Taylor Morrison Home (TMHC) 10-Q 1 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 01, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
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		111,392,354
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		863,434

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 320,102	$ 573,925
Restricted cash	1,319	1,578
Total cash, cash equivalents, and restricted cash	321,421	575,503
Owned inventory	3,194,241	2,956,709
Real estate not owned under option agreements	1,462	2,527
Total real estate inventory	3,195,703	2,959,236
Land deposits	40,514	49,768
Mortgage loans held for sale	99,606	187,038
Derivative assets	2,888	1,584
Prepaid expenses and other assets, net	52,029	72,334
Other receivables, net	94,320	94,488
Investments in unconsolidated entities	189,733	192,364
Deferred tax assets, net	117,892	118,138
Property and equipment, net	38,916	7,112
Intangible assets, net	1,601	2,130
Goodwill	66,198	66,198
Total assets	4,220,821	4,325,893
Liabilities
Accounts payable	160,051	140,165
Accrued expenses and other liabilities	167,315	201,540
Income taxes payable	14,454	4,525
Customer deposits	191,893	132,529
Senior notes, net	1,240,938	1,239,787
Loans payable and other borrowings	136,508	139,453
Revolving credit facility borrowings	0	0
Mortgage warehouse borrowings	49,818	118,822
Liabilities attributable to real estate not owned under option agreements	1,462	2,527
Total liabilities	1,962,439	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 June 30, 2018 and December 31, 2017	0	0
Additional paid-in capital	1,877,468	1,341,873
Treasury stock at cost, 3,049,257 shares as of June 30, 2018 and December 31, 2017	(47,622)	(47,622)
Retained earnings	425,238	319,833
Accumulated other comprehensive loss	(17,968)	(17,968)
Total stockholders’ equity attributable to Taylor Morrison Home Corporation	2,237,117	1,596,117
Non-controlling interests – joint ventures	1,359	1,663
Non-controlling interests	19,906	748,765
Total stockholders’ equity	2,258,382	2,346,545
Total liabilities and stockholders’ equity	4,220,821	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	Jun. 30, 2018	Dec. 31, 2017
Common stock, shares outstanding (in shares)	112,250,658
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)	114,436,481	85,449,253
Common stock, shares outstanding (in shares)	111,387,224	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)	863,434	37,179,616
Common stock, shares outstanding (in shares)	863,434	37,179,616

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Financial services revenue	$ 16,266	$ 15,634	$ 30,472	$ 29,883
Total revenues	980,828	908,494	1,733,161	1,677,584
Financial services expenses	11,152	10,102	21,196	18,804
Total cost of revenues	802,117	737,074	1,411,348	1,364,471
Gross margin	178,711	171,420	321,813	313,113
Sales, commissions and other marketing costs	64,604	61,516	118,302	117,133
General and administrative expenses	35,461	33,894	68,778	67,022
Equity in income of unconsolidated entities	(4,017)	(3,071)	(7,263)	(4,156)
Interest income, net	(276)	(89)	(619)	(179)
Other expense, net	3,654	764	4,092	413
Income/(loss) before income taxes	79,285	78,406	138,523	132,880
Income tax provision	19,993	22,476	31,699	41,349
Net income before allocation to non-controlling interests	59,292	55,930	106,824	91,531
Net income attributable to non-controlling interests — joint ventures	(140)	(207)	(269)	(198)
Net income before non-controlling interests	59,152	55,723	106,555	91,333
Net income attributable to non-controlling interests	(474)	(28,322)	(3,133)	(54,164)
Net income available to Taylor Morrison Home Corporation	$ 58,678	$ 27,401	$ 103,422	$ 37,169
Earnings per common share
Basic (usd per share)	$ 0.53	$ 0.46	$ 0.94	$ 0.76
Diluted (usd per share)	$ 0.52	$ 0.46	$ 0.93	$ 0.76
Weighted average number of shares of common stock:
Basic (in shares)	111,347	58,977	110,508	48,822
Diluted (in shares)	113,482	121,061	115,400	120,895
Home closings
Revenue contract with customers	$ 956,565	$ 889,096	$ 1,689,524	$ 1,640,581
Cost of home/land closings	784,521	724,505	1,379,427	1,340,800
Land closings
Revenue contract with customers	7,997	3,764	13,165	7,120
Cost of home/land closings	$ 6,444	$ 2,467	$ 10,725	$ 4,867

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income before non-controlling interests, net of tax	$ 59,292	$ 55,930	$ 106,824	$ 91,531
Comprehensive (income) loss attributable to non-controlling interests	(474)	(28,322)	(3,133)	(54,164)
Comprehensive income available to Taylor Morrison Home Corporation	58,678	27,401	103,422	37,169
Joint Ventures
Comprehensive (income) loss attributable to non-controlling interests	$ (140)	$ (207)	$ (269)	$ (198)

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 Interest	[1]	Non-controlling InterestJoint Ventures	Non-controlling InterestClass B Common Stock	[1]
Balance, beginning of period at Dec. 31, 2016								$ (17,989)
Increase (Decrease) in Stockholders' Equity
Net income	$ 91,531
Balance, end of period at Jun. 30, 2017								(17,989)
Balance, beginning of period at Mar. 31, 2017								(17,989)
Increase (Decrease) in Stockholders' Equity
Net income	55,930
Balance, end of period at Jun. 30, 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)	$ 748,765		$ 1,663
Increase (Decrease) in Stockholders' Equity
Net income	106,824						103,422		3,133		269
Exchange of New TMM Units and corresponding number of Class B Common Stock, shares		20,487	(20,487)
Exchange of New TMM Units and corresponding number of Class B Common Stock	0				$ 1,293							$ (1,293)
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		98,270
Exercise of stock options	1,588			1,588
Issuance of restricted stock units, net of shares withheld for tax, shares		161,547
Issuance of restricted stock units, net of shares withheld for tax	(1,491)			(1,491)
Number of shares		28,706,924
Exchange of B shares from secondary offerings	729,954			729,954
Repurchase of New TMM Units from Principal Equityholders, shares			(28,706,924)
Repurchase of New TMM Units from Principal Equityholders	(730,963)								(730,963)
Share based compensation	6,290			6,026					264
Changes in non-controlling interests of consolidated joint ventures	(573)										(573)
Balance, end of period, shares at Jun. 30, 2018		111,387,224	863,434			3,049,257
Balance, end of period at Jun. 30, 2018	$ 2,258,382	$ 1	$ 0	$ 1,877,468		$ (47,622)	$ 425,238	$ (17,968)	$ 19,906		$ 1,359
[1]	As of June 30, 2018, 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 six months ended June 30, 2018.

