Taylor Morrison Home (TMHC) 10-Q 2 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 02, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	TMHC
Entity Registrant Name	Taylor Morrison Home Corp
Entity Central Index Key	1,562,476
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		111,308,197
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		868,921

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 287,970	$ 573,925
Restricted cash	1,318	1,578
Total cash, cash equivalents, and restricted cash	289,288	575,503
Owned inventory	3,064,520	2,956,709
Real estate not owned under option agreements	2,010	2,527
Total real estate inventory	3,066,530	2,959,236
Land deposits	61,961	49,768
Mortgage loans held for sale	93,019	187,038
Derivative assets	2,453	1,584
Prepaid expenses and other assets, net	56,971	72,334
Other receivables, net	91,830	94,488
Investments in unconsolidated entities	196,695	192,364
Deferred tax assets, net	118,032	118,138
Property and equipment, net	39,044	7,112
Intangible assets, net	1,866	2,130
Goodwill	66,198	66,198
Total assets	4,083,887	4,325,893
Liabilities
Accounts payable	142,789	140,165
Accrued expenses and other liabilities	154,533	201,540
Income taxes payable	14,057	4,525
Customer deposits	169,823	132,529
Senior notes, net	1,240,362	1,239,787
Loans payable and other borrowings	123,161	139,453
Revolving credit facility borrowings	0	0
Mortgage warehouse borrowings	41,522	118,822
Liabilities attributable to real estate not owned under option agreements	2,010	2,527
Total liabilities	1,888,257	1,979,348
COMMITMENTS AND CONTINGENCIES
Stockholders’ Equity
Preferred stock, $0.00001 par value, 50,000,000 shares authorized, no shares issued and outstanding as of March 31, 2018 and December 31, 2017	0	0
Additional paid-in capital	1,873,932	1,341,873
Treasury stock at cost, 3,049,257 shares as of March 31, 2018 and December 31, 2017	(47,622)	(47,622)
Retained earnings	366,749	319,833
Accumulated other comprehensive loss	(17,968)	(17,968)
Total stockholders’ equity attributable to Taylor Morrison Home Corporation	2,175,092	1,596,117
Non-controlling interests – joint ventures	1,347	1,663
Non-controlling interests	19,191	748,765
Total stockholders’ equity	2,195,630	2,346,545
Total liabilities and stockholders’ equity	4,083,887	4,325,893
Class A Common Stock
Stockholders’ Equity
Common stock	1	1
Class B Common Stock
Stockholders’ Equity
Common stock	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Common stock, shares outstanding (in shares)	112,177,118
Preferred stock, par value (usd per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares held (in shares)	3,049,257	3,049,257
Class A Common Stock
Common stock, par value (usd per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	114,357,454	85,449,253
Common stock, shares outstanding (in shares)	111,308,197	82,399,996
Class B Common Stock
Common stock, par value (usd per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	868,921	37,179,616
Common stock, shares outstanding (in shares)	868,921	37,179,616

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Home closings revenue, net	$ 732,959	$ 751,485
Land closings revenue	5,168	3,356
Financial services revenue	14,206	14,249
Total revenues	752,333	769,090
Cost of home closings	594,906	616,295
Cost of land closings	4,281	2,400
Financial services expenses	10,044	8,702
Total cost of revenues	609,231	627,397
Gross margin	143,102	141,693
Sales, commissions and other marketing costs	53,698	55,617
General and administrative expenses	33,318	33,128
Equity in income of unconsolidated entities	(3,246)	(1,085)
Interest income, net	(343)	(90)
Other expense/(income), net	437	(351)
Income/(loss) before income taxes	59,238	54,474
Income tax provision	11,706	18,873
Net income before allocation to non-controlling interests	47,532	35,601
Net (income)/loss attributable to non-controlling interests — joint ventures	(129)	9
Net income before non-controlling interests — Principal Equityholders	47,403	35,610
Net income attributable to non-controlling interests — Principal Equityholders	(2,470)	(24,134)
Net income available to Taylor Morrison Home Corporation	$ 44,933	$ 11,476
Earnings per common share
Basic (usd per share)	$ 0.42	$ 0.30
Diluted (usd per share)	$ 0.41	$ 0.30
Weighted average number of shares of common stock:
Basic (in shares)	107,195	38,554
Diluted (in shares)	114,767	120,478

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income before non-controlling interests, net of tax	$ 47,532	$ 35,601
Comprehensive income available to Taylor Morrison Home Corporation	44,933	11,476
Joint Ventures
Comprehensive (income) loss attributable to non-controlling interests - joint ventures/Principal Equityholders	(129)	9
Principal Equityholders
Comprehensive (income) loss attributable to non-controlling interests - joint ventures/Principal Equityholders	$ (2,470)	$ (24,134)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common StockClass A Common Stock	Common StockClass B Common Stock	Additional Paid-in Capital	Additional Paid-in CapitalClass B Common Stock	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling InterestJoint Ventures	Non-controlling InterestPrincipal Equityholders	[1]	Non-controlling InterestClass B Common StockPrincipal Equityholders	[1]
Balance, beginning of period at Dec. 31, 2016								$ (17,989)
Increase (Decrease) in Stockholders' Equity
Net income	$ 35,601
Balance, end of period at Mar. 31, 2017								(17,989)
Increase (Decrease) in Stockholders' Equity
Cumulative-effect adjustment to Retained Earnings related to adoption of ASU No. 2014-09	1,983						$ 1,983
Balance, beginning of period, shares at Dec. 31, 2017		82,399,996	37,179,616			3,049,257
Balance, beginning of period at Dec. 31, 2017	2,346,545	$ 1	$ 0	$ 1,341,873		$ (47,622)	319,833	(17,968)	$ 1,663	$ 748,765
Increase (Decrease) in Stockholders' Equity
Net income	47,532						44,933		129	2,470
Exchange of New TMM Units and corresponding number of Class B Common Stock, shares		15,000	(15,000)
Exchange of New TMM Units and corresponding number of Class B Common Stock	0				$ 1,265							$ (1,265)
TMHC repurchase and cancellation of New TMM Units from Principal Equityholders, shares			(7,588,771)
TMHC repurchase and cancellation of New TMM Units from Principal Equityholders	(201,775)			(201,775)
Exercise of stock options, shares		37,060
Exercise of stock options	580			580
Issuance of restricted stock units, net of shares withheld for tax, shares		149,217
Issuance of restricted stock units, net of shares withheld for tax	(1,482)			(1,482)
Exchange of B shares from secondary offerings, shares		28,706,924
Exchange of B shares from secondary offerings	730,112	$ 0		730,112
Repurchase of New TMM Units from Principal Equityholders, shares			(28,706,924)
Repurchase of New TMM Units from Principal Equityholders	(730,963)		$ 0							(730,963)
Share based compensation	3,543			3,359						184
Changes in non-controlling interests of consolidated joint ventures	(445)								(445)
Balance, end of period, shares at Mar. 31, 2018		111,308,197	868,921			3,049,257
Balance, end of period at Mar. 31, 2018	$ 2,195,630	$ 1	$ 0	$ 1,873,932		$ (47,622)	$ 366,749	$ (17,968)	$ 1,347	$ 19,191
Increase (Decrease) in Stockholders' Equity
Principal equityholders' ownership interest (as a percent)	0.00%
[1]	As of March 31, 2018, our Principal Equityholders' had 0.0% ownership and the remaining Non-controlling Interest relates to management and director ownership. Refer to Note 10 - Stockholders' Equity for discussion regarding our equity offering transactions during the three months ended March 31, 2018.

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income before allocation to non-controlling interests	$ 47,532	$ 35,601
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of unconsolidated entities	(3,246)	(1,085)
Stock compensation expense	3,543	3,012
Distributions of earnings from unconsolidated entities	541	1,336
Depreciation and amortization	5,015	1,071
Debt issuance costs amortization	878	955
Contingent consideration	146	223
Deferred income taxes	106	0
Changes in operating assets and liabilities:
Real estate inventory and land deposits	(120,004)	(47,099)
Mortgages held for sale, prepaid expenses and other assets	78,862	130,789
Customer deposits	37,294	40,178
Accounts payable, accrued expenses and other liabilities	(59,494)	(33,747)
Income taxes payable	9,532	16,677
Net cash provided by operating activities	705	147,911
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(2,695)	(275)
Distributions of capital from unconsolidated entities	492	403
Investments of capital into unconsolidated entities	(2,118)	(14,561)
Net cash (used in) investing activities	(4,321)	(14,433)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in loans payable and other borrowings	1,823	0
Repayments of loans payable and other borrowings	(2,884)	(2,622)
Borrowings on mortgage warehouse	145,925	190,424
Repayment on mortgage warehouse	(223,225)	(319,842)
Payment of contingent consideration	(265)	0
Proceeds from stock option exercises	580	411
Proceeds from issuance of shares from secondary offerings	767,116	418,106
TMHC repurchase and cancellation of New TMM Units from principal equityholders	(201,775)
Repurchase of shares from principal equityholders	(767,967)	(418,936)
Payment of taxes related to net share settlement of equity awards	(1,482)	(282)
Distributions to non-controlling interests of consolidated joint ventures, net	(445)	(390)
Net cash (used in) financing activities	(282,599)	(133,131)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(286,215)	347
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period	575,503	301,812
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period	289,288	302,159
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net	(2,069)	(2,195)
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
Change in loans payable issued to sellers in connection with land purchase contracts	7,829	20,381
Change in inventory not owned	(517)	(1,570)
Change in Prepaid expenses and other assets, net due to adoption of ASU 2014-09	(32,004)	0
Change in Property and equipment, net due to adoption of ASU 2014-09	$ 32,004	$ 0

