Taylor Morrison Home (TMHC) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-35873
Entity Registrant Name	TAYLOR MORRISON HOME CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2026677
Entity Address, Address Line One	4900 N. Scottsdale Road, Suite 2000
Entity Address, Postal Zip Code	85251
Entity Address, City or Town	Scottsdale,
Entity Address, State or Province	AZ
City Area Code	480
Local Phone Number	840-8100
Title of 12(b) Security	Common Stock, $0.00001 par value
Trading Symbol	TMHC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		125,289,090
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001562476
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 366,267	$ 532,843
Restricted cash	1,854	1,266
Total cash, cash equivalents, and restricted cash	368,121	534,109
Owned inventory	5,692,753	5,209,653
Consolidated real estate not owned	63,717	122,773
Total real estate inventory	5,756,470	5,332,426
Land deposits	126,015	125,625
Mortgage loans held for sale	277,017	201,177
Derivative assets	3,687	5,294
Lease right of use assets	68,490	73,222
Prepaid expenses and other assets, net	278,806	242,744
Other receivables, net	100,969	96,241
Investments in unconsolidated entities	130,044	127,955
Deferred tax assets, net	238,078	238,078
Property and equipment, net	127,869	97,927
Goodwill	663,197	663,197
Total assets	8,138,763	7,737,995
Liabilities
Accounts payable	269,924	215,047
Accrued expenses and other liabilities	435,466	430,067
Lease liabilities	78,814	83,240
Income taxes payable	18,677	12,841
Customer deposits	481,312	311,257
Estimated development liability	39,356	40,625
Senior notes, net	2,452,344	2,452,365
Loans payable and other borrowings	415,074	348,741
Revolving credit facility borrowings	0	0
Mortgage warehouse borrowings	215,230	127,289
Liabilities attributable to consolidated real estate not owned	63,717	122,773
Total liabilities	4,469,914	4,144,245
COMMITMENTS AND CONTINGENCIES (Note 14)
Stockholders’ Equity
Total stockholders’ equity	3,668,849	3,593,750
Total liabilities and stockholders’ equity	$ 8,138,763	$ 7,737,995
Operating lease, liability, statement of financial position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Total revenue	$ 1,719,280	$ 1,526,685	$ 3,137,092	$ 2,872,384
Total cost of revenue	1,390,577	1,282,507	2,533,948	2,430,450
Gross margin	328,703	244,178	603,144	441,934
Sales, commissions and other marketing costs	97,560	94,038	183,512	180,365
General and administrative expenses	69,997	51,112	131,550	101,638
Equity in income of unconsolidated entities	(2,126)	(3,495)	(7,787)	(5,921)
Interest expense/(income), net	3	(337)	(116)	(897)
Other expense/(income), net	45	(696)	1,020	5,595
Transaction expenses	0	18,712	0	105,086
Income before income taxes	163,224	84,844	294,965	56,068
Income tax provision	38,469	17,622	67,767	18,403
Net income before allocation to non-controlling interests	124,755	67,222	227,198	37,665
Net income attributable to non-controlling interests	(608)	(1,548)	(5,030)	(3,423)
Net income available to Taylor Morrison Home Corporation	$ 124,147	$ 65,674	$ 222,168	$ 34,242
Earnings per common share
Basic (in dollars per share)	$ 0.97	$ 0.51	$ 1.73	$ 0.27
Diluted (in dollars per share)	$ 0.95	$ 0.50	$ 1.70	$ 0.27
Weighted average number of shares of common stock:
Basic (in shares)	128,440	129,629	128,661	125,768
Diluted (in shares)	130,259	130,364	130,766	126,726
Home closings
Total revenue	$ 1,644,380	$ 1,470,994	$ 3,007,809	$ 2,735,634
Total cost of revenue	1,331,041	1,244,224	2,441,283	2,314,727
Land closings
Total revenue	32,057	10,546	36,946	33,485
Total cost of revenue	28,138	10,287	32,165	37,419
Financial Services
Total revenue	37,392	40,297	81,457	68,336
Total cost of revenue	25,935	22,796	49,934	43,443
Amenity and other
Total revenue	5,451	4,848	10,880	34,929
Total cost of revenue	$ 5,463	$ 5,200	$ 10,566	$ 34,861

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income before non-controlling interests, net of tax	$ 124,755	$ 67,222	$ 227,198	$ 37,665
Post-retirement benefits adjustments, net of tax	0	0	0	(13)
Comprehensive income	124,755	67,222	227,198	37,652
Comprehensive income available to Taylor Morrison Home Corporation	124,147	65,674	222,168	34,229
Joint Ventures
Comprehensive income attributable to non-controlling interests	$ (608)	$ (1,548)	$ (5,030)	$ (3,423)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands		Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated  Other Comprehensive Loss	Non-controlling InterestCorporate Joint Venture
Balance, beginning of period (in shares) at Dec. 31, 2019			105,851,285		19,943,432
Balance, beginning of period at Dec. 31, 2019		$ 2,545,712	$ 1	$ 2,097,995	$ (343,524)	$ 782,350	$ 884	$ 8,006
Increase (Decrease) in Stockholders' Equity
Net income		37,665				34,243		3,423
Other comprehensive loss		(13)					(13)
Exercise of stock options (in shares)			302,522
Exercise of stock options		5,371		5,371