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income before allocation to non-controlling interests	$ 106,824	$ 91,531
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of unconsolidated entities	(7,263)	(4,156)
Stock compensation expense	6,290	6,850
Distributions of earnings from unconsolidated entities	3,298	3,496
Depreciation and amortization	11,306	2,097
Debt issuance costs amortization	1,652	1,909
Contingent consideration	146	613
Deferred income taxes	246	(6,291)
Changes in operating assets and liabilities:
Real estate inventory and land deposits	(228,278)	(200,801)
Mortgages held for sale, prepaid expenses and other assets	74,094	132,989
Customer deposits	59,364	70,867
Accounts payable, accrued expenses and other liabilities	(27,119)	(641)
Income taxes payable	9,929	1,507
Net cash provided by operating activities	10,489	99,970
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(8,593)	(915)
Distributions of capital from unconsolidated entities	9,965	3,295
Investments of capital into unconsolidated entities	(3,368)	(23,604)
Net cash (used in) investing activities	(1,996)	(21,224)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in loans payable and other borrowings	18,304	8,643
Repayments of loans payable and other borrowings	(8,350)	(8,047)
Borrowings on mortgage warehouse	311,880	388,353
Repayment on mortgage warehouse	(380,884)	(523,767)
Payment of contingent consideration	(265)	0
Proceeds from stock option exercises	1,588	4,734
Proceeds from issuance of shares from secondary offerings	767,116	882,306
TMHC repurchase and cancellation of New TMM Units from principal equityholders	(201,775)
Repurchase of shares from principal equityholders	(768,125)	(884,303)
Payment of taxes related to net share settlement of equity awards	(1,491)	(289)
Distributions to non-controlling interests of consolidated joint ventures, net	(573)	(100)
Net cash (used in) financing activities	(262,575)	(132,470)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(254,082)	(53,724)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period	575,503	301,812
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period	321,421	248,088
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net	(21,525)	(46,133)
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
Change in loans payable issued to sellers in connection with land purchase contracts	24,279	31,305
Change in inventory not owned	(1,065)	(2,249)
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	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Organization and Description of the Business — Taylor Morrison Home Corporation “TMHC” through its subsidiaries (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 June 30, 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 “Former Principal Equityholders” and, following JH's February 2017 sale of its equity interest in us, the “Remaining Principal Equityholders”). From January 2017 through January 2018, we 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 Former 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 Remaining Principal Equityholders. Following our final public offering in January, 2018, the Remaining Principal Equityholders no longer held any ownership in the Company. Refer to Note 10. Stockholders' Equity for discussion regarding our equity offering transactions. On June 7, 2018 we announced and entered into an Agreement and Plan of Merger with AV Homes, Inc. (“AV Homes”). AV Homes is a homebuilder and land developer of residential communities in Florida, North Carolina, South Carolina, Arizona and Texas. AV Homes focuses on the development and construction of primary residential communities that serve first-time and move-up buyers, as well as age restricted active adults communities. We will acquire all of the outstanding shares of AV Homes common stock at $21.50 per share in a cash and stock transaction with an estimated value of approximately $480 million . We have not completed the fair value measurements with respect to the AV Homes' assets to be acquired and the AV Homes' liabilities to be assumed. A final determination of the fair value of AV Homes’ assets and liabilities will be based on the actual assets and liabilities of AV Homes that exist as of the date of completion of the merger. Additionally, the final value of the consideration to be paid by us to complete the merger will be determined based on the ending number of shares of AV Homes' Common Stock outstanding at the time of the completion of the merger. Within 12 months after the completion of the merger, final valuations will be completed and reflected in the combined company’s financial information. Under the terms of the agreement, AV Homes stockholders will have the option to receive, at their election, consideration per share equal to (i) $21.50 in cash, (ii) 0.9793 shares of Taylor Morrison Class A common stock or (iii) the combination of $12.64 in cash and 0.4034 shares of Taylor Morrison Class A common stock, subject to an overall proration of approximately 58.8% cash and 41.2% stock. On a pro forma basis, AV Homes stockholders are expected to own up to approximately 10% of the combined company, subject to conversion mechanics applicable to holders of AV Homes' convertible notes. The transaction has been unanimously approved by the Boards of Directors of both Taylor Morrison and AV Homes and will be submitted to the stockholders of AV Homes for approval. The transaction is expected to close late in the third quarter or early in the fourth quarter of 2018.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 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 first quarter of 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, 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. 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 Condensed 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 and six months ended June 30, 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 June 30, 2018 and December 31, 2017 , we had one and two inactive projects with a carrying value of $3.2 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 June 30, 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 and six months ended June 30, 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 a credit to 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, net to Property and equipment, net 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. For our home sales transactions, we have one contract, with one performance obligation, with each customer to build and deliver the home purchased (or develop and deliver 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. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases . ASU 2018-10 primarily provides additional guidance to Topic 842 including clarification on residual value guarantees, implicit rates, lessee reassessment of lease classifications, and other various areas within the Topic. We do not believe the adoption of ASU 2016-02 or ASU 2018-10 will have a material impact on our Condensed Consolidated Financial Statements and disclosures.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2018 2017 2018 2017 Numerator: Net income available to TMHC – basic $ 58,678 $ 27,401 $ 103,422 $ 37,169 Net income attributable to non-controlling interest 474 28,322 3,133 54,164 Loss fully attributable to public holding company 84 125 248 152 Net income – diluted $ 59,236 $ 55,848 $ 106,803 $ 91,485 Denominator: Weighted average shares – basic (Class A) 111,347 58,977 110,508 48,822 Weighted average shares – non-controlling interest (Class B) 867 60,630 3,339 70,766 Restricted stock units 898 1,075 1,068 976 Stock Options 370 379 485 331 Weighted average shares – diluted 113,482 121,061 115,400 120,895 Earnings per common share – basic: Net income available to Taylor Morrison Home Corporation $ 0.53 $ 0.46 $ 0.94 $ 0.76 Earnings per common share – diluted: Net income available to Taylor Morrison Home Corporation $ 0.52 $ 0.46 $ 0.93 $ 0.76 We excluded a total weighted average of 1,579,683 and 1,660,683 outstanding anti-dilutive stock options and unvested restricted stock units (“RSUs”) and 787,527 and 1,926,724 stock options and unvested RSUs from the calculation of earnings per share for the three and six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, December 31, 2017 Real estate developed and under development $ 2,190,939 $ 2,130,263 Real estate held for development or held for sale (1) 56,814 76,552 Operating communities (2) 850,795 659,398 Capitalized interest 95,693 90,496 Total owned inventory 3,194,241 2,956,709 Real estate not owned under option agreements 1,462 2,527 Total real estate inventory $ 3,195,703 $ 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 June 30, 2018 December 31, 2017 Owned Lots Book Value of Land and Development Owned Lots Book Value of Land and Development Raw 7,864 $ 336,396 7,703 $ 338,642 Partially developed 5,567 371,810 5,811 543,200 Finished 13,108 1,536,378 11,644 1,314,243 Long-term strategic assets 50 3,169 763 10,730 Total 26,589 $ 2,247,753 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 June 30, 2018 and December 31, 2017 , we had the right to purchase 3,949 and 5,037 lots under land option purchase contracts, respectively, for an aggregate purchase price of $350.0 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 June 30, 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 $40.5 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 Six Months Ended 2018 2017 2018 2017 Interest capitalized - beginning of period $ 95,334 $ 103,059 $ 90,496 $ 102,642 Interest incurred 20,129 20,711 39,815 41,425 Interest amortized to cost of home closings (19,770 ) (23,280 ) (34,618 ) (43,577 ) Interest capitalized - end of period $ 95,693 $ 100,490 $ 95,693 $ 100,490

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	6 Months Ended
	Jun. 30, 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 June 30, December 31, Assets: Real estate inventory $ 591,198 $ 627,841 Other assets 145,205 138,341 Total assets $ 736,403 $ 766,182 Liabilities and owners’ equity: Debt $ 181,762 $ 193,770 Other liabilities 26,527 27,556 Total liabilities 208,289 221,326 Owners’ equity: TMHC 189,733 192,364 Others 338,381 352,492 Total owners’ equity 528,114 544,856 Total liabilities and owners’ equity $ 736,403 $ 766,182 Three Months Ended Six Months Ended 2018 2017 2018 2017 Revenues $ 76,629 $ 64,260 $ 135,703 $ 87,253 Costs and expenses (61,485 ) (50,937 ) (108,817 ) (71,041 ) Income of unconsolidated entities $ 15,144 $ 13,323 $ 26,886 $ 16,212 TMHC’s share in income of unconsolidated entities $ 4,017 $ 3,071 $ 7,263 $ 4,156 Distributions from unconsolidated entities $ 12,230 $ 5,052 $ 13,263 $ 6,791

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	6 Months Ended
	Jun. 30, 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 $ 9,966 $ 14,815 Compensation and employee benefits 50,773 72,352 Self-insurance and warranty reserves 53,011 51,010 Interest payable 17,011 17,125 Property and sales taxes payable 10,885 12,294 Other accruals 25,669 33,944 Total accrued expenses and other liabilities $ 167,315 $ 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 Six Months Ended 2018 2017 2018 2017 Reserve - beginning of period $ 50,336 $ 52,416 $ 51,010 $ 50,550 Additions to reserves 10,282 6,744 15,325 11,043 Costs and claims incurred (7,873 ) (6,593 ) (12,933 ) (9,928 ) Change in estimates to existing reserves 266 1,517 (391 ) 2,419 Reserve - end of period $ 53,011 $ 54,084 $ 53,011 $ 54,084

