in income of unconsolidated entities	(25)	(26)	(39)	(51)
Unconsolidated
Assets
Cash	12,005		12,005		8,537
Receivables	2,498		2,498		7,393
Real estate inventories	198,789		198,789		116,760
Other assets	604		604		703
Total assets	213,896		213,896		133,393
Liabilities and equity
Accounts payable and other liabilities	42,248		42,248		11,009
Company’s equity	36,040		36,040		11,745
Outside interests’ equity	135,608		135,608		110,639
Total liabilities and equity	213,896		213,896		$ 133,393
Net sales	8,726	6,353	14,696	10,464
Other operations expense	(4,400)	(3,528)	(8,156)	(6,280)
Other income, net	(1)	(7)	(4)	1
Net income	4,325	2,818	6,536	4,185
Company’s equity in income of unconsolidated entities	$ 2,907	$ 1,946	$ 4,449	$ 2,696

Variable Interest Entities - Su

Variable Interest Entities - Summary of Interests in Land Option Agreements (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Variable Interest Entity
Deposits	$ 81,709	$ 74,057
Remaining Purchase Price	816,202	799,319
Consolidated Inventory Held by VIEs	0	0
Consolidated VIEs
Variable Interest Entity
Deposits	0	0
Remaining Purchase Price	0	0
Consolidated Inventory Held by VIEs	0	0
Unconsolidated VIEs
Variable Interest Entity
Deposits	39,070	42,896
Remaining Purchase Price	441,528	440,974
Other land option agreements
Variable Interest Entity
Deposits	42,639	31,161
Remaining Purchase Price	$ 374,674	$ 358,345

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Other land option agreements
Variable Interest Entity
Capitalized pre-acquisition costs	$ 7.9	$ 6

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)asset	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)asset	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Schedule Of Intangible Assets And Goodwill
Goodwill	$ 139,304		$ 139,304		$ 139,304
Number of intangible assets | asset	2		2
Net carrying amount of intangible asset	$ 3,022		$ 3,022		$ 3,300
Trade Names
Schedule Of Intangible Assets And Goodwill
Indefinite life intangible asset	17,300		$ 17,300
Trade Names
Schedule Of Intangible Assets And Goodwill
Remaining useful life of amortizing asset			5 years 8 months 12 days		6 years 2 months 12 days
Amortization expense	$ 134	$ 134	$ 267	$ 267
Maracay
Schedule Of Intangible Assets And Goodwill
Intangible assets useful life			20 years

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 139,304	$ 139,304
Trade names, Gross Carrying Amount	27,979	27,979
Gross Carrying Amount	167,283	167,283
Accumulated Amortization	(7,657)	(7,390)
Trade names, Net Carrying Amount	20,322	20,589
Net Carrying Amount	$ 159,626	$ 159,893

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Schedule of Expected Amortization of Intangible Asset (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity
Remainder of 2020	$ 267
2021	534
2022	534
2023	534
2024	534
Thereafter	619
Total	$ 3,022	$ 3,300

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 21,273	$ 24,070
Refundable fees and other deposits	29,785	30,242
Development rights, held for future use or sale	2,063	2,213
Deferred loan costs—loans payable	3,709	4,345
Operating properties and equipment, net	58,155	57,803
Lease right-of-use assets	49,506	50,947
Other	3,256	3,805
Total	$ 167,747	$ 173,425
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Accrued payroll and related costs	$ 25,015		$ 42,798
Warranty reserves (Note 13)	79,190	$ 76,487	76,607	$ 71,471	$ 70,947	$ 71,836
Estimated cost for completion of real estate inventories	78,601		90,899
Customer deposits	29,925		20,390
Income tax liability to Weyerhaeuser	346		346
Accrued income taxes payable	18,605		1,530
Liability for uncertain tax positions (Note 15)	486		486
Accrued interest	6,886		11,952
Other tax liability	7,665		8,448
Lease liabilities	54,395		56,125
Other	13,704		12,462
Total	$ 314,818		$ 322,043
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent

Senior Notes and Loans Payabl_2

Senior Notes and Loans Payable - Schedule of Senior Notes (Detail) - Senior Notes - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2017	May 31, 2016
Debt Instrument
Discount and deferred loan costs	$ (17,545)	$ (16,015)
Total	1,166,189	1,033,985
4.875% Senior Notes due July 1, 2021
Debt Instrument
Senior notes (gross)	$ 83,734	300,000
Interest rate on senior note (percent)	4.875%			4.875%
5.875% Senior Notes due June 15, 2024
Debt Instrument
Senior notes (gross)	$ 450,000	450,000
Interest rate on senior note (percent)	5.875%
5.250% Senior Notes due June 1, 2027
Debt Instrument
Senior notes (gross)	$ 300,000	300,000
Interest rate on senior note (percent)	5.25%		5.25%
5.700% Senior Notes due June 15, 2028
Debt Instrument
Senior notes (gross)	$ 350,000	$ 0
Interest rate on senior note (percent)	5.70%

