Taylor Morrison Home (TMHC) 8-K 5 Dec 19 Other Events Financial data

Cover Page

Cover Page	Dec. 05, 2019
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Dec. 5, 2019
Entity File Number	001-35873
Entity Registrant Name	Taylor Morrison Home Corporation
Entity Central Index Key	0001562476
Entity Tax Identification Number	83-2026677
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	4900 N. Scottsdale Road
Entity Address, Address Line Two	Suite 2000
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85251
City Area Code	(480)
Local Phone Number	840-8100
Written Communications	true
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, par value $0.00001 per share
Trading Symbol	TMHC
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2017
Pro Forma Merger Adjustments
Assets
Cash and cash equivalents	$ (91,852)
Restricted cash	0
Total cash, cash equivalents and restricted cash	(91,852)
Owned inventory	(263,292)
Real estate not owned	0
Land deposits	136,549
Mortgage loans held for sale	(6,875)
Investments in unconsolidated entities	0
Land and other inventories	(263,292)
Operating lease right of use assets	0
Deferred tax assets, net	41,186
Goodwill	154,012
Total assets	(33,037)
Property and equipment and other assets, net	(2,764)
Liabilities
Accounts payable	0
Customer deposits	0
Estimated development liability	0
Accrued expenses and other liabilities	(32,418)
Operating lease liabilities	37,900
Income taxes payable	692
Total debt, net	161,826
Liabilities attributable to real estate not owned	0
Total liabilities	168,000
Stockholders' Equity
Total stockholders' equity	(201,037)
Total liabilities and stockholders' equity	(33,037)
Pro Forma Combined
Assets
Cash and cash equivalents	172,315
Restricted cash	1,747
Total cash, cash equivalents and restricted cash	174,062
Owned inventory	6,294,261
Real estate not owned	239,244
Land deposits	178,339
Mortgage loans held for sale	269,768
Investments in unconsolidated entities	129,915
Land and other inventories	6,533,505
Operating lease right of use assets	74,751
Deferred tax assets, net	230,037
Goodwill	427,134
Total assets	8,325,827
Property and equipment and other assets, net	308,316
Liabilities
Accounts payable	304,366
Customer deposits	184,975
Estimated development liability	36,762
Accrued expenses and other liabilities	469,368
Operating lease liabilities	81,071
Income taxes payable	8,290
Total debt, net	3,684,447
Liabilities attributable to real estate not owned	239,244
Total liabilities	5,008,523
Stockholders' Equity
Total stockholders' equity	3,317,304
Total liabilities and stockholders' equity	8,325,827
AV Homes Inc [Member]
Assets
Cash and cash equivalents		$ 104,562	$ 240,990
Restricted cash		1,122	1,165
Total cash, cash equivalents and restricted cash		105,684	242,155
Receivables		5,682	13,702
Land and other inventories		754,593	603,851
Property and equipment, net		40,272	32,664
Prepaid expenses and other assets		18,619	17,117
Deferred tax assets, net		69,595	70,365
Goodwill		39,023	30,290
Total assets		1,033,468	1,010,144
Liabilities
Accounts payable		40,789	35,810
Accrued and other liabilities		40,064	29,193
Customer deposits		14,129	9,507
Estimated development liability		31,178	31,556
Senior debt, net		473,575	472,108
Total liabilities		599,735	578,174
Stockholders' Equity
Common stock, par value $1 per share		22,471	22,475
Additional paid-in capital		407,179	404,859
Retained earnings		7,102	7,655
Equity before treasury stock		436,752	434,989
Treasury stock		(3,019)	(3,019)
Total stockholders' equity		433,733	431,970
Total liabilities and stockholders' equity		$ 1,033,468	$ 1,010,144
Taylor Morrison Condensed Historical
Assets
Cash and cash equivalents	222,049
Restricted cash	1,747
Total cash, cash equivalents and restricted cash	223,796
Owned inventory	4,229,971
Real estate not owned	23,703
Land deposits	41,790
Mortgage loans held for sale	108,550
Investments in unconsolidated entities	128,363
Land and other inventories	4,253,674
Operating lease right of use assets	37,751
Deferred tax assets, net	142,597
Goodwill	149,428
Total assets	5,339,860
Property and equipment and other assets, net	253,911
Liabilities
Accounts payable	189,556
Customer deposits	184,975
Estimated development liability	36,762
Accrued expenses and other liabilities	252,687
Operating lease liabilities	43,171
Income taxes payable	7,598
Total debt, net	2,115,430
Liabilities attributable to real estate not owned	23,703
Total liabilities	2,853,882
Stockholders' Equity
Total stockholders' equity	2,485,978
Total liabilities and stockholders' equity	5,339,860
William Lyon Homes Condensed Historical
Assets
Cash and cash equivalents	42,118
Restricted cash	0
Total cash, cash equivalents and restricted cash	42,118
Owned inventory	2,327,582
Real estate not owned	215,541
Land deposits	0
Mortgage loans held for sale	168,093
Investments in unconsolidated entities	1,552
Land and other inventories	2,543,123
Operating lease right of use assets	37,000
Deferred tax assets, net	46,254
Goodwill	123,695
Total assets	3,019,004
Property and equipment and other assets, net	57,169
Liabilities
Accounts payable	114,810
Customer deposits	0
Estimated development liability	0
Accrued expenses and other liabilities	249,099
Operating lease liabilities	0
Income taxes payable	0
Total debt, net	1,407,191
Liabilities attributable to real estate not owned	215,541
Total liabilities	1,986,641
Stockholders' Equity
Total stockholders' equity	1,032,363
Total liabilities and stockholders' equity	$ 3,019,004

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)$ / shares
Non-recurring expenses	$ 65,000
Accrued Expenses And Other Liabilities Subsidiaries Non Recurring Expenses Resulting Directly From Merger	65,000
Accrued expenses and other liabilities	(123,826)
Increase Decrease In Fair Value Of Senior Notes Payable	38,000
Financial services segment	123,826
Borrowings on revolving credit facility	150,000
Repayment of revolving credit facility	(150,000)
Net adjustment to Accrued Expenses and Other Liabilities	161,826
Non-capitalizable expenses	(65,000)
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	759,927
Total stockholder's equity, excluding noncontrolling interest	(895,964)
Net adjustment to total stockholders' equity	(201,037)
Fair Value Adjustment to Inventory
Fair Value Measurements and Disclosures	$ (126,743)
William Lyon Homes
Common stock, par value per share | $ / shares	$ 2.50
Common stock outstanding | shares	37,846,420
Portion of purchase price	$ 94,600
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 32,100
conversion ratio	0.8000
Purchase Price | $ / shares	$ 2.50
Pro Forma Merger Adjustments
Portion of purchase price	$ 94,616
Property and equipment and other assets, net to cash and cash equivalents	(2,764)
Total Adjustment to Cash and cash equivalents	(91,852)
Owned Inventory to Land Deposits	(136,549)
Total Adjustment to Owned Inventory	(263,292)
Adjustments To Trade And Loans Receivables Held For Sale Not A Part Of Disposal Group	6,875
Deferred Income Taxes Impact Of Valuation Allowance	41,186
Goodwill	(123,695)
Goodwill Adjustments Excess Of Purchase Price Over Fair Value	277,706
Net adjustment to goodwill	154,011
Reclassification From Accrued Expenses And Other Liabilities To Operating Lease	(37,900)
Reclassification From Accrued Expenses And Other Liabilities To Income Tax Payable	(692)
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities	$ (32,418)
AV Homes Inc [Member]
Common stock, par value per share | $ / shares		$ 1	$ 1
Total Adjustment to Cash and cash equivalents		$ 104,562	$ 240,990
Borrowings on revolving credit facility		0
Repayment of revolving credit facility		$ 0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended			12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2018
Pro Forma Combined
Revenues
Revenues			$ 4,743,069
Expenses
Real estate expenses			3,899,640
Gross margin			843,429
Selling, general and administrative expenses			512,576
Equity in income of unconsolidated entities			(10,626)
Interest income and other expense/income, net			(5,432)
Loss on extinguishment of debt			7,239
Transaction expenses			7,486
Income (loss) before income taxes			332,186
Income tax expense (benefit)			82,618
Net income attributable to non-controlling interests			(19,235)
Net income before allocation to non-controlling interests			249,568
Net income (loss)			$ 230,333
Diluted earnings (loss) per share			$ 1.62
Earnings per common share
Basic			$ 1.65
Weighted average number of shares of common stock:
Basic			139,467
Diluted			142,401
Pro Forma Merger Adjustments
Revenues
Revenues			$ 39,367
Expenses
Real estate expenses			32,299
Gross margin			7,068
Selling, general and administrative expenses			0
Equity in income of unconsolidated entities			0
Interest income and other expense/income, net			4,016
Loss on extinguishment of debt			0
Transaction expenses			0
Income (loss) before income taxes			3,052
Income tax expense (benefit)			763
Net income attributable to non-controlling interests			0
Net income before allocation to non-controlling interests			2,289
Net income (loss)			$ 2,289
Weighted average number of shares of common stock:
Basic			(5,678)
Diluted			(5,142)
Pro Forma Merger Adjustments
Revenues
Revenues						$ 0
Expenses
Real estate expenses						9,031
Gross margin						(9,031)
Selling, general and administrative expenses						0
Equity in income of unconsolidated entities						0
Interest income and other expense/income, net						(9,031)
Loss on extinguishment of debt						0
Transaction expenses						0
Income (loss) before income taxes						0
Income tax expense (benefit)						0
Net income attributable to non-controlling interests						0
Net income before allocation to non-controlling interests						0
Net income (loss)						$ 0
Diluted earnings (loss) per share						$ 0
Earnings per common share
Basic						$ 0
Weighted average number of shares of common stock:
Basic						(22,587)
Diluted						(22,998)
AV Homes Inc [Member]
Revenues
Revenues	$ 197,177	$ 205,739		$ 552,745	$ 562,481
Expenses
Real estate expenses	164,044	171,846		458,864	466,369
Selling, general and administrative expenses	29,959	27,085		84,192	76,470
Interest income and other expense/income, net	(557)	(407)		(1,407)	(665)
Interest expense	2,628	2,625		9,031	7,147
Loss on extinguishment of debt	0	6,939		0	9,872
Total expenses	196,074	208,088		550,680	559,193
Income (loss) before income taxes	1,103	(2,349)		2,065	3,288
Income tax expense (benefit)	989	(872)		1,295	1,679
Net income (loss)	$ 114	$ (1,477)		$ 770	$ 1,609
Basic earnings (loss) per share	$ 0.01	$ (0.07)		$ 0.03	$ 0.07
Diluted earnings (loss) per share	$ 0	$ (0.07)		$ 0.03	$ 0.07
Weighted average number of shares of common stock:
Basic	22,605	22,504		22,587	22,487
Diluted	23,069	22,504		22,998	22,674
Taylor Morrison Condensed Historical
Revenues
Revenues			$ 3,295,623			$ 4,227,393
Expenses
Real estate expenses			2,678,735			3,489,200
Gross margin			616,888			738,193
Selling, general and administrative expenses			347,799			416,943
Equity in income of unconsolidated entities			(7,983)			(13,332)
Interest income and other expense/income, net			(3,742)			10,177
Loss on extinguishment of debt			5,806			0
Transaction expenses			6,496			50,889
Income (loss) before income taxes			268,512			273,516
Income tax expense (benefit)			68,307			63,036
Net income attributable to non-controlling interests			(211)			(4,116)
Net income before allocation to non-controlling interests			200,205			210,480
Net income (loss)			$ 199,994			$ 206,364
Diluted earnings (loss) per share			$ 1.84			$ 1.83
Earnings per common share
Basic			$ 1.86			$ 1.85
Weighted average number of shares of common stock:
Basic			107,389			111,743
Diluted			108,599			115,119
William Lyon Homes Condensed Historical
Revenues
Revenues			$ 1,408,079			$ 2,087,171
Expenses
Real estate expenses			1,188,606			1,708,444
Gross margin			219,473			378,727
Selling, general and administrative expenses			164,777			233,767
Equity in income of unconsolidated entities			(2,643)			(3,118)
Interest income and other expense/income, net			(5,706)			(567)
Loss on extinguishment of debt			1,433			(1,015)
Transaction expenses			990			3,907
Income (loss) before income taxes			60,622			145,753
Income tax expense (benefit)			13,548			30,620
Net income attributable to non-controlling interests			(19,024)			(23,537)
Net income before allocation to non-controlling interests			47,074			115,133
Net income (loss)			$ 28,050			$ 91,596
Diluted earnings (loss) per share			$ 0.72			$ 2.32
Earnings per common share
Basic			$ 0.74			$ 2.42
Weighted average number of shares of common stock:
Basic			37,756			37,832
Diluted			38,944			39,419
AV Homes Condensed Historical
Revenues
Revenues						$ 552,745
Expenses
Real estate expenses						458,864
Gross margin						93,881
Selling, general and administrative expenses						84,192
Equity in income of unconsolidated entities						0
Interest income and other expense/income, net						7,624
Loss on extinguishment of debt						0
Transaction expenses						0
Income (loss) before income taxes						2,065
Income tax expense (benefit)						1,295
Net income attributable to non-controlling interests						0
Net income before allocation to non-controlling interests						770
Net income (loss)						$ 770
Diluted earnings (loss) per share						$ 0.03
Earnings per common share
Basic						$ 0.03
Weighted average number of shares of common stock:
Basic						22,587
Diluted						22,998
Pro Forma Combined
Revenues
Revenues						$ 6,881,398
Expenses
Real estate expenses						5,674,347
Gross margin						1,207,051
Selling, general and administrative expenses						734,902
Equity in income of unconsolidated entities						(16,450)
Interest income and other expense/income, net						11,037
Loss on extinguishment of debt						(1,015)
Transaction expenses						54,796
Income (loss) before income taxes						423,781
Income tax expense (benefit)						95,563
Net income attributable to non-controlling interests						(29,671)
Net income before allocation to non-controlling interests						328,218
Net income (loss)						$ 298,547
Diluted earnings (loss) per share						$ 2.05
Earnings per common share
Basic						$ 2.08
Weighted average number of shares of common stock:
Basic						143,821
Diluted						148,921
Pro Forma Merger Adjustments
Revenues
Revenues						$ 14,089
Expenses
Real estate expenses						8,808
Gross margin						5,281
Selling, general and administrative expenses						0
Equity in income of unconsolidated entities						0
Interest income and other expense/income, net						2,834
Loss on extinguishment of debt						0
Transaction expenses						0
Income (loss) before income taxes						2,447
Income tax expense (benefit)						612
Net income attributable to non-controlling interests						(2,018)
Net income before allocation to non-controlling interests						1,835
Net income (loss)						$ (183)
Weighted average number of shares of common stock:
Basic						(5,754)
Diluted						(5,617)
Taylor Morrison / AV Homes Pro Forma Combined
Revenues
Revenues						$ 4,780,138
Expenses
Real estate expenses						3,957,095
Gross margin						823,043
Selling, general and administrative expenses						501,135
Equity in income of unconsolidated entities						(13,332)
Interest income and other expense/income, net						8,770
Loss on extinguishment of debt						0
Transaction expenses						50,889
Income (loss) before income taxes						275,581
Income tax expense (benefit)						64,331
Net income attributable to non-controlling interests						(4,116)
Net income before allocation to non-controlling interests						211,250
Net income (loss)						$ 207,134
Diluted earnings (loss) per share						$ 1.84
Earnings per common share
Basic						$ 1.85
Weighted average number of shares of common stock:
Basic						111,743
Diluted						115,119
Home building | AV Homes Inc [Member]
Revenues
Revenues	$ 192,851	$ 201,724		$ 536,652	$ 547,268
Expenses
Real estate expenses	159,816	168,555		444,848	454,020
Amenity and other | AV Homes Inc [Member]
Revenues
Revenues	4,102	3,875		13,209	12,637
Expenses
Real estate expenses	4,004	3,167		13,354	11,063
Land sales | AV Homes Inc [Member]
Revenues
Revenues	224	140		2,884	2,576
Expenses
Real estate expenses	$ 224	$ 124		$ 662	$ 1,286
Home and land closings | Pro Forma Combined
Revenues
Revenues			$ 4,620,151
Expenses
Real estate expenses			3,810,799
Home and land closings | Pro Forma Merger Adjustments
Revenues
Revenues			18,451
Expenses
Real estate expenses			16,228
Home and land closings | Pro Forma Merger Adjustments
Revenues
Revenues						$ 0
Expenses
Real estate expenses						9,031
Home and land closings | Taylor Morrison Condensed Historical
Revenues
Revenues			3,219,643			4,155,117
Expenses
Real estate expenses			2,629,386			3,444,311
Home and land closings | William Lyon Homes Condensed Historical
Revenues
Revenues			1,382,057			2,081,721
Expenses
Real estate expenses			1,165,185			1,703,298
Home and land closings | AV Homes Condensed Historical
Revenues
Revenues						539,536
Expenses
Real estate expenses						445,510
Home and land closings | Pro Forma Combined
Revenues
Revenues						6,787,800
Expenses
Real estate expenses						5,609,107
Home and land closings | Pro Forma Merger Adjustments
Revenues
Revenues						11,426
Expenses
Real estate expenses						6,957
Home and land closings | Taylor Morrison / AV Homes Pro Forma Combined
Revenues
Revenues						4,694,653
Expenses
Real estate expenses						3,898,852
Financial services | Pro Forma Combined
Revenues
Revenues			81,974
Expenses
Real estate expenses			54,284
Financial services | Pro Forma Merger Adjustments
Revenues
Revenues			0
Expenses
Real estate expenses			0
Financial services | Pro Forma Merger Adjustments
Revenues
Revenues						0
Expenses
Real estate expenses						0
Financial services | Taylor Morrison Condensed Historical
Revenues
Revenues			62,117			67,758
Expenses
Real estate expenses			36,595			41,469
Financial services | William Lyon Homes Condensed Historical
Revenues
Revenues			19,857			0
Expenses
Real estate expenses			17,689			5,146
Financial services | AV Homes Condensed Historical
Revenues
Revenues						0
Expenses
Real estate expenses						0
Financial services | Pro Forma Combined
Revenues
Revenues						67,758
Expenses
Real estate expenses						46,615
Financial services | Pro Forma Merger Adjustments
Revenues
Revenues						0
Expenses
Real estate expenses						0
Financial services | Taylor Morrison / AV Homes Pro Forma Combined
Revenues
Revenues						67,758
Expenses
Real estate expenses						41,469
Amenity | Pro Forma Combined
Revenues
Revenues			40,944
Expenses
Real estate expenses			34,557
Amenity | Pro Forma Merger Adjustments
Revenues
Revenues			20,916
Expenses
Real estate expenses			16,071
Amenity | Pro Forma Merger Adjustments
Revenues
Revenues						0
Expenses
Real estate expenses						0
Amenity | Taylor Morrison Condensed Historical
Revenues
Revenues			13,863			4,518
Expenses
Real estate expenses			12,754			3,420
Amenity | William Lyon Homes Condensed Historical
Revenues
Revenues			6,165			5,450
Expenses
Real estate expenses			$ 5,732			0
Amenity | AV Homes Condensed Historical
Revenues
Revenues						13,209
Expenses
Real estate expenses						13,354
Amenity | Pro Forma Combined
Revenues
Revenues						25,840
Expenses
Real estate expenses						18,625
Amenity | Pro Forma Merger Adjustments
Revenues
Revenues						2,663
Expenses
Real estate expenses						1,851
Amenity | Taylor Morrison / AV Homes Pro Forma Combined
Revenues
Revenues						17,727
Expenses
Real estate expenses						$ 16,774

