Taylor Morrison Home (TMHC) 10-Q 1 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 01, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	TMHC
Entity Registrant Name	Taylor Morrison Home Corp
Entity Central Index Key	0001562476
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		107,368,829

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 171,982	$ 329,645
Restricted cash	1,824	2,214
Total cash, cash equivalents, and restricted cash	173,806	331,859
Owned inventory	4,101,283	3,965,306
Real estate not owned	14,893	15,259
Total real estate inventory	4,116,176	3,980,565
Land deposits	55,063	57,929
Mortgage loans held for sale	103,705	181,897
Derivative assets	3,470	1,838
Operating lease right of use assets	29,378	0
Prepaid expenses and other assets, net	94,459	98,225
Other receivables, net	92,585	86,587
Investments in unconsolidated entities	138,334	140,541
Deferred tax assets, net	145,076	145,076
Property and equipment, net	85,275	86,736
Intangible assets, net	961	1,072
Goodwill	152,116	152,116
Total assets	5,190,404	5,264,441
Liabilities
Accounts payable	143,082	151,586
Accrued expenses and other liabilities	250,277	266,686
Operating lease liabilities	32,497	0
Customer deposits	176,902	165,432
Estimated development liability	37,104	37,147
Senior notes, net	1,653,459	1,653,746
Loans payable and other borrowings	192,764	225,497
Revolving credit facility borrowings	235,000	200,000
Mortgage warehouse borrowings	59,114	130,353
Liabilities attributable to real estate not owned	14,893	15,259
Total liabilities	2,795,092	2,845,706
COMMITMENTS AND CONTINGENCIES (Note 16)
Stockholders’ Equity
Preferred stock, $0.00001 par value, 50,000,000 shares authorized, no shares issued and outstanding as of March 31, 2019 and December 31, 2018	0	0
Additional paid-in capital	2,073,542	2,071,579
Treasury stock at cost, 15,930,963 and 11,554,084 shares as of March 31, 2019 and December 31, 2018, respectively	(263,926)	(186,087)
Retained earnings	578,829	527,698
Accumulated other comprehensive income	2,285	2,001
Total stockholders’ equity attributable to Taylor Morrison Home Corporation	2,390,731	2,415,192
Non-controlling interests – joint ventures	4,581	3,543
Total stockholders’ equity	2,395,312	2,418,735
Total liabilities and stockholders’ equity	5,190,404	5,264,441
Class A Common Stock
Stockholders’ Equity
Common stock	1	1
Class B Common Stock
Stockholders’ Equity
Common stock	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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)	15,930,963	11,554,084
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)	124,997,685	124,519,942
Common stock, shares outstanding (in shares)	109,066,720	112,965,856
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)	0	0
Common stock, shares outstanding (in shares)	0	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Financial services revenue	$ 16,044	$ 14,206
Total revenue	925,092	752,333
Financial services expenses	10,721	10,044
Total cost of revenue	753,052	609,231
Gross margin	172,040	143,102
Sales, commissions and other marketing costs	67,429	53,698
General and administrative expenses	36,454	33,318
Equity in income of unconsolidated entities	(2,319)	(3,246)
Interest income, net	(333)	(343)
Other (income)/expense, net	(1,392)	437
Transaction expenses	4,129	0
Income/(loss) before income taxes	68,072	59,238
Income tax provision	16,791	11,706
Net income before allocation to non-controlling interests	51,281	47,532
Net income attributable to non-controlling interests — joint ventures		(129)
Net income before non-controlling interests	51,131	47,403
Net income attributable to non-controlling interests	0	(2,470)
Net income available to Taylor Morrison Home Corporation	$ 51,131	$ 44,933
Earnings per common share
Basic (usd per share)	$ 0.46	$ 0.42
Diluted (usd per share)	$ 0.46	$ 0.41
Weighted average number of shares of common stock:
Basic (in shares)		107,195
Diluted (in shares)	111,668	114,767
Home closings
Revenue	$ 899,881	$ 732,959
Cost of home/land closings	735,797	594,906
Land closings
Revenue	4,113	5,168
Cost of home/land closings	2,692	4,281
Amenity
Revenue	5,054	0
Cost of home/land closings	$ 3,842	$ 0

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income before non-controlling interests, net of tax	$ 51,281	$ 47,532
Post-retirement benefits adjustments, net of tax	(284)	0
Comprehensive income	50,997	47,532
Comprehensive (income) loss attributable to non-controlling interests	0	(2,470)
Comprehensive income available to Taylor Morrison Home Corporation	50,847	44,933
Joint Ventures
Comprehensive (income) loss attributable to non-controlling interests	$ (150)	$ (129)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Corporate Joint Venture	Common StockClass A Common Stock	Common StockClass B Common Stock	Additional Paid-in Capital	Treasury Stock	Treasury StockCorporate Joint Venture	Retained Earnings	Accumulated Other Comprehensive Income	Non-controlling InterestCorporate Joint Venture	Non-controlling InterestPartnership Interest [Member]
Balance, beginning of period ( in shares ) at Dec. 31, 2017			82,399,996	37,179,616		3,049,257
Balance, beginning of period at Dec. 31, 2017	$ 2,346,545		$ 1	$ 0	$ 1,341,873	$ (47,622)		$ 319,833	$ (17,968)	$ 1,663	$ 748,765
Increase (Decrease) in Stockholders' Equity
Net income	47,532							44,933		129	2,470
Exchange of New TMM Units and corresponding number of Class B Common Stock ( in shares )			(15,000)	(15,000)
Exchange of New TMM Units and corresponding number of Class B Common Stock	0				1,265						(1,265)
TMHC repurchase and cancellation of New TMM Units from Former Principal Equityholders (in shares )				(7,588,771)
TMHC repurchase and cancellation of New TMM Units from Former Principal Equityholders	(201,775)				(201,775)
Exercise of stock options ( in shares )			37,060
Exercise of stock options	580				580
Issuance of restricted stock units, net of shares withheld for tax ( in shares )			149,217
Repurchase of New TMM Units from principal equityholders	(1,482)				(1,482)
Exchange of B shares from secondary offerings ( in shares )			28,706,924
Exchange of B shares from public offerings	$ 730,112				730,112
Repurchase of Class A common stock ( in shares )	3,838,771
Repurchase of Class A common stock	$ 100,000
Repurchase of New TMM Units from Former Principal Equityholders ( in shares )				28,706,924
Repurchase of New TMM Units from Former Principal Equityholders	730,963										730,963
Share based compensation	3,543				3,359						184
Changes in non-controlling interests of consolidated joint ventures	(445)									(445)
Balance, end of period ( in shares ) at Mar. 31, 2018			111,308,197	868,921		3,049,257
Balance, end of period at Mar. 31, 2018	2,195,630		$ 1	$ 0	1,873,932	$ (47,622)		366,749	(17,968)	1,347	$ 19,191
Increase (Decrease) in Stockholders' Equity
Cumulative-effect adjustment to Retained Earnings related to adoption of ASU No. 2014-09 (see Note 2) | Accounting Standards Update 2014-09	1,983							1,983
Balance, beginning of period ( in shares ) at Dec. 31, 2018			112,965,856	0		11,554,084
Balance, beginning of period at Dec. 31, 2018	2,418,735		$ 1	$ 0	2,071,579	$ (186,087)		527,698	2,001	3,543
Increase (Decrease) in Stockholders' Equity
Net income	51,281							51,131		150
Other Comprehensive Income (Loss), Net of Tax	284								284
Exercise of stock options ( in shares )			3,176
Exercise of stock options	39				39
Issuance of restricted stock units, net of shares withheld for tax ( in shares )			474,567
Repurchase of New TMM Units from principal equityholders	$ (1,493)				(1,493)
Repurchase of Class A common stock ( in shares )	4,376,879		(4,376,879)			4,376,879
Repurchase of Class A common stock	$ 77,839						$ (77,839)
Stock Compensation Expense	3,417				3,417
Distributions to non-controlling interests of consolidated joint ventures	(17)									(17)
Changes in non-controlling interests of consolidated joint ventures		$ 905								905
Balance, end of period ( in shares ) at Mar. 31, 2019			109,066,720	0		15,930,963
Balance, end of period at Mar. 31, 2019	$ 2,395,312		$ 1	$ 0	$ 2,073,542	$ (263,926)		$ 578,829	$ 2,285	$ 4,581

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income before allocation to non-controlling interests	$ 51,281	$ 47,532
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Equity in income of unconsolidated entities	(2,319)	(3,246)
Stock compensation expense	3,417	3,543
Distributions of earnings from unconsolidated entities	2,435	541
Depreciation and amortization	7,765	5,015
Operating lease expense		0
Debt issuance costs/premium amortization	(71)	878
Contingent consideration	0	146
Deferred income taxes	0	106
Changes in operating assets and liabilities:
Real estate inventory and land deposits	(133,111)	(120,004)
Mortgages held for sale, prepaid expenses and other assets	42,670	78,862
Customer deposits	11,470	37,294
Accounts payable, accrued expenses and other liabilities	(13,896)	(59,494)
Income taxes payable	0	9,532
Net cash (used in)/provided by operating activities	(28,294)	705
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(6,194)	(2,695)
Distributions of capital from unconsolidated entities	3,180	492
Investments of capital into unconsolidated entities	(1,089)	(2,118)
Net cash used in investing activities	(4,103)	(4,321)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in loans payable and other borrowings	2,066	1,823
Repayments of loans payable and other borrowings	(13,078)	(2,884)
Borrowings on revolving credit facility	35,000	0
Borrowings on mortgage warehouse	159,522	145,925
Repayment on mortgage warehouse	(230,761)	(223,225)
Payment of contingent consideration	0	(265)
Proceeds from stock option exercises	39	580
Proceeds from issuance of shares from public offerings	0	767,116
TMHC repurchase and cancellation of New TMM Units from Former Principal Equityholders	0	(201,775)
Repurchase of shares from Former Principal Equityholders	0	(767,967)
Repurchase of common stock, net	(77,839)	0
Payment of taxes related to net share settlement of equity awards	(1,493)	(1,482)
Changes to non-controlling interests of consolidated joint ventures, net	888	(445)
Net cash used in financing activities	(125,656)	(282,599)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(158,053)	(286,215)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period	331,859	575,503
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period	173,806	289,288
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net	(1)	(2,069)
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
Change in loans payable issued to sellers in connection with land purchase contracts	11,120	7,829
Change in inventory not owned	(366)	(517)
Change in Prepaid expenses and other assets, net due to adoption of ASU 2014-09	0	(32,004)
Change in Property and equipment, net due to adoption of ASU 2014-09	0	32,004
Operating lease right of use assets	29,378	0
Beginning Operating lease right of use liabilities due to adoption of ASU 2016-02	$ 30,331	$ 0

BUSINESS

BUSINESS	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Organization and Description of the Business — Taylor Morrison Home Corporation “TMHC” through its subsidiaries (together with TMHC referred to herein as “we,” “our,” “the Company” and “us”), owns and operates a residential homebuilding business and is a developer of lifestyle communities. As of March 31, 2019 , 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 segments operate under our Taylor Morrison and Darling Homes brand names. Our business is organized into multiple homebuilding operating components, and a financial services component, all of which are managed as four