Senior Notes and Loans Payabl_3

Senior Notes and Loans Payable - Additional Information (Detail) - USD ($)	Jun. 03, 2020	Mar. 29, 2019	Jul. 23, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2017	May 31, 2016	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt Instrument
Repayments of debt										$ 721,673,000	$ 381,895,000
Capitalization of deferred finance costs				$ 3,709,000				$ 3,709,000		3,709,000		$ 4,345,000
Accrued interest				6,886,000				6,886,000		6,886,000		11,952,000
Loans payable				$ 250,000,000				250,000,000		250,000,000		250,000,000
Interest incurred								21,828,000	$ 21,962,000	42,607,000	45,335,000
Amortization of deferred financing costs								$ 1,200,000	$ 1,900,000	$ 2,400,000	$ 3,800,000
The Facility
Debt Instrument
Maximum borrowing capacity under facility		$ 1,000,000,000
Consolidated tangible net worth attributed to Company required under covenants (percent)				97.00%				97.00%		97.00%
Unsecured revolving credit facility | The Revolving Facility
Debt Instrument
Capitalization of deferred finance costs				$ 3,700,000				$ 3,700,000		$ 3,700,000
Accrued interest				488,000				488,000		488,000		1,200,000
Borrowing capacity of credit facility		$ 600,000,000
Available secured revolving credit facility				559,400,000				559,400,000		559,400,000
Unsecured revolving credit facility | The Revolving Facility | Minimum
Debt Instrument
Debt instrument variable interest rate (percent)		1.25%
Unsecured revolving credit facility | The Revolving Facility | Maximum
Debt Instrument
Debt instrument variable interest rate (percent)		2.00%
Unsecured revolving credit facility | Letters of credit
Debt Instrument
Maximum borrowing capacity under facility		$ 75,000,000
Outstanding letters of credit				40,600,000				40,600,000		40,600,000		32,600,000
Term Loan | Term loan facility
Debt Instrument
Borrowing capacity of credit facility		$ 250,000,000		250,000,000				250,000,000		250,000,000
Expected draw from the Term Facility					$ 250,000,000
Loans payable				$ 250,000,000				$ 250,000,000		$ 250,000,000		250,000,000
Interest rate of outstanding debt (percent)				1.52%				1.52%		1.52%
Term Loan | Term loan facility | Minimum
Debt Instrument
Debt instrument variable interest rate (percent)		1.10%
Term Loan | Term loan facility | Maximum
Debt Instrument
Debt instrument variable interest rate (percent)		1.85%
Senior Notes
Debt Instrument
Capitalization of deferred finance costs				$ 13,600,000				$ 13,600,000		$ 13,600,000		11,100,000
Accrued interest				5,600,000				5,600,000		5,600,000		9,800,000
Senior Notes | 5.700% Senior Notes due June 15, 2028
Debt Instrument
Aggregate principal amount				$ 350,000,000				$ 350,000,000		$ 350,000,000
Interest rate on debt instrument (percent)				5.70%				5.70%		5.70%
Debt issuance, percentage of aggregate principal (percent)				100.00%
Proceeds from issuance of senior notes, net				$ 345,200,000
Senior notes (gross)				$ 350,000,000				$ 350,000,000		$ 350,000,000		0
Senior Notes | 5.250% Senior Notes due June 1, 2027
Debt Instrument
Aggregate principal amount						$ 300,000,000
Interest rate on debt instrument (percent)				5.25%		5.25%		5.25%		5.25%
Debt issuance, percentage of aggregate principal (percent)						100.00%
Proceeds from issuance of senior notes, net						$ 296,300,000
Senior notes (gross)				$ 300,000,000				$ 300,000,000		$ 300,000,000		300,000,000
Senior Notes | 4.875% Senior Notes due July 1, 2021
Debt Instrument
Aggregate principal amount							$ 300,000,000
Interest rate on debt instrument (percent)				4.875%			4.875%	4.875%		4.875%
Debt issuance, percentage of aggregate principal (percent)							99.44%
Proceeds from issuance of senior notes, net	$ 216,300,000						$ 293,900,000
Debt instrument, tender offer price (per thousand dollars)				$ 1,025				$ 1,025		$ 1,025
Percentage of principal outstanding (percent)				72.00%				72.00%		72.00%
Senior notes (gross)				$ 83,734,000				$ 83,734,000		$ 83,734,000		300,000,000
Senior Notes | 4.875% Senior Notes due July 1, 2021 | Subsequent Event
Debt Instrument
Repayments of debt			$ 83,700,000
Senior Notes | 5.875% Senior Notes due June 15, 2024
Debt Instrument
Aggregate principal amount				$ 450,000,000				$ 450,000,000		$ 450,000,000
Interest rate on debt instrument (percent)				5.875%				5.875%		5.875%
Debt issuance, percentage of aggregate principal (percent)										98.15%
Proceeds from issuance of senior notes, net										$ 429,000,000
Senior notes (gross)				$ 450,000,000				$ 450,000,000		$ 450,000,000		$ 450,000,000
Senior Notes | 4.375% Senior notes due June 15, 2019
Debt Instrument
Interest rate on debt instrument (percent)		4.375%