DEBT

DEBT	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
DEBT	DEBT Total debt consists of the following (in thousands): As of June 30, 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 $ 3,294 $ 546,706 $ 550,000 $ 3,892 $ 546,108 5.875% Senior Notes due 2023, unsecured 350,000 2,718 347,282 350,000 3,002 346,998 5.625% Senior Notes due 2024, unsecured 350,000 3,050 346,950 350,000 3,319 346,681 Senior Notes subtotal 1,250,000 9,062 1,240,938 1,250,000 10,213 1,239,787 Loans payable and other borrowings 136,508 — 136,508 139,453 — 139,453 Revolving Credit Facility (1) — — — — — — Mortgage warehouse borrowings 49,818 — 49,818 118,822 — 118,822 Total Senior Notes and other financing $ 1,436,326 $ 9,062 $ 1,427,264 $ 1,508,275 $ 10,213 $ 1,498,062 (1) The Revolving Credit Facility included $3.1 million and $2.0 million of unamortized debt issuance costs as of June 30, 2018 and December 31, 2017 , respectively, which is presented in Prepaid expenses and other assets, net on the Consolidated Balance Sheets. As of June 30, 2018 and December 31, 2017 , we had $48.4 million and $47.1 million , respectively, of utilized letters of credit, resulting in $551.6 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 . On June 29, 2018, we further amended the Revolving Credit Facility to increase the amount available to $600.0 million . 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 June 30, 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 June 30, 2018 Facility Amount Drawn Facility Amount Interest Rate Expiration Date Collateral (1) Flagstar $ 1,692 $ 5,000 (2) LIBOR + 2.25% 30 days written notice Mortgage Loans Comerica 18,334 50,000 LIBOR + 2.25% On Demand Mortgage Loans J.P. Morgan 29,792 100,000 LIBOR + 2.375% September 24, 2018 Mortgage Loans and Restricted Cash Total $ 49,818 $ 155,000 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 June 30, 2018 and December 31, 2017 were collateralized by a) $99.6 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. (2) We amended our warehouse agreement with Flagstar during the three months ended June 30, 2018 and reduced our capacity from $39.0 million to $5.0 million . From time to time we have the ability to increase or decrease capacity to accommodate funding needs. Loans Payable and Other Borrowings Loans payable and other borrowings as of June 30, 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 June 30, 2018 and December 31, 2017 . We impute interest for loans with no stated interest rates.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
	Jun. 30, 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 June 30, 2018 , when compared to December 31, 2017 . The carrying value and fair value of our financial instruments are as follows: June 30, 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 $ 99,606 $ 99,606 $ 187,038 $ 187,038 Derivative assets, net 2 2,451 2,451 1,352 1,352 Mortgage warehouse borrowings 2 49,818 49,818 118,822 118,822 Loans payable and other borrowings 2 136,508 136,508 139,453 139,453 5.25% Senior Notes due 2021 (1) 2 546,706 550,000 546,108 561,000 5.875% Senior Notes due 2023 (1) 2 347,282 348,250 346,998 369,705 5.625% Senior Notes due 2024 (1) 2 346,950 342,335 346,681 366,205 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 during the first quarter of 2018 and no liability exists as of June 30, 2018.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our effective tax rate for the three and six months ended June 30, 2018 was 25.2% and 22.9% , respectively, compared to 28.7% and 31.1% for the same periods in 2017 , respectively. For the three and six months ended June 30, 2018 and 2017 , the effective tax rate differed from the U.S. federal statutory income tax rate primarily due to state income taxes, special deductions and credits relating to home building activities, uncertain tax positions, and discrete tax adjustments related to certain deferred tax assets and liabilities. The effective tax rate for the six months ended June 30, 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 (“Tax Act”), the relevant provisions of which became effective on 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 . In the quarter ended June 30, 2018 , we recorded a $1.0 million reduction to the provisional tax expense for the mandatory repatriation of foreign earnings. The adjustment to the provisional tax expense during the quarter was a result of the filing of foreign income tax returns and the issuance of additional guidance from the IRS interpreting various provisions of the Tax Act. Our accounting of the Tax Act is still a provisional estimate and further adjustments may be necessary in 2018 due to changes in our interpretation of the Tax Act and the issuance of additional guidance by various regulatory bodies. We expect our final accounting for the Tax Act under SAB 118 to be completed when we finalize our 2017 income tax returns. At both June 30, 2018 and December 31, 2017 , cumulative gross unrecognized tax benefits were $12.9 million . If the unrecognized tax benefits as of June 30, 2018 were to be recognized, approximately $10.3 million would affect the effective tax rate. We had $1.3 million and $1.0 million of gross interest and penalties related to unrecognized tax positions accrued as of June 30, 2018 and December 31, 2017 , respectively.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 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 first quarter of 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 Remaining Principal Equityholders. As a result, we adjusted Non-controlling interests 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 first quarter of 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. Following our final public offering on January 17, 2018, 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 June 30, 2018 are as follows: Shares Outstanding Percentage Class A Common Stock 111,387,224 99.2 % Class B Common Stock (1) 863,434 0.8 % Total 112,250,658 100 % (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 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 . Because these repurchases were in connection with the offerings by our Remaining Principal Equityholders, the stock repurchase program was not reduced by such purchase and such authorization remained in effect thereafter. As of June 30, 2018 there was $95.9 million available to be used for repurchases. During the three months ended June 30, 2018, there were no shares repurchased. During the three and six months ended June 30, 2017, there were no shares repurchased.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	6 Months Ended
	Jun. 30, 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 June 30, 2018 , we had an aggregate of 8,338,851 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 Six Months Ended 2018 2017 2018 2017 Restricted stock units (1) $ 1,803 $ 2,294 $ 4,105 $ 4,191 Stock options 944 1,188 2,185 2,146 New TMM units (2) — 356 — 513 Total stock compensation $ 2,747 $ 3,838 $ 6,290 $ 6,850 (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. (2) As of December 31, 2017, all new TMM units were vested, and there is no further expense associated with them. At June 30, 2018 and December 31, 2017 , the aggregate unrecognized value of all outstanding stock-based compensation awards was approximately $27.7 million and $19.8 million , respectively. Restricted Stock Units – The following table summarizes the time-based RSU and performance-based RSU activity for the six months ended June 30, 2018 : Shares Weighted Average Grant Date Fair Value Balance at December 31, 2017 1,889,559 $ 14.84 Granted 566,943 24.12 Vested (223,739 ) 15.29 Forfeited (1) (367,860 ) 16.59 Balance at June 30, 2018 1,864,903 $ 17.09 (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 or termination of employment. During the three and six months ended June 30, 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 six months ended June 30, 2018 : Shares Weighted Average Exercise Price Per Share Outstanding at December 31, 2017 2,854,213 $ 17.50 Granted 721,762 23.86 Exercised (98,270 ) 16.16 Canceled/Forfeited (194,849 ) 18.52 Outstanding at June 30, 2018 3,282,856 $ 18.86 Options exercisable at June 30, 2018 1,541,557 $ 18.74 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 June 30, 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) (20,487 ) 6.93 Balance at June 30, 2018 863,434 $ 5.20 (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	6 Months Ended
	Jun. 30, 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. There was no activity for the three months ended June 30, 2018. During the six months ended June 30, 2018 we engaged in multiple equity offering transactions with our Remaining Principal Equityholders. Refer to Note 10 - Stockholders' Equity for discussion regarding such transactions. During the three months ended June 30, 2017 , we entered into a contract to purchase 140 home lots in Tustin, California for a total purchase price of $30.0 million from Intracorp Companies, which is owned and controlled by a member of the Board of Directors. During the three and six months ended June 30, 2017 , we completed multiple 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 Former Principal Equityholders. As a result, we adjusted Non-controlling interests 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 six months ended June 30, 2017: (Shares presented in thousands) Closing date Number of shares Net purchase price per share February 6, 2017 11,500 $ 18.2875 March 27, 2017 10,000 20.7800 May 5, 2017 10,000 23.1200 June 27, 2017 10,000 23.3000

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	6 Months Ended
	Jun. 30, 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). There was no activity in the three months ended June 30, 2018, therefore it is not presented. Six Months Ended June 30, 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 AOCI — 25,155 (25,155 ) — Balance, end of period $ 2,082 $ (20,050 ) $ — $ (17,968 ) Three Months Ended June 30, 2017 Total Post- Foreign Non-controlling Total Balance, beginning of period $ 2,061 $ (63,448 ) $ 43,398 $ (17,989 ) Gross amounts reclassified within AOCI — 11,489 (11,489 ) — Balance, end of period $ 2,061 $ (51,959 ) $ 31,909 $ (17,989 ) Six Months Ended June 30, 2017 Total Post- Foreign Non-controlling Total Balance, beginning of period $ 2,061 $ (79,927 ) $ 59,877 $ (17,989 ) Gross amounts reclassified within AOCI — 27,968 (27,968 ) — Balance, end of period $ 2,061 $ (51,959 ) $ 31,909 $ (17,989 )