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Business Combinations	BUSINESS COMBINATIONS In accordance with ASC Topic 805 , Business Combinations , all material assets acquired and liabilities assumed from our acquisition of AV homes on October 2, 2018, were measured and recognized at fair value as of the date of the acquisition to reflect the purchase price paid. We determined the estimated fair value of real estate inventory primarily using the sales comparison and income approaches. To a certain extent, certain inventory was valued using third party appraisals and/or market comparisons. The sales comparison approach was used for all inventory in process. The income approach derives a value using a discounted cash flow for income-producing real property. This approach was used exclusively for finished lots. These estimated cash flows and ultimate valuation are significantly affected by the discount rate, estimates related to expected average selling prices and sales incentives, expected sales paces and cancellation rates, expected land development and construction timelines, and anticipated land development, construction, overhead costs and may vary significantly between communities. We performed a preliminary allocation of purchase price as of the acquisition date. The following is a summary of the fair value of assets acquired and liabilities assumed. (Dollars in thousands) AV Homes Acquisition Date October 2, 2018 Assets acquired Real estate inventory $ 778,174 Prepaid expenses and other assets (1) 106,612 Deferred tax assets, net 71,411 Property and equipment 50,996 Goodwill (2) 85,918 Total assets $ 1,093,111 Less liabilities assumed Accrued expenses and other liabilities $ 94,308 Customer deposits 14,130 Estimated development liability 37,230 Senior notes, net 412,520 Net assets acquired $ 534,923 (1) Includes cash acquired. (2) Goodwill is not deductible for tax purposes. We allocated $45.1 million of goodwill to the East homebuilding segment, $30.3 million to the Central homebuilding segment, and $10.5 million to the West homebuilding segment. Unaudited Pro Forma Results of Business Combinations The following unaudited pro forma information for the periods presented include the results of operations of our acquisition of AV Homes as if it had been completed on January 1, in the year prior to our acquisition year. The pro forma results are presented for informational purposes only and do not purport to be indicative of the results of operations or future results that would have been achieved if the acquisition had taken place one year prior to the acquisition year. The pro forma information combines the historical results of the Company with the historical results of AV Homes for the periods presented. The unaudited pro forma results do not give effect to any synergies, operating efficiencies, other costs savings that may result from the acquisitions, or other significant non-reoccurring expenses or transactions that do not have a continuing impact. Earnings per share utilizes net income and total weighted average shares of common stock. The pro forma amounts are based on available information and certain assumptions that we believe are reasonable. As Adjusted for the three months ended March 31, (Dollars in thousands except per share data) 2019 (As reported) 2018 (Pro forma) Total revenues $ 925,092 $ 904,341 Net income $ 51,281 $ 45,189 Net income attributable to non-controlling interests — joint ventures (150 ) (129 ) Net income attributable to non-controlling interest - Former Principal Equityholders — (2,470 ) Net income available to TMHC - Basic $ 51,131 $ 42,590 Net income attributable to non-controlling interest - Former Principal Equityholders — 2,470 Loss fully attributable to public holding company — 165 Net income - Diluted $ 51,131 $ 45,225 Weighted average shares - Basic 110,512 116,319 Weighted average shares - Diluted 111,668 123,890 Earnings per share - Basic $ 0.46 $ 0.37 Earnings per share - Diluted $ 0.46 $ 0.37

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2019
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 Annual Report on Form 10-K for the year ended December 31, 2018 (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 – Represents the amount of income attributable to our former principal equityholders for the quarter ended March 31, 2018 on the Condensed Consolidated Statement of Operations. As of March 31, 2018, the former principal equityholders no longer held any ownership interest in the Company. Non-controlling interests - 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 is 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 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 primarily based on a discounted cash flow model which includes projections and estimates relating to sales prices, construction costs, sales pace, and other factors. Changes in these expectations may lead to a change in the outcome of our impairment analysis, and actual results may also differ from our assumptions. For the three months ended March 31, 2019 and 2018 , 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. We refer to such communities as long-term strategic assets. The decision may be based on financial and/or operational metrics as determined by us. If we decide to cease development, 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 long-term strategic assets typically includes subjective estimates of future performance, including the timing of when development will recommence, the type of product to be offered, and the margin to be realized. In the future, some of these inactive communities may be re-opened while others may be sold. As of March 31, 2019 and December 31, 2018 we had no inactive projects. In the ordinary course of business, we enter into various specific performance agreements to acquire lots. Real estate not owned under these agreements is reflected in Real estate not owned with a corresponding liability in Liabilities attributable to real estate not owned in the Condensed Consolidated Balance Sheets. Investments in Unconsolidated Entities — We evaluate our investments in unconsolidated entities for indicators of impairment. A series of operating losses of an investee or other factors may indicate that a decrease in value of our investment in the unconsolidated entity has occurred which is other-than-temporary. The amount of impairment recognized is the excess of the investment’s carrying amount over its estimated fair value. Additionally, we consider various qualitative factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include age of the venture, stage in its life cycle, our intent and ability to recover our investment in the unconsolidated entity, financial condition and long-term prospects of the unconsolidated entity, short-term liquidity needs of the unconsolidated entity, trends in the general economic environment of the land, entitlement status of the land held by the unconsolidated entity, overall projected returns on investment, defaults under contracts with third parties (including bank debt), recoverability of the investment through future cash flows and relationships with the other partners. If the Company believes that the decline in the fair value of the investment is temporary, then no impairment is recorded. We did not record any impairment charges for the three months ended March 31, 2019 or 2018 . Leases — We adopted Accounting Standards Update (“ASU”) No. 2016-02— Leases (Topic 842), as amended, on January 1, 2019, using the modified retrospective approach. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. We also elected the hindsight practical expedient to determine the lease term for existing leases. Our leases primarily consist of office space, construction trailers, model leasebacks, and equipment or storage units. Certain of our leases offer the option to renew or to increase rental square footage. The execution of such options are at our discretion and may result in a lease modification. Adoption of the new standard resulted in the recording of an opening balance of Operating lease right of use assets and Operating lease liabilities of approximately $27.4 million and $30.3 million , respectively. The weighted average discount rate used in determining our operating lease liabilities is 5.795% . Payments on the lease liabilities for the three months ended March 31, 2019 were approximately $2.0 million . For the three months ended March 31, 2019, we recorded lease expense of approximately $2.1 million within General and administrative expenses on our condensed consolidated statement of operations. The future minimum lease payments required under our leases as of March 31, 2019 are as follows (dollars in thousands): Years Ending December 31, Lease Payments (1) 2019 (1) $ 7,314 2020 7,906 2021 7,050 2022 5,728 2023 4,701 Thereafter 9,069 Total lease payments $ 41,768 Less: Interest $ 9,271 Present value of lease liabilities. $ 32,497 (1) Lease payments for the period beginning April 1, 2019 through December 31, 2019. Revenue Recognition Topic 606 We recognize revenue in accordance with ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09” or “Topic 606”). 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. 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. Amenity and other revenue We own and operate certain amenities pursuant to recorded mandatory club plans, which require us to provide club members with access to amenity facilities in exchange for the payment of club dues. We collect club dues and other fees from the club members, which are billed on a monthly basis. Revenue from our golf club operations is also included in amenity revenue. Financial services revenue Mortgage operations and hedging activity related to financial services are not within the scope of Topic 606. 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2019
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 outstanding dilutive equity awards to issue shares of Class A Common Stock were exercised or settled. The following is a summary of the components of basic and diluted earnings per share (in thousands, except per share amounts): Three months ended March 31, 2019 2018 Numerator: Net income available to TMHC – basic $ 51,131 $ 44,933 Net income attributable to non-controlling interest — 2,470 Loss fully attributable to public holding company — 165 Net income – diluted $ 51,131 $ 47,568 Denominator: Weighted average shares – basic 110,512 107,195 Weighted average shares – non-controlling interest — 5,849 Restricted stock units 922 1,126 Stock Options 234 597 Weighted average shares – diluted 111,668 114,767 Earnings per common share – basic: Net income available to Taylor Morrison Home Corporation $ 0.46 $ 0.42 Earnings per common share – diluted: Net income available to Taylor Morrison Home Corporation $ 0.46 $ 0.41 We excluded a total weighted average of 3,060,096 and 481,705 outstanding anti-dilutive stock options and unvested restricted stock units (“RSUs”) from the calculation of earnings per share for the three months ended March 31, 2019 and 2018

REAL ESTATE INVENTORY AND LAND

REAL ESTATE INVENTORY AND LAND DEPOSITS	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
REAL ESTATE INVENTORY AND LAND DEPOSITS	REAL ESTATE INVENTORY AND LAND DEPOSITS Inventory consists of the following (in thousands): As of March 31, December 31, 2018 Real estate developed and under development $ 2,857,408 $ 2,833,875 Real estate held for development or held for sale (1) 72,118 61,415 Operating communities (2) 1,064,839 973,985 Capitalized interest 106,918 96,031 Total owned inventory 4,101,283 3,965,306 Real estate not owned 14,893 15,259 Total real estate inventory $ 4,116,176 $ 3,980,565 (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 and properties where we have ceased development and/or marketing. (2) Operating communities consist of all vertical construction costs relating to homes in progress and completed homes for all active production of inventory. The development status of our land inventory is as follows (dollars in thousands): As of March 31, 2019 December 31, 2018 Owned Lots Book Value of Land and Development Owned Lots Book Value of Land and Development Raw 8,524 $ 367,988 9,653 $ 461,387 Partially developed 13,492 867,855 12,036 756,376 Finished 21,621 1,693,683 21,975 1,677,527 Total 43,637 $ 2,929,526 43,664 $ 2,895,290 Land Deposits — We provide deposits related to land options and land purchase contracts, which are capitalized when paid and classified as land deposits until the associated property is purchased. As of March 31, 2019 and December 31, 2018 , we had the right to purchase 4,136 and 4,781 lots under land option purchase contracts, respectively, for an aggregate purchase price of $310.9 million and $393.8 million , respectively. We do not have title to the properties, and the creditors generally have no recourse against the Company. As of March 31, 2019 and December 31, 2018 , our exposure to loss related to our option contracts with third parties and unconsolidated entities consisted of non-refundable deposits totaling $55.1 million and $57.9 million , respectively. Capitalized Interest — Interest capitalized, incurred and amortized is as follows (in thousands): Three Months Ended 2019 2018 Interest capitalized - beginning of period $ 96,031 $ 90,496 Interest incurred 27,792 19,686 Interest amortized to cost of home closings (16,905 ) (14,848 ) Interest capitalized - end of period $ 106,918 $ 95,334

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	3 Months Ended
	Mar. 31, 2019
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 both the joint venture participants and to unrelated builders. Our share of the joint venture profit relating to lots we purchase from the joint ventures is deferred until homes are delivered by us and title passes to a homebuyer. Summarized, unaudited combined financial information of unconsolidated entities that are accounted for by the equity method is as follows (in thousands): As of March 31, December 31, Assets: Real estate inventory $ 452,964 $ 508,795 Other assets 138,806 125,436 Total assets $ 591,770 $ 634,231 Liabilities and owners’ equity: Debt $ 193,901 $ 176,564 Other liabilities 16,178 16,061 Total liabilities 210,079 192,625 Owners’ equity: TMHC 138,334 140,541 Others 243,357 301,075 Total owners’ equity 381,691 441,616 Total liabilities and owners’ equity $ 591,770 $ 634,241 Three Months Ended 2019 2018 Revenues $ 61,016 $ 59,074 Costs and expenses (52,820 ) (47,332 ) Income of unconsolidated entities $ 8,196 $ 11,742 TMHC’s share in income of unconsolidated entities $ 2,319 $ 3,246 Distributions to TMHC from unconsolidated entities $ 5,615 $ 1,033