Senior Notes and Loans Payabl_4

Senior Notes and Loans Payable - Schedule of Outstanding Loans Payable (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Line of Credit Facility
Loans payable	$ 250,000	$ 250,000
Term Loan | Term loan facility
Line of Credit Facility
Loans payable	$ 250,000	$ 250,000

Fair Value Disclosures - Summar

Fair Value Disclosures - Summary of Assets and Liabilities Related to Financial Instruments, Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Deferred loan costs—loans payable	$ 3,709	$ 4,345
Senior Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Deferred loan costs—loans payable	13,600	11,100
Level 2 | Recurring | The Term Facility | Book Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Financial instruments	250,000	250,000
Level 2 | Recurring | The Term Facility | Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Financial instruments	250,000	250,000
Level 2 | Recurring | Senior Notes | Book Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Financial instruments	1,179,783	1,045,072
Level 2 | Recurring | Senior Notes | Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Financial instruments	$ 1,195,826	$ 1,104,750

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 1987lease_extensionleaselease_renewal	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Commitment And Contingencies
Legal reserves		$ 319	$ 419
Outstanding warranty insurance receivables		39,744	39,994
Estimated remaining liabilities related to surety bonds		$ 13,704	12,462
Office Leases
Commitment And Contingencies
Lease obligation original term		10 years
Equipment Leases | Minimum
Commitment And Contingencies
Lease obligation original term		3 years
Equipment Leases | Maximum
Commitment And Contingencies
Lease obligation original term		4 years
Ground lease
Commitment And Contingencies
Lease obligation original term	55 years
Number of properties subject to ground leases | lease	2
Ground lease | Ten Year Renewal Option
Commitment And Contingencies
Number of lease extensions | lease_renewal	3
Term of lease extension	10 years
Ground lease | Forty-five Year Renewal Option
Commitment And Contingencies
Lease obligation original term	45 years
Number of properties subject to ground leases | lease	1
Ground lease | Extension Through 2071
Commitment And Contingencies
Number of ground leases extended | lease_extension	1
Surety bonds
Commitment And Contingencies
Outstanding surety bonds		$ 614,200	611,600
Estimated remaining liabilities related to surety bonds		$ 390,800	$ 382,300

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Warranty Reserves (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Movement in Standard Product Warranty Accrual
Warranty reserves, beginning of period	$ 76,487	$ 70,947	$ 76,607	$ 71,836
Warranty reserves accrued	6,988	6,385	12,144	10,655
Warranty expenditures	(4,285)	(5,861)	(9,561)	(11,020)
Warranty reserves, end of period	$ 79,190	$ 71,471	$ 79,190	$ 71,471

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Lease Costs and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Lessee, Lease, Description
Net lease cost	$ 2,432	$ 2,156	$ 4,776	$ 4,192
Right-of-use assets obtained in exchange for new operating lease liabilities	1,135	346	1,155	2,053
Operating Leases
Lessee, Lease, Description
Lease cost	2,456	2,166	4,794	4,210
Sublease income, ground leases (included in other operations revenue)	0	0	0	0
Cash paid for amounts included in the measurement of lease liabilities	$ 2,220	1,641	$ 4,234	3,250
Weighted-average discount rate (percent)	5.90%		5.90%		5.90%
Weighted-average remaining lease term (in years):	5 years 9 months 18 days		5 years 9 months 18 days		6 years 1 month 6 days
Ground lease
Lessee, Lease, Description
Lease cost	$ 624	627	$ 1,248	1,217
Sublease income, ground leases (included in other operations revenue)	(648)	(637)	(1,266)	(1,235)
Cash paid for amounts included in the measurement of lease liabilities	$ 624	$ 609	$ 1,248	$ 1,217
Weighted-average discount rate (percent)	10.20%		10.20%		10.20%
Weighted-average remaining lease term (in years):	47 years 6 months		47 years 6 months		48 years 1 month 6 days