REPORTING SEGMENTS

REPORTING SEGMENTS	6 Months Ended
	Jun. 30, 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 June 30, 2018 East Central West Financial Services Corporate and Unallocated Total Total revenues $ 360,472 $ 298,112 $ 305,978 $ 16,266 $ — $ 980,828 Gross margin 65,128 53,653 54,816 5,114 — 178,711 Selling, general and administrative expenses (31,105 ) (26,122 ) (20,061 ) — (22,777 ) (100,065 ) Equity in income of unconsolidated entities 128 374 1,476 2,039 — 4,017 Interest and other (expense), net (122 ) (130 ) (101 ) — (3,025 ) (3,378 ) Income/(loss) before income taxes $ 34,029 $ 27,775 $ 36,130 $ 7,153 $ (25,802 ) $ 79,285 Three Months Ended June 30, 2017 East Central West Financial Services Corporate and Unallocated Total Total revenues $ 320,053 $ 267,562 $ 305,245 $ 15,634 $ — $ 908,494 Gross margin 68,988 48,413 48,487 5,532 — 171,420 Selling, general and administrative expenses (29,337 ) (25,933 ) (18,854 ) — (21,286 ) (95,410 ) Equity in income of unconsolidated entities — 226 685 2,160 3,071 Interest and other (expense)/income, net (129 ) 602 (67 ) — (1,081 ) (675 ) Income/(loss) before income taxes $ 39,522 $ 23,308 $ 30,251 $ 7,692 $ (22,367 ) $ 78,406 Six Months Ended June 30, 2018 East Central West Financial Services Corporate and Unallocated Total Total revenues $ 645,279 $ 512,224 $ 545,186 $ 30,472 $ — $ 1,733,161 Gross margin 117,417 94,280 100,840 9,276 — 321,813 Selling, general and administrative expenses (59,738 ) (48,402 ) (35,626 ) — (43,314 ) (187,080 ) Equity in income of unconsolidated entities 239 755 2,571 3,698 — 7,263 Interest and other (expense), net (600 ) (238 ) (81 ) — (2,554 ) (3,473 ) Income/(loss) before income taxes $ 57,318 $ 46,395 $ 67,704 $ 12,974 $ (45,868 ) $ 138,523 Six Months Ended June 30, 2017 East Central West Financial Services Corporate and Unallocated Total Total revenues $ 583,718 $ 473,819 $ 590,164 $ 29,883 $ — $ 1,677,584 Gross margin 122,346 85,621 94,067 11,079 — 313,113 Selling, general and administrative expenses (56,506 ) (47,425 ) (37,907 ) — (42,317 ) (184,155 ) Equity in income of unconsolidated entities — 58 602 3,496 — 4,156 Interest and other (expense)/income, net (213 ) 258 (192 ) — (87 ) (234 ) Income/(loss) before income taxes $ 65,627 $ 38,512 $ 56,570 $ 14,575 $ (42,404 ) $ 132,880 As of June 30, 2018 East Central West Financial Services Corporate and Unallocated Total Real estate inventory and land deposits $ 1,253,377 $ 913,502 $ 1,069,338 $ — $ — $ 3,236,217 Investments in unconsolidated entities 30,250 34,763 120,705 4,015 — 189,733 Other assets 76,418 114,518 35,082 149,492 419,361 794,871 Total assets $ 1,360,045 $ 1,062,783 $ 1,225,125 $ 153,507 $ 419,361 $ 4,220,821 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	6 Months Ended
	Jun. 30, 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 $341.0 million and $331.7 million as of June 30, 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 June 30, 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 June 30, 2018 and December 31, 2017 , our legal accruals were $1.0 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	6 Months Ended
	Jun. 30, 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 June 30, 2018 December 31, 2017 (Dollars in thousands) Fair Value Notional Amount Fair Value Notional Amount IRLCs $ 2,888 $ 152,089 $ 1,584 $ 73,817 MBSs (437 ) 136,000 (232 ) 118,078 Total $ 2,451 $ 1,352 Total commitments to originate loans approximated $163.9 million and $80.0 million as of June 30, 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. 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)	6 Months Ended
	Jun. 30, 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 Condensed 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 a credit to 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, net to Property and equipment, net 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. For our home sales transactions, we have one contract, with one performance obligation, with each customer to build and deliver the home purchased (or develop and deliver 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. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases . ASU 2018-10 primarily provides additional guidance to Topic 842 including clarification on residual value guarantees, implicit rates, lessee reassessment of lease classifications, and other various areas within the Topic. We do not believe the adoption of ASU 2016-02 or ASU 2018-10 will have a material impact on our Condensed Consolidated Financial Statements and disclosures.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2018 2017 2018 2017 Numerator: Net income available to TMHC – basic $ 58,678 $ 27,401 $ 103,422 $ 37,169 Net income attributable to non-controlling interest 474 28,322 3,133 54,164 Loss fully attributable to public holding company 84 125 248 152 Net income – diluted $ 59,236 $ 55,848 $ 106,803 $ 91,485 Denominator: Weighted average shares – basic (Class A) 111,347 58,977 110,508 48,822 Weighted average shares – non-controlling interest (Class B) 867 60,630 3,339 70,766 Restricted stock units 898 1,075 1,068 976 Stock Options 370 379 485 331 Weighted average shares – diluted 113,482 121,061 115,400 120,895 Earnings per common share – basic: Net income available to Taylor Morrison Home Corporation $ 0.53 $ 0.46 $ 0.94 $ 0.76 Earnings per common share – diluted: Net income available to Taylor Morrison Home Corporation $ 0.52 $ 0.46 $ 0.93 $ 0.76

REAL ESTATE INVENTORY AND LAN26

REAL ESTATE INVENTORY AND LAND DEPOSITS (Tables)	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Schedule of Inventory	Inventory consists of the following (in thousands): As of June 30, December 31, 2017 Real estate developed and under development $ 2,190,939 $ 2,130,263 Real estate held for development or held for sale (1) 56,814 76,552 Operating communities (2) 850,795 659,398 Capitalized interest 95,693 90,496 Total owned inventory 3,194,241 2,956,709 Real estate not owned under option agreements 1,462 2,527 Total real estate inventory $ 3,195,703 $ 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 June 30, 2018 December 31, 2017 Owned Lots Book Value of Land and Development Owned Lots Book Value of Land and Development Raw 7,864 $ 336,396 7,703 $ 338,642 Partially developed 5,567 371,810 5,811 543,200 Finished 13,108 1,536,378 11,644 1,314,243 Long-term strategic assets 50 3,169 763 10,730 Total 26,589 $ 2,247,753 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 Six Months Ended 2018 2017 2018 2017 Interest capitalized - beginning of period $ 95,334 $ 103,059 $ 90,496 $ 102,642 Interest incurred 20,129 20,711 39,815 41,425 Interest amortized to cost of home closings (19,770 ) (23,280 ) (34,618 ) (43,577 ) Interest capitalized - end of period $ 95,693 $ 100,490 $ 95,693 $ 100,490

INVESTMENTS IN UNCONSOLIDATED27

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, December 31, Assets: Real estate inventory $ 591,198 $ 627,841 Other assets 145,205 138,341 Total assets $ 736,403 $ 766,182 Liabilities and owners’ equity: Debt $ 181,762 $ 193,770 Other liabilities 26,527 27,556 Total liabilities 208,289 221,326 Owners’ equity: TMHC 189,733 192,364 Others 338,381 352,492 Total owners’ equity 528,114 544,856 Total liabilities and owners’ equity $ 736,403 $ 766,182 Three Months Ended Six Months Ended 2018 2017 2018 2017 Revenues $ 76,629 $ 64,260 $ 135,703 $ 87,253 Costs and expenses (61,485 ) (50,937 ) (108,817 ) (71,041 ) Income of unconsolidated entities $ 15,144 $ 13,323 $ 26,886 $ 16,212 TMHC’s share in income of unconsolidated entities $ 4,017 $ 3,071 $ 7,263 $ 4,156 Distributions from unconsolidated entities $ 12,230 $ 5,052 $ 13,263 $ 6,791

ACCRUED EXPENSES AND OTHER LI28

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 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 $ 9,966 $ 14,815 Compensation and employee benefits 50,773 72,352 Self-insurance and warranty reserves 53,011 51,010 Interest payable 17,011 17,125 Property and sales taxes payable 10,885 12,294 Other accruals 25,669 33,944 Total accrued expenses and other liabilities $ 167,315 $ 201,540
Summary of Changes in Reserves	A summary of the changes in our reserves are as follows (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 Reserve - beginning of period $ 50,336 $ 52,416 $ 51,010 $ 50,550 Additions to reserves 10,282 6,744 15,325 11,043 Costs and claims incurred (7,873 ) (6,593 ) (12,933 ) (9,928 ) Change in estimates to existing reserves 266 1,517 (391 ) 2,419 Reserve - end of period $ 53,011 $ 54,084 $ 53,011 $ 54,084