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2019
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 $ 15,044 $ 16,591 Compensation and employee benefits 38,663 73,955 Self-insurance and warranty reserves 87,887 93,790 Interest payable 35,526 21,385 Property and sales taxes payable 12,193 14,861 Other accruals 60,964 46,104 Total accrued expenses and other liabilities $ 250,277 $ 266,686 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 2019 2018 Reserve - beginning of period $ 93,790 $ 51,010 Additions to reserves 7,848 5,043 Costs and claims incurred (14,595 ) (5,060 ) Change in estimates to existing reserves 844 (657 ) Reserve - end of period $ 87,887 $ 50,336

Estimated Development Liability

Estimated Development Liability (Notes)	3 Months Ended
	Mar. 31, 2019
Real Estate Liabilities Associated with Assets Held for Development and Sale [Abstract]
Estimated Development Liability	ESTIMATED DEVELOPMENT LIABILITY The estimated development liability consists primarily of the estimated cost of future utilities improvements in Poinciana, Florida and Rio Rico, Arizona for more than 8,000

DEBT

DEBT	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
DEBT	DEBT Total debt consists of the following (in thousands): As of March 31, 2019 December 31, 2018 Principal Unamortized Debt Issuance (Costs) / Premium Carrying Value Principal Unamortized Debt Issuance (Costs) / Premium Carrying Value 5.25% Senior Notes due 2021 $ 550,000 $ (2,395 ) $ 547,605 $ 550,000 $ (2,695 ) $ 547,305 6.625% Senior Notes due 2022 400,000 10,794 410,794 400,000 11,656 411,656 5.875% Senior Notes due 2023 350,000 (2,293 ) 347,707 350,000 (2,434 ) 347,566 5.625% Senior Notes due 2024 350,000 (2,647 ) 347,353 350,000 (2,781 ) 347,219 Senior Notes subtotal 1,650,000 3,459 1,653,459 1,650,000 3,746 1,653,746 Loans payable and other borrowings 192,764 — 192,764 225,497 — 225,497 Revolving Credit Facility 35,000 — 35,000 — — — 364-Day Credit Agreement 200,000 — 200,000 200,000 — 200,000 Mortgage warehouse borrowings 59,114 — 59,114 130,353 — 130,353 Total Senior Notes and other financing $ 2,136,878 $ 3,459 $ 2,140,337 $ 2,205,850 $ 3,746 $ 2,209,596 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”), 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 at 101.313% , as of March 31, 2019, and currently 100.0%, of their principal amount (plus accrued and unpaid interest). There are no financial maintenance covenants for the 2021 Senior Notes. 2022 Senior Notes On October 2, 2018, we assumed $400.0 million aggregate principal amount of 6.625% Senior Notes due 2022 (the "2022 Senior Notes"). The carrying value of $411.7 million at December 31, 2018 reflects the acquisition fair value adjustment of the debt instrument, net of amortization. The 2022 Senior Notes mature on May 15, 2022. The 2022 Senior Notes are guaranteed by the same Guarantors that guarantee our other Senior Notes. The 2022 Senior Notes and the related guarantees are senior unsecured obligations and are not subject to registration rights. The indenture governing the 2022 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 2022 Senior Notes contains customary events of default that are similar to those contained in the indentures governing our other Senior Notes. We are also required to offer to repurchase the 2022 Senior Notes at a price equal to 101% of their aggregate principal amount (plus accrued and unpaid interest) upon certain change of control events. Prior to May 15, 2019, the 2022 Senior Notes are redeemable at a price equal to 100% plus a “make-whole” premium for payments through May 15, 2019 (plus accrued and unpaid interest). Beginning on May 15, 2019, the 2022 Senior Notes are redeemable at 103.313% of principal (plus accrued and unpaid interest) , beginning on May 15, 2020, the 2022 Senior Notes are redeemable at 101.656% of principal (plus accrued and unpaid interest) and beginning on May 21, 2021, the 2022 Senior Notes are redeemable at 100% of principal (plus accrued and unpaid interest). There are no financial maintenance covenants for the 2022 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 our other 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 indentures governing our other 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 our other 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 indentures governing our other 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 Our $600.0 million Revolving Credit Facility matures on January 26, 2022 and is guaranteed by the same Guarantors that guarantee the various Senior Notes. The Revolving Credit Facility includes $2.4 million and $2.7 million of unamortized debt issuance costs as of March 31, 2019 and December 31, 2018 , respectively, which are included in prepaid expenses and other assets, net on the condensed consolidated balance sheets. As of March 31, 2019 and December 31, 2018 , we had $61.0 million and $62.3 million , respectively, of utilized letters of credit, resulting in $504.0 million and $537.7 million , respectively, of availability under the Revolving Credit Facility. 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 $1.8 billion . The financial covenants would be in effect for any fiscal quarter during which any (a) loans under the Revolving Credit Facility are outstanding during the last day of such fiscal quarter or on more than five separate days during such fiscal quarter or (b) undrawn letters of credit (except to the extent cash collateralized) issued under the Revolving Credit Facility in an aggregate amount greater than $40.0 million or unreimbursed letters of credit issued under the Revolving Credit Facility are outstanding on the last day of such fiscal quarter or for more than five consecutive days during such fiscal quarter. For purposes of determining compliance with the financial covenants for any fiscal quarter, the Revolving Credit Facility provides that we may exercise an equity cure by issuing certain permitted securities for cash or otherwise recording cash contributions to our capital that will, upon the contribution of such cash to the borrower, be included in the calculation of consolidated tangible net worth and consolidated total capitalization. The equity cure right is exercisable up to twice in any period of four consecutive fiscal quarters and up to five times overall. The Revolving Credit Facility contains certain restrictive covenants including limitations on incurrence of liens, dividends and other distributions, asset dispositions and investments in entities that are not guarantors, limitations on prepayment of subordinated indebtedness and limitations on fundamental changes. The Revolving Credit Facility contains customary events of default, subject to applicable grace periods, including for nonpayment of principal, interest or other amounts, violation of covenants (including financial covenants, subject to the exercise of an equity cure), incorrectness of representations and warranties in any material respect, cross default and cross acceleration, bankruptcy, material monetary judgments, ERISA events with material adverse effect, actual or asserted invalidity of material guarantees and change of control. As of March 31, 2019 , we were in compliance with all of the covenants under the Revolving Credit Facility. 364-Day Credit Agreement Our 364-Day Credit Agreement matures on October 1, 2019 and is a term loan facility under which we borrowed an aggregate principal amount of $200.0 million . We may voluntarily repay outstanding loans under the 364-Day Credit Agreement at any time, without prepayment premium or penalty, subject to customary “breakage” costs with respect to LIBOR loans. The 364-Day Credit Agreement contains certain financial covenants, requiring us and our subsidiaries to comply on a quarterly basis 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 $1.8 billion . As of March 31, 2019 , we were in compliance with all of the covenants under the 364-Day Credit Agreement. Mortgage Warehouse Borrowings The following is a summary of our mortgage warehouse borrowings (in thousands): As of March 31, 2019 Facility Amount Drawn Facility Amount Interest Rate Expiration Date Collateral (1) Warehouse A $ 12,271 $ 45,000 LIBOR + 1.75% On Demand Mortgage Loans Warehouse B 9,181 50,000 LIBOR + 1.75% On Demand Mortgage Loans Warehouse C 37,662 75,000 LIBOR + 1.95% On Demand Mortgage Loans and Restricted Cash Total $ 59,114 $ 170,000 As of December 31, 2018 Facility Amount Drawn Facility Amount Interest Rate Expiration Date Collateral (1) Warehouse A $ 29,484 $ 45,000 LIBOR + 1.75% On Demand Mortgage Loans Warehouse B 38,164 85,000 LIBOR + 1.75% On Demand Mortgage Loans Warehouse C 62,705 100,000 LIBOR + 1.95% On Demand Mortgage Loans and Restricted Cash Total $ 130,353 $ 230,000 (1) The mortgage warehouse borrowings outstanding as of March 31, 2019 and December 31, 2018 were collateralized by a) $103.7 million and $181.9 million , respectively, of mortgage loans held for sale, which comprised the balance of mortgage loans held for sale and b) approximately $1.4 million and $1.6 million , respectively, of cash which are included in restricted cash in the accompanying Condensed Consolidated Balance Sheets. Loans Payable and Other Borrowings Loans payable and other borrowings as of March 31, 2019 and December 31, 2018 consist of project-level debt due to various land sellers and seller financing notes from current and prior year acquisitions. Project-level debt is generally secured by the land that was acquired and the principal payments generally coincide with corresponding project lot sales or a principal reduction schedule. Loans payable bear interest at rates that ranged from 0% to 8% at each of March 31, 2019 and December 31, 2018

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2019
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, the borrowings under our Revolving Credit Facility and our 364-Day Credit Agreement 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. There were no changes to or transfers between the levels of the fair value hierarchy for any of our financial instruments as of March 31, 2019 , when compared to December 31, 2018 . The carrying value and fair value of our financial instruments are as follows: March 31, 2019 December 31, 2018 (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 $ 103,705 $ 103,705 $ 181,897 $ 181,897 Derivative assets, net 2 2,488 2,488 1,099 1,099 Mortgage warehouse borrowings 2 59,114 59,114 130,353 130,353 Loans payable and other borrowings 2 192,764 192,764 225,497 225,497 5.25% Senior Notes due 2021 (1) 2 547,605 549,505 547,304 544,500 6.625% Senior Notes due 2022 (2) 2 410,794 414,520 411,656 400,520 5.875% Senior Notes due 2023 (1) 2 347,707 356,125 347,566 337,750 5.625% Senior Notes due 2024 (1) 2 347,353 345,520 347,219 332,500 Revolving Credit Facility 2 35,000 35,000 — — 364-Day Credit Agreement 2 200,000 200,000 200,000 200,000 (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) Carrying value for 6.625% Senior Notes due 2022 reflects the acquisition fair value adjustment whereas the fair value reflects current market pricing. Fair value measurements are used for inventories on a nonrecurring basis when events and circumstances indicate that their carrying value is not recoverable. The following table presents the fair value for our inventories measured at fair value on a nonrecurring basis: (Dollars in thousands) For the Year Ended December 31, Description: Level in 2018 Inventories 3 $ 5,545