BUSINESS

BUSINESS	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Organization and Description of the Business - Taylor Morrison Home Corporation “TMHC” through its subsidaries (with TMHC referred to herein as “we,” “our,” “the Company” and “us”), owns and operates a residential homebuilding business and is a developer of lifestyle communities. As of March 31, 2018 , we operated in the states of Arizona, California, Colorado, Florida, Georgia, Illinois, North and South Carolina, and Texas. Our Company serves a wide array of consumer groups from coast to coast, including first time, move-up, luxury, and active adult. Our homebuilding company operates under our Taylor Morrison and Darling Homes brand names. Our business is organized into multiple homebuilding operating components, and a financial services component (formerly called our mortgage operating component), all of which are managed as four reportable segments: East, Central, West, and Financial Services. The communities in our homebuilding segments offer single family attached and detached homes. We are the general contractors for all real estate projects and retain subcontractors for home construction and site development. Our Financial Services reportable segment provides our customers with mortgage services through our wholly owned mortgage subsidiary, operating as Taylor Morrison Home Funding, LLC (“TMHF”), and title services through our wholly owned title services subsidiary, Inspired Title Services, LLC (“Inspired Title”). As a result of the completion of our initial public offering (“IPO”) on April 12, 2013 and a series of transactions pursuant to a Reorganization Agreement dated as of April 9, 2013, TMHC was formed and became the owner and general partner of TMM Holdings II Limited Partnership (“New TMM”), our direct subsidiary. New TMM was formed by a consortium of investors comprised of affiliates of TPG Global, LLC (the “TPG Entities” or “TPG”), investment funds managed by Oaktree Capital Management, L.P. (“Oaktree”) or their respective subsidiaries (together, the “Oaktree Entities”), and affiliates of JH Investments, Inc. (“JH” and together with the TPG Entities and Oaktree Entities, the “Principal Equityholders” and, following JH's February 2017 sale of its equity interest in us, the “Remaining Principal Equityholders” ). Since January 2017, we have completed seven public offerings for an aggregate of 80.2 million shares of our Class A Common Stock, using all of the net proceeds therefrom to repurchase our Principal Equityholders' indirect interest in TMHC. In January 2018, we also purchased an additional 7.6 million shares of our Class B Common Stock from our Principal Equityholders. As a result of these offerings and repurchases, the Principal Equityholders no longer held any ownership in the Company as of March 31, 2018. Refer to Note 10. Stockholders' Equity for discussion regarding our equity offering transactions.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation — The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in our 2017 Annual Report on Form 10-K (the “Annual Report”). In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements include all normal and recurring adjustments that are considered necessary for the fair presentation of our results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for a full fiscal year. Non-controlling interests –During the three months ended March 31, 2018 , we completed sales of our Class A Common Stock in registered public offerings, totaling 28.7 million shares. We used all of the net proceeds from the public offerings to purchase partnership units in New TMM (“New TMM Units”) along with shares of our Class B Common Stock, held by our Remaining Principal Equityholders. In addition, in a series of transactions following each public offering, the Company purchased 3.8 million shares of Class B common stock directly from our Remaining Principal Equityholders on both January 8, 2018 and January 17, 2018, for an aggregate total of 7.6 million shares purchased. As a result of all net proceeds being distributed to our Remaining Principal Equityholders, we adjusted Non-controlling interests and Additional paid-in capital on the Condensed Consolidated Balance Sheets and Condensed Consolidated Statement of Stockholders' Equity to reflect the change in ownership. Refer to Note 10- Stockholders' Equity for discussion regarding our equity offering transactions during the three months ended March 31, 2018 . Joint Ventures - We consolidate certain joint ventures in accordance with Accounting Standards Codification (“ASC”) Topic 810, " “ Consolidation. ” The income from the percentage of the joint venture not owned by us in presented as “Net income attributable to non-controlling interests - joint ventures” on the Consolidated Statements of Operations. Use of Estimates — The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Significant estimates include real estate development costs to complete, valuation of real estate, valuation of acquired assets, valuation of goodwill, valuation of equity awards, valuation allowance on deferred tax assets and reserves for warranty and self-insured risks. Actual results could differ from those estimates. Real Estate Inventory — Inventory consists of raw land, land under development, homes under construction, completed homes, and model homes, all of which are stated at cost. In addition to direct carrying costs, we also capitalize interest, real estate taxes, and related development costs that benefit the entire community, such as field construction supervision and related direct overhead. Home vertical construction costs are accumulated and charged to cost of sales at the time of home closing using the specific identification method. Land acquisition, development, interest, real estate taxes and overhead are allocated to homes and units using the relative sales value method. These costs are capitalized to inventory from the point development begins to the point construction is completed. Changes in estimated costs to be incurred in a community are generally allocated to the remaining lots on a prospective basis. For those communities that have been temporarily closed or development has been discontinued, we do not allocate interest or other costs to the community’s inventory until activity resumes. Such costs are expensed as incurred. We capitalize qualifying interest costs to inventory during the development and construction periods. Capitalized interest is charged to cost of sales when the related inventory is delivered or when the related inventory is charged to cost of sales. We assess the recoverability of our inventory in accordance with the provisions of ASC Topic 360, Property, Plant, and Equipment . We review our real estate inventory for indicators of impairment by community during each reporting period. If indicators of impairment are present for a community, we first perform an undiscounted cash flow analysis to determine if the carrying value of the assets in that community exceeds the expected undiscounted cash flows. Generally, if the carrying value of the assets exceeds their estimated undiscounted cash flows, then the assets are deemed to be impaired and are recorded at fair value as of the assessment date. Our determination of fair value is based on a discounted cash flow model which includes projections and estimates relating to sales prices, construction costs, sales pace, and other factors. Changes in these expectations may lead to a change in the outcome of our impairment analysis, and actual results may also differ from our assumptions. For the three months ended March 31, 2018 and 2017 , no impairment charges were recorded. In certain cases, we may elect to cease development and/or marketing of an existing community if we believe the economic performance of the community would be maximized by deferring development for a period of time to allow for market conditions to improve. The decision may be based on financial and/or operational metrics as determined by us. If we decide to cease developing a project, we will evaluate the project for impairment and then cease future development and marketing activity until such a time when we believe that market conditions have improved and economic performance can be maximized. Our assessment of the carrying value of our assets typically includes subjective estimates of future performance, including the timing of when development will recommence, the type of product to be offered, and the margin to be realized. In the future, some of these inactive communities may be re-opened while others may be sold. As of March 31, 2018 and December 31, 2017 , we had two inactive projects with a carrying value of $7.3 million and $10.7 million , respectively, in the West homebuilding segment. There were no inactive projects in our Central or East homebuilding segments as of March 31, 2018 or December 31, 2017. In the ordinary course of business, we enter into various specific performance agreements to acquire lots. Real estate not owned under these agreements is consolidated into real estate inventory with a corresponding liability in liabilities attributable to real estate not owned under option agreements in the Condensed Consolidated Balance Sheets. Investments in Unconsolidated Entities —We evaluate our investments in unconsolidated entities for indicators of impairment. A series of operating losses of an investee or other factors may indicate that a decrease in value of our investment in the unconsolidated entity has occurred which is other-than-temporary. The amount of impairment recognized is the excess of the investment’s carrying amount over its estimated fair value. Additionally, we consider various qualitative factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include age of the venture, stage in its life cycle, our intent and ability to recover our investment in the unconsolidated entity, financial condition and long-term prospects of the unconsolidated entity, short-term liquidity needs of the unconsolidated entity, trends in the general economic environment of the land, entitlement status of the land held by the unconsolidated entity, overall projected returns on investment, defaults under contracts with third parties (including bank debt), recoverability of the investment through future cash flows and relationships with the other partners. If the Company believes that the decline in the fair value of the investment is temporary, then no impairment is recorded. We did not record any impairment charges for the three months ended March 31, 2018 or 2017 . Revenue Recognition Topic 606 In January 2018, we adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which provides new guidance for revenue recognition and elected to use the modified retrospective approach to account for prior periods. The standard's core principle requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The new guidance does not materially impact our home closings revenue, net, land closings revenue or financial services revenue based on our current operations, customer contracts, and policies. However, the following changes were made to conform to the new guidance: • Forfeited customer deposits were previously classified as Other expense/(income), net on the condensed consolidated statement of operations. Under Topic 606, these are now considered revenue and recorded in Home closings revenue, net as of January 1, 2018. Prior period balances for forfeited customer deposits were not reclassified and are not material to the condensed consolidated financial statements. • Certain costs related to sales offices and model homes were previously capitalized and presented within Prepaid expenses and other assets, net on the condensed consolidated balance sheet and amortized through Sales, commissions and other marketing costs on the condensed consolidated statement of operations. Beginning January 1, 2018, these costs have been reclassified to Property and equipment, net on the condensed consolidated balance sheet and depreciated through Sales, commissions and other marketing costs on the condensed consolidated statement of operations. A total of $32.0 million of sales office and model homes costs were reclassified from Prepaid expenses and other assets to Property and equipment as of January 1, 2018. As we elected the modified retrospective approach to account for prior periods, the balance of any capitalized sales office and model home costs required to be expensed under Topic 606 was recorded as an adjustment to beginning retained earnings in the first quarter of 2018 and reflected as an approximate $2.0 million cumulative effect adjustment to retained earnings in the condensed consolidated statement of stockholders' equity. Home and land closings revenue Under Topic 606, the following steps are applied to determine the proper home closings revenue and land closings revenue recognition: (1) we identify the contract(s) with our customer; (2) we identify the performance obligations in the contract; (3) we determine the transaction price; (4) we allocate the transaction price to the performance obligations in the contract; and (5) we recognize revenue when (or as) we satisfy the performance obligation. We have one contract, with one performance obligation, with each customer to build and deliver the home purchased (or develop and deliver land). We have only one performance obligation, to deliver a completed home (or developed land). Based on the application of the five steps, the following summarizes the timing and manner of home and land sales revenue: • Revenue from closings of residential real estate is recognized when closings have occurred, the buyer has made the required minimum down payment, obtained necessary financing, the risks and rewards of ownership are transferred to the buyer, and we have no continuing involvement with the property, which is generally upon the close of escrow. Revenue is reported net of any discounts and incentives. • Revenue from land sales is recognized when a significant down payment is received, title passes and collectability of the receivable is reasonably assured, and we have no continuing involvement with the property, which is generally upon the close of escrow. Financial services revenue Mortgage operations and hedging activity related to financial services are not within the scope of Topic 606 and therefore there was no change to our accounting policies related to such activities. Loan origination fees (including title fees, points, and closing costs) are recognized at the time the related real estate transactions are completed, usually upon the close of escrow. All of the loans TMHF originates are sold to third party investors within a short period of time, on a non-recourse basis. Gains and losses from the sale of mortgages are recognized in accordance with ASC Topic 860-20, Sales of Financial Assets. TMHF does not have continuing involvement with the transferred assets, therefore, we derecognize the mortgage loans at time of sale, based on the difference between the selling price and carrying value of the related loans upon sale, recording a gain/loss on sale in the period of sale. Also included in financial services revenue/expenses is the realized and unrealized gains and losses from hedging instruments. Recently Issued Accounting Pronouncements — In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 primarily impacts off-balance sheet operating leases and will require such leases, with the exception of short-term leases, to be recorded on the balance sheet. Lessor accounting is not significantly impacted by the new guidance, however certain updates were made to align lessee and lessor treatment. ASU 2016-02 will be effective for us in our fiscal year beginning January 1, 2019. The guidance requires a modified retrospective approach for all existing leases at the date of initial adoption. We do not believe the adoption of ASU 2016-02 will have a material impact on our condensed consolidated financial statements and disclosures.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per common share is computed by dividing net income available to TMHC by the weighted average number of shares of Class A Common Stock outstanding during the period. Diluted earnings per share gives effect to the potential dilution that could occur if all shares of Class B Common Stock and their corresponding New TMM Units were exchanged for shares of Class A Common Stock and if all outstanding dilutive equity awards to issue shares of Class A Common Stock were exercised or settled. The following is a summary of the components of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended March 31, 2018 2017 Numerator: Net income available to TMHC – basic $ 44,933 $ 11,476 Net income attributable to non-controlling interest – Principal Equityholders 2,470 24,134 Loss fully attributable to public holding company 165 27 Net income – diluted $ 47,568 $ 35,637 Denominator: Weighted average shares – basic (Class A) 107,195 38,554 Weighted average shares – Principal Equityholders’ non-controlling interest (Class B) 5,849 81,015 Restricted stock units 1,126 703 Stock Options 597 206 Weighted average shares – diluted 114,767 120,478 Earnings per common share – basic: Net income available to Taylor Morrison Home Corporation $ 0.42 $ 0.30 Earnings per common share – diluted: Net income available to Taylor Morrison Home Corporation $ 0.41 $ 0.30 We excluded a total weighted average of 481,705 and 1,847,982 outstanding anti-dilutive stock options and unvested restricted stock units (“RSUs”) from the calculation of earnings per share for the three months ended March 31, 2018 and 2017 , respectively. The shares of Class B Common Stock have voting rights but do not have economic rights or rights to dividends or distributions on liquidation and, therefore, are not participating securities. Accordingly, Class B Common Stock is not included in basic earnings per share.

REAL ESTATE INVENTORY AND LAND

REAL ESTATE INVENTORY AND LAND DEPOSITS	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
REAL ESTATE INVENTORY AND LAND DEPOSITS	REAL ESTATE INVENTORY AND LAND DEPOSITS Inventory consists of the following (in thousands): As of March 31, December 31, 2017 Real estate developed and under development $ 2,140,110 $ 2,130,263 Real estate held for development or held for sale (1) 54,591 76,552 Operating communities (2) 774,485 659,398 Capitalized interest 95,334 90,496 Total owned inventory 3,064,520 2,956,709 Real estate not owned under option agreements 2,010 2,527 Total real estate inventory $ 3,066,530 $ 2,959,236 (1) Real estate held for development or held for sale includes properties which are not in active production. This includes raw land recently purchased or awaiting entitlement, properties where we have ceased development and/or marketing, and long-term strategic assets. (2) Operating communities consist of all vertical construction costs relating to homes in progress and completed homes for all active production of inventory. The development status of our land inventory is as follows (dollars in thousands): As of March 31, 2018 December 31, 2017 Owned Lots Book Value of Land and Development Owned Lots Book Value of Land and Development Raw 6,954 $ 344,248 7,703 $ 338,642 Partially developed 5,849 366,160 5,811 543,200 Finished 12,504 1,477,031 11,644 1,314,243 Long-term strategic assets 706 7,262 763 10,730 Total 26,013 $ 2,194,701 25,921 $ 2,206,815 Land Deposits — We provide deposits related to land options and land purchase contracts, which are capitalized when paid and classified as land deposits until the associated property is purchased. As of March 31, 2018 and December 31, 2017 , we had the right to purchase 4,144 and 5,037 lots under land option purchase contracts, respectively, for an aggregate purchase price of $362.5 million and $405.3 million , respectively. We do not have title to the properties, and the creditors generally have no recourse against the Company. As of March 31, 2018 and December 31, 2017 , our exposure to loss related to our option contracts with third parties and unconsolidated entities consisted of non-refundable deposits totaling $57.4 million and $49.8 million , respectively, in land deposits related to land options and land purchase contracts. Capitalized Interest — Interest capitalized, incurred and amortized is as follows (in thousands): Three Months Ended 2018 2017 Interest capitalized - beginning of period $ 90,496 $ 102,642 Interest incurred 19,686 20,714 Interest amortized to cost of home closings (14,848 ) (20,297 ) Interest capitalized - end of period $ 95,334 $ 103,059

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	INVESTMENTS IN UNCONSOLIDATED ENTITIES We have investments in a number of joint ventures with related and unrelated third parties, with ownership interests up to 50.0% . These entities are generally involved in real estate development, homebuilding and/or mortgage lending activities. Some of these joint ventures develop land for the sole use of the joint venture participants, including us, and others develop land for sale to the joint venture participants and to unrelated builders. Our share of the joint venture profit relating to lots we purchase from the joint ventures is deferred until homes are delivered by us and title passes to a homebuyer. Summarized, unaudited combined financial information of unconsolidated entities that are accounted for by the equity method is as follows (in thousands): As of March 31, December 31, Assets: Real estate inventory $ 623,476 $ 627,841 Other assets 146,557 138,341 Total assets $ 770,033 $ 766,182 Liabilities and owners’ equity: Debt $ 184,760 $ 193,770 Other liabilities 26,031 27,556 Total liabilities 210,791 221,326 Owners’ equity: TMHC 196,695 192,364 Others 362,547 352,492 Total owners’ equity 559,242 544,856 Total liabilities and owners’ equity $ 770,033 $ 766,182 Three Months Ended 2018 2017 Revenues $ 59,074 $ 22,994 Costs and expenses (47,332 ) (20,104 ) Income of unconsolidated entities $ 11,742 $ 2,890 TMHC’s share in income of unconsolidated entities $ 3,246 $ 1,085 Distributions from unconsolidated entities $ 1,033 $ 1,739