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Adjustments to Income Tax Provision
To reflect the impact to the income tax provision for the pro forma adjustments at the estimated combined pro forma effective tax rate of 25%.	$ 763		$ 612
Adjustments to Net Income Attributable to Non-Controlling Interests
For the year ended December 31, 2018, a portion of net income attributable to non-controlling interests is based on the Former Principal Equityholders' weighted average ownership percentage of Taylor Morrison. The adjustment presented reflects the pro forma net income associated with the Former Principal Equityholders' ownership and subsequently the adjusted net income available to the pro forma combined Taylor Morrison and William Lyon Homes company.	0		2,018
Interest Income And Other Expenses [Member]
To reflect a reclassification in order to conform with Taylor Morrison's financial statement presentation, Taylor Morrison reclassified the portion of land closings revenue from Interest income and other expenses, net to home and land closings revenue, net	18,451		11,426
To reflect a reclassification in order to conform with Taylor Morrison's financial statement presentation, Taylor Morrison reclassified the portion of apartment and commercial revenue from interest income and other expenses, net to amenity and other revenue	20,916		2,663
Adjustment to Total Revenues	39,367		14,089
Adjustment to cost of home and land closings to reflect the amortization of the capitalized William Lyon Homes senior notes fair value premium resulting from purchase accounting	(19,280)		(9,404)
To reflect a reclassification in order to conform with Taylor Morrison's financial statement presentation, Taylor Morrison reclassified the portion of costs of apartment and commercial sales from interest income and other expenses, net to amenity and other expenses	(16,071)		(1,851)
Adjustment to Total cost of revenues	(35,351)		(11,255)
Adjustment to Gross Margin	4,016		2,834
Pro Forma Merger Adjustments
To reflect a reclassification in order to conform with Taylor Morrison's financial statement presentation, Taylor Morrison reclassified the portion of land closings revenue from Interest income and other expenses, net to home and land closings revenue, net	18,451		11,426
To reflect a reclassification in order to conform with Taylor Morrison's financial statement presentation, Taylor Morrison reclassified the portion of apartment and commercial revenue from interest income and other expenses, net to amenity and other revenue	20,916		2,663
Adjustment to Total Revenues	39,367		14,089
Adjustment to cost of home and land closings to reflect the amortization of the capitalized William Lyon Homes senior notes fair value premium resulting from purchase accounting	(3,052)		(2,447)
To reflect a reclassification in order to conform with Taylor Morrison's financial statement presentation, Taylor Morrison reclassified the portion of costs of land closings from interest income and other expenses, net to cost of home and land closings	19,280		9,404
Adjustment to cost of home and land closings	16,288		6,957
To reflect a reclassification in order to conform with Taylor Morrison's financial statement presentation, Taylor Morrison reclassified the portion of costs of apartment and commercial sales from interest income and other expenses, net to amenity and other expenses	16,071		1,851
Adjustment to Total cost of revenues	32,299		8,808
Adjustment to Gross Margin	7,068		5,281
Adjustments to Net Income Attributable to Non-Controlling Interests
Net income Available to Taylor Morrison Home Corporation/William Lyon Homes	230,333,000		298,547,000
Net income attributable to non-controlling interests -Former Principal Equityholders	0		5,601
Loss fully attributable to public holding company - Taylor Morrison Home Corporation	0		540
Net Income—diluted	$ 230,333		$ 304,688
Weighted average shares—diluted	142,401		148,921
Calculated earnings per share—diluted	$ 1.62		$ 2.05
Issuance of Taylor Morrison common stock	32,078		32,078
Cancellation of William Lyon Homes common stock	(37,756)		(37,832)
Basic Weighted Average Number of Shares	(5,678)		(5,754)
Issuance of Taylor Morrison common stock	32,078		32,078
Issuance of Taylor Morrison Warrants	1,724		1,724
Cancellation of William Lyon Homes common stock and warrants	(38,944)	(39,419)
Diluted Weighted Average Number of Shares	(5,142)		(5,617)
Adjustment to cost of home closings to reflect the capitalization of interest expense for the periods presented.			$ (9,031)
Adjustment to amortization to reflect the amortization of interest expense for the periods presented.			$ 9,031
Cancellation of AV Homes Common Stock.			(22,587)
Cancellation of AV Homes Common Stock.			(22,998)
Pro forma effective tax rate	25.00%		25.00%

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
AV Homes Inc [Member]
Operating Activities
Net income	$ 770	$ 1,609
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	6,700	5,331
Amortization of share-based compensation	2,346	2,534
Change in value of contingent consideration	(2,418)	(647)
Impairment charges	1,609	535
Loss on extinguishment of debt	0	9,872
Deferred income taxes, net	770	1,523
Other adjustments	(19)	368
Changes in operating assets and liabilities:
Receivables	8,020	2,970
Land and other inventories	(124,021)	(56,675)
Prepaid expenses and other assets	(1,357)	(1,327)
Accounts payable, estimated development liability, and accrued and other liabilities	14,639	(9,066)
Customer deposits	4,553	4,915
Net cash used in operating activities	(88,408)	(38,058)
Investing Activities
Investment in property and equipment	(5,593)	(1,647)
Business acquisitions	(42,423)	(41,150)
Other investing activities	0	(12)
Net cash used in investing activities	(48,016)	(42,809)
Financing Activities
Proceeds from issuance of debt	0	400,000
Gross proceeds from senior secured credit facility	0	30,000
Payments of senior secured credit facility	0	(30,000)
Debt issuance costs	0	(8,146)
Principal payments of senior debt	0	(200,000)
Premium paid on redemption of debt	0	(6,718)
Contingent consideration and other financing activities	(47)	(2,778)
Net cash provided by (used in) financing activities	(47)	182,358
Increase (decrease) in cash, cash equivalents and restricted cash	(136,471)	101,491
Cash, cash equivalents and restricted cash at beginning of period	242,155	69,023
Cash, cash equivalents and restricted cash at end of period	105,684	170,514
Supplemental cash flow information:
Interest paid, net of capitalized interest	1,514	4,600
Income taxes paid	190	580
Supplemental non-cash investing activity:
Accrual of contingent consideration as of the acquisition date	$ 2,418	$ 1,818