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Summary of Senior Notes and Other Borrowings	Total debt consists of the following (in thousands): As of June 30, 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 $ 3,294 $ 546,706 $ 550,000 $ 3,892 $ 546,108 5.875% Senior Notes due 2023, unsecured 350,000 2,718 347,282 350,000 3,002 346,998 5.625% Senior Notes due 2024, unsecured 350,000 3,050 346,950 350,000 3,319 346,681 Senior Notes subtotal 1,250,000 9,062 1,240,938 1,250,000 10,213 1,239,787 Loans payable and other borrowings 136,508 — 136,508 139,453 — 139,453 Revolving Credit Facility (1) — — — — — — Mortgage warehouse borrowings 49,818 — 49,818 118,822 — 118,822 Total Senior Notes and other financing $ 1,436,326 $ 9,062 $ 1,427,264 $ 1,508,275 $ 10,213 $ 1,498,062 (1) The Revolving Credit Facility included $3.1 million and $2.0 million of unamortized debt issuance costs as of June 30, 2018 and December 31, 2017 , respectively, which is presented in Prepaid expenses and other assets, net on the Consolidated Balance Sheets. As of June 30, 2018 and December 31, 2017 , we had $48.4 million and $47.1 million , respectively, of utilized letters of credit, resulting in $551.6 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 June 30, 2018 Facility Amount Drawn Facility Amount Interest Rate Expiration Date Collateral (1) Flagstar $ 1,692 $ 5,000 (2) LIBOR + 2.25% 30 days written notice Mortgage Loans Comerica 18,334 50,000 LIBOR + 2.25% On Demand Mortgage Loans J.P. Morgan 29,792 100,000 LIBOR + 2.375% September 24, 2018 Mortgage Loans and Restricted Cash Total $ 49,818 $ 155,000 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 June 30, 2018 and December 31, 2017 were collateralized by a) $99.6 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. (2) We amended our warehouse agreement with Flagstar during the three months ended June 30, 2018 and reduced our capacity from $39.0 million to $5.0 million . From time to time we have the ability to increase or decrease capacity to accommodate funding needs.

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Summary of Carrying Value and Fair Value of Financial Instruments	The carrying value and fair value of our financial instruments are as follows: June 30, 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 $ 99,606 $ 99,606 $ 187,038 $ 187,038 Derivative assets, net 2 2,451 2,451 1,352 1,352 Mortgage warehouse borrowings 2 49,818 49,818 118,822 118,822 Loans payable and other borrowings 2 136,508 136,508 139,453 139,453 5.25% Senior Notes due 2021 (1) 2 546,706 550,000 546,108 561,000 5.875% Senior Notes due 2023 (1) 2 347,282 348,250 346,998 369,705 5.625% Senior Notes due 2024 (1) 2 346,950 342,335 346,681 366,205 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 during the first quarter of 2018 and no liability exists as of June 30, 2018.

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	6 Months Ended
	Jun. 30, 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 first quarter of 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 June 30, 2018 are as follows: Shares Outstanding Percentage Class A Common Stock 111,387,224 99.2 % Class B Common Stock (1) 863,434 0.8 % Total 112,250,658 100 % (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)	6 Months Ended
	Jun. 30, 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 Six Months Ended 2018 2017 2018 2017 Restricted stock units (1) $ 1,803 $ 2,294 $ 4,105 $ 4,191 Stock options 944 1,188 2,185 2,146 New TMM units (2) — 356 — 513 Total stock compensation $ 2,747 $ 3,838 $ 6,290 $ 6,850 (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. (2) As of December 31, 2017, all new TMM units were vested, and there is no further expense associated with them.
Summary of Activity of Stock Units	The following table summarizes the time-based RSU and performance-based RSU activity for the six months ended June 30, 2018 : Shares Weighted Average Grant Date Fair Value Balance at December 31, 2017 1,889,559 $ 14.84 Granted 566,943 24.12 Vested (223,739 ) 15.29 Forfeited (1) (367,860 ) 16.59 Balance at June 30, 2018 1,864,903 $ 17.09 (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 or termination of employment. The shares of Class B Common Stock/New TMM Units held by members of management and members of our Board of Directors as of June 30, 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) (20,487 ) 6.93 Balance at June 30, 2018 863,434 $ 5.20 (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 six months ended June 30, 2018 : Shares Weighted Average Exercise Price Per Share Outstanding at December 31, 2017 2,854,213 $ 17.50 Granted 721,762 23.86 Exercised (98,270 ) 16.16 Canceled/Forfeited (194,849 ) 18.52 Outstanding at June 30, 2018 3,282,856 $ 18.86 Options exercisable at June 30, 2018 1,541,557 $ 18.74

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Summary of Sale of Stock In Registered Public Offerings	The following is a summary of the completed sales of our Class A Common Stock in registered public offerings for the six months ended June 30, 2017: (Shares presented in thousands) Closing date Number of shares Net purchase price per share February 6, 2017 11,500 $ 18.2875 March 27, 2017 10,000 20.7800 May 5, 2017 10,000 23.1200 June 27, 2017 10,000 23.3000

ACCUMULATED OTHER COMPREHENSI34

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jun. 30, 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). There was no activity in the three months ended June 30, 2018, therefore it is not presented. Six Months Ended June 30, 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 AOCI — 25,155 (25,155 ) — Balance, end of period $ 2,082 $ (20,050 ) $ — $ (17,968 ) Three Months Ended June 30, 2017 Total Post- Foreign Non-controlling Total Balance, beginning of period $ 2,061 $ (63,448 ) $ 43,398 $ (17,989 ) Gross amounts reclassified within AOCI — 11,489 (11,489 ) — Balance, end of period $ 2,061 $ (51,959 ) $ 31,909 $ (17,989 ) Six Months Ended June 30, 2017 Total Post- Foreign Non-controlling Total Balance, beginning of period $ 2,061 $ (79,927 ) $ 59,877 $ (17,989 ) Gross amounts reclassified within AOCI — 27,968 (27,968 ) — Balance, end of period $ 2,061 $ (51,959 ) $ 31,909 $ (17,989 )

REPORTING SEGMENTS (Tables)

REPORTING SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Summary of 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”)
Summary of Segment Information	Segment information is as follows (in thousands): Three Months Ended June 30, 2018 East Central West Financial Services Corporate and Unallocated Total Total revenues $ 360,472 $ 298,112 $ 305,978 $ 16,266 $ — $ 980,828 Gross margin 65,128 53,653 54,816 5,114 — 178,711 Selling, general and administrative expenses (31,105 ) (26,122 ) (20,061 ) — (22,777 ) (100,065 ) Equity in income of unconsolidated entities 128 374 1,476 2,039 — 4,017 Interest and other (expense), net (122 ) (130 ) (101 ) — (3,025 ) (3,378 ) Income/(loss) before income taxes $ 34,029 $ 27,775 $ 36,130 $ 7,153 $ (25,802 ) $ 79,285 Three Months Ended June 30, 2017 East Central West Financial Services Corporate and Unallocated Total Total revenues $ 320,053 $ 267,562 $ 305,245 $ 15,634 $ — $ 908,494 Gross margin 68,988 48,413 48,487 5,532 — 171,420 Selling, general and administrative expenses (29,337 ) (25,933 ) (18,854 ) — (21,286 ) (95,410 ) Equity in income of unconsolidated entities — 226 685 2,160 3,071 Interest and other (expense)/income, net (129 ) 602 (67 ) — (1,081 ) (675 ) Income/(loss) before income taxes $ 39,522 $ 23,308 $ 30,251 $ 7,692 $ (22,367 ) $ 78,406 Six Months Ended June 30, 2018 East Central West Financial Services Corporate and Unallocated Total Total revenues $ 645,279 $ 512,224 $ 545,186 $ 30,472 $ — $ 1,733,161 Gross margin 117,417 94,280 100,840 9,276 — 321,813 Selling, general and administrative expenses (59,738 ) (48,402 ) (35,626 ) — (43,314 ) (187,080 ) Equity in income of unconsolidated entities 239 755 2,571 3,698 — 7,263 Interest and other (expense), net (600 ) (238 ) (81 ) — (2,554 ) (3,473 ) Income/(loss) before income taxes $ 57,318 $ 46,395 $ 67,704 $ 12,974 $ (45,868 ) $ 138,523 Six Months Ended June 30, 2017 East Central West Financial Services Corporate and Unallocated Total Total revenues $ 583,718 $ 473,819 $ 590,164 $ 29,883 $ — $ 1,677,584 Gross margin 122,346 85,621 94,067 11,079 — 313,113 Selling, general and administrative expenses (56,506 ) (47,425 ) (37,907 ) — (42,317 ) (184,155 ) Equity in income of unconsolidated entities — 58 602 3,496 — 4,156 Interest and other (expense)/income, net (213 ) 258 (192 ) — (87 ) (234 ) Income/(loss) before income taxes $ 65,627 $ 38,512 $ 56,570 $ 14,575 $ (42,404 ) $ 132,880 As of June 30, 2018 East Central West Financial Services Corporate and Unallocated Total Real estate inventory and land deposits $ 1,253,377 $ 913,502 $ 1,069,338 $ — $ — $ 3,236,217 Investments in unconsolidated entities 30,250 34,763 120,705 4,015 — 189,733 Other assets 76,418 114,518 35,082 149,492 419,361 794,871 Total assets $ 1,360,045 $ 1,062,783 $ 1,225,125 $ 153,507 $ 419,361 $ 4,220,821
Summary of Assets by Segment	As of June 30, 2018 East Central West Financial Services Corporate and Unallocated Total Real estate inventory and land deposits $ 1,253,377 $ 913,502 $ 1,069,338 $ — $ — $ 3,236,217 Investments in unconsolidated entities 30,250 34,763 120,705 4,015 — 189,733 Other assets 76,418 114,518 35,082 149,492 419,361 794,871 Total assets $ 1,360,045 $ 1,062,783 $ 1,225,125 $ 153,507 $ 419,361 $ 4,220,821 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)	6 Months Ended
	Jun. 30, 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 June 30, 2018 December 31, 2017 (Dollars in thousands) Fair Value Notional Amount Fair Value Notional Amount IRLCs $ 2,888 $ 152,089 $ 1,584 $ 73,817 MBSs (437 ) 136,000 (232 ) 118,078 Total $ 2,451 $ 1,352