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2018
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consist of the following (in thousands): As of As of Real estate development costs to complete $ 9,474 $ 14,815 Compensation and employee benefits 32,515 72,352 Self-insurance and warranty reserves 50,336 51,010 Interest payable 24,441 17,125 Property and sales taxes payable 7,675 12,294 Other accruals 30,092 33,944 Total accrued expenses and other liabilities $ 154,533 $ 201,540 Self-Insurance and Warranty Reserves – We accrue for the expected costs associated with our limited warranty, deductibles and self-insured amounts under our various insurance policies within Beneva Indemnity Company ("Beneva"), a wholly owned subsidiary. A summary of the changes in our reserves are as follows (in thousands): Three Months Ended 2018 2017 Reserve - beginning of period $ 51,010 $ 50,550 Additions to reserves 5,043 4,299 Costs and claims incurred (5,060 ) (3,335 ) Change in estimates to existing reserves (657 ) 902 Reserve - end of period $ 50,336 $ 52,416

DEBT

DEBT	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
DEBT	DEBT Total debt consists of the following (in thousands): As of March 31, 2018 December 31, 2017 Principal Unamortized Debt Issuance Costs Carrying Value Principal Unamortized Debt Issuance Costs Carrying Value 5.25% Senior Notes due 2021, unsecured $ 550,000 $ 3,593 $ 546,407 $ 550,000 $ 3,892 $ 546,108 5.875% Senior Notes due 2023, unsecured 350,000 2,860 347,140 350,000 3,002 346,998 5.625% Senior Notes due 2024, unsecured 350,000 3,185 346,815 350,000 3,319 346,681 Senior Notes subtotal 1,250,000 9,638 1,240,362 1,250,000 10,213 1,239,787 Loans payable and other borrowings 123,161 — 123,161 139,453 — 139,453 Revolving Credit Facility (1) — — — — — — Mortgage warehouse borrowings 41,522 — 41,522 118,822 — 118,822 Total Senior Notes and other financing $ 1,414,683 $ 9,638 $ 1,405,045 $ 1,508,275 $ 10,213 $ 1,498,062 (1) The Revolving Credit Facility included $2.9 million and $2.0 million of unamortized debt issuance costs as of March 31, 2018 and December 31, 2017 , respectively, which is presented in Prepaid expenses and other assets, net on the consolidated balance sheets. As of March 31, 2018 and December 31, 2017, we had $52.2 million and $47.1 million , respectively, of utilized letters of credit, resulting in $447.8 million and $452.9 million , respectively, of availability on the Revolving Credit Facility. 2021 Senior Notes On April 16, 2013, we issued $550.0 million aggregate principal amount of 5.25% Senior Notes due 2021 (the “2021 Senior Notes”). The 2021 Senior Notes mature on April 15, 2021. The 2021 Senior Notes are guaranteed by TMM Holdings Limited Partnership (“TMM Holdings”), Taylor Morrison Holdings, Inc., Taylor Morrison Communities II, Inc. and their homebuilding subsidiaries (collectively, the “Guarantors”), which are all subsidiaries directly or indirectly of TMHC. The 2021 Senior Notes and the related guarantees are senior unsecured obligations and are not subject to registration rights. The indenture for the 2021 Senior Notes contains covenants that limit (i) the making of investments, (ii) the payment of dividends and the redemption of equity and junior debt, (iii) the incurrence of additional indebtedness, (iv) asset dispositions, (v) mergers and similar corporate transactions, (vi) the incurrence of liens, (vii) prohibitions on payments and asset transfers among the issuers and restricted subsidiaries and (viii) transactions with affiliates, among others. The indenture governing the 2021 Senior Notes contains customary events of default. If we do not apply the net cash proceeds of certain asset sales within specified deadlines, we will be required to offer to repurchase the 2021 Senior Notes at par (plus accrued and unpaid interest) with such proceeds. We are also required to offer to repurchase the 2021 Senior Notes at a price equal to 101% of their aggregate principal amount (plus accrued and unpaid interest) upon certain change of control events. The 2021 Senior Notes are redeemable at scheduled redemption prices, currently at 102.625% , of their principal amount (plus accrued and unpaid interest). There are no financial maintenance covenants for the 2021 Senior Notes. 2023 Senior Notes On April 16, 2015, we issued $350.0 million aggregate principal amount of 5.875% Senior Notes due 2023 (the “2023 Senior Notes”). The 2023 Senior Notes and the related guarantees are senior unsecured obligations and are not subject to registration rights. The 2023 Senior Notes mature on April 15, 2023 . The 2023 Senior Notes are guaranteed by the same Guarantors that guarantee the 2021 Senior Notes. The indenture governing the 2023 Senior Notes contains covenants that limit our ability to incur debt secured by liens and enter into certain sale and leaseback transactions. The indenture governing the 2023 Senior Notes contains events of default that are similar to those contained in the indenture governing the 2021 Senior Notes. The change of control provisions in the indenture governing the 2023 Senior Notes are similar to those contained in the indenture governing the 2021 Senior Notes, but a credit rating downgrade must occur in connection with the change of control before the repurchase offer requirement is triggered for the 2023 Senior Notes. Prior to January 15, 2023, the 2023 Senior Notes are redeemable at a price equal to 100% plus a “make-whole” premium for payments through January 15, 2023 (plus accrued and unpaid interest). Beginning January 15, 2023, the 2023 Senior Notes are redeemable at par (plus accrued and unpaid interest). There are no financial maintenance covenants for the 2023 Senior Notes. 2024 Senior Notes On March 5, 2014, we issued $350.0 million aggregate principal amount of 5.625% Senior Notes due 2024 (the “2024 Senior Notes”). The 2024 Senior Notes mature on March 1, 2024 . The 2024 Senior Notes are guaranteed by the same Guarantors that guarantee the 2021 and 2023 Senior Notes. The 2024 Senior Notes and the related guarantees are senior unsecured obligations and are not subject to registration rights. The indenture governing the 2024 Senior Notes contains covenants that limit our ability to incur debt secured by liens and enter into certain sale and leaseback transactions similar to the 2023 Senior Notes. The indenture governing the 2024 Senior Notes contains events of default that are similar to those contained in the indenture governing the 2021 and 2023 Senior Notes. The change of control provisions in the indenture governing the 2024 Senior Notes are similar to those contained in the indenture governing the 2023 Senior Notes. Prior to December 1, 2023, the 2024 Senior Notes are redeemable at a price equal to 100% plus a “make-whole” premium for payments through December 1, 2023 (plus accrued and unpaid interest). Beginning on December 1, 2023, the 2024 Senior Notes are redeemable at par (plus accrued and unpaid interest). There are no financial maintenance covenants for the 2024 Senior Notes. Revolving Credit Facility On January 26, 2018, we amended our $500.0 million Revolving Credit Facility to extend the maturity date from April 12, 2019 to January 26, 2022 . Other immaterial changes were also made to the structure of the Revolving Credit Facility. The Revolving Credit Facility is guaranteed by the same Guarantors that guarantee the 2021, 2023 and 2024 Senior Notes. The Revolving Credit Facility contains certain “springing” financial covenants, requiring us and our subsidiaries to comply with a maximum debt to capitalization ratio of not more than 0.60 to 1.00 and a minimum consolidated tangible net worth level of at least $1.7 billion . The financial covenants would be in effect for any fiscal quarter during which any (a) loans under the Revolving Credit Facility are outstanding during the last day of such fiscal quarter or on more than five separate days during such fiscal quarter or (b) undrawn letters of credit (except to the extent cash collateralized) issued under the Revolving Credit Facility in an aggregate amount greater than $40.0 million or unreimbursed letters of credit issued under the Revolving Credit Facility are outstanding on the last day of such fiscal quarter or for more than five consecutive days during such fiscal quarter. For purposes of determining compliance with the financial covenants for any fiscal quarter, the Revolving Credit Facility provides that we may exercise an equity cure by issuing certain permitted securities for cash or otherwise recording cash contributions to our capital that will, upon the contribution of such cash to the borrower, be included in the calculation of consolidated tangible net worth and consolidated total capitalization. The equity cure right is exercisable up to twice in any period of four consecutive fiscal quarters and up to five times overall. The Revolving Credit Facility contains certain restrictive covenants including limitations on incurrence of liens, dividends and other distributions, asset dispositions and investments in entities that are not guarantors, limitations on prepayment of subordinated indebtedness and limitations on fundamental changes. The Revolving Credit Facility contains customary events of default, subject to applicable grace periods, including for nonpayment of principal, interest or other amounts, violation of covenants (including financial covenants, subject to the exercise of an equity cure), incorrectness of representations and warranties in any material respect, cross default and cross acceleration, bankruptcy, material monetary judgments, ERISA events with material adverse effect, actual or asserted invalidity of material guarantees and change of control. As of March 31, 2018 , we were in compliance with all of the covenants under the Revolving Credit Facility. Mortgage Warehouse Borrowings The following is a summary of our mortgage warehouse borrowings (in thousands): As of March 31, 2018 Facility Amount Drawn Facility Amount Interest Rate Expiration Date Collateral (1) Flagstar $ 3,022 $ 39,000 LIBOR + 2.25% 30 days written notice Mortgage Loans Comerica 7,864 50,000 LIBOR + 2.25% On Demand Mortgage Loans J.P. Morgan 30,636 100,000 LIBOR + 2.375% September 24, 2018 Mortgage Loans and Restricted Cash Total $ 41,522 $ 189,000 As of December 31, 2017 Facility Amount Drawn Facility Amount Interest Rate Expiration Date Collateral (1) Flagstar $ 12,990 $ 39,000 LIBOR + 2.25% 30 days written notice Mortgage Loans Comerica 41,447 85,000 LIBOR + 2.25% On Demand Mortgage Loans J.P. Morgan 64,385 125,000 LIBOR + 2.375% September 24, 2018 Mortgage Loans and Restricted Cash Total $ 118,822 $ 249,000 (1) The mortgage warehouse borrowings outstanding as of March 31, 2018 and December 31, 2017 were collateralized by a) $93.0 million and $187.0 million , respectively, of mortgage loans held for sale, which comprised the balance of mortgage loans held for sale and b) approximately $1.3 million and $1.6 million , respectively, of cash which are included in restricted cash in the accompanying Condensed Consolidated Balance Sheets. Loans Payable and Other Borrowings Loans payable and other borrowings as of March 31, 2018 and December 31, 2017 consist of project-level debt due to various land sellers and seller financing notes from current and prior year acquisitions. Project-level debt is generally secured by the land that was acquired and the principal payments generally coincide with corresponding project lot sales or a principal reduction schedule. Loans payable bear interest at rates that ranged from 0% to 8% at each of March 31, 2018 and December 31, 2017 . We impute interest for loans with no stated interest rates.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES We have adopted ASC Topic 820, Fair Value Measurements, for valuation of financial instruments. ASC Topic 820 provides a framework for measuring fair value under GAAP, expands disclosures about fair value measurements, and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the fair value hierarchy are summarized as follows: Level 1 — Fair value is based on quoted prices for identical assets or liabilities in active markets. Level 2 — Fair value is determined using quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active or are directly or indirectly observable. Level 3 — Fair value is determined using one or more significant inputs that are unobservable in active markets at the measurement date, such as a pricing model, discounted cash flow, or similar technique. The fair value of our mortgage loans held for sale is derived from negotiated rates with partner lending institutions. The fair value of derivative assets includes interest rate lock commitments (“IRLCs”) and mortgage backed securities (“MBS”). The fair value of IRLCs is based on the value of the underlying mortgage loan, quoted MBS prices and the probability that the mortgage loan will fund within the terms of the IRLCs. We estimate the fair value of the forward sales commitments based on quoted MBS prices. The fair value of our mortgage warehouse borrowings, loans payable and other borrowings and the borrowings under our Revolving Credit Facility approximate carrying value due to their short term nature and variable interest rate terms. The fair value of our Senior Notes is derived from quoted market prices by independent dealers in markets that are not active. The fair value of the contingent consideration liability related to previous acquisitions was estimated using a Monte Carlo simulation model under the option pricing method. As the measurement of the contingent consideration is based primarily on significant inputs not observable in the market, it represents a Level 3 measurement. There were no changes to or transfers between the levels of the fair value hierarchy for any of our financial instruments as of March 31, 2018 , when compared to December 31, 2017 . The carrying value and fair value of our financial instruments are as follows: March 31, 2018 December 31, 2017 (Dollars in thousands) Level in Fair Value Hierarchy Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Description: Mortgage loans held for sale 2 $ 93,019 $ 93,019 $ 187,038 $ 187,038 Derivative assets, net 2 2,026 2,026 1,352 1,352 Mortgage warehouse borrowings 2 41,522 41,522 118,822 118,822 Loans payable and other borrowings 2 123,161 123,161 139,453 139,453 5.25% Senior Notes due 2021 (1) 2 546,407 554,785 546,108 561,000 5.875% Senior Notes due 2023 (1) 2 347,140 361,270 346,998 369,705 5.625% Senior Notes due 2024 (1) 2 346,815 349,895 346,681 366,205 Revolving Credit Facility 2 — — — — Contingent consideration liability (2) 3 — — 5,328 5,328 (1) Carrying value for Senior Notes, as presented, includes unamortized debt issuance costs. Debt issuance costs are not factored into the fair value calculation for the Senior Notes. (2) All payments related to our contingent consideration liability were paid as of March 31, 2018.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We recorded income tax expense of $11.7 million and $18.9 million for the three months ended March 31, 2018 and March 31, 2017 , respectively. Our effective tax rate for the three months ended March 31, 2018 was 19.8% , compared to 34.6% for the same period in 2017 . The effective tax rate for the first quarter of 2018 was favorably impacted from the extension of federal income tax credits for building energy-efficient homes and the impacts of tax reform. The effective tax rate for the three month period ended March 31, 2018 was favorably impacted by the reduction in the federal corporate tax rate from 35% to 21% as a result of the Tax Cuts and Jobs Act (the “Tax Act”) which became effective January 1, 2018 . In accordance with Staff Accounting Bulletin No. 118 (“SAB 118”), the Company recorded provisional tax expense in the fourth quarter of 2017 related to the write-down of our existing deferred tax assets and the mandatory deemed repatriation of foreign earnings related to the sale of our Canadian business in 2015 . As of March 31, 2018 , we have not recorded any adjustments related to these estimates. Adjustments to these provisional estimates may be necessary in future periods due to changes in our interpretation of the Tax Act, the issuance of additional guidance by various regulatory bodies, and actions the Company has taken as a result of the Tax Act. We expect our final accounting for the Tax Act under SAB 118 to be completed in the third quarter of 2018, upon the filing of our 2017 income tax returns. At both March 31, 2018 and December 31, 2017 , cumulative gross unrecognized tax benefits were $12.9 million . If the unrecognized tax benefits as of March 31, 2018 were to be recognized, approximately $10.3 million would affect our effective tax rate. We had $1.1 million and $1.0 million of gross interest and penalties related to unrecognized tax positions accrued as of March 31, 2018 and December 31, 2017 , respectively.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Capital Stock — Holders of Class A Common Stock and Class B Common Stock are entitled to one vote for each share held on all matters submitted to stockholders for their vote or approval. The holders of Class A Common Stock and Class B Common Stock vote together as a single class on all matters submitted to stockholders for their vote or approval, except with respect to the amendment of certain provisions of the amended and restated Certificate of Incorporation that would alter or change the powers, preferences or special rights of the Class B Common Stock so as to affect them adversely. Such amendments must be approved by a majority of the votes entitled to be cast by the holders of the shares affected by the amendment, voting as a separate class, or as otherwise required by applicable law. The voting power of the outstanding Class B Common Stock (expressed as a percentage of the total voting power of all Common Stock) is equal to the percentage of partnership interests in New TMM not held directly or indirectly by TMHC. During the three months ended March 31, 2018 , we completed sales of our Class A Common Stock in registered public offerings. We used all of the net proceeds from these public offerings to purchase partnership units in New TMM, our direct subsidiary, along with shares of our Class B Common Stock, held by our Principal Equityholders. As a result of net proceeds being distributed to our Principal Equityholders, we adjusted Non-controlling interests - Principal Equityholders and Additional paid-in capital on the Condensed Consolidated Balance Sheets to reflect the change in ownership. The aggregate number of partnership units and corresponding shares of Class B Common Stock we purchased was equal to the number of shares of Class A Common Stock sold in the public offerings. The following is a summary of the completed sales of our Class A Common Stock in registered public offerings for the three months ended March 31, 2018: (Shares presented in thousands) Closing date Number of shares Net sale price per share January 8, 2018 11,000 $ 26.05 January 17, 2018 (1) 19,207 27.14 (1) The January 17, 2018 offering consisted of 17.7 million shares of Class A common stock offered by the Company and 1.5 million shares offered directly by our Principal Equityholder, TPG. In addition, in a series of transactions following each public offering, the Company purchased 3.8 million shares of Class B common stock directly from our Remaining Principal Equityholders on both January 8, 2018 and January 17, 2018 at the same respective net purchase price per share, for an aggregate total of 7.6 million shares purchased. As a result of these transactions, our Principal Equityholders no longer have any remaining investment in us. The components and respective voting power of outstanding TMHC Common Stock, including the effects of the secondary offerings, at March 31, 2018 are as follows: Shares Outstanding Percentage Class A Common Stock 111,308,197 99.2 % Class B Common Stock (1) 868,921 0.8 % Total 112,177,118 100 % (1) The remaining 0.8% of Class B Common Stock is held by certain current and former members of management and directors. Stock Repurchase Program On January 3, 2018, our Our Board of Directors authorized an extension of the Company's stock repurchase program through December 31, 2018 and increased the amount available for repurchases under the program to a maximum total amount of $200.0 million of the Company’s Common Stock in open market purchases, privately negotiated transactions or other transactions. The stock repurchase program is subject to prevailing market conditions and other considerations, including our liquidity, the terms of our debt instruments, statutory requirements, planned land investment and development spending, acquisition and other investment opportunities and ongoing capital requirements. On January 8, 2018 we purchased $100.0 million of Common Stock. On January 17, 2018 we purchased an additional $101.8 million , however the stock repurchase program was not reduced by such purchase and such authorization remained in effect thereafter. As of March 31, 2018 there was $95.9 million available to be used for repurchases. During the three months ended March 31, 2017 there were no shares repurchased.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK BASED COMPENSATION	STOCK BASED COMPENSATION Equity-Based Compensation In April 2013, we adopted the Taylor Morrison Home Corporation 2013 Omnibus Equity Award Plan (the "Plan"). The Plan was most recently amended and restated in May 2017. The Plan provides for the grant of stock options, RSUs and other equity-based awards deliverable in shares of our Class A Common Stock. As of March 31, 2018 , we had an aggregate of 8,036,873 shares of Class A Common Stock available for future grants under the Plan. The following table provides information regarding the amount and components of stock-based compensation expense, all of which is included in general and administrative expenses in the accompanying Condensed Consolidated Statements of Operations (in thousands): Three Months Ended 2018 2017 Restricted stock units (1) $ 2,302 $ 1,897 Stock options 1,241 958 New TMM units — 157 Total stock compensation $ 3,543 $ 3,012 (1) Includes compensation expense related to time-based RSUs and performance-based RSUs. Outstanding performance-based RSUs reflected in the table above are reported at target level of performance. At March 31, 2018 and December 31, 2017 , the aggregate unrecognized value of all outstanding stock-based compensation awards was approximately $33.5 million and $19.8 million , respectively. Restricted Stock Units – The following table summarizes the time-based RSU and performance-based RSU activity for the three months ended March 31, 2018 : Shares Weighted Average Grant Date Fair Value Balance at December 31, 2017 1,889,559 $ 14.84 Granted 531,940 24.25 Vested (211,014 ) 14.87 Forfeited (1) (182,762 ) 16.88 Balance at March 31, 2018 2,027,723 $ 17.02 (1) Forfeitures on time-based RSUs are a result of terminations of employment, while forfeitures on performance-based RSUs are a result of failing to attain certain goals as outlined in our stock based compensation awards. During the three months ended March 31, 2018, we granted time-based RSU awards and performance-based RSU awards to certain employees and members of the Board of Directors of the Company. Our time-based RSUs consist of awards that settle in shares of Class A Common Stock and have been awarded to our employees and members of our Board of Directors. Vesting of these RSUs is subject to continued employment with TMHC or an affiliate, or continued service on the Board of Directors, through the applicable vesting dates. Time-based RSUs granted to employees generally vest ratably over a three to four year period, based on the grant date. Time-based RSUs granted to members of the Board of Directors generally vest on the first anniversary of the grant date. Additionally, we granted performance-based RSUs to certain employees of the Company. These awards will vest in full based on the achievement of certain performance goals over a three -year performance period, subject to the employee’s continued employment through the date the Compensation Committee certifies the applicable level of performance achieved and will be settled in shares of our Class A Common Stock. The number of shares that may be issued in settlement of the performance-based RSUs to the award recipients may be greater or lesser than the target award amount depending on actual performance achieved as compared to the performance targets set forth in the awards. Stock Options – The following table summarizes the stock option activity for the three months ended March 31, 2018 : Shares Weighted Average Exercise Price Per Share Outstanding at December 31, 2017 2,854,213 $ 17.50 Granted 707,184 23.87 Exercised (37,060 ) 15.64 Canceled/Forfeited (34,250 ) 18.98 Outstanding at March 31, 2018 3,490,087 $ 18.80 Options exercisable at March 31, 2018 1,393,153 $ 18.18 Options granted to employees vest and become exercisable ratably on the second, third, fourth and fifth anniversary of the date of grant. Options granted to members of the Board of Directors vest and become exercisable ratably on the first, second and third anniversary of the date of grant. Vesting of the options is subject to continued employment with TMHC or an affiliate, or continued service on the Board of Directors, through the applicable vesting dates, and options expire within ten years from the date of grant. New TMM Units – Certain members of management and certain members of the Board of Directors were issued Class M partnership units in TMM Holdings. Those units were subject to both time and performance vesting conditions. Pursuant to the reorganization transactions in connection with our IPO, the time-vesting Class M Units in TMM Holdings were exchanged for New TMM Units with vesting terms substantially the same as the Class M Units surrendered for exchange. One New TMM Unit together with a corresponding share of Class B Common Stock is exchangeable for one share of Class A Common Stock. As of December 31, 2017, all New TMM Units were vested. The shares of Class B Common Stock/New TMM Units held by members of management and members of our Board of Directors as of March 31, 2018 were as follows: Class B Shares/New TMM Units Weighted Average Grant Date Fair Value Balance at December 31, 2017 883,921 $ 5.24 Exchanges (1) (15,000 ) 8.04 Balance at March 31, 2018 868,921 $ 5.19 (1) Exchanges during the period represent the exchange of a vested New TMM Unit along with the corresponding share of Class B Common Stock for a newly issued share of Class A Common Stock.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONS From time to time, we may engage in transactions with entities or persons that are affiliated with us. Such transactions with related parties are typically conducted in the normal course of operations and are generally executed at arm’s length, as they are entered into at terms comparable to those entered into with unrelated third parties. For the three months ended March 31, 2018 and 2017, we engaged in multiple equity offering transactions with our former Principal Equityholders. Refer to Note 10 - Stockholders' Equity for discussion regarding such transactions.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOME The table below provides the components of accumulated other comprehensive income (loss) (“AOCI”) for the periods presented (in thousands). Three Months Ended March 31, 2018 Total Post- Retirement Benefits Adjustments Foreign Currency Translation Adjustments Non-controlling Interest - Principal Equityholders Reclassification Total Balance, beginning of period $ 2,082 $ (45,205 ) $ 25,155 $ (17,968 ) Gross amounts reclassified within accumulated other comprehensive income — 25,155 (25,155 ) — Balance, end of period $ 2,082 $ (20,050 ) $ — $ (17,968 ) Three Months Ended March 31, 2017 Total Post- Retirement Benefits Adjustments Foreign Currency Translation Adjustments Non-controlling Interest - Principal Equityholders Reclassification Total Balance, beginning of period $ 2,061 $ (79,927 ) $ 59,877 $ (17,989 ) Gross amounts reclassified within accumulated other comprehensive income — 16,479 (16,479 ) — Balance, end of period $ 2,061 $ (63,448 ) $ 43,398 $ (17,989 )