Summary of Significant Accounti

Summary of Significant Accounting Policies	Dec. 05, 2019
AV Homes Inc [Member]
Summary of Significant Accounting Policies	Note 1 — Summary of Significant Accounting Policies Basis of Presentation T 10-K 10-K Definitive Merger Agreement with Taylor Morrison Home Corporation On June 7, 2018 we entered into an Agreement and Plan of Merger with Taylor Morrison Home Corporation, a Delaware Corporation (“Taylor Morrison”) and on October 2, 2018, we were acquired by Taylor Morrison (the “Acquisition”). At the closing of the merger, Taylor Morrison paid approximately $280.4 million in cash and issued 8.95 million shares of their Class A common stock to stockholders of AV Homes as merger consideration. In addition, Taylor Morrison assumed $80 million aggregate principal amount of our 6.00% senior convertible notes due 2020, all of which had been converted as of October 25, 2018 for approximately $95.8 million in cash, resulting in total purchase consideration for the Acquisition of $534.9 million. In connection with the Acquisition, one of Taylor Morrison’s subsidiaries also assumed $400 million aggregate principal amount of our 6.625% senior notes due 2022. Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents and Restricted Cash We consider all highly liquid investments purchased with an initial maturity of three months or less to be cash equivalents. As of September 30, 2018, our cash and cash equivalents were invested primarily in money market accounts. Due to the short maturity period of the cash equivalents, the carrying amounts of these instruments approximate their fair values. Our cash items that are restricted as to withdrawal or usage include deposits of $1.1 million and $1.2 million as of September 30, 2018 and December 31, 2017, respectively. Our restricted cash is comprised mainly of customer deposits held in a third-party escrow account and cash held to guarantee our performance to construct improvements in certain communities. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows as of September 30, 2018 and 2017 (in thousands): September 30, September 30, 2018 2017 Cash and cash equivalents $ 104,562 $ 169,332 Restricted cash 1,122 1,182 Total cash, cash equivalents and restricted cash $ 105,684 $ 170,514 Receivables Receivables primarily consist of amounts in transit or due from title companies for home closings and for rebates. Land and Other Inventories and Homebuilding Cost of Revenue Land and other inventories include expenditures for land acquisition, land development, home construction, construction costs for amenities, and direct and allocated indirect costs, including interest cost capitalized until development and construction are substantially completed. These costs are assigned to components of land and other inventories based on specific identification, relative sales value, or area allocation methods. Land and other inventories are stated at cost unless the asset is determined to be impaired, in which case the asset is adjusted to its fair value, in accordance with Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment Homebuilding cost of revenue is comprised of direct and allocated costs, including estimated future costs for the limited warranty we provide on our homes. Land acquisition, land development and other common costs are generally allocated on a relative sales value or area allocation basis to the homes or lots within the applicable community or land parcel. Land acquisition and land development costs include related interest and real estate taxes during the period of time under development. We evaluate our land and other inventories for impairment on a quarterly basis in accordance with ASC 360 to reflect market conditions, including a consideration of supply of new and resale homes for sale in the respective market, level of foreclosure activity and competition. For assets held and used, if indicators are present, we perform an impairment test by comparing the estimated future undiscounted cash flows to be generated by the asset to its carrying value. If such cash flows are less than the asset’s carrying value, the carrying value is written down to its estimated fair value. Generally, fair value is determined by discounting the estimated cash flows at a rate commensurate with the inherent risks associated with the asset and related estimated cash flow streams. The discount rate used in the determination of fair value would vary, depending on the state of development. Assumptions and estimates used in the determination of the estimated future cash flows are based on several factors, including expectations of future operations and economic conditions. Changes to these assumptions could significantly affect the estimates of future cash flows, which could affect the potential for future impairments. Due to the uncertainties of the estimation process, actual results could differ significantly from such estimates. During the three and nine months ended September 30, 2018, our impairment assessments resulted in $0.4 million and $1.6 million of impairment charges, respectively, and are included in homebuilding cost of revenue in the consolidated statements of operations. During the three and nine months ended September 30, 2017, our impairment assessments resulted in $0.3 million and $0.5 million, respectively. Property and Equipment, net Property and equipment, net are stated at cost less accumulated depreciation, and depreciation is computed by the straight-line method over the following estimated useful lives of the assets: land improvements 5 to 15 years; buildings and improvements 3 to 40 years; and machinery, equipment and fixtures 3 to 10 years. Maintenance and operating expenses of equipment utilized in the development of land are capitalized to land inventory. All other repairs and maintenance are expensed as incurred. Property and equipment includes amenity assets such as club facilities on properties we own. The cost of amenity assets includes expenditures for land acquisition, construction, land development and direct and allocated costs. Property and equipment owned and constructed by us also includes interest cost incurred during development and construction. Each reporting period, we review our property and equipment for indicators of impairment in accordance with ASC 360. For our amenities, which are located within our housing communities, indicators of impairment are similar to those of our housing communities (described above), as these factors may impact our ability to generate revenues at our amenities or cause construction costs to increase. In addition, we factor in the collectability and potential delinquency of the fees due for our amenity memberships. During the three and nine months ended September 30, 2018 and 2017, we did not identify indicators of impairment for our property and equipment. Goodwill Goodwill arises from business combinations and represents the excess of the consideration transferred for an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. There were no indicators of impairment during the three and nine months ended September 30, 2018 and 2017. Revenue Recognition We recognize homebuilding, amenity and land sales revenues in accordance with ASC 606, Revenue from Contracts with Customers Our homebuilding contracts require us to construct and deliver homes to our customers. The transaction price is stated in the final sales contract that is signed by the customer. Homebuilding revenue is recognized at closing when payment is due and when title to and possession of the property are transferred to the homebuyer. We own and operate certain amenities pursuant to recorded mandatory club plans, which require us to provide members with access to amenity facilities in exchange for the payment of club dues. We collect club dues and other fees from our members, which are billed on a monthly basis. Our performance obligation is to make available the club amenities on an ongoing basis. Accordingly, we recognize revenue over the period for which dues have been paid. Revenue from our golf club operations is also included in amenity revenue and is recognized as the service is provided. Our contracts for sales of land involve the selling of real property. The transaction price is stated in the final sales contract that is signed by the customer. Land sales revenue is recognized at closing when payment is due and when title to and possession of the real property are transferred to the buyer. We report our revenue from contracts with customers by type of good or service and by geographical regions, as we believe this achieves the disclosure objective to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. See the accompanying consolidated statements of operations and segment operating statements in Note 7, Segment Information We have contract assets that consist of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit non-refundable, Warranty Costs Summary of Significant Accounting Policies A Sales Incentives When sales incentives involve a discount on the selling price of the home, we record the discount as a reduction of revenue at the time of home closing. If the sales incentive requires us to provide a free product or service to the customer, the cost of the free product or service is recorded as homebuilding cost of revenue at the time of home closing. This includes the cost related to optional upgrades and seller-paid financing costs, closing costs, homeowners’ association fees, or merchandise. Advertising Costs Advertising costs are expensed as incurred. During the three and nine months ended September 30, 2018, advertising costs were $0.9 million and $2.9 million, respectively. During the three and nine months ended September 30, 2017, advertising costs were $1.1 million and $3.0 million, respectively. Advertising costs, sales commissions and closing costs are included in selling, general and administrative expenses in the accompanying consolidated statements of operations. Warranty Costs Warranty reserves for homes are established to cover estimated costs for materials and labor with regard to warranty-type claims to be incurred subsequent to the closing of a home. Reserves are determined based on historical data and other relevant factors. We have, and require our subcontractors to have, general liability, property, workers’ compensation, and other business insurance. These insurance policies protect us against a portion of our risk of loss from claims, subject to certain self-insured per occurrence and aggregate retentions, deductibles, and available policy limits. We may have recourse against subcontractors for certain claims relating to workmanship and materials. Warranty reserves are included in accrued and other liabilities in the accompanying consolidated balance sheets. During the three and nine months ended September 30, 2018 and 2017, changes in the warranty reserve consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Accrued warranty reserve, beginning of period $ 4,706 $ 3,864 $ 4,916 $ 4,033 Reserve provided 1,595 687 3,955 2,496 Payments (1,347 ) (997 ) (3,917 ) (2,975 ) Accrued warranty reserve, end of period $ 4,954 $ 3,554 $ 4,954 $ 3,554 Income Taxes Our effective tax rate for the three and nine months ended September 30, 2018 was 89.7% and 62.7%, respectively. Our effective tax rate for the three and nine months ended September 30, 2017 was 37.1% and 51.1%, respectively. Our effective tax rate is impacted by a number of factors, the most significant of which is the enactment of the Tax Cuts and Jobs Act (“TCJA”) on December 22, 2017. In accordance with Staff Accounting Bulletin No. 118 (“SAB 118”), we remeasured the deferred tax assets as of December 31, 2017, based on the corporate income tax rate change from 35% to 21%. For the three and nine months ended September 30, 2018, we did not record any adjustments to these estimates. Our final accounting for the TCJA under SAB 118 was completed in the third quarter of 2018 when the 2017 income tax returns were prepared. We evaluate our deferred tax assets each period to determine if a valuation allowance is required based on whether it is “more likely than not” that some portion of the deferred tax assets would not be realized. The ultimate realization of these deferred tax assets is dependent upon the generation of sufficient taxable income during future periods. We conduct our evaluation by considering all available positive and negative evidence. This evaluation considers, among other factors, historical operating results, forecasts of future profitability, the duration of statutory carryforward periods, and the outlooks for the U.S. housing industry and broader economy. As of September 30, 2018, we do not have a valuation allowance related to our deferred tax assets. The accounting for deferred taxes is based upon estimates of future results. Differences between estimated and actual results could result in changes in the valuation of our deferred tax assets that could have a material impact on our consolidated results of operations or financial position. Changes in existing tax laws could also affect actual tax results and the realization of deferred tax assets over time. Unrecognized tax benefits represent the difference between tax positions taken or expected to be taken in a tax return and the benefits recognized for financial statement purposes. As of September 30, 2018, we had no Any interest or penalties assessed have been immaterial to our financial results. In the event we are assessed any interest or penalties in the future, we plan to include them in our consolidated statements of operations as income tax expense. Share-Based Compensation The Amended and Restated 1997 Incentive and Capital Accumulation Plan (2011 Restatement), as amended (“Incentive Plan”), and the 2015 Incentive Compensation Plan (the “2015 Plan”) provide for the grant of stock options, stock appreciation rights, stock awards, performance awards, and stock units to officers, employees and directors of AV Homes. The exercise prices of stock options granted under the Incentive Plan and the 2015 Plan may not be less than the stock exchange closing price of our common stock on the date of grant. Stock option awards under the Incentive Plan and 2015 Plan generally expire 10 years after the date of grant. As of September 30, 2018, there were an aggregate of 1.2 million shares available for grant under the 2015 Plan and 0.6 million shares reserved for future issuance relating to stock options, performance share units, and restricted stock units previously awarded and currently outstanding under the 2015 Plan. Additionally, as of September 30, 2018, an aggregate of 0.4 million shares of our common stock were reserved for future issuance in connection with options and restricted stock units previously awarded under the Incentive Plan. Refer to Note 8 – Subsequent Events Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of AV Homes. The computation of diluted earnings per share for the three and nine months ended September 30, 2018 did not assume the effect of convertible notes because the effects were antidilutive. The computation of diluted earnings (loss) per share for the three and nine months ended September 30, 2017 did not assume the effect of employee stock options or convertible notes because the effects were antidilutive. The following table represents a reconciliation of the net income (loss) and weighted average shares outstanding for the calculation of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2018 and 2017 (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Numerator: Basic net income (loss) $ 114 $ (1,477 ) $ 770 $ 1,609 Effect of dilutive securities — — — — Diluted net income (loss) $ 114 $ (1,477 ) $ 770 $ 1,609 Denominator: Basic weighted average shares outstanding 22,605 22,504 22,587 22,487 Effect of dilutive securities 464 — 411 187 Diluted weighted average shares outstanding 23,069 22,504 22,998 22,674 Basic earnings (loss) per share $ 0.01 $ (0.07 ) $ 0.03 $ 0.07 Diluted earnings (loss) per share $ — $ (0.07 ) $ 0.03 $ 0.07