Issuance of restricted stock units, net of shares withheld for tax (in shares)	[1]		634,133
Issuance of restricted stock units, net of shares withheld for tax	[1]	(7,252)		(7,252)
Warrant exercises		0
Issuance of equity in connection with business combinations (in shares)			28,327,290
Issuance of equity in connection with business combinations, including warrants		$ 789,179		789,179
Repurchase of common stock (in shares)		5,436,479	5,436,479		5,436,479
Repurchase of common stock		$ (90,163)			$ (90,163)
Common stock surrendered in connection with warrant exercise		0
Issuance of equity in connection with business combinations		5,106		5,106
Stock compensation expense		16,882		16,882
WLH equity award accelerations due to change in control		8,421		8,421
Distributions to non-controlling interests of consolidated joint ventures		23,673						23,673
Changes in non-controlling interests of consolidated joint ventures		137,504						137,504
Balance, end of period (in shares) at Jun. 30, 2020			129,678,751		25,379,911
Balance, end of period at Jun. 30, 2020		3,424,740	$ 1	2,915,702	$ (433,687)	816,593	871	125,260
Balance, beginning of period (in shares) at Mar. 31, 2020			129,594,663		25,379,911
Balance, beginning of period at Mar. 31, 2020		3,423,041	$ 1	2,970,812	$ (433,687)	750,919	871	134,125
Increase (Decrease) in Stockholders' Equity
Net income		67,222				65,674		1,548
Exercise of stock options (in shares)			52,373
Exercise of stock options		823		823
Issuance of restricted stock units, net of shares withheld for tax (in shares)	[1]		31,715
Issuance of restricted stock units, net of shares withheld for tax	[1]	$ (177)		(177)
Repurchase of common stock (in shares)		0
Repurchase of common stock		$ 0
Issuance of equity in connection with business combinations		(60,742)		(60,742)
Stock compensation expense		4,986		4,986
Distributions to non-controlling interests of consolidated joint ventures		(30,408)						(30,408)
Changes in non-controlling interests of consolidated joint ventures		19,995						19,995
Balance, end of period (in shares) at Jun. 30, 2020			129,678,751		25,379,911
Balance, end of period at Jun. 30, 2020		3,424,740	$ 1	2,915,702	$ (433,687)	816,593	871	125,260
Balance, beginning of period (in shares) at Dec. 31, 2020			129,476,914		25,884,756
Balance, beginning of period at Dec. 31, 2020		3,593,750	$ 1	2,926,773	$ (446,856)	1,025,789	(1,166)	89,209
Increase (Decrease) in Stockholders' Equity
Net income		227,198				222,168		5,030
Exercise of stock options (in shares)			631,626
Exercise of stock options		12,434		12,434
Issuance of restricted stock units, net of shares withheld for tax (in shares)	[1]		380,009
Issuance of restricted stock units, net of shares withheld for tax	[1]	(4,857)		(4,857)
Warrant exercises (in shares)			1,704,205
Warrant exercises		$ 32,584		32,584
Repurchase of common stock (in shares)		5,256,737	5,256,737		5,256,737
Repurchase of common stock		$ (145,172)			$ (145,172)
Common stock surrendered in connection with warrant exercise (in shares)			1,025,699		1,025,699
Common stock surrendered in connection with warrant exercise		(32,587)			$ (32,587)
Stock compensation expense		10,335		10,335
Distributions to non-controlling interests of consolidated joint ventures		(24,844)						(24,844)
Changes in non-controlling interests of consolidated joint ventures		8						8
Balance, end of period (in shares) at Jun. 30, 2021			125,910,318		32,167,192
Balance, end of period at Jun. 30, 2021		3,668,849	$ 1	2,977,269	$ (624,615)	1,247,957	(1,166)	69,403
Balance, beginning of period (in shares) at Mar. 31, 2021			128,736,493		27,332,065
Balance, beginning of period at Mar. 31, 2021		3,655,564	$ 1	2,934,111	$ (485,274)	1,123,810	(1,166)	84,082
Increase (Decrease) in Stockholders' Equity
Net income		124,755				124,147		608
Exercise of stock options (in shares)			281,951
Exercise of stock options		6,113		6,113
Issuance of restricted stock units, net of shares withheld for tax (in shares)	[1]		22,796
Issuance of restricted stock units, net of shares withheld for tax	[1]	(193)		(193)
Warrant exercises (in shares)			1,704,205
Warrant exercises		$ 32,584		32,584
Repurchase of common stock (in shares)		3,809,428	3,809,428		3,809,428
Repurchase of common stock		$ (106,754)			$ (106,754)
Common stock surrendered in connection with warrant exercise (in shares)			1,025,699		1,025,699
Common stock surrendered in connection with warrant exercise		(32,587)			$ (32,587)
Stock compensation expense		4,654		4,654
Distributions to non-controlling interests of consolidated joint ventures		(16,883)						(16,883)
Changes in non-controlling interests of consolidated joint ventures		1,596						1,596
Balance, end of period (in shares) at Jun. 30, 2021			125,910,318		32,167,192
Balance, end of period at Jun. 30, 2021		$ 3,668,849	$ 1	$ 2,977,269	$ (624,615)	$ 1,247,957	$ (1,166)	$ 69,403
