Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 19, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TPH | ||
Entity Registrant Name | TRI Pointe Group, Inc. | ||
Entity Central Index Key | 1,561,680 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 161,910,115 | ||
Entity Public Float | $ 2,238,080,435 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 214,485 | $ 170,629 |
Receivables | 43,710 | 20,118 |
Real estate inventories | 2,519,273 | 2,280,183 |
Investments in unconsolidated entities | 18,999 | 16,805 |
Goodwill and other intangible assets, net | 162,029 | 162,563 |
Deferred tax assets, net | 130,657 | 157,821 |
Other assets | 48,918 | 81,719 |
Total assets | 3,138,071 | 2,889,838 |
Liabilities | ||
Accounts payable | 64,840 | 68,860 |
Accrued expenses and other liabilities | 216,263 | 210,009 |
Unsecured revolving credit facility | 299,392 | 260,000 |
Seller financed loans | 2,434 | 14,677 |
Senior notes, net | 868,679 | 863,816 |
Total liabilities | $ 1,451,608 | $ 1,417,362 |
Commitments and contingencies (Note 15) | ||
Stockholders’ Equity: | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding as of December 31, 2015 and 2014, respectively | ||
Common stock, $0.01 par value, 500,000,000 shares authorized; 161,813,750 and 161,355,490 shares issued and outstanding at December 31, 2015 and 2014, respectively | $ 1,618 | $ 1,614 |
Additional paid-in capital | 911,197 | 906,159 |
Retained earnings | 751,868 | 546,407 |
Total stockholders’ equity | 1,664,683 | 1,454,180 |
Noncontrolling interests | 21,780 | 18,296 |
Total equity | 1,686,463 | 1,472,476 |
Total liabilities and equity | $ 3,138,071 | $ 2,889,838 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 161,813,750 | 161,355,490 |
Common stock, shares outstanding | 161,813,750 | 161,355,490 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Homebuilding: | |||
Home sales revenue | $ 2,291,264 | $ 1,646,274 | $ 1,218,430 |
Land and lot sales revenue | 101,284 | 47,660 | 52,261 |
Other operations | 7,601 | 9,682 | 4,021 |
Total revenues | 2,400,149 | 1,703,616 | 1,274,712 |
Cost of home sales | 1,807,091 | 1,316,470 | 948,561 |
Cost of land and lot sales | 34,844 | 37,560 | 38,052 |
Other operations | 4,360 | 3,324 | 2,854 |
Impairments and lot option abandonments | 1,930 | 2,515 | 345,448 |
Sales and marketing | 116,217 | 103,600 | 94,521 |
General and administrative | 117,496 | 82,358 | 74,244 |
Restructuring charges | 3,329 | 10,543 | 10,938 |
Homebuilding income (loss) from operations | 314,882 | 147,246 | (239,906) |
Equity in income (loss) of unconsolidated entities | 1,460 | (278) | 2 |
Transaction expenses | (17,960) | ||
Other income (loss), net | 858 | (1,019) | 2,450 |
Homebuilding income (loss) from continuing operations before taxes | 317,200 | 127,989 | (237,454) |
Financial Services: | |||
Revenues | 1,010 | ||
Expenses | 181 | 15 | |
Equity in income (loss) of unconsolidated entities | 1,231 | (10) | |
Financial services income (loss) from continuing operations before taxes | 2,060 | (25) | |
Income (loss) from continuing operations before taxes | 319,260 | 127,964 | (237,454) |
(Provision) benefit for income taxes | (112,079) | (43,767) | 86,161 |
Income (loss) from continuing operations | 207,181 | 84,197 | (151,293) |
Discontinued operations, net of income taxes | 1,838 | ||
Net income (loss) | 207,181 | 84,197 | (149,455) |
Net income attributable to noncontrolling interests | (1,720) | ||
Net income (loss) available to common stockholders | 205,461 | 84,197 | (149,455) |
Amounts attributable to TRI Pointe Group, Inc. common stockholders: | |||
Income (loss) from continuing operations | 205,461 | 84,197 | (151,293) |
Income from discontinued operations | 1,838 | ||
Net income (loss) available to common stockholders | $ 205,461 | $ 84,197 | $ (149,455) |
Basic | |||
Continuing operations | $ 1.27 | $ 0.58 | $ (1.17) |
Discontinued operations | 0.02 | ||
Net earnings (loss) per share | 1.27 | 0.58 | (1.15) |
Diluted | |||
Continuing operations | 1.27 | 0.58 | (1.17) |
Discontinued operations | 0.02 | ||
Net earnings (loss) per share | $ 1.27 | $ 0.58 | $ (1.15) |
Weighted average shares outstanding | |||
Basic | 161,692,152 | 145,044,351 | 129,700,000 |
Diluted | 162,319,758 | 145,531,289 | 129,700,000 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | TRI Pointe [Member] | Noncontrolling Interests [Member] |
Beginning Balance at Dec. 31, 2012 | $ 993,727 | $ 1,297 | $ 340,817 | $ 611,665 | $ 953,779 | $ 39,948 |
Beginning Balance, Shares at Dec. 31, 2012 | 129,700,000 | |||||
Net income (loss) | (149,455) | (149,455) | (149,455) | |||
Capital contribution (return of capital) to Weyerhaeuser | (13,920) | (13,920) | (13,920) | |||
Excess tax benefit of share-based awards, net | 1,690 | 1,690 | 1,690 | |||
Stock-based compensation expense | 5,002 | 5,002 | 5,002 | |||
Distributions to noncontrolling interests, net | (7,121) | (7,121) | ||||
Net effect of consolidations, de-consolidations and other transactions | (4,406) | (4,406) | ||||
Ending Balance at Dec. 31, 2013 | $ 825,517 | $ 1,297 | 333,589 | 462,210 | 797,096 | 28,421 |
Ending Balance, Shares at Dec. 31, 2013 | 129,700,000 | 129,700,000 | ||||
Net income (loss) | $ 84,197 | 84,197 | 84,197 | |||
Capital contribution (return of capital) to Weyerhaeuser | 63,355 | 63,355 | 63,355 | |||
Common shares issued in connection with the Merger (Note 2) | 498,973 | $ 317 | 498,656 | 498,973 | ||
Common shares issued in connection with the Merger (Note 2), Shares | 31,632,533 | |||||
Shares issued under share-based awards | 176 | 176 | 176 | |||
Shares issued under share-based awards, Shares | 22,957 | |||||
Excess tax benefit of share-based awards, net | 1,757 | 1,757 | 1,757 | |||
Stock-based compensation expense | 8,626 | 8,626 | 8,626 | |||
Distributions to noncontrolling interests, net | (17,248) | (17,248) | ||||
Net effect of consolidations, de-consolidations and other transactions | 7,123 | 7,123 | ||||
Ending Balance at Dec. 31, 2014 | $ 1,472,476 | $ 1,614 | 906,159 | 546,407 | 1,454,180 | 18,296 |
Ending Balance, Shares at Dec. 31, 2014 | 161,355,490 | 161,355,490 | ||||
Net income (loss) | $ 207,181 | 205,461 | 205,461 | 1,720 | ||
Capital contribution (return of capital) to Weyerhaeuser | (6,747) | (6,747) | (6,747) | |||
Shares issued under share-based awards | 1,616 | $ 4 | 1,612 | 1,616 | ||
Shares issued under share-based awards, Shares | 458,260 | |||||
Excess tax benefit of share-based awards, net | 428 | 428 | 428 | |||
Minimum tax withholding paid on behalf of employees for restricted stock units | (2,190) | (2,190) | (2,190) | |||
Stock-based compensation expense | 11,935 | 11,935 | 11,935 | |||
Distributions to noncontrolling interests, net | (3,833) | (3,833) | ||||
Net effect of consolidations, de-consolidations and other transactions | 5,597 | 5,597 | ||||
Ending Balance at Dec. 31, 2015 | $ 1,686,463 | $ 1,618 | $ 911,197 | $ 751,868 | $ 1,664,683 | $ 21,780 |
Ending Balance, Shares at Dec. 31, 2015 | 161,813,750 | 161,813,750 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net income (loss) | $ 207,181 | $ 84,197 | $ (149,455) |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Depreciation and amortization | 8,274 | 11,423 | 13,489 |
Equity in (income) loss of unconsolidated entities, net | (2,691) | 288 | (2) |
Deferred income taxes, net | 27,164 | 5,716 | (108,869) |
Amortization of stock-based compensation | 11,935 | 8,626 | 5,002 |
Charges for impairments and lot option abandonments | 1,930 | 2,515 | 345,448 |
Net gain on sale of discontinued operations | (1,946) | ||
Charge for early extinguishment of debt | 645 | ||
Bridge commitment fee | 10,322 | ||
Changes in assets and liabilities: | |||
Real estate inventories | (235,030) | (276,315) | (165,471) |
Receivables | (23,592) | 40,933 | 44,689 |
Other assets | 35,360 | (6,680) | (19,391) |
Accounts payable | (4,020) | 5,571 | (6,538) |
Accrued expenses and other liabilities | 4,494 | (46) | 20,200 |
Returns on investments in unconsolidated entities, net | 80 | 1,111 | |
Other operating cash flows | 84 | ||
Net cash provided by (used in) operating activities | 31,005 | (113,370) | (21,004) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (809) | (7,850) | (10,350) |
Cash acquired in the Merger | 53,800 | ||
Proceeds from sale of property and equipment | 23 | 5 | |
Investments in unconsolidated entities | (1,468) | (1,311) | (1,571) |
Proceeds from the sale of discontinued operations | 3,623 | ||
Distributions from unconsolidated entities | 1,415 | ||
Net cash (used in) provided by investing activities | (862) | 44,662 | (8,293) |
Cash flows from financing activities: | |||
Borrowings from debt | 140,000 | 100,600 | |
Repayment of debt | (112,851) | (53,051) | (109,900) |
Debt issuance costs | (2,688) | (23,000) | |
Proceeds from issuance of senior notes | 886,698 | ||
Bridge commitment fee | (10,322) | ||
Repayment of debt payable to Weyerhaeuser | (623,589) | 145,036 | |
Decrease in book overdrafts | (22,491) | 6,821 | |
Distributions to Weyerhaeuser | (8,606) | (13,920) | |
Net (repayments) proceeds of debt held by variable interest entities | (6,769) | 3,903 | 5,582 |
Contributions from noncontrolling interests | 5,990 | 1,895 | 925 |
Distributions to noncontrolling interests | (9,823) | (19,143) | (8,046) |
Proceeds from issuance of common stock under share-based awards | 1,616 | 176 | |
Excess tax benefits of share-based awards | 428 | 1,757 | 2,097 |
Minimum tax withholding paid on behalf of employees for share-based awards | (2,190) | ||
Net cash provided by financing activities | 13,713 | 234,827 | 28,595 |
Net increase (decrease) in cash and cash equivalents | 43,856 | 166,119 | (702) |
Cash and cash equivalents - beginning of year | 170,629 | 4,510 | 5,212 |
Cash and cash equivalents - end of year | $ 214,485 | $ 170,629 | $ 4,510 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Organization TRI Pointe Group, Inc. is engaged in the design, construction and sale of innovative single-family attached and detached homes through its portfolio of six quality brands across eight states, including Maracay Homes in Arizona, Pardee Homes in California and Nevada, Quadrant Homes in Washington, Trendmaker Homes in Texas, TRI Pointe Homes in California and Colorado and Winchester Homes in Maryland and Virginia. Formation of TRI Pointe Group On July 7, 2015, TRI Pointe Homes reorganized its corporate structure (the “Reorganization”) whereby TRI Pointe Homes became a direct, wholly-owned subsidiary of TRI Pointe Group. As a result of the reorganization, each share of common stock, par value $0.01 per share, of TRI Pointe Homes (“Homes Common Stock”) was cancelled and converted automatically into the right to receive one validly issued, fully paid and non-assessable share of common stock, par value $0.01 per share, of TRI Pointe Group (“Group Common Stock”), each share having the same designations, rights, powers and preferences, and the qualifications, limitations and restrictions thereof as the shares of Homes Common Stock being so converted. TRI Pointe Group, as the successor issuer to TRI Pointe Homes (pursuant to Rule 12g-3(a) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), began making filings under the Securities Act of 1933, as amended, and the Exchange Act on July 7, 2015. In connection with the Reorganization, TRI Pointe Group (i) became a co-issuer of TRI Pointe Homes’ 4.375% Senior Notes due 2019 and TRI Pointe Homes' 5.875% Senior Notes due 2024; and (ii) replaced TRI Pointe Homes as the borrower under TRI Pointe Homes’ existing unsecured revolving credit facility. The business, executive officers and directors of TRI Pointe Group, and the rights and limitations of the holders of Group Common Stock immediately following the Reorganization were identical to the business, executive officers and directors of TRI Pointe Homes, and the rights and limitations of holders of Homes Common Stock immediately prior to the Reorganization. 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”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as described in “Reverse Acquisition” below, as well as other entities in which the Company has a controlling interest and variable interest entities (“VIEs”) in which the Company is the primary beneficiary. The noncontrolling interests as of December 31, 2015 and 2014 represent the outside owners’ interests in the Company’s consolidated entities and the net equity of the VIE owners. All significant intercompany accounts have been eliminated upon consolidation. As a result of the adoption of ASU 2015-03, $20.4 million and $23.7 million of deferred loan costs at December 31, 2015 and 2014, respectively, were reclassified from “Other assets” to “Senior notes” in our Consolidated Balance Sheets. See Note 13, Senior Notes and Notes Payable and Other Borrowings, Unless the context otherwise requires, the terms “we”, “us”, “our” and “the Company” have the following meanings: · For periods prior to July 7, 2015: TRI Pointe Homes (and its consolidated subsidiaries) · For periods from and after July 7, 2015: TRI Pointe Group (and its consolidated subsidiaries) Reverse Acquisition On July 7, 2014 (the “Closing Date”), TRI Pointe Homes, Inc. consummated the previously announced merger (the “Merger”) of our wholly-owned subsidiary, Topaz Acquisition, Inc. (“Merger Sub”), with and into Weyerhaeuser Real Estate Company (“WRECO”), with WRECO surviving the Merger and becoming our wholly-owned subsidiary, as contemplated by the Transaction Agreement, dated as of November 3, 2013 (the “Transaction Agreement”), by and among us, Weyerhaeuser Company (“Weyerhaeuser”), the Company, WRECO and Merger Sub. The Merger is accounted for in accordance with ASC Topic 805, Business Combinations See Note 2, Merger with Weyerhaeuser Real Estate Company, Reclassifications Certain amounts in our consolidated financial statements for prior years have been reclassified to conform to the current period presentation. Financial Services Reporting Segment During the three months ended December 31, 2015, we revised our comparative segment information to reflect our new reportable segment structure. The adjusted segment information constitutes a reclassification for our financial services revenues, expenses and equity in income (loss) of unconsolidated entities previously reported in other operations and has no impact on reported net income (loss) or earnings (loss) per share for preceding periods. This change does not restate information previously reported in the consolidated balance sheets, consolidated statements of equity or consolidated statements of cash flows for the preceding periods. See Note 4. Segment Information 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. Cash and Cash Equivalents and Concentration of Credit Risk We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short-term liquid investments with an initial maturity date of less than three months. The Company’s cash balances exceed federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts. Real Estate Inventories and Cost of Sales Real estate inventories consist of land, land under development, homes under construction, completed homes and model homes and are stated at cost, net of impairment losses. We capitalize direct carrying costs, including interest, property taxes and related development costs to inventories. Field construction supervision and related direct overhead are also included in the capitalized cost of inventories. Direct construction costs are specifically identified and allocated to homes while other common costs, such as land, land improvements and carrying costs, are allocated to homes within a community based upon their anticipated relative sales or fair value. In accordance with ASC Topic 835, Interest The estimation process involved in determining relative sales or fair values is inherently uncertain because it involves estimating future sales values of homes before delivery. Additionally, in determining the allocation of costs to a particular land parcel or individual home, we rely on project budgets that are based on a variety of assumptions, including assumptions about construction schedules and future costs to be incurred. It is common that actual results differ from budgeted amounts for various reasons, including construction delays, increases in costs that have not been committed or unforeseen issues encountered during construction that fall outside the scope of existing contracts, or costs that come in less than originally anticipated. While the actual results for a particular construction project are accurately reported over time, a variance between the budget and actual costs could result in the understatement or overstatement of costs and have a related impact on gross margins between reporting periods. To reduce the potential for such variances, we have procedures that have been applied on a consistent basis, including assessing and revising project budgets on a periodic basis, obtaining commitments from subcontractors and vendors for future costs to be incurred and utilizing the most recent information available to estimate costs. If there are indications of impairment, we perform a detailed budget and cash flow review of our real estate assets to determine whether the estimated remaining undiscounted future cash flows of the community are more or less than the asset’s carrying value. If the undiscounted cash flows are more than the asset’s carrying value, no impairment adjustment is required. However, if the undiscounted cash flows are less than the asset’s carrying value, the asset is deemed impaired and is written down to fair value. These impairment evaluations require us to make estimates and assumptions regarding future conditions, including timing and amounts of development costs and sales prices of real estate assets, to determine if expected future undiscounted cash flows will be sufficient to recover the asset’s carrying value. When estimating undiscounted cash flows of a community, we make various assumptions, including: (i) expected sales prices and sales incentives to be offered, including the number of homes available, pricing and incentives being offered by us or other builders in other communities, and future sales price adjustments based on market and economic trends; (ii) expected sales pace and cancellation rates based on local housing market conditions, competition and historical trends; (iii) costs expended to date and expected to be incurred including, but not limited to, land and land development costs, home construction costs, interest costs, indirect construction and overhead costs, and selling and marketing costs; (iv) alternative product offerings that may be offered that could have an impact on sales pace, sales price and/or building costs; and (v) alternative uses for the property. Many assumptions are interdependent and a change in one may require a corresponding change to other assumptions. For example, increasing or decreasing sales absorption rates has a direct impact on the estimated per unit sales price of a home, the level of time sensitive costs (such as indirect construction, overhead and carrying costs), and selling and marketing costs (such as model maintenance costs and advertising costs). Depending on the underlying objective of the community, assumptions could have a significant impact on the projected cash flow analysis. For example, if our objective is to preserve operating margins, our cash flow analysis will be different than if the objective is to increase sales. These objectives may vary significantly from community to community and over time. If assets are considered impaired, impairment is determined by the amount the asset’s carrying value exceeds its fair value. Fair value is determined based on estimated future cash flows discounted for inherent risks associated with real estate assets. These discounted cash flows are impacted by expected risk based on estimated land development, construction and delivery timelines; market risk of price erosion; uncertainty of development or construction cost increases; and other risks specific to the asset or market conditions where the asset is located when assessment is made. These factors are specific to each community and may vary among communities. We perform a quarterly review for indicators of impairment. For the years ended December 31, 2015, 2014 and 2013 we recorded impairment charges of $1.2 million, $931,000 and $341.1 million, respectively. The impairment charge in 2013 was primarily related to the impairment of the Coyote Springs Property, which was an excluded asset per the Transaction Agreement. Revenue Recognition In accordance with ASC Topic 360, Property, Plant, and Equipment Warranty Reserves In the normal course of business, we incur warranty-related costs associated with homes that have been delivered to homebuyers. Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related home sales revenues are recognized while indirect warranty overhead salaries and related costs are charged to cost of sales in the period incurred. Factors that affect the warranty accruals include the number of homes delivered, historical and anticipated rates of warranty claims and cost per claim. Our primary assumption in estimating the amounts we accrue for warranty costs is that historical claims experience is a strong indicator of future claims experience. Investments in Unconsolidated Entities We have investments in unconsolidated entities over which we have significant influence that we account for using the equity method with taxes provided on undistributed earnings. We record earnings and accrue taxes in the period that the earnings are recorded by our affiliates. Under the equity method, our share of the unconsolidated entities’ earnings or loss is included in equity in income (loss) of unconsolidated entities in the accompanying consolidated statement of operations. We evaluate our investments in unconsolidated entities for impairment when events and circumstances indicate that the carrying value of the investment may not be recoverable. Variable Interest Entities The Company accounts for variable interest entities in accordance with ASC Topic 810, Consolidation Under ASC 810, a non-refundable deposit paid to an entity is deemed to be a variable interest that will absorb some or all of the entity’s expected losses if they occur. Our land purchase and lot option deposits generally represent our maximum exposure to the land seller if we elect not to purchase the optioned property. In some instances, we may also expend funds for due diligence, development and construction activities with respect to optioned land prior to takedown. Such costs are classified as inventories owned, which we would have to write off should we not exercise the option. Therefore, whenever we enter into a land option or purchase contract with an entity and make a non-refundable deposit, a VIE may have been created. In accordance with ASC 810, we perform ongoing reassessments of whether we are the primary beneficiary of a VIE. Stock-Based Compensation We account for share-based awards in accordance with ASC Topic 718, Compensation-Stock Compensation Sales and Marketing Expense Sales and marketing costs incurred to sell real estate projects are capitalized if they are reasonably expected to be recovered from the sale of the project or from incidental operations and are incurred for tangible assets that are used directly through the selling period to aid in the sale of the project or services that have been performed to obtain regulatory approval of sales. All other selling expenses and other marketing costs are expensed in the period incurred. Restructuring Charges Restructuring charges are incurred related to the Merger in addition to general cost reduction initiatives. These charges are comprised of employee retention and severance-related expenses and lease termination costs. We account for restructuring charges in accordance with ASC Topic 420, Exit or Disposal Cost Obligations – Compensation – Nonretirement Postemployment Benefits. Income Taxes We account for income taxes in accordance with ASC Topic 740, Income Taxes . Each quarter we assess our deferred tax assets to determine whether all or any portion of the assets 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. Due to uncertainties inherent in the estimation process, it is possible that actual results may vary from estimates. We classify any interest and penalties related to income taxes as part of income tax expense. As of December 31, 2015 and 2014 the Company had liabilities for gross unrecognized tax benefits of $272,000 and $14.9 million, respectively, the majority of which were assumed in connection with the Merger. Goodwill In accordance with ASC Topic 350, Intangibles-Goodwill and Other Recently Issued Accounting Standards In April 2014, the FASB issued amendments to Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. We adopted ASU 2014-08 on January 1, 2015 and the adoption had no impact on our current or prior year financial statements. In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers Revenue Recognition In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (“ASU 2014-15”), Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2015, the FASB issued Accounting Standards Update No. 2015-02, (“ASU 2015-02”), Consolidation (Topic 810): Amendments to the Consolidation Analysis. In April 2015 and August 2015, the FASB issued Accounting Standards Update No. 2015-03, (“ASU 2015-03”), Interest - Imputation of Interest (Subtopic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements Senior Notes and Notes Payable and Other Borrowings, In November 2015, the FASB issued Accounting Standards Update No. 2015-17, (“ASU 2015-17”), Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes |
Merger with Weyerhaeuser Real E