BUSINESS (Detail)

BUSINESS (Detail) $ / shares in Units, $ in Millions	Jan. 17, 2018shares	Jan. 17, 2018shares	Jan. 08, 2018shares	Jan. 31, 2018shares	Jun. 30, 2018shares	Mar. 31, 2018shares	Jun. 30, 2017shares	Jun. 30, 2018segment	Jun. 30, 2017shares	Dec. 31, 2018USD ($)$ / sharesshares	Jan. 31, 2018public_offeringshares
Subsidiary, Sale of Stock [Line Items]
Number of reporting segments | segment								4
Repurchase of common stock (in shares)					0		0		0
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares						28,700,000
Class A Common Stock | Public Stock Offering
Subsidiary, Sale of Stock [Line Items]
Number of public offerings completed | public_offering											7
Number of shares											80,200,000
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Repurchase of common stock (in shares)	7,600,000	3,800,000	3,800,000	7,600,000
Scenario, Forecast [Member] | AV Homes
Subsidiary, Sale of Stock [Line Items]
Business acquisition, share price (in dollars per share) | $ / shares										$ 21.50
Cash purchase price of acquisition | $										$ 480
Total proration of cash to stock, cash percentage										58.80%
Total proration of cash to stock, stock percentage										41.20%
Business combination, expected equity interest owned by acquiree shareholders										10.00%
Scenario, Forecast [Member] | Payment To Acquiree Option One | AV Homes | Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Cash paid per acquiree share | $ / shares										$ 21.50
Entity shares issuable per acquiree share										0.9793
Scenario, Forecast [Member] | Payment To Acquiree Option Two | AV Homes | Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Cash paid per acquiree share | $ / shares										$ 12.64
Entity shares issuable per acquiree share										0.4034

SUMMARY OF SIGNIFICANT ACCOUN38

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail)	Jan. 17, 2018shares	Jan. 17, 2018shares	Jan. 08, 2018shares	Jan. 31, 2018shares	Jun. 30, 2018USD ($)projectlotshares	Mar. 31, 2018shares	Jun. 30, 2017USD ($)shares	Jun. 30, 2018USD ($)projectlot	Jun. 30, 2017USD ($)shares	Jan. 01, 2018USD ($)	Dec. 31, 2017USD ($)projectlot
Class of Stock [Line Items]
Repurchase of common stock (in shares) | shares					0		0		0
Impairment of real estate inventory					$ 0		$ 0	$ 0	$ 0
Number of inactive projects | lot					26,589			26,589			25,921
Equity method investment impairment charges					$ 0		$ 0	$ 0	$ 0
Prepaid expenses and other assets, net					52,029,000			52,029,000			$ 72,334,000
Property and equipment, net					38,916,000			38,916,000			7,112,000
Retained earnings					$ 425,238,000			$ 425,238,000			$ 319,833,000
Class A Common Stock
Class of Stock [Line Items]
Number of shares | shares						28,700,000
Class B Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares) | shares	7,600,000	3,800,000	3,800,000	7,600,000
Western Region
Class of Stock [Line Items]
Number of inactive projects | project					1			1			2
Carrying value of community					$ 3,200,000			$ 3,200,000			$ 10,700,000
Central Region
Class of Stock [Line Items]
Number of inactive projects | project					0			0			0
Eastern Region
Class of Stock [Line Items]
Number of inactive projects | project					0			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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Net income available to TMHC – basic	$ 58,678	$ 27,401	$ 103,422	$ 37,169
Net income attributable to non-controlling interest	474	28,322	3,133	54,164
Loss fully attributable to public holding company	84	125	248	152
Net income – diluted	$ 59,236	$ 55,848	$ 106,803	$ 91,485
Denominator:
Weighted average shares - basic (Class A) (in shares)	111,347	58,977	110,508	48,822
Weighted average shares - Principal Equityholders' non-controlling interest (Class B) (in shares)	867	60,630	3,339	70,766
Restricted stock units (in shares)	898	1,075	1,068	976
Stock Options (in shares)	370	379	485	331
Weighted average shares - diluted (in shares)	113,482	121,061	115,400	120,895
Earnings per common share – basic:
Net income available to Taylor Morrison Home Corporation (usd per share)	$ 0.53	$ 0.46	$ 0.94	$ 0.76
Earnings per common share – diluted:
Net income available to Taylor Morrison Home Corporation (usd per share)	$ 0.52	$ 0.46	$ 0.93	$ 0.76

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 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	1,579,683	787,527	1,660,683	1,926,724

REAL ESTATE INVENTORY AND LAN41

REAL ESTATE INVENTORY AND LAND DEPOSITS - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Real estate developed and under development	$ 2,190,939		$ 2,130,263
Real estate held for development or held for sale	56,814		76,552
Operating communities	850,795		659,398
Capitalized interest	95,693	$ 95,334	90,496	$ 100,490	$ 103,059	$ 102,642
Total owned inventory	3,194,241		2,956,709
Real estate not owned under option agreements	1,462		2,527
Total real estate inventory	$ 3,195,703		$ 2,959,236

REAL ESTATE INVENTORY AND LAN42

REAL ESTATE INVENTORY AND LAND DEPOSITS - Schedule of Development Status of Land Inventory (Detail) $ in Thousands	Jun. 30, 2018USD ($)lot	Dec. 31, 2017USD ($)lot
Inventory [Line Items]
Owned Lots (in lot) | lot	26,589	25,921
Book Value of Land and Development
Inventory [Line Items]
Raw | $	$ 336,396	$ 338,642
Partially developed | $	371,810	543,200
Finished | $	1,536,378	1,314,243
Long-term strategic assets | $	3,169	10,730
Total | $	$ 2,247,753	$ 2,206,815
Raw
Inventory [Line Items]
Owned Lots (in lot) | lot	7,864	7,703
Partially developed
Inventory [Line Items]
Owned Lots (in lot) | lot	5,567	5,811
Finished
Inventory [Line Items]
Owned Lots (in lot) | lot	13,108	11,644
Long-term strategic assets
Inventory [Line Items]
Owned Lots (in lot) | lot	50	763

REAL ESTATE INVENTORY AND LAN43

REAL ESTATE INVENTORY AND LAND DEPOSITS - Additional Information (Detail) $ in Millions	Jun. 30, 2018USD ($)lot	Dec. 31, 2017USD ($)lot
Real Estate [Abstract]
Right to purchase lots of land option (in lot) | lot	3,949	5,037
Aggregate purchase price	$ 350	$ 405.3
Non-refundable option deposits	$ 40.5	$ 49.8