[1]	Dollar amount represents the value of shares withheld for taxes.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income before allocation to non-controlling interests	$ 227,198	$ 37,665
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Equity in income of unconsolidated entities	(7,787)	(5,921)
Stock compensation expense	10,335	21,988
Distributions of earnings from unconsolidated entities	7,210	6,209
Depreciation and amortization	19,798	17,617
Operating lease expense	7,958	8,591
Debt issuance costs/(premium) amortization	236	(1,631)
Land held for sale write-downs	0	4,347
Changes in operating assets and liabilities:
Real estate inventory and land deposits	(483,490)	165,354
Mortgages held for sale, prepaid expenses and other assets	(149,748)	(5,926)
Customer deposits	170,055	26,943
Accounts payable, accrued expenses and other liabilities	94,805	28,934
Income taxes payable	5,836	19,034
Net cash (used in)/provided by operating activities	(97,594)	323,204
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(20,523)	(17,051)
Payments for business acquisitions, net of cash acquired	0	(279,193)
Distributions of capital from unconsolidated entities	13,132	22,046
Investments of capital into unconsolidated entities	(14,643)	(4,590)
Net cash used in investing activities	(22,034)	(278,788)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in loans payable and other borrowings	72,295	48,234
Repayments of loans payable and other borrowings	(44,231)	(60,937)
Borrowings on revolving credit facility	0	695,000
Repayments on revolving credit facility	0	(210,000)
Borrowings on mortgage warehouse	1,499,258	1,061,089
Repayments on mortgage warehouse	(1,411,317)	(1,079,481)
Repayments on senior notes	0	(50,000)
Payment of deferred financing costs	0	(3)
Proceeds from stock option exercises	12,434	5,371
Payment of principle portion of finance lease	(1,325)	(1,325)
Repurchase of common stock, net	(145,172)	(90,163)
Payment of taxes related to net share settlement of equity awards	(5,483)	(7,252)
Changes and distributions to non-controlling interests of consolidated joint ventures, net	(22,819)	(6,618)
Net cash (used in)/provided by financing activities	(46,360)	303,915
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(165,988)	348,331
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period	534,109	328,572
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period	368,121	676,903
SUPPLEMENTAL CASH FLOW INFORMATION:
Income tax payments/(refund), net	(61,404)	520
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
Change in loans payable issued to sellers in connection with land purchase contracts	121,380	117,345
Change in inventory not owned	(59,056)	(33,456)
Issuance of common stock in connection with business acquisition	0	798,863
Net non-cash (distributions)/contributions from non-controlling interests	(2,025)	6,376
Non-cash portion of loss on debt extinguishment	0	1,723
Common stock surrendered in connection with warrant exercises	32,587	0
Common stock issued in connection with warrant exercises	$ (32,584)	$ 0

BUSINESS

BUSINESS	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS 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. We operate in the states of Arizona, California, Colorado, Florida, Georgia, Nevada, North and South Carolina, Oregon, Texas, and Washington. Our Company serves a wide array of consumer groups from coast to coast, including first time, move-up, luxury, and 50 plus lifestyle (formerly referred to as active adult). Our homebuilding segments operate under our Taylor Morrison, Darling Homes, and Esplanade brand names. Our business is organized into multiple homebuilding operating components, and a financial services component, all of which are managed as four reportable segments: East, Central, West, and Financial Services. The communities in our homebuilding segments generally offer single and multi-family attached and detached homes. We are the general contractors for all real estate projects and retain subcontractors for home construction and land development. We have an exclusive partnership with Christopher Todd Communities, a growing Phoenix-based developer of innovative, luxury rental communities to operate a “Build-to-Rent” homebuilding business. Build-to-Rent serves as a land acquirer, developer, and homebuilder while Christopher Todd Communities provides community design and property management consultation. We also operate Urban Form Development, LLC (“Urban Form”), which primarily develops and constructs multi-use properties consisting of commercial space, retail, and multi-family units. Our Financial Services segment provides financial services to customers through our wholly owned mortgage subsidiary, operating as Taylor Morrison Home Funding, LLC (“TMHF”), title services through our wholly owned title services subsidiary, Inspired Title Services, LLC (“Inspired Title”), and homeowner’s insurance policies through our insurance agency, Taylor Morrison Insurance Services, LLC (“TMIS”).