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We recorded income tax expense of $16.8 million and $11.7 million for the three months ended March 31, 2019 and 2018 , respectively. Our effective tax rate for the three months ended March 31, 2019 was 24.7% , compared to 19.8% for the same period in 2018. The effective tax rate for the first quarter of 2018 was favorably impacted by the extension of federal energy tax credits earned from building energy efficient homes through 2017. To date, there has been no extension of the federal energy credits beyond 2017. At both March 31, 2019 and December 31, 2018 , cumulative gross unrecognized tax benefits were $7.4 million . If the unrecognized tax benefits as of March 31, 2019 were to be recognized, approximately $5.9 million would affect our effective tax rate. We had $0.7 million of gross interest and penalties related to unrecognized tax positions accrued as of both March 31, 2019 and December 31, 2018

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Stock Repurchase Program — The Company's stock repurchase program allows for repurchases of the Company's Class A 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. The following table summarizes share repurchase activity for the program for the periods presented: Three months ended March 31, (Dollars in thousands) 2019 2018 (1) Amount available for repurchase — beginning of period $ 57,437 $ 95,902 Additional amount authorized for repurchase 100,000 100,000 Amount repurchased (77,839 ) (100,000 ) Amount available for repurchase — end of period $ 79,598 $ 95,902 (1) For the three months ended March 31, 2018, we repurchased 7.6 million shares of Class A Common Stock from our Former Principal Equityholders which is not reflected in the table above. During the three months ended March, 31, 2019 and 2018, we repurchased 4,376,879 and 3,838,771

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK BASED COMPENSATION	STOCK BASED COMPENSATION Equity-Based Compensation In April 2013, we adopted the Taylor Morrison Home Corporation 2013 Omnibus Equity Award Plan (the "Plan"). The Plan was most recently amended and restated in May 2017. The Plan provides for the grant of stock options, RSUs and other equity-based awards deliverable in shares of our Class A Common Stock. As of March 31, 2019 , we had an aggregate of 6,723,757 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 2019 2018 Restricted stock units (1) $ 2,514 $ 2,302 Stock options 903 1,241 Total stock compensation $ 3,417 $ 3,543 (1) Includes compensation expense related to time-based RSUs and performance-based RSUs. Outstanding performance-based RSUs reflected in the table above are reported at target level of performance. At March 31, 2019 and December 31, 2018 , the aggregate unrecognized value of all outstanding stock-based compensation awards was approximately $33.5 million and $20.4 million , respectively. Restricted Stock Units – The following table summarizes the time-based RSU and performance-based RSU activity for the three months ended March 31, 2019 : Shares Weighted Average Grant Date Fair Value Balance at December 31, 2018 1,925,364 $ 16.49 Granted 670,100 18.34 Vested (789,643 ) 13.16 Forfeited (1) (4,082 ) 18.56 Balance at March 31, 2019 1,801,739 $ 18.74 (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. Outstanding performance-based RSUs reflected in the table above are reported at target level of performance. During the three months ended March 31, 2019 , 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 less than the target award amount depending on actual performance achieved as compared to the performance targets set forth in the awards. Stock Options – The following table summarizes the stock option activity for the three months ended March 31, 2019 : Shares Weighted Average Exercise Price Per Share Outstanding at December 31, 2018 3,239,995 $ 18.87 Granted 980,536 18.06 Exercised (3,176 ) 12.12 Canceled/Forfeited (10,248 ) 22.61 Outstanding at March 31, 2019 4,207,107 $ 18.68 Options exercisable at March 31, 2019 2,161,078 $ 18.48 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

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">RELATED-PARTY TRANSACTIONS</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 March 31, 2019 and 2018.</font></div></div>

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOME The table below provides the components of accumulated other comprehensive income (loss) (“AOCI”) for the periods presented (in thousands). Three Months Ended March 31, 2019 Total Post- Retirement Benefits Adjustments Foreign Currency Translation Adjustments Non-controlling Interest - Former Principal Equityholders Reclassification Total Balance, beginning of period $ 2,001 $ — $ — $ 2,001 Other comprehensive income before reclassifications 284 — — 284 Other comprehensive income, net of tax $ 284 $ — $ — $ 284 Balance, end of period $ 2,285 $ — $ — $ 2,285 Three Months Ended March 31, 2018 Total Post- Foreign Non-controlling 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 )

REPORTING SEGMENTS

REPORTING SEGMENTS	3 Months Ended
	Mar. 31, 2019
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, Jacksonville, Orlando, Raleigh, Southwest Florida, and Tampa Central Austin, Dallas, Denver, and Houston West Bay Area, Phoenix, Sacramento and Southern California Financial Services TMHF and Inspired Title Services Segment information is as follows (in thousands): Three Months Ended March 31, 2019 East Central West Financial Services Corporate and Unallocated Total Total revenues $ 354,952 $ 254,947 $ 299,149 $ 16,044 $ — $ 925,092 Gross margin 61,176 42,344 63,197 5,323 — 172,040 Selling, general and administrative expenses (35,559 ) (26,264 ) (20,564 ) — (21,496 ) (103,883 ) Equity in (loss)/income of unconsolidated entities — (89 ) 821 1,409 178 2,319 Interest and other (expense)/income, net (1,613 ) (807 ) (389 ) — 405 (2,404 ) Income/(loss) before income taxes $ 24,004 $ 15,184 $ 43,065 $ 6,732 $ (20,913 ) $ 68,072 Three Months Ended March 31, 2018 East Central West Financial Services Corporate and Unallocated Total Total revenues $ 284,807 $ 214,113 $ 239,207 $ 14,206 $ — $ 752,333 Gross margin 52,289 40,627 46,024 4,162 — 143,102 Selling, general and administrative expenses (28,634 ) (22,280 ) (15,565 ) — (20,537 ) (87,016 ) Equity in income of unconsolidated entities 111 381 1,095 1,659 — 3,246 Interest and other (expense)/income, net (478 ) (108 ) 20 — 472 (94 ) Income/(loss) before income taxes $ 23,288 $ 18,620 $ 31,574 $ 5,821 $ (20,065 ) $ 59,238 As of March 31, 2019 East Central West Financial Services Corporate and Unallocated Total Real estate inventory and land deposits $ 1,928,199 $ 1,057,565 $ 1,185,475 $ — $ — $ 4,171,239 Investments in unconsolidated entities — 35,472 98,517 4,015 330 138,334 Other assets 147,094 131,130 68,444 175,576 358,587 880,831 Total assets $ 2,075,293 $ 1,224,167 $ 1,352,436 $ 179,591 $ 358,917 $ 5,190,404 As of December 31, 2018 East Central West Financial Services Corporate and Unallocated Total Real estate inventory and land deposits $ 1,862,756 $ 1,011,659 $ 1,164,079 $ — $ — $ 4,038,494 Investments in unconsolidated entities — 35,476 100,693 4,015 357 140,541 Other assets 162,339 118,187 55,433 236,291 513,156 1,085,406 Total assets $ 2,025,095 $ 1,165,322 $ 1,320,205 $ 240,306 $ 513,513 $ 5,264,441

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2019
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 $438.6 million and $397.2 million as of March 31, 2019 and December 31, 2018 , respectively. Although significant development and construction activities have been completed related to these site improvements, the bonds are generally not released until all development and construction activities are completed. We do not believe that it is probable that any outstanding bonds as of March 31, 2019 will be drawn upon. Legal Proceedings — We are involved in various litigation and legal claims in the normal course of our business operations, including actions brought on behalf of various classes of claimants. We are also subject to a variety of local, state, and federal laws and regulations related to land development activities, house construction standards, sales practices, mortgage lending operations, employment practices, and protection of the environment. As a result, we are subject to periodic examination or inquiry by various governmental agencies that administer these laws and regulations. We establish liabilities for legal claims and regulatory matters when such matters are both probable of occurring and any potential loss is reasonably estimable. At March 31, 2019 and December 31, 2018 , our legal accruals were $5.9 million and $5.7 million

MORTGAGE HEDGING ACTIVITIES

MORTGAGE HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
MORTGAGE HEDGING ACTIVITIES	MORTGAGE HEDGING ACTIVITIES We enter into IRLCs to originate residential mortgage loans held for sale, at specified interest rates and within a specified period of time (generally between 30 and 60 days), with customers who have applied for a loan and meet certain credit and underwriting criteria. These IRLCs meet the definition of a derivative and are reflected on the balance sheet at fair value with changes in fair value recognized in Financial Services revenue/expenses on the statements of operations and other comprehensive income. Unrealized gains and losses on the IRLCs, reflected as derivative assets or liabilities, are measured based on the fair value of the underlying mortgage loan, quoted Agency MBS prices, estimates of the fair value of the mortgage servicing rights (“MSRs”) and the probability that the mortgage loan will fund within the terms of the IRLC, net of commission expense and broker fees. The fair value of the forward loan sales commitment and mandatory delivery commitments being used to hedge the IRLCs and mortgage loans held for sale not committed to be purchased by investors are based on quoted Agency MBS prices. The following summarizes derivative instrument assets (liabilities) as of the periods presented: As of March 31, 2019 December 31, 2018 (Dollars in thousands) Fair Value Notional Amount Fair Value Notional Amount IRLCs $ 3,470 $ 164,871 $ 1,838 $ 75,090 MBSs (982 ) 189,000 (739 ) 118,000 Total $ 2,488 $ 1,099 Total commitments to originate loans approximated $182.6 million and $83.4 million as of March 31, 2019 and December 31, 2018 , respectively. This amount represents the commitments to originate loans that have been locked and approved by underwriting. The notional amounts in the table above includes mandatory and best effort loans, that have been locked and approved by underwriting.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Subsequent to March 31, 2019, we repurchased and settled 1.7 million shares of our Class A Common Stock for approximately $31.7 million under our share repurchase program, resulting in approximately $47.9 million remaining on the current $100.0 million

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2019
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 Annual Report on Form 10-K for the year ended December 31, 2018 (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.
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 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 primarily based on a discounted cash flow model which includes projections and estimates relating to sales prices, construction costs, sales pace, and other factors. Changes in these expectations may lead to a change in the outcome of our impairment analysis, and actual results may also differ from our assumptions. For the three months ended March 31, 2019 and 2018 , 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. We refer to such communities as long-term strategic assets. The decision may be based on financial and/or operational metrics as determined by us. If we decide to cease development, 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 long-term strategic assets typically includes subjective estimates of future performance, including the timing of when development will recommence, the type of product to be offered, and the margin to be realized. In the future, some of these inactive communities may be re-opened while others may be sold. As of March 31, 2019 and December 31, 2018 we had no inactive projects. In the ordinary course of business, we enter into various specific performance agreements to acquire lots. Real estate not owned under these agreements is reflected in Real estate not owned with a corresponding liability in Liabilities attributable to real estate not owned in the Condensed Consolidated Balance Sheets.
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 We recognize revenue in accordance with ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09” or “Topic 606”). 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. 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. Amenity and other revenue We own and operate certain amenities pursuant to recorded mandatory club plans, which require us to provide club members with access to amenity facilities in exchange for the payment of club dues. We collect club dues and other fees from the club members, which are billed on a monthly basis. Revenue from our golf club operations is also included in amenity revenue. Financial services revenue Mortgage operations and hedging activity related to financial services are not within the scope of Topic 606. 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.