Merger with Weyerhaeuser Real Estate Company | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Merger with Weyerhaeuser Real Estate Company | 2. Merger with Weyerhaeuser Real Estate Company In the Merger, TRI Pointe issued 129,700,000 shares of TRI Pointe common stock to the former holders of WRECO common shares, together with cash in lieu of any fractional shares. On the Closing Date, WRECO became a wholly-owned subsidiary of TRI Pointe. Immediately following the consummation of the Merger, the ownership of TRI Pointe common stock on a fully diluted basis was as follows: (i) the WRECO common shares held by former Weyerhaeuser shareholders were converted into the right to receive, in the aggregate, approximately 79.6% of the then outstanding TRI Pointe common stock, (ii) the TRI Pointe common stock outstanding immediately prior to the consummation of the Merger represented approximately 19.4% of the then outstanding TRI Pointe common stock, and (iii) the outstanding equity awards of WRECO and TRI Pointe employees represented the remaining 1.0% of the then outstanding TRI Pointe common stock. On the Closing Date, the former direct parent entity of WRECO paid TRI Pointe $31.5 million in cash in accordance with the Transaction Agreement. Following the Merger, WRECO changed its name to TRI Pointe Holdings, Inc. Assumption of Senior Notes On the Closing Date, TRI Pointe Homes assumed WRECO’s obligations as issuer of $450 million aggregate principal amount of its 4.375% Senior Notes due 2019 (the “2019 Notes”) and $450 million aggregate principal amount of its 5.875% Senior Notes due 2024 (the “2024 Notes” and together with the 2019 Notes, the “Senior Notes”). Additionally, WRECO and certain of its subsidiaries (collectively, the “Guarantors”) entered into supplemental indentures pursuant to which they guaranteed TRI Pointe’s obligations with respect to the Senior Notes. The Guarantors also entered into a joinder agreement to the Purchase Agreement, dated as of June 4, 2014, among WRECO, TRI Pointe, and the initial purchasers of the Senior Notes (collectively, the “Initial Purchasers”), pursuant to which the Guarantors became parties to the Purchase Agreement. Additionally, TRI Pointe and the Guarantors entered into joinder agreements to the Registration Rights Agreements, dated as of June 13, 2014, among WRECO and the Initial Purchasers with respect to the Senior Notes, pursuant to which TRI Pointe and the Guarantors were joined as parties to the Registration Rights Agreements. In connection with the Reorganization, TRI Pointe Group became a co-issuer with TRI Pointe Homes of the Senior Notes. The net proceeds of $861.3 million from the offering of the Senior Notes were deposited into two separate escrow accounts following the closing of the offering on June 13, 2014. Upon release of the escrowed funds on the Closing Date and prior to the consummation of the Merger, WRECO paid $743.7 million in cash to its former direct parent, which cash was retained by Weyerhaeuser and its subsidiaries (other than WRECO and its subsidiaries). The payment consisted of the $739.0 million Payment Amount (as defined in the Transaction Agreement) as well as $4.7 million in payment of all unpaid interest on the debt payable to Weyerhaeuser that accrued from November 3, 2013 to the Closing Date. The remaining $117.6 million of proceeds was retained by TRI Pointe. Transaction Expenses Advisory, financing, integration and other transaction costs directly related to the Merger, excluding the impact of restructuring costs and purchase accounting adjustments, totaled $18.0 million for the year ended December 31, 2014. No additional transaction-related costs were incurred in 2015. Fair Value of Assets Acquired and Liabilities Assumed The following table summarizes the calculation of the fair value of the total consideration transferred and the provisional amounts recognized as of the Closing Date (in thousands, except shares and closing stock price): Calculation of consideration transferred TRI Pointe shares outstanding 31,632,533 TRI Pointe closing stock price on July 7, 2014 $ 15.85 Consideration attributable to common stock $ 501,376 Consideration attributable to TRI Pointe share-based equity awards 1,072 Total consideration transferred $ 502,448 Assets acquired and liabilities assumed Cash and cash equivalents $ 53,800 Accounts receivable 654 Real estate inventories 539,677 Intangible asset 17,300 Goodwill 139,304 Other assets 28,060 Total assets acquired 778,795 Accounts payable (26,105 ) Accrued expenses and other liabilities (23,114 ) Notes payable and other borrowings (227,128 ) Total liabilities assumed (276,347 ) Total net assets acquired $ 502,448 Cash and cash equivalents, accounts receivable, other assets, accounts payable, accrued payroll liabilities, and accrued expenses and other liabilities were generally stated at historical carrying values given the short-term nature of these assets and liabilities. Notes payable and other borrowings are stated at carrying value due to the limited amount of time since the notes payable and other borrowings were entered into prior to the Closing Date. The Company determined the fair value of real estate inventories on a community-by-community basis primarily using a combination of market-comparable land transactions, land residual analysis and discounted cash flow models. The estimated fair value is significantly impacted by estimates related to expected average selling prices, sales pace, cancellation rates and construction and overhead costs. Such estimates must be made for each individual community and may vary significantly between communities. The fair value of the acquired intangible asset was determined based on a valuation performed by an independent valuation specialist. The $17.3 million intangible asset is related to the TRI Pointe Homes trade name which is deemed to have an indefinite useful life. Goodwill is primarily attributed to expected synergies from combining WRECO’s and TRI Pointe’s existing businesses, including, but not limited to, expected cost synergies from overhead savings resulting from streamlining certain redundant corporate functions, improved operating efficiencies, including provision of certain corporate level administrative and support functions at a lower cost than was historically allocated to WRECO for such services by its former direct parent, and growth of ancillary operations in various markets as permitted under applicable law, including a mortgage business, a title company and other ancillary operations. The Company also anticipates opportunities for growth through expanded geographic and homebuyer segment diversity and the ability to leverage additional brands. The acquired goodwill is not deductible for income tax purposes. The Company completed its business combination accounting during the first quarter of 2015. Supplemental Pro Forma Information (Unaudited) The following represents unaudited pro forma operating results as if the acquisition had been completed as of January 1, 2013 (in thousands, except per share amounts): Year Ended December 31, 2014 2013 Total revenues $ 1,865,723 $ 1,532,667 Net income $ 88,416 $ 91,028 Earnings per share – basic $ 0.55 $ 0.56 Earnings per share – diluted $ 0.55 $ 0.56 The unaudited pro forma operating results have been determined after adjusting the operating results of TRI Pointe to reflect the purchase accounting and other acquisition adjustments including interest expense associated with the debt used to fund a portion of the Merger. The unaudited pro forma results do not reflect any cost savings, operating synergies or other enhancements that we may achieve as a result of the Merger or the costs necessary to integrate the operations to achieve these cost savings and synergies. Accordingly, the unaudited pro forma amounts are for comparative purposes only and may not necessarily reflect the results of operations had the Merger been completed at the beginning of the period or be indicative of the results we will achieve in the future. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charges | 3. Restructuring Charges In connection with the Merger, the Company initiated a restructuring plan to reduce duplicate corporate and divisional overhead costs and expenses. In addition, WRECO previously recognized restructuring expenses related to general cost reduction initiatives. Restructuring costs were comprised of the following (in thousands): Year Ended December 31, 2015 2014 2013 Employee-related costs $ 1,546 $ 9,211 $ 5,736 Lease termination costs 1,783 1,332 5,202 Total $ 3,329 $ 10,543 $ 10,938 Employee-related costs incurred during the year ended December 31, 2015 included severance-related expenses of $1.5 million. Employee-related costs incurred during the year ended December 31, 2014 included employee retention and severance-related expenses of $8.3 million and stock-based compensation expense of $947,000 for employees terminated during the period. Employee retention and severance-related expenses were $5.7 million for the year ended December 31, 2013. Lease termination costs of $1.8 million, $1.3 million and $5.2 million during the years ended December 31, 2015, 2014 and 2013, respectively, relate to contract terminations as a result of general cost reduction initiatives. Changes in employee-related restructuring reserves were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Accrued employee-related costs, beginning of period $ 3,844 $ 4,336 $ 28 Current year charges 1,546 8,264 5,736 Payments (5,170 ) (8,756 ) (1,428 ) Accrued employee-related costs, end of period $ 220 $ 3,844 $ 4,336 Changes in lease termination related restructuring reserves were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Accrued lease termination costs, beginning of period $ 1,394 $ 3,506 $ 2,335 Current year charges 1,783 1,332 5,202 Payments (2,410 ) (3,444 ) (4,031 ) Accrued lease termination costs, end of period $ 767 $ 1,394 $ 3,506 Employee and lease termination restructuring reserves are included in accrued expenses and other liabilities on our consolidated balance sheets. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | 4. Segment Information We operate two principal businesses: homebuilding and financial services. Our homebuilding operations consist of six homebuilding companies where we acquire and develop land and construct and sell single-family detached and attached homes. In accordance with ASC Topic 280, Segment Reporting Our financial services operation (“TRI Pointe Solutions”) is comprised of mortgage financing operations and title services operations. Our mortgage financing operation (“TRI Pointe Connect”) provides mortgage financing to our homebuyers in all of the markets in which we operate. TRI Pointe Connect was formed as a joint venture with imortgage and is accounted for under the equity method of accounting. Our title services operation (“TRI Pointe Assurance”) provides title examinations for our homebuyers in our Trendmaker Homes and Winchester Homes brands. TRI Pointe Assurance is a wholly-owned subsidiary of TRI Pointe Group and acts as a title agency for First American Title Insurance Company. 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 as our consolidated financial statements described in Note 1. 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 from continuing operations before income taxes for each of our reportable segments were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Revenues Maracay Homes $ 185,645 $ 150,689 $ 145,822 Pardee Homes 670,063 525,381 519,074 Quadrant Homes 189,401 145,377 127,237 Trendmaker Homes 278,759 281,270 260,566 TRI Pointe Homes 774,005 324,208 — Winchester Homes 302,276 276,691 222,013 Total homebuilding revenues 2,400,149 1,703,616 1,274,712 Financial services 1,010 — — Total $ 2,401,159 $ 1,703,616 $ 1,274,712 Income (loss) before taxes Maracay Homes $ 9,849 $ 10,845 $ 10,438 Pardee Homes 183,077 74,898 (258,138 ) Quadrant Homes 10,478 9,028 1,504 Trendmaker Homes 25,004 31,684 28,452 TRI Pointe Homes 104,970 19,272 — Winchester Homes 22,411 24,612 24,561 Corporate (1) (38,589 ) (42,350 ) (44,271 ) Total homebuilding income (loss) before taxes 317,200 127,989 (237,454 ) Financial services 2,060 (25 ) — Total $ 319,260 $ 127,964 $ (237,454 ) Impairments and lot option abandonments Maracay Homes $ 86 $ 443 $ 203 Pardee Homes 35 306 343,661 (2) Quadrant Homes 25 1,059 1,146 Trendmaker Homes 118 45 7 TRI Pointe Homes 460 49 — Winchester Homes 1,206 613 431 Total $ 1,930 $ 2,515 $ 345,448 (1) Includes $18.0 million of Merger related transaction costs and $5.5 million of restructuring charges for the year ended December 31, 2014. No similar costs were incurred for the year ended December 31, 2015. (2) Includes $343.3 million of impairment and related charges for Coyote Springs, a large master planned community north of Las Vegas, Nevada that was owned by Pardee Homes and excluded under the Transaction Agreement. Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands): December 31, December 31, 2015 2014 Real estate inventories Maracay Homes $ 206,912 $ 153,577 Pardee Homes 1,011,982 924,362 Quadrant Homes 190,038 153,493 Trendmaker Homes 199,398 176,696 TRI Pointe Homes 659,130 613,666 Winchester Homes 251,813 258,389 Total $ 2,519,273 $ 2,280,183 Total assets Maracay Homes $ 227,857 $ 170,932 Pardee Homes 1,089,586 1,000,489 Quadrant Homes 202,024 167,796 Trendmaker Homes 213,562 195,829 TRI Pointe Homes 832,423 781,301 Winchester Homes 278,374 281,547 Corporate 292,169 291,944 Total homebuilding assets 3,135,995 2,889,838 Financial services 2,076 — Total $ 3,138,071 $ 2,889,838 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 5. 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): Year Ended December 31, 2015 2014 2013 Numerator: Income (loss) from continuing operations $ 205,461 $ 84,197 $ (151,293 ) Income from discontinued operations — — 1,838 Net income (loss) available to common stockholders $ 205,461 $ 84,197 $ (149,455 ) Denominator: Basic weighted-average shares outstanding 161,692,152 145,044,351 129,700,000 Effect of dilutive shares: Stock options and unvested restricted stock units 627,606 486,938 — Diluted weighted-average shares outstanding 162,319,758 145,531,289 129,700,000 Earnings per share Basic Continuing operations $ 1.27 $ 0.58 $ (1.17 ) Discontinued operations — — 0.02 Net earnings (loss) per share $ 1.27 $ 0.58 $ (1.15 ) Diluted Continuing operations $ 1.27 $ 0.58 $ (1.17 ) Discontinued operations — — 0.02 Net earnings (loss) per share $ 1.27 $ 0.58 $ (1.15 ) Antidilutive stock options not included in diluted earnings per share 2,622,391 1,295,280 — In the Merger, each issued and outstanding WRECO common share was converted into 1.297 shares of TRI Pointe common stock. The historical issued and outstanding WRECO common shares (100,000,000 common shares for all periods presented prior to the Merger) have been recast (as 129,700,000 common shares of the Company for all periods prior to the Merger) in all periods presented to reflect this conversion. See Note 2, Merger with Weyerhaeuser Real Estate Company, |
Receivables, Net
Receivables, Net | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Receivables, Net | 6. Receivables, Net Receivables, net consisted of the following (in thousands): December 31, December 31, 2015 2014 Escrow proceeds and other accounts receivable, net $ 32,917 $ 9,771 Warranty insurance receivable (Note 15) 10,493 10,047 Notes and contracts receivable 300 300 Total receivables $ 43,710 $ 20,118 Each receivable is evaluated for collectability at least quarterly, 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 $1.7 million in 2015 and $1.4 million in 2014 . |
Real Estate Inventories
Real Estate Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Real Estate Inventories | 7. Real Estate Inventories Real estate inventories consisted of the following (in thousands): December 31, December 31, 2015 2014 Real estate inventories owned: Homes completed or under construction $ 575,076 $ 461,712 Land under development 1,443,461 1,391,303 Land held for future development 295,241 245,673 Model homes 140,232 103,270 Total real estate inventories owned 2,454,010 2,201,958 Real estate inventories not owned: Land purchase and land option deposits 39,055 44,155 Consolidated inventory held by VIEs 26,208 34,070 Total real estate inventories not owned 65,263 78,225 Total real estate inventories $ 2,519,273 $ 2,280,183 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 improvement 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. Real estate inventories not owned represents deposits related to land purchase and land option agreements as well as consolidated inventory held by a VIE. For further details, see Note 9, Variable Interest Entities Interest incurred, capitalized and expensed were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Interest incurred $ 60,964 $ 41,706 $ 22,674 Interest capitalized (60,964 ) (38,975 ) (19,081 ) Interest expensed $ — $ 2,731 $ 3,593 Capitalized interest in beginning inventory $ 124,461 $ 138,233 $ 155,823 Interest capitalized as a cost of inventory 60,964 38,975 19,081 Interest previously capitalized as a cost of inventory, included in cost of sales (45,114 ) (52,747 ) (36,671 ) Capitalized interest in ending inventory $ 140,311 $ 124,461 $ 138,233 Interest is capitalized to real estate inventory during development and other qualifying activities. Interest that is capitalized to real estate inventory is included in cost of home sales as related units are delivered. Interest that is expensed as incurred is included in other income (loss), net on the consolidated statements of operations. Real estate inventory impairments and land option abandonments Real estate inventory impairments and land option abandonments consisted of the following (in thousands): Year Ended December 31, 2015 2014 2013 Real estate inventory impairments $ 1,167 $ 931 $ 341,086 Land and lot option abandonments and pre-acquisition costs 763 1,584 4,362 Total $ 1,930 $ 2,515 $ 345,448 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 above. 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. The real estate inventory impairment charge in 2013 is primarily related to the $340.3 million impairment of the Coyote Springs Property in December 2013. Under the terms of the Transaction Agreement, certain assets and liabilities of WRECO and its subsidiaries were excluded from the transaction and retained by Weyerhaeuser, including assets and liabilities relating to the Coyote Springs Property. |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Unconsolidated Entities | 8. Investments in Unconsolidated Entities As of December 31, 2015, we held equity investments in six active homebuilding partnerships or limited liability companies and one financial services limited liability company. Our participation in these entities may be as a developer, a builder, or an investment partner. Our ownership percentage varies from 7% to 55%, depending on the investment, with no controlling interest held in any of these investments. Investments Held Our cumulative investment in entities accounted for on the equity method, including our share of earnings and losses, consisted of the following (in thousands): December 31, 2015 2014 Limited liability company interests $ 15,739 $ 13,710 General partnership interests 3,260 3,095 Total $ 18,999 $ 16,805 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 investment in unconsolidated entities or on our consolidated statement of operations as equity in income (loss) of unconsolidated entities. Assets and liabilities of unconsolidated entities (in thousands): December 31, 2015 2014 Assets Cash $ 18,641 $ 17,154 Receivables 13,108 9,550 Real estate inventories 92,881 95,500 Other assets 1,180 620 Total assets $ 125,810 $ 122,824 Liabilities and equity Accounts payable and other liabilities $ 14,443 $ 10,914 Company’s equity 18,999 16,805 Outside interests' equity 92,368 95,105 Total liabilities and equity $ 125,810 $ 122,824 Results of operations from unconsolidated entities (in thousands): Year Ended December 31, 2015 2014 2013 Net sales $ 7,326 $ 606 $ 6,271 Other operating expense (6,690 ) (4,290 ) (7,521 ) Other expense (279 ) (2 ) (18 ) Net income (loss) $ 357 $ (3,686 ) $ (1,268 ) Company’s equity in income (loss) of unconsolidated entities $ 2,691 $ (288 ) $ 2 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | 9. Variable Interest Entities In the ordinary course of business, we enter into land option agreements in order to procure land and residential lots for future development and the construction of homes. The use of such land 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 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. Such deposits are recorded as land purchase and land option deposits under real estate inventories not owned in the accompanying consolidated balance sheets. We analyze each of our land option agreements and other similar contracts under the provisions of ASC 810 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 option agreements have no recourse against us. The maximum exposure to loss under our land option agreements is 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 land owner and budget shortfalls and savings will be borne by us. The following provides a summary of our interests in land option agreements (in thousands): December 31, 2015 December 31, 2014 Remaining Consolidated Remaining Consolidated Purchase Inventory Purchase Inventory Deposits Price Held by VIEs Deposits Price Held by VIEs Consolidated VIEs $ 3,003 $ 23,239 $ 26,208 $ 8,071 $ 43,432 $ 34,070 Unconsolidated VIEs 11,615 74,590 N/A 13,309 129,637 N/A Other land option agreements 27,440 279,612 N/A 30,846 284,819 N/A Total $ 42,058 $ 377,441 $ 26,208 $ 52,226 $ 457,888 $ 34,070 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 option contracts consisted of capitalized pre-acquisition costs of $5.0 million and $5.3 million as of December 31, 2015 and 2014, respectively. These pre-acquisition costs were included in real estate inventories as land under development on our consolidated balance sheets. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 10. Goodwill and Other Intangible Assets In connection with the Merger, $139.3 million of goodwill has been recorded as of December 31, 2015 Merger with Weyerhaeuser Real Estate Company. We have two intangible assets as of December 31, 2015, including an existing trade name from the acquisition of Maracay Homes in 2006 which has a 20 year useful life, and a new trade name, TRI Pointe Homes, resulting from the Merger in 2014 which has an indefinite useful life. For further details on the TRI Pointe Homes trade name see Note 2, Merger with Weyerhaeuser Real Estate Company. Goodwill and other intangible assets consisted of the following (in thousands): December 31, 2015 December 31, 2014 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Goodwill $ 139,304 $ — $ 139,304 $ 139,304 $ — $ 139,304 Trade names 27,979 (5,254 ) 22,725 27,979 (4,720 ) 23,259 Total $ 167,283 $ (5,254 ) $ 162,029 $ 167,283 $ (4,720 ) $ 162,563 The remaining useful life of our amortizing intangible asset related to Maracay was 10.2 and 11.2 years as of December 31, 2015 and 2014, respectively. Amortization expense related to this intangible asset was $534,000 for the year ended December 31, 2015 and 2014, respectively, and was charged to sales and marketing expense. Our $17.3 million indefinite life intangible asset related to TRI Pointe Homes trade name is not amortizing. All trade names 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 next five years and thereafter is (in thousands): 2016 $ 534 2017 534 2018 534 2019 534 2020 534 Thereafter 2,755 Total $ 5,425 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | 11. Other Assets Other assets consisted of the following (in thousands): December 31, December 31, 2015 2014 Prepaid expenses $ 14,523 $ 29,111 Refundable fees and other deposits 17,056 15,581 Development rights, held for future use or sale 4,360 7,409 Deferred loan costs 2,179 — Operating properties and equipment, net 7,643 11,719 Income tax receivable — 10,713 Other 3,157 7,186 Total $ 48,918 $ 81,719 |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | 12. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): December 31, December 31, 2015 2014 Accrued payroll and related costs $ 28,264 $ 24,717 Warranty reserves (Note 15) 45,948 33,270 Estimated cost for completion of real estate inventories 52,818 48,737 Customer deposits 12,132 14,229 Debt (nonrecourse) held by VIEs 2,442 9,512 Income tax liability to Weyerhaeuser (Note 18) 8,900 15,659 Accrued income taxes payable 19,279 — Liability for uncertain tax positions (Note 17) 307 13,797 Accrued interest 2,417 3,059 Accrued insurance expense 1,402 9,180 Other tax liability 21,764 9,079 Other 20,590 28,770 Total $ 216,263 $ 210,009 |
Senior Notes and Notes Payable