REAL ESTATE INVENTORY AND LAN44

REAL ESTATE INVENTORY AND LAND DEPOSITS - Schedule of Interest Capitalized, Incurred, Expensed and Amortized (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest capitalized - beginning of period	$ 95,334	$ 103,059	$ 90,496	$ 102,642
Interest incurred	20,129	20,711	39,815	41,425
Interest amortized to cost of home closings	(19,770)	(23,280)	(34,618)	(43,577)
Interest capitalized - end of period	$ 95,693	$ 100,490	$ 95,693	$ 100,490

INVESTMENTS IN UNCONSOLIDATED45

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Additional Information (Detail)	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Maximum related and unrelated third parties ownership interests	50.00%

INVESTMENTS IN UNCONSOLIDATED46

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Summarized Balance Sheets of Unconsolidated Entities Accounted by Equity Method (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets:
Other assets	$ 794,871	$ 1,124,525
Liabilities and owners’ equity:
Debt	1,427,264	1,498,062
Equity Method Investments
Assets:
Real estate inventory	591,198	627,841
Other assets	145,205	138,341
Total assets	736,403	766,182
Liabilities and owners’ equity:
Debt	181,762	193,770
Other liabilities	26,527	27,556
Total liabilities	208,289	221,326
Owners’ equity:
TMHC	189,733	192,364
Others	338,381	352,492
Total owners’ equity	528,114	544,856
Total liabilities and owners’ equity	$ 736,403	$ 766,182

INVESTMENTS IN UNCONSOLIDATED47

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Summarized Statements of Operations of Unconsolidated Entities Accounted by Equity Method (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Schedule of Equity Method Investments [Line Items]
TMHC’s share in income of unconsolidated entities	$ 4,017	$ 3,071	$ 7,263	$ 4,156
Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Revenues	76,629	64,260	135,703	87,253
Costs and expenses	(61,485)	(50,937)	(108,817)	(71,041)
Income of unconsolidated entities	15,144	13,323	26,886	16,212
TMHC’s share in income of unconsolidated entities	4,017	3,071	7,263	4,156
Distributions from unconsolidated entities	$ 12,230	$ 5,052	$ 13,263	$ 6,791

ACCRUED EXPENSES AND OTHER LI48

ACCRUED EXPENSES AND OTHER LIABILITIES - Summary of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Real estate development costs to complete	$ 9,966		$ 14,815
Compensation and employee benefits	50,773		72,352
Self-insurance and warranty reserves	53,011	$ 50,336	51,010	$ 54,084	$ 52,416	$ 50,550
Interest payable	17,011		17,125
Property and sales taxes payable	10,885		12,294
Other accruals	25,669		33,944
Total accrued expenses and other liabilities	$ 167,315		$ 201,540

ACCRUED EXPENSES AND OTHER LI49

ACCRUED EXPENSES AND OTHER LIABILITIES - Summary of Changes in Reserves (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Changes in Warranty Reserves
Reserve - beginning of period	$ 50,336	$ 52,416	$ 51,010	$ 50,550
Additions to reserves	10,282	6,744	15,325	11,043
Costs and claims incurred	(7,873)	(6,593)	(12,933)	(9,928)
Change in estimates to existing reserves	266	1,517	(391)	2,419
Reserve - end of period	$ 53,011	$ 54,084	$ 53,011	$ 54,084

DEBT - Summary of Total Debt (D

DEBT - Summary of Total Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Mar. 05, 2014	Apr. 16, 2013
Debt Instrument [Line Items]
Principal	$ 1,436,326	$ 1,508,275
Unamortized Debt Issuance Costs	9,062	10,213
Carrying Value	1,427,264	1,498,062
Letters of credit utilized	341,000	331,700
Loans payable and other borrowings
Debt Instrument [Line Items]
Principal	136,508	139,453
Unamortized Debt Issuance Costs	0	0
Carrying Value	136,508	139,453
Mortgage warehouse borrowings
Debt Instrument [Line Items]
Principal	49,818	118,822
Unamortized Debt Issuance Costs	0	0
Carrying Value	49,818	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	3,100	2,000
Letters of credit utilized	48,400	47,100
Availability under Revolving Credit Facility	551,600	452,900
Senior Notes
Debt Instrument [Line Items]
Principal	1,250,000	1,250,000
Unamortized Debt Issuance Costs	9,062	10,213
Carrying Value	1,240,938	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	3,294	3,892
Carrying Value	$ 546,706	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	2,718	3,002
Carrying Value	$ 347,282	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	3,050	3,319
Carrying Value	$ 346,950	$ 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	Jun. 30, 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 ($)	6 Months Ended
	Jun. 30, 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 (Detai

DEBT - 2024 Senior Notes (Detail) - 5.625% Senior Notes due 2024, unsecured - Senior Notes - USD ($)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 2018USD ($)equity_cure_rightfiscal_quarter	Jun. 29, 2018USD ($)	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		$ 600,000,000	$ 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 ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Mar. 31, 2018
Line of Credit Facility [Line Items]
Amount Drawn	$ 49,818,000	$ 118,822,000
Secured Debt
Line of Credit Facility [Line Items]
Amount Drawn	49,818,000	118,822,000
Facility Amount	155,000,000	249,000,000
Mortgage borrowings outstanding, collateralized amount	99,600,000	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	1,692,000	12,990,000
Facility Amount	$ 5,000,000	$ 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	$ 18,334,000	$ 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	$ 29,792,000	$ 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	Jun. 30, 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 ($)	Jun. 30, 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	$ 2,888,000	$ 1,584,000
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	$ 99,606,000	187,038,000
Derivative assets	2,451,000	1,352,000
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	49,818,000	118,822,000
Level 2 | Carrying Value | Loans payable and other borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	136,508,000	139,453,000
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	546,706,000	546,108,000
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	347,282,000	346,998,000
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	346,950,000	346,681,000
Level 2 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	99,606,000	187,038,000
Derivative assets	2,451,000	1,352,000
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	49,818,000	118,822,000
Level 2 | Estimated Fair Value | Loans payable and other borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	136,508,000	139,453,000
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	550,000,000	561,000,000
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	348,250,000	369,705,000
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	342,335,000	366,205,000
Level 3 | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	0	5,328,000
Level 3 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ 0	$ 5,328,000

INCOME TAXES (Detail)

INCOME TAXES (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Tax [Line Items]
Effective tax rate	25.20%	28.70%	22.90%	31.10%
Reduction to provisional tax expense for mandatory repatriation of foreign earnings	$ 1
Cumulative gross unrecognized tax benefits	12.9		$ 12.9		$ 12.9
Potential interest and penalties accrued	1.3		1.3		$ 1
Domestic
Income Tax [Line Items]
Unrecognized tax benefits that would affect effective tax rate	$ 10.3		$ 10.3

STOCKHOLDERS_ EQUITY - Addition

STOCKHOLDERS’ EQUITY - Additional Information (Detail)	Jan. 17, 2018shares	Jan. 17, 2018USD ($)shares	Jan. 08, 2018USD ($)shares	Jan. 31, 2018shares	Jun. 30, 2018USD ($)shares	Jun. 30, 2017shares	Jun. 30, 2018USD ($)vote	Jun. 30, 2017shares	Jan. 03, 2018USD ($)
Class of Stock [Line Items]
Repurchase of common stock (in shares) | shares					0	0		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		$ 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	7,600,000	3,800,000	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	Jun. 27, 2017	May 05, 2017	Mar. 27, 2017	Feb. 06, 2017
Class of Stock [Line Items]
Number of shares (in shares)			10,000	10,000	10,000	11,500
Net purchase price per share (usd per share)			$ 23.3000	$ 23.1200	$ 20.7800	$ 18.2875
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	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Shares Outstanding	112,250,658
Percentage	100.00%
Class A Common Stock
Class of Stock [Line Items]
Shares Outstanding	111,387,224	82,399,996
Percentage	99.20%
Class B Common Stock
Class of Stock [Line Items]
Shares Outstanding	863,434	37,179,616
Percentage	0.80%

STOCK BASED COMPENSATION - Addi

STOCK BASED COMPENSATION - Additional Information (Detail) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2018USD ($)shares	Dec. 31, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate unamortized outstanding stock based compensation | $	$ 27.7	$ 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)	8,338,851
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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock compensation	$ 2,747	$ 3,838	$ 6,290	$ 6,850
New TMM units (2)
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock compensation	0	356	0	513
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock compensation	944	1,188	2,185	2,146
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock compensation	$ 1,803	$ 2,294	$ 4,105	$ 4,191