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Summary of Fair Value of Assets Acquired and Liabilities Created	The following is a summary of the fair value of assets acquired and liabilities assumed. (Dollars in thousands) AV Homes Acquisition Date October 2, 2018 Assets acquired Real estate inventory $ 778,174 Prepaid expenses and other assets (1) 106,612 Deferred tax assets, net 71,411 Property and equipment 50,996 Goodwill (2) 85,918 Total assets $ 1,093,111 Less liabilities assumed Accrued expenses and other liabilities $ 94,308 Customer deposits 14,130 Estimated development liability 37,230 Senior notes, net 412,520 Net assets acquired $ 534,923 (1) Includes cash acquired. (2) Goodwill is not deductible for tax purposes. We allocated $45.1 million of goodwill to the East homebuilding segment, $30.3 million to the Central homebuilding segment, and $10.5 million
Unaudited Pro Forma Results of Business Combinations	The pro forma amounts are based on available information and certain assumptions that we believe are reasonable. As Adjusted for the three months ended March 31, (Dollars in thousands except per share data) 2019 (As reported) 2018 (Pro forma) Total revenues $ 925,092 $ 904,341 Net income $ 51,281 $ 45,189 Net income attributable to non-controlling interests — joint ventures (150 ) (129 ) Net income attributable to non-controlling interest - Former Principal Equityholders — (2,470 ) Net income available to TMHC - Basic $ 51,131 $ 42,590 Net income attributable to non-controlling interest - Former Principal Equityholders — 2,470 Loss fully attributable to public holding company — 165 Net income - Diluted $ 51,131 $ 45,225 Weighted average shares - Basic 110,512 116,319 Weighted average shares - Diluted 111,668 123,890 Earnings per share - Basic $ 0.46 $ 0.37 Earnings per share - Diluted $ 0.46 $ 0.37

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The future minimum lease payments required under our leases as of March 31, 2019 are as follows (dollars in thousands): Years Ending December 31, Lease Payments (1) 2019 (1) $ 7,314 2020 7,906 2021 7,050 2022 5,728 2023 4,701 Thereafter 9,069 Total lease payments $ 41,768 Less: Interest $ 9,271 Present value of lease liabilities. $ 32,497 (1)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Summary of Earnings Per Common Share	The following is a summary of the components of basic and diluted earnings per share (in thousands, except per share amounts): Three months ended March 31, 2019 2018 Numerator: Net income available to TMHC – basic $ 51,131 $ 44,933 Net income attributable to non-controlling interest — 2,470 Loss fully attributable to public holding company — 165 Net income – diluted $ 51,131 $ 47,568 Denominator: Weighted average shares – basic 110,512 107,195 Weighted average shares – non-controlling interest — 5,849 Restricted stock units 922 1,126 Stock Options 234 597 Weighted average shares – diluted 111,668 114,767 Earnings per common share – basic: Net income available to Taylor Morrison Home Corporation $ 0.46 $ 0.42 Earnings per common share – diluted: Net income available to Taylor Morrison Home Corporation $ 0.46 $ 0.41

REAL ESTATE INVENTORY AND LAN_2

REAL ESTATE INVENTORY AND LAND DEPOSITS (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Schedule of Inventory	Inventory consists of the following (in thousands): As of March 31, December 31, 2018 Real estate developed and under development $ 2,857,408 $ 2,833,875 Real estate held for development or held for sale (1) 72,118 61,415 Operating communities (2) 1,064,839 973,985 Capitalized interest 106,918 96,031 Total owned inventory 4,101,283 3,965,306 Real estate not owned 14,893 15,259 Total real estate inventory $ 4,116,176 $ 3,980,565 (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 and properties where we have ceased development and/or marketing. (2)
Schedule of Development Status of Land Inventory	The development status of our land inventory is as follows (dollars in thousands): As of March 31, 2019 December 31, 2018 Owned Lots Book Value of Land and Development Owned Lots Book Value of Land and Development Raw 8,524 $ 367,988 9,653 $ 461,387 Partially developed 13,492 867,855 12,036 756,376 Finished 21,621 1,693,683 21,975 1,677,527 Total 43,637 $ 2,929,526 43,664 $ 2,895,290
Schedule of Interest Capitalized, Incurred, Expensed and Amortized	Interest capitalized, incurred and amortized is as follows (in thousands): Three Months Ended 2019 2018 Interest capitalized - beginning of period $ 96,031 $ 90,496 Interest incurred 27,792 19,686 Interest amortized to cost of home closings (16,905 ) (14,848 ) Interest capitalized - end of period $ 106,918 $ 95,334

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Summarized Financial Information of Unconsolidated Entities Accounted by Equity Method	Summarized, unaudited combined financial information of unconsolidated entities that are accounted for by the equity method is as follows (in thousands): As of March 31, December 31, Assets: Real estate inventory $ 452,964 $ 508,795 Other assets 138,806 125,436 Total assets $ 591,770 $ 634,231 Liabilities and owners’ equity: Debt $ 193,901 $ 176,564 Other liabilities 16,178 16,061 Total liabilities 210,079 192,625 Owners’ equity: TMHC 138,334 140,541 Others 243,357 301,075 Total owners’ equity 381,691 441,616 Total liabilities and owners’ equity $ 591,770 $ 634,241 Three Months Ended 2019 2018 Revenues $ 61,016 $ 59,074 Costs and expenses (52,820 ) (47,332 ) Income of unconsolidated entities $ 8,196 $ 11,742 TMHC’s share in income of unconsolidated entities $ 2,319 $ 3,246 Distributions to TMHC from unconsolidated entities $ 5,615 $ 1,033

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2019
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 $ 15,044 $ 16,591 Compensation and employee benefits 38,663 73,955 Self-insurance and warranty reserves 87,887 93,790 Interest payable 35,526 21,385 Property and sales taxes payable 12,193 14,861 Other accruals 60,964 46,104 Total accrued expenses and other liabilities $ 250,277 $ 266,686
Summary of Changes in Reserves	A summary of the changes in our reserves are as follows (in thousands): Three Months Ended 2019 2018 Reserve - beginning of period $ 93,790 $ 51,010 Additions to reserves 7,848 5,043 Costs and claims incurred (14,595 ) (5,060 ) Change in estimates to existing reserves 844 (657 ) Reserve - end of period $ 87,887 $ 50,336

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Summary of Senior Notes and Other Borrowings	Total debt consists of the following (in thousands): As of March 31, 2019 December 31, 2018 Principal Unamortized Debt Issuance (Costs) / Premium Carrying Value Principal Unamortized Debt Issuance (Costs) / Premium Carrying Value 5.25% Senior Notes due 2021 $ 550,000 $ (2,395 ) $ 547,605 $ 550,000 $ (2,695 ) $ 547,305 6.625% Senior Notes due 2022 400,000 10,794 410,794 400,000 11,656 411,656 5.875% Senior Notes due 2023 350,000 (2,293 ) 347,707 350,000 (2,434 ) 347,566 5.625% Senior Notes due 2024 350,000 (2,647 ) 347,353 350,000 (2,781 ) 347,219 Senior Notes subtotal 1,650,000 3,459 1,653,459 1,650,000 3,746 1,653,746 Loans payable and other borrowings 192,764 — 192,764 225,497 — 225,497 Revolving Credit Facility 35,000 — 35,000 — — — 364-Day Credit Agreement 200,000 — 200,000 200,000 — 200,000 Mortgage warehouse borrowings 59,114 — 59,114 130,353 — 130,353 Total Senior Notes and other financing $ 2,136,878 $ 3,459 $ 2,140,337 $ 2,205,850 $ 3,746 $ 2,209,596
Summary of Mortgage Subsidiary Borrowings	The following is a summary of our mortgage warehouse borrowings (in thousands): As of March 31, 2019 Facility Amount Drawn Facility Amount Interest Rate Expiration Date Collateral (1) Warehouse A $ 12,271 $ 45,000 LIBOR + 1.75% On Demand Mortgage Loans Warehouse B 9,181 50,000 LIBOR + 1.75% On Demand Mortgage Loans Warehouse C 37,662 75,000 LIBOR + 1.95% On Demand Mortgage Loans and Restricted Cash Total $ 59,114 $ 170,000 As of December 31, 2018 Facility Amount Drawn Facility Amount Interest Rate Expiration Date Collateral (1) Warehouse A $ 29,484 $ 45,000 LIBOR + 1.75% On Demand Mortgage Loans Warehouse B 38,164 85,000 LIBOR + 1.75% On Demand Mortgage Loans Warehouse C 62,705 100,000 LIBOR + 1.95% On Demand Mortgage Loans and Restricted Cash Total $ 130,353 $ 230,000 (1) The mortgage warehouse borrowings outstanding as of March 31, 2019 and December 31, 2018 were collateralized by a) $103.7 million and $181.9 million , respectively, of mortgage loans held for sale, which comprised the balance of mortgage loans held for sale and b) approximately $1.4 million and $1.6 million , respectively, of cash which are included in restricted cash in the accompanying Condensed Consolidated Balance Sheets.

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2019
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: March 31, 2019 December 31, 2018 (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 $ 103,705 $ 103,705 $ 181,897 $ 181,897 Derivative assets, net 2 2,488 2,488 1,099 1,099 Mortgage warehouse borrowings 2 59,114 59,114 130,353 130,353 Loans payable and other borrowings 2 192,764 192,764 225,497 225,497 5.25% Senior Notes due 2021 (1) 2 547,605 549,505 547,304 544,500 6.625% Senior Notes due 2022 (2) 2 410,794 414,520 411,656 400,520 5.875% Senior Notes due 2023 (1) 2 347,707 356,125 347,566 337,750 5.625% Senior Notes due 2024 (1) 2 347,353 345,520 347,219 332,500 Revolving Credit Facility 2 35,000 35,000 — — 364-Day Credit Agreement 2 200,000 200,000 200,000 200,000 (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) Carrying value for 6.625% Senior Notes due 2022 reflects the acquisition fair value adjustment whereas the fair value reflects current market pricing.
Fair Value of Assets Measured on a Nonrecurring Basis	The following table presents the fair value for our inventories measured at fair value on a nonrecurring basis: (Dollars in thousands) For the Year Ended December 31, Description: Level in 2018 Inventories 3 $ 5,545

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Stock Activity	The following table summarizes share repurchase activity for the program for the periods presented: Three months ended March 31, (Dollars in thousands) 2019 2018 (1) Amount available for repurchase — beginning of period $ 57,437 $ 95,902 Additional amount authorized for repurchase 100,000 100,000 Amount repurchased (77,839 ) (100,000 ) Amount available for repurchase — end of period $ 79,598 $ 95,902

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2019
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 2019 2018 Restricted stock units (1) $ 2,514 $ 2,302 Stock options 903 1,241 Total stock compensation $ 3,417 $ 3,543 (1) Includes compensation expense related to time-based RSUs and performance-based RSUs. Outstanding performance-based RSUs reflected in the table above are reported at target level of performance.
Summary of Activity of Stock Units	The following table summarizes the time-based RSU and performance-based RSU activity for the three months ended March 31, 2019 : Shares Weighted Average Grant Date Fair Value Balance at December 31, 2018 1,925,364 $ 16.49 Granted 670,100 18.34 Vested (789,643 ) 13.16 Forfeited (1) (4,082 ) 18.56 Balance at March 31, 2019 1,801,739 $ 18.74 (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. Outstanding performance-based RSUs reflected in the table above are reported at target level of performance.
Summary of Stock Option Activity	The following table summarizes the stock option activity for the three months ended March 31, 2019 : Shares Weighted Average Exercise Price Per Share Outstanding at December 31, 2018 3,239,995 $ 18.87 Granted 980,536 18.06 Exercised (3,176 ) 12.12 Canceled/Forfeited (10,248 ) 22.61 Outstanding at March 31, 2019 4,207,107 $ 18.68 Options exercisable at March 31, 2019 2,161,078 $ 18.48