Senior Notes and Notes Payable and Other Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Senior Notes and Notes Payable and Other Borrowings | 13. Senior Notes and Notes Payable and Other Borrowings Senior Notes Senior notes consisted of the following (in thousands): December 31, December 31, 2015 2014 4.375% Senior Notes due June 15, 2019 $ 450,000 $ 450,000 5.875% Senior Notes due June 15, 2024 450,000 450,000 Discount and deferred loan costs (31,321 ) (36,184 ) Total $ 868,679 $ 863,816 As discussed in Note 1, Organization and Summary of Significant Accounting Policies and applied the new guidance retrospectively to all prior periods presented in the financial statements. As a result of the adoption of ASU 2015-03, $20.4 million and $23.7 million of deferred loan costs at December 31, 2015 and 2014, respectively, were reclassified from “Other assets” to “Senior notes” in our Consolidated Balance Sheets. As discussed in Note 2, Merger with Weyerhaeuser Real Estate Company The 2019 Notes and the 2024 Notes mature on June 15, 2019 and June 15, 2024, respectively. Interest is payable semiannually in arrears on June 15 and December 15. As of December 31, 2015, no principal has been paid on the Senior Notes, and there was $20.4 million of capitalized debt financing costs, included in senior notes on our consolidated balance sheet, that will amortize over the lives of the Senior Notes. Accrued interest related to the Senior Notes was $1.9 million as of December 31, 2015 and 2014, respectively. Other Borrowings Other borrowings consisted of the following (in thousands): December 31, December 31, 2015 2014 Unsecured revolving credit facility $ 299,392 $ 260,000 Unsecured Revolving Credit Facility In May 2015, the Company amended its unsecured revolving credit facility (the “Credit Facility”) to increase the aggregate commitment amount from $425 million to $550 million. The Credit Facility matures on May 18, 2019, and contains a sublimit of $75 million for letters of credit. The Company may borrow under the Credit Facility in the ordinary course of business to fund its operations, including its land development and homebuilding activities. Borrowings under the Credit Facility will be governed by, among other things, a borrowing base. Interest rates on borrowings under the Credit Facility will be based on either a daily Eurocurrency base rate or a Eurocurrency rate, in either case, plus a spread ranging from 1.45% to 2.20%, depending on the Company’s leverage ratio. As of December 31, 2015, the outstanding balance under the Credit Facility was $299.4 million with an interest rate of 2.35% per annum and $242.2 million of availability after considering the borrowing base provisions and outstanding letters of credit. As of December 31, 2015 there was $2.2 million of capitalized debt financing costs, included in Other Assets on our consolidated balance sheet, related to the Credit Facility that will amortize over the life of the Credit Facility, maturing on May 18, 2019. There were no capitalized debt financing costs related to the Credit Facility as of December 31, 2014. Accrued interest related to the Credit Facility was $407,000 and $620,000 as of December 31, 2015 and December 31, 2014, respectively. At December 31, 2015 and 2014, we had outstanding letters of credit of $8.4 million and $11.8 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. Seller Financed Loans Seller financed loans consisted of the following (in thousands): December 31, December 31, 2015 2014 Seller financed loans $ 2,434 $ 14,677 Principal and interest payments on these loans are due at various maturity dates, including at the time individual homes associated with the acquired land are delivered. The seller financed loans accrue interest at a weighted average rate of 6.84% per annum, with interest calculated on a daily basis. Any remaining unpaid balance on these loans is due in May 2016. Accrued interest on these loans was $89,000 and $517,000 as of December 31, 2015 and 2014, respectively. Interest Incurred During the years ended December 31, 2015 and 2014, the Company incurred interest of $61.0 million and $41.7 million, respectively, related to all notes payable, Senior Notes and debt payable to Weyerhaeuser outstanding during the period. Of the interest incurred, $61.0 million and $39.0 million was capitalized to inventory for the years ended December 31, 2015 and 2014, respectively. Included in interest incurred was amortization of deferred financing and Senior Note discount costs of $5.4 million and $2.4 million for the years ended December 31, 2015 and 2014, respectively. Accrued interest related to all outstanding debt at December 31, 2015 and 2014 was $2.4 million and $3.1 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 but not limited to (i) a minimum consolidated tangible net worth; (ii) a maximum total leverage ratio; and (iii) a minimum interest coverage ratio. The Company was in compliance with all applicable financial covenants as of December 31, 2015 and December 31, 2014. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 14. Fair Value Disclosures Fair Value Measurements ASC Topic 820, Fair Value Measurements and Disclosures · 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 December 31, 2015 and 2014, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (in thousands): December 31, 2015 December 31, 2014 Hierarchy Book Value Fair Value Book Value Fair Value Senior Notes (1) Level 2 889,054 881,460 887,502 896,625 Unsecured revolving credit facility (2) Level 2 299,392 299,392 260,000 260,000 Seller financed loans (3) Level 2 2,434 2,368 14,677 14,677 At December 31, 2015 and 2014, the carrying value of cash and cash equivalents and receivables approximated fair value. (1) (2) (3) Fair Value of Nonfinancial Assets Nonfinancial assets include items such as real estate inventories and long-lived assets that are measured at fair value on a nonrecurring basis with events and circumstances indicating the carrying value is not recoverable. The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands): Year Ended Year Ended December 31, 2015 December 31, 2014 Fair Value Fair Value Impairment Net of Impairment Net of Charge Impairment Charge Impairment Real estate inventories (1) $ 1,167 $ 28,540 $ 931 $ 20,329 (1) Fair value of real estate inventories, net of impairment charges represents only those assets whose carrying values were adjusted to fair value in the respective periods presented. The fair value of these real estate inventories impaired was determined based on recent offers received from outside third parties or actual contracts |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. 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 and environmental protection. 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 these 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. If our evaluations indicate loss contingencies that could be material are not probable, but are reasonably possible, we will disclose their nature with an estimate of a possible range of losses or a statement that such loss is not reasonably estimable. 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 construction-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. Included in our warranty reserve accrual are allowances to cover our estimated costs of self-insured retentions and deductible amounts under these policies and estimated costs for claims that may not be covered by applicable insurance or indemnities. Estimation of these accruals include consideration of our claims history, including current claims and estimates of claims incurred but not yet reported. In 2015, we engaged a third-party actuary to analyze our warranty reserves and allowances to cover any current or future construction-related claims. The third-party actuary used our historical expense and claim data, as well as industry data, to estimate a reserve amount. As result of this analysis, we increased our warranty liability by $6.0 million during the fourth quarter of 2015. We also record expected recoveries from insurance carriers when proceeds are probable and estimable. Outstanding warranty insurance receivables were $10.5 million and $10.0 million as of December 31, 2015 and 2014, respectively. Warranty insurance receivables are recorded in receivables on the accompanying consolidated balance sheet. 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. Warranty reserves consisted of the following (in thousands): Year Ended December 31, 2015 2014 2013 Warranty reserves, beginning of period $ 33,270 $ 24,449 $ 24,485 Warranty reserves accrued 16,557 11,659 8,102 Liabilities assumed in the Merger — 7,481 — Adjustments to pre-existing reserves 7,451 199 1,933 Warranty expenditures (11,330 ) (10,518 ) (10,071 ) Warranty reserves, end of period $ 45,948 $ 33,270 $ 24,449 Performance Bonds We obtain surety bonds in the normal course of business with various municipalities and other government agencies to secure completion of certain infrastructure improvements of our projects. As of December 31, 2015 and December 31, 2014, the Company had outstanding surety bonds totaling $414.1 million and $355.2 million, respectively. If any such performance bonds or letters of credit are called, we would be obligated to reimburse the issuer of the performance bond or letter of credit. We do not believe that a material amount of any currently outstanding performance bonds or letters of credit will be called. Performance bonds do not have stated expiration dates. Rather, we are released from the performance bonds as the underlying performance is completed. Operating Leases Office Space, Buildings and Equipment We lease certain property and equipment under non-cancelable operating leases. Office leases are for terms up to nine years and generally provide renewal options for terms up to an additional five years. 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 to four years. The future minimum rental payments under operating leases, which primarily consist of office leases having initial or remaining noncancellable lease terms in excess of one year, are as follows (in thousands): 2016 $ 7,448 2017 6,920 2018 5,175 2019 4,947 2020 4,110 Thereafter 7,043 $ 35,643 For the years ended December 31, 2015, 2014 and 2013, rental expense was $6.2 million, $4.9 million and $5.1 million, respectively. Rent expense is included in general and administrative expenses on the consolidated statements of operations. 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 year extensions on one of these ground leases extending 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 land owner, and we collect sublease payments from the buyers of the buildings. Our lease commitments under this ground lease, which extends through 2071, were (in thousands): 2016 $ 2,265 2017 2,265 2018 2,265 2019 2,265 2020 2,265 Thereafter 77,770 $ 89,095 This ground lease has been subleased through 2041 to the buyers of the commercial buildings. Our lease commitments through 2041 total $58.9 million as of December 31, 2015, and are fully offset by sublease receipts under the noncancellable subleases. For the second lease, the buyers of the buildings are responsible for making lease payments directly to the land owner. However, we have guaranteed the performance of the buyers/lessees. As of December 31, 2015, guaranteed future payments on the lease, which expires in 2041, were $11.0 million. Purchase Obligations In the ordinary course of business, we enter into land option contracts in order to procure lots for the construction of our homes. We are subject to customary obligations associated with entering into contracts for the purchase of land and improved lots. These purchase contracts typically require a cash deposit and the purchase of properties under these contracts is generally contingent upon satisfaction of certain requirements by the sellers, including obtaining applicable property and development entitlements. We also utilize option contracts with land sellers as a method of acquiring land in staged takedowns, to help us manage the financial and market risk associated with land holdings, and to reduce the use of funds from our corporate financing sources. Option contracts generally require a non-refundable deposit for the right to acquire lots over a specified period of time at pre-determined prices. We generally have the right at our discretion to terminate our obligations under both purchase contracts and option contracts by forfeiting our cash deposit with no further financial responsibility to the land seller. As of December 31, 2015, we had $42.1 million of non-refundable cash deposits pertaining to land option contracts and purchase contracts with an aggregate remaining purchase price of approximately $377.4 million (net of deposits). Our utilization of land option contracts is dependent on, among other things, the availability of land sellers willing to enter into option takedown arrangements, the availability of capital to financial intermediaries to finance the development of optioned lots, general housing market conditions, and local market dynamics. Options may be more difficult to procure from land sellers in strong housing markets and are more prevalent in certain geographic regions. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 16. 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 legacy TRI Pointe in January 2013 and amended with the approval of our stockholders in 2014. The 2013 Incentive Plan provides for the grant of equity-based awards, including options to purchase shares of common stock, stock appreciation rights, common stock, restricted stock, restricted stock units 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 December 31, 2015 there were 9,565,094 shares available for future grant under the 2013 Incentive Plan. Converted Awards Under the Transaction Agreement, each outstanding Weyerhaeuser equity award held by an employee of WRECO was converted into a similar equity award with TRI Pointe, based on the final exchange ratio of 2.1107 (the “Exchange Ratio”), rounded down to the nearest whole number of shares of common stock. The Company filed a registration statement on Form S-8 (Registration No. 333-197461) on July 16, 2014 to register 4,105,953 shares related to these equity awards. The converted awards have the same terms and conditions as the Weyerhaeuser equity awards except that all performance share units were surrendered in exchange for time-vesting restricted stock units without any performance-based vesting conditions or requirements and the exercise price of each converted stock option is equal to the original exercise price divided by the Exchange Ratio. There will be no future grants under the WRECO equity incentive plans. The fair value of stock option awards assumed in the Merger was determined by using an option-based model with the following assumptions: 2014 Grants 2013 Grants 2012 Grants 2011 Grants Dividend yield 2.92 % 2.23 % 2.94 % 2.48 % Expected volatility 31.71 % 38.00 % 40.41 % 38.56 % Risk-free interest rate 1.57 % 0.92 % 1.01 % 2.65 % Expected life (in years) 4.97 4.97 5.33 5.73 The following table presents compensation expense recognized related to all stock-based awards (in thousands): Year Ended December 31, 2015 2014 2013 Total stock-based compensation $ 11,935 $ 7,679 $ 5,002 As of December 31, 2015, total unrecognized stock-based compensation related to all stock-based awards was $15.8 million and the weighted average term over which the expense was expected to be recognized was 1.75 years. Summary of Stock Option Activity The following table presents a summary of stock option awards for the year ended December 31, 2015: Weighted Weighted Average Average Aggregate Exercise Remaining Intrinsic Price Contractual Value Options Per Share Life (in thousands) Options outstanding at December 31, 2014 3,467,086 $ 13.05 6.0 $ 7,642 Granted — — — — Exercised (171,716 ) 11.54 Forfeited (75,223 ) 13.60 Options outstanding at December 31, 2015 3,220,147 13.12 5.2 3,081 Options exercisable at December 31, 2015 2,791,472 12.40 4.5 765 The total intrinsic value of stock option awards exercised during the years ended December 31, 2015, 2014 and 2013 was $642,000, $51,000 and $0 (1) (1) The fair value of stock option awards granted under the 2013 Incentive Plan at legacy TRI Pointe during the years ended December 31, 2015, 2014 and 2013 were established at the date of grant using an option based model with the following assumptions: 2015 Grants 2014 Grants 2013 Grants Dividend yield N/A 0.00 % 0.00 % Expected volatility N/A 63.01 % 44.00 % Risk-free interest rate N/A 1.96 % 1.89 % Expected life (in years) N/A 6.00 5.00 (1) Amounts disclosed for 2013 relate to activity under the 2013 Incentive Plan at legacy TRI Pointe. Summary of Restricted Stock Unit Activity The following table presents a summary of restricted stock units (“RSUs”) for the year ended December 31, 2015: Weighted Average Aggregate Restricted Grant Date Intrinsic Stock Fair Value Value Units Per Share (in thousands) Nonvested RSUs at December 31, 2014 900,547 $ 14.25 $ 13,733 Granted 1,580,499 11.59 18,315 Vested (453,685 ) 13.85 Forfeited (69,328 ) 14.58 Nonvested RSUs at December 31, 2015 1,958,033 12.21 24,808 The total intrinsic value of restricted stock units that vested during the years ended December 31, 2015, 2014 and 2013 was $6.8 million, $1.0 million and $0 (1) (1) On March 5, 2015, the Company granted an aggregate of 440,800 restricted stock units to employees and officers. The restricted stock units granted vest annually on the anniversary of the grant date over a three year period. The fair value of each restricted stock award granted on March 5, 2015 was measured using a price of $14.97 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, 2015, the Company granted 411,804, 384,351, and 274,536 performance-based RSUs to the Company’s Chief Executive Officer, President, and Chief Financial Officer, respectively, with 1/3 of the performance-based RSU amounts being allocated to each of the three following separate performance goals: total stockholder return (compared to a group of similarly sized homebuilders); earnings per share; and stock price. The performance-based restricted stock units granted will vest in each case, if at all, based on the percentage of attainment of the applicable performance goal. The performance periods for the performance-based RSUs with vesting based on total stockholder return and earnings per share are January 1, 2015 to December 31, 2017. The performance period for the performance-based RSUs with vesting based on stock price is January 1, 2016 to December 31, 2017. The fair value of the performance-based RSUs related to the total stockholder return and stock price performance goals was determined to be $7.55 and $7.90 per share, respectively, 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 $14.57 per share, which was the closing stock price on the date of grant. Each grant will be expensed on a straight-line basis over the expected vesting period. On August 12, 2015, the Company granted an aggregate of 69,008 restricted stock units to members of its board of directors. The restricted stock units granted to directors on August 12, 2015 vest in their entirety on the day immediately prior to the Company’s 2016 Annual Meeting of Stockholders. The fair value of each restricted stock award granted on August 12, 2015 was measured using $14.49 per share, which was the closing price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period. On April 7, 2014, the Company granted an aggregate of 217,839 restricted stock units to employees, officers and directors. The restricted stock units granted to employees and officers on April 7, 2014 ratably vest annually on the anniversary of the grant date over a three year period. The restricted stock units granted to directors on April 7, 2014 vest on January 31, 2015, except the restricted stock units granted to directors who left the board upon the closing of the Merger vested on the date they left the board based on the number of days served in 2014. The fair value of each restricted stock award granted on April 7, 2014 was measured using a price of $16.17 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 August 5, 2014, the Company granted an aggregate of 56,448 restricted stock units to members of its board of directors. The restricted stock units granted to directors on August 5, 2014 vest in their entirety on May 1, 2015. The fair value of each restricted stock award granted on August 5, 2014 was measured using $13.34 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. As restricted stock units vest, a portion of the shares awarded is generally withheld to cover employee minimum tax withholdings. As a result, the number of restricted stock units vested and the number of shares of TRI Pointe common stock issued will differ. (1) Amounts disclosed for 2013 relate to activity under the 2013 Incentive Plan at legacy TRI Pointe. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. Income Taxes The provision (benefit) for income tax attributable to income (loss) from continuing operations before income taxes consisted of (in thousands): Year Ended December 31, 2015 2014 2013 Current: Federal $ 91,343 $ (109,565 ) $ 21,773 State 6,715 5,339 1,646 Total current taxes 98,058 (104,226 ) 23,419 Deferred: Federal 8,296 147,797 (107,651 ) State 5,725 196 (1,929 ) Total deferred taxes 14,021 147,993 (109,580 ) Total income tax expense (benefit) $ 112,079 $ 43,767 $ (86,161 ) The Company’s provision (benefit) for income taxes was different from the amount computed by applying the statutory federal income tax rate of 35% to the underlying income before income taxes as a result of the following (in thousands): Year Ended December 31, 2015 2014 2013 Taxes at the U.S. federal statutory rate $ 111,846 $ 44,788 $ (83,109 ) State income taxes, net of federal tax impact 9,627 3,822 (859 ) Tax loss on the sale of WRI — (5,786 ) — Non deductible transaction costs — 2,594 — Other, net (9,394 ) (1,651 ) (2,193 ) Total income tax expense (benefit) $ 112,079 $ 43,767 $ (86,161 ) Effective income tax rate 35.1 % 34.2 % 36.3 % Deferred taxes consisted of the following at December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 2014 Deferred tax assets: Impairment and other valuation reserves $ 89,057 $ 110,816 Incentive compensation 3,617 2,646 Indirect costs capitalized 20,266 27,202 Net operating loss carryforwards (state) 29,461 29,975 Transaction costs (833 ) 2,610 State taxes 2,903 1,368 Other costs and expenses 13,641 17,230 Gross deferred tax assets 158,112 191,847 Valuation allowance (4,361 ) (6,233 ) Deferred tax assets, net of valuation allowance 153,751 185,614 Deferred tax liabilities: Interest capitalized 268 (2,590 ) Basis difference in inventory (14,128 ) (14,029 ) Fixed assets 1,274 (555 ) Intangibles (9,015 ) (8,944 ) Other (1,493 ) (1,675 ) Deferred tax liabilities (23,094 ) (27,793 ) Net deferred tax assets $ 130,657 $ 157,821 In connection with the Merger, the Company acquired $16.8 million of net deferred tax assets and assumed $15.5 million of liabilities for uncertain tax positions. The Company accounts for income taxes in accordance with 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. As of December 31, 2015, the Company had state net operating loss carryforward of $560.7 million, which will expire between 2016 and 2034. We had a valuation allowance related to deferred tax assets of $4.4 million and $6.2 million as of December 31, 2015 and December 31, 2014, respectively, related to certain state net operating loss carryforwards as the tax benefits from those state losses are not more likely than not to be realized. The decrease in the valuation allowance in 2015 is principally due to the expiration of state net operating loss carryovers on which a full valuation allowance was previously recorded. 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. Unrecognized tax benefits represent potential future obligations to taxing authorities if uncertain tax positions we have taken on previously filed tax returns are not sustained. These amounts represent the gross amount of exposure in individual jurisdictions and do not reflect any additional benefits expected to be realized if such positions were not sustained, such as federal deduction that could be realized if an unrecognized state deduction was not sustained. The Company files income tax returns in the U.S., including federal and multiple state and local jurisdictions. The Company’s tax years 2011-2015 will remain open to examination by the federal and state authorities for three and four years, respectively, from the date of utilization of any net operating loss or credit carryforwards. The following table summarizes the activity related to the Company’s gross unrecognized tax benefits (in thousands): Year Ended December 31, 2015 2014 Balance at beginning of year $ 14,857 $ — Increase due to Merger — 16,716 Decreases related to prior year tax positions (1,706 ) — Decreases related to current year tax positions (12,879 ) (1,859 ) Balance at end of year $ 272 $ 14,857 The amount of unrecognized tax benefit that, if recognized and realized, would affect the effective tax rate is none as of December 31, 2015. Management believes it is reasonably possible that the total amount of unrecognized tax benefits will decrease within the next 12 months. The Company classifies interest and penalties related to income taxes as part of income tax expense. Accrued interest and penalties are included within the related liabilities in the balance sheet. The Company has recorded $35,000 of unpaid interest as a result of uncertain tax positions as of December 31, 2015. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards. If we were to calculate income taxes using the separate return method, the effect on pro forma unaudited income from continuing operations and pro forma unaudited earnings per share would be as follows (in thousands, except per share amounts): Year Ended December 31, 2015 2014 2013 (unaudited) (unaudited) (unaudited) Income (loss) from continuing operations before taxes as reported in the accompanying financial statements $ 319,260 $ 127,964 $ (237,454 ) (Provision) benefit for income taxes (112,079 ) (49,553 ) 86,161 Pro forma income (loss) from continuing operations 207,181 78,411 (151,293 ) Net income attributable to noncontrolling interests (1,720 ) — — Pro forma net income (loss) from continuing operations available to common stockholders $ 205,461 $ 78,411 $ (151,293 ) Pro forma earnings (loss) per share - basic $ 1.27 $ 0.54 $ (1.17 ) Pro forma earnings (loss) per share - diluted $ 1.27 $ 0.54 $ (1.17 ) Assuming computation on a separate return basis, our income tax provision would have increased by $5.8 million for the year ended December 31, 2014 related to the tax loss on the sale of Weyerhaeuser Realty Investors, Inc. to Weyerhaeuser NR Company that would not have provided a benefit to our income tax provision assuming computation on a separate return basis. There would be no change to our income tax provision for the years ended December 31, 2015 and 2013. Refer to Note 18, Related Party Transactions, |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 18. Related Party Transactions Prior to the Merger, WRECO was a wholly-owned subsidiary of Weyerhaeuser. Weyerhaeuser provided certain services including payroll processing and related employee benefits, other corporate services such as corporate governance, cash management and other treasury services, administrative services such as government relations, tax, internal audit, legal, accounting, human resources and equity-based compensation plan administration, lease of office space, aviation services and insurance coverage. WRECO was allocated a portion of Weyerhaeuser corporate general and administrative costs on either a proportional cost or usage basis. Weyerhaeuser-allocated corporate general and administrative expenses were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Weyerhaeuser-allocated costs $ — $ 10,735 $ 22,884 These expenses may not be indicative of the actual level of expense WRECO would have incurred if it had operated as an independent company or of expenses expected to be incurred in the future after the Closing Date. During the year ended December 31, 2014 and prior to the Merger, WRECO sold $4.8 million of mineral rights and $21.2 million of land to Weyerhaeuser. TRI Pointe has certain liabilities with Weyerhaeuser related to a tax sharing agreement executed in connection with the Merger. The liabilities under the tax sharing agreement relate to a portion of the California net operating loss generated prior to the Merger that are expected to be realized after July 7, 2014; federal tax credits generated prior to the Merger that are expected to be realized after July 7, 2014; and deductions for stock option awards granted through December 31, 2013 that are expected to be realized after July 7, 2014. As of December 31, 2015 and 2014, we had an income tax liability to Weyerhaeuser of $8.9 million and $15.7, million, respectively, which is recorded in accrued expenses and other liabilities on the accompanying balance sheet. In January of 2014, TRI Pointe acquired 46 lots located in Castle Rock, Colorado, for a purchase price of approximately $2.7 million from an entity managed by an affiliate of the Starwood Capital Group. In January of 2015, TRI Pointe acquired an additional 46 lots located in Castle Rock, Colorado, for a purchase price of approximately $2.8 million from an entity managed by an affiliate of the Starwood Capital Group. The chairman of the Company’s board of directors is Barry Sternlicht who is also the chairman of the Starwood Capital Group. Starwood Fund, a greater than five percent holder of our common stock, is managed by affiliates of Starwood Capital Group. This acquisition was approved by TRI Pointe’s independent directors. In October of 2015, we entered into an agreement with an affiliate of BlackRock, Inc. to acquire 161 lots located in Dublin, California, for a purchase price of approximately $60 million. BlackRock, Inc. is a greater than five percent holder of our common stock. This acquisition was approved by the Executive Land Committee, which is comprised of independent directors. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 19. Discontinued Operations On October 31, 2013, a wholly-owned subsidiary of WRECO, Weyerhaeuser Realty Investors, Inc., (“WRI”), was sold to Weyerhaeuser NR Company. The results of operations for WRI have been recorded as discontinued operations in the accompanying consolidated financial statements. Cash flows of WRI through the date of the sale to Weyerhaeuser remain fully consolidated in the accompanying consolidated statement of cash flow for the year ended December 31, 2013. Earnings of discontinued operations is as follows (in thousands): Year Ended December 31, 2015 2014 2013 Earnings before income taxes $ — $ — $ 602 Gain on sale of discontinued operations — — 1,946 (Provision) benefit for income taxes — — (710 ) Discontinued operations, net of income taxes $ — $ — $ 1,838 On October 31, 2013, Weyerhaeuser NR Company acquired WRI for $3.6 million. The purchase price was recorded as a reduction in the debt payable to Weyerhaeuser. The transaction resulted in a net gain of approximately $1.9 million, which was recognized in the fourth quarter of 2013. |