REPORTING SEGMENTS

REPORTING SEGMENTS	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
REPORTING SEGMENTS	REPORTING SEGMENTS We have multiple homebuilding operating components which are engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes, and providing warranty and customer service. We aggregate our homebuilding operating components into three reporting segments, East, Central, and West, based on similar long-term economic characteristics. We also have a financial services reporting segment. We have no inter-segment sales as all sales are to external customers. Our reporting segments are as follows: East Atlanta, Charlotte, Chicago, Orlando, Raleigh, Southwest Florida and Tampa Central Austin, Dallas and Houston (both include a Taylor Morrison division and a Darling Homes division), and Denver West Bay Area, Phoenix, Sacramento and Southern California Financial Services Taylor Morrison Home Funding, LLC (“TMHF”) and Inspired Title Services, LLC (“Inspired Title”) Segment information is as follows (in thousands): Three Months Ended March 31, 2018 East Central West Financial Services Corporate and Unallocated Total Total revenues $ 284,807 $ 214,113 $ 239,207 $ 14,206 $ — $ 752,333 Gross margin 52,289 40,627 46,024 4,162 — 143,102 Selling, general and administrative expenses (28,634 ) (22,280 ) (15,565 ) — (20,537 ) (87,016 ) Equity in income of unconsolidated entities 111 381 1,095 1,659 — 3,246 Interest and other (expense)/income, net (478 ) (108 ) 20 — 472 (94 ) Income/(loss) before income taxes $ 23,288 $ 18,620 $ 31,574 $ 5,821 $ (20,065 ) $ 59,238 Three Months Ended March 31, 2017 East Central West Financial Services Corporate and Unallocated Total Total revenues $ 263,665 $ 206,257 $ 284,919 $ 14,249 $ — $ 769,090 Gross margin 53,358 37,208 45,580 5,547 — 141,693 Selling, general and administrative expenses (27,169 ) (21,492 ) (19,053 ) — (21,031 ) (88,745 ) Equity in income of unconsolidated entities — (168 ) (83 ) 1,336 — 1,085 Interest and other (expense)/income, net (84 ) (344 ) (125 ) — 994 441 Income/(loss) before income taxes $ 26,105 $ 15,204 $ 26,319 $ 6,883 $ (20,037 ) $ 54,474 As of March 31, 2018 East Central West Financial Services Corporate and Unallocated Total Real estate inventory and land deposits $ 1,179,356 $ 889,004 $ 1,060,131 $ — $ — $ 3,128,491 Investments in unconsolidated entities 29,510 33,798 128,654 4,733 — 196,695 Other assets 67,778 103,231 44,551 143,083 400,058 758,701 Total assets $ 1,276,644 $ 1,026,033 $ 1,233,336 $ 147,816 $ 400,058 $ 4,083,887 As of December 31, 2017 East Central West Financial Services Corporate and Unallocated Total Real estate inventory and land deposits $ 1,150,918 $ 818,431 $ 1,039,655 $ — $ — $ 3,009,004 Investments in unconsolidated entities 29,316 32,874 126,559 3,615 — 192,364 Other assets 85,753 124,593 53,492 225,641 635,046 1,124,525 Total assets $ 1,265,987 $ 975,898 $ 1,219,706 $ 229,256 $ 635,046 $ 4,325,893

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Letters of Credit and Surety Bonds — We are committed, under various letters of credit and surety bonds, to perform certain development and construction activities and provide certain guarantees in the normal course of business. Outstanding letters of credit and surety bonds under these arrangements totaled $341.9 million and $331.7 million as of March 31, 2018 and December 31, 2017 , respectively. Although significant development and construction activities have been completed related to these site improvements, the bonds are generally not released until all development and construction activities are completed. We do not believe that it is probable that any outstanding bonds as of March 31, 2018 will be drawn upon. Legal Proceedings — We are involved in various litigation and legal claims in the normal course of our business operations, including actions brought on behalf of various classes of claimants. We are also subject to a variety of local, state, and federal laws and regulations related to land development activities, house construction standards, sales practices, mortgage lending operations, employment practices, and protection of the environment. As a result, we are subject to periodic examination or inquiry by various governmental agencies that administer these laws and regulations. We establish liabilities for legal claims and regulatory matters when such matters are both probable of occurring and any potential loss is reasonably estimable. At March 31, 2018 and December 31, 2017 , our legal accruals were $1.6 million and $2.3 million , respectively. We accrue for such matters based on the facts and circumstances specific to each matter and revise these estimates as the matters evolve. In such cases, there may exist an exposure to loss in excess of any amounts currently accrued. 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. However, to the extent the liability arising from the ultimate resolution of any matter exceeds the estimates reflected in the recorded reserves relating to such matter, we could incur additional charges that could be significant.