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Components of Accumulated Other Comprehensive Income (Loss)	The table below provides the components of accumulated other comprehensive income (loss) (“AOCI”) for the periods presented (in thousands). Three Months Ended March 31, 2019 Total Post- Retirement Benefits Adjustments Foreign Currency Translation Adjustments Non-controlling Interest - Former Principal Equityholders Reclassification Total Balance, beginning of period $ 2,001 $ — $ — $ 2,001 Other comprehensive income before reclassifications 284 — — 284 Other comprehensive income, net of tax $ 284 $ — $ — $ 284 Balance, end of period $ 2,285 $ — $ — $ 2,285 Three Months Ended March 31, 2018 Total Post- Foreign Non-controlling 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 )

REPORTING SEGMENTS (Tables)

REPORTING SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Summary of Reporting Segments	Our reporting segments are as follows: East Atlanta, Charlotte, Chicago, Jacksonville, Orlando, Raleigh, Southwest Florida, and Tampa Central Austin, Dallas, Denver, and Houston West Bay Area, Phoenix, Sacramento and Southern California Financial Services TMHF and Inspired Title Services
Summary of Segment Information	Segment information is as follows (in thousands): Three Months Ended March 31, 2019 East Central West Financial Services Corporate and Unallocated Total Total revenues $ 354,952 $ 254,947 $ 299,149 $ 16,044 $ — $ 925,092 Gross margin 61,176 42,344 63,197 5,323 — 172,040 Selling, general and administrative expenses (35,559 ) (26,264 ) (20,564 ) — (21,496 ) (103,883 ) Equity in (loss)/income of unconsolidated entities — (89 ) 821 1,409 178 2,319 Interest and other (expense)/income, net (1,613 ) (807 ) (389 ) — 405 (2,404 ) Income/(loss) before income taxes $ 24,004 $ 15,184 $ 43,065 $ 6,732 $ (20,913 ) $ 68,072 Three Months Ended March 31, 2018 East Central West Financial Services Corporate and Unallocated Total Total revenues $ 284,807 $ 214,113 $ 239,207 $ 14,206 $ — $ 752,333 Gross margin 52,289 40,627 46,024 4,162 — 143,102 Selling, general and administrative expenses (28,634 ) (22,280 ) (15,565 ) — (20,537 ) (87,016 ) Equity in income of unconsolidated entities 111 381 1,095 1,659 — 3,246 Interest and other (expense)/income, net (478 ) (108 ) 20 — 472 (94 ) Income/(loss) before income taxes $ 23,288 $ 18,620 $ 31,574 $ 5,821 $ (20,065 ) $ 59,238 As of March 31, 2019 East Central West Financial Services Corporate and Unallocated Total Real estate inventory and land deposits $ 1,928,199 $ 1,057,565 $ 1,185,475 $ — $ — $ 4,171,239 Investments in unconsolidated entities — 35,472 98,517 4,015 330 138,334 Other assets 147,094 131,130 68,444 175,576 358,587 880,831 Total assets $ 2,075,293 $ 1,224,167 $ 1,352,436 $ 179,591 $ 358,917 $ 5,190,404
Summary of Assets by Segment	As of March 31, 2019 East Central West Financial Services Corporate and Unallocated Total Real estate inventory and land deposits $ 1,928,199 $ 1,057,565 $ 1,185,475 $ — $ — $ 4,171,239 Investments in unconsolidated entities — 35,472 98,517 4,015 330 138,334 Other assets 147,094 131,130 68,444 175,576 358,587 880,831 Total assets $ 2,075,293 $ 1,224,167 $ 1,352,436 $ 179,591 $ 358,917 $ 5,190,404 As of December 31, 2018 East Central West Financial Services Corporate and Unallocated Total Real estate inventory and land deposits $ 1,862,756 $ 1,011,659 $ 1,164,079 $ — $ — $ 4,038,494 Investments in unconsolidated entities — 35,476 100,693 4,015 357 140,541 Other assets 162,339 118,187 55,433 236,291 513,156 1,085,406 Total assets $ 2,025,095 $ 1,165,322 $ 1,320,205 $ 240,306 $ 513,513 $ 5,264,441

MORTGAGE HEDGING ACTIVITIES (Ta

MORTGAGE HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summaries of Derivative Instruments	The following summarizes derivative instrument assets (liabilities) as of the periods presented: As of March 31, 2019 December 31, 2018 (Dollars in thousands) Fair Value Notional Amount Fair Value Notional Amount IRLCs $ 3,470 $ 164,871 $ 1,838 $ 75,090 MBSs (982 ) 189,000 (739 ) 118,000 Total $ 2,488 $ 1,099

BUSINESS (Detail)

BUSINESS (Detail)	3 Months Ended
	Mar. 31, 2019segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	4

Business Combinations - Summary

Business Combinations - Summary of Fair Value of Assets Acquired and Liabilities Created (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Oct. 02, 2018
Assets Acquired
Goodwill	$ 152,116	$ 152,116
AV Homes, Inc.
Assets Acquired
Real estate inventory			$ 778,174
Prepaid expenses and other assets			106,612
Deferred tax assets, net			71,411
Property and equipment			50,996
Goodwill			85,918
Total assets			1,093,111
Less Liabilities Assumed
Accrued expenses and other liabilities			94,308
Customer deposits			14,130
Estimated development liability			37,230
Senior notes, net			412,520
Net Assets Acquired			534,923
AV Homes, Inc. | East
Assets Acquired
Goodwill			45,100
AV Homes, Inc. | Central Region
Assets Acquired
Goodwill			30,300
AV Homes, Inc. | West
Assets Acquired
Goodwill			$ 10,500

Business Combinations - Unaudit

Business Combinations - Unaudited Pro Forma Results (Detail) - AV Homes, Inc. - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Unaudited Pro Forma Results
Pro forma total revenues	$ 925,092	$ 904,341
Business Acquisition, Pro Forma Net Income (Loss)	51,281	45,189
Pro forma net income available to TMHC - Basic	51,131	42,590
Pro forma loss fully attributable to public holding company	0	165
Pro forma net income - Diluted	$ 51,131	$ 45,225
Pro forma weighted average shares - Basic (in shares)	110,512	116,319
Pro forma weighted average shares - Diluted (in shares)	111,668	123,890
Pro forma earnings per share - Basic (in dollars per share)	$ 0.46	$ 0.37
Pro forma earnings per share - Diluted (in dollars per share)	$ 0.46	$ 0.37
Corporate Joint Venture
Unaudited Pro Forma Results
Pro forma net income attributable to non-controlling interests	$ 150	$ 129
Former Principal Equityholders
Unaudited Pro Forma Results
Pro forma net income attributable to non-controlling interests	$ 0	$ 2,470

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail)	Jan. 01, 2019USD ($)	Jan. 17, 2018shares	Mar. 31, 2019USD ($)lotshares	Mar. 31, 2018USD ($)shares	Dec. 31, 2018USD ($)lot
Class of Stock [Line Items]
Operating lease right of use assets	$ 27,384,000		$ 29,378,000	$ 0	$ 0
Beginning Operating lease right of use liabilities due to adoption of ASU 2016-02			$ (30,331,000)	$ 0
Repurchase of common stock (in shares) | shares			4,376,879	3,838,771
Impairment of real estate inventory			$ 0
Number of inactive projects | lot			43,637		43,664
Prepaid expenses and other assets, net			$ 94,459,000		$ 98,225,000
Property and equipment, net			85,275,000		86,736,000
Retained earnings			$ 578,829,000		$ 527,698,000
Operating lease expense	$ 2,065,000			$ 0
Class A Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares) | shares		7,600,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Operating Lease, Weighted Average Discount Rate, Percent	5.795%
2019	$ 7,314
2020	7,906
2021	7,050
2022	5,728
2023	4,701
Thereafter	9,069
Total lease payments	41,768
Less: Interest	9,271
Operating lease liabilities	32,497	$ 0
Operating Lease, Payments	$ 2,000

EARNINGS PER SHARE - Summary of

EARNINGS PER SHARE - Summary of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net income available to TMHC – basic	$ 51,131	$ 44,933
Net income attributable to non-controlling interest	0	2,470
Loss fully attributable to public holding company		165
Net income – diluted	$ 51,131	$ 47,568
Denominator:
Weighted average shares - basic (Class A) (in shares)		107,195
Conversion of Principal Equityholders Noncontrolling Interest ( in shares )	0	5,849
Restricted stock units (in shares)	922	1,126
Stock Options (in shares)	234	597
Weighted average shares - diluted (in shares)	111,668	114,767
Earnings per common share – basic:
Net income available to Taylor Morrison Home Corporation (usd per share)	$ 0.46	$ 0.42
Earnings per common share – diluted:
Net income available to Taylor Morrison Home Corporation (usd per share)	$ 0.46	$ 0.41

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Detail) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
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	3,060,096	481,705

REAL ESTATE INVENTORY AND LAN_3

REAL ESTATE INVENTORY AND LAND DEPOSITS - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Real estate developed and under development	$ 2,857,408	$ 2,833,875
Real estate held for development or held for sale	72,118	61,415
Operating communities	1,064,839	973,985
Capitalized interest	106,918	96,031	$ 95,334	$ 90,496
Total owned inventory	4,101,283	3,965,306
Real estate not owned	14,893	15,259
Total real estate inventory	$ 4,116,176	$ 3,980,565

REAL ESTATE INVENTORY AND LAN_4

REAL ESTATE INVENTORY AND LAND DEPOSITS - Schedule of Development Status of Land Inventory (Detail) $ in Thousands	Mar. 31, 2019USD ($)lot	Dec. 31, 2018USD ($)lot
Inventory [Line Items]
Owned Lots (in lot) | lot	43,637	43,664
Book Value of Land and Development
Inventory [Line Items]
Raw | $	$ 367,988	$ 461,387
Partially developed | $	867,855	756,376
Finished | $	1,693,683	1,677,527
Total | $	$ 2,929,526	$ 2,895,290
Raw
Inventory [Line Items]
Owned Lots (in lot) | lot	8,524	9,653
Partially developed
Inventory [Line Items]
Owned Lots (in lot) | lot	13,492	12,036
Finished
Inventory [Line Items]
Owned Lots (in lot) | lot	21,621	21,975

REAL ESTATE INVENTORY AND LAN_5

REAL ESTATE INVENTORY AND LAND DEPOSITS - Narrative (Detail) $ in Millions	Mar. 31, 2019USD ($)lot	Dec. 31, 2018USD ($)lot
Real Estate [Abstract]
Right to purchase lots of land option (in lot) | lot	4,136	4,781
Aggregate purchase price	$ 310.9	$ 393.8
Non-refundable option deposits	$ 55.1	$ 57.9