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
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, 2020 (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. 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” 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 these accompanying notes. Significant estimates include real estate development costs to complete, valuation of real estate, valuation of acquired assets, valuation of goodwill, valuation of development liabilities, 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. Goodwill — The excess of the purchase price of a business acquisition over the net fair value of assets acquired and liabilities assumed is capitalized as goodwill in accordance with ASC Topic 350, Intangibles — Goodwill and Other . ASC 350 requires that goodwill and intangible assets that do not have finite lives not be amortized, but rather assessed for impairment at least annually or more frequently if certain impairment indicators are present. We perform our annual impairment test during the fourth quarter or whenever impairment indicators are present. We did not perform an impairment test during the second quarter of 2021 as indicators of impairment were not present as of June 30, 2021. 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, and real estate taxes are allocated to homes and units generally using the relative sales value method. Generally, all overhead costs relating to our materials procurement process, vertical construction of a home, and construction utilities are considered overhead costs and allocated on a per unit basis. 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 on a community-level basis 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 and six months ended June 30, 2021 and 2020, 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 June 30, 2021 and December 31, 2020, we had one inactive project in our East region with a carrying value of $13.5 million. We have land purchase agreements with various land sellers. As a method of acquiring land in staged takedowns, while limiting risk and minimizing the use of funds from our available cash or other financing sources, we may transfer our right under certain specific performance purchase agreements to entities owned by third parties (“land banking arrangements”). These entities use equity contributions from their owners and/or incur debt to finance the acquisition and development of the land. The entities grant us an option to acquire lots in staged takedowns. In consideration for this option, we make a non-refundable deposit typically equal to 15% to 25% of the total purchase price. We are not legally obligated to purchase the balance of the lots but would forfeit any existing deposits and could be subject to financial and other penalties if the lots were not purchased. We do not have an ownership interest in these entities or title to their assets and do not guarantee their liabilities. These land banking arrangements help us manage the financial and market risk associated with land holdings. Investments in Consolidated and Unconsolidated Entities Consolidated Entities — In the ordinary course of business, we enter into land purchase contracts, lot option contracts and land banking arrangements in order to procure land or lots for the construction of homes. Such contracts enable us to control significant lot positions with a minimal initial capital investment and substantially reduce the risks associated with land ownership and development. In accordance with ASC Topic 810, Consolidation , we have concluded that when we enter into these agreements to acquire land or lots and pay a non-refundable deposit, a Variable Interest Entity (“VIE”) may be created because we are deemed to have provided subordinated financial support that will absorb some or all of an entity’s expected losses if they occur. If we are the primary beneficiary of the VIE, we will consolidate the VIE in our Condensed Consolidated Financial Statements and reflect such assets and liabilities as Consolidated real estate not owned within our real estate inventory balance and Liabilities attributable to consolidated real estate not owned, respectively in the Consolidated Balance Sheets. Unconsolidated Joint Ventures — We use the equity method of accounting for entities over which we exercise significant influence but do not have a controlling interest over the operating and financial policies of the investee. For unconsolidated entities in which we function as the managing member, we have evaluated the rights held by our joint venture partners and determined that they have substantive participating rights that preclude the presumption of control. Our share of net earnings or losses is included in Equity in income of unconsolidated entities when earned and distributions are credited against our investment in the joint venture when distributions are received. 