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Lessee, Lease, Description
Present value of operating lease liabilities	$ 54,395	$ 56,125
Operating Leases
Lessee, Lease, Description
Remaining in 2020	4,460
2021	7,855
2022	5,610
2023	4,503
2024	2,779
Thereafter	6,410
Total lease payments	31,617
Less: Interest	4,762
Present value of operating lease liabilities	26,855
Ground lease
Lessee, Lease, Description
Remaining in 2020	1,535
2021	3,070
2022	3,070
2023	3,070
2024	3,070
Thereafter	83,515
Total lease payments	97,330
Less: Interest	69,790
Present value of operating lease liabilities	27,540
Future expected payments to be received under sublease	$ 65,500

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Apr. 27, 2020	Mar. 09, 2020	Feb. 20, 2020	May 06, 2019	Mar. 11, 2019	Mar. 11, 2019	Feb. 28, 2019	Jun. 30, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized stock based compensation related to all stock-based awards								$ 24.7
Weighted average period, expense to recognize								2 years 1 month 6 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (shares)								1,458,633
Granted (in dollars per share)								$ 18.45
Fair value of RSUs (in dollars per share)								$ 15.30	$ 12.39
Restricted Stock Units (RSUs) | Time-vested RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)							30.00%
Restricted Stock Units (RSUs) | Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)							70.00%
Restricted Stock Units (RSUs) | Performance-based RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)							0.00%
Restricted Stock Units (RSUs) | Performance-based RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)							100.00%
Restricted Stock Units (RSUs) | Officers
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (shares)			547,166
Potential change in TSR (percent)			25.00%
Granted (in dollars per share)			$ 19.36
Restricted Stock Units (RSUs) | Officers | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)			0.00%
Restricted Stock Units (RSUs) | Officers | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)			100.00%
Restricted Stock Units (RSUs) | Officers | Homebuilding revenue
Share-based Compensation Arrangement by Share-based Payment Award
Performance percentage (percent)			50.00%
Restricted Stock Units (RSUs) | Officers | Pre-tax earnings
Share-based Compensation Arrangement by Share-based Payment Award
Performance percentage (percent)			50.00%
Restricted Stock Units (RSUs) | President
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (shares)			207,300				238,095
Granted (in dollars per share)			$ 18.39
Restricted Stock Units (RSUs) | President | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)			0.00%
Restricted Stock Units (RSUs) | President | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)			100.00%
Restricted Stock Units (RSUs) | President | Homebuilding revenue
Share-based Compensation Arrangement by Share-based Payment Award
Performance percentage (percent)			50.00%
Restricted Stock Units (RSUs) | President | Pre-tax earnings
Share-based Compensation Arrangement by Share-based Payment Award
Performance percentage (percent)			50.00%
Restricted Stock Units (RSUs) | Employees and Officers
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (shares)		17,692	639,395
Closing stock price on date of grant (in dollars per share)		$ 14.13	$ 18.39
Restricted Stock Units (RSUs) | Employees and Officers | Time-vested RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (shares)					3,025		990,723
Closing stock price on date of grant (in dollars per share)					$ 13.22	$ 13.22	$ 12.60
Share-based compensation arrangement by share-based payment award, award vesting period						3 years
Restricted Stock Units (RSUs) | Non-employee Members on Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (shares)	47,080			61,488
Granted (in dollars per share)	$ 10.62
Restricted Stock Units (RSUs) | Certain employees
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (shares)				1,098
Restricted Stock Units (RSUs) | Certain Employees and Directors
Share-based Compensation Arrangement by Share-based Payment Award
Closing stock price on date of grant (in dollars per share)				$ 13.66
Share-based compensation arrangement by share-based payment award, award vesting period				3 years
Restricted Stock Units (RSUs) | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (shares)							247,619
Restricted Stock Units (RSUs) | Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (shares)							114,285
Restricted Stock Units (RSUs) | Employees Officers And Directors | Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Closing stock price on date of grant (in dollars per share)							$ 12.60
Fair value of RSUs (in dollars per share)							$ 8.16
2013 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Common stock (shares)								11,727,833
Shares available for future grant (shares)								5,468,092