REAL ESTATE INVENTORY AND LAN_6

REAL ESTATE INVENTORY AND LAND DEPOSITS - Schedule of Interest Capitalized, Incurred, Expensed and Amortized (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest capitalized - beginning of period	$ 96,031	$ 90,496
Interest incurred	27,792	19,686
Interest amortized to cost of home closings	(16,905)	(14,848)
Interest capitalized - end of period	$ 106,918	$ 95,334

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Narrative (Detail)	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Maximum related and unrelated third parties ownership interests ( as a percent )	50.00%

INVESTMENTS IN UNCONSOLIDATED_4

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Summarized Balance Sheets of Unconsolidated Entities Accounted by Equity Method (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets:
Other assets	$ 880,831	$ 1,085,406
Liabilities and owners’ equity:
Debt	2,140,337	2,209,596
Equity Method Investments
Assets:
Real estate inventory	452,964	508,795
Other assets	138,806	125,436
Total assets	591,770	634,231
Liabilities and owners’ equity:
Debt	193,901	176,564
Other liabilities	16,178	16,061
Total liabilities	210,079	192,625
Owners’ equity:
TMHC	138,334	140,541
Others	243,357	301,075
Total owners’ equity	381,691	441,616
Total liabilities and owners’ equity	$ 591,770	$ 634,241

INVESTMENTS IN UNCONSOLIDATED_5

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Summarized Statements of Operations of Unconsolidated Entities Accounted by Equity Method (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Schedule of Equity Method Investments [Line Items]
TMHC’s share in income of unconsolidated entities	$ 2,319	$ 3,246
Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Revenues	61,016	59,074
Costs and expenses	(52,820)	(47,332)
Income of unconsolidated entities	8,196	11,742
TMHC’s share in income of unconsolidated entities	2,319	3,246
Distributions to TMHC from unconsolidated entities	$ 5,615	$ 1,033

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES - Summary of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Real estate development costs to complete	$ 15,044	$ 16,591
Compensation and employee benefits	38,663	73,955
Self-insurance and warranty reserves	87,887	93,790	$ 50,336	$ 51,010
Interest payable	35,526	21,385
Property and sales taxes payable	12,193	14,861
Other accruals	60,964	46,104
Total accrued expenses and other liabilities	$ 250,277	$ 266,686

ACCRUED EXPENSES AND OTHER LI_4

ACCRUED EXPENSES AND OTHER LIABILITIES - Summary of Changes in Reserves (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Changes in Warranty Reserves
Reserve - beginning of period	$ 93,790	$ 51,010
Additions to reserves	7,848	5,043
Costs and claims incurred	(14,595)	(5,060)
Change in estimates to existing reserves	844	(657)
Reserve - end of period	$ 87,887	$ 50,336

Estimated Development Liabili_2

Estimated Development Liability (Details) lot in Thousands	Oct. 02, 2018lot
AV Homes, Inc.
Business Acquisition [Line Items]
Number of home sites acquired (more than)	8

DEBT - Summary of Senior Notes

DEBT - Summary of Senior Notes and Other Borrowings (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Oct. 02, 2018	Mar. 05, 2014	Apr. 16, 2013
Debt Instrument [Line Items]
Principal	$ 2,136,878	$ 2,205,850
Unamortized Debt Issuance Costs For Senior Notes	3,459	3,746
Carrying Value	2,140,337	2,209,596
Letters of credit utilized	438,600	397,200
Loans payable and other borrowings
Debt Instrument [Line Items]
Principal	192,764	225,497
Unamortized Debt Issuance (Costs) / Premium	0	0
Carrying Value	192,764	225,497
Mortgage warehouse borrowings
Debt Instrument [Line Items]
Principal	59,114	130,353
Unamortized Debt Issuance (Costs) / Premium	0	0
Carrying Value	59,114	130,353
Revolving Credit Facility
Debt Instrument [Line Items]
Principal	35,000	0
Unamortized Debt Issuance (Costs) / Premium	0	0
Carrying Value	35,000	0
Unamortized debt issuance costs	2,400	2,700
Letters of credit utilized	61,000	62,300
Line of Credit Facility, Remaining Borrowing Capacity	504,000	537,700
364-Day Credit Agreement
Debt Instrument [Line Items]
Principal	200,000	200,000
Unamortized Debt Issuance (Costs) / Premium	0	0
Carrying Value	200,000	200,000
Senior Notes
Debt Instrument [Line Items]
Principal	1,650,000	1,650,000
Unamortized Debt Issuance Costs For Senior Notes	3,459	3,746
Carrying Value	1,653,459	1,653,746
Senior Notes | 5.25% Senior Notes due 2021
Debt Instrument [Line Items]
Principal	550,000	550,000
Unamortized Debt Issuance (Costs) / Premium	2,395	2,695
Carrying Value	$ 547,605	547,305
Stated interest rate ( as a percent )	5.25%				5.25%
Senior Notes | 6.625% Senior Notes due 2022
Debt Instrument [Line Items]
Principal	$ 400,000	400,000	$ 400,000
Unamortized Debt Issuance (Costs) / Premium	(10,794)	(11,656)
Carrying Value	$ 410,794	411,656
Stated interest rate ( as a percent )	6.625%		6.625%
Senior Notes | 5.875% Senior Notes due 2023
Debt Instrument [Line Items]
Principal	$ 350,000	350,000
Unamortized Debt Issuance (Costs) / Premium	2,293	2,434
Carrying Value	$ 347,707	347,566
Stated interest rate ( as a percent )	5.875%
Senior Notes | 5.625% Senior Notes due 2024
Debt Instrument [Line Items]
Principal	$ 350,000	350,000
Unamortized Debt Issuance (Costs) / Premium	2,647	2,781
Carrying Value	$ 347,353	$ 347,219
Stated interest rate ( as a percent )	5.625%			5.625%
Warehouse B [Member] | LIBOR | Secured Debt
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%

DEBT - 2021 Senior Notes (Detai

DEBT - 2021 Senior Notes (Detail) - 5.25% Senior Notes due 2021 - Senior Notes - USD ($)	3 Months Ended
	Mar. 31, 2019	Apr. 16, 2013
Debt Instrument [Line Items]
Senior Notes issued amount		$ 550,000,000
Stated interest rate ( as a percent )	5.25%	5.25%
Redemption price (as a percent)	101.00%
Scheduled Redemption price (as a percent)	101.313%

DEBT - 2022 Senior Notes (Detai

DEBT - 2022 Senior Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Oct. 02, 2018	Mar. 31, 2019
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 2,205,850		$ 2,136,878
Long-term Debt	2,209,596		2,140,337
Senior Notes
Debt Instrument [Line Items]
Long-term Debt, Gross	1,650,000		1,650,000
Long-term Debt	1,653,746		1,653,459
Senior Notes | 6.625% Senior Notes due 2022
Debt Instrument [Line Items]
Long-term Debt, Gross	400,000	$ 400,000	$ 400,000
Stated interest rate ( as a percent )		6.625%	6.625%
Long-term Debt	$ 411,656		$ 410,794
Redemption price (as a percent)		101.00%
Period One | Senior Notes | 6.625% Senior Notes due 2022
Debt Instrument [Line Items]
Redemption price (as a percent)	100.00%
Period Two | Senior Notes | 6.625% Senior Notes due 2022
Debt Instrument [Line Items]
Redemption price (as a percent)	103.313%
Period Three | Senior Notes | 6.625% Senior Notes due 2022
Debt Instrument [Line Items]
Redemption price (as a percent)	101.656%
Period Four | Senior Notes | 6.625% Senior Notes due 2022
Debt Instrument [Line Items]
Redemption price (as a percent)	100.00%

DEBT - 2023 Senior Notes (Detai

DEBT - 2023 Senior Notes (Detail) - 5.875% Senior Notes due 2023 - Unsecured Debt - USD ($)	3 Months Ended
	Mar. 31, 2019	Apr. 16, 2015
Debt Instrument [Line Items]
Senior Notes issued amount		$ 350,000,000
Stated interest rate ( as a percent )		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 - Senior Notes - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 05, 2014
Debt Instrument [Line Items]
Senior Notes issued amount		$ 350,000,000
Stated interest rate ( as a percent )	5.625%	5.625%
Redemption price (as a percent)	100.00%

DEBT - Revolving Credit Facilit

DEBT - Revolving Credit Facility (Detail)	3 Months Ended
	Mar. 31, 2019USD ($)equity_cure_rightfiscal_quarter	Dec. 31, 2018USD ($)	Jun. 29, 2018USD ($)
Debt Instrument [Line Items]
Revolving credit facility borrowings	$ 235,000,000	$ 200,000,000
Letters of credit utilized	438,600,000	397,200,000
Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance costs	2,400,000	2,700,000
Letters of credit utilized	61,000,000	62,300,000
Line of Credit Facility, Remaining Borrowing Capacity	504,000,000	$ 537,700,000
Revolving Credit Facility | Restated Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity on line of credit			$ 600,000,000
Revolving credit facility borrowings	$ 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 - 364 Day Credit Agreement

DEBT - 364 Day Credit Agreement (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 2,136,878,000	$ 2,205,850,000
364-Day Credit Agreement
Debt Instrument [Line Items]
Maximum capitalization ratio	60.00%
Long-term Debt, Gross	$ 200,000,000	$ 200,000,000
Minimum Net Worth Required for Compliance	$ 1,800,000,000

DEBT - Summary of Mortgage Ware

DEBT - Summary of Mortgage Warehouse Borrowings (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Amount Drawn	$ 59,114,000	$ 130,353,000
Secured Debt
Line of Credit Facility [Line Items]
Amount Drawn	59,114,000	130,353,000
Facility Amount	170,000,000	230,000,000
Mortgage borrowings outstanding, collateralized amount	103,700,000	181,900,000
Collateralized amount of restricted short-term investments	1,400,000	1,600,000
Secured Debt | Warehouse A
Line of Credit Facility [Line Items]
Amount Drawn	12,271,000	29,484,000
Facility Amount	$ 45,000,000	$ 45,000,000
Expiration Date		30 days
Secured Debt | Warehouse A | LIBOR
Line of Credit Facility [Line Items]
Interest Rate	1.75%	2.25%
Secured Debt | Warehouse B
Line of Credit Facility [Line Items]
Amount Drawn	$ 9,181,000	$ 38,164,000
Facility Amount	50,000,000	$ 85,000,000
Secured Debt | Warehouse B | LIBOR
Line of Credit Facility [Line Items]
Interest Rate		2.25%
Secured Debt | Warehouse C
Line of Credit Facility [Line Items]
Amount Drawn	37,662,000	$ 62,705,000
Facility Amount	$ 75,000,000	$ 100,000,000
Secured Debt | Warehouse C | LIBOR
Line of Credit Facility [Line Items]
Interest Rate	1.95%	2.375%

DEBT - Loans Payable and Other

DEBT - Loans Payable and Other Borrowings (Detail) - Loans Payables	Mar. 31, 2019	Dec. 31, 2018
Minimum
Debt Instrument [Line Items]
Interest rate on loans payable ( as a percent )	0.00%	0.00%
Maximum
Debt Instrument [Line Items]
Interest rate on loans payable ( as a percent )	8.00%	8.00%

FAIR VALUE DISCLOSURES (Detail)