MORTGAGE HEDGING ACTIVITIES

MORTGAGE HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
MORTGAGE HEDGING ACTIVITIES	MORTGAGE HEDGING ACTIVITIES We enter into IRLCs to originate residential mortgage loans held for sale, at specified interest rates and within a specified period of time (generally between 30 and 60 days), with customers who have applied for a loan and meet certain credit and underwriting criteria. These IRLCs meet the definition of a derivative and are reflected on the balance sheet at fair value with changes in fair value recognized in Financial Services revenue/expenses on the statements of operations and other comprehensive income. Unrealized gains and losses on the IRLCs, reflected as derivative assets or liabilities, are measured based on the fair value of the underlying mortgage loan, quoted Agency MBS prices, estimates of the fair value of the mortgage servicing rights (“MSRs”) and the probability that the mortgage loan will fund within the terms of the IRLC, net of commission expense and broker fees. The fair value of the forward loan sales commitment and mandatory delivery commitments being used to hedge the IRLCs and mortgage loans held for sale not committed to be purchased by investors are based on quoted Agency MBS prices. The following summarizes derivative instrument assets (liabilities) as of the periods presented: As of March 31, 2018 December 31, 2017 (Dollars in thousands) Fair Value Notional Amount Fair Value Notional Amount IRLCs $ 2,453 $ 121,416 $ 1,584 $ 73,817 MBSs (427 ) 125,000 (232 ) 118,078 Total $ 2,026 $ 1,352 Total commitments to originate loans approximated $132.1 million and $80.0 million as of March 31, 2018 and December 31, 2017 , respectively. The fair value and notional amounts represent the commitments to originate loans for both best efforts and mandatory loans that have been locked and approved by underwriting. We have exposure to credit loss in the event of contractual non-performance by our trading counterparties in derivative instruments that we use in our rate risk management activities. We manage this credit risk by selecting only counterparties that we believe to be financially strong, spreading the risk among multiple counterparties, by placing contractual limits on the amount of unsecured credit extended to any single counterparty, and by entering into netting agreements with counterparties, as appropriate. Commitments to originate loans do not necessarily reflect future cash requirements as some commitments are expected to expire without being drawn upon.

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation — The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in our 2017 Annual Report on Form 10-K (the “Annual Report”). In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements include all normal and recurring adjustments that are considered necessary for the fair presentation of our results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for a full fiscal year.
Joint Ventures	Joint Ventures - We consolidate certain joint ventures in accordance with Accounting Standards Codification (“ASC”) Topic 810, " “ Consolidation. ” The income from the percentage of the joint venture not owned by us in presented as “Net income attributable to non-controlling interests - joint ventures” on the Consolidated Statements of Operations.
Use of Estimates	Use of Estimates — The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Significant estimates include real estate development costs to complete, valuation of real estate, valuation of acquired assets, valuation of goodwill, valuation of equity awards, valuation allowance on deferred tax assets and reserves for warranty and self-insured risks. Actual results could differ from those estimates.
Real Estate Inventory	Real Estate Inventory — Inventory consists of raw land, land under development, homes under construction, completed homes, and model homes, all of which are stated at cost. In addition to direct carrying costs, we also capitalize interest, real estate taxes, and related development costs that benefit the entire community, such as field construction supervision and related direct overhead. Home vertical construction costs are accumulated and charged to cost of sales at the time of home closing using the specific identification method. Land acquisition, development, interest, real estate taxes and overhead are allocated to homes and units using the relative sales value method. These costs are capitalized to inventory from the point development begins to the point construction is completed. Changes in estimated costs to be incurred in a community are generally allocated to the remaining lots on a prospective basis. For those communities that have been temporarily closed or development has been discontinued, we do not allocate interest or other costs to the community’s inventory until activity resumes. Such costs are expensed as incurred. We capitalize qualifying interest costs to inventory during the development and construction periods. Capitalized interest is charged to cost of sales when the related inventory is delivered or when the related inventory is charged to cost of sales. We assess the recoverability of our inventory in accordance with the provisions of ASC Topic 360, Property, Plant, and Equipment . We review our real estate inventory for indicators of impairment by community during each reporting period. If indicators of impairment are present for a community, we first perform an undiscounted cash flow analysis to determine if the carrying value of the assets in that community exceeds the expected undiscounted cash flows. Generally, if the carrying value of the assets exceeds their estimated undiscounted cash flows, then the assets are deemed to be impaired and are recorded at fair value as of the assessment date. Our determination of fair value is based on a discounted cash flow model which includes projections and estimates relating to sales prices, construction costs, sales pace, and other factors. Changes in these expectations may lead to a change in the outcome of our impairment analysis, and actual results may also differ from our assumptions.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities —We evaluate our investments in unconsolidated entities for indicators of impairment. A series of operating losses of an investee or other factors may indicate that a decrease in value of our investment in the unconsolidated entity has occurred which is other-than-temporary. The amount of impairment recognized is the excess of the investment’s carrying amount over its estimated fair value. Additionally, we consider various qualitative factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include age of the venture, stage in its life cycle, our intent and ability to recover our investment in the unconsolidated entity, financial condition and long-term prospects of the unconsolidated entity, short-term liquidity needs of the unconsolidated entity, trends in the general economic environment of the land, entitlement status of the land held by the unconsolidated entity, overall projected returns on investment, defaults under contracts with third parties (including bank debt), recoverability of the investment through future cash flows and relationships with the other partners. If the Company believes that the decline in the fair value of the investment is temporary, then no impairment is recorded.
Revenue Recognition	Revenue Recognition Topic 606 In January 2018, we adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which provides new guidance for revenue recognition and elected to use the modified retrospective approach to account for prior periods. The standard's core principle requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The new guidance does not materially impact our home closings revenue, net, land closings revenue or financial services revenue based on our current operations, customer contracts, and policies. However, the following changes were made to conform to the new guidance: • Forfeited customer deposits were previously classified as Other expense/(income), net on the condensed consolidated statement of operations. Under Topic 606, these are now considered revenue and recorded in Home closings revenue, net as of January 1, 2018. Prior period balances for forfeited customer deposits were not reclassified and are not material to the condensed consolidated financial statements. • Certain costs related to sales offices and model homes were previously capitalized and presented within Prepaid expenses and other assets, net on the condensed consolidated balance sheet and amortized through Sales, commissions and other marketing costs on the condensed consolidated statement of operations. Beginning January 1, 2018, these costs have been reclassified to Property and equipment, net on the condensed consolidated balance sheet and depreciated through Sales, commissions and other marketing costs on the condensed consolidated statement of operations. A total of $32.0 million of sales office and model homes costs were reclassified from Prepaid expenses and other assets to Property and equipment as of January 1, 2018. As we elected the modified retrospective approach to account for prior periods, the balance of any capitalized sales office and model home costs required to be expensed under Topic 606 was recorded as an adjustment to beginning retained earnings in the first quarter of 2018 and reflected as an approximate $2.0 million cumulative effect adjustment to retained earnings in the condensed consolidated statement of stockholders' equity. Home and land closings revenue Under Topic 606, the following steps are applied to determine the proper home closings revenue and land closings revenue recognition: (1) we identify the contract(s) with our customer; (2) we identify the performance obligations in the contract; (3) we determine the transaction price; (4) we allocate the transaction price to the performance obligations in the contract; and (5) we recognize revenue when (or as) we satisfy the performance obligation. We have one contract, with one performance obligation, with each customer to build and deliver the home purchased (or develop and deliver land). We have only one performance obligation, to deliver a completed home (or developed land). Based on the application of the five steps, the following summarizes the timing and manner of home and land sales revenue: • Revenue from closings of residential real estate is recognized when closings have occurred, the buyer has made the required minimum down payment, obtained necessary financing, the risks and rewards of ownership are transferred to the buyer, and we have no continuing involvement with the property, which is generally upon the close of escrow. Revenue is reported net of any discounts and incentives. • Revenue from land sales is recognized when a significant down payment is received, title passes and collectability of the receivable is reasonably assured, and we have no continuing involvement with the property, which is generally upon the close of escrow. Financial services revenue Mortgage operations and hedging activity related to financial services are not within the scope of Topic 606 and therefore there was no change to our accounting policies related to such activities. Loan origination fees (including title fees, points, and closing costs) are recognized at the time the related real estate transactions are completed, usually upon the close of escrow. All of the loans TMHF originates are sold to third party investors within a short period of time, on a non-recourse basis. Gains and losses from the sale of mortgages are recognized in accordance with ASC Topic 860-20, Sales of Financial Assets. TMHF does not have continuing involvement with the transferred assets, therefore, we derecognize the mortgage loans at time of sale, based on the difference between the selling price and carrying value of the related loans upon sale, recording a gain/loss on sale in the period of sale. Also included in financial services revenue/expenses is the realized and unrealized gains and losses from hedging instruments.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements — In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 primarily impacts off-balance sheet operating leases and will require such leases, with the exception of short-term leases, to be recorded on the balance sheet. Lessor accounting is not significantly impacted by the new guidance, however certain updates were made to align lessee and lessor treatment. ASU 2016-02 will be effective for us in our fiscal year beginning January 1, 2019. The guidance requires a modified retrospective approach for all existing leases at the date of initial adoption. We do not believe the adoption of ASU 2016-02 will have a material impact on our condensed consolidated financial statements and disclosures.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Summary of Earnings Per Common Share	The following is a summary of the components of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended March 31, 2018 2017 Numerator: Net income available to TMHC – basic $ 44,933 $ 11,476 Net income attributable to non-controlling interest – Principal Equityholders 2,470 24,134 Loss fully attributable to public holding company 165 27 Net income – diluted $ 47,568 $ 35,637 Denominator: Weighted average shares – basic (Class A) 107,195 38,554 Weighted average shares – Principal Equityholders’ non-controlling interest (Class B) 5,849 81,015 Restricted stock units 1,126 703 Stock Options 597 206 Weighted average shares – diluted 114,767 120,478 Earnings per common share – basic: Net income available to Taylor Morrison Home Corporation $ 0.42 $ 0.30 Earnings per common share – diluted: Net income available to Taylor Morrison Home Corporation $ 0.41 $ 0.30

REAL ESTATE INVENTORY AND LAN26

REAL ESTATE INVENTORY AND LAND DEPOSITS (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Schedule of Inventory	Inventory consists of the following (in thousands): As of March 31, December 31, 2017 Real estate developed and under development $ 2,140,110 $ 2,130,263 Real estate held for development or held for sale (1) 54,591 76,552 Operating communities (2) 774,485 659,398 Capitalized interest 95,334 90,496 Total owned inventory 3,064,520 2,956,709 Real estate not owned under option agreements 2,010 2,527 Total real estate inventory $ 3,066,530 $ 2,959,236 (1) Real estate held for development or held for sale includes properties which are not in active production. This includes raw land recently purchased or awaiting entitlement, properties where we have ceased development and/or marketing, and long-term strategic assets. (2) Operating communities consist of all vertical construction costs relating to homes in progress and completed homes for all active production of inventory.
Schedule of Development Status of Land Inventory	The development status of our land inventory is as follows (dollars in thousands): As of March 31, 2018 December 31, 2017 Owned Lots Book Value of Land and Development Owned Lots Book Value of Land and Development Raw 6,954 $ 344,248 7,703 $ 338,642 Partially developed 5,849 366,160 5,811 543,200 Finished 12,504 1,477,031 11,644 1,314,243 Long-term strategic assets 706 7,262 763 10,730 Total 26,013 $ 2,194,701 25,921 $ 2,206,815
Schedule of Interest Capitalized, Incurred, Expensed and Amortized	Interest capitalized, incurred and amortized is as follows (in thousands): Three Months Ended 2018 2017 Interest capitalized - beginning of period $ 90,496 $ 102,642 Interest incurred 19,686 20,714 Interest amortized to cost of home closings (14,848 ) (20,297 ) Interest capitalized - end of period $ 95,334 $ 103,059