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Compensation Expense Recognized Related to all Stock-Based Awards (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Total stock-based compensation	$ 3,786	$ 3,351	$ 7,411	$ 6,786

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock Option Awards (Detail) - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding
Beginning balance (shares)	891,343	891,343
Granted (shares)		0
Exercised (shares)		(78,506)
Forfeited (shares)		(8,257)
Ending balance (shares)		804,580
Options exercisable at end of period (shares)		804,580
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 15.03	$ 15.03
Granted (in dollars per share)		0
Exercised (in dollars per share)		11.94
Forfeited (in dollars per share)		14.37
Ending balance (in dollars per share)		15.34
Exercisable at end of period (in dollars per share)		$ 15.34
Weighted average contractual life	3 years 4 months 24 days	3 years
Weighted average options exercisable		3 years
Aggregate intrinsic value, Beginning balance	$ 994	$ 994
Aggregate intrinsic value, Ending balance		247
Aggregate intrinsic value, Exercisable at end of period		$ 247

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Nonvested RSU's beginning balance (shares) | shares	3,384,351
Granted (shares) | shares	1,458,633
Vested (shares) | shares	(990,929)
Forfeited (shares) | shares	(744,904)
Nonvested RSU's ending balance (shares) | shares	3,107,151
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 12.39
Granted (in dollars per share) | $ / shares	18.45
Vested (in dollars per share) | $ / shares	13.36
Forfeited (in dollars per share) | $ / shares	10.81
Ending balance (in dollars per share) | $ / shares	$ 15.30
Aggregate intrinsic value, Beginning balance | $	$ 52,694
Aggregate intrinsic value, Granted | $	0
Aggregate intrinsic value, Ending balance | $	$ 43,997

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Tax Contingency
Deferred tax assets, net	$ 39,744			$ 39,744		$ 49,904
Valuation allowance related to net deferred tax assets	3,500			3,500		3,500
Other (expense) income, net	(6,328)	$ 153		(5,955)	$ 6,394
Provision for income taxes	18,143	$ 9,132		27,964	$ 9,156
Liability for uncertain tax positions	486			486		486
Weyerhaeuser
Income Tax Contingency
Other (expense) income, net			$ 6,000
Accrued Expenses And Other Liabilities | Weyerhaeuser
Income Tax Contingency
Income tax liability	$ 346			$ 346		$ 346

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Related Party Transactions [Abstract]
Related party transactions	$ 0	$ 0

Supplemental Disclosure to Co_3

Supplemental Disclosure to Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net	$ (1,191)	$ 3,104
Income taxes paid (refunded), net	(12)	10,601
Supplemental disclosures of noncash activities:
Amortization of senior note discount capitalized to real estate inventory	579	981
Amortization of deferred loan costs capitalized to real estate inventory	$ 1,844	$ 2,826