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 third party. These joint ventures are recorded in Investments in unconsolidated entities on the Consolidated Balance Sheets. We evaluate our investments in unconsolidated entities for indicators of impairment at least semi-annually, or whenever indicators of impairment are present. 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 carrying amount of our investment 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, intent and ability for us to recover our investment in the entity, financial condition and long-term prospects of the 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 we believe that the decline in the fair value of the investment is temporary, then no impairment is recorded. We did not record any impairment charges for the three and six months ended June 30, 2021 and 2020. Revenue Recognition — We recognize revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (“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, if any, 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 such as golf courses, club houses, and fitness centers, which require us to provide club members with access to the facilities in exchange for the payment of club dues. We collect club dues and other fees from the club members, which are invoiced on a monthly basis. Revenue from our golf club operations is also included in amenity and other revenue. Amenity and other revenue also includes revenue from the sale of assets which include multi-use properties as part of our Urban Form operations. 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, which is usually upon the close of escrow. All of the loans TMHF originates are sold to third party investors within a short period of time, on a non-recourse basis. Gains and losses from the sale of mortgages are recognized in accordance with ASC Topic 860-20, Sales of Financial Assets. TMHF does not have continuing involvement with the transferred assets; therefore, we derecognize the mortgage loans at time of sale, based on the difference between the selling price and carrying value of the related loans upon sale, recording a gain/loss on sale in the period of sale. Also included in Financial services revenue/expenses are realized and unrealized gains and losses from hedging instruments. Recently Issued Accounting Pronouncements — In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. We adopted

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS In accordance with ASC Topic 805 , Business Combinations , all assets acquired and liabilities assumed from our acquisition of William Lyon Homes (“WLH”) on February 6, 2020 were measured and recognized at fair value as of the date of the acquisition to reflect the purchase price paid. Upon finalization, total purchase consideration of the WLH acquisition was $1.1 billion, consisting of multiple components: (i) cash of $157.8 million, (ii) the issuance of approximately 28.3 million shares of TMHC Common Stock with a value of $773.9 million, (iii) the repayment of $160.8 million of borrowings under WLH's Revolving Credit Facility, and (iv) the conversion of WLH issued equity instruments consisting of restricted stock units, restricted stock awards, options and warrants to TMHC awards and warrants with a value of $24.1 million. We determined the estimated fair value of real estate inventory on a community-level basis, using a reasonable range of market comparable gross margins based on the inventory geography and product type. These estimates are significantly impacted by assumptions related to expected average home selling prices and sales incentives, expected sales paces and cancellation rates, expected land development and construction timelines, and anticipated land development, construction, and overhead costs. Such estimates were made for each individual community and varied significantly between communities. We believe our estimates and assumptions are reasonable. The following is a summary of the final fair value of assets acquired and liabilities assumed. (Dollars in thousands) Acquisition Date February 6, 2020 Assets acquired Real estate inventory $ 2,069,323 Prepaid expenses and other assets (1) 265,729 Deferred tax assets, net 148,193 Goodwill (2) 513,768 Total assets $ 2,997,013 Less liabilities assumed Accrued expenses and other liabilities $ 457,365 Total debt 1,306,578 Non-controlling interest 116,157 Net assets acquired $ 1,116,913 (1) Includes cash acquired. (2) Goodwill is not deductible for tax purposes. We allocated $465.6 million and $48.2 million of goodwill to the West and Central homebuilding segments, respectively. Unaudited Pro Forma Results of Business Combinations The following unaudited pro forma information for the period presented includes the results of operations of our acquisition of WLH as if it had been completed on January 1, 2019. 