FAIR VALUE DISCLOSURES (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Oct. 02, 2018	Mar. 05, 2014	Apr. 16, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, net	$ 3,470	$ 1,838
Senior Notes | 5.25% Senior Notes due 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate ( as a percent )	5.25%				5.25%
Senior Notes | 6.625% Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate ( as a percent )	6.625%		6.625%
Senior Notes | 5.875% Senior Notes due 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate ( as a percent )	5.875%
Senior Notes | 5.625% Senior Notes due 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate ( as a percent )	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	$ 103,705	181,897
Derivative assets, net	2,488	1,099
Level 2 | Carrying Value | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	35,000	0
Level 2 | Carrying Value | 364-Day Credit Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	200,000	200,000
Level 2 | Carrying Value | Mortgage warehouse borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	59,114	130,353
Level 2 | Carrying Value | Loans payable and other borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	192,764	225,497
Level 2 | Carrying Value | Senior Notes | 5.25% Senior Notes due 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	547,605	547,304
Level 2 | Carrying Value | Senior Notes | 6.625% Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	410,794	411,656
Level 2 | Carrying Value | Senior Notes | 5.875% Senior Notes due 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	347,707	347,566
Level 2 | Carrying Value | Senior Notes | 5.625% Senior Notes due 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	347,353	347,219
Level 2 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	103,705	181,897
Derivative assets, net	2,488	1,099
Level 2 | Estimated Fair Value | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	35,000	0
Level 2 | Estimated Fair Value | 364-Day Credit Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	200,000	200,000
Level 2 | Estimated Fair Value | Mortgage warehouse borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	59,114	130,353
Level 2 | Estimated Fair Value | Loans payable and other borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	192,764	225,497
Level 2 | Estimated Fair Value | Senior Notes | 5.25% Senior Notes due 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	549,505	544,500
Level 2 | Estimated Fair Value | Senior Notes | 6.625% Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	414,520	400,520
Level 2 | Estimated Fair Value | Senior Notes | 5.875% Senior Notes due 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	356,125	337,750
Level 2 | Estimated Fair Value | Senior Notes | 5.625% Senior Notes due 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 345,520	$ 332,500

FAIR VALUE DISCLOSURES Fair Val

FAIR VALUE DISCLOSURES Fair Value of Assets Measured on a Nonrecurring Basis (Details) $ in Thousands	Mar. 31, 2019USD ($)
Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventories	$ 5,545

INCOME TAXES (Detail)

INCOME TAXES (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax [Line Items]
Effective tax rate( as a percent )	24.70%	19.80%
Unrecognized tax benefits that would affect effective tax rate	$ 7,400
Income tax provision	16,791	$ 11,706
Potential interest and penalties accrued	700
Domestic
Income Tax [Line Items]
Unrecognized tax benefits that would affect effective tax rate	$ 5,900

STOCKHOLDERS_ EQUITY - Narrativ

STOCKHOLDERS’ EQUITY - Narrative (Detail) $ in Thousands	Jan. 17, 2018shares	Mar. 31, 2019USD ($)voteshares	Mar. 31, 2018USD ($)shares
Stock Repurchase Program, Increase (Decrease) [Roll Forward]
Amount available for repurchase — beginning of period		$ 57,437	$ 95,902
Additional amount authorized for repurchase		100,000	100,000
Amount repurchased		(77,839)	(100,000)
Amount available for repurchase — end of period		$ 79,598	$ 95,902
Repurchase of common stock (in shares) | shares		4,376,879	3,838,771
Class A Common Stock
Stock Repurchase Program, Increase (Decrease) [Roll Forward]
Common Stock, Number of Voting Rights | vote		1
Repurchase of common stock (in shares) | shares	7,600,000
Class B Common Stock
Stock Repurchase Program, Increase (Decrease) [Roll Forward]
Common Stock, Number of Voting Rights | vote		1

STOCK BASED COMPENSATION - Narr

STOCK BASED COMPENSATION - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate unamortized outstanding stock based compensation	$ 33.5	$ 20.4
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)	6,723,757
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

STOCK BASED COMPENSATION - Summ

STOCK BASED COMPENSATION - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock compensation	$ 3,417	$ 3,543
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock compensation	903	1,241
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock compensation	$ 2,514	$ 2,302

STOCK BASED COMPENSATION - Su_2

STOCK BASED COMPENSATION - Summary of Restricted Stock Unit Activity (Detail)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Restricted Stock Units and Performance Based Restricted Stock Units
Shares
Beginning balance (in shares) | shares	1,925,364
Granted (in shares) | shares	670,100
Vested (in shares) | shares	(789,643)
Forfeited (in shares) | shares	(4,082)
Ending balance (in shares) | shares	1,801,739
Weighted Average Grant Date Fair Value
Outstanding, Beginning balance (usd per share) | $ / shares	$ 16.49
Granted (usd per share) | $ / shares	18.34
Vested (usd per share) | $ / shares	13.16
Forfeited (usd per share) | $ / shares	18.56
Outstanding, Ending balance (usd per share) | $ / shares	$ 18.74
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Stock options
Weighted Average Grant Date Fair Value
Expiration period (in years)	10 years
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

STOCK BASED COMPENSATION - Su_3

STOCK BASED COMPENSATION - Summary of Stock Option Plan Activity (Detail)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Shares
Outstanding, Beginning balance (in shares) | shares	3,239,995
Granted (in shares) | shares	980,536
Exercised (in shares) | shares	(3,176)
Canceled/Forfeited (in shares) | shares	(10,248)
Outstanding, Ending balance (in shares) | shares	4,207,107
Options exercisable (in shares) | shares	2,161,078
Weighted Average Exercise Price Per Share
Outstanding, Beginning balance (usd per share) | $ / shares	$ 18.87
Granted (usd per share) | $ / shares	18.06
Exercised (usd per share) | $ / shares	12.12
Canceled/Forfeited (usd per share) | $ / shares	22.61
Outstanding, Ending balance (usd per share) | $ / shares	18.68
Options exercisable (usd per share) | $ / shares	$ 18.48

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	$ 284
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	2,418,735	$ 2,346,545
Gross amounts reclassified within AOCI		0
Balance, end of period	2,395,312	2,195,630
Other Comprehensive Income (Loss), Net of Tax	284
Total Post- Retirement Benefits Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	2,001	2,082
Gross amounts reclassified within AOCI		0
Balance, end of period	2,285	2,082
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	0	(45,205)
Gross amounts reclassified within AOCI		25,155
Balance, end of period	0	(20,050)
Non-controlling Interest - Former Principal Equityholders Reclassification
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	0	25,155
Gross amounts reclassified within AOCI		(25,155)
Balance, end of period	0	0
Other Comprehensive Income (Loss), Net of Tax	0
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	2,001	(17,968)
Balance, end of period	2,285	$ (17,968)
Other Comprehensive Income (Loss), Net of Tax	284
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	284
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	284
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	$ 0

REPORTING SEGMENTS - Reconcilia

REPORTING SEGMENTS - Reconciliation to Net Income (Loss) (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)segment	Mar. 31, 2018USD ($)
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	$ 925,092	$ 752,333
Gross margin	172,040	143,102
Selling, general and administrative expenses	(103,883)	(87,016)
Equity in (loss)/income of unconsolidated entities	2,319	3,246
Interest and other (expense)/income, net	(2,404)	(94)
Income/(loss) before income taxes	68,072	59,238
Operating Segments | East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	354,952	284,807
Gross margin	61,176	52,289
Selling, general and administrative expenses	(35,559)	(28,634)
Equity in (loss)/income of unconsolidated entities	0	111
Interest and other (expense)/income, net	(1,613)	(478)
Income/(loss) before income taxes	24,004	23,288
Operating Segments | Central
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	254,947	214,113
Gross margin	42,344	40,627
Selling, general and administrative expenses	(26,264)	(22,280)
Equity in (loss)/income of unconsolidated entities	(89)	381
Interest and other (expense)/income, net	(807)	(108)
Income/(loss) before income taxes	15,184	18,620
Operating Segments | West
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	299,149	239,207
Gross margin	63,197	46,024
Selling, general and administrative expenses	(20,564)	(15,565)
Equity in (loss)/income of unconsolidated entities	821	1,095
Interest and other (expense)/income, net	(389)	20
Income/(loss) before income taxes	43,065	31,574
Operating Segments | Financial Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	16,044	14,206
Gross margin	5,323	4,162
Selling, general and administrative expenses	0	0
Equity in (loss)/income of unconsolidated entities	1,409	1,659
Interest and other (expense)/income, net	0	0
Income/(loss) before income taxes	6,732	5,821
Corporate and Unallocated
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	0	0
Gross margin	0	0
Selling, general and administrative expenses	(21,496)	(20,537)
Equity in (loss)/income of unconsolidated entities	178	0
Interest and other (expense)/income, net	405	472
Income/(loss) before income taxes	$ (20,913)	$ (20,065)

REPORTING SEGMENTS - Summary of

REPORTING SEGMENTS - Summary of Assets by Segment (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	$ 4,171,239	$ 4,038,494
Investments in unconsolidated entities	138,334	140,541
Other assets	880,831	1,085,406
Total assets	5,190,404	5,264,441
Operating Segments | East
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	1,928,199	1,862,756
Investments in unconsolidated entities	0	0
Other assets	147,094	162,339
Total assets	2,075,293	2,025,095
Operating Segments | Central
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	1,057,565	1,011,659
Investments in unconsolidated entities	35,472	35,476
Other assets	131,130	118,187
Total assets	1,224,167	1,165,322
Operating Segments | West
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	1,185,475	1,164,079
Investments in unconsolidated entities	98,517	100,693
Other assets	68,444	55,433
Total assets	1,352,436	1,320,205
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	4,015
Other assets	175,576	236,291
Total assets	179,591	240,306
Corporate and Unallocated
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	0	0
Investments in unconsolidated entities	330	357
Other assets	358,587	513,156
Total assets	$ 358,917	$ 513,513

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Detail) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit and surety bonds	$ 438.6	$ 397.2
Legal accruals	$ 5.9	$ 5.7

MORTGAGE HEDGING ACTIVITIES (De

MORTGAGE HEDGING ACTIVITIES (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Fair Value	$ 2,488	$ 1,099
Total commitments to extend credit	182,600	83,400
IRLCs
Derivative [Line Items]
Fair Value	3,470	1,838
Notional Amount	164,871	75,090
MBSs
Derivative [Line Items]
Fair Value	(982)	(739)
Notional Amount	$ 189,000	$ 118,000
Minimum
Derivative [Line Items]
Derivative term	30 days
Maximum
Derivative [Line Items]
Derivative term	60 days

SUBSEQUENT EVENTS - (Details)

SUBSEQUENT EVENTS - (Details) - USD ($) shares in Millions	1 Months Ended
	May 01, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Amount available for repurchase		$ 79,598,000	$ 57,437,000	$ 95,902,000	$ 95,902,000
Class A Common Stock | Subsequent Event
Subsequent Event [Line Items]
Stock Repurchased During Period (in shares)	1.7
Stock Repurchased During Period	$ 31,700,000
Amount available for repurchase	47,900,000
Amount authorized for repurchase	$ 100,000,000