Supplemental Guarantor Inform_3

Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 474,545		$ 329,011
Receivables	87,580		69,276
Intercompany receivables	0		0
Real estate inventories	3,012,622		3,065,436
Investments in unconsolidated entities	36,040		11,745
Goodwill and other intangible assets, net	159,626		159,893
Investments in subsidiaries	0		0
Deferred tax assets, net	39,744		49,904
Other assets	167,747		173,425
Total assets	3,977,904		3,858,690
Liabilities
Accounts payable	71,086		66,120
Intercompany payables	0		0
Accrued expenses and other liabilities	314,818		322,043
Loans payable	250,000		250,000
Senior notes	1,166,189		1,033,985
Total liabilities	1,802,093		1,672,148
Equity
Total stockholders’ equity	2,175,799		2,186,530
Noncontrolling interests	12		12
Total equity	2,175,811	$ 2,115,293	2,186,542	$ 2,086,643	$ 2,057,036	$ 2,056,937
Total liabilities and equity	3,977,904		3,858,690
Reporting Entity | Issuer
Assets
Cash and cash equivalents	393,481		186,200
Receivables	27,555		26,016
Intercompany receivables	421,075		576,846
Real estate inventories	699,708		737,662
Investments in unconsolidated entities	0		0
Goodwill and other intangible assets, net	156,604		156,604
Investments in subsidiaries	1,968,697		1,870,885
Deferred tax assets, net	9,021		9,020
Other assets	5,192		14,676
Total assets	3,681,333		3,577,909
Liabilities
Accounts payable	16,911		14,915
Intercompany payables	0		0
Accrued expenses and other liabilities	72,434		92,479
Loans payable	250,000		250,000
Senior notes	1,166,189		1,033,985
Total liabilities	1,505,534		1,391,379
Equity
Total stockholders’ equity	2,175,799		2,186,530
Noncontrolling interests	0		0
Total equity	2,175,799		2,186,530
Total liabilities and equity	3,681,333		3,577,909
Reporting Entity | Guarantor Subsidiaries
Assets
Cash and cash equivalents	81,064		142,811
Receivables	60,025		43,260
Intercompany receivables	0		0
Real estate inventories	2,312,914		2,327,774
Investments in unconsolidated entities	36,040		11,745
Goodwill and other intangible assets, net	3,022		3,289
Investments in subsidiaries	0		0
Deferred tax assets, net	30,723		40,884
Other assets	162,555		158,749
Total assets	2,686,343		2,728,512
Liabilities
Accounts payable	54,175		51,205
Intercompany payables	421,075		576,846
Accrued expenses and other liabilities	242,384		229,564
Loans payable	0		0
Senior notes	0		0
Total liabilities	717,634		857,615
Equity
Total stockholders’ equity	1,968,697		1,870,885
Noncontrolling interests	12		12
Total equity	1,968,709		1,870,897
Total liabilities and equity	2,686,343		2,728,512
Consolidating Adjustments
Assets
Cash and cash equivalents	0		0
Receivables	0		0
Intercompany receivables	(421,075)		(576,846)
Real estate inventories	0		0
Investments in unconsolidated entities	0		0
Goodwill and other intangible assets, net	0		0
Investments in subsidiaries	(1,968,697)		(1,870,885)
Deferred tax assets, net	0		0
Other assets	0		0
Total assets	(2,389,772)		(2,447,731)
Liabilities
Accounts payable	0		0
Intercompany payables	(421,075)		(576,846)
Accrued expenses and other liabilities	0		0
Loans payable	0		0
Senior notes	0		0
Total liabilities	(421,075)		(576,846)
Equity
Total stockholders’ equity	(1,968,697)		(1,870,885)
Noncontrolling interests	0		0
Total equity	(1,968,697)		(1,870,885)
Total liabilities and equity	$ (2,389,772)		$ (2,447,731)