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 WLH for the periods presented. The unaudited pro forma results do not give effect to any synergies, operating efficiencies, or other costs savings that may result from the acquisition, or other significant non-reoccurring expenses or transactions that do not have a continuing impact. Earnings per share utilizes pro forma net income available to TMHC 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. For the three months ended June 30, For the six months ended (Dollars in thousands except per share data) 2020 (Pro forma) 2020 (Pro forma) Total revenue $ 1,526,685 $ 2,959,482 Net income before allocation to non-controlling interests $ 80,396 $ 79,130 Net income attributable to non-controlling interests (1,548) (2,536) Net income available to TMHC $ 78,848 $ 76,594 Weighted average shares - Basic 129,964 154,431 Weighted average shares - Diluted 130,700 155,389 Earnings per share - Basic $ 0.61 $ 0.50 Earnings per share - Diluted $ 0.60 $ 0.49

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2021
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 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 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 Six Months Ended 2021 2020 2021 2020 Numerator: Net income available to TMHC $ 124,147 $ 65,674 $ 222,168 $ 34,242 Denominator: Weighted average shares – basic 128,440 129,629 128,661 125,768 Restricted stock units 801 585 892 721 Stock Options 824 150 834 237 Warrants 194 — 379 — Weighted average shares – diluted 130,259 130,364 130,766 126,726 Earnings per common share – basic: Net income available to Taylor Morrison Home Corporation $ 0.97 $ 0.51 $ 1.73 $ 0.27 Earnings per common share – diluted: Net income available to Taylor Morrison Home Corporation $ 0.95 $ 0.50 $ 1.70 $ 0.27

REAL ESTATE INVENTORY AND LAND

REAL ESTATE INVENTORY AND LAND DEPOSITS	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
REAL ESTATE INVENTORY AND LAND DEPOSITS	REAL ESTATE INVENTORY AND LAND DEPOSITSInventory consists of the following (in thousands): As of June 30, December 31, 2020 Real estate developed and under development $ 4,011,925 $ 3,862,785 Real estate held for development or held for sale (1) 114,807 110,954 Operating communities (2) 1,385,501 1,072,134 Capitalized interest 180,520 163,780 Total owned inventory 5,692,753 5,209,653 Consolidated real estate not owned 63,717 122,773 Total real estate inventory $ 5,756,470 $ 5,332,426 (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, if applicable, long-term strategic assets. (2) Operating communities consist of all vertical construction costs relating to homes in progress and completed homes for all active inventory. The development status of our land inventory is as follows (dollars in thousands): As of June 30, 2021 December 31, 2020 Owned Lots Book Value of Land Owned Lots Book Value of Land Raw 5,252 $ 232,473 7,032 $ 239,554 Partially developed 21,749 1,322,628 19,495 1,215,419 Finished 22,417 2,444,805 21,396 2,388,177 Long-term strategic assets 158 13,462 158 13,462 Total homebuilding owned lots 49,576 4,013,368 48,081 3,856,612 Commercial assets 5,298 113,364 5,298 117,126 Total owned lots 54,874 $ 4,126,732 53,379 $ 3,973,738 Land Deposits — We provide deposits related to land options and land purchase contracts, which are capitalized when paid and classified as Land deposits until the associated property is purchased. As of June 30, 2021 and December 31, 2020, we had the right to purchase 9,353 and 7,449 lots under land option purchase contracts, respectively, for an aggregate purchase price of $596.7 million and $485.4 million, respectively. We do not have title to the properties, and the creditors generally have no recourse against us. As of June 30, 2021 and December 31, 2020, our exposure to loss related to our option contracts with third parties and unconsolidated entities consisted of non-refundable deposits totaling $90.6 million and $65.3 million, respectively. We also have various land banking arrangements. As of June 30, 2021 and December 31, 2020, we had the right to purchase 1,251 lots and 2,426 lots under such land agreements for an aggregate purchase price of $112.7 million and $275.0 million, respectively. We are not legally obligated to purchase the balance of the lots. As of June 30, 2021 and December 31, 2020, our exposure to loss related to deposits on land banking arrangements totaled $26.6 million and $60.3 million, respectively. Capitalized Interest — Interest capitalized, incurred and amortized is as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Interest capitalized - beginning of period $ 174,174 $ 128,870 $ 163,780 $ 115,593 Interest incurred 40,416 43,237 78,135 80,812 Interest amortized to cost of home closings (34,070) (28,667) (61,395) (52,965) Interest capitalized - end of period $ 180,520 $ 143,440 $ 180,520 $ 143,440