Business Acquisitions

Business Acquisitions	Dec. 05, 2019
Business Acquisition	3. Preliminary Purchase Price The purchase price in the Merger is estimated to be approximately $854.5 million. This amount was derived based on the Merger Consideration to be paid to holders of William Lyon Homes common stock. Per the Merger Agreement, the holders of William Lyon Homes common stock will receive per share consideration consisting of (i) share s (ii) $ in cash per share of William Lyon common stock. The following is a preliminary calculation of the purchase price. ( Dollars in thousands ) Unconverted Conversion Converted Basic shares of common stock outstanding as of September 30, 2019 37,846,420 0.8000 30,277,136 Dilutive securities outstanding as of September 30, 2019 1,988,751 0.9055 1,800,814 Total diluted shares of common stock outstanding as of September 30, 2019 39,835,171 32,077,950 William Lyon Homes basic shares of common stock outstanding as of September 30, 2019 37,846,420 $2.50 per share of William Lyon common stock consideration $ 2.50 Consideration attributable to cash $ 94,616 Total William Lyon Homes diluted shares of common stock converted to Taylor Morrison shares of common stock outstanding as of September 30, 2019 32,077,950 Per share price of consideration $ 23.69 Consideration attributable to Taylor Morrison common stock (1) $ 759,927 Total purchase price $ 854,543 (1) A 1.0% increase or decrease in the stock price of Taylor Morrison common stock would increase or decrease the consideration by approximately $7.6 million and impact goodwill by a corresponding amount. The following is a preliminary estimate of the fair value of William Lyon Homes’ assets to be acquired and the William Lyon Homes liabilities to be assumed by Taylor Morrison in the Merger, reconciled to the estimate of the purchase price. For p u (Dollars in thousands) Total purchase price $ 854,543 William Lyon Homes assets acquired: Cash and cash equivalents $ 44,882 Owned inventory 2,064,290 Real estate not owned 215,541 Land Deposits 136,549 Property and equipment and other assets, net 217,175 Deferred tax assets, net 87,440 Operating lease right of use assets 37,000 Goodwill 277,706 Total William Lyon Homes assets acquired $ 3,080,583 William Lyon Homes liabilities assumed: Accounts payable $ 114,810 Accrued expenses and other liabilities 151,681 Operating lease liabilities 37,900 Income taxes payable 692 Total debt, net 1,569,017 Liabilities attributable to real estate not owned 215,541 Total William Lyon Homes liabilities assumed $ 2,089,641 Minority interest in consolidated entities 136,398 William Lyon Homes net assets acquired $ 854,543
AV Homes Inc [Member]
Business Acquisition	Note 2—Business Acquisitions On January 8, 2018, we acquired substantially all of the assets and assumed certain liabilities of MMLC Texas Builders, LLC (“Oakdale-Hampton Homes”) for $44.8 million, including an earn-out, The Oakdale-Hampton Homes acquisition was accounted for in accordance with ASC 805, Business Combinations The following table summarizes the calculation of the fair value of the total consideration transferred to Oakdale-Hampton Homes and the preliminary allocation to the assets acquired and liabilities assumed as of the acquisition date (in thousands): Fair value of consideration transferred: Cash paid for net assets $ 42,423 Contingent consideration (earn-out) 2,418 Total consideration transferred $ 44,841 Fair value of assets acquired and liabilities assumed: Assets Receivables and other assets $ 719 Land and other inventories 34,933 Property and equipment 798 Trade name 560 Goodwill 8,733 Total assets acquired 45,743 Liabilities Accounts payable 749 Accrued and other liabilities 84 Customer deposits 69 Total liabilities assumed 902 Total net assets acquired $ 44,841 Fair Value Receivables and other assets, property and equipment, accounts payable and accrued and other liabilities were generally stated at historical carrying values given the short-term nature of these assets and liabilities. We determined the fair value of land and other inventories on a lot-by-lot The $0.6 million of acquired intangible assets relates to trade names that are being amortized over 2.5 years. Amortization expense for the three and nine months ended September 30, 2018 was $0.1 million and $0.2 million, respectively, and is included in selling, general and administrative expenses in the consolidated statements of operations. We estimated the preliminary fair value of acquired assets and liabilities as of the date of acquisition based on information available at that time. The valuation of these tangible and identifiable intangible assets and liabilities is subject to further management review and may change. Transaction and Integration Costs Transaction and integration costs directly related to the Oakdale-Hampton Homes acquisition, including legal and accounting fees, were expensed as incurred in accordance with ASC 805. Goodwill As of the acquisition date, goodwill consisted primarily of the expected economic value attributable to gaining access to a new market with immediate revenue opportunities through an established backlog and assembled workforce. All of the goodwill is expected to be deductible for income tax purposes and is assigned to the Texas reporting segment. Supplemental Pro Forma Information The following represents pro forma operating results as if Oakdale-Hampton Homes had been included in our consolidated statements of operations as of the beginning of the fiscal year presented (in thousands, except per share data): Three Months Ended Nine Months Ended September 30, 2017 September 30, 2017 Revenue $ 214,321 $ 597,964 Net (loss)/income (1,108 ) 3,944 Basic (loss)/earnings per share (0.05 ) 0.18 Diluted (loss)/earnings per share (0.05 ) 0.17 The supplemental pro forma operating results have been determined after adjusting the operating results of Oakdale-Hampton Homes to reflect additional expense that would have been recorded assuming the fair value adjustments to inventory and intangible assets had been applied as of January 1, 2017. These results may not be indicative of future operating results.

Land and Other Inventories

Land and Other Inventories	Dec. 05, 2019
AV Homes Inc [Member]
Land and Other Inventories	Note 3 — Land and Other Inventories As of September 30, 2018 and December 31, 2017, land and other inventories consisted of the following (in thousands): September 30, 2018 December 31, 2017 Land held for future development $ 29,763 $ 29,312 Land developed and in process of development 384,676 351,798 Homes completed or under construction 340,154 222,741 Total $ 754,593 $ 603,851 We capitalize interest to inventories during the period of development in accordance with ASC 835, Interest The following table represents interest incurred, interest capitalized, and interest expense for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Interest incurred $ 8,531 $ 8,523 $ 25,567 $ 24,046 Interest capitalized (5,903 ) (5,898 ) (16,536 ) (16,899 ) Interest expense $ 2,628 $ 2,625 $ 9,031 $ 7,147

Senior Debt

Senior Debt	Dec. 05, 2019
AV Homes Inc [Member]
Senior Notes	Note 4 — Senior Debt As of September 30, 2018 and December 31, 2017, senior debt, net consisted of the following (in thousands): September 30, 2018 December 31, 2017 6.625% Senior Notes due 2022 $ 400,000 $ 400,000 6.00% Senior Convertible Notes due 2020 80,000 80,000 Senior Unsecured Credit Facility — — Total senior debt 480,000 480,000 Deferred debt issuance costs (6,398 ) (7,853 ) Debt discount (27 ) (39 ) Total senior debt, net $ 473,575 $ 472,108 6.625% Senior Notes due 2022 On May 18, 2017, we completed a private offering of $400.0 million of our 6.625% Senior Notes due 2022 (the “6.625% Notes”). The proceeds of the 6.625% Notes were used to (i) fund the repurchase and redemption of the $200.0 million in aggregate principal amount of our outstanding 8.50% Senior Notes due 2019 and (ii) pay amounts outstanding under our senior secured credit facility, totaling $30.0 million.. The 6.625% Notes mature on May 15, 2022, unless earlier redeemed or repurchased. Interest on the 6.625% Notes is payable semi-annually in arrears in cash on May 15 and November 15 of each year, commencing November 15, 2017. We have the option to redeem all or a portion of the 6.625 6.625 6.625 6.625 6.625 6.625 The indenture governing the 6.625 The indenture further provides that upon certain specified change of control events, certain covenants will no longer apply to the 6.625% Notes and will be replaced with new covenants (a “Covenant Replacement Event”). Additionally, if we experience specific kinds of changes in control that do not result in a Covenant Replacement Event or, if following a Covenant Replacement Event, we experience a subsequent change of control that results in a downgrade of the rating assigned to the 6.625% Notes, holders of the 6.625% Notes will be entitled to require us to purchase all or a portion of the 6.625% Notes at 101 Note 8 – Subsequent Events 6.00% Senior Convertible Notes due 2020 On September 23, 2015, we completed a private offering of $80.0 million aggregate principal amount of 6.00% Senior Convertible Notes due 2020 (the “ 6.00 6.00 6.00 6.00 6.00 The 6.00% Notes were issued pursuant a series of separate, privately negotiated note purchase agreements entered into on September 17, 2015 by us and certain qualified institutional buyers. TPG Aviator, L.P. (“TPG”) purchased $20.0 million aggregate principal amount of the 6.00% Notes for $20.0 million in cash and waived its rights to purchase additional 6.00% Notes, resulting in a fully diluted beneficial ownership for TPG of approximately 43.8% of our common stock at the time of the transaction. Pursuant to the terms of our Related Person Transaction Policy, the audit committee of our board of directors reviewed and approved the terms of the 6.00% Notes and TPG’s purchase of 6.00% Notes. Refer to Note 8 – Subsequent Events Senior Unsecured Credit Facility On May 18, 2017, we entered into an unsecured revolving credit agreement (the “Senior Unsecured Credit Facility”) with each of the financial institutions party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and Citibank, N.A., as syndication agent. The Senior Unsecured Credit Facility includes a revolving credit facility in an aggregate principal amount of up to $155.0 million, with an “accordion” feature that allows us, with the consent of the lenders, to increase the aggregate amount to $250.0 million. The facility includes a letter of credit sub-facility Interest is payable on revolving credit borrowings at variable rates determined by the applicable LIBOR plus 3.25% or the prime rate plus 2.25%, at our election. We pay quarterly fees of 0.50% per annum on the unused portion of the lenders’ commitments under the Senior Unsecured Credit Facility to the lenders. The Senior Unsecured Credit Facility expires on July 28, 2020. Upon expiration, all borrowings become due and payable. We may prepay loans borrowed under the Senior Unsecured Credit Facility or reduce the commitments thereunder at our option, without any prepayment fee or penalty. The Senior Unsecured Credit Facility is guaranteed by certain of our subsidiaries, and we have the option to add or remove guarantors from time to time, subject to certain limitations. We were in compliance with all financial covenants as of September 30, 2018. Refer to Note 8 – Subsequent Events

Estimated Development Liability

Estimated Development Liability	Dec. 05, 2019
AV Homes Inc [Member]
Estimated Development Liability	Note 5 — Estimated Development Liability The estimated development liability consists primarily of utility completion obligations in Rio Rico, Arizona and Poinciana, Florida for more than 8,000 home sites previously sold, prior to 1980. The estimated development liability is reduced by actual expenditures and is evaluated and adjusted, as appropriate, to reflect management’s estimate of potential costs. In addition, we obtain third-party engineer evaluations on an annual basis and adjust this liability to reflect changes in the estimated completion costs. Cash expenditures associated with these obligations were $0.2 million and $0.4 million during the three and nine months ended September 30, 2018, respectively, and were $0.1 million and $0.4 million during the three and nine months ended September 30, 2017, respectively. Future increases or decreases of costs for construction, material and labor, as well as other land development and utilities infrastructure costs, may have a significant effect on the estimated development liability. The balance of the estimated development liability was $31.2 million and $31.6 million as of September 30, 2018 and December 31, 2017, respectively.

Commitments and Contingencies

Commitments and Contingencies	Dec. 05, 2019
AV Homes Inc [Member]
Commitments and Contingencies	Note 6 — Commitments and Contingencies Legal We are involved in litigation from time to time, primarily arising in the normal course of our business. These cases are in various procedural stages. In view of the inherent difficulty of predicting the outcome of these legal and regulatory matters, we generally cannot predict the ultimate resolution of the pending matters, the related timing, or the eventual loss. While the outcome of such contingencies cannot be predicted with certainty, we do not believe that the resolution of such matters will have a material adverse impact on our results of operations, financial position, or cash flows. On April 26, 2017, we received notice of a Class Action Complaint filed in the Circuit Court for the 10th Judicial Circuit, Polk County, Florida, generally alleging that the collection of club membership fees in connection with the use and enjoyment of the club facilities located within the Solivita community is illegal in that it violates, among other laws, Florida’s Homeowners’ Association Act (“FLHOA”) and Florida’s Deceptive and Unfair Trade Practices Act (“FDUTPA”). It also generally alleges that certain other actions by us have violated FLHOA and FDUTPA. The complaint seeks relief in various forms including recovery for the prior payment of club membership fees and an injunction to prohibit the future collection of club membership fees. On September 9, 2017, we filed an amended motion to dismiss this matter, which was heard on September 13, 2017. On August 8, 2017, the judge issued an order denying in part and granting in part the motion to dismiss. Plaintiffs were provided leave to amend the FDUTPA claims and filed an amended complaint on September 15, 2017. We filed our amended answer on September 29, 2017 along with certain affirmative defenses. The amended answer also contains counterclaims against the plaintiffs for breach of contract and tortious interference with contractual relations, among other claims. On October 5, 2017, we also filed a motion for summary judgment, which was heard on December 8, 2017. On January 23, 2018, the court ruled, granting our motion for summary judgment in part and denying it in part. Importantly, the court ruled that our club operations in Solivita constitute commercial property under the FLHOA, that the club facilities are not common areas of the homeowners’ association and that nothing in the FLHOA prevents a developer from owning club operations for profit, as is the case in this instance. On April 6, 2018, the court heard arguments relative to the plaintiffs’ amended motion for class certification pursuant to which the plaintiffs sought to certify a class of “persons who currently own, or previously owned, a home in Solivita, who have paid, or have been obligated to pay, a Club Membership Fee under the Club Plan Declaration on or after April 26, 2013.” On September 29, 2018, the court ruled on plaintiffs’ amended motion for class certification, granting class certification as to three counts and partially as to a fourth count and denying class certification as to the remaining eight counts of plaintiffs’ amended complaint, but not otherwise making any dispositive rulings as to the merits of the plaintiffs’ counts. In the ruling, the court also redefined and limited the class being certified to include only those persons who currently own a home in Solivita and who have paid a Club Membership Fee under the Club Plan on or after April 26, 2013. On July 24, 2018, a putative stockholder class action lawsuit captioned Lawrence Zucker v. AV Homes, Inc. et al. 1:18-cv-01091, Surety Bonds Surety bonds, issued by third-party entities, are used primarily to guarantee our performance to construct improvements in our various communities. As of September 30, 2018, we had outstanding surety bonds of approximately $57 million. The amount of outstanding surety bonds could fluctuate depending on the level of development activity. We do not believe that it is likely any of these outstanding surety bonds will be drawn upon.