INVESTMENTS IN UNCONSOLIDATED27

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Summarized Financial Information of Unconsolidated Entities Accounted by Equity Method	Summarized, unaudited combined financial information of unconsolidated entities that are accounted for by the equity method is as follows (in thousands): As of March 31, December 31, Assets: Real estate inventory $ 623,476 $ 627,841 Other assets 146,557 138,341 Total assets $ 770,033 $ 766,182 Liabilities and owners’ equity: Debt $ 184,760 $ 193,770 Other liabilities 26,031 27,556 Total liabilities 210,791 221,326 Owners’ equity: TMHC 196,695 192,364 Others 362,547 352,492 Total owners’ equity 559,242 544,856 Total liabilities and owners’ equity $ 770,033 $ 766,182 Three Months Ended 2018 2017 Revenues $ 59,074 $ 22,994 Costs and expenses (47,332 ) (20,104 ) Income of unconsolidated entities $ 11,742 $ 2,890 TMHC’s share in income of unconsolidated entities $ 3,246 $ 1,085 Distributions from unconsolidated entities $ 1,033 $ 1,739

ACCRUED EXPENSES AND OTHER LI28

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2018
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consist of the following (in thousands): As of As of Real estate development costs to complete $ 9,474 $ 14,815 Compensation and employee benefits 32,515 72,352 Self-insurance and warranty reserves 50,336 51,010 Interest payable 24,441 17,125 Property and sales taxes payable 7,675 12,294 Other accruals 30,092 33,944 Total accrued expenses and other liabilities $ 154,533 $ 201,540
Summary of Changes in Reserves	A summary of the changes in our reserves are as follows (in thousands): Three Months Ended 2018 2017 Reserve - beginning of period $ 51,010 $ 50,550 Additions to reserves 5,043 4,299 Costs and claims incurred (5,060 ) (3,335 ) Change in estimates to existing reserves (657 ) 902 Reserve - end of period $ 50,336 $ 52,416

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Senior Notes and Other Borrowings	Total debt consists of the following (in thousands): As of March 31, 2018 December 31, 2017 Principal Unamortized Debt Issuance Costs Carrying Value Principal Unamortized Debt Issuance Costs Carrying Value 5.25% Senior Notes due 2021, unsecured $ 550,000 $ 3,593 $ 546,407 $ 550,000 $ 3,892 $ 546,108 5.875% Senior Notes due 2023, unsecured 350,000 2,860 347,140 350,000 3,002 346,998 5.625% Senior Notes due 2024, unsecured 350,000 3,185 346,815 350,000 3,319 346,681 Senior Notes subtotal 1,250,000 9,638 1,240,362 1,250,000 10,213 1,239,787 Loans payable and other borrowings 123,161 — 123,161 139,453 — 139,453 Revolving Credit Facility (1) — — — — — — Mortgage warehouse borrowings 41,522 — 41,522 118,822 — 118,822 Total Senior Notes and other financing $ 1,414,683 $ 9,638 $ 1,405,045 $ 1,508,275 $ 10,213 $ 1,498,062 (1) The Revolving Credit Facility included $2.9 million and $2.0 million of unamortized debt issuance costs as of March 31, 2018 and December 31, 2017 , respectively, which is presented in Prepaid expenses and other assets, net on the consolidated balance sheets. As of March 31, 2018 and December 31, 2017, we had $52.2 million and $47.1 million , respectively, of utilized letters of credit, resulting in $447.8 million and $452.9 million , respectively, of availability on the Revolving Credit Facility.
Summary of Mortgage Subsidiary Borrowings	The following is a summary of our mortgage warehouse borrowings (in thousands): As of March 31, 2018 Facility Amount Drawn Facility Amount Interest Rate Expiration Date Collateral (1) Flagstar $ 3,022 $ 39,000 LIBOR + 2.25% 30 days written notice Mortgage Loans Comerica 7,864 50,000 LIBOR + 2.25% On Demand Mortgage Loans J.P. Morgan 30,636 100,000 LIBOR + 2.375% September 24, 2018 Mortgage Loans and Restricted Cash Total $ 41,522 $ 189,000 As of December 31, 2017 Facility Amount Drawn Facility Amount Interest Rate Expiration Date Collateral (1) Flagstar $ 12,990 $ 39,000 LIBOR + 2.25% 30 days written notice Mortgage Loans Comerica 41,447 85,000 LIBOR + 2.25% On Demand Mortgage Loans J.P. Morgan 64,385 125,000 LIBOR + 2.375% September 24, 2018 Mortgage Loans and Restricted Cash Total $ 118,822 $ 249,000 (1) The mortgage warehouse borrowings outstanding as of March 31, 2018 and December 31, 2017 were collateralized by a) $93.0 million and $187.0 million , respectively, of mortgage loans held for sale, which comprised the balance of mortgage loans held for sale and b) approximately $1.3 million and $1.6 million , respectively, of cash which are included in restricted cash in the accompanying Condensed Consolidated Balance Sheets.

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Carrying Value and Fair Value of Financial Instruments	The carrying value and fair value of our financial instruments are as follows: March 31, 2018 December 31, 2017 (Dollars in thousands) Level in Fair Value Hierarchy Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Description: Mortgage loans held for sale 2 $ 93,019 $ 93,019 $ 187,038 $ 187,038 Derivative assets, net 2 2,026 2,026 1,352 1,352 Mortgage warehouse borrowings 2 41,522 41,522 118,822 118,822 Loans payable and other borrowings 2 123,161 123,161 139,453 139,453 5.25% Senior Notes due 2021 (1) 2 546,407 554,785 546,108 561,000 5.875% Senior Notes due 2023 (1) 2 347,140 361,270 346,998 369,705 5.625% Senior Notes due 2024 (1) 2 346,815 349,895 346,681 366,205 Revolving Credit Facility 2 — — — — Contingent consideration liability (2) 3 — — 5,328 5,328 (1) Carrying value for Senior Notes, as presented, includes unamortized debt issuance costs. Debt issuance costs are not factored into the fair value calculation for the Senior Notes. (2) All payments related to our contingent consideration liability were paid as of March 31, 2018.

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Summary of Class A Common Stock	The following is a summary of the completed sales of our Class A Common Stock in registered public offerings for the three months ended March 31, 2018: (Shares presented in thousands) Closing date Number of shares Net sale price per share January 8, 2018 11,000 $ 26.05 January 17, 2018 (1) 19,207 27.14 (1) The January 17, 2018 offering consisted of 17.7 million shares of Class A common stock offered by the Company and 1.5 million shares offered directly by our Principal Equityholder, TPG.
Components and Voting Power of Outstanding Common Stock	The components and respective voting power of outstanding TMHC Common Stock, including the effects of the secondary offerings, at March 31, 2018 are as follows: Shares Outstanding Percentage Class A Common Stock 111,308,197 99.2 % Class B Common Stock (1) 868,921 0.8 % Total 112,177,118 100 % (1) The remaining 0.8% of Class B Common Stock is held by certain current and former members of management and directors.

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock-Based Compensation Expense	The following table provides information regarding the amount and components of stock-based compensation expense, all of which is included in general and administrative expenses in the accompanying Condensed Consolidated Statements of Operations (in thousands): Three Months Ended 2018 2017 Restricted stock units (1) $ 2,302 $ 1,897 Stock options 1,241 958 New TMM units — 157 Total stock compensation $ 3,543 $ 3,012 (1) Includes compensation expense related to time-based RSUs and performance-based RSUs. Outstanding performance-based RSUs reflected in the table above are reported at target level of performance.
Summary of Activity of Stock Units	The following table summarizes the time-based RSU and performance-based RSU activity for the three months ended March 31, 2018 : Shares Weighted Average Grant Date Fair Value Balance at December 31, 2017 1,889,559 $ 14.84 Granted 531,940 24.25 Vested (211,014 ) 14.87 Forfeited (1) (182,762 ) 16.88 Balance at March 31, 2018 2,027,723 $ 17.02 (1) Forfeitures on time-based RSUs are a result of terminations of employment, while forfeitures on performance-based RSUs are a result of failing to attain certain goals as outlined in our stock based compensation awards. The shares of Class B Common Stock/New TMM Units held by members of management and members of our Board of Directors as of March 31, 2018 were as follows: Class B Shares/New TMM Units Weighted Average Grant Date Fair Value Balance at December 31, 2017 883,921 $ 5.24 Exchanges (1) (15,000 ) 8.04 Balance at March 31, 2018 868,921 $ 5.19 (1) Exchanges during the period represent the exchange of a vested New TMM Unit along with the corresponding share of Class B Common Stock for a newly issued share of Class A Common Stock.
Summary of Stock Option Activity	The following table summarizes the stock option activity for the three months ended March 31, 2018 : Shares Weighted Average Exercise Price Per Share Outstanding at December 31, 2017 2,854,213 $ 17.50 Granted 707,184 23.87 Exercised (37,060 ) 15.64 Canceled/Forfeited (34,250 ) 18.98 Outstanding at March 31, 2018 3,490,087 $ 18.80 Options exercisable at March 31, 2018 1,393,153 $ 18.18

ACCUMULATED OTHER COMPREHENSI33

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Components of Accumulated Other Comprehensive Income (Loss)	The table below provides the components of accumulated other comprehensive income (loss) (“AOCI”) for the periods presented (in thousands). Three Months Ended March 31, 2018 Total Post- Retirement Benefits Adjustments Foreign Currency Translation Adjustments Non-controlling Interest - Principal Equityholders Reclassification Total Balance, beginning of period $ 2,082 $ (45,205 ) $ 25,155 $ (17,968 ) Gross amounts reclassified within accumulated other comprehensive income — 25,155 (25,155 ) — Balance, end of period $ 2,082 $ (20,050 ) $ — $ (17,968 ) Three Months Ended March 31, 2017 Total Post- Retirement Benefits Adjustments Foreign Currency Translation Adjustments Non-controlling Interest - Principal Equityholders Reclassification Total Balance, beginning of period $ 2,061 $ (79,927 ) $ 59,877 $ (17,989 ) Gross amounts reclassified within accumulated other comprehensive income — 16,479 (16,479 ) — Balance, end of period $ 2,061 $ (63,448 ) $ 43,398 $ (17,989 )

REPORTING SEGMENTS (Tables)

REPORTING SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Reporting Segments	Our reporting segments are as follows: East Atlanta, Charlotte, Chicago, Orlando, Raleigh, Southwest Florida and Tampa Central Austin, Dallas and Houston (both include a Taylor Morrison division and a Darling Homes division), and Denver West Bay Area, Phoenix, Sacramento and Southern California Financial Services Taylor Morrison Home Funding, LLC (“TMHF”) and Inspired Title Services, LLC (“Inspired Title”)
Segment Information	Segment information is as follows (in thousands): Three Months Ended March 31, 2018 East Central West Financial Services Corporate and Unallocated Total Total revenues $ 284,807 $ 214,113 $ 239,207 $ 14,206 $ — $ 752,333 Gross margin 52,289 40,627 46,024 4,162 — 143,102 Selling, general and administrative expenses (28,634 ) (22,280 ) (15,565 ) — (20,537 ) (87,016 ) Equity in income of unconsolidated entities 111 381 1,095 1,659 — 3,246 Interest and other (expense)/income, net (478 ) (108 ) 20 — 472 (94 ) Income/(loss) before income taxes $ 23,288 $ 18,620 $ 31,574 $ 5,821 $ (20,065 ) $ 59,238 Three Months Ended March 31, 2017 East Central West Financial Services Corporate and Unallocated Total Total revenues $ 263,665 $ 206,257 $ 284,919 $ 14,249 $ — $ 769,090 Gross margin 53,358 37,208 45,580 5,547 — 141,693 Selling, general and administrative expenses (27,169 ) (21,492 ) (19,053 ) — (21,031 ) (88,745 ) Equity in income of unconsolidated entities — (168 ) (83 ) 1,336 — 1,085 Interest and other (expense)/income, net (84 ) (344 ) (125 ) — 994 441 Income/(loss) before income taxes $ 26,105 $ 15,204 $ 26,319 $ 6,883 $ (20,037 ) $ 54,474 As of March 31, 2018 East Central West Financial Services Corporate and Unallocated Total Real estate inventory and land deposits $ 1,179,356 $ 889,004 $ 1,060,131 $ — $ — $ 3,128,491 Investments in unconsolidated entities 29,510 33,798 128,654 4,733 — 196,695 Other assets 67,778 103,231 44,551 143,083 400,058 758,701 Total assets $ 1,276,644 $ 1,026,033 $ 1,233,336 $ 147,816 $ 400,058 $ 4,083,887
Assets from Segment	As of March 31, 2018 East Central West Financial Services Corporate and Unallocated Total Real estate inventory and land deposits $ 1,179,356 $ 889,004 $ 1,060,131 $ — $ — $ 3,128,491 Investments in unconsolidated entities 29,510 33,798 128,654 4,733 — 196,695 Other assets 67,778 103,231 44,551 143,083 400,058 758,701 Total assets $ 1,276,644 $ 1,026,033 $ 1,233,336 $ 147,816 $ 400,058 $ 4,083,887 As of December 31, 2017 East Central West Financial Services Corporate and Unallocated Total Real estate inventory and land deposits $ 1,150,918 $ 818,431 $ 1,039,655 $ — $ — $ 3,009,004 Investments in unconsolidated entities 29,316 32,874 126,559 3,615 — 192,364 Other assets 85,753 124,593 53,492 225,641 635,046 1,124,525 Total assets $ 1,265,987 $ 975,898 $ 1,219,706 $ 229,256 $ 635,046 $ 4,325,893