INVESTMENTS IN CONSOLIDATED AND

INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES	INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES Unconsolidated Entities We have investments in a number of joint ventures with 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 June 30, December 31, Assets: Real estate inventory $ 323,093 $ 342,451 Other assets 124,756 133,903 Total assets $ 447,849 $ 476,354 Liabilities and owners’ equity: Debt $ 165,384 $ 183,911 Other liabilities 15,457 21,215 Total liabilities 180,841 205,126 Owners’ equity: TMHC 130,044 127,955 Others 136,964 143,273 Total owners’ equity 267,008 271,228 Total liabilities and owners’ equity $ 447,849 $ 476,354 Three Months Ended Six Months Ended 2021 2020 2021 2020 Revenues $ 29,745 $ 46,172 $ 79,626 $ 95,144 Costs and expenses (22,901) (36,353) (57,059) (77,847) Income of unconsolidated entities $ 6,844 $ 9,819 $ 22,567 $ 17,297 TMHC’s share in income of unconsolidated entities $ 2,126 $ 3,495 $ 7,788 $ 5,921 Distributions to TMHC from unconsolidated entities $ 9,729 $ 20,053 $ 20,342 $ 28,255 Consolidated Entities We have a total of 19 joint ventures as of June 30, 2021 for the purpose of land development and homebuilding activities, which we have determined to be VIEs. As the managing member, we oversee the daily operations and have the power to direct the activities of the VIEs, or joint ventures. Based upon the allocation of income and loss per the applicable joint venture agreements and certain performance guarantees, we have potentially significant exposure to the risks and rewards of the joint ventures. Therefore, we are the primary beneficiary of these joint venture VIEs, and these entities were consolidated as of June 30, 2021.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	6 Months Ended
	Jun. 30, 2021
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 $ 47,919 $ 38,935 Compensation and employee benefits 118,636 113,896 Self-insurance and warranty reserves 116,121 118,116 Interest payable 46,240 45,917 Property and sales taxes payable 28,001 28,523 Other accruals 78,549 84,680 Total accrued expenses and other liabilities $ 435,466 $ 430,067 Self-Insurance and Warranty Reserves – We accrue for the expected costs associated with our limited warranty, deductibles and self-insured amounts under our various insurance policies within Beneva Indemnity Company ("Beneva"), a wholly owned subsidiary. A summary of the changes in our reserves are as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Reserve - beginning of period $ 116,406 $ 121,964 $ 118,116 $ 120,048 Net additions to reserves due to WLH acquisition — — — 9,130 Other additions to reserves 18,394 17,005 30,784 26,743 Cost of claims incurred (19,067) (23,277) (34,931) (42,264) Changes in estimates to pre-existing reserves 388 1,770 2,152 3,805 Reserve - end of period $ 116,121 $ 117,462 $ 116,121 $ 117,462

ESTIMATED DEVELOPMENT LIABILITY

ESTIMATED DEVELOPMENT LIABILITY	6 Months Ended
	Jun. 30, 2021
Real Estate Liabilities Associated with Assets Held for Development and Sale [Abstract]
ESTIMATED DEVELOPMENT LIABILITY	ESTIMATED DEVELOPMENT LIABILITYThe estimated development liability consists primarily of estimated future utilities improvements in Poinciana, Florida and Rio Rico, Arizona for more than 8,000 home sites previously sold, in most cases prior to 1980. The estimated development liability is reduced by actual expenditures and is evaluated and adjusted, as appropriate, to reflect management’s estimate of potential completion costs or, if available, third-party engineer cost estimate reports which reflect the estimated completion costs. Future increases or decreases of costs for construction, material and labor, as well as other land development and utilities infrastructure costs, may have a significant effect on the estimated development liability.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
DEBT	DEBT Total debt consists of the following (in thousands): As of June 30, 2021 December 31, 2020 Principal Unamortized Debt Issuance (Costs)/Premium Carrying Value Principal Unamortized Debt Issuance (Costs)/Premium Carrying Value 5.875% Senior Notes due 2023 $ 350,000 $ (1,016) $ 348,984 $ 350,000 $ (1,300) $ 348,700 5.625% Senior Notes due 2024 350,000 (1,435) 348,565 350,000 (1,705) 348,295 5.875% Senior Notes due 2027 500,000 (4,635) 495,365 500,000 (5,026) 494,974 6.625% Senior Notes due 2027 (1) 300,000 19,317 319,317 300,000 20,915 320,915 5.75% Senior Notes due 2028 450,000 (4,130) 445,870 450,000 (4,445) 445,555 5.125% Senior Notes due 2030 500,000 (5,757) 494,243 500,000 (6,074) 493,926 Senior Notes subtotal $ 2,450,000 $ 2,344 $ 2,452,344 $ 2,450,000 $ 2,365 $ 2,452,365 Loans payable and other borrowings 415,074 — 415,074 