Supplemental Disclosure to Cons
Supplemental Disclosure to Consolidated Statement of Cash Flow | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure to Consolidated Statement of Cash Flow | 20. Supplemental Disclosure to Consolidated Statement of Cash Flow The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Year Ended December 31, 2015 2014 2013 Supplemental disclosure of cash flow information: Cash paid (received) during the period for: Interest, net of amounts capitalized of $60,964, $38,975 and $19,081 (Note 7) $ — $ 1,372 $ 2,091 Income taxes $ 69,917 $ 43,005 $ (10,521 ) Supplemental disclosures of noncash activities: Increase in real estate inventory due to distribution of land from an unconsolidated joint venture $ — $ 5,052 $ — Distribution to Weyerhaeuser of excluded assets and liabilities $ — $ 126,687 $ — Amounts owed to Weyerhaeuser related to the tax sharing agreement $ — $ 15,688 $ — Noncash settlement of debt payable to Weyerhaeuser $ — $ 70,082 $ — Accrued liabilities related to the purchase of operating properties and equipment $ 3,976 $ — $ — Amortization of senior note discount capitalized to real estate inventory $ 1,552 $ 804 $ — Amortization of deferred loan costs capitalized to real estate inventory $ 3,312 $ — $ — Effect of net consolidation and de-consolidation of variable interest entities: Increase (decrease) in consolidated real estate inventory not owned $ 5,297 $ 6,343 $ (7,411 ) Increase in deposits on real estate under option or contract and other assets $ — $ 780 $ 3,005 Increase in accrued expenses and other liabilities $ 300 $ — $ — (Increase) decrease in noncontrolling interests $ (5,597 ) $ (7,123 ) $ 4,406 Merger: Fair value of assets, excluding cash acquired $ — $ 724,995 $ — Liabilities assumed $ — $ (276,347 ) $ — |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21. Subsequent Events On January 27, 2016, our Board of Directors approved a $100 million stock repurchase program, effective January 26, 2016. Under the program, the company may repurchase common stock with an aggregate value of up to $100 million through January 25, 2017. The share repurchase program does not obligate the company to repurchase any particular amount of common stock, and it could be modified, suspended or discontinued at any time. The timing and amount of repurchases are determined by the company’s management at its discretion based on a variety of factors such as the market price of its common stock, corporate requirements, general market and economic conditions and legal requirements. Purchases of the company’s common stock may be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades, or by other means in accordance with federal securities laws. As of this reporting date no shares have been repurchased under this program. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Supplemental Guarantor Information | 2 2 . Supplemental Guarantor Information On the Closing Date, the TRI Pointe Homes assumed WRECO’s obligations as issuer of the Senior Notes. Additionally, all of TRI Pointe’s wholly-owned subsidiaries that are guarantors of the Company’s unsecured $550 million revolving credit facility, including WRECO and certain of its wholly-owned subsidiaries, entered into supplemental indentures pursuant to which they jointly and severally guaranteed TRI Pointe’s obligations with respect to the Senior Notes. In connection with the Reorganization, TRI Pointe Group became a co-issuer with TRI Pointe Homes of the Senior Notes. Presented below are the condensed consolidating balance sheets at December 31, 2015 and 2014, condensed consolidating statements of operations for the years ended December 31, 2015 and 2014 and condensed consolidating statement of cash flows for the years ended December 31, 2015 and 2014. TRI Pointe’s non-guarantor subsidiaries represent less than 3% on an individual and aggregate basis of consolidated total assets, total revenues, and income from operations before taxes and cash flow from operating activities. Therefore, the non-guarantor subsidiaries’ information is not separately presented in the tables below, but is included with the guarantor subsidiaries. As discussed in Note 1, the Merger was treated as a “reverse acquisition” with WRECO being considered the accounting acquirer. Accordingly, the financial statements reflect the historical results of WRECO for all periods and do not include the historical financial information of TRI Pointe prior to the Closing Date. Subsequent to the Closing Date, the consolidated financial statements reflect the results of the combined company. As a result, we have not included condensed consolidated financial statements for the years ending December 31, 2013 because those results are of WRECO and are already included on the face of the consolidated financial statements. In addition, there is no financial information for TRI Pointe Group, Inc., issuer of the Senior Notes, in the periods prior to the Merger. Condensed Consolidating Balance Sheet (in thousands): December 31, 2015 Consolidated Guarantor Consolidating TRI Pointe Issuer (1) Subsidiaries Adjustments Group, Inc. Assets Cash and cash equivalents $ 147,771 $ 66,714 $ — $ 214,485 Receivables 17,358 26,352 — 43,710 Intercompany receivables 783,956 — (783,956 ) — Real estate inventories 657,221 1,862,052 — 2,519,273 Investments in unconsolidated entities — 18,999 — 18,999 Goodwill and other intangible assets, net 156,604 5,425 — 162,029 Investments in subsidiaries 1,093,261 — (1,093,261 ) — Deferred tax assets, net 19,061 111,596 — 130,657 Other assets 12,219 36,699 — 48,918 Total Assets $ 2,887,451 $ 2,127,837 $ (1,877,217 ) $ 3,138,071 Liabilities Accounts payable $ 20,444 $ 44,396 $ — $ 64,840 Intercompany payables — 783,956 (783,956 ) — Accrued expenses and other liabilities 32,219 184,044 — 216,263 Unsecured revolving credit facility 299,392 — — 299,392 Seller financed loans 2,034 400 — 2,434 Senior notes 868,679 — — 868,679 Total Liabilities 1,222,768 1,012,796 (783,956 ) 1,451,608 Equity Total stockholders’ equity 1,664,683 1,093,261 (1,093,261 ) 1,664,683 Noncontrolling interests — 21,780 — 21,780 Total Equity 1,664,683 1,115,041 (1,093,261 ) 1,686,463 Total Liabilities and Equity $ 2,887,451 $ 2,127,837 $ (1,877,217 ) $ 3,138,071 (1) References to “Issuer” in Note 22, Supplemental Guarantor Information a. for periods prior to July 7, 2015: TRI Pointe Homes only b. for periods from and after July 7, 2015: TRI Pointe Homes and TRI Pointe Group as co-issuers Condensed Consolidating Balance Sheet (in thousands): December 31, 2014 Consolidated Guarantor Consolidating TRI Pointe Issuer (1) Subsidiaries Adjustments Homes, Inc. Assets Cash and cash equivalents $ 105,888 $ 64,741 $ — $ 170,629 Receivables 5,050 15,068 — 20,118 Intercompany receivables 797,480 — (797,480 ) — Real estate inventories 613,666 1,666,517 — 2,280,183 Investments in unconsolidated entities — 16,805 — 16,805 Goodwill and other intangible assets, net 156,603 5,960 — 162,563 Investments in subsidiaries 941,397 — (941,397 ) — Deferred tax assets, net 23,630 134,191 — 157,821 Other assets 31,512 50,207 — 81,719 Total Assets $ 2,675,226 $ 1,953,489 $ (1,738,877 ) $ 2,889,838 Liabilities Accounts payable $ 25,800 $ 43,060 $ — $ 68,860 Intercompany payables — 797,480 (797,480 ) — Accrued expenses and other liabilities 57,353 152,656 — 210,009 Unsecured revolving credit facility 260,000 — — 260,000 Seller financed loans 14,077 600 — 14,677 Senior notes 863,816 — — 863,816 Total Liabilities 1,221,046 993,796 (797,480 ) 1,417,362 Equity Total stockholders’ equity 1,454,180 941,397 (941,397 ) 1,454,180 Noncontrolling interests — 18,296 — 18,296 Total Equity 1,454,180 959,693 (941,397 ) 1,472,476 Total Liabilities and Equity $ 2,675,226 $ 1,953,489 $ (1,738,877 ) $ 2,889,838 (1) References to “Issuer” in Note 22, Supplemental Guarantor Information a. for periods prior to July 7, 2015: TRI Pointe Homes only b. for periods from and after July 7, 2015: TRI Pointe Homes and TRI Pointe Group as co-issuers Condensed Consolidating Statement of Operations (in thousands): Year Ended December 31, 2015 Consolidated Guarantor Consolidating TRI Pointe Issuer (1) Subsidiaries Adjustments Group, Inc. Homebuilding: Home sales revenue $ 774,005 $ 1,517,259 $ — $ 2,291,264 Land and lot sales revenue — 101,284 — 101,284 Other operations — 7,601 — 7,601 Total revenues 774,005 1,626,144 — 2,400,149 Cost of home sales 624,331 1,182,760 — 1,807,091 Cost of land and lot sales — 34,844 — 34,844 Other operations — 4,360 — 4,360 Impairments and lot option abandonments 460 1,470 — 1,930 Sales and marketing 26,792 89,425 — 116,217 General and administrative 55,611 61,885 — 117,496 Restructuring charges (169 ) 3,498 — 3,329 Homebuilding income from operations 66,980 247,902 — 314,882 Equity in loss of unconsolidated entities — 1,460 — 1,460 Transaction expenses — — — — Other (loss) income, net (127 ) 985 — 858 Homebuilding income from continuing operations before taxes 66,853 250,347 — 317,200 Financial Services: Revenues — 1,010 — 1,010 Expenses — 181 — 181 Equity in income of unconsolidated entities — 1,231 — 1,231 Financial services income from continuing operations before taxes — 2,060 — 2,060 Income from continuing operations before taxes 66,853 252,407 — 319,260 Provision for income taxes (20,001 ) (92,078 ) (112,079 ) Equity of net income (loss) of subsidiaries 158,609 — (158,609 ) — Net income (loss) 205,461 160,329 (158,609 ) 207,181 Net income attributable to noncontrolling interests — (1,720 ) — (1,720 ) Net income (loss) available to common stockholders $ 205,461 $ 158,609 $ (158,609 ) $ 205,461 (1) References to “Issuer” in Note 22, Supplemental Guarantor Information a. for periods prior to July 7, 2015: TRI Pointe Homes only b. for periods from and after July 7, 2015: TRI Pointe Homes and TRI Pointe Group as co-issuers Condensed Consolidating Statement of Operations (in thousands): Year Ended December 31, 2014 Consolidated Guarantor Consolidating TRI Pointe Issuer (1) Subsidiaries Adjustments Homes, Inc. Homebuilding: Home sales revenue $ 324,219 $ 1,322,055 $ — $ 1,646,274 Land and lot sales revenue — 47,660 — 47,660 Other operations (12 ) 9,694 — 9,682 Total revenues 324,207 1,379,409 — 1,703,616 Cost of home sales 271,530 1,044,940 — 1,316,470 Cost of land and lot sales — 37,560 — 37,560 Other operations — 3,324 — 3,324 Impairments and lot option abandonments 49 2,466 — 2,515 Sales and marketing 9,678 93,922 — 103,600 General and administrative 16,532 65,826 — 82,358 Restructuring charges — 10,543 — 10,543 Homebuilding income from operations 26,418 120,828 — 147,246 Equity in loss of unconsolidated entities — (278 ) — (278 ) Transaction expenses (7,138 ) (10,822 ) — (17,960 ) Other income (loss), net 17 (1,036 ) — (1,019 ) Homebuilding income from continuing operations before taxes 19,297 108,692 — 127,989 Financial Services: Revenues — — — — Expenses — 15 — 15 Equity in loss of unconsolidated entities — (10 ) — (10 ) Financial services loss from continuing operations before taxes — (25 ) — (25 ) Income from continuing operations before taxes 19,297 108,667 — 127,964 Provision for income taxes (11,586 ) (32,181 ) — (43,767 ) Net income 7,711 76,486 — 84,197 Equity of net income (loss) of subsidiaries 76,486 — (76,486 ) — Net income (loss) available to common stockholders $ 84,197 $ 76,486 $ (76,486 ) $ 84,197 (1) References to “Issuer” in Note 22, Supplemental Guarantor Information a. for periods prior to July 7, 2015: TRI Pointe Homes only b. for periods from and after July 7, 2015: TRI Pointe Homes and TRI Pointe Group as co-issuers Condensed Consolidating Statement of Cash Flows (in thousands): Year Ended December 31, 2015 Consolidated Guarantor Consolidating TRI Pointe Issuer (1) Subsidiaries Adjustments Group, Inc. Cash flows from operating activities Net cash provided by operating activities $ 1,714 $ 29,291 $ — $ 31,005 Cash flows from investing activities: Purchases of property and equipment (1,063 ) 254 — (809 ) Investments in unconsolidated entities — (1,468 ) — (1,468 ) Distributions from unconsolidated entities — 1,415 — 1,415 Intercompany 16,717 — (16,717 ) — Net cash provided by (used in) investing activities 15,654 201 (16,717 ) (862 ) Cash flows from financing activities: Borrowings from debt 140,000 — — 140,000 Repayment of debt (112,651 ) (200 ) — (112,851 ) Debt issuance costs (2,688 ) — — (2,688 ) Net repayments of debt held by variable interest entities — (6,769 ) — (6,769 ) Contributions from noncontrolling interests — 5,990 — 5,990 Distributions to noncontrolling interests — (9,823 ) — (9,823 ) Proceeds from issuance of common stock under share-based awards 1,616 — — 1,616 Excess tax benefits of share-based awards 428 — — 428 Minimum tax withholding paid on behalf of employees for restricted stock units (2,190 ) — — (2,190 ) Intercompany — (16,717 ) 16,717 — Net cash provided by (used in) financing activities 24,515 (27,519 ) 16,717 13,713 Net increase in cash and cash equivalents 41,883 1,973 — 43,856 Cash and cash equivalents - beginning of period 105,888 64,741 — 170,629 Cash and cash equivalents - end of period $ 147,771 $ 66,714 $ — $ 214,485 (1) References to “Issuer” in Note 22, Supplemental Guarantor Information a. for periods prior to July 7, 2015: TRI Pointe Homes only b. for periods from and after July 7, 2015: TRI Pointe Homes and TRI Pointe Group as co-issuers Condensed Consolidating Statement of Cash Flows (in thousands): Year Ended December 31, 2014 Consolidated Guarantor Consolidating TRI Pointe Issuer (1) Subsidiaries Adjustments Homes, Inc. Cash flows from operating activities Net cash used in operating activities $ (62,715 ) $ (50,655 ) $ — $ (113,370 ) Cash flows from investing activities: Purchases of property and equipment (2,293 ) (5,557 ) — (7,850 ) Cash acquired in the Merger 53,800 — — 53,800 Proceeds from sale of property and equipment — 23 — 23 Investments in unconsolidated entities — (1,311 ) — (1,311 ) Intercompany 69,971 — (69,971 ) — Net cash provided by (used in) investing activities 121,478 (6,845 ) (69,971 ) 44,662 Cash flows from financing activities: Borrowings from debt 100,000 600 — 100,600 Repayment of debt (53,051 ) — — (53,051 ) Debt issuance costs — (23,000 ) — (23,000 ) Proceeds from issuance of senior notes — 886,698 — 886,698 Bridge commitment fee — (10,322 ) — (10,322 ) Changes in debt payable to Weyerhaeuser — (623,589 ) — (623,589 ) Change in book overdrafts — (22,491 ) — (22,491 ) Distributions to Weyerhaeuser — (8,606 ) — (8,606 ) Net proceeds of debt held by variable interest entities — 3,903 — 3,903 Contributions from noncontrolling interests — 1,895 — 1,895 Distributions to noncontrolling interests — (19,143 ) — (19,143 ) Proceeds from issuance of common stock under share-based awards 176 — — 176 Excess tax benefits of share-based awards — 1,757 — 1,757 Intercompany (69,971 ) 69,971 — Net cash provided by financing activities 47,125 117,731 69,971 234,827 Net increase in cash and cash equivalents 105,888 60,231 — 166,119 Cash and cash equivalents - beginning of period — 4,510 — 4,510 Cash and cash equivalents - end of period $ 105,888 $ 64,741 $ — $ 170,629 (1) References to “Issuer” in Note 22, Supplemental Guarantor Information a. for periods prior to July 7, 2015: TRI Pointe Homes only b. for periods from and after July 7, 2015: TRI Pointe Homes and TRI Pointe Group as co-issuers |
Results of Quarterly Operations
Results of Quarterly Operations | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Results of Quarterly Operations | 2 3 . Results of Quarterly Operations (Unaudited) The following table presents our unaudited quarterly financial data. As discussed in Note 1, the Merger was treated as a reverse acquisition and WRECO is considered the accounting acquirer. Accordingly, WRECO is reflected as the predecessor and acquirer and therefore consolidated financial statements included in this Annual Report on Form 10-K reflect historical consolidated financial statements of WRECO for all periods presented, and do not include the historical financial statements of legacy TRI Pointe prior to the Closing Date. As a result, quarterly financial data presented in the following table for periods prior to the third quarter of 2014 will differ from amounts previously reported on the Form 10-Q from the same periods. In our opinion, this information has been prepared on a basis consistent with that of our audited consolidated financial statements and all necessary material adjustments, consisting of normal recurring accruals and adjustments, have been included to present fairly the unaudited quarterly financial data. Our quarterly results of operations for these periods are not necessarily indicative of future results of operations (in thousands, except per share amounts): First Second Third Fourth 2015 Quarter Quarter Quarter Quarter Total revenues $ 377,258 $ 495,517 $ 648,141 $ 880,243 Cost of homes sales and other 302,417 352,720 511,353 679,825 Impairments and lot option abandonments 360 1,178 211 181 Gross margin $ 74,481 $ 141,619 $ 136,577 $ 200,237 Net income $ 15,297 $ 56,762 $ 49,769 $ 85,353 Net (income) loss attributable to noncontrolling interests — (1,832 ) $ 393 (281 ) Net income available to common stockholders $ 15,297 $ 54,930 $ 50,162 $ 85,072 Earnings per share Basic $ 0.09 $ 0.34 $ 0.31 $ 0.53 Diluted $ 0.09 $ 0.34 $ 0.31 $ 0.52 First Second Third Fourth 2014 Quarter Quarter Quarter Quarter Total revenues $ 248,132 $ 342,563 $ 477,920 $ 635,001 Cost of homes sales and other 195,595 267,937 387,721 506,101 Impairments and lot option abandonments 468 104 552 1,391 Gross margin $ 52,069 $ 74,522 $ 89,647 $ 127,509 Net income $ 7,581 $ 24,225 $ 10,965 $ 41,426 Net (income) loss attributable to noncontrolling interests — — — — Net income available to common stockholders $ 7,581 $ 24,225 $ 10,965 $ 41,426 Earnings per share Basic $ 0.06 $ 0.19 $ 0.07 $ 0.26 Diluted $ 0.06 $ 0.19 $ 0.07 $ 0.26 Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarter may not agree with per share amounts for the year. |
Organization and Summary of S30
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization, Formation of TRI Pointe Group and Basis of Presentation | Organization TRI Pointe Group, Inc. is engaged in the design, construction and sale of innovative single-family attached and detached homes through its portfolio of six quality brands across eight states, including Maracay Homes in Arizona, Pardee Homes in California and Nevada, Quadrant Homes in Washington, Trendmaker Homes in Texas, TRI Pointe Homes in California and Colorado and Winchester Homes in Maryland and Virginia. Formation of TRI Pointe Group On July 7, 2015, TRI Pointe Homes reorganized its corporate structure (the “Reorganization”) whereby TRI Pointe Homes became a direct, wholly-owned subsidiary of TRI Pointe Group. As a result of the reorganization, each share of common stock, par value $0.01 per share, of TRI Pointe Homes (“Homes Common Stock”) was cancelled and converted automatically into the right to receive one validly issued, fully paid and non-assessable share of common stock, par value $0.01 per share, of TRI Pointe Group (“Group Common Stock”), each share having the same designations, rights, powers and preferences, and the qualifications, limitations and restrictions thereof as the shares of Homes Common Stock being so converted. TRI Pointe Group, as the successor issuer to TRI Pointe Homes (pursuant to Rule 12g-3(a) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), began making filings under the Securities Act of 1933, as amended, and the Exchange Act on July 7, 2015. In connection with the Reorganization, TRI Pointe Group (i) became a co-issuer of TRI Pointe Homes’ 4.375% Senior Notes due 2019 and TRI Pointe Homes' 5.875% Senior Notes due 2024; and (ii) replaced TRI Pointe Homes as the borrower under TRI Pointe Homes’ existing unsecured revolving credit facility. The business, executive officers and directors of TRI Pointe Group, and the rights and limitations of the holders of Group Common Stock immediately following the Reorganization were identical to the business, executive officers and directors of TRI Pointe Homes, and the rights and limitations of holders of Homes Common Stock immediately prior to the Reorganization. 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”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as described in “Reverse Acquisition” below, as well as other entities in which the Company has a controlling interest and variable interest entities (“VIEs”) in which the Company is the primary beneficiary. The noncontrolling interests as of December 31, 2015 and 2014 represent the outside owners’ interests in the Company’s consolidated entities and the net equity of the VIE owners. All significant intercompany accounts have been eliminated upon consolidation. As a result of the adoption of ASU 2015-03, $20.4 million and $23.7 million of deferred loan costs at December 31, 2015 and 2014, respectively, were reclassified from “Other assets” to “Senior notes” in our Consolidated Balance Sheets. See Note 13, Senior Notes and Notes Payable and Other Borrowings, Unless the context otherwise requires, the terms “we”, “us”, “our” and “the Company” have the following meanings: · For periods prior to July 7, 2015: TRI Pointe Homes (and its consolidated subsidiaries) · For periods from and after July 7, 2015: TRI Pointe Group (and its consolidated subsidiaries) |
Reverse Acquisition | Reverse Acquisition On July 7, 2014 (the “Closing Date”), TRI Pointe Homes, Inc. consummated the previously announced merger (the “Merger”) of our wholly-owned subsidiary, Topaz Acquisition, Inc. (“Merger Sub”), with and into Weyerhaeuser Real Estate Company (“WRECO”), with WRECO surviving the Merger and becoming our wholly-owned subsidiary, as contemplated by the Transaction Agreement, dated as of November 3, 2013 (the “Transaction Agreement”), by and among us, Weyerhaeuser Company (“Weyerhaeuser”), the Company, WRECO and Merger Sub. The Merger is accounted for in accordance with ASC Topic 805, Business Combinations See Note 2, Merger with Weyerhaeuser Real Estate Company, |
Reclassifications | Reclassifications Certain amounts in our consolidated financial statements for prior years have been reclassified to conform to the current period presentation. |
Financial Services Reporting Segment | Financial Services Reporting Segment During the three months ended December 31, 2015, we revised our comparative segment information to reflect our new reportable segment structure. The adjusted segment information constitutes a reclassification for our financial services revenues, expenses and equity in income (loss) of unconsolidated entities previously reported in other operations and has no impact on reported net income (loss) or earnings (loss) per share for preceding periods. This change does not restate information previously reported in the consolidated balance sheets, consolidated statements of equity or consolidated statements of cash flows for the preceding periods. See Note 4. Segment Information |
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. |
Cash and Cash Equivalents and Concentration of Credit Risk | Cash and Cash Equivalents and Concentration of Credit Risk We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short-term liquid investments with an initial maturity date of less than three months. The Company’s cash balances exceed federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts. |
Real Estate Inventories and Cost of Sales | Real Estate Inventories and Cost of Sales Real estate inventories consist of land, land under development, homes under construction, completed homes and model homes and are stated at cost, net of impairment losses. We capitalize direct carrying costs, including interest, property taxes and related development costs to inventories. Field construction supervision and related direct overhead are also included in the capitalized cost of inventories. Direct construction costs are specifically identified and allocated to homes while other common costs, such as land, land improvements and carrying costs, are allocated to homes within a community based upon their anticipated relative sales or fair value. In accordance with ASC Topic 835, Interest The estimation process involved in determining relative sales or fair values is inherently uncertain because it involves estimating future sales values of homes before delivery. Additionally, in determining the allocation of costs to a particular land parcel or individual home, we rely on project budgets that are based on a variety of assumptions, including assumptions about construction schedules and future costs to be incurred. It is common that actual results differ from budgeted amounts for various reasons, including construction delays, increases in costs that have not been committed or unforeseen issues encountered during construction that fall outside the scope of existing contracts, or costs that come in less than originally anticipated. While the actual results for a particular construction project are accurately reported over time, a variance between the budget and actual costs could result in the understatement or overstatement of costs and have a related impact on gross margins between reporting periods. To reduce the potential for such variances, we have procedures that have been applied on a consistent basis, including assessing and revising project budgets on a periodic basis, obtaining commitments from subcontractors and vendors for future costs to be incurred and utilizing the most recent information available to estimate costs. If there are indications of impairment, we perform a detailed budget and cash flow review of our real estate assets to determine whether the estimated remaining undiscounted future cash flows of the community are more or less than the asset’s carrying value. If the undiscounted cash flows are more than the asset’s carrying value, no impairment adjustment is required. However, if the undiscounted cash flows are less than the asset’s carrying value, the asset is deemed impaired and is written down to fair value. These impairment evaluations require us to make estimates and assumptions regarding future conditions, including timing and amounts of development costs and sales prices of real estate assets, to determine if expected future undiscounted cash flows will be sufficient to recover the asset’s carrying value. When estimating undiscounted cash flows of a community, we make various assumptions, including: (i) expected sales prices and sales incentives to be offered, including the number of homes available, pricing and incentives being offered by us or other builders in other communities, and future sales price adjustments based on market and economic trends; (ii) expected sales pace and cancellation rates based on local housing market conditions, competition and historical trends; (iii) costs expended to date and expected to be incurred including, but not limited to, land and land development costs, home construction costs, interest costs, indirect construction and overhead costs, and selling and marketing costs; (iv) alternative product offerings that may be offered that could have an impact on sales pace, sales price and/or building costs; and (v) alternative uses for the property. Many assumptions are interdependent and a change in one may require a corresponding change to other assumptions. For example, increasing or decreasing sales absorption rates has a direct impact on the estimated per unit sales price of a home, the level of time sensitive costs (such as indirect construction, overhead and carrying costs), and selling and marketing costs (such as model maintenance costs and advertising costs). Depending on the underlying objective of the community, assumptions could have a significant impact on the projected cash flow analysis. For example, if our objective is to preserve operating margins, our cash flow analysis will be different than if the objective is to increase sales. These objectives may vary significantly from community to community and over time. If assets are considered impaired, impairment is determined by the amount the asset’s carrying value exceeds its fair value. Fair value is determined based on estimated future cash flows discounted for inherent risks associated with real estate assets. These discounted cash flows are impacted by expected risk based on estimated land development, construction and delivery timelines; market risk of price erosion; uncertainty of development or construction cost increases; and other risks specific to the asset or market conditions where the asset is located when assessment is made. These factors are specific to each community and may vary among communities. We perform a quarterly review for indicators of impairment. For the years ended December 31, 2015, 2014 and 2013 we recorded impairment charges of $1.2 million, $931,000 and $341.1 million, respectively. The impairment charge in 2013 was primarily related to the impairment of the Coyote Springs Property, which was an excluded asset per the Transaction Agreement. |