STOCK BASED COMPENSATION - Su64

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	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Shares
Beginning balance (in shares) | shares	1,889,559
Granted (in shares) | shares	566,943
Vested (in shares) | shares	(223,739)
Forfeited (in shares) | shares	(367,860)
Ending balance (in shares) | shares	1,864,903
Weighted Average Grant Date Fair Value
Outstanding, Beginning balance (usd per share) | $ / shares	$ 14.84
Granted (usd per share) | $ / shares	24.12
Vested (usd per share) | $ / shares	15.29
Forfeited (usd per share) | $ / shares	16.59
Outstanding, Ending balance (usd per share) | $ / shares	$ 17.09

STOCK BASED COMPENSATION - Su65

STOCK BASED COMPENSATION - Summary of Stock Option Plan (Detail)	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Shares
Outstanding, Beginning balance (in shares) | shares	2,854,213
Granted (in shares) | shares	721,762
Exercised (in shares) | shares	(98,270)
Canceled/Forfeited (in shares) | shares	(194,849)
Outstanding, Ending balance (in shares) | shares	3,282,856
Options exercisable (in shares) | shares	1,541,557
Weighted Average Exercise Price Per Share
Outstanding, Beginning balance (usd per share) | $ / shares	$ 17.50
Granted (usd per share) | $ / shares	23.86
Exercised (usd per share) | $ / shares	16.16
Canceled/Forfeited (usd per share) | $ / shares	18.52
Outstanding, Ending balance (usd per share) | $ / shares	18.86
Options exercisable (usd per share) | $ / shares	$ 18.74

STOCK BASED COMPENSATION - Su66

STOCK BASED COMPENSATION - Summary of Class B/New TMM Unit Activity (Detail) - Class B Shares/New TMM Units	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Shares/New TMM Units
Beginning balance (in shares) | shares	883,921
Exchanges (in shares) | shares	(20,487)
Ending balance (in shares) | shares	863,434
Weighted Average Grant Date Fair Value
Beginning balance (usd per share) | $ / shares	$ 5.24
Exchanges (usd per share) | $ / shares	6.93
Ending balance (usd per share) | $ / shares	$ 5.20

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details) $ / shares in Units, shares in Thousands, $ in Millions	Jun. 27, 2017$ / sharesshares	May 05, 2017$ / sharesshares	Mar. 27, 2017$ / sharesshares	Feb. 06, 2017$ / sharesshares	Jun. 30, 2017USD ($)lot	Jun. 30, 2018lot	Dec. 31, 2017lot
Related Party Transaction [Line Items]
Number of home lots (in lots)						26,589	25,921
Class A Common Stock
Related Party Transaction [Line Items]
Number of shares | shares	10,000	10,000	10,000	11,500
Net purchase price per share | $ / shares	$ 23.3000	$ 23.1200	$ 20.7800	$ 18.2875
Contract To Purchase Home Lots | Company Owned And Controlled By A Member Of Board Of Directors
Related Party Transaction [Line Items]
Number of home lots (in lots)					140
Purchase price of home lots | $					$ 30

ACCUMULATED OTHER COMPREHENSI68

ACCUMULATED OTHER COMPREHENSIVE INCOME (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period		$ 2,346,545
Gross amounts reclassified within AOCI	$ 0	0	$ 0
Balance, end of period		2,258,382
Total Post- Retirement Benefits Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	2,061	2,082	2,061
Gross amounts reclassified within AOCI	0	0	0
Balance, end of period	2,061	2,082	2,061
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(63,448)	(45,205)	(79,927)
Gross amounts reclassified within AOCI	11,489	25,155	27,968
Balance, end of period	(51,959)	(20,050)	(51,959)
Non-controlling Interest - Principal Equityholders Reclassification
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	43,398	25,155	59,877
Gross amounts reclassified within AOCI	(11,489)	(25,155)	(27,968)
Balance, end of period	31,909	0	31,909
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(17,989)	(17,968)	(17,989)
Balance, end of period	$ (17,989)	$ (17,968)	$ (17,989)

REPORTING SEGMENTS - Reconcilia

REPORTING SEGMENTS - Reconciliation to Net Income (Loss) (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)segment	Jun. 30, 2017USD ($)
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	$ 980,828	$ 908,494	$ 1,733,161	$ 1,677,584
Gross margin	178,711	171,420	321,813	313,113
Selling, general and administrative expenses	(100,065)	(95,410)	(187,080)	(184,155)
Equity in income of unconsolidated entities	4,017	3,071	7,263	4,156
Interest and other (expense), net	(3,378)	(675)	(3,473)	(234)
Income/(loss) before income taxes	79,285	78,406	138,523	132,880
Operating Segments | East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	360,472	320,053	645,279	583,718
Gross margin	65,128	68,988	117,417	122,346
Selling, general and administrative expenses	(31,105)	(29,337)	(59,738)	(56,506)
Equity in income of unconsolidated entities	128	0	239	0
Interest and other (expense), net	(122)	(129)	(600)	(213)
Income/(loss) before income taxes	34,029	39,522	57,318	65,627
Operating Segments | Central
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	298,112	267,562	512,224	473,819
Gross margin	53,653	48,413	94,280	85,621
Selling, general and administrative expenses	(26,122)	(25,933)	(48,402)	(47,425)
Equity in income of unconsolidated entities	374	226	755	58
Interest and other (expense), net	(130)	602	(238)	258
Income/(loss) before income taxes	27,775	23,308	46,395	38,512
Operating Segments | West
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	305,978	305,245	545,186	590,164
Gross margin	54,816	48,487	100,840	94,067
Selling, general and administrative expenses	(20,061)	(18,854)	(35,626)	(37,907)
Equity in income of unconsolidated entities	1,476	685	2,571	602
Interest and other (expense), net	(101)	(67)	(81)	(192)
Income/(loss) before income taxes	36,130	30,251	67,704	56,570
Operating Segments | Financial Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	16,266	15,634	30,472	29,883
Gross margin	5,114	5,532	9,276	11,079
Selling, general and administrative expenses	0	0	0	0
Equity in income of unconsolidated entities	2,039	2,160	3,698	3,496
Interest and other (expense), net	0	0	0	0
Income/(loss) before income taxes	7,153	7,692	12,974	14,575
Corporate and Unallocated
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	0	0	0	0
Gross margin	0	0	0	0
Selling, general and administrative expenses	(22,777)	(21,286)	(43,314)	(42,317)
Equity in income of unconsolidated entities	0		0	0
Interest and other (expense), net	(3,025)	(1,081)	(2,554)	(87)
Income/(loss) before income taxes	$ (25,802)	$ (22,367)	$ (45,868)	$ (42,404)

REPORTING SEGMENTS - Assets fro

REPORTING SEGMENTS - Assets from Segment (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	$ 3,236,217	$ 3,009,004
Investments in unconsolidated entities	189,733	192,364
Other assets	794,871	1,124,525
Total assets	4,220,821	4,325,893
Operating Segments | East
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	1,253,377	1,150,918
Investments in unconsolidated entities	30,250	29,316
Other assets	76,418	85,753
Total assets	1,360,045	1,265,987
Operating Segments | Central
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	913,502	818,431
Investments in unconsolidated entities	34,763	32,874
Other assets	114,518	124,593
Total assets	1,062,783	975,898
Operating Segments | West
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	1,069,338	1,039,655
Investments in unconsolidated entities	120,705	126,559
Other assets	35,082	53,492
Total assets	1,225,125	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	4,015	3,615
Other assets	149,492	225,641
Total assets	153,507	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	419,361	635,046
Total assets	$ 419,361	$ 635,046

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Detail) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit and surety bonds	$ 341	$ 331.7
Legal accruals	$ 1	$ 2.3

MORTGAGE HEDGING ACTIVITIES (De

MORTGAGE HEDGING ACTIVITIES (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Fair Value	$ 2,451	$ 1,352
Total commitments to extend credit	163,900	80,000
IRLCs
Derivative [Line Items]
Fair Value	2,888	1,584
Notional Amount	152,089	73,817
MBSs
Derivative [Line Items]
Fair Value	(437)	(232)
Notional Amount	$ 136,000	$ 118,078
Minimum
Derivative [Line Items]
Derivative term	30 days
Maximum
Derivative [Line Items]
Derivative term	60 days