Supplemental Guarantor Inform_4

Supplemental Guarantor Information - Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Condensed Financial Statements, Captions
Other operations revenue	$ 648	$ 637	$ 1,266	$ 1,235
Total revenues	770,106	698,714	1,367,156	1,193,346
Other operations expense	624	627	1,248	1,217
Sales and marketing	45,194	47,065	87,831	86,054
General and administrative	37,554	36,854	77,391	75,451
Restructuring charges	5,549	0	5,549	0
Homebuilding income from operations	77,081	33,166	116,355	26,289
Equity in loss of unconsolidated entities	(25)	(26)	(39)	(51)
Other income, net	(6,328)	153	(5,955)	6,394
Homebuilding income before income taxes	70,728	33,293	110,361	32,632
Equity in income of unconsolidated entities	2,932	1,972	4,488	2,747
Financial services income before income taxes	3,943	2,101	6,014	2,857
Income before income taxes	74,671	35,394	116,375	35,489
Equity of net income of subsidiaries	0	0	0	0
Provision for income taxes	(18,143)	(9,132)	(27,964)	(9,156)
Net income	56,528	26,262	88,411	26,333
Reporting Entity | Issuer
Condensed Financial Statements, Captions
Other operations expense	0	0	0	0
Sales and marketing	10,667	9,961	21,102	19,260
General and administrative	19,875	18,391	39,218	37,870
Restructuring charges	1,111		1,111
Homebuilding income from operations	2,734	1,044	(4,274)	(1,018)
Equity in loss of unconsolidated entities	0	0	0	0
Other income, net	(6,320)	8	(6,128)	6,148
Homebuilding income before income taxes	(3,586)	1,052	(10,402)	5,130
Equity in income of unconsolidated entities	0	0	0	0
Financial services income before income taxes	0	0	0	0
Income before income taxes	(3,586)	1,052	(10,402)	5,130
Equity of net income of subsidiaries	60,114	25,215	98,813	21,208
Provision for income taxes	0	(5)	0	(5)
Net income	56,528	26,262	88,411	26,333
Reporting Entity | Guarantor Subsidiaries
Condensed Financial Statements, Captions
Other operations expense	624	627	1,248	1,217
Sales and marketing	34,527	37,104	66,729	66,794
General and administrative	17,679	18,463	38,173	37,581
Restructuring charges	4,438		4,438
Homebuilding income from operations	74,347	32,122	120,629	27,307
Equity in loss of unconsolidated entities	(25)	(26)	(39)	(51)
Other income, net	(8)	145	173	246
Homebuilding income before income taxes	74,314	32,241	120,763	27,502
Equity in income of unconsolidated entities	2,932	1,972	4,488	2,747
Financial services income before income taxes	3,943	2,101	6,014	2,857
Income before income taxes	78,257	34,342	126,777	30,359
Equity of net income of subsidiaries	0	0	0	0
Provision for income taxes	(18,143)	(9,127)	(27,964)	(9,151)
Net income	60,114	25,215	98,813	21,208
Consolidating Adjustments
Condensed Financial Statements, Captions
Other operations expense	0	0	0	0
Sales and marketing	0	0	0	0
General and administrative	0	0	0	0
Restructuring charges	0		0
Homebuilding income from operations	0	0	0	0
Equity in loss of unconsolidated entities	0	0	0	0
Other income, net	0	0	0	0
Homebuilding income before income taxes	0	0	0	0
Equity in income of unconsolidated entities	0	0	0	0
Financial services income before income taxes	0	0	0	0
Income before income taxes	0	0	0	0
Equity of net income of subsidiaries	(60,114)	(25,215)	(98,813)	(21,208)
Provision for income taxes	0	0	0	0
Net income	(60,114)	(25,215)	(98,813)	(21,208)
Homebuilding
Condensed Financial Statements, Captions
Total revenues	767,810	697,958	1,363,266	1,192,288
Homebuilding | Reporting Entity | Issuer
Condensed Financial Statements, Captions
Total revenues	206,473	192,752	365,143	364,543
Homebuilding | Reporting Entity | Guarantor Subsidiaries
Condensed Financial Statements, Captions
Total revenues	561,337	505,206	998,123	827,745
Homebuilding | Consolidating Adjustments
Condensed Financial Statements, Captions
Total revenues	0	0	0	0
Home sales
Condensed Financial Statements, Captions
Home sales and Land and lot sales revenue	766,942	692,138	1,361,780	1,184,841
Cost of sales and expenses	601,434	574,684	1,074,316	996,220
Home sales | Reporting Entity | Issuer
Condensed Financial Statements, Captions
Home sales and Land and lot sales revenue	206,473	192,752	365,143	364,543
Cost of sales and expenses	172,086	163,356	307,986	308,431
Home sales | Reporting Entity | Guarantor Subsidiaries
Condensed Financial Statements, Captions
Home sales and Land and lot sales revenue	560,469	499,386	996,637	820,298
Cost of sales and expenses	429,348	411,328	766,330	687,789
Home sales | Consolidating Adjustments
Condensed Financial Statements, Captions
Home sales and Land and lot sales revenue	0	0	0	0
Cost of sales and expenses	0	0	0	0
Land and lots
Condensed Financial Statements, Captions
Home sales and Land and lot sales revenue	220	5,183	220	6,212
Cost of sales and expenses	374	5,562	576	7,057
Land and lots | Reporting Entity | Issuer
Condensed Financial Statements, Captions
Home sales and Land and lot sales revenue	0	0	0	0
Cost of sales and expenses	0	0	0	0
Land and lots | Reporting Entity | Guarantor Subsidiaries
Condensed Financial Statements, Captions
Home sales and Land and lot sales revenue	220	5,183	220	6,212
Cost of sales and expenses	374	5,562	576	7,057
Land and lots | Consolidating Adjustments
Condensed Financial Statements, Captions
Home sales and Land and lot sales revenue	0	0	0	0
Cost of sales and expenses	0	0	0	0
Other operations
Condensed Financial Statements, Captions
Other operations revenue	648	637	1,266	1,235
Other operations | Reporting Entity | Issuer
Condensed Financial Statements, Captions
Other operations revenue	0	0	0	0
Other operations | Reporting Entity | Guarantor Subsidiaries
Condensed Financial Statements, Captions
Other operations revenue	648	637	1,266	1,235
Other operations | Consolidating Adjustments
Condensed Financial Statements, Captions
Other operations revenue	0	0	0	0
Financial Services
Condensed Financial Statements, Captions
Home sales and Land and lot sales revenue	2,296	756	3,890	1,058
Total revenues	2,296	756	3,890	1,058
Cost of sales and expenses	1,285	627	2,364	948
Financial Services | Reporting Entity | Issuer
Condensed Financial Statements, Captions
Home sales and Land and lot sales revenue	0	0	0	0
Cost of sales and expenses	0	0	0	0
Financial Services | Reporting Entity | Guarantor Subsidiaries
Condensed Financial Statements, Captions
Home sales and Land and lot sales revenue	2,296	756	3,890	1,058
Cost of sales and expenses	1,285	627	2,364	948
Financial Services | Consolidating Adjustments
Condensed Financial Statements, Captions
Home sales and Land and lot sales revenue	0	0	0	0
Cost of sales and expenses	$ 0	$ 0	$ 0	$ 0