Revenue Recognition | Revenue Recognition In accordance with ASC Topic 360, Property, Plant, and Equipment |
Warranty Reserves | Warranty Reserves In the normal course of business, we incur warranty-related costs associated with homes that have been delivered to homebuyers. Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related home sales revenues are recognized while indirect warranty overhead salaries and related costs are charged to cost of sales in the period incurred. Factors that affect the warranty accruals include the number of homes delivered, historical and anticipated rates of warranty claims and cost per claim. Our primary assumption in estimating the amounts we accrue for warranty costs is that historical claims experience is a strong indicator of future claims experience. |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities We have investments in unconsolidated entities over which we have significant influence that we account for using the equity method with taxes provided on undistributed earnings. We record earnings and accrue taxes in the period that the earnings are recorded by our affiliates. Under the equity method, our share of the unconsolidated entities’ earnings or loss is included in equity in income (loss) of unconsolidated entities in the accompanying consolidated statement of operations. We evaluate our investments in unconsolidated entities for impairment when events and circumstances indicate that the carrying value of the investment may not be recoverable. |
Variable Interest Entities | Variable Interest Entities The Company accounts for variable interest entities in accordance with ASC Topic 810, Consolidation Under ASC 810, a non-refundable deposit paid to an entity is deemed to be a variable interest that will absorb some or all of the entity’s expected losses if they occur. Our land purchase and lot option deposits generally represent our maximum exposure to the land seller if we elect not to purchase the optioned property. In some instances, we may also expend funds for due diligence, development and construction activities with respect to optioned land prior to takedown. Such costs are classified as inventories owned, which we would have to write off should we not exercise the option. Therefore, whenever we enter into a land option or purchase contract with an entity and make a non-refundable deposit, a VIE may have been created. In accordance with ASC 810, we perform ongoing reassessments of whether we are the primary beneficiary of a VIE. |
Stock-Based Compensation | Stock-Based Compensation We account for share-based awards in accordance with ASC Topic 718, Compensation-Stock Compensation |
Sales and Marketing Expense | Sales and Marketing Expense Sales and marketing costs incurred to sell real estate projects are capitalized if they are reasonably expected to be recovered from the sale of the project or from incidental operations and are incurred for tangible assets that are used directly through the selling period to aid in the sale of the project or services that have been performed to obtain regulatory approval of sales. All other selling expenses and other marketing costs are expensed in the period incurred. |
Restructuring Charges | Restructuring Charges Restructuring charges are incurred related to the Merger in addition to general cost reduction initiatives. These charges are comprised of employee retention and severance-related expenses and lease termination costs. We account for restructuring charges in accordance with ASC Topic 420, Exit or Disposal Cost Obligations – Compensation – Nonretirement Postemployment Benefits. |
Income Taxes | Income Taxes We account for income taxes in accordance with ASC Topic 740, Income Taxes . Each quarter we assess our deferred tax assets to determine whether all or any portion of the assets 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. Due to uncertainties inherent in the estimation process, it is possible that actual results may vary from estimates. We classify any interest and penalties related to income taxes as part of income tax expense. As of December 31, 2015 and 2014 the Company had liabilities for gross unrecognized tax benefits of $272,000 and $14.9 million, respectively, the majority of which were assumed in connection with the Merger. |
Goodwill | Goodwill In accordance with ASC Topic 350, Intangibles-Goodwill and Other |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In April 2014, the FASB issued amendments to Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. We adopted ASU 2014-08 on January 1, 2015 and the adoption had no impact on our current or prior year financial statements. In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers Revenue Recognition In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (“ASU 2014-15”), Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2015, the FASB issued Accounting Standards Update No. 2015-02, (“ASU 2015-02”), Consolidation (Topic 810): Amendments to the Consolidation Analysis. In April 2015 and August 2015, the FASB issued Accounting Standards Update No. 2015-03, (“ASU 2015-03”), Interest - Imputation of Interest (Subtopic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements Senior Notes and Notes Payable and Other Borrowings, In November 2015, the FASB issued Accounting Standards Update No. 2015-17, (“ASU 2015-17”), Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes |
Segment Reporting | In accordance with ASC Topic 280, Segment Reporting |
Fair Value Measurements | Fair Value Measurements ASC Topic 820, Fair Value Measurements and Disclosures · 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 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitment And Contingencies [Line Items] | |
Schedule of Warranty Reserves | Warranty reserves consisted of the following (in thousands): Year Ended December 31, 2015 2014 2013 Warranty reserves, beginning of period $ 33,270 $ 24,449 $ 24,485 Warranty reserves accrued 16,557 11,659 8,102 Liabilities assumed in the Merger — 7,481 — Adjustments to pre-existing reserves 7,451 199 1,933 Warranty expenditures (11,330 ) (10,518 ) (10,071 ) Warranty reserves, end of period $ 45,948 $ 33,270 $ 24,449 |
Schedule of Future Minimum Sublease Income under Non-Cancellable Sublease Agreements | 2016 $ 2,265 2017 2,265 2018 2,265 2019 2,265 2020 2,265 Thereafter 77,770 $ 89,095 |
Ground Leases | |
Commitment And Contingencies [Line Items] | |
Schedule of Future Minimum Lease Payments under Non-Cancellable Operating Lease Agreements | ERROR: Could not retrieve Word content for note block |
Office Space Buildings And Equipment | |
Commitment And Contingencies [Line Items] | |
Schedule of Future Minimum Lease Payments under Non-Cancellable Operating Lease Agreements | 2016 $ 7,448 2017 6,920 2018 5,175 2019 4,947 2020 4,110 Thereafter 7,043 $ 35,643 |
Supplemental Disclosure to Co32
Supplemental Disclosure to Consolidated Statement of Cash Flow (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure to Consolidated Statement of Cash Flows | ERROR: Could not retrieve Word content for note block |
Merger with Weyerhaeuser Real33
Merger with Weyerhaeuser Real Estate Company (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Summary of Calculation of Fair Value of Total Consideration Transferred and Provisional Amounts Recognized | The following table summarizes the calculation of the fair value of the total consideration transferred and the provisional amounts recognized as of the Closing Date (in thousands, except shares and closing stock price): Calculation of consideration transferred TRI Pointe shares outstanding 31,632,533 TRI Pointe closing stock price on July 7, 2014 $ 15.85 Consideration attributable to common stock $ 501,376 Consideration attributable to TRI Pointe share-based equity awards 1,072 Total consideration transferred $ 502,448 Assets acquired and liabilities assumed Cash and cash equivalents $ 53,800 Accounts receivable 654 Real estate inventories 539,677 Intangible asset 17,300 Goodwill 139,304 Other assets 28,060 Total assets acquired 778,795 Accounts payable (26,105 ) Accrued expenses and other liabilities (23,114 ) Notes payable and other borrowings (227,128 ) Total liabilities assumed (276,347 ) Total net assets acquired $ 502,448 |
Summary of Pro Forma Operating Results | The following represents unaudited pro forma operating results as if the acquisition had been completed as of January 1, 2013 (in thousands, except per share amounts): Year Ended December 31, 2014 2013 Total revenues $ 1,865,723 $ 1,532,667 Net income $ 88,416 $ 91,028 Earnings per share – basic $ 0.55 $ 0.56 Earnings per share – diluted $ 0.55 $ 0.56 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Cost And Reserve [Line Items] | |
Schedule of Restructuring Costs | Restructuring costs were comprised of the following (in thousands): Year Ended December 31, 2015 2014 2013 Employee-related costs $ 1,546 $ 9,211 $ 5,736 Lease termination costs 1,783 1,332 5,202 Total $ 3,329 $ 10,543 $ 10,938 |
Employee-Related Restructuring Reserves [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Schedule of Changes in Restructuring Reserves | Changes in employee-related restructuring reserves were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Accrued employee-related costs, beginning of period $ 3,844 $ 4,336 $ 28 Current year charges 1,546 8,264 5,736 Payments (5,170 ) (8,756 ) (1,428 ) Accrued employee-related costs, end of period $ 220 $ 3,844 $ 4,336 |
Lease Termination Restructuring Reserves [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Schedule of Changes in Restructuring Reserves | Changes in lease termination related restructuring reserves were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Accrued lease termination costs, beginning of period $ 1,394 $ 3,506 $ 2,335 Current year charges 1,783 1,332 5,202 Payments (2,410 ) (3,444 ) (4,031 ) Accrued lease termination costs, end of period $ 767 $ 1,394 $ 3,506 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Summary of Financial Information Relating to Reportable Segments | 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 from continuing operations before income taxes for each of our reportable segments were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Revenues Maracay Homes $ 185,645 $ 150,689 $ 145,822 Pardee Homes 670,063 525,381 519,074 Quadrant Homes 189,401 145,377 127,237 Trendmaker Homes 278,759 281,270 260,566 TRI Pointe Homes 774,005 324,208 — Winchester Homes 302,276 276,691 222,013 Total homebuilding revenues 2,400,149 1,703,616 1,274,712 Financial services 1,010 — — Total $ 2,401,159 $ 1,703,616 $ 1,274,712 Income (loss) before taxes Maracay Homes $ 9,849 $ 10,845 $ 10,438 Pardee Homes 183,077 74,898 (258,138 ) Quadrant Homes 10,478 9,028 1,504 Trendmaker Homes 25,004 31,684 28,452 TRI Pointe Homes 104,970 19,272 — Winchester Homes 22,411 24,612 24,561 Corporate (1) (38,589 ) (42,350 ) (44,271 ) Total homebuilding income (loss) before taxes 317,200 127,989 (237,454 ) Financial services 2,060 (25 ) — Total $ 319,260 $ 127,964 $ (237,454 ) Impairments and lot option abandonments Maracay Homes $ 86 $ 443 $ 203 Pardee Homes 35 306 343,661 (2) Quadrant Homes 25 1,059 1,146 Trendmaker Homes 118 45 7 TRI Pointe Homes 460 49 — Winchester Homes 1,206 613 431 Total $ 1,930 $ 2,515 $ 345,448 (1) Includes $18.0 million of Merger related transaction costs and $5.5 million of restructuring charges for the year ended December 31, 2014. No similar costs were incurred for the year ended December 31, 2015. (2) Includes $343.3 million of impairment and related charges for Coyote Springs, a large master planned community north of Las Vegas, Nevada that was owned by Pardee Homes and excluded under the Transaction Agreement. Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands): December 31, December 31, 2015 2014 Real estate inventories Maracay Homes $ 206,912 $ 153,577 Pardee Homes 1,011,982 924,362 Quadrant Homes 190,038 153,493 Trendmaker Homes 199,398 176,696 TRI Pointe Homes 659,130 613,666 Winchester Homes 251,813 258,389 Total $ 2,519,273 $ 2,280,183 Total assets Maracay Homes $ 227,857 $ 170,932 Pardee Homes 1,089,586 1,000,489 Quadrant Homes 202,024 167,796 Trendmaker Homes 213,562 195,829 TRI Pointe Homes 832,423 781,301 Winchester Homes 278,374 281,547 Corporate 292,169 291,944 Total homebuilding assets 3,135,995 2,889,838 Financial services 2,076 — Total $ 3,138,071 $ 2,889,838 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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): Year Ended December 31, 2015 2014 2013 Numerator: Income (loss) from continuing operations $ 205,461 $ 84,197 $ (151,293 ) Income from discontinued operations — — 1,838 Net income (loss) available to common stockholders $ 205,461 $ 84,197 $ (149,455 ) Denominator: Basic weighted-average shares outstanding 161,692,152 145,044,351 129,700,000 Effect of dilutive shares: Stock options and unvested restricted stock units 627,606 486,938 — Diluted weighted-average shares outstanding 162,319,758 145,531,289 129,700,000 Earnings per share Basic Continuing operations $ 1.27 $ 0.58 $ (1.17 ) Discontinued operations — — 0.02 Net earnings (loss) per share $ 1.27 $ 0.58 $ (1.15 ) Diluted Continuing operations $ 1.27 $ 0.58 $ (1.17 ) Discontinued operations — — 0.02 Net earnings (loss) per share $ 1.27 $ 0.58 $ (1.15 ) Antidilutive stock options not included in diluted earnings per share 2,622,391 1,295,280 — |
Receivables, net (Tables)
Receivables, net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Components of Receivables, Net | Receivables, net consisted of the following (in thousands): December 31, December 31, 2015 2014 Escrow proceeds and other accounts receivable, net $ 32,917 $ 9,771 Warranty insurance receivable (Note 15) 10,493 10,047 Notes and contracts receivable 300 300 Total receivables $ 43,710 $ 20,118 |
Real Estate Inventories (Tables
Real Estate Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Summary of Real Estate Inventories | Real estate inventories consisted of the following (in thousands): December 31, December 31, 2015 2014 Real estate inventories owned: Homes completed or under construction $ 575,076 $ 461,712 Land under development 1,443,461 1,391,303 Land held for future development 295,241 245,673 Model homes 140,232 103,270 Total real estate inventories owned 2,454,010 2,201,958 Real estate inventories not owned: Land purchase and land option deposits 39,055 44,155 Consolidated inventory held by VIEs 26,208 34,070 Total real estate inventories not owned 65,263 78,225 Total real estate inventories $ 2,519,273 $ 2,280,183 |
Summary of Interest Incurred, Capitalized and Expensed | Interest incurred, capitalized and expensed were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Interest incurred $ 60,964 $ 41,706 $ 22,674 Interest capitalized (60,964 ) (38,975 ) (19,081 ) Interest expensed $ — $ 2,731 $ 3,593 Capitalized interest in beginning inventory $ 124,461 $ 138,233 $ 155,823 Interest capitalized as a cost of inventory 60,964 38,975 19,081 Interest previously capitalized as a cost of inventory, included in cost of sales (45,114 ) (52,747 ) (36,671 ) Capitalized interest in ending inventory $ 140,311 $ 124,461 $ 138,233 |
Schedule of Real Estate Inventory Impairments and Land Option Abandonments | Real estate inventory impairments and land option abandonments consisted of the following (in thousands): Year Ended December 31, 2015 2014 2013 Real estate inventory impairments $ 1,167 $ 931 $ 341,086 Land and lot option abandonments and pre-acquisition costs 763 1,584 4,362 Total $ 1,930 $ 2,515 $ 345,448 |
Investments in Unconsolidated39
Investments in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Cumulative Investment in Entities on Equity Method, Including Share of Earnings and Losses | Our cumulative investment in entities accounted for on the equity method, including our share of earnings and losses, consisted of the following (in thousands): December 31, 2015 2014 Limited liability company interests $ 15,739 $ 13,710 General partnership interests 3,260 3,095 Total $ 18,999 $ 16,805 |
Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments | 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 investment in unconsolidated entities or on our consolidated statement of operations as equity in income (loss) of unconsolidated entities. Assets and liabilities of unconsolidated entities (in thousands): December 31, 2015 2014 Assets Cash $ 18,641 $ 17,154 Receivables 13,108 9,550 Real estate inventories 92,881 95,500 Other assets 1,180 620 Total assets $ 125,810 $ 122,824 Liabilities and equity Accounts payable and other liabilities $ 14,443 $ 10,914 Company’s equity 18,999 16,805 Outside interests' equity 92,368 95,105 Total liabilities and equity $ 125,810 $ 122,824 Results of operations from unconsolidated entities (in thousands): Year Ended December 31, 2015 2014 2013 Net sales $ 7,326 $ 606 $ 6,271 Other operating expense (6,690 ) (4,290 ) (7,521 ) Other expense (279 ) (2 ) (18 ) Net income (loss) $ 357 $ (3,686 ) $ (1,268 ) Company’s equity in income (loss) of unconsolidated entities $ 2,691 $ (288 ) $ 2 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 option agreements (in thousands): December 31, 2015 December 31, 2014 Remaining Consolidated Remaining Consolidated Purchase Inventory Purchase Inventory Deposits Price Held by VIEs Deposits Price Held by VIEs Consolidated VIEs $ 3,003 $ 23,239 $ 26,208 $ 8,071 $ 43,432 $ 34,070 Unconsolidated VIEs 11,615 74,590 N/A 13,309 129,637 N/A Other land option agreements 27,440 279,612 N/A 30,846 284,819 N/A Total $ 42,058 $ 377,441 $ 26,208 $ 52,226 $ 457,888 $ 34,070 |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Other Intangible Assets | Goodwill and other intangible assets consisted of the following (in thousands): December 31, 2015 December 31, 2014 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Goodwill $ 139,304 $ — $ 139,304 $ 139,304 $ — $ 139,304 Trade names 27,979 (5,254 ) 22,725 27,979 (4,720 ) 23,259 Total $ 167,283 $ (5,254 ) $ 162,029 $ 167,283 $ (4,720 ) $ 162,563 |
Schedule of Expected Amortization of Intangible Asset | Expected amortization of our intangible asset related to Maracay for the next five years and thereafter is (in thousands): 2016 $ 534 2017 534 2018 534 2019 534 2020 534 Thereafter 2,755 Total $ 5,425 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets consisted of the following (in thousands): December 31, December 31, 2015 2014 Prepaid expenses $ 14,523 $ 29,111 Refundable fees and other deposits 17,056 15,581 Development rights, held for future use or sale 4,360 7,409 Deferred loan costs 2,179 — Operating properties and equipment, net 7,643 11,719 Income tax receivable — 10,713 Other 3,157 7,186 Total $ 48,918 $ 81,719 |
Accrued Expenses and Other Li43
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Schedule Of Accrued Expenses And Other Liabilities | Accrued expenses and other liabilities consisted of the following (in thousands): December 31, December 31, 2015 2014 Accrued payroll and related costs $ 28,264 $ 24,717 Warranty reserves (Note 15) 45,948 33,270 Estimated cost for completion of real estate inventories 52,818 48,737 Customer deposits 12,132 14,229 Debt (nonrecourse) held by VIEs 2,442 9,512 Income tax liability to Weyerhaeuser (Note 18) 8,900 15,659 Accrued income taxes payable 19,279 — Liability for uncertain tax positions (Note 17) 307 13,797 Accrued interest 2,417 3,059 Accrued insurance expense 1,402 9,180 Other tax liability 21,764 9,079 Other 20,590 28,770 Total $ 216,263 $ 210,009 |
Senior Notes and Notes Payabl44
Senior Notes and Notes Payable and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Senior Notes | Senior notes consisted of the following (in thousands): December 31, December 31, 2015 2014 4.375% Senior Notes due June 15, 2019 $ 450,000 $ 450,000 5.875% Senior Notes due June 15, 2024 450,000 450,000 Discount and deferred loan costs (31,321 ) (36,184 ) Total $ 868,679 $ 863,816 |
Components of Unsecured Revolving Credit Facility | Other borrowings consisted of the following (in thousands): December 31, December 31, 2015 2014 Unsecured revolving credit facility $ 299,392 $ 260,000 |
Components of Seller Financed Loans | Seller financed loans consisted of the following (in thousands): December 31, December 31, 2015 2014 Seller financed loans $ 2,434 $ 14,677 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 December 31, 2015 and 2014, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (in thousands): December 31, 2015 December 31, 2014 Hierarchy Book Value Fair Value Book Value Fair Value Senior Notes (1) Level 2 889,054 881,460 887,502 896,625 Unsecured revolving credit facility (2) Level 2 299,392 299,392 260,000 260,000 Seller financed loans (3) Level 2 2,434 2,368 14,677 14,677 At December 31, 2015 and 2014, the carrying value of cash and cash equivalents and receivables approximated fair value. (1) (2) (3) |
Summary of Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis | The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands): Year Ended Year Ended December 31, 2015 December 31, 2014 Fair Value Fair Value Impairment Net of Impairment Net of Charge Impairment Charge Impairment Real estate inventories (1) $ 1,167 $ 28,540 $ 931 $ 20,329 (1) Fair value of real estate inventories, net of impairment charges represents only those assets whose carrying values were adjusted to fair value in the respective periods presented. The fair value of these real estate inventories impaired was determined based on recent offers received from outside third parties or actual contracts |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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): Year Ended December 31, 2015 2014 2013 Total stock-based compensation $ 11,935 $ 7,679 $ 5,002 |
Summary of Stock Option Awards | The following table presents a summary of stock option awards for the year ended December 31, 2015: Weighted Weighted Average Average Aggregate Exercise Remaining Intrinsic Price Contractual Value Options Per Share Life (in thousands) Options outstanding at December 31, 2014 3,467,086 $ 13.05 6.0 $ 7,642 Granted — — — — Exercised (171,716 ) 11.54 Forfeited (75,223 ) 13.60 Options outstanding at December 31, 2015 3,220,147 13.12 5.2 3,081 Options exercisable at December 31, 2015 2,791,472 12.40 4.5 765 |
Summary of Restricted Stock Units | The following table presents a summary of restricted stock units (“RSUs”) for the year ended December 31, 2015: Weighted Average Aggregate Restricted Grant Date Intrinsic Stock Fair Value Value Units Per Share (in thousands) Nonvested RSUs at December 31, 2014 900,547 $ 14.25 $ 13,733 Granted 1,580,499 11.59 18,315 Vested (453,685 ) 13.85 Forfeited (69,328 ) 14.58 Nonvested RSUs at December 31, 2015 1,958,033 12.21 24,808 |
2013 Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Fair Value of Stock Option Awards | The fair value of stock option awards granted under the 2013 Incentive Plan at legacy TRI Pointe during the years ended December 31, 2015, 2014 and 2013 were established at the date of grant using an option based model with the following assumptions: 2015 Grants 2014 Grants 2013 Grants Dividend yield N/A 0.00 % 0.00 % Expected volatility N/A 63.01 % 44.00 % Risk-free interest rate N/A 1.96 % 1.89 % Expected life (in years) N/A 6.00 5.00 |
WRECO Transaction [Member] | WRECO equity incentive plans [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Fair Value of Stock Option Awards | The fair value of stock option awards assumed in the Merger was determined by using an option-based model with the following assumptions: 2014 Grants 2013 Grants 2012 Grants 2011 Grants Dividend yield 2.92 % 2.23 % 2.94 % 2.48 % Expected volatility 31.71 % 38.00 % 40.41 % 38.56 % Risk-free interest rate 1.57 % 0.92 % 1.01 % 2.65 % Expected life (in years) 4.97 4.97 5.33 5.73 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Provision (Benefit) for Income Tax Attributable to Income (Loss) from Continuing Operations before Income Taxes | The provision (benefit) for income tax attributable to income (loss) from continuing operations before income taxes consisted of (in thousands): Year Ended December 31, 2015 2014 2013 Current: Federal $ 91,343 $ (109,565 ) $ 21,773 State 6,715 5,339 1,646 Total current taxes 98,058 (104,226 ) 23,419 Deferred: Federal 8,296 147,797 (107,651 ) State 5,725 196 (1,929 ) Total deferred taxes 14,021 147,993 (109,580 ) Total income tax expense (benefit) $ 112,079 $ 43,767 $ (86,161 ) |
Effective Tax Rate Differs from Federal Statutory Rate | The Company’s provision (benefit) for income taxes was different from the amount computed by applying the statutory federal income tax rate of 35% to the underlying income before income taxes as a result of the following (in thousands): Year Ended December 31, 2015 2014 2013 Taxes at the U.S. federal statutory rate $ 111,846 $ 44,788 $ (83,109 ) State income taxes, net of federal tax impact 9,627 3,822 (859 ) Tax loss on the sale of WRI — (5,786 ) — Non deductible transaction costs — 2,594 — Other, net (9,394 ) (1,651 ) (2,193 ) Total income tax expense (benefit) $ 112,079 $ 43,767 $ (86,161 ) Effective income tax rate 35.1 % 34.2 % 36.3 % |