MORTGAGE HEDGING ACTIVITIES (Ta

MORTGAGE HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summaries of Derivative Instruments	The following summarizes derivative instrument assets (liabilities) as of the periods presented: As of March 31, 2018 December 31, 2017 (Dollars in thousands) Fair Value Notional Amount Fair Value Notional Amount IRLCs $ 2,453 $ 121,416 $ 1,584 $ 73,817 MBSs (427 ) 125,000 (232 ) 118,078 Total $ 2,026 $ 1,352

BUSINESS (Detail)

BUSINESS (Detail)	Jan. 17, 2018shares	Jan. 17, 2018shares	Jan. 08, 2018shares	Jan. 31, 2018shares	Mar. 31, 2018segmentshares	Mar. 31, 2017shares	Mar. 31, 2018public_offeringshares
Subsidiary, Sale of Stock [Line Items]
Number of reporting segments | segment					4
Repurchase of common stock (in shares)						0
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Public offering, number of shares issued					28,700,000
Class A Common Stock | Public Stock Offering
Subsidiary, Sale of Stock [Line Items]
Number Of Public Offerings Completed | public_offering							7
Public offering, number of shares issued							80,200,000
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Repurchase of common stock (in shares)	3,800,000	7,600,000	3,800,000	7,600,000

SUMMARY OF SIGNIFICANT ACCOUN37

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail)	Jan. 17, 2018shares	Jan. 17, 2018shares	Jan. 08, 2018shares	Jan. 31, 2018shares	Mar. 31, 2018USD ($)projectlotshares	Mar. 31, 2017USD ($)shares	Jan. 01, 2018USD ($)	Dec. 31, 2017USD ($)projectlot
Class of Stock [Line Items]
Repurchase of common stock (in shares) | shares						0
Impairment of real estate inventory					$ 0	$ 0
Number of inactive projects | lot					26,013			25,921
Equity method investment impairment charges					$ 0	$ 0
Prepaid expenses and other assets, net					(56,971,000)			$ (72,334,000)
Property and equipment, net					39,044,000			7,112,000
Retained earnings					$ 366,749,000			$ 319,833,000
Class A Common Stock
Class of Stock [Line Items]
Public offering, number of shares issued | shares					28,700,000
Class B Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares) | shares	3,800,000	7,600,000	3,800,000	7,600,000
Western Region
Class of Stock [Line Items]
Number of inactive projects | project					2			2,000
Carrying value of community					$ 7,300,000			$ 10,700,000
Central Region
Class of Stock [Line Items]
Number of inactive projects | project					0			0
Eastern Region
Class of Stock [Line Items]
Number of inactive projects | project					0			0
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Class of Stock [Line Items]
Prepaid expenses and other assets, net							$ 32,000,000
Property and equipment, net							32,000,000
Retained earnings							$ 2,000,000

EARNINGS PER SHARE - Summary of

EARNINGS PER SHARE - Summary of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net income available to TMHC – basic	$ 44,933	$ 11,476
Net income attributable to non-controlling interest – Principal Equityholders	2,470	24,134
Loss fully attributable to public holding company	165	27
Net income – diluted	$ 47,568	$ 35,637
Denominator:
Weighted average shares - basic (Class A) (in shares)	107,195	38,554
Weighted average shares - Principal Equityholders' non-controlling interest (Class B) (in shares)	5,849	81,015
Restricted stock units (in shares)	1,126	703
Stock Options (in shares)	597	206
Weighted average shares - diluted (in shares)	114,767	120,478
Earnings per common share – basic:
Net income available to Taylor Morrison Home Corporation (usd per share)	$ 0.42	$ 0.30
Earnings per common share – diluted:
Net income available to Taylor Morrison Home Corporation (usd per share)	$ 0.41	$ 0.30

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Stock options and time-vesting RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of earnings per share	481,705	1,847,982

REAL ESTATE INVENTORY AND LAN40

REAL ESTATE INVENTORY AND LAND DEPOSITS - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Real estate developed and under development	$ 2,140,110	$ 2,130,263
Real estate held for development or held for sale	54,591	76,552
Operating communities	774,485	659,398
Capitalized interest	95,334	90,496	$ 103,059	$ 102,642
Total owned inventory	3,064,520	2,956,709
Real estate not owned under option agreements	2,010	2,527
Total real estate inventory	$ 3,066,530	$ 2,959,236

REAL ESTATE INVENTORY AND LAN41

REAL ESTATE INVENTORY AND LAND DEPOSITS - Schedule of Development Status of Land Inventory (Detail) $ in Thousands	Mar. 31, 2018USD ($)lot	Dec. 31, 2017USD ($)lot
Inventory [Line Items]
Owned Lots (in lot) | lot	26,013	25,921
Book Value of Land and Development
Inventory [Line Items]
Raw | $	$ 344,248	$ 338,642
Partially developed | $	366,160	543,200
Finished | $	1,477,031	1,314,243
Long-term strategic assets | $	7,262	10,730
Total | $	$ 2,194,701	$ 2,206,815
Raw
Inventory [Line Items]
Owned Lots (in lot) | lot	6,954	7,703
Partially developed
Inventory [Line Items]
Owned Lots (in lot) | lot	5,849	5,811
Finished
Inventory [Line Items]
Owned Lots (in lot) | lot	12,504	11,644
Long-term strategic assets
Inventory [Line Items]
Owned Lots (in lot) | lot	706	763

REAL ESTATE INVENTORY AND LAN42

REAL ESTATE INVENTORY AND LAND DEPOSITS - Additional Information (Detail) $ in Millions	Mar. 31, 2018USD ($)lot	Dec. 31, 2017USD ($)lot
Real Estate [Abstract]
Right to purchase lots of land option (in lot) | lot	4,144	5,037
Aggregate purchase price	$ 362.5	$ 405.3
Non-refundable option deposits	$ 57.4	$ 49.8

REAL ESTATE INVENTORY AND LAN43

REAL ESTATE INVENTORY AND LAND DEPOSITS - Schedule of Interest Capitalized, Incurred, Expensed and Amortized (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest capitalized - beginning of period	$ 90,496	$ 102,642
Interest incurred	19,686	20,714
Interest amortized to cost of home closings	(14,848)	(20,297)
Interest capitalized - end of period	$ 95,334	$ 103,059

INVESTMENTS IN UNCONSOLIDATED44

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Additional Information (Detail)	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Maximum related and unrelated third parties ownership interests	50.00%

INVESTMENTS IN UNCONSOLIDATED45

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Summarized Balance Sheets of Unconsolidated Entities Accounted by Equity Method (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets:
Other assets	$ 758,701	$ 1,124,525
Liabilities and owners’ equity:
Debt	1,405,045	1,498,062
Equity Method Investments
Assets:
Real estate inventory	623,476	627,841
Other assets	146,557	138,341
Total assets	770,033	766,182
Liabilities and owners’ equity:
Debt	184,760	193,770
Other liabilities	26,031	27,556
Total liabilities	210,791	221,326
Owners’ equity:
TMHC	196,695	192,364
Others	362,547	352,492
Total owners’ equity	559,242	544,856
Total liabilities and owners’ equity	$ 770,033	$ 766,182

INVESTMENTS IN UNCONSOLIDATED46

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Summarized Statements of Operations of Unconsolidated Entities Accounted by Equity Method (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Schedule of Equity Method Investments [Line Items]
TMHC’s share in income of unconsolidated entities	$ 3,246	$ 1,085
Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Revenues	59,074	22,994
Costs and expenses	(47,332)	(20,104)
Income of unconsolidated entities	11,742	2,890
TMHC’s share in income of unconsolidated entities	3,246	1,085
Distributions from unconsolidated entities	$ 1,033	$ 1,739

ACCRUED EXPENSES AND OTHER LI47

ACCRUED EXPENSES AND OTHER LIABILITIES - Summary of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Real estate development costs to complete	$ 9,474	$ 14,815
Compensation and employee benefits	32,515	72,352
Self-insurance and warranty reserves	50,336	51,010	$ 52,416	$ 50,550
Interest payable	24,441	17,125
Property and sales taxes payable	7,675	12,294
Other accruals	30,092	33,944
Total accrued expenses and other liabilities	$ 154,533	$ 201,540

ACCRUED EXPENSES AND OTHER LI48

ACCRUED EXPENSES AND OTHER LIABILITIES - Summary of Changes in Reserves (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Changes in Warranty Reserves
Reserve - beginning of period	$ 51,010	$ 50,550
Additions to reserves	5,043	4,299
Costs and claims incurred	(5,060)	(3,335)
Change in estimates to existing reserves	(657)	902
Reserve - end of period	$ 50,336	$ 52,416

DEBT - Summary of Total Debt (D

DEBT - Summary of Total Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 05, 2014	Apr. 16, 2013
Debt Instrument [Line Items]
Principal	$ 1,414,683	$ 1,508,275
Unamortized Debt Issuance Costs	9,638	10,213
Carrying Value	1,405,045	1,498,062
Letters of credit utilized	341,900	331,700
Loans payable and other borrowings
Debt Instrument [Line Items]
Principal	123,161	139,453
Unamortized Debt Issuance Costs	0	0
Carrying Value	123,161	139,453
Mortgage warehouse borrowings
Debt Instrument [Line Items]
Principal	41,522	118,822
Unamortized Debt Issuance Costs	0	0
Carrying Value	41,522	118,822
Revolving Credit Facility
Debt Instrument [Line Items]
Principal	0	0
Unamortized Debt Issuance Costs	0	0
Carrying Value	0	0
Unamortized debt issuance costs	2,900	2,000
Letters of credit utilized	52,200	47,100
Availability under Revolving Credit Facility	447,800	452,900
Senior Notes
Debt Instrument [Line Items]
Principal	1,250,000	1,250,000
Unamortized Debt Issuance Costs	9,638	10,213
Carrying Value	1,240,362	1,239,787
Senior Notes | 5.25% Senior Notes due 2021, unsecured
Debt Instrument [Line Items]
Principal	550,000	550,000
Unamortized Debt Issuance Costs	3,593	3,892
Carrying Value	$ 546,407	546,108
Stated interest rate of senior notes	5.25%			5.25%
Senior Notes | 5.875% Senior Notes due 2023, unsecured
Debt Instrument [Line Items]
Principal	$ 350,000	350,000
Unamortized Debt Issuance Costs	2,860	3,002
Carrying Value	$ 347,140	346,998
Stated interest rate of senior notes	5.875%
Senior Notes | 5.625% Senior Notes due 2024, unsecured
Debt Instrument [Line Items]
Principal	$ 350,000	350,000
Unamortized Debt Issuance Costs	3,185	3,319
Carrying Value	$ 346,815	$ 346,681
Stated interest rate of senior notes	5.625%		5.625%

DEBT - 2021 Senior Notes (Detai

DEBT - 2021 Senior Notes (Detail) - 5.25% Senior Notes due 2021, unsecured - Senior Notes - USD ($)	Apr. 16, 2013	Mar. 31, 2018
Debt Instrument [Line Items]
Senior Notes issued amount	$ 550,000,000
Stated interest rate of senior notes	5.25%	5.25%
Redemption price (as a percent)	101.00%	102.625%

DEBT - 2023 Senior Notes (Detai

DEBT - 2023 Senior Notes (Detail) - 5.875% Senior Notes due 2023, unsecured - Unsecured Debt - USD ($)	3 Months Ended
	Mar. 31, 2018	Apr. 16, 2015
Debt Instrument [Line Items]
Senior Notes issued amount		$ 350,000,000
Stated interest rate of senior notes		5.875%
Redemption price (as a percent)	100.00%

DEBT - 2024 Senior Notes - Addi

DEBT - 2024 Senior Notes - Additional Information (Detail) - 5.625% Senior Notes due 2024, unsecured - Senior Notes - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 05, 2014
Debt Instrument [Line Items]
Senior Notes issued amount		$ 350,000,000
Stated interest rate of senior notes	5.625%	5.625%
Redemption price (as a percent)	100.00%

DEBT - Revolving Credit Facilit

DEBT - Revolving Credit Facility (Detail)	3 Months Ended
	Mar. 31, 2018USD ($)equity_cure_rightfiscal_quarter	Jan. 26, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Revolving credit facility	$ 0		$ 0
Revolving Credit Facility | Restated Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity on line of credit		$ 500,000,000
Maximum capitalization ratio	60.00%
Minimum consolidated tangible net worth requirement	$ 1,700,000,000
Revolving credit facility	$ 40,000,000
Maximum consecutive days for financial covenant	5 days
Number of consecutive fiscal quarters in which equity cure right can be used twice (in fiscal quarter) | fiscal_quarter	4
Maximum number of times equity cure right can be exercised | equity_cure_right	5