Fair Value Disclosures

Fair Value Disclosures	Dec. 05, 2019
AV Homes Inc [Member]
Fair Value Disclosures	Note 7 — Fair Value Disclosures ASC 820, Fair Value Measurements and Disclosures The accounting standards require that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: Level 1: Fair value determined based on quoted market prices in active markets for identical assets and liabilities. Level 2: Fair value determined using significant observable inputs, such as quoted prices for similar assets or liabilities or quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data, by correlation or other means. Level 3: Fair value determined using significant unobservable inputs, such as discounted cash flows, or similar techniques. The carrying amounts of cash and cash equivalents, restricted cash, receivables, accounts payable, and the Senior Unsecured Credit Facility approximate the fair values due to their short-term nature. Certain assets are required to be recorded at fair value on a non-recurring The carrying amounts and fair values of our financial liabilities as of September 30, 2018 and December 31, 2017 are as follows (in thousands): September 30, 2018 December 31, 2017 Carrying Fair Value Carrying Fair Value Senior notes: 6.625% Notes, net (1) $ 394,136 $ 412,520 $ 392,909 $ 420,480 6.00% Notes, net (1) 79,439 93,456 79,199 90,240 Contingent consideration (earn-out) (2) — — — — (1) The carrying amount of the debt instruments are net of unamortized debt issuance costs and certain debt discounts. (2) During the three and nine months ended September 30, 2018, we reduced the carrying amount of the Oakdale-Hampton Homes earn-out In estimating the fair value of financial liabilities, we used the following methods and assumptions: Senior Notes As of September 30, 2018 and December 31, 2017, the fair values of the 6.625% Notes and the 6.00% Notes are estimated, based on quoted or estimated market prices. These fall within Level 2 of the fair value hierarchy. Contingent Consideration (“earn-out”) This was recognized as part of the purchase price paid for the Oakdale-Hampton Homes acquisition in 2018. At inception, the fair value was determined through the use of valuation models that simulated earnings, applying the terms of the earn-out

Subsequent Events

Subsequent Events	Dec. 05, 2019
AV Homes Inc [Member]
Subsequent Events	Note 8 – Subsequent Events On October 2, 2018, we were acquired by Taylor Morrison. At the closing of the merger, Taylor Morrison paid approximately $280.4 million in cash and issued 8.95 million shares of their Class A common stock to stockholders of AV Homes as merger consideration. In addition, at closing Taylor Morrison assumed $80 million aggregate principal amount of our 6.00% Notes, all of which had been converted as of October 25, 2018 for approximately $95.8 million in cash, resulting in total purchase consideration for the Acquisition of $534.9 million. The change in control from the acquisition resulted in a Covenant Replacement Event in which one of Taylor Morrison’s subsidiaries assumed $400 million aggregate principal amount of our 6.625% Senior Notes due 2022. Additionally, in connection with the Acquisition, our Senior Unsecured Credit Facility was terminated. There were no amounts outstanding under the Senior Unsecured Credit Facility as of September 30, 2018.Furthermore, as a result of the acquisition, all AV equity award plans were converted to Taylor Morrison equity award plans and no shares of AV common stock were available for future grants.

Basis of Presentation

Basis of Presentation	Dec. 05, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The unaudited pro forma condensed combined financial information has been prepared in accordance with Regulation S-X The accompanying unaudited pro forma condensed combined financial statements present the pro forma consolidated financial position and results of operations of the combined company, based on the historical financial statements of Taylor Morrison and William Lyon Homes, after giving effect to the Merger and adjustments described in the notes thereto, and are intended to reflect the impact of the Merger on Taylor Morrison’s condensed consolidated financial statements. The unaudited pro forma condensed combined financial information is presented for illustrative purposes only and is not necessarily indicative of the financial position of the combined company had the Merger been consummated at September 30, 2019 or the results of operations of the combined company had the Merger been consummated at January 1, 2018, nor is it necessarily indicative of the results of operations of the combined company in future periods or the future financial position of the combined company. Under the acquisition method of accounting, the assets and liabilities of William Lyon Homes will be recorded at the respective fair values on the closing date of the Merger. The fair value on the Merger date represents management’s best preliminary estimates based on available information and facts and circumstances in existence on the Merger date. The pro forma allocation of purchase price reflected in the unaudited pro forma condensed combined financial information is preliminary and subject to adjustment. Adjustments may include, but not be limited to, changes in (i) the underlying values of assets and liabilities if market conditions differ from current assumptions; or (ii) if information unknown as of the completion of the Merger becomes known. The accounting policies of both Taylor Morrison and William Lyon Homes are in the process of being reviewed in detail. Upon completion of such review, additional conforming adjustments or financial statement reclassification may be determined. The unaudited pro forma condensed combined balance sheet has been adjusted to reflect the preliminary valuation of the net assets acquired including goodwill. The valuation of the assets and liabilities in these unaudited pro forma condensed combined financial statements is based upon the estimated purchase price. This amount was derived based on the Merger Consideration to be paid to holders of William Lyon Homes common stock. Under the Merger Agreement, the holders of William Lyon Homes common stock will receive per share consideration consisting of (i) 0.8000 of a share of Taylor Morrison common stock and (ii) $2.50 in cash per share of William Lyon Homes common stock. The actual number of shares of Taylor Morrison common stock to be issued in the Merger will be based upon the actual number shares of William Lyon Homes common stock outstanding immediately prior to the Effective Time.

Estimated Merger and Integratio

Estimated Merger and Integration Costs	Dec. 05, 2019
Business Combinations [Abstract]
Estimated Merger and Integration Costs	2. Estimated Merger and Integration Costs In connection with the Merger, the plan to integrate Taylor Morrison’s and William Lyon Homes’ operations is still being developed. The combined company expects to incur costs associated with integrating the operations of Taylor Morrison and William Lyon Homes. The unaudited pro forma condensed combined financial statements do not reflect the costs of any integration activities or benefits that may result from realization of future cost savings from expected operating efficiencies or synergies. Over the next several months, the specific details of these plans will continue to be refined. Taylor Morrison and William Lyon Homes are currently in the process of assessing their respective businesses to determine where they may eliminate potential redundancies. Taylor Morrison expects to incur Merger-related expenses including system conversion costs, employee retention and severance agreements, communications to customers, and others. To the extent there are costs associated with these actions, the costs will be recorded based on the nature and timing of these integration actions. Most acquisition and restructuring costs are recognized separately from a business combination and generally will be expensed as incurred. Taylor Morrison currently estimates that combined Merger-related costs will be approximately $130.0 million and expects they will be incurred primarily in the year ending December 31, 2020. These estimated costs are not reflected in the accompanying pro forma condensed combined statement of operations for the year ended December 31, 2018 and the three and nine months ended September 30, 2019 because they are non-recurring,

Preliminary Purchase Price

Preliminary Purchase Price	Dec. 05, 2019
Business Combinations [Abstract]
Preliminary Purchase Price	3. Preliminary Purchase Price The purchase price in the Merger is estimated to be approximately $854.5 million. This amount was derived based on the Merger Consideration to be paid to holders of William Lyon Homes common stock. Per the Merger Agreement, the holders of William Lyon Homes common stock will receive per share consideration consisting of (i) share s (ii) $ in cash per share of William Lyon common stock. The following is a preliminary calculation of the purchase price. ( Dollars in thousands ) Unconverted Conversion Converted Basic shares of common stock outstanding as of September 30, 2019 37,846,420 0.8000 30,277,136 Dilutive securities outstanding as of September 30, 2019 1,988,751 0.9055 1,800,814 Total diluted shares of common stock outstanding as of September 30, 2019 39,835,171 32,077,950 William Lyon Homes basic shares of common stock outstanding as of September 30, 2019 37,846,420 $2.50 per share of William Lyon common stock consideration $ 2.50 Consideration attributable to cash $ 94,616 Total William Lyon Homes diluted shares of common stock converted to Taylor Morrison shares of common stock outstanding as of September 30, 2019 32,077,950 Per share price of consideration $ 23.69 Consideration attributable to Taylor Morrison common stock (1) $ 759,927 Total purchase price $ 854,543 (1) A 1.0% increase or decrease in the stock price of Taylor Morrison common stock would increase or decrease the consideration by approximately $7.6 million and impact goodwill by a corresponding amount. The following is a preliminary estimate of the fair value of William Lyon Homes’ assets to be acquired and the William Lyon Homes liabilities to be assumed by Taylor Morrison in the Merger, reconciled to the estimate of the purchase price. For p u (Dollars in thousands) Total purchase price $ 854,543 William Lyon Homes assets acquired: Cash and cash equivalents $ 44,882 Owned inventory 2,064,290 Real estate not owned 215,541 Land Deposits 136,549 Property and equipment and other assets, net 217,175 Deferred tax assets, net 87,440 Operating lease right of use assets 37,000 Goodwill 277,706 Total William Lyon Homes assets acquired $ 3,080,583 William Lyon Homes liabilities assumed: Accounts payable $ 114,810 Accrued expenses and other liabilities 151,681 Operating lease liabilities 37,900 Income taxes payable 692 Total debt, net 1,569,017 Liabilities attributable to real estate not owned 215,541 Total William Lyon Homes liabilities assumed $ 2,089,641 Minority interest in consolidated entities 136,398 William Lyon Homes net assets acquired $ 854,543

Bridge Loan Financing

Bridge Loan Financing	Dec. 05, 2019
Debt Disclosure [Abstract]
Bridge Loan Financing	4. Bridge Loan Financing In connection with the Merger, Taylor Morrison obtained definitive financing commitments for 364-day loan pro-forma non-recurring pro-forma