Components of Deferred Income Tax Assets | Deferred taxes consisted of the following at December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 2014 Deferred tax assets: Impairment and other valuation reserves $ 89,057 $ 110,816 Incentive compensation 3,617 2,646 Indirect costs capitalized 20,266 27,202 Net operating loss carryforwards (state) 29,461 29,975 Transaction costs (833 ) 2,610 State taxes 2,903 1,368 Other costs and expenses 13,641 17,230 Gross deferred tax assets 158,112 191,847 Valuation allowance (4,361 ) (6,233 ) Deferred tax assets, net of valuation allowance 153,751 185,614 Deferred tax liabilities: Interest capitalized 268 (2,590 ) Basis difference in inventory (14,128 ) (14,029 ) Fixed assets 1,274 (555 ) Intangibles (9,015 ) (8,944 ) Other (1,493 ) (1,675 ) Deferred tax liabilities (23,094 ) (27,793 ) Net deferred tax assets $ 130,657 $ 157,821 |
Schedule of Gross Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s gross unrecognized tax benefits (in thousands): Year Ended December 31, 2015 2014 Balance at beginning of year $ 14,857 $ — Increase due to Merger — 16,716 Decreases related to prior year tax positions (1,706 ) — Decreases related to current year tax positions (12,879 ) (1,859 ) Balance at end of year $ 272 $ 14,857 |
Schedule of Pro Forma Income from Continuing Operations and Pro Forma Earnings Per Share | If we were to calculate income taxes using the separate return method, the effect on pro forma unaudited income from continuing operations and pro forma unaudited earnings per share would be as follows (in thousands, except per share amounts): Year Ended December 31, 2015 2014 2013 (unaudited) (unaudited) (unaudited) Income (loss) from continuing operations before taxes as reported in the accompanying financial statements $ 319,260 $ 127,964 $ (237,454 ) (Provision) benefit for income taxes (112,079 ) (49,553 ) 86,161 Pro forma income (loss) from continuing operations 207,181 78,411 (151,293 ) Net income attributable to noncontrolling interests (1,720 ) — — Pro forma net income (loss) from continuing operations available to common stockholders $ 205,461 $ 78,411 $ (151,293 ) Pro forma earnings (loss) per share - basic $ 1.27 $ 0.54 $ (1.17 ) Pro forma earnings (loss) per share - diluted $ 1.27 $ 0.54 $ (1.17 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Allocated Corporate General and Administrative Expenses | Weyerhaeuser-allocated corporate general and administrative expenses were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Weyerhaeuser-allocated costs $ — $ 10,735 $ 22,884 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Earnings Discontinued Operations | Earnings of discontinued operations is as follows (in thousands): Year Ended December 31, 2015 2014 2013 Earnings before income taxes $ — $ — $ 602 Gain on sale of discontinued operations — — 1,946 (Provision) benefit for income taxes — — (710 ) Discontinued operations, net of income taxes $ — $ — $ 1,838 |
Supplemental Guarantor Inform50
Supplemental Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet (in thousands): December 31, 2015 Consolidated Guarantor Consolidating TRI Pointe Issuer (1) Subsidiaries Adjustments Group, Inc. Assets Cash and cash equivalents $ 147,771 $ 66,714 $ — $ 214,485 Receivables 17,358 26,352 — 43,710 Intercompany receivables 783,956 — (783,956 ) — Real estate inventories 657,221 1,862,052 — 2,519,273 Investments in unconsolidated entities — 18,999 — 18,999 Goodwill and other intangible assets, net 156,604 5,425 — 162,029 Investments in subsidiaries 1,093,261 — (1,093,261 ) — Deferred tax assets, net 19,061 111,596 — 130,657 Other assets 12,219 36,699 — 48,918 Total Assets $ 2,887,451 $ 2,127,837 $ (1,877,217 ) $ 3,138,071 Liabilities Accounts payable $ 20,444 $ 44,396 $ — $ 64,840 Intercompany payables — 783,956 (783,956 ) — Accrued expenses and other liabilities 32,219 184,044 — 216,263 Unsecured revolving credit facility 299,392 — — 299,392 Seller financed loans 2,034 400 — 2,434 Senior notes 868,679 — — 868,679 Total Liabilities 1,222,768 1,012,796 (783,956 ) 1,451,608 Equity Total stockholders’ equity 1,664,683 1,093,261 (1,093,261 ) 1,664,683 Noncontrolling interests — 21,780 — 21,780 Total Equity 1,664,683 1,115,041 (1,093,261 ) 1,686,463 Total Liabilities and Equity $ 2,887,451 $ 2,127,837 $ (1,877,217 ) $ 3,138,071 (1) References to “Issuer” in Note 22, Supplemental Guarantor Information a. for periods prior to July 7, 2015: TRI Pointe Homes only b. for periods from and after July 7, 2015: TRI Pointe Homes and TRI Pointe Group as co-issuers Condensed Consolidating Balance Sheet (in thousands): December 31, 2014 Consolidated Guarantor Consolidating TRI Pointe Issuer (1) Subsidiaries Adjustments Homes, Inc. Assets Cash and cash equivalents $ 105,888 $ 64,741 $ — $ 170,629 Receivables 5,050 15,068 — 20,118 Intercompany receivables 797,480 — (797,480 ) — Real estate inventories 613,666 1,666,517 — 2,280,183 Investments in unconsolidated entities — 16,805 — 16,805 Goodwill and other intangible assets, net 156,603 5,960 — 162,563 Investments in subsidiaries 941,397 — (941,397 ) — Deferred tax assets, net 23,630 134,191 — 157,821 Other assets 31,512 50,207 — 81,719 Total Assets $ 2,675,226 $ 1,953,489 $ (1,738,877 ) $ 2,889,838 Liabilities Accounts payable $ 25,800 $ 43,060 $ — $ 68,860 Intercompany payables — 797,480 (797,480 ) — Accrued expenses and other liabilities 57,353 152,656 — 210,009 Unsecured revolving credit facility 260,000 — — 260,000 Seller financed loans 14,077 600 — 14,677 Senior notes 863,816 — — 863,816 Total Liabilities 1,221,046 993,796 (797,480 ) 1,417,362 Equity Total stockholders’ equity 1,454,180 941,397 (941,397 ) 1,454,180 Noncontrolling interests — 18,296 — 18,296 Total Equity 1,454,180 959,693 (941,397 ) 1,472,476 Total Liabilities and Equity $ 2,675,226 $ 1,953,489 $ (1,738,877 ) $ 2,889,838 (1) References to “Issuer” in Note 22, Supplemental Guarantor Information a. for periods prior to July 7, 2015: TRI Pointe Homes only b. for periods from and after July 7, 2015: TRI Pointe Homes and TRI Pointe Group as co-issuers |
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations (in thousands): Year Ended December 31, 2015 Consolidated Guarantor Consolidating TRI Pointe Issuer (1) Subsidiaries Adjustments Group, Inc. Homebuilding: Home sales revenue $ 774,005 $ 1,517,259 $ — $ 2,291,264 Land and lot sales revenue — 101,284 — 101,284 Other operations — 7,601 — 7,601 Total revenues 774,005 1,626,144 — 2,400,149 Cost of home sales 624,331 1,182,760 — 1,807,091 Cost of land and lot sales — 34,844 — 34,844 Other operations — 4,360 — 4,360 Impairments and lot option abandonments 460 1,470 — 1,930 Sales and marketing 26,792 89,425 — 116,217 General and administrative 55,611 61,885 — 117,496 Restructuring charges (169 ) 3,498 — 3,329 Homebuilding income from operations 66,980 247,902 — 314,882 Equity in loss of unconsolidated entities — 1,460 — 1,460 Transaction expenses — — — — Other (loss) income, net (127 ) 985 — 858 Homebuilding income from continuing operations before taxes 66,853 250,347 — 317,200 Financial Services: Revenues — 1,010 — 1,010 Expenses — 181 — 181 Equity in income of unconsolidated entities — 1,231 — 1,231 Financial services income from continuing operations before taxes — 2,060 — 2,060 Income from continuing operations before taxes 66,853 252,407 — 319,260 Provision for income taxes (20,001 ) (92,078 ) (112,079 ) Equity of net income (loss) of subsidiaries 158,609 — (158,609 ) — Net income (loss) 205,461 160,329 (158,609 ) 207,181 Net income attributable to noncontrolling interests — (1,720 ) — (1,720 ) Net income (loss) available to common stockholders $ 205,461 $ 158,609 $ (158,609 ) $ 205,461 (1) References to “Issuer” in Note 22, Supplemental Guarantor Information a. for periods prior to July 7, 2015: TRI Pointe Homes only b. for periods from and after July 7, 2015: TRI Pointe Homes and TRI Pointe Group as co-issuers Condensed Consolidating Statement of Operations (in thousands): Year Ended December 31, 2014 Consolidated Guarantor Consolidating TRI Pointe Issuer (1) Subsidiaries Adjustments Homes, Inc. Homebuilding: Home sales revenue $ 324,219 $ 1,322,055 $ — $ 1,646,274 Land and lot sales revenue — 47,660 — 47,660 Other operations (12 ) 9,694 — 9,682 Total revenues 324,207 1,379,409 — 1,703,616 Cost of home sales 271,530 1,044,940 — 1,316,470 Cost of land and lot sales — 37,560 — 37,560 Other operations — 3,324 — 3,324 Impairments and lot option abandonments 49 2,466 — 2,515 Sales and marketing 9,678 93,922 — 103,600 General and administrative 16,532 65,826 — 82,358 Restructuring charges — 10,543 — 10,543 Homebuilding income from operations 26,418 120,828 — 147,246 Equity in loss of unconsolidated entities — (278 ) — (278 ) Transaction expenses (7,138 ) (10,822 ) — (17,960 ) Other income (loss), net 17 (1,036 ) — (1,019 ) Homebuilding income from continuing operations before taxes 19,297 108,692 — 127,989 Financial Services: Revenues — — — — Expenses — 15 — 15 Equity in loss of unconsolidated entities — (10 ) — (10 ) Financial services loss from continuing operations before taxes — (25 ) — (25 ) Income from continuing operations before taxes 19,297 108,667 — 127,964 Provision for income taxes (11,586 ) (32,181 ) — (43,767 ) Net income 7,711 76,486 — 84,197 Equity of net income (loss) of subsidiaries 76,486 — (76,486 ) — Net income (loss) available to common stockholders $ 84,197 $ 76,486 $ (76,486 ) $ 84,197 (1) References to “Issuer” in Note 22, Supplemental Guarantor Information a. for periods prior to July 7, 2015: TRI Pointe Homes only b. for periods from and after July 7, 2015: TRI Pointe Homes and TRI Pointe Group as co-issuers |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows (in thousands): Year Ended December 31, 2015 Consolidated Guarantor Consolidating TRI Pointe Issuer (1) Subsidiaries Adjustments Group, Inc. Cash flows from operating activities Net cash provided by operating activities $ 1,714 $ 29,291 $ — $ 31,005 Cash flows from investing activities: Purchases of property and equipment (1,063 ) 254 — (809 ) Investments in unconsolidated entities — (1,468 ) — (1,468 ) Distributions from unconsolidated entities — 1,415 — 1,415 Intercompany 16,717 — (16,717 ) — Net cash provided by (used in) investing activities 15,654 201 (16,717 ) (862 ) Cash flows from financing activities: Borrowings from debt 140,000 — — 140,000 Repayment of debt (112,651 ) (200 ) — (112,851 ) Debt issuance costs (2,688 ) — — (2,688 ) Net repayments of debt held by variable interest entities — (6,769 ) — (6,769 ) Contributions from noncontrolling interests — 5,990 — 5,990 Distributions to noncontrolling interests — (9,823 ) — (9,823 ) Proceeds from issuance of common stock under share-based awards 1,616 — — 1,616 Excess tax benefits of share-based awards 428 — — 428 Minimum tax withholding paid on behalf of employees for restricted stock units (2,190 ) — — (2,190 ) Intercompany — (16,717 ) 16,717 — Net cash provided by (used in) financing activities 24,515 (27,519 ) 16,717 13,713 Net increase in cash and cash equivalents 41,883 1,973 — 43,856 Cash and cash equivalents - beginning of period 105,888 64,741 — 170,629 Cash and cash equivalents - end of period $ 147,771 $ 66,714 $ — $ 214,485 (1) References to “Issuer” in Note 22, Supplemental Guarantor Information a. for periods prior to July 7, 2015: TRI Pointe Homes only b. for periods from and after July 7, 2015: TRI Pointe Homes and TRI Pointe Group as co-issuers Condensed Consolidating Statement of Cash Flows (in thousands): Year Ended December 31, 2014 Consolidated Guarantor Consolidating TRI Pointe Issuer (1) Subsidiaries Adjustments Homes, Inc. Cash flows from operating activities Net cash used in operating activities $ (62,715 ) $ (50,655 ) $ — $ (113,370 ) Cash flows from investing activities: Purchases of property and equipment (2,293 ) (5,557 ) — (7,850 ) Cash acquired in the Merger 53,800 — — 53,800 Proceeds from sale of property and equipment — 23 — 23 Investments in unconsolidated entities — (1,311 ) — (1,311 ) Intercompany 69,971 — (69,971 ) — Net cash provided by (used in) investing activities 121,478 (6,845 ) (69,971 ) 44,662 Cash flows from financing activities: Borrowings from debt 100,000 600 — 100,600 Repayment of debt (53,051 ) — — (53,051 ) Debt issuance costs — (23,000 ) — (23,000 ) Proceeds from issuance of senior notes — 886,698 — 886,698 Bridge commitment fee — (10,322 ) — (10,322 ) Changes in debt payable to Weyerhaeuser — (623,589 ) — (623,589 ) Change in book overdrafts — (22,491 ) — (22,491 ) Distributions to Weyerhaeuser — (8,606 ) — (8,606 ) Net proceeds of debt held by variable interest entities — 3,903 — 3,903 Contributions from noncontrolling interests — 1,895 — 1,895 Distributions to noncontrolling interests — (19,143 ) — (19,143 ) Proceeds from issuance of common stock under share-based awards 176 — — 176 Excess tax benefits of share-based awards — 1,757 — 1,757 Intercompany (69,971 ) 69,971 — Net cash provided by financing activities 47,125 117,731 69,971 234,827 Net increase in cash and cash equivalents 105,888 60,231 — 166,119 Cash and cash equivalents - beginning of period — 4,510 — 4,510 Cash and cash equivalents - end of period $ 105,888 $ 64,741 $ — $ 170,629 (1) References to “Issuer” in Note 22, Supplemental Guarantor Information a. for periods prior to July 7, 2015: TRI Pointe Homes only b. for periods from and after July 7, 2015: TRI Pointe Homes and TRI Pointe Group as co-issuers |
Results of Quarterly Operatio51
Results of Quarterly Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Results of Operations | Our quarterly results of operations for these periods are not necessarily indicative of future results of operations (in thousands, except per share amounts): First Second Third Fourth 2015 Quarter Quarter Quarter Quarter Total revenues $ 377,258 $ 495,517 $ 648,141 $ 880,243 Cost of homes sales and other 302,417 352,720 511,353 679,825 Impairments and lot option abandonments 360 1,178 211 181 Gross margin $ 74,481 $ 141,619 $ 136,577 $ 200,237 Net income $ 15,297 $ 56,762 $ 49,769 $ 85,353 Net (income) loss attributable to noncontrolling interests — (1,832 ) $ 393 (281 ) Net income available to common stockholders $ 15,297 $ 54,930 $ 50,162 $ 85,072 Earnings per share Basic $ 0.09 $ 0.34 $ 0.31 $ 0.53 Diluted $ 0.09 $ 0.34 $ 0.31 $ 0.52 First Second Third Fourth 2014 Quarter Quarter Quarter Quarter Total revenues $ 248,132 $ 342,563 $ 477,920 $ 635,001 Cost of homes sales and other 195,595 267,937 387,721 506,101 Impairments and lot option abandonments 468 104 552 1,391 Gross margin $ 52,069 $ 74,522 $ 89,647 $ 127,509 Net income $ 7,581 $ 24,225 $ 10,965 $ 41,426 Net (income) loss attributable to noncontrolling interests — — — — Net income available to common stockholders $ 7,581 $ 24,225 $ 10,965 $ 41,426 Earnings per share Basic $ 0.06 $ 0.19 $ 0.07 $ 0.26 Diluted $ 0.06 $ 0.19 $ 0.07 $ 0.26 |
Organization and Summary of S52
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jul. 07, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 07, 2014 |
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | |||
Right to receive common share upon conversion | 1 | |||||
Impairment charges | $ 1,167,000 | $ 931,000 | $ 341,086,000 | |||
Increase in warrant liability | $ 6,000,000 | 7,451,000 | 199,000 | $ 1,933,000 | ||
Gross unrecognized tax benefits | 272,000 | 272,000 | $ 14,857,000 | |||
Deferred loan cost | $ 2,179,000 | $ 2,179,000 | ||||
Common stock, shares issued | 161,813,750 | 161,813,750 | 161,355,490 | 129,700,000 | ||
Common stock, shares outstanding | 161,813,750 | 161,813,750 | 161,355,490 | 129,700,000 | ||
Conversion of shares, description | In the Merger, each issued and outstanding WRECO common share was converted into 1.297 shares of TRI Pointe common stock. | |||||
WRECO Transaction [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Common stock, shares issued | 100,000,000 | 129,700,000 | ||||
Common stock, shares outstanding | 31,632,533 | 31,632,533 | 100,000,000 | 129,700,000 | ||
Senior Notes [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Deferred loan cost | $ 20,400,000 | $ 20,400,000 | $ 23,700,000 | |||
Other Assets [Member] | Senior Notes [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Deferred loan cost | 20,400,000 | 20,400,000 | 23,700,000 | |||
Adjustments For New Accounting Principle Early Adoption | Senior Notes [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Deferred loan cost | 20,400,000 | 20,400,000 | 23,700,000 | |||
Adjustments For New Accounting Principle Early Adoption | Other Assets [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Deferred loan cost | $ 20,400,000 | $ 20,400,000 | $ 23,700,000 | |||
4.375% Senior notes due 2019 [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Interest rate on senior note | 4.375% | 4.375% | 4.375% | |||
Debt instrument, maturity year | 2,019 | |||||
5.875% Senior notes due 2024 [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Interest rate on senior note | 5.875% | 5.875% | 5.875% | |||
Debt instrument, maturity year | 2,024 | |||||
TRI Pointe Homes [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Common stock, par value | $ 0.01 | |||||
Tri Pointe Group [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Common stock, par value | $ 0.01 | |||||
Tri Pointe | 4.375% Senior notes due 2019 [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Interest rate on senior note | 4.375% | |||||
Debt instrument, maturity year | 2,019 | |||||
Tri Pointe | 5.875% Senior notes due 2024 [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Interest rate on senior note | 5.875% | |||||
Debt instrument, maturity year | 2,024 | |||||
WRECO [Member] | Scenario Previously Reported [Member] | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Common stock, shares issued | 100,000,000 | |||||
Common stock, shares outstanding | 100,000,000 |
Merger with Weyerhaeuser Real53
Merger with Weyerhaeuser Real Estate Company - Additional Information (Detail) | Jul. 07, 2014USD ($)shares | Jun. 13, 2014USD ($)Deposit | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013shares |
Business Acquisition [Line Items] | |||||
Common stock, shares issued | shares | 161,813,750 | 161,355,490 | 129,700,000 | ||
Proceeds from issuance of senior notes | $ 861,300,000 | ||||
Number of escrow accounts | Deposit | 2 | ||||
Debt issuance date | Nov. 3, 2013 | ||||
Transaction costs directly related to Merger | $ 17,960,000 | ||||
Trade names [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition related to trade names | $ 17,300,000 | ||||
4.375% Senior notes due 2019 [Member] | |||||
Business Acquisition [Line Items] | |||||
Aggregate principal amount | $ 450,000,000 | ||||
Interest rate on senior note | 4.375% | 4.375% | |||
Debt instrument, maturity year | 2,019 | ||||
5.875% Senior notes due 2024 [Member] | |||||
Business Acquisition [Line Items] | |||||
Aggregate principal amount | $ 450,000,000 | ||||
Interest rate on senior note | 5.875% | 5.875% | |||
Debt instrument, maturity year | 2,024 | ||||
Unpaid Interest [Member] | |||||
Business Acquisition [Line Items] | |||||
Debt issuance date | Nov. 3, 2013 | ||||
WRECO Transaction [Member] | |||||
Business Acquisition [Line Items] | |||||
Common stock, shares issued | shares | 129,700,000 | 100,000,000 | |||
Amount of adjustment based on transaction agreement | $ 31,500,000 | ||||
Cash payment to former direct parent | $ 743,700,000 | ||||
Acquisition related to trade names | $ 17,300,000 | ||||
WRECO Transaction [Member] | Transaction Agreement [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash payment to former direct parent | 739,000,000 | ||||
WRECO Transaction [Member] | Unpaid Interest [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash payment to former direct parent | $ 4,700,000 | ||||
TRI Pointe [Member] | |||||
Business Acquisition [Line Items] | |||||
Common stock, shares issued | shares | 129,700,000 | ||||
Cash retained by the Company | $ 117,600,000 | ||||
TRI Pointe [Member] | WRECO Transaction [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of common stock outstanding | 79.60% | ||||
Percentage of common stock owned after the Merger by TRI Pointe shareholders of record prior to the Merger | 19.40% | ||||
Outstanding equity awards of the employee in percentage | 1.00% |
Merger with Weyerhaeuser Real54
Merger with Weyerhaeuser Real Estate Company - Summary of Calculation of Fair Value of Total Consideration Transferred and Provisional Amounts Recognized (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Jul. 07, 2014 | Dec. 31, 2013 | |
Calculation of consideration transferred | ||||
TRI Pointe shares outstanding | 161,813,750 | 161,355,490 | 129,700,000 | |
Assets acquired and liabilities assumed | ||||
Goodwill | $ 139,304 | $ 139,304 | ||
WRECO Transaction [Member] | ||||
Calculation of consideration transferred | ||||
TRI Pointe shares outstanding | 31,632,533 | 129,700,000 | 100,000,000 | |
TRI Pointe closing stock price on July 7, 2014 | $ 15.85 | |||
Consideration attributable to common stock | $ 501,376 | |||
Consideration attributable to TRI Pointe share-based equity awards | 1,072 | |||
Total consideration transferred | 502,448 | |||
Assets acquired and liabilities assumed | ||||
Cash and cash equivalents | 53,800 | |||
Accounts receivable | 654 | |||
Real estate inventories | 539,677 | |||
Intangible asset | 17,300 | |||
Goodwill | 139,304 | |||
Other assets | 28,060 | |||
Total assets acquired | 778,795 | |||
Accounts payable | (26,105) | |||
Accrued expenses and other liabilities | (23,114) | |||
Notes payable and other borrowings | (227,128) | |||
Total liabilities assumed | (276,347) | |||
Total net assets acquired | $ 502,448 |
Merger with Weyerhaeuser Real55
Merger with Weyerhaeuser Real Estate Company - Summary of Pro Forma Operating Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Business Combinations [Abstract] | ||
Total revenues | $ 1,865,723 | $ 1,532,667 |
Net income | $ 88,416 | $ 91,028 |
Earnings per share – basic | $ 0.55 | $ 0.56 |
Earnings per share – diluted | $ 0.55 | $ 0.56 |
Restructuring Charges - Schedul
Restructuring Charges - Schedule of Restructuring Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring And Related Activities [Abstract] | |||
Employee-related costs | $ 1,546 | $ 9,211 | $ 5,736 |
Lease termination costs | 1,783 | 1,332 | 5,202 |
Total | $ 3,329 | $ 10,543 | $ 10,938 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost And Reserve [Line Items] | |||
Employee-related costs | $ 1,546,000 | $ 9,211,000 | $ 5,736,000 |
Stock-based compensation expense | 11,935,000 | 7,679,000 | 5,002,000 |
Lease termination costs | 1,783,000 | 1,332,000 | 5,202,000 |
Employee-Related Restructuring Reserves [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Employee-related costs | $ 1,546,000 | 8,300,000 | $ 5,736,000 |
Stock-based compensation expense | $ 947,000 |
Restructuring Charges - Sched58
Restructuring Charges - Schedule of Changes in Employee Related Restructuring Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost And Reserve [Line Items] | |||
Current year charges | $ 3,329 | $ 10,543 | $ 10,938 |
Employee-Related Restructuring Reserves [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Accrued costs, beginning of period | 3,844 | 4,336 | 28 |
Current year charges | 1,546 | 8,264 | 5,736 |
Payments | (5,170) | (8,756) | (1,428) |
Accrued costs, end of period | $ 220 | $ 3,844 | $ 4,336 |
Restructuring Charges - Sched59
Restructuring Charges - Schedule of Changes in Lease Termination Related Restructuring Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost And Reserve [Line Items] | |||
Current year charges | $ 3,329 | $ 10,543 | $ 10,938 |
Lease Termination Restructuring Reserves [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Accrued costs, beginning of period | 1,394 | 3,506 | 2,335 |
Current year charges | 1,783 | 1,332 | 5,202 |
Payments | (2,410) | (3,444) | (4,031) |
Accrued costs, end of period | $ 767 | $ 1,394 | $ 3,506 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015Segment | |
Segment Reporting [Abstract] | |
Number of principal businesses | 2 |
Number of operating divisions | 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 | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Total homebuilding revenues | $ 880,243 | $ 648,141 | $ 495,517 | $ 377,258 | $ 635,001 | $ 477,920 | $ 342,563 | $ 248,132 | $ 2,400,149 | $ 1,703,616 | $ 1,274,712 |
Financial services, revenues | 1,010 | ||||||||||
Total revenues | 2,401,159 | 1,703,616 | 1,274,712 | ||||||||
Total homebuilding income (loss) before taxes | 317,200 | 127,989 | (237,454) | ||||||||
Financial services income (loss) before taxes | 2,060 | (25) | |||||||||
Income (loss) from continuing operations before taxes | 319,260 | 127,964 | (237,454) | ||||||||
Impairments and lot option abandonments | 181 | $ 211 | $ 1,178 | $ 360 | 1,391 | $ 552 | $ 104 | $ 468 | 1,930 | 2,515 | 345,448 |
Real estate inventories | 2,519,273 | 2,280,183 | 2,519,273 | 2,280,183 | |||||||
Total assets | 3,135,995 | 2,889,838 | 3,135,995 | 2,889,838 | |||||||
Financial services | 2,076 | 2,076 | |||||||||
Total assets | 3,138,071 | 2,889,838 | 3,138,071 | 2,889,838 | |||||||
Maracay Homes [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total homebuilding revenues | 185,645 | 150,689 | 145,822 | ||||||||
Impairments and lot option abandonments | 86 | 443 | 203 | ||||||||
Real estate inventories | 206,912 | 153,577 | 206,912 | 153,577 | |||||||
Pardee Homes [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total homebuilding revenues | 670,063 | 525,381 | 519,074 | ||||||||
Impairments and lot option abandonments | 35 | 306 | 343,661 | ||||||||
Real estate inventories | 1,011,982 | 924,362 | 1,011,982 | 924,362 | |||||||
Quadrant Homes [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total homebuilding revenues | 189,401 | 145,377 | 127,237 | ||||||||
Impairments and lot option abandonments | 25 | 1,059 | 1,146 | ||||||||
Real estate inventories | 190,038 | 153,493 | 190,038 | 153,493 | |||||||
Trendmaker Homes [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total homebuilding revenues | 278,759 | 281,270 | 260,566 | ||||||||
Impairments and lot option abandonments | 118 | 45 | 7 | ||||||||
Real estate inventories | 199,398 | 176,696 | 199,398 | 176,696 | |||||||
Tri Pointe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total homebuilding revenues | 774,005 | 324,208 | |||||||||
Impairments and lot option abandonments | 460 | 49 | |||||||||
Real estate inventories | 659,130 | 613,666 | 659,130 | 613,666 | |||||||
Winchester Homes [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total homebuilding revenues | 302,276 | 276,691 | 222,013 | ||||||||
Impairments and lot option abandonments | 1,206 | 613 | 431 | ||||||||
Real estate inventories | 251,813 | 258,389 | 251,813 | 258,389 | |||||||
Operating segments [Member] | Maracay Homes [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total homebuilding income (loss) before taxes | 9,849 | 10,845 | 10,438 | ||||||||
Total assets | 227,857 | 170,932 | 227,857 | 170,932 | |||||||
Operating segments [Member] | Pardee Homes [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total homebuilding income (loss) before taxes | 183,077 | 74,898 | (258,138) | ||||||||
Total assets | 1,089,586 | 1,000,489 | 1,089,586 | 1,000,489 | |||||||
Operating segments [Member] | Quadrant Homes [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total homebuilding income (loss) before taxes | 10,478 | 9,028 | 1,504 | ||||||||
Total assets | 202,024 | 167,796 | 202,024 | 167,796 | |||||||