Supplemental Guarantor Inform_5

Supplemental Guarantor Information - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net cash provided by operating activities	$ 166,228	$ (103,939)
Cash flows from investing activities:
Purchases of property and equipment	(12,002)	(13,142)
Proceeds from sale of property and equipment	17	46
Investments in unconsolidated entities	(25,715)	(712)
Intercompany	0	0
Net cash used in investing activities	(37,700)	(13,808)
Cash flows from financing activities:
Borrowings from debt	850,000	400,000
Repayment of debt	(721,673)	(381,895)
Debt issuance costs	(4,768)	(3,125)
Proceeds from issuance of common stock under share-based awards	921	199
Minimum tax withholding paid on behalf of employees for share-based awards	(5,473)	(3,612)
Share repurchases	(102,001)	0
Intercompany	0	0
Net cash provided by financing activities	17,006	11,567
Net increase (decrease) in cash and cash equivalents	145,534	(106,180)
Cash and cash equivalents–beginning of period	329,011	277,696
Cash and cash equivalents–end of period	474,545	171,516
Reporting Entity | Issuer
Cash flows from operating activities:
Net cash provided by operating activities	36,321	32,114
Cash flows from investing activities:
Purchases of property and equipment	(4,162)	(4,532)
Proceeds from sale of property and equipment	0	0
Investments in unconsolidated entities	0	0
Intercompany	158,116	(133,658)
Net cash used in investing activities	153,954	(138,190)
Cash flows from financing activities:
Borrowings from debt	850,000	400,000
Repayment of debt	(721,673)	(381,895)
Debt issuance costs	(4,768)	(3,125)
Proceeds from issuance of common stock under share-based awards	921	199
Minimum tax withholding paid on behalf of employees for share-based awards	(5,473)	(3,612)
Share repurchases	(102,001)
Intercompany	0	0
Net cash provided by financing activities	17,006	11,567
Net increase (decrease) in cash and cash equivalents	207,281	(94,509)
Cash and cash equivalents–beginning of period	186,200	148,129
Cash and cash equivalents–end of period	393,481	53,620
Reporting Entity | Guarantor Subsidiaries
Cash flows from operating activities:
Net cash provided by operating activities	129,907	(136,053)
Cash flows from investing activities:
Purchases of property and equipment	(7,840)	(8,610)
Proceeds from sale of property and equipment	17	46
Investments in unconsolidated entities	(25,715)	(712)
Intercompany	0	0
Net cash used in investing activities	(33,538)	(9,276)
Cash flows from financing activities:
Borrowings from debt	0	0
Repayment of debt	0	0
Debt issuance costs	0	0
Proceeds from issuance of common stock under share-based awards	0	0
Minimum tax withholding paid on behalf of employees for share-based awards	0	0
Share repurchases	0
Intercompany	(158,116)	133,658
Net cash provided by financing activities	(158,116)	133,658
Net increase (decrease) in cash and cash equivalents	(61,747)	(11,671)
Cash and cash equivalents–beginning of period	142,811	129,567
Cash and cash equivalents–end of period	81,064	117,896
Consolidating Adjustments
Cash flows from operating activities:
Net cash provided by operating activities	0	0
Cash flows from investing activities:
Purchases of property and equipment	0	0
Proceeds from sale of property and equipment	0	0
Investments in unconsolidated entities	0	0
Intercompany	(158,116)	133,658
Net cash used in investing activities	(158,116)	133,658
Cash flows from financing activities:
Borrowings from debt	0	0
Repayment of debt	0	0
Debt issuance costs	0	0
Proceeds from issuance of common stock under share-based awards	0	0
Minimum tax withholding paid on behalf of employees for share-based awards	0	0
Share repurchases	0
Intercompany	158,116	(133,658)
Net cash provided by financing activities	158,116	(133,658)
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents–beginning of period	0	0
Cash and cash equivalents–end of period	$ 0	$ 0