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies) - AV Homes Inc [Member]	Dec. 05, 2019
Basis of Presentation	Basis of Presentation T 10-K 10-K
Business Acquisitions	Definitive Merger Agreement with Taylor Morrison Home Corporation On June 7, 2018 we entered into an Agreement and Plan of Merger with Taylor Morrison Home Corporation, a Delaware Corporation (“Taylor Morrison”) and on October 2, 2018, we were acquired by Taylor Morrison (the “Acquisition”). At the closing of the merger, Taylor Morrison paid approximately $280.4 million in cash and issued 8.95 million shares of their Class A common stock to stockholders of AV Homes as merger consideration. In addition, Taylor Morrison assumed $80 million aggregate principal amount of our 6.00% senior convertible notes due 2020, all of which had been converted as of October 25, 2018 for approximately $95.8 million in cash, resulting in total purchase consideration for the Acquisition of $534.9 million. In connection with the Acquisition, one of Taylor Morrison’s subsidiaries also assumed $400 million aggregate principal amount of our 6.625% senior notes due 2022.
Use of Estimates	Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash We consider all highly liquid investments purchased with an initial maturity of three months or less to be cash equivalents. As of September 30, 2018, our cash and cash equivalents were invested primarily in money market accounts. Due to the short maturity period of the cash equivalents, the carrying amounts of these instruments approximate their fair values. Our cash items that are restricted as to withdrawal or usage include deposits of $1.1 million and $1.2 million as of September 30, 2018 and December 31, 2017, respectively. Our restricted cash is comprised mainly of customer deposits held in a third-party escrow account and cash held to guarantee our performance to construct improvements in certain communities. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows as of September 30, 2018 and 2017 (in thousands): September 30, September 30, 2018 2017 Cash and cash equivalents $ 104,562 $ 169,332 Restricted cash 1,122 1,182 Total cash, cash equivalents and restricted cash $ 105,684 $ 170,514
Receivables	Receivables Receivables primarily consist of amounts in transit or due from title companies for home closings and for rebates.
Land and Other Inventories and Homebuilding Cost of Revenue	Land and Other Inventories and Homebuilding Cost of Revenue Land and other inventories include expenditures for land acquisition, land development, home construction, construction costs for amenities, and direct and allocated indirect costs, including interest cost capitalized until development and construction are substantially completed. These costs are assigned to components of land and other inventories based on specific identification, relative sales value, or area allocation methods. Land and other inventories are stated at cost unless the asset is determined to be impaired, in which case the asset is adjusted to its fair value, in accordance with Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment Homebuilding cost of revenue is comprised of direct and allocated costs, including estimated future costs for the limited warranty we provide on our homes. Land acquisition, land development and other common costs are generally allocated on a relative sales value or area allocation basis to the homes or lots within the applicable community or land parcel. Land acquisition and land development costs include related interest and real estate taxes during the period of time under development. We evaluate our land and other inventories for impairment on a quarterly basis in accordance with ASC 360 to reflect market conditions, including a consideration of supply of new and resale homes for sale in the respective market, level of foreclosure activity and competition. For assets held and used, if indicators are present, we perform an impairment test by comparing the estimated future undiscounted cash flows to be generated by the asset to its carrying value. If such cash flows are less than the asset’s carrying value, the carrying value is written down to its estimated fair value. Generally, fair value is determined by discounting the estimated cash flows at a rate commensurate with the inherent risks associated with the asset and related estimated cash flow streams. The discount rate used in the determination of fair value would vary, depending on the state of development. Assumptions and estimates used in the determination of the estimated future cash flows are based on several factors, including expectations of future operations and economic conditions. Changes to these assumptions could significantly affect the estimates of future cash flows, which could affect the potential for future impairments. Due to the uncertainties of the estimation process, actual results could differ significantly from such estimates. During the three and nine months ended September 30, 2018, our impairment assessments resulted in $0.4 million and $1.6 million of impairment charges, respectively, and are included in homebuilding cost of revenue in the consolidated statements of operations. During the three and nine months ended September 30, 2017, our impairment assessments resulted in $0.3 million and $0.5 million, respectively.
Property and Equipment, net	Property and Equipment, net Property and equipment, net are stated at cost less accumulated depreciation, and depreciation is computed by the straight-line method over the following estimated useful lives of the assets: land improvements 5 to 15 years; buildings and improvements 3 to 40 years; and machinery, equipment and fixtures 3 to 10 years. Maintenance and operating expenses of equipment utilized in the development of land are capitalized to land inventory. All other repairs and maintenance are expensed as incurred. Property and equipment includes amenity assets such as club facilities on properties we own. The cost of amenity assets includes expenditures for land acquisition, construction, land development and direct and allocated costs. Property and equipment owned and constructed by us also includes interest cost incurred during development and construction. Each reporting period, we review our property and equipment for indicators of impairment in accordance with ASC 360. For our amenities, which are located within our housing communities, indicators of impairment are similar to those of our housing communities (described above), as these factors may impact our ability to generate revenues at our amenities or cause construction costs to increase. In addition, we factor in the collectability and potential delinquency of the fees due for our amenity memberships. During the three and nine months ended September 30, 2018 and 2017, we did not identify indicators of impairment for our property and equipment.
Goodwill	Goodwill Goodwill arises from business combinations and represents the excess of the consideration transferred for an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. There were no indicators of impairment during the three and nine months ended September 30, 2018 and 2017.
Revenue Recognition	Revenue Recognition We recognize homebuilding, amenity and land sales revenues in accordance with ASC 606, Revenue from Contracts with Customers Our homebuilding contracts require us to construct and deliver homes to our customers. The transaction price is stated in the final sales contract that is signed by the customer. Homebuilding revenue is recognized at closing when payment is due and when title to and possession of the property are transferred to the homebuyer. We own and operate certain amenities pursuant to recorded mandatory club plans, which require us to provide members with access to amenity facilities in exchange for the payment of club dues. We collect club dues and other fees from our members, which are billed on a monthly basis. Our performance obligation is to make available the club amenities on an ongoing basis. Accordingly, we recognize revenue over the period for which dues have been paid. Revenue from our golf club operations is also included in amenity revenue and is recognized as the service is provided. Our contracts for sales of land involve the selling of real property. The transaction price is stated in the final sales contract that is signed by the customer. Land sales revenue is recognized at closing when payment is due and when title to and possession of the real property are transferred to the buyer. We report our revenue from contracts with customers by type of good or service and by geographical regions, as we believe this achieves the disclosure objective to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. See the accompanying consolidated statements of operations and segment operating statements in Note 7, Segment Information We have contract assets that consist of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit non-refundable, Warranty Costs Summary of Significant Accounting Policies A
Sales Incentives	Sales Incentives When sales incentives involve a discount on the selling price of the home, we record the discount as a reduction of revenue at the time of home closing. If the sales incentive requires us to provide a free product or service to the customer, the cost of the free product or service is recorded as homebuilding cost of revenue at the time of home closing. This includes the cost related to optional upgrades and seller-paid financing costs, closing costs, homeowners’ association fees, or merchandise.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred. During the three and nine months ended September 30, 2018, advertising costs were $0.9 million and $2.9 million, respectively. During the three and nine months ended September 30, 2017, advertising costs were $1.1 million and $3.0 million, respectively. Advertising costs, sales commissions and closing costs are included in selling, general and administrative expenses in the accompanying consolidated statements of operations.
Warranty Costs	Warranty Costs Warranty reserves for homes are established to cover estimated costs for materials and labor with regard to warranty-type claims to be incurred subsequent to the closing of a home. Reserves are determined based on historical data and other relevant factors. We have, and require our subcontractors to have, general liability, property, workers’ compensation, and other business insurance. These insurance policies protect us against a portion of our risk of loss from claims, subject to certain self-insured per occurrence and aggregate retentions, deductibles, and available policy limits. We may have recourse against subcontractors for certain claims relating to workmanship and materials. Warranty reserves are included in accrued and other liabilities in the accompanying consolidated balance sheets. During the three and nine months ended September 30, 2018 and 2017, changes in the warranty reserve consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Accrued warranty reserve, beginning of period $ 4,706 $ 3,864 $ 4,916 $ 4,033 Reserve provided 1,595 687 3,955 2,496 Payments (1,347 ) (997 ) (3,917 ) (2,975 ) Accrued warranty reserve, end of period $ 4,954 $ 3,554 $ 4,954 $ 3,554
Income Taxes	Income Taxes Our effective tax rate for the three and nine months ended September 30, 2018 was 89.7% and 62.7%, respectively. Our effective tax rate for the three and nine months ended September 30, 2017 was 37.1% and 51.1%, respectively. Our effective tax rate is impacted by a number of factors, the most significant of which is the enactment of the Tax Cuts and Jobs Act (“TCJA”) on December 22, 2017. In accordance with Staff Accounting Bulletin No. 118 (“SAB 118”), we remeasured the deferred tax assets as of December 31, 2017, based on the corporate income tax rate change from 35% to 21%. For the three and nine months ended September 30, 2018, we did not record any adjustments to these estimates. Our final accounting for the TCJA under SAB 118 was completed in the third quarter of 2018 when the 2017 income tax returns were prepared. We evaluate our deferred tax assets each period to determine if a valuation allowance is required based on whether it is “more likely than not” that some portion of the deferred tax assets would not be realized. The ultimate realization of these deferred tax assets is dependent upon the generation of sufficient taxable income during future periods. We conduct our evaluation by considering all available positive and negative evidence. This evaluation considers, among other factors, historical operating results, forecasts of future profitability, the duration of statutory carryforward periods, and the outlooks for the U.S. housing industry and broader economy. As of September 30, 2018, we do not have a valuation allowance related to our deferred tax assets. The accounting for deferred taxes is based upon estimates of future results. Differences between estimated and actual results could result in changes in the valuation of our deferred tax assets that could have a material impact on our consolidated results of operations or financial position. Changes in existing tax laws could also affect actual tax results and the realization of deferred tax assets over time. Unrecognized tax benefits represent the difference between tax positions taken or expected to be taken in a tax return and the benefits recognized for financial statement purposes. As of September 30, 2018, we had no Any interest or penalties assessed have been immaterial to our financial results. In the event we are assessed any interest or penalties in the future, we plan to include them in our consolidated statements of operations as income tax expense.
Share-Based Compensation	Share-Based Compensation The Amended and Restated 1997 Incentive and Capital Accumulation Plan (2011 Restatement), as amended (“Incentive Plan”), and the 2015 Incentive Compensation Plan (the “2015 Plan”) provide for the grant of stock options, stock appreciation rights, stock awards, performance awards, and stock units to officers, employees and directors of AV Homes. The exercise prices of stock options granted under the Incentive Plan and the 2015 Plan may not be less than the stock exchange closing price of our common stock on the date of grant. Stock option awards under the Incentive Plan and 2015 Plan generally expire 10 years after the date of grant. As of September 30, 2018, there were an aggregate of 1.2 million shares available for grant under the 2015 Plan and 0.6 million shares reserved for future issuance relating to stock options, performance share units, and restricted stock units previously awarded and currently outstanding under the 2015 Plan. Additionally, as of September 30, 2018, an aggregate of 0.4 million shares of our common stock were reserved for future issuance in connection with options and restricted stock units previously awarded under the Incentive Plan. Refer to Note 8 – Subsequent Events
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of AV Homes. The computation of diluted earnings per share for the three and nine months ended September 30, 2018 did not assume the effect of convertible notes because the effects were antidilutive. The computation of diluted earnings (loss) per share for the three and nine months ended September 30, 2017 did not assume the effect of employee stock options or convertible notes because the effects were antidilutive. The following table represents a reconciliation of the net income (loss) and weighted average shares outstanding for the calculation of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2018 and 2017 (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Numerator: Basic net income (loss) $ 114 $ (1,477 ) $ 770 $ 1,609 Effect of dilutive securities — — — — Diluted net income (loss) $ 114 $ (1,477 ) $ 770 $ 1,609 Denominator: Basic weighted average shares outstanding 22,605 22,504 22,587 22,487 Effect of dilutive securities 464 — 411 187 Diluted weighted average shares outstanding 23,069 22,504 22,998 22,674 Basic earnings (loss) per share $ 0.01 $ (0.07 ) $ 0.03 $ 0.07 Diluted earnings (loss) per share $ — $ (0.07 ) $ 0.03 $ 0.07

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables) - AV Homes Inc [Member]	Dec. 05, 2019
Schedule of cash and cash equivalents and restricted cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows as of September 30, 2018 and 2017 (in thousands): September 30, September 30, 2018 2017 Cash and cash equivalents $ 104,562 $ 169,332 Restricted cash 1,122 1,182 Total cash, cash equivalents and restricted cash $ 105,684 $ 170,514
Changes in warranty reserve	During the three and nine months ended September 30, 2018 and 2017, changes in the warranty reserve consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Accrued warranty reserve, beginning of period $ 4,706 $ 3,864 $ 4,916 $ 4,033 Reserve provided 1,595 687 3,955 2,496 Payments (1,347 ) (997 ) (3,917 ) (2,975 ) Accrued warranty reserve, end of period $ 4,954 $ 3,554 $ 4,954 $ 3,554
Reconciliation of net income and weighted average shares outstanding for the calculation of basic and diluted earnings per share	The following table represents a reconciliation of the net income (loss) and weighted average shares outstanding for the calculation of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2018 and 2017 (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Numerator: Basic net income (loss) $ 114 $ (1,477 ) $ 770 $ 1,609 Effect of dilutive securities — — — — Diluted net income (loss) $ 114 $ (1,477 ) $ 770 $ 1,609 Denominator: Basic weighted average shares outstanding 22,605 22,504 22,587 22,487 Effect of dilutive securities 464 — 411 187 Diluted weighted average shares outstanding 23,069 22,504 22,998 22,674 Basic earnings (loss) per share $ 0.01 $ (0.07 ) $ 0.03 $ 0.07 Diluted earnings (loss) per share $ — $ (0.07 ) $ 0.03 $ 0.07

Business Acquisition (Tables)