Operating segments [Member] | Trendmaker Homes [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total homebuilding income (loss) before taxes | 25,004 | 31,684 | 28,452 | ||||||||
Total assets | 213,562 | 195,829 | 213,562 | 195,829 | |||||||
Operating segments [Member] | Tri Pointe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total homebuilding income (loss) before taxes | 104,970 | 19,272 | |||||||||
Total assets | 832,423 | 781,301 | 832,423 | 781,301 | |||||||
Operating segments [Member] | Winchester Homes [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total homebuilding income (loss) before taxes | 22,411 | 24,612 | 24,561 | ||||||||
Total assets | 278,374 | 281,547 | 278,374 | 281,547 | |||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total homebuilding income (loss) before taxes | (38,589) | (42,350) | $ (44,271) | ||||||||
Total assets | $ 292,169 | $ 291,944 | $ 292,169 | $ 291,944 |
Segment Information - Summary62
Segment Information - Summary of Financial Information Relating to Reportable Segments (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Merger related transaction costs | $ 17,960,000 | ||
Restructuring charges | $ 3,329,000 | 10,543,000 | $ 10,938,000 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Merger related transaction costs | 0 | 18,000,000 | |
Restructuring charges | $ 0 | $ 5,500,000 | |
Pardee Homes [Member] | |||
Segment Reporting Information [Line Items] | |||
Impairment and related charges | $ 343,300,000 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||||||||||
Income (loss) from continuing operations | $ 205,461 | $ 84,197 | $ (151,293) | ||||||||
Income from discontinued operations | 1,838 | ||||||||||
Net income (loss) available to common stockholders | $ 205,461 | $ 84,197 | $ (149,455) | ||||||||
Denominator: | |||||||||||
Basic weighted-average shares outstanding | 161,692,152 | 145,044,351 | 129,700,000 | ||||||||
Effect of dilutive shares: | |||||||||||
Stock options and unvested restricted stock units | 627,606 | 486,938 | |||||||||
Diluted weighted-average shares outstanding | 162,319,758 | 145,531,289 | 129,700,000 | ||||||||
Basic | |||||||||||
Continuing operations | $ 1.27 | $ 0.58 | $ (1.17) | ||||||||
Discontinued operations | 0.02 | ||||||||||
Net earnings (loss) per share | $ 0.53 | $ 0.31 | $ 0.34 | $ 0.09 | $ 0.26 | $ 0.07 | $ 0.19 | $ 0.06 | 1.27 | 0.58 | (1.15) |
Diluted | |||||||||||
Continuing operations | 1.27 | 0.58 | (1.17) | ||||||||
Discontinued operations | 0.02 | ||||||||||
Net earnings (loss) per share | $ 0.52 | $ 0.31 | $ 0.34 | $ 0.09 | $ 0.26 | $ 0.07 | $ 0.19 | $ 0.06 | $ 1.27 | $ 0.58 | $ (1.15) |
Antidilutive stock options not included in diluted earnings per share | 2,622,391 | 1,295,280 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | Jul. 07, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||||
Common stock, shares issued | 161,813,750 | 161,355,490 | 129,700,000 | ||
Common stock, shares outstanding | 161,813,750 | 161,355,490 | 129,700,000 | ||
Common Stock [Member] | |||||
Business Acquisition [Line Items] | |||||
Conversion of shares, issued and outstanding | 1.297 | ||||
Common stock, shares outstanding | 161,813,750 | 161,355,490 | 129,700,000 | 129,700,000 | |
WRECO Transaction [Member] | |||||
Business Acquisition [Line Items] | |||||
Common stock, shares issued | 129,700,000 | 100,000,000 | |||
Common stock, shares outstanding | 129,700,000 | 31,632,533 | 100,000,000 |
Receivables, Net - Components o
Receivables, Net - Components of Receivables, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Escrow proceeds and other accounts receivable, net | $ 32,917 | $ 9,771 |
Warranty insurance receivable (Note 15) | 10,493 | 10,047 |
Notes and contracts receivable | 300 | 300 |
Total receivables | $ 43,710 | $ 20,118 |
Receivables, Net - Additional I
Receivables, Net - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Allowances for doubtful accounts | $ 1.7 | $ 1.4 |
Real Estate Inventories - Summa
Real Estate Inventories - Summary of Real Estate Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real estate inventories owned: | ||
Homes completed or under construction | $ 575,076 | $ 461,712 |
Land under development | 1,443,461 | 1,391,303 |
Land held for future development | 295,241 | 245,673 |
Model homes | 140,232 | 103,270 |
Total real estate inventories owned | 2,454,010 | 2,201,958 |
Real estate inventories not owned: | ||
Land purchase and land option deposits | 39,055 | 44,155 |
Consolidated inventory held by VIEs | 26,208 | 34,070 |
Total real estate inventories not owned | 65,263 | 78,225 |
Total real estate inventories | $ 2,519,273 | $ 2,280,183 |
Real Estate Inventories - Sum68
Real Estate Inventories - Summary of Interest Incurred, Capitalized and Expensed (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate Inventory, Capitalized Interest Costs [Roll Forward] | |||
Interest incurred | $ 60,964 | $ 41,706 | $ 22,674 |
Interest capitalized | (60,964) | (38,975) | (19,081) |
Interest expensed | 2,731 | 3,593 | |
Capitalized interest in beginning inventory | 124,461 | 138,233 | 155,823 |
Interest capitalized as a cost of inventory | 60,964 | 38,975 | 19,081 |
Interest previously capitalized as a cost of inventory, included in cost of sales | (45,114) | (52,747) | (36,671) |
Capitalized interest in ending inventory | $ 140,311 | $ 124,461 | $ 138,233 |
Real Estate Inventories - Sched
Real Estate Inventories - Schedule of Real Estate Inventory Impairments and Land Option Abandonments (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate [Abstract] | |||||||||||
Real estate inventory impairments | $ 1,167,000 | $ 931,000 | $ 341,086,000 | ||||||||
Land and lot option abandonments and pre-acquisition costs | 763,000 | 1,584,000 | 4,362,000 | ||||||||
Real estate inventory impairments and land option abandonments, Total | $ 181,000 | $ 211,000 | $ 1,178,000 | $ 360,000 | $ 1,391,000 | $ 552,000 | $ 104,000 | $ 468,000 | $ 1,930,000 | $ 2,515,000 | $ 345,448,000 |
Real Estate Inventories - Addit
Real Estate Inventories - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2013USD ($) | |
WRECO Transaction [Member] | |
Real Estate Properties [Line Items] | |
Impairment and related charges | $ 340.3 |
Investments in Unconsolidated71
Investments in Unconsolidated Entities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015SegmentInvestment | |
Minimum [Member] | |
Investment Holdings [Line Items] | |
Ownership percentage | 7.00% |
Maximum [Member] | |
Investment Holdings [Line Items] | |
Ownership percentage | 55.00% |
Homebuilding Partnerships or Limited Liability Companies [Member] | |
Investment Holdings [Line Items] | |
Number of equity investments | Investment | 6 |
Financial Services Limited Liability Company [Member] | |
Investment Holdings [Line Items] | |
Number of equity investments | Segment | 1 |
Investments in Unconsolidated72
Investments in Unconsolidated Entities - Schedule of Cumulative Investment in Entities on Equity Method, Including Share of Earnings and Losses (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Investments in unconsolidated entities | $ 18,999 | $ 16,805 |
Limited Liability Company Interests [Member] | ||
Schedule of Investments [Line Items] | ||
Investments in unconsolidated entities | 15,739 | 13,710 |
General Partnership Interests [Member] | ||
Schedule of Investments [Line Items] | ||
Investments in unconsolidated entities | $ 3,260 | $ 3,095 |
Investments in Unconsolidated73
Investments in Unconsolidated Entities - Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assets | |||
Total assets | $ 125,810 | $ 122,824 | |
Liabilities and equity | |||
Accounts payable and other liabilities | 14,443 | 10,914 | |
Company’s equity | 18,999 | 16,805 | |
Outside interests' equity | 92,368 | 95,105 | |
Total liabilities and equity | 125,810 | 122,824 | |
Net sales | 7,326 | 606 | $ 6,271 |
Other operating expense | (6,690) | (4,290) | (7,521) |
Other expense | (279) | (2) | (18) |
Net income (loss) | 357 | (3,686) | (1,268) |
Company’s equity in income (loss) of unconsolidated entities | 2,691 | (288) | $ 2 |
Cash [Member] | |||
Assets | |||
Total assets | 18,641 | 17,154 | |
Receivables [Member] | |||
Assets | |||
Total assets | 13,108 | 9,550 | |
Real Estate Inventories [Member] | |||
Assets | |||
Total assets | 92,881 | 95,500 | |
Other Assets [Member] | |||
Assets | |||
Total assets | $ 1,180 | $ 620 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Interests in Land Option Agreements (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||
Deposits | $ 42,058 | $ 52,226 |
Remaining Purchase Price | 377,441 | 457,888 |
Consolidated inventory held by VIEs | 26,208 | 34,070 |
Consolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Deposits | 3,003 | 8,071 |
Remaining Purchase Price | 23,239 | 43,432 |
Consolidated inventory held by VIEs | 26,208 | 34,070 |
Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Deposits | 11,615 | 13,309 |
Remaining Purchase Price | 74,590 | 129,637 |
Other land option agreements [Member] | ||
Variable Interest Entity [Line Items] | ||
Deposits | 27,440 | 30,846 |
Remaining Purchase Price | $ 279,612 | $ 284,819 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other land option agreements [Member] | ||
Variable Interest Entity [Line Items] | ||
Capitalized pre-acquisition costs | $ 5 | $ 5.3 |
Goodwill and Other Intangible76
Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Assets | Dec. 31, 2014USD ($) | |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | $ 139,304 | $ 139,304 |
Number of intangible assets | Assets | 2 | |
Indefinite-Lived Trade Names [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Indefinite life intangible asset | $ 17,300 | |
Finite-Lived Trade Names [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Remaining useful life of amortizing asset | 10 years 2 months 12 days | 11 years 2 months 12 days |
Amortization expense | $ 534 | $ 534 |
Maracay Homes [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Intangible assets useful life | 20 years | |
WRECO Transaction [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | $ 139,304 |
Goodwill and Other Intangible77
Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
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 | (5,254) | (4,720) |
Net Carrying Amount | 162,029 | 162,563 |
Trade names, Net Carrying Amount | $ 22,725 | $ 23,259 |
Goodwill and Other Intangible78
Goodwill and Other Intangible Assets - Schedule of Expected Amortization of Intangible Asset (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,016 | $ 534 |
2,017 | 534 |
2,018 | 534 |
2,019 | 534 |
2,020 | 534 |
Thereafter | 2,755 |
Total | $ 5,425 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 14,523 | $ 29,111 |
Refundable fees and other deposits | 17,056 | 15,581 |
Development rights, held for future use or sale | 4,360 | 7,409 |
Deferred loan costs | 2,179 | |
Operating properties and equipment, net | 7,643 | 11,719 |
Income tax receivable | 10,713 | |
Other | 3,157 | 7,186 |
Other assets, total | $ 48,918 | $ 81,719 |
Accrued Expenses and Other Li80
Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Payables And Accruals [Abstract] | ||||
Accrued payroll and related costs | $ 28,264 | $ 24,717 | ||
Warranty reserves (Note 15) | 45,948 | 33,270 | $ 24,449 | $ 24,485 |
Estimated cost for completion of real estate inventories | 52,818 | 48,737 | ||
Customer deposits | 12,132 | 14,229 | ||
Debt (nonrecourse) held by VIEs | 2,442 | 9,512 | ||
Income tax liability to Weyerhaeuser (Note 18) | 8,900 | 15,659 | ||
Accrued income taxes payable | 19,279 | |||
Liability for uncertain tax positions (Note 17) | 307 | 13,797 | ||
Accrued interest | 2,417 | 3,059 | ||
Accrued insurance expense | 1,402 | 9,180 | ||
Other tax liability | 21,764 | 9,079 | ||
Other | 20,590 | 28,770 | ||
Total | $ 216,263 | $ 210,009 |
Senior Notes and Notes Payabl81
Senior Notes and Notes Payable and Other Borrowings - Schedule of Senior Notes (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Senior notes | $ 868,679 | $ 863,816 |
Discount and deferred loan costs | (31,321) | (36,184) |
4.375% Senior notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 450,000 | 450,000 |
5.875% Senior notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 450,000 | $ 450,000 |
Senior Notes and Notes Payabl82
Senior Notes and Notes Payable and Other Borrowings - Schedule of Senior Notes (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
4.375% Senior notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior note | 4.375% | 4.375% |
Maturity date of senior note | Jun. 15, 2019 | Jun. 15, 2019 |
5.875% Senior notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior note | 5.875% | 5.875% |
Maturity date of senior note | Jun. 15, 2024 | Jun. 15, 2024 |
Senior Notes and Notes Payabl83
Senior Notes and Notes Payable and Other Borrowings - Additional Information (Detail) | Jun. 13, 2014USD ($)Deposit | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | May. 31, 2015USD ($) |
Debt Instrument [Line Items] | |||||
Proceeds from issuance of senior notes | $ 861,300,000 | ||||
Number of escrow accounts | Deposit | 2 | ||||
Transaction agreement date | Nov. 3, 2013 | ||||
Capitalization of deferred finance costs | $ 2,179,000 | ||||
Accrued interest | 2,417,000 | $ 3,059,000 | |||
Notes payable and other borrowings | 299,392,000 | 260,000,000 | |||
Outstanding letters of credit | 8,400,000 | 11,800,000 | |||
Interest incurred | 60,964,000 | 41,706,000 | $ 22,674,000 | ||
Interest capitalized | 60,964,000 | 38,975,000 | $ 19,081,000 | ||
Notes payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Amortization of deferred financing costs | 5,400,000 | 2,400,000 | |||
Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Capitalization of deferred finance costs | 20,400,000 | 23,700,000 | |||
Principal payment on Senior Notes | 0 | ||||
Accrued interest | 1,900,000 | 1,900,000 | |||
Senior Notes [Member] | Other Assets [Member] | |||||
Debt Instrument [Line Items] | |||||
Capitalization of deferred finance costs | 20,400,000 | 23,700,000 | |||
Seller financed loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Accrued interest | $ 89,000 | $ 517,000 | |||
Remaining unpaid balance due date | 2016-05 | ||||
Interest rate on seller financed loan | 6.84% | ||||
TRI Pointe [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash retained by the Company | $ 117,600,000 | ||||
WRECO Transaction [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash payment to be made subject to adjustment | $ 743,700,000 | ||||
4.375% Senior notes due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes issue price as a percentage of principal amount | 98.89% | ||||
Maturity date of senior note | Jun. 15, 2019 | Jun. 15, 2019 | |||
Interest rate on seller financed loan | 4.375% | 4.375% | |||
5.875% Senior notes due 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes issue price as a percentage of principal amount | 98.15% | ||||
Maturity date of senior note | Jun. 15, 2024 | Jun. 15, 2024 | |||
Interest rate on seller financed loan | 5.875% | 5.875% | |||
Transaction Agreement [Member] | WRECO Transaction [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash payment to be made subject to adjustment | 739,000,000 | ||||
Unpaid Interest [Member] | |||||
Debt Instrument [Line Items] | |||||
Transaction agreement date | Nov. 3, 2013 | ||||
Unpaid Interest [Member] | WRECO Transaction [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash retained by the Company | $ 4,700,000 | ||||
425 million revolving credit facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Unsecured revolving credit facility | $ 425,000,000 | ||||
550 million revolving credit facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Capitalization of deferred finance costs | $ 2,200,000 | $ 0 | |||
Accrued interest | 407,000 | 620,000 | |||
Unsecured revolving credit facility | $ 550,000,000 | $ 550,000,000 | |||
Line of credit facility, maturity date | May 18, 2019 | ||||
Notes payable and other borrowings | $ 299,392,000 | $ 260,000,000 | |||
Interest rate on revolving credit facility | 2.35% | ||||
Available secured revolving credit facility | $ 242,200,000 | ||||
550 million revolving credit facility [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument variable interest rate | 1.45% | ||||
550 million revolving credit facility [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument variable interest rate | 2.20% | ||||
550 million revolving credit facility [Member] | Letters of credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Unsecured revolving credit facility | $ 75,000,000 |
Senior Notes and Notes Payabl84
Senior Notes and Notes Payable and Other Borrowings - Components of Unsecured Revolving Credit Facility (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 299,392 | $ 260,000 |
550 million revolving credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 299,392 | $ 260,000 |
Senior Notes and Notes Payabl85
Senior Notes and Notes Payable and Other Borrowings - Components of Seller Financed Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Seller financed loans | $ 2,434 | $ 14,677 |
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 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Senior notes | $ 868,679 | $ 863,816 | |
Unsecured revolving credit facility | 299,392 | 260,000 | |
Seller financed loans | 2,434 | 14,677 | |
Level 2 [Member] | Recurring [Member] | Book Value [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Senior notes | [1] | 889,054 | 887,502 |
Level 2 [Member] | Recurring [Member] | Book Value [Member] | Seller financed loan [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Seller financed loans | [2] | 2,434 | 14,677 |
Level 2 [Member] | Recurring [Member] | Fair Value [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Senior notes | [1] | 881,460 | 896,625 |
Level 2 [Member] | Recurring [Member] | Fair Value [Member] | Seller financed loan [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Seller financed loans | [2] | 2,368 | 14,677 |
Level 2 [Member] | Recurring [Member] | Unsecured revolving credit facility [Member] | Book Value [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Unsecured revolving credit facility | [3] | 299,392 | 260,000 |
Level 2 [Member] | Recurring [Member] | Unsecured revolving credit facility [Member] | Fair Value [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Unsecured revolving credit facility | [3] | $ 299,392 | $ 260,000 |
[1] | The book value of the Senior Notes is net of discounts, excluding deferred loan costs of $20.4 million and $23.7 million as of December 31, 2015 and 2014, respectively. The estimated fair value of our Senior Notes at December 31, 2015 and 2014 is based on quoted market prices. | ||
[2] | We believe that the carrying value of our Seller financed loans approximates fair value based on a two year treasury curve analysis. | ||
[3] | We believe that the carrying value of our Credit Facility approximates fair value based on the recent amendment on May 18, 2015. |
Fair Value Disclosures - Summ87
Fair Value Disclosures - Summary of Assets and Liabilities Related to Financial Instruments, Measured at Fair Value on a Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deferred loan cost | $ 2,179 | |
Senior Notes [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deferred loan cost | $ 20,400 | $ 23,700 |
Fair Value Disclosures - Summ88
Fair Value Disclosures - Summary of Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Real estate inventories, impairment charge | $ 1,167,000 | $ 931,000 | $ 341,086,000 | |
Real estate inventories | 2,519,273,000 | 2,280,183,000 | ||
Fair Value Measurements Nonrecurring | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Real estate inventories, impairment charge | [1] | 1,167,000 | 931,000 | |
Real estate inventories | [1] | $ 28,540,000 | $ 20,329,000 | |
[1] | Fair value of real estate inventories, net of impairment charges represents only those assets whose carrying values were adjusted to fair value in the respective periods presented. The fair value of these real estate inventories impaired was determined based on recent offers received from outside third parties or actual contracts. |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($)Lease | Dec. 31, 2015USD ($)Lease | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Commitment And Contingencies [Line Items] | ||||
Increase in warrant liability | $ 6,000 | $ 7,451 | $ 199 | $ 1,933 |
Outstanding warranty insurance receivables | 10,493 | $ 10,493 | 10,047 | |
Renewal options | 5 years | |||
Rental expense | $ 6,200 | 4,900 | $ 5,100 | |
Operating lease expiration year | 2,071 | |||
Operating leases guaranteed future payments | 11,000 | $ 11,000 | ||
Non-refundable cash deposits pertaining to land option contracts | 42,100 | 42,100 | ||
Aggregate remaining purchase price | $ 377,400 | $ 377,400 | ||
55 year ground lease [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Number of properties obtained subject to ground leases | Lease | 2 | 2 | ||
Operating leases, renewal term | 10 years | |||
45 year ground lease [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Number of properties obtained subject to ground leases | Lease | 1 | 1 | ||
Operating leases, renewal term | 10 years | |||
Sublease through 2041 [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Operating lease expiration year | 2,041 | |||
Operating leases future commitments | $ 58,900 | $ 58,900 | ||
Office Leases [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Lease term | 9 years | |||
Minimum [Member] | Equipment Leases [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Lease term | 3 years | |||
Maximum [Member] | Equipment Leases [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Lease term | 4 years | |||
Surety bonds [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Outstanding surety bonds | $ 414,100 | $ 414,100 | $ 355,200 |
Commitments and Contingencies90
Commitments and Contingencies - Schedule of Warranty Reserves (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Warranty reserves, beginning of period | $ 33,270 | $ 24,449 | $ 24,485 | |
Warranty reserves accrued | 16,557 | 11,659 | 8,102 | |
Liabilities assumed in the Merger | 7,481 | |||
Adjustments to pre-existing reserves | $ 6,000 | 7,451 | 199 | 1,933 |
Warranty expenditures | (11,330) | (10,518) | (10,071) | |
Warranty reserves, end of period | $ 45,948 | $ 45,948 | $ 33,270 | $ 24,449 |
Commitments and Contingencies91
Commitments and Contingencies - Schedule of Future Minimum Lease Payments under Non-Cancellable Operating Lease Agreements (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Office Space Buildings And Equipment | |
Commitment And Contingencies [Line Items] | |
2,016 | $ 7,448 |
2,017 | 6,920 |
2,018 | 5,175 |
2,019 | 4,947 |
2,020 | 4,110 |
Thereafter | 7,043 |
Future minimum lease payments under non-cancellable operating lease agreements | 35,643 |
Ground Leases | |
Commitment And Contingencies [Line Items] | |
2,016 | 2,265 |
2,017 | 2,265 |
2,018 | 2,265 |
2,019 | 2,265 |
2,020 | 2,265 |
Thereafter | 77,770 |
Future minimum lease payments under non-cancellable operating lease agreements | $ 89,095 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | Aug. 12, 2015$ / sharesshares | Mar. 09, 2015$ / sharesshares | Mar. 05, 2015$ / sharesshares | Aug. 05, 2014$ / sharesshares | Jul. 16, 2014shares | Apr. 07, 2014$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | [1] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Unrecognized stock based compensation related to all stock-based awards | $ | $ 15,800,000 | |||||||||
Weighted average period, expense to recognize | 1 year 9 months | |||||||||
Intrinsic value of stock option awards exercised | $ | $ 642,000 | $ 51,000 | $ 0 | |||||||
Grant date fair value of stock option awards granted or assumed | $ | 0 | 11,800,000 | 2,000,000 | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Intrinsic value of restricted stock units vested | $ | 6,800,000 | 1,000,000 | 0 | |||||||
Grant date fair value of restricted stock awards granted or assumed | $ | $ 18,300,000 | $ 15,200,000 | $ 2,600,000 | |||||||
Restricted stock units, granted | 1,580,499 | |||||||||
Restricted Stock Units (RSUs) [Member] | Employees and Officers [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock units, vesting period | 3 years | |||||||||
Restricted stock units, granted | 440,800 | |||||||||
Closing stock price on date of grant | $ / shares | $ 14.97 | |||||||||
Restricted Stock Units (RSUs) [Member] | Board of Directors [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock units, granted | 69,008 | 56,448 | ||||||||
Closing stock price on date of grant | $ / shares | $ 14.49 | $ 13.34 | ||||||||
Vesting Date | May 1, 2015 | Jan. 31, 2015 | ||||||||
Restricted Stock Units (RSUs) [Member] | Employees, officers and Directors [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock units, vesting period | 3 years | |||||||||
Restricted stock units, granted | 217,839 | |||||||||
Closing stock price on date of grant | $ / shares | $ 16.17 | |||||||||
Performance-based RSUs [Member] | Total Shareholder Return [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Closing stock price on date of grant | $ / shares | $ 7.55 | |||||||||
Allocation amount percentage | 33.33% | |||||||||
Performance period initiation date | Jan. 1, 2015 | |||||||||
Performance period expiration date | Dec. 31, 2017 | |||||||||
Performance-based RSUs [Member] | Earnings Per Share [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Closing stock price on date of grant | $ / shares | $ 14.57 | |||||||||
Allocation amount percentage | 33.33% | |||||||||
Performance period initiation date | Jan. 1, 2015 | |||||||||
Performance period expiration date | Dec. 31, 2017 | |||||||||
Performance-based RSUs [Member] | Stock Price [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Closing stock price on date of grant | $ / shares | $ 7.90 | |||||||||
Allocation amount percentage | 33.33% | |||||||||
Performance period initiation date | Jan. 1, 2016 | |||||||||
Performance period expiration date | Dec. 31, 2017 | |||||||||
Performance-based RSUs [Member] | Chief Executive Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock units, granted | 411,804 | |||||||||
Performance-based RSUs [Member] | President [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock units, granted | 384,351 | |||||||||
Performance-based RSUs [Member] | Chief Financial Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock units, granted | 274,536 | |||||||||
WRECO Transaction [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Closing stock price on date of grant | $ / shares | $ 15.85 | |||||||||
2013 Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock | 11,727,833 | |||||||||
Shares available for future grant | 9,565,094 | |||||||||
WRECO equity incentive plans [Member] | WRECO Transaction [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of registered shares | 4,105,953 | |||||||||
Exchange ratio | 2.1107 | |||||||||
[1] | (1) Amounts disclosed for 2013 relate to activity under the 2013 Incentive Plan at legacy TRI Pointe. |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Fair Value of Stock Option Awards in Merger (Detail) - WRECO equity incentive plans [Member] - WRECO Transaction [Member] | 12 Months Ended |
Dec. 31, 2015 | |