DEBT - Summary of Mortgage Ware

DEBT - Summary of Mortgage Warehouse Borrowings (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Amount Drawn	$ 41,522,000	$ 118,822,000
Secured Debt
Line of Credit Facility [Line Items]
Amount Drawn	41,522,000	118,822,000
Facility Amount	189,000,000	249,000,000
Mortgage borrowings outstanding, collateralized amount	93,000,000	187,000,000
Collateralized amount of restricted short-term investments	1,300,000	1,600,000
Secured Debt | Flagstar
Line of Credit Facility [Line Items]
Amount Drawn	3,022,000	12,990,000
Facility Amount	$ 39,000,000	$ 39,000,000
Expiration Date	30 days	30 days
Secured Debt | Flagstar | LIBOR
Line of Credit Facility [Line Items]
Interest Rate	2.25%	2.25%
Secured Debt | Comerica
Line of Credit Facility [Line Items]
Amount Drawn	$ 7,864,000	$ 41,447,000
Facility Amount	$ 50,000,000	$ 85,000,000
Secured Debt | Comerica | LIBOR
Line of Credit Facility [Line Items]
Interest Rate	2.25%	2.25%
Secured Debt | J.P. Morgan
Line of Credit Facility [Line Items]
Amount Drawn	$ 30,636,000	$ 64,385,000
Facility Amount	$ 100,000,000	$ 125,000,000
Secured Debt | J.P. Morgan | LIBOR
Line of Credit Facility [Line Items]
Interest Rate	2.375%	2.375%

DEBT - Loans Payable and Other

DEBT - Loans Payable and Other Borrowings (Detail) - Loans Payables	Mar. 31, 2018	Dec. 31, 2017
Minimum
Debt Instrument [Line Items]
Interest rate on loans payable	0.00%	0.00%
Maximum
Debt Instrument [Line Items]
Interest rate on loans payable	8.00%	8.00%

FAIR VALUE DISCLOSURES (Detail)

FAIR VALUE DISCLOSURES (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 05, 2014	Apr. 16, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 2,453	$ 1,584
Senior Notes | 5.25% Senior Notes due 2021, unsecured
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate of senior notes	5.25%			5.25%
Senior Notes | 5.875% Senior Notes due 2023, unsecured
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate of senior notes	5.875%
Senior Notes | 5.625% Senior Notes due 2024, unsecured
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate of senior notes	5.625%		5.625%
Level 2 | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	$ 93,019	187,038
Derivative assets	2,026	1,352
Level 2 | Carrying Value | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	0	0
Level 2 | Carrying Value | Mortgage warehouse borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	41,522	118,822
Level 2 | Carrying Value | Loans payable and other borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	123,161	139,453
Level 2 | Carrying Value | Senior Notes | 5.25% Senior Notes due 2021, unsecured
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	546,407	546,108
Level 2 | Carrying Value | Senior Notes | 5.875% Senior Notes due 2023, unsecured
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	347,140	346,998
Level 2 | Carrying Value | Senior Notes | 5.625% Senior Notes due 2024, unsecured
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	346,815	346,681
Level 2 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	93,019	187,038
Derivative assets	2,026	1,352
Level 2 | Estimated Fair Value | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	0	0
Level 2 | Estimated Fair Value | Mortgage warehouse borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	41,522	118,822
Level 2 | Estimated Fair Value | Loans payable and other borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	123,161	139,453
Level 2 | Estimated Fair Value | Senior Notes | 5.25% Senior Notes due 2021, unsecured
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	554,785	561,000
Level 2 | Estimated Fair Value | Senior Notes | 5.875% Senior Notes due 2023, unsecured
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	361,270	369,705
Level 2 | Estimated Fair Value | Senior Notes | 5.625% Senior Notes due 2024, unsecured
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	349,895	366,205
Level 3 | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	0	5,328
Level 3 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ 0	$ 5,328

INCOME TAXES (Detail)

INCOME TAXES (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Tax [Line Items]
Income tax expense (benefit)	$ 11,706	$ 18,873
Effective tax rate	19.80%	34.60%
Cumulative gross unrecognized tax benefits	$ 12,900		$ 12,900
Potential interest and penalties accrued	1,100		$ 1,000
Domestic
Income Tax [Line Items]
Unrecognized tax benefits that would affect effective tax rate	$ 10,300

STOCKHOLDERS_ EQUITY - Addition

STOCKHOLDERS’ EQUITY - Additional Information (Detail)	Jan. 17, 2018USD ($)shares	Jan. 17, 2018shares	Jan. 08, 2018USD ($)shares	Jan. 31, 2018shares	Mar. 31, 2018USD ($)vote	Mar. 31, 2017shares	Jan. 03, 2018USD ($)
Class of Stock [Line Items]
Repurchase of common stock (in shares) | shares						0
Authorized amount for Stock Repurchase Program							$ 200,000,000
Additional common stock repurchased	$ 101,800,000		$ 100,000,000
Remaining amount authorized for repurchase					$ 95,900,000
Class A Common Stock
Class of Stock [Line Items]
Voting rights per share | vote					1
Class B Common Stock
Class of Stock [Line Items]
Voting rights per share | vote					1
Repurchase of common stock (in shares) | shares	3,800,000	7,600,000	3,800,000	7,600,000

STOCKHOLDERS_ EQUITY - Summary

STOCKHOLDERS’ EQUITY - Summary of Class A Common Stock in Registered Public Offerings (Details) - Class A Common Stock - $ / shares shares in Thousands	Jan. 17, 2018	Jan. 08, 2018
Public Stock Offering
Class of Stock [Line Items]
Number of shares (in shares)	19,207	11,000
Net purchase price per share (usd per share)	$ 27.14	$ 26.0500
Public Stock Offering - Shares Offered By The Company
Class of Stock [Line Items]
Number of shares (in shares)	17,700
Public Stock Offering - Shares Issued by TPG
Class of Stock [Line Items]
Number of shares (in shares)	1,500

STOCKHOLDERS_ EQUITY - Componen

STOCKHOLDERS’ EQUITY - Components and Voting Power of Outstanding Common Stock (Detail) - shares	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Shares Outstanding	112,177,118
Percentage	100.00%
Class A Common Stock
Class of Stock [Line Items]
Shares Outstanding	111,308,197	82,399,996
Percentage	99.20%
Class B Common Stock
Class of Stock [Line Items]
Shares Outstanding	868,921	37,179,616
Percentage	0.80%

STOCK BASED COMPENSATION - Addi

STOCK BASED COMPENSATION - Additional Information (Detail) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate unamortized outstanding stock based compensation | $	$ 33.5	$ 19.8
Number of shares issued for each share of Class B Common Stock and TMM Unit converted (in shares)	1
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)	10 years
2013 Omnibus Equity Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate common stock available for future grants (in shares)	8,036,873
Minimum | Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Maximum | Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	4 years
Capital Units | Conversion Of TMM Holdings Class M Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock conversion ratio (in units)	1

STOCK BASED COMPENSATION - Summ

STOCK BASED COMPENSATION - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock compensation	$ 3,543	$ 3,012
New TMM units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock compensation	0	157
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock compensation	1,241	958
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock compensation	$ 2,302	$ 1,897

STOCK BASED COMPENSATION - Su63

STOCK BASED COMPENSATION - Summary of Restricted Stock Unit and Performance Based Restricted Stock Unit Activity (Detail) - Restricted Stock Units and Performance Based Restricted Stock Units	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Shares
Beginning balance (in shares) | shares	1,889,559
Granted (in shares) | shares	531,940
Vested (in shares) | shares	(211,014)
Forfeited (in shares) | shares	(182,762)
Ending balance (in shares) | shares	2,027,723
Weighted Average Grant Date Fair Value
Outstanding, Beginning balance (usd per share) | $ / shares	$ 14.84
Granted (usd per share) | $ / shares	24.25
Vested (usd per share) | $ / shares	14.87
Forfeited (usd per share) | $ / shares	16.88
Outstanding, Ending balance (usd per share) | $ / shares	$ 17.02

STOCK BASED COMPENSATION - Su64

STOCK BASED COMPENSATION - Summary of Stock Option Plan (Detail)	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Shares
Outstanding, Beginning balance (in shares) | shares	2,854,213
Granted (in shares) | shares	707,184
Exercised (in shares) | shares	(37,060)
Canceled/Forfeited (in shares) | shares	(34,250)
Outstanding, Ending balance (in shares) | shares	3,490,087
Options exercisable (in shares) | shares	1,393,153
Weighted Average Exercise Price Per Share
Outstanding, Beginning balance (usd per share) | $ / shares	$ 17.50
Granted (usd per share) | $ / shares	23.87
Exercised (usd per share) | $ / shares	15.64
Canceled/Forfeited (usd per share) | $ / shares	18.98
Outstanding, Ending balance (usd per share) | $ / shares	18.80
Options exercisable (usd per share) | $ / shares	$ 18.18

STOCK BASED COMPENSATION - Su65

STOCK BASED COMPENSATION - Summary of Class B/New TMM Unit Activity (Detail) - Class B Shares/New TMM Units	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Shares/New TMM Units
Beginning balance (in shares) | shares	883,921
Exchanges (in shares) | shares	(15,000)
Ending balance (in shares) | shares	868,921
Weighted Average Grant Date Fair Value
Beginning balance (usd per share) | $ / shares	$ 5.24
Exchanges (usd per share) | $ / shares	8.04
Ending balance (usd per share) | $ / shares	$ 5.19

ACCUMULATED OTHER COMPREHENSI66

ACCUMULATED OTHER COMPREHENSIVE INCOME (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	$ 2,346,545
Gross amounts reclassified within accumulated other comprehensive income	0	$ 0
Balance, end of period	2,195,630
Total Post- Retirement Benefits Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	2,082	2,061
Gross amounts reclassified within accumulated other comprehensive income	0	0
Balance, end of period	2,082	2,061
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(45,205)	(79,927)
Gross amounts reclassified within accumulated other comprehensive income	25,155	16,479
Balance, end of period	(20,050)	(63,448)
Non-controlling Interest - Principal Equityholders Reclassification
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	25,155	59,877
Gross amounts reclassified within accumulated other comprehensive income	(25,155)	(16,479)
Balance, end of period	0	43,398
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(17,968)	(17,989)
Balance, end of period	$ (17,968)	$ (17,989)

REPORTING SEGMENTS - Reconcilia

REPORTING SEGMENTS - Reconciliation to Net Income (Loss) (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)segment	Mar. 31, 2017USD ($)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Number of reporting segments included in operating component | segment	3
Total revenues	$ 752,333	$ 769,090
Gross margin	143,102	141,693
Selling, general and administrative expenses	(87,016)	(88,745)
Equity in income of unconsolidated entities	3,246	1,085
Interest and other (expense)/income, net	(94)	441
Income/(loss) before income taxes	59,238	54,474
Operating Segments | East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	284,807	263,665
Gross margin	52,289	53,358
Selling, general and administrative expenses	(28,634)	(27,169)
Equity in income of unconsolidated entities	111	0
Interest and other (expense)/income, net	(478)	(84)
Income/(loss) before income taxes	23,288	26,105
Operating Segments | Central
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	214,113	206,257
Gross margin	40,627	37,208
Selling, general and administrative expenses	(22,280)	(21,492)
Equity in income of unconsolidated entities	381	(168)
Interest and other (expense)/income, net	(108)	(344)
Income/(loss) before income taxes	18,620	15,204
Operating Segments | West
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	239,207	284,919
Gross margin	46,024	45,580
Selling, general and administrative expenses	(15,565)	(19,053)
Equity in income of unconsolidated entities	1,095	(83)
Interest and other (expense)/income, net	20	(125)
Income/(loss) before income taxes	31,574	26,319
Operating Segments | Financial Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	14,206	14,249
Gross margin	4,162	5,547
Selling, general and administrative expenses	0	0
Equity in income of unconsolidated entities	1,659	1,336
Interest and other (expense)/income, net	0	0
Income/(loss) before income taxes	5,821	6,883
Corporate and Unallocated
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	0	0
Gross margin	0	0
Selling, general and administrative expenses	(20,537)	(21,031)
Equity in income of unconsolidated entities	0	0
Interest and other (expense)/income, net	472	994
Income/(loss) before income taxes	$ (20,065)	$ (20,037)

REPORTING SEGMENTS - Assets fro

REPORTING SEGMENTS - Assets from Segment (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	$ 3,128,491	$ 3,009,004
Investments in unconsolidated entities	196,695	192,364
Other assets	758,701	1,124,525
Total assets	4,083,887	4,325,893
Operating Segments | East
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	1,179,356	1,150,918
Investments in unconsolidated entities	29,510	29,316
Other assets	67,778	85,753
Total assets	1,276,644	1,265,987
Operating Segments | Central
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	889,004	818,431
Investments in unconsolidated entities	33,798	32,874
Other assets	103,231	124,593
Total assets	1,026,033	975,898
Operating Segments | West
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	1,060,131	1,039,655
Investments in unconsolidated entities	128,654	126,559
Other assets	44,551	53,492
Total assets	1,233,336	1,219,706
Operating Segments | Financial Services
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	0	0
Investments in unconsolidated entities	4,733	3,615
Other assets	143,083	225,641
Total assets	147,816	229,256
Corporate and Unallocated
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	0	0
Investments in unconsolidated entities	0	0
Other assets	400,058	635,046
Total assets	$ 400,058	$ 635,046

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Detail) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit and surety bonds	$ 341.9	$ 331.7
Legal accruals	$ 1.6	$ 2.3

MORTGAGE HEDGING ACTIVITIES (De

MORTGAGE HEDGING ACTIVITIES (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Fair Value	$ 2,026	$ 1,352
Total commitments to extend credit	132,100	80,000
IRLCs
Derivative [Line Items]
Fair Value	2,453	1,584
Notional Amount	121,416	73,817
MBSs
Derivative [Line Items]
Fair Value	(427)	(232)
Notional Amount	$ 125,000	$ 118,078
Minimum
Derivative [Line Items]
Derivative term	30 days
Maximum
Derivative [Line Items]
Derivative term	60 days