Business Acquisition (Tables)	Dec. 05, 2019
Business Acquisitions
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following is a preliminary estimate of the fair value of William Lyon Homes’ assets to be acquired and the William Lyon Homes liabilities to be assumed by Taylor Morrison in the Merger, reconciled to the estimate of the purchase price. (Dollars in thousands) Total purchase price $ 854,543 William Lyon Homes assets acquired: Cash and cash equivalents $ 44,882 Owned inventory 2,064,290 Real estate not owned 215,541 Land Deposits 136,549 Property and equipment and other assets, net 217,175 Deferred tax assets, net 87,440 Operating lease right of use assets 37,000 Goodwill 277,706 Total William Lyon Homes assets acquired $ 3,080,583 William Lyon Homes liabilities assumed: Accounts payable $ 114,810 Accrued expenses and other liabilities 151,681 Operating lease liabilities 37,900 Income taxes payable 692 Total debt, net 1,569,017 Liabilities attributable to real estate not owned 215,541 Total William Lyon Homes liabilities assumed $ 2,089,641 Minority interest in consolidated entities 136,398 William Lyon Homes net assets acquired $ 854,543
Oakdale-Hampton Homes | AV Homes Inc [Member]
Business Acquisitions
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the calculation of the fair value of the total consideration transferred to Oakdale-Hampton Homes and the preliminary allocation to the assets acquired and liabilities assumed as of the acquisition date (in thousands): Fair value of consideration transferred: Cash paid for net assets $ 42,423 Contingent consideration (earn-out) 2,418 Total consideration transferred $ 44,841 Fair value of assets acquired and liabilities assumed: Assets Receivables and other assets $ 719 Land and other inventories 34,933 Property and equipment 798 Trade name 560 Goodwill 8,733 Total assets acquired 45,743 Liabilities Accounts payable 749 Accrued and other liabilities 84 Customer deposits 69 Total liabilities assumed 902 Total net assets acquired $ 44,841
Pro Forma Operating Results	The following represents pro forma operating results as if Oakdale-Hampton Homes had been included in our consolidated statements of operations as of the beginning of the fiscal year presented (in thousands, except per share data): Three Months Ended Nine Months Ended September 30, 2017 September 30, 2017 Revenue $ 214,321 $ 597,964 Net (loss)/income (1,108 ) 3,944 Basic (loss)/earnings per share (0.05 ) 0.18 Diluted (loss)/earnings per share (0.05 ) 0.17

Land and Other Inventories (Tab

Land and Other Inventories (Tables) - AV Homes Inc [Member]	Dec. 05, 2019
Land and Other Inventories	As of September 30, 2018 and December 31, 2017, land and other inventories consisted of the following (in thousands): September 30, 2018 December 31, 2017 Land held for future development $ 29,763 $ 29,312 Land developed and in process of development 384,676 351,798 Homes completed or under construction 340,154 222,741 Total $ 754,593 $ 603,851
Interest incurred, capitalized and expensed	The following table represents interest incurred, interest capitalized, and interest expense for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Interest incurred $ 8,531 $ 8,523 $ 25,567 $ 24,046 Interest capitalized (5,903 ) (5,898 ) (16,536 ) (16,899 ) Interest expense $ 2,628 $ 2,625 $ 9,031 $ 7,147

Senior Debt (Tables)

Senior Debt (Tables)	Dec. 05, 2019
AV Homes Inc [Member]
Schedule of Notes Payable	As of September 30, 2018 and December 31, 2017, senior debt, net consisted of the following (in thousands): September 30, 2018 December 31, 2017 6.625% Senior Notes due 2022 $ 400,000 $ 400,000 6.00% Senior Convertible Notes due 2020 80,000 80,000 Senior Unsecured Credit Facility — — Total senior debt 480,000 480,000 Deferred debt issuance costs (6,398 ) (7,853 ) Debt discount (27 ) (39 ) Total senior debt, net $ 473,575 $ 472,108

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	Dec. 05, 2019
AV Homes Inc [Member]
Fair value, by Balance Sheet Grouping	The carrying amounts and fair values of our financial liabilities as of September 30, 2018 and December 31, 2017 are as follows (in thousands): September 30, 2018 December 31, 2017 Carrying Fair Value Carrying Fair Value Senior notes: 6.625% Notes, net (1) $ 394,136 $ 412,520 $ 392,909 $ 420,480 6.00% Notes, net (1) 79,439 93,456 79,199 90,240 Contingent consideration (earn-out) (2) — — — — (1) The carrying amount of the debt instruments are net of unamortized debt issuance costs and certain debt discounts. (2) During the three and nine months ended September 30, 2018, we reduced the carrying amount of the Oakdale-Hampton Homes earn-out

Preliminary Purchase Price (Tab

Preliminary Purchase Price (Tables)	Dec. 05, 2019
Business Combinations [Abstract]
Summary of Preliminary Estimated Calculation of Purchase Price	The following is a preliminary calculation of the purchase price. ( Dollars in thousands ) Unconverted Conversion Converted Basic shares of common stock outstanding as of September 30, 2019 37,846,420 0.8000 30,277,136 Dilutive securities outstanding as of September 30, 2019 1,988,751 0.9055 1,800,814 Total diluted shares of common stock outstanding as of September 30, 2019 39,835,171 32,077,950 William Lyon Homes basic shares of common stock outstanding as of September 30, 2019 37,846,420 $2.50 per share of William Lyon common stock consideration $ 2.50 Consideration attributable to cash $ 94,616 Total William Lyon Homes diluted shares of common stock converted to Taylor Morrison shares of common stock outstanding as of September 30, 2019 32,077,950 Per share price of consideration $ 23.69 Consideration attributable to Taylor Morrison common stock (1) $ 759,927 Total purchase price $ 854,543 (1) A 1.0% increase or decrease in the stock price of Taylor Morrison common stock would increase or decrease the consideration by approximately $7.6 million and impact goodwill by a corresponding amount.
Summary of Preliminary Estimate of Fair Value of Assets to be Acquired and Liabilities to be Assumed	The following is a preliminary estimate of the fair value of William Lyon Homes’ assets to be acquired and the William Lyon Homes liabilities to be assumed by Taylor Morrison in the Merger, reconciled to the estimate of the purchase price. (Dollars in thousands) Total purchase price $ 854,543 William Lyon Homes assets acquired: Cash and cash equivalents $ 44,882 Owned inventory 2,064,290 Real estate not owned 215,541 Land Deposits 136,549 Property and equipment and other assets, net 217,175 Deferred tax assets, net 87,440 Operating lease right of use assets 37,000 Goodwill 277,706 Total William Lyon Homes assets acquired $ 3,080,583 William Lyon Homes liabilities assumed: Accounts payable $ 114,810 Accrued expenses and other liabilities 151,681 Operating lease liabilities 37,900 Income taxes payable 692 Total debt, net 1,569,017 Liabilities attributable to real estate not owned 215,541 Total William Lyon Homes liabilities assumed $ 2,089,641 Minority interest in consolidated entities 136,398 William Lyon Homes net assets acquired $ 854,543

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - TPG Investment in Company (Details) - AV Homes Inc [Member] - USD ($) $ in Thousands	Oct. 25, 2018	Oct. 02, 2018	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Merger Agreement with Taylor Morrison Home Corporation
Cash payments to acquire businesses		$ 280,400
Business combination, shares issued		8,950
Contingent consideration (earn-out)		$ 80,000	$ 2,418	$ 1,818
Stated interest rate (percent)		6.00%
Repayment of convertible debt acquired	$ 95,800	$ 95,800
Business combination, total purchase consideration	534,900	$ 534,900
Principal	$ 400,000		$ 480,000		$ 480,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Restricted Cash (Details) - AV Homes Inc [Member] - USD ($) $ in Thousands	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents		$ 104,562	$ 240,990	$ 169,332
Restricted cash		1,122	1,165	1,182
Total cash, cash equivalents and restricted cash		105,684	$ 242,155	$ 170,514	$ 69,023
Deposits [Member]
Cash and Cash Equivalents and Restricted Cash
Restricted cash	$ 1,200	$ 1,100

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Inventories and Property (Details) - AV Homes Inc [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Land and Other Inventories
Land and other inventories, impairment assessment	$ 400	$ 300	$ 1,609	$ 535
Land Improvements | Minimum
Property and Equipment, net
Estimated useful lives			5 years
Land Improvements | Maximum
Property and Equipment, net
Estimated useful lives			15 years
Building and Improvements | Minimum
Property and Equipment, net
Estimated useful lives			3 years
Building and Improvements | Maximum
Property and Equipment, net
Estimated useful lives			40 years
Machinery, Equipment and Fixtures | Minimum
Property and Equipment, net
Estimated useful lives			3 years
Machinery, Equipment and Fixtures | Maximum
Property and Equipment, net
Estimated useful lives			10 years

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
AV Homes Inc [Member]
Advertising Costs
Advertising costs	$ 0.9	$ 1.1	$ 2.9	$ 3

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Warranty Costs (Details) - AV Homes Inc [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Changes in the warranty reserve
Accrued warranty reserve, beginning of period	$ 4,706	$ 3,864	$ 4,916	$ 4,033
Reserve provided	1,595	687	3,955	2,496
Payments	(1,347)	(997)	(3,917)	(2,975)
Accrued warranty reserve, end of period	$ 4,954	$ 3,554	$ 4,954	$ 3,554

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Income Taxes (Details) - AV Homes Inc [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Taxes
Effective income tax rate (as a percent)	89.70%	37.10%	62.70%	51.10%
Federal statutory rate (as a percent)	35.00%		21.00%
Unrecognized tax benefits	$ 0		$ 0

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Share-Based Compensation (Details) - AV Homes Inc [Member]	9 Months Ended
	Sep. 30, 2018shares
Share-based Compensation
Expiration period	10 years
2015 Incentive Compensation Plan
Share-based Compensation
Shares available for grant (in shares)	1,200,000
Shares reserved for issuance	600,000
Incentive Plan
Share-based Compensation
Shares reserved for issuance	400,000

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Earnings Per Share (Details) - AV Homes Inc [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator:
Basic net income (loss)	$ 114	$ (1,477)	$ 770	$ 1,609
Diluted net income (loss)	$ 114	$ (1,477)	$ 770	$ 1,609
Denominator:
Basic weighted average shares outstanding	22,605	22,504	22,587	22,487
Effect of diluted securities (in shares)	464	0	411	187
Diluted weighted average shares outstanding	23,069	22,504	22,998	22,674
Basic earnings (loss) per share	$ 0.01	$ (0.07)	$ 0.03	$ 0.07
Diluted earnings (loss) per share	$ 0	$ (0.07)	$ 0.03	$ 0.07

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Accounting policies (Details) - AV Homes Inc [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues	$ 197,177	$ 205,739	$ 552,745	$ 562,481
Home building
Revenues	192,851	$ 201,724	536,652	$ 547,268
Home building | Accounting Standards Update 2014-09 [Member]
Revenues	$ 800		$ 9,500

Business Acquisition - (Details

Business Acquisition - (Details) - AV Homes Inc [Member] - USD ($) $ in Thousands	Oct. 25, 2018	Oct. 02, 2018	Jan. 08, 2018	Sep. 30, 2018	Sep. 30, 2017
Business Acquisitions
Acquisition price	$ 534,900	$ 534,900
Contingent consideration (earn-out)		$ 80,000		$ 2,418	$ 1,818
Oakdale-Hampton Homes
Business Acquisitions
Acquisition price			$ 44,841
Consideration held as security			600
Earn-out | Oakdale-Hampton Homes
Business Acquisitions
Contingent consideration (earn-out)			$ 2,418

Business Acquisition - Purchase

Business Acquisition - Purchase Price Consideration and Assets Acquired and Liabilities Assumed (Details) - AV Homes Inc [Member] - USD ($) $ in Thousands	Oct. 25, 2018	Oct. 02, 2018	Jan. 08, 2018	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Business Acquisitions
Cash payments to acquire businesses		$ 280,400
Contingent consideration (earn-out)		80,000		$ 2,418	$ 1,818
Total consideration	$ 534,900	$ 534,900
Assets
Goodwill				39,023		$ 30,290
Oakdale-Hampton Homes
Business Acquisitions
Cash payments to acquire businesses			$ 42,423
Total consideration			44,841
Assets
Receivables and other assets			719
Land and other inventories			34,933
Property, plant and equipment			798
Goodwill			8,733
Total assets acquired			45,743
Liabilities
Accounts payable			749
Accrued and other liabilities			84
Customer deposits			69
Total liabilities assumed			902
Total net assets acquired			44,841
Trade Name | Oakdale-Hampton Homes
Assets
Intangibles			560	$ 600
Earn-out | Oakdale-Hampton Homes
Business Acquisitions
Contingent consideration (earn-out)			$ 2,418

Business Acquisition - Fair Val

Business Acquisition - Fair Value (Details) - Oakdale-Hampton Homes - AV Homes Inc [Member] - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Jan. 08, 2018
Fair value, Transaction Costs, and Goodwill
Amortization of Intangible Assets	$ 100	$ 200
Trade Name
Fair value, Transaction Costs, and Goodwill
Intangibles	$ 600	$ 600	$ 560
Amortization period (in years)		2 years 6 months