2014 Grants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 2.92% |
Expected volatility | 31.71% |
Risk-free interest rate | 1.57% |
Expected life (in years) | 4 years 11 months 19 days |
2013 Grants[Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 2.23% |
Expected volatility | 38.00% |
Risk-free interest rate | 0.92% |
Expected life (in years) | 4 years 11 months 19 days |
2012 Grants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 2.94% |
Expected volatility | 40.41% |
Risk-free interest rate | 1.01% |
Expected life (in years) | 5 years 3 months 29 days |
2011 Grants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 2.48% |
Expected volatility | 38.56% |
Risk-free interest rate | 2.65% |
Expected life (in years) | 5 years 8 months 23 days |
Stock-Based Compensation - Su94
Stock-Based Compensation - Summary of Compensation Expense Recognized Related to all Stock-Based Awards (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Total stock-based compensation | $ 11,935 | $ 7,679 | $ 5,002 |
Stock-Based Compensation - Su95
Stock-Based Compensation - Summary of Stock Option Awards (Detail) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options, Outstanding, Balance | 3,467,086 | |
Options, Granted | 0 | |
Options, Exercised | (171,716) | |
Options, Forfeited | (75,223) | |
Options, Outstanding, Balance | 3,220,147 | 3,467,086 |
Options exercisable at December 31, 2015 | 2,791,472 | |
Weighted Average Exercise Price, Outstanding, Balance | $ 13.05 | |
Weighted Average Exercise Price, Exercised | 11.54 | |
Weighted Average Exercise Price, Forfeited | 13.60 | |
Weighted Average Exercise Price, Outstanding, Balance | 13.12 | $ 13.05 |
Weighted Average Exercise Price, Options exercisable at December 31, 2015 | $ 12.40 | |
Weighted Average Remaining Contractual Life, Outstanding | 5 years 2 months 12 days | 6 years |
Weighted Average Remaining Contractual Life, Options exercisable at December 31, 2015 | 4 years 6 months | |
Aggregate Intrinsic Value, Outstanding, Balance | $ 3,081 | $ 7,642 |
Aggregate Intrinsic Value, Outstanding, Options exercisable at December 31, 2015 | $ 765 |
Stock-Based Compensation - Su96
Stock-Based Compensation - Summary of Fair Value of Stock Option Awards (Detail) - 2013 Incentive Plan [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
2015 Grants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 0 years | ||
2014 Grants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | ||
Expected volatility | 63.01% | ||
Risk-free interest rate | 1.96% | ||
Expected life (in years) | 6 years | ||
2013 Grants[Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | ||
Expected volatility | 44.00% | ||
Risk-free interest rate | 1.89% | ||
Expected life (in years) | 5 years |
Stock-Based Compensation - Su97
Stock-Based Compensation - Summary of Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested Restricted Stock Units, Beginning Balance | shares | 900,547 |
Nonvested Restricted Stock Units, Granted | shares | 1,580,499 |
Nonvested Restricted Stock Units, Vested | shares | (453,685) |
Nonvested Restricted Stock Units, Forfeited | shares | (69,328) |
Nonvested Restricted Stock Units, Ending Balance | shares | 1,958,033 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 14.25 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 11.59 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 13.85 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 14.58 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 12.21 |
Aggregate Intrinsic Value, Beginning Balance | $ | $ 13,733 |
Aggregate Intrinsic Value, Granted | $ | 18,315 |
Aggregate Intrinsic Value, Ending Balance | $ | $ 24,808 |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Tax Attributable to Income (Loss) from Continuing Operations before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 91,343 | $ (109,565) | $ 21,773 |
State | 6,715 | 5,339 | 1,646 |
Total current taxes | 98,058 | (104,226) | 23,419 |
Deferred: | |||
Federal | 8,296 | 147,797 | (107,651) |
State | 5,725 | 196 | (1,929) |
Total deferred taxes | 14,021 | 147,993 | (109,580) |
Total income tax expense (benefit) | $ 112,079 | $ 43,767 | $ (86,161) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||
Effective tax rate differs from federal statutory rate | 35.00% | ||
Deferred tax assets, net | $ 130,657,000 | $ 157,821,000 | |
Liabilities for uncertain tax positions | 307,000 | 13,797,000 | |
Valuation allowance related to deferred tax assets | 4,361,000 | 6,233,000 | |
Unrecognized tax benefit | 0 | ||
Unpaid interest amount | 35,000 | ||
Income tax provision that would have increased if computed on separate return basis | 5,800,000 | ||
Change in income tax provision | 0 | $ 0 | |
State and Local Jurisdiction | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforward | 560,700,000 | ||
Valuation allowance related to deferred tax assets | $ 4,400,000 | $ 6,200,000 | |
State and Local Jurisdiction | Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforward, expire date | Dec. 31, 2016 | ||
State and Local Jurisdiction | Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforward, expire date | Dec. 31, 2034 | ||
WRECO Transaction [Member] | |||
Income Tax Contingency [Line Items] | |||
Deferred tax assets, net | $ 16,800,000 | ||
Liabilities for uncertain tax positions | $ 15,500,000 |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate Differs from Federal Statutory Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Taxes at the U.S. federal statutory rate | $ 111,846 | $ 44,788 | $ (83,109) |
State income taxes, net of federal tax impact | 9,627 | 3,822 | (859) |
Tax loss on the sale of WRI | (5,786) | ||
Non deductible transaction costs | 2,594 | ||
Other, net | (9,394) | (1,651) | (2,193) |
Total income tax expense (benefit) | $ 112,079 | $ 43,767 | $ (86,161) |
Effective income tax rate | 35.10% | 34.20% | 36.30% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Impairment and other valuation reserves | $ 89,057 | $ 110,816 |
Incentive compensation | 3,617 | 2,646 |
Indirect costs capitalized | 20,266 | 27,202 |
Net operating loss carryforwards (state) | 29,461 | 29,975 |
Transaction costs | 2,610 | |
Transaction costs | (833) | |
State taxes | 2,903 | 1,368 |
Other costs and expenses | 13,641 | 17,230 |
Gross deferred tax assets | 158,112 | 191,847 |
Valuation allowance | (4,361) | (6,233) |
Deferred tax assets, net of valuation allowance | 153,751 | 185,614 |
Deferred tax liabilities: | ||
Interest capitalized | (2,590) | |
Interest capitalized | 268 | |
Basis difference in inventory | (14,128) | (14,029) |
Fixed assets | (555) | |
Fixed assets | 1,274 | |
Intangibles | (9,015) | (8,944) |
Other | (1,493) | (1,675) |
Deferred tax liabilities | (23,094) | (27,793) |
Net deferred tax assets | $ 130,657 | $ 157,821 |
Income Taxes - Schedule of Gros
Income Taxes - Schedule of Gross Unrecognized Tax Benefits (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of year | $ 14,857,000 | |
Increase due to Merger | $ 16,716,000 | |
Decreases related to prior year tax positions | (1,706,000) | |
Decreases related to current year tax positions | (12,879,000) | (1,859,000) |
Balance at end of year | $ 272,000 | $ 14,857,000 |
Income Taxes - Schedule of Pro
Income Taxes - Schedule of Pro Forma Income from Continuing Operations and Pro Forma Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||||||
Income (loss) from continuing operations before taxes as reported in the accompanying financial statements | $ 319,260 | $ 127,964 | $ (237,454) | |||
(Provision) benefit for income taxes | (112,079) | (49,553) | 86,161 | |||
Pro forma income (loss) from continuing operations | 207,181 | 78,411 | (151,293) | |||
Net income attributable to noncontrolling interests | $ (281) | $ 393 | $ (1,832) | (1,720) | ||
Pro forma net income (loss) from continuing operations available to common stockholders | $ 205,461 | $ 78,411 | $ (151,293) | |||
Pro forma earnings (loss) per share - basic | $ 1.27 | $ 0.54 | $ (1.17) | |||
Pro forma earnings (loss) per share - diluted | $ 1.27 | $ 0.54 | $ (1.17) |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Allocated Corporate General and Administrative Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Weyerhaeuser [Member] | ||
Related Party Transaction [Line Items] | ||
General and administrative | $ 10,735 | $ 22,884 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2015USD ($)Lot | Jan. 31, 2015USD ($)Lot | Jan. 31, 2014USD ($)Lot | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | |
Related Party Transaction [Line Items] | |||||
Income tax liability to Weyerhaeuser | $ 15,659 | $ 8,900 | |||
Weyerhaeuser [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payment to acquire land from WRECO | 21,200 | ||||
Payment to acquire mineral rights from WRECO | 4,800 | ||||
Weyerhaeuser [Member] | Accrued Expenses and Other Liabilities [Member] | |||||
Related Party Transaction [Line Items] | |||||
Income tax liability to Weyerhaeuser | $ 15,700 | $ 8,900 | |||
Starwood Capital Group [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of lots acquired | Lot | 46 | 46 | |||
Payment for acquiring lots | $ 2,800 | $ 2,700 | |||
Starwood Fund [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of common stock | 5.00% | ||||
BlackRock, Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of lots acquired | Lot | 161 | ||||
Payment for acquiring lots | $ 60,000 | ||||
Percentage of common stock | 5.00% |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Earnings Discontinued Operations (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Discontinued Operations And Disposal Groups [Abstract] | |
Earnings before income taxes | $ 602 |
Gain on sale of discontinued operations | 1,946 |
(Provision) benefit for income taxes | (710) |
Discontinued operations, net of income taxes | $ 1,838 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - Weyerhaeuser [Member] - USD ($) $ in Millions | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date of Acquisition | Oct. 31, 2013 | ||
Payments to acquire businesses | $ 3.6 | ||
Net gain on transaction | $ 1.9 |
Supplemental Disclosure to C108
Supplemental Disclosure to Consolidated Statement of Cash Flow - Supplemental Disclosure to Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental disclosure of cash flow information: | |||
Interest, net of amounts capitalized of $60,964, $38,975 and $19,081 (Note 7) | $ 1,372 | $ 2,091 | |
Income taxes | $ 69,917 | 43,005 | (10,521) |
Supplemental disclosures of noncash activities: | |||
Increase in real estate inventory due to distribution of land from an unconsolidated joint venture | 5,052 | ||
Distribution to Weyerhaeuser of excluded assets and liabilities | 126,687 | ||
Amounts owed to Weyerhaeuser related to the tax sharing agreement | 15,688 | ||
Noncash settlement of debt payable to Weyerhaeuser | 70,082 | ||
Accrued liabilities related to the purchase of operating properties and equipment | 3,976 | ||
Amortization of senior note discount capitalized to real estate inventory | 1,552 | 804 | |
Amortization of deferred loan costs capitalized to real estate inventory | 3,312 | ||
Effect of net consolidation and de-consolidation of variable interest entities: | |||
Increase (decrease) in consolidated real estate inventory not owned | 5,297 | 6,343 | (7,411) |
Increase in deposits on real estate under option or contract and other assets | 780 | 3,005 | |
Increase in accrued expenses and other liabilities | 300 | ||
(Increase) decrease in noncontrolling interests | $ (5,597) | (7,123) | $ 4,406 |
Merger: | |||
Fair value of assets, excluding cash acquired | 724,995 | ||
Liabilities assumed | $ (276,347) |
Supplemental Disclosure to C109
Supplemental Disclosure to Consolidated Statement of Cash Flow - Supplemental Disclosure to Consolidated Statement of Cash Flows (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest capitalized | $ 60,964 | $ 38,975 | $ 19,081 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Jan. 27, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | ||
Stock repurchased during period, shares | 0 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Stock repurchase program effective date | Jan. 26, 2016 | |
Stock repurchased during period, value | $ 100,000,000 | |
Subsequent Event [Member] | Board of Directors [Member] | ||
Subsequent Event [Line Items] | ||
Stock repurchase program, authorized amount | $ 100,000,000 |
Supplemental Guarantor Infor111
Supplemental Guarantor Information - Additional Information (Detail) - USD ($) | Dec. 31, 2015 | May. 31, 2015 |
Non-Guarantor Subsidiaries | Maximum [Member] | ||
Condensed Financial Statements Captions [Line Items] | ||
Percentage of Non-Guarantor Subsidiaries | 3.00% | |
550 million revolving credit facility [Member] | ||
Condensed Financial Statements Captions [Line Items] | ||
Unsecured revolving credit facility | $ 550,000,000 | $ 550,000,000 |
Supplemental Guarantor Infor112
Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Cash and cash equivalents | $ 214,485 | $ 170,629 | $ 4,510 | $ 5,212 |
Receivables | 43,710 | 20,118 | ||
Real estate inventories | 2,519,273 | 2,280,183 | ||
Investments in unconsolidated entities | 18,999 | 16,805 | ||
Goodwill and other intangible assets, net | 162,029 | 162,563 | ||
Deferred tax assets, net | 130,657 | 157,821 | ||
Other assets | 48,918 | 81,719 | ||
Total assets | 3,138,071 | 2,889,838 | ||
Liabilities | ||||
Accounts payable | 64,840 | 68,860 | ||
Accrued expenses and other liabilities | 216,263 | 210,009 | ||
Unsecured revolving credit facility | 299,392 | 260,000 | ||
Seller financed loans | 2,434 | 14,677 | ||
Senior notes | 868,679 | 863,816 | ||
Total liabilities | 1,451,608 | 1,417,362 | ||
Equity | ||||
Total stockholders’ equity | 1,664,683 | 1,454,180 | ||
Noncontrolling interests | 21,780 | 18,296 | ||
Total equity | 1,686,463 | 1,472,476 | 825,517 | $ 993,727 |
Total liabilities and equity | 3,138,071 | 2,889,838 | ||
Reporting Entity [Member] | Issuer [Member] | ||||
Assets | ||||
Cash and cash equivalents | 147,771 | 105,888 | ||
Receivables | 17,358 | 5,050 | ||
Intercompany receivables | 783,956 | 797,480 | ||
Real estate inventories | 657,221 | 613,666 | ||
Goodwill and other intangible assets, net | 156,604 | 156,603 | ||
Investments in subsidiaries | 1,093,261 | 941,397 | ||
Deferred tax assets, net | 19,061 | 23,630 | ||
Other assets | 12,219 | 31,512 | ||
Total assets | 2,887,451 | 2,675,226 | ||
Liabilities | ||||
Accounts payable | 20,444 | 25,800 | ||
Accrued expenses and other liabilities | 32,219 | 57,353 | ||
Unsecured revolving credit facility | 299,392 | 260,000 | ||
Seller financed loans | 2,034 | 14,077 | ||
Senior notes | 868,679 | 863,816 | ||
Total liabilities | 1,222,768 | 1,221,046 | ||
Equity | ||||
Total stockholders’ equity | 1,664,683 | 1,454,180 | ||
Total equity | 1,664,683 | 1,454,180 | ||
Total liabilities and equity | 2,887,451 | 2,675,226 | ||
Reporting Entity [Member] | Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 66,714 | 64,741 | $ 4,510 | |
Receivables | 26,352 | 15,068 | ||
Real estate inventories | 1,862,052 | 1,666,517 | ||
Investments in unconsolidated entities | 18,999 | 16,805 | ||
Goodwill and other intangible assets, net | 5,425 | 5,960 | ||
Deferred tax assets, net | 111,596 | 134,191 | ||
Other assets | 36,699 | 50,207 | ||
Total assets | 2,127,837 | 1,953,489 | ||
Liabilities | ||||
Accounts payable | 44,396 | 43,060 | ||
Intercompany payables | 783,956 | 797,480 | ||
Accrued expenses and other liabilities | 184,044 | 152,656 | ||
Seller financed loans | 400 | 600 | ||
Total liabilities | 1,012,796 | 993,796 | ||
Equity | ||||
Total stockholders’ equity | 1,093,261 | 941,397 | ||
Noncontrolling interests | 21,780 | 18,296 | ||
Total equity | 1,115,041 | 959,693 | ||
Total liabilities and equity | 2,127,837 | 1,953,489 | ||
Consolidating Adjustments [Member] | ||||
Assets | ||||
Intercompany receivables | (783,956) | (797,480) | ||
Investments in subsidiaries | (1,093,261) | (941,397) | ||
Total assets | (1,877,217) | (1,738,877) | ||
Liabilities | ||||
Intercompany payables | (783,956) | (797,480) | ||
Total liabilities | (783,956) | (797,480) | ||
Equity | ||||
Total stockholders’ equity | (1,093,261) | (941,397) | ||
Total equity | (1,093,261) | (941,397) | ||
Total liabilities and equity | $ (1,877,217) | $ (1,738,877) |
Supplemental Guarantor Infor113
Supplemental Guarantor Information - Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Homebuilding: | |||||||||||
Home sales revenue | $ 2,291,264 | $ 1,646,274 | $ 1,218,430 | ||||||||
Land and lot sales revenue | 101,284 | 47,660 | 52,261 | ||||||||
Other operations | 7,601 | 9,682 | 4,021 | ||||||||
Total revenues | $ 880,243 | $ 648,141 | $ 495,517 | $ 377,258 | $ 635,001 | $ 477,920 | $ 342,563 | $ 248,132 | 2,400,149 | 1,703,616 | 1,274,712 |
Cost of home sales | 1,807,091 | 1,316,470 | 948,561 | ||||||||
Cost of land and lot sales | 34,844 | 37,560 | 38,052 | ||||||||
Other operations | 4,360 | 3,324 | 2,854 | ||||||||
Impairments and lot option abandonments | 181 | 211 | 1,178 | 360 | 1,391 | 552 | 104 | 468 | 1,930 | 2,515 | 345,448 |
Sales and marketing | 116,217 | 103,600 | 94,521 | ||||||||
General and administrative | 117,496 | 82,358 | 74,244 | ||||||||
Restructuring charges | 3,329 | 10,543 | 10,938 | ||||||||
Homebuilding income (loss) from operations | 314,882 | 147,246 | (239,906) | ||||||||
Equity in loss of unconsolidated entities | 1,460 | (278) | 2 | ||||||||
Transaction expenses | (17,960) | ||||||||||
Other income (loss), net | 858 | (1,019) | 2,450 | ||||||||
Homebuilding income (loss) from continuing operations before taxes | 317,200 | 127,989 | (237,454) | ||||||||
Financial Services: | |||||||||||
Revenues | 1,010 | ||||||||||
Expenses | 181 | 15 | |||||||||
Equity in income (loss) of unconsolidated entities | 1,231 | (10) | |||||||||
Financial services income (loss) from continuing operations before taxes | 2,060 | (25) | |||||||||
Income (loss) from continuing operations before taxes | 319,260 | 127,964 | (237,454) | ||||||||
(Provision) benefit for income taxes | (112,079) | (43,767) | 86,161 | ||||||||
Net income (loss) | 85,353 | 49,769 | 56,762 | $ 15,297 | $ 41,426 | $ 10,965 | $ 24,225 | $ 7,581 | 207,181 | 84,197 | (149,455) |
Net income attributable to noncontrolling interests | $ (281) | $ 393 | $ (1,832) | (1,720) | |||||||
Net income (loss) available to common stockholders | 205,461 | 84,197 | $ (149,455) | ||||||||
Reporting Entity [Member] | Issuer [Member] | |||||||||||
Homebuilding: | |||||||||||
Home sales revenue | 774,005 | 324,219 | |||||||||
Other operations | (12) | ||||||||||
Total revenues | 774,005 | 324,207 | |||||||||
Cost of home sales | 624,331 | 271,530 | |||||||||
Impairments and lot option abandonments | 460 | 49 | |||||||||
Sales and marketing | 26,792 | 9,678 | |||||||||
General and administrative | 55,611 | 16,532 | |||||||||
Restructuring charges | (169) | ||||||||||
Homebuilding income (loss) from operations | 66,980 | 26,418 | |||||||||
Transaction expenses | (7,138) | ||||||||||
Other income (loss), net | (127) | 17 | |||||||||
Homebuilding income (loss) from continuing operations before taxes | 66,853 | 19,297 | |||||||||
Financial Services: | |||||||||||
Income (loss) from continuing operations before taxes | 66,853 | 19,297 | |||||||||
(Provision) benefit for income taxes | (20,001) | (11,586) | |||||||||
Equity of net income (loss) of subsidiaries | 158,609 | 76,486 | |||||||||
Net income (loss) | 205,461 | 7,711 | |||||||||
Net income (loss) available to common stockholders | 205,461 | 84,197 | |||||||||
Reporting Entity [Member] | Guarantor Subsidiaries [Member] | |||||||||||
Homebuilding: | |||||||||||
Home sales revenue | 1,517,259 | 1,322,055 | |||||||||
Land and lot sales revenue | 101,284 | 47,660 | |||||||||
Other operations | 7,601 | 9,694 | |||||||||
Total revenues | 1,626,144 | 1,379,409 | |||||||||
Cost of home sales | 1,182,760 | 1,044,940 | |||||||||
Cost of land and lot sales | 34,844 | 37,560 | |||||||||
Other operations | 4,360 | 3,324 | |||||||||
Impairments and lot option abandonments | 1,470 | 2,466 | |||||||||
Sales and marketing | 89,425 | 93,922 | |||||||||
General and administrative | 61,885 | 65,826 | |||||||||
Restructuring charges | 3,498 | 10,543 | |||||||||
Homebuilding income (loss) from operations | 247,902 | 120,828 | |||||||||
Equity in loss of unconsolidated entities | 1,460 | (278) | |||||||||
Transaction expenses | (10,822) | ||||||||||
Other income (loss), net | 985 | (1,036) | |||||||||
Homebuilding income (loss) from continuing operations before taxes | 250,347 | 108,692 | |||||||||
Financial Services: | |||||||||||
Revenues | 1,010 | ||||||||||
Expenses | 181 | 15 | |||||||||
Equity in income (loss) of unconsolidated entities | 1,231 | (10) | |||||||||
Financial services income (loss) from continuing operations before taxes | 2,060 | (25) | |||||||||
Income (loss) from continuing operations before taxes | 252,407 | 108,667 | |||||||||
(Provision) benefit for income taxes | (92,078) | (32,181) | |||||||||
Net income (loss) | 160,329 | 76,486 | |||||||||
Net income attributable to noncontrolling interests | (1,720) | ||||||||||
Net income (loss) available to common stockholders | 158,609 | 76,486 | |||||||||
Consolidating Adjustments [Member] | |||||||||||
Financial Services: | |||||||||||
Equity of net income (loss) of subsidiaries | (158,609) | (76,486) | |||||||||
Net income (loss) | (158,609) | ||||||||||
Net income (loss) available to common stockholders | $ (158,609) | $ (76,486) |
Supplemental Guarantor Infor114
Supplemental Guarantor Information - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net cash provided by operating activities | $ 31,005 | $ (113,370) | $ (21,004) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (809) | (7,850) | (10,350) |
Cash acquired in the Merger | 53,800 | ||
Investments in unconsolidated entities | (1,468) | (1,311) | (1,571) |
Distributions from unconsolidated entities | 1,415 | ||
Net cash (used in) provided by investing activities | (862) | 44,662 | (8,293) |
Proceeds from sale of property and equipment | 23 | 5 | |
Cash flows from financing activities: | |||
Borrowings from debt | 140,000 | 100,600 | |
Repayment of debt | (112,851) | (53,051) | (109,900) |
Debt issuance costs | (2,688) | (23,000) | |
Net repayments of debt held by variable interest entities | (6,769) | 3,903 | 5,582 |
Contributions from noncontrolling interests | 5,990 | 1,895 | 925 |
Distributions to noncontrolling interests | (9,823) | (19,143) | (8,046) |
Proceeds from issuance of common stock under share-based awards | 1,616 | 176 | |
Excess tax benefits of share-based awards | 428 | 1,757 | 2,097 |
Minimum tax withholding paid on behalf of employees for share-based awards | (2,190) | ||
Net cash provided by financing activities | 13,713 | 234,827 | 28,595 |
Proceeds from issuance of senior notes | 886,698 | ||
Bridge commitment fee | (10,322) | ||
Changes in debt payable to Weyerhaeuser | (623,589) | 145,036 | |
Change in book overdrafts | (22,491) | 6,821 | |
Distributions to Weyerhaeuser | (8,606) | (13,920) | |
Net increase (decrease) in cash and cash equivalents | 43,856 | 166,119 | (702) |
Cash and cash equivalents - beginning of year | 170,629 | 4,510 | 5,212 |
Cash and cash equivalents - end of year | 214,485 | 170,629 | 4,510 |
Reporting Entity [Member] | Issuer [Member] | |||
Cash flows from operating activities | |||
Net cash provided by operating activities | 1,714 | (62,715) | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (1,063) | (2,293) | |
Cash acquired in the Merger | 53,800 | ||
Intercompany | 16,717 | 69,971 | |
Net cash (used in) provided by investing activities | 15,654 | 121,478 | |
Cash flows from financing activities: | |||
Borrowings from debt | 140,000 | 100,000 | |
Repayment of debt | (112,651) | (53,051) | |
Debt issuance costs | (2,688) | ||
Proceeds from issuance of common stock under share-based awards | 1,616 | 176 | |
Excess tax benefits of share-based awards | 428 | ||
Minimum tax withholding paid on behalf of employees for share-based awards | (2,190) | ||
Net cash provided by financing activities | 24,515 | 47,125 | |
Net increase (decrease) in cash and cash equivalents | 41,883 | 105,888 | |
Cash and cash equivalents - beginning of year | 105,888 | ||
Cash and cash equivalents - end of year | 147,771 | 105,888 | |
Reporting Entity [Member] | Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities | |||
Net cash provided by operating activities | 29,291 | (50,655) | |
Cash flows from investing activities: | |||
Purchases of property and equipment | 254 | (5,557) | |
Investments in unconsolidated entities | (1,468) | (1,311) | |
Distributions from unconsolidated entities | 1,415 | ||
Net cash (used in) provided by investing activities | 201 | (6,845) | |
Proceeds from sale of property and equipment | 23 | ||
Cash flows from financing activities: | |||
Borrowings from debt | 600 | ||
Repayment of debt | (200) | ||
Debt issuance costs | (23,000) | ||
Net repayments of debt held by variable interest entities | (6,769) | 3,903 | |
Contributions from noncontrolling interests | 5,990 | 1,895 | |
Distributions to noncontrolling interests | (9,823) | (19,143) | |
Excess tax benefits of share-based awards | 1,757 | ||
Intercompany | (16,717) | (69,971) | |
Net cash provided by financing activities | (27,519) | 117,731 | |
Proceeds from issuance of senior notes | 886,698 | ||
Bridge commitment fee | (10,322) | ||
Changes in debt payable to Weyerhaeuser | (623,589) | ||
Change in book overdrafts | (22,491) | ||
Distributions to Weyerhaeuser | (8,606) | ||
Net increase (decrease) in cash and cash equivalents | 1,973 | 60,231 | |
Cash and cash equivalents - beginning of year | 64,741 | 4,510 | |
Cash and cash equivalents - end of year | 66,714 | 64,741 | $ 4,510 |
Consolidating Adjustments [Member] | |||
Cash flows from investing activities: | |||
Intercompany | (16,717) | (69,971) | |
Net cash (used in) provided by investing activities | (16,717) | (69,971) | |
Cash flows from financing activities: | |||
Intercompany | 16,717 | 69,971 | |
Net cash provided by financing activities | $ 16,717 | $ 69,971 |
Results of Quarterly Operati115
Results of Quarterly Operations - Schedule of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 880,243 | $ 648,141 | $ 495,517 | $ 377,258 | $ 635,001 | $ 477,920 | $ 342,563 | $ 248,132 | $ 2,400,149 | $ 1,703,616 | $ 1,274,712 |
Cost of homes sales and other | 679,825 | 511,353 | 352,720 | 302,417 | 506,101 | 387,721 | 267,937 | 195,595 | |||
Impairments and lot option abandonments | 181 | 211 | 1,178 | 360 | 1,391 | 552 | 104 | 468 | 1,930 | 2,515 | 345,448 |
Gross margin | 200,237 | 136,577 | 141,619 | 74,481 | 127,509 | 89,647 | 74,522 | 52,069 | |||
Net income (loss) | 85,353 | 49,769 | 56,762 | 15,297 | 41,426 | 10,965 | 24,225 | 7,581 | 207,181 | 84,197 | (149,455) |
Net (income) loss attributable to noncontrolling interests | (281) | 393 | (1,832) | (1,720) | |||||||
Net income (loss) available to common stockholders | $ 85,072 | $ 50,162 | $ 54,930 | $ 15,297 | $ 41,426 | $ 10,965 | $ 24,225 | $ 7,581 | $ 205,461 | $ 84,197 | $ (149,455) |
Earnings per share | |||||||||||
Basic | $ 0.53 | $ 0.31 | $ 0.34 | $ 0.09 | $ 0.26 | $ 0.07 | $ 0.19 | $ 0.06 | $ 1.27 | $ 0.58 | $ (1.15) |
Diluted | $ 0.52 | $ 0.31 | $ 0.34 | $ 0.09 | $ 0.26 | $ 0.07 | $ 0.19 | $ 0.06 | $ 1.27 | $ 0.58 | $ (1.15) |