Business Acquisition - Pro Form

Business Acquisition - Pro Forma Operating Results (Details) - AV Homes Inc [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Business Acquisitions
Revenue	$ 214,321
Net income (loss)	$ (1,108)
Basic (loss)/earnings per share	$ (0.05)
Diluted (loss)/earnings per share	$ (0.05)
Oakdale-Hampton Homes
Business Acquisitions
Revenue		$ 597,964
Net income (loss)		$ 3,944
Basic (loss)/earnings per share		$ 0.18
Diluted (loss)/earnings per share		$ 0.17

Land and Other Inventories (Det

Land and Other Inventories (Details) - AV Homes Inc [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Land and Other Inventories
Land held for future development	$ 29,763		$ 29,763		$ 29,312
Land developed and in process of development	384,676		384,676		351,798
Homes completed or under construction	340,154		340,154		222,741
Total real estate inventory	754,593		754,593		$ 603,851
Interest Expense
Interest incurred	8,531	$ 8,523	25,567	$ 24,046
Interest capitalized	(5,903)	(5,898)	(16,536)	(16,899)
Interest expense	$ 2,628	$ 2,625	$ 9,031	$ 7,147

Debt - Summary (Details)

Debt - Summary (Details) - AV Homes Inc [Member] - USD ($) $ in Thousands	Oct. 25, 2018	Oct. 02, 2018	Sep. 30, 2018	Dec. 31, 2017
Debt
Total Senior Debt	$ 400,000		$ 480,000	$ 480,000
Deferred debt issuance costs			(6,398)	(7,853)
Debt discount			(27)	(39)
Total Senior Debt, net			473,575	472,108
6.00% Senior Convertible Notes Due 2020
Debt
Total Senior Debt		$ 400,000
Senior Notes | 6.00% Senior Convertible Notes Due 2020
Debt
Total Senior Debt			80,000	80,000
Senior Notes | 8.5% Senior Notes Due 2019
Debt
Total Senior Debt			400,000	400,000
Senior Unsecured Credit Facility
Debt
Total Senior Debt			$ 0	$ 0

Debt - 6.625% Senior Notes (Det

Debt - 6.625% Senior Notes (Details) - AV Homes Inc [Member] - USD ($) $ in Millions	May 18, 2018	May 18, 2017	Oct. 02, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Debt
Stated interest rate (percent)			6.00%
Covenant Replacement Event
Debt
Redemption amount as a percentage of principal	6.625%
6.625% Senior Notes Due 2022
Debt
Stated interest rate (percent)					6.625%	6.625%
Senior Notes
Debt
Stated interest rate (percent)		101.00%
Senior Notes | 6.625% Senior Notes Due 2022
Debt
Aggregate principal amount		$ 400
Stated interest rate (percent)		6.625%		6.625%
Senior Notes | 6.625% Senior Notes Due 2022 | Redemption prior to May 15, 2019 via certain equity offerings
Debt
Redemption amount as a percentage of principal		100.00%
Redemption price (percent)		106.625%
Senior Notes | 6.625% Senior Notes Due 2022 | Minimum | Redemption prior to May 15, 2019 via certain equity offerings
Debt
Remaining debt (percent)		65.00%
Senior Notes | 6.625% Senior Notes Due 2022 | Maximum | Redemption prior to May 15, 2019 via certain equity offerings
Debt
Redemption amount as a percentage of principal		35.00%
Senior Notes | 8.5% Senior Notes Due 2019
Debt
Stated interest rate (percent)		8.50%
Debt retired		$ 200
Senior Secured Credit Facility
Debt
Debt retired		$ 30

Debt - 6.00% Senior Convertible

Debt - 6.00% Senior Convertible Notes due 2020 (Details) - AV Homes Inc [Member] - USD ($) $ in Millions	Sep. 23, 2015	Sep. 17, 2015	Oct. 02, 2018	Jun. 30, 2018	Dec. 31, 2017	May 18, 2017
Debt
Stated interest rate (percent)			6.00%
6.00% Senior Convertible Notes Due 2020
Debt
Stated interest rate (percent)			6.00%	6.00%	6.00%
7.50% Exchange Notes and 7.50% Notes
Debt
Stated interest rate (percent)	7.50%
7.50% Senior Exchange Convertible Notes
Debt
Stated interest rate (percent)	7.50%
TPG Aviator, L.P.
Debt
Ownership percentage (percent)		43.80%
Senior Notes
Debt
Stated interest rate (percent)						101.00%
Senior Notes | 6.00% Senior Convertible Notes Due 2020
Debt
Stated interest rate (percent)	6.00%	6.00%			6.00%
Aggregate principal amount	$ 80
Senior Notes | TPG Aviator, L.P. | 6.00% Senior Convertible Notes Due 2020
Debt
Cash paid for interest	$ 1.5
Aggregate principal amount		$ 20
Proceeds from notes		$ 20

Debt - 8.50% Senior Notes due 2

Debt - 8.50% Senior Notes due 2019 (Details) - AV Homes Inc [Member] - USD ($) $ in Millions	Oct. 02, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	May 18, 2017
Debt
Stated interest rate (percent)	6.00%
6.625% Senior Notes Due 2022
Debt
Stated interest rate (percent)			6.625%	6.625%
Senior Notes
Debt
Stated interest rate (percent)					101.00%
Senior Notes | 6.625% Senior Notes Due 2022
Debt
Stated interest rate (percent)		6.625%			6.625%
Aggregate principal amount					$ 400

Debt - Senior Secured and Senio

Debt - Senior Secured and Senior Unsecured Credit Facility (Details) - Senior Unsecured Credit Facility - AV Homes Inc [Member] - USD ($) $ in Millions	May 18, 2017	Sep. 30, 2018
Debt
Maximum borrowing capacity	$ 155	$ 149.2
Conditional maximum borrowing capacity	$ 250
Letter of credit borrowing percentage	50.00%
Commitment fee (percent)	0.50%
LIBOR
Debt
Variable rate (percent)	3.25%
Prime Rate
Debt
Variable rate (percent)	2.25%

Estimated Development Liabili_2

Estimated Development Liability (Details) - AV Homes Inc [Member] $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)home	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)home	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Estimated Development Liability
Cash expenditures for obligations related to prior sales	$ 200	$ 100	$ 400	$ 400
Estimated development liability	$ 31,178		$ 31,178		$ 31,556
Minimum
Estimated Development Liability
Number of estimated homes the estimated liability covers (homesites) | home	8,000		8,000

Commitments and Contingencies -

Commitments and Contingencies - Surety Bonds (Details) $ in Millions	Sep. 30, 2018USD ($)
Surety Bonds | AV Homes Inc [Member]
Commitments and Contingencies
Loss contingency on certain claims	$ 57

Fair Value Disclosures - Carryi

Fair Value Disclosures - Carrying and Fair Value (Details) - AV Homes Inc [Member] - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Oct. 02, 2018	Jun. 30, 2018	Dec. 31, 2017	May 18, 2017	Sep. 23, 2015	Sep. 17, 2015
Fair Value Disclosures
Stated interest rate (percent)				6.00%
Reduction of earn-out		$ 2,418	$ 647
Earn-out
Fair Value Disclosures
Reduction of earn-out	$ 1,100	$ 2,400
6.625% Senior Notes Due 2022
Fair Value Disclosures
Stated interest rate (percent)					6.625%	6.625%
6.00% Senior Convertible Notes Due 2020
Fair Value Disclosures
Stated interest rate (percent)				6.00%	6.00%	6.00%
Senior Notes
Fair Value Disclosures
Stated interest rate (percent)							101.00%
Senior Notes | 6.625% Senior Notes Due 2022
Fair Value Disclosures
Stated interest rate (percent)	6.625%	6.625%					6.625%
Senior Notes | 6.00% Senior Convertible Notes Due 2020
Fair Value Disclosures
Stated interest rate (percent)						6.00%		6.00%	6.00%
Senior Notes | Carrying Amount | 6.625% Senior Notes Due 2022
Fair Value Disclosures
Debt	$ 394,136	$ 394,136				$ 392,909
Senior Notes | Carrying Amount | 6.00% Senior Convertible Notes Due 2020
Fair Value Disclosures
Debt	79,439	79,439				79,199
Senior Notes | Fair Value | Level 2 | 6.625% Senior Notes Due 2022
Fair Value Disclosures
Debt	412,520	412,520				420,480
Senior Notes | Fair Value | Level 2 | 6.00% Senior Convertible Notes Due 2020
Fair Value Disclosures
Debt	$ 93,456	$ 93,456				$ 90,240

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - AV Homes Inc [Member] - USD ($) $ in Thousands	Oct. 25, 2018	Oct. 02, 2018	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018	Dec. 31, 2017
Payments to acquire business		$ 280,400
Business combination, shares issued		8,950
Business combination, liabilities incurred		$ 80,000	$ 2,418	$ 1,818
Stated interest rate of senior notes		6.00%
Repayment of convertible debt acquired	$ 95,800	$ 95,800
Business combination, total purchase consideration	534,900	$ 534,900
Principal	$ 400,000		$ 480,000			$ 480,000
6.625 Senior Notes Due 2022 [Member]
Stated interest rate of senior notes		6.00%			6.00%	6.00%
Principal		$ 400,000

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - William Lyon Homes [Member]	9 Months Ended
	Sep. 30, 2019$ / shares
Merger agreement, per share consideration	0.8000
Merger agreement, cash consideration per share	$ 2.50

Estimated Merger and Integrat_2

Estimated Merger and Integration Costs - Additional Information (Detail) $ in Millions	Sep. 30, 2019USD ($)
Business Combinations [Abstract]
Estimated merger-related costs	$ 130

Preliminary Purchase Price - Ad

Preliminary Purchase Price - Additional Information (Detail) - William Lyon Homes [Member] - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019
Business Acquisition [Line Items]
Merger agreement, cash consideration per share		$ 2.50
Business combination transferred exchange.	$ 854.5

Preliminary Purchase Price - Su

Preliminary Purchase Price - Summary of Preliminary Estimated Calculation of Purchase Price (Detail) - William Lyon Homes [Member]	9 Months Ended
	Sep. 30, 2019USD ($)shares
Business Acquisition [Line Items]
Basic shares of common stock outstanding as of September 30, 2019	37,846,420
Dilutive securities outstanding as of September 30, 2019	1,988,751
Total diluted shares of common stock outstanding as of September 30, 2019	39,835,171
William Lyon Homes basic shares of common stock outstanding as of September 30, 2019	37,846,420
William Lyon common stock consideration | $	$ 2,500
Consideration attributable to cash | $	$ 94,616,000
Total William Lyon Homes diluted shares of common stock converted to Taylor Morrison shares of common stock outstanding as of September 30, 2019	32,077,950
Per share price of consideration	23.69%
Consideration attributable to Taylor Morrison common stock | $	$ 759,927,000
Total purchase price | $	$ 854,543,000
Business Combinations Acquiree Basic Shares Of Common Stock Conversion Ratio	0.8000
Business Combinations Acquiree Dilutive Securities Conversion Ratio	0.9055
Business Combinations Acquiree Basic Shares Of Common Stock After Merger	30,277,136
Business Combinations Acquiree Dilutive Securities After Merger	1,800,814
Business combinations acquiree diluted shares of common stock after merger	32,077,950

Preliminary Purchase Price - _2

Preliminary Purchase Price - Summary of Preliminary Estimated Calculation of Purchase Price (parenthetical) (Detail) - William Lyon Homes [Member] $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)$ / shares
Business Acquisition [Line Items]
Merger agreement, cash consideration per share | $ / shares	$ 2.50
Increase or decrease in the stock price	1.00%
Increase or decrease in business consideration | $	$ 7.6

Preliminary Purchase Price - _3

Preliminary Purchase Price - Summary of Preliminary Estimate of Fair Value of Assets to be Acquired and Liabilities to be Assumed (Detail) - William Lyon Homes [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Business Acquisition [Line Items]
Total purchase price	$ 854,543
William Lyon Homes assets acquired:
Cash and cash equivalents	44,882
Owned inventory	2,064,290
Real estate not owned	215,541
Land Deposits	136,549
Property and equipment and other assets, net	217,175
Deferred tax assets, net	87,440
Operating lease right of use assets	37,000
Goodwill	277,706
Total William Lyon Homes assets acquired	3,080,583
William Lyon Homes liabilities assumed:
Accounts payable	114,810
Accrued expenses and other liabilities	151,681
Operating lease liabilities	37,900
Income taxes payable	692
Total debt, net	1,569,017
Liabilities attributable to real estate not owned	215,541
Total liabilities assumed	2,089,641
Minority interest in consolidated entities	136,398
William Lyon Homes net assets acquired	$ 854,543

Bridge Loan Financing - Additio

Bridge Loan Financing - Additional Information (Detail) $ in Millions	Sep. 30, 2019USD ($)
Debt Disclosure [Abstract]
Bridge loan fees	$ 6.1