348,741 — 348,741 Revolving Credit Facility — — — — — — Mortgage warehouse borrowings 215,230 — 215,230 127,289 — 127,289 Total debt $ 3,080,304 $ 2,344 $ 3,082,648 $ 2,926,030 $ 2,365 $ 2,928,395 (1) Consists of the remaining $9.6 million of 2027 6.625% WLH notes and $290.4 million 2027 6.625% TM Communities Notes issued by TM Communities in connection with the exchange offer as described below. Unamortized Debt Issuance (Cost)/Premium for such notes is reflective of fair value adjustments as a result of purchase accounting estimates. Senior Notes All of our senior notes (the “Senior Notes”) described below and the related guarantees are senior unsecured obligations and are not subject to registration rights. The indentures governing our Senior Notes (except for the remaining 2027 6.625% WLH Notes, as described below) contain covenants that limit our ability to incur debt secured by liens and enter into certain sale and leaseback transactions and contain customary events of default. None of the indentures for the Senior Notes have financial maintenance covenants. As of June 30, 2021, we were in compliance with all of the covenants under the Senior Notes. 5.875% Senior Notes due 2023 On April 16, 2015, Taylor Morrison Communities, Inc (“TM Communities”) issued $350.0 million aggregate principal amount of 5.875% Senior Notes due 2023 (the “2023 5.875% Senior Notes”), which mature on April 15, 2023. The 2023 5.875% Senior Notes are guaranteed by Taylor Morrison Home III Corporation, Taylor Morrison Holdings, Inc. and their homebuilding subsidiaries (collectively, the “Guarantors”). We are required to offer to repurchase the 2023 5.875% Senior Notes at a price equal to 101% of their aggregate principal amount (plus accrued and unpaid interest) upon certain change of control events where there is a credit rating downgrade that occurs in connection with the change of control. Prior to January 15, 2023, the 2023 5.875% 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 5.875% Senior Notes are redeemable at par (plus accrued and unpaid interest). 5.625% Senior Notes due 2024 On March 5, 2014, TM Communities issued $350.0 million aggregate principal amount of 5.625% Senior Notes due 2024 (the “2024 Senior Notes”), which mature on March 1, 2024. The 2024 Senior Notes are guaranteed by the Guarantors. The change of control provisions in the indenture governing the 2024 Senior Notes are similar to those contained in the indentures governing our other 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). 5.875% Senior Notes due 2027 On June 5, 2019, TM Communities issued $500.0 million aggregate principal amount of 5.875% Senior Notes due 2027 (the “2027 5.875% Senior Notes”), which mature on June 15, 2027. The 2027 5.875% Senior Notes are guaranteed by the Guarantors. The change of control provisions in the indenture governing the 2027 5.875% Senior Notes are similar to those contained in the indentures governing our other Senior Notes. Prior to March 15, 2027, the 2027 5.875% Senior Notes are redeemable at a price equal to 100% plus a “make-whole” premium for payments through March 15, 2027 (plus accrued and unpaid interest). Beginning on March 15, 2027, the 2027 5.875% Senior Notes are redeemable at par (plus accrued and unpaid interest). 6.625% Senior Notes due 2027 Following our exchange offer in the first quarter of 2020, whereby TM Communities offered to exchange any and all outstanding senior notes issued by WLH, we had $290.4 million aggregate principal amount of 6.625% Senior Notes due 2027 issued by TM Communities (the “2027 6.625% TM Communities Notes”) and $9.6 million aggregate principal amount of 6.625% Senior Notes due 2027 issued by WLH (the “2027 6.625% WLH Notes” and together with the 2027 6.625% TM Communities Notes, the “2027 6.625% Senior Notes”) (the “Exchange offer”). The 2027 6.625% TM Communities Notes are obligations of TM Communities and are guaranteed by the Guarantors. The change of control provisions in the indenture governing the 2027 6.625% TM Communities Notes are similar to those contained in the indentures governing our other Senior Notes. In connection with the consummation of the exchange offer, WLH entered into a supplemental indenture to eliminate substantially all of the covenants in the indenture governing the 2027 6.625% WLH Notes, including the requirements to offer to purchase such notes upon a change of control, and to eliminate certain other restrictive provisions and events that constitute an “Event of Default” in such indenture. The 2027 6.625% Senior Notes mature on July 15, 2027. Prior to July 15, 2022, the 2027 6.625% Senior Notes may be redeemed in whole or in part at a redemption price equal to 100% of the principal amount plus a “make-whole” premium, and accrued and unpaid interest, if any, to, but not including, the redemption date. On or after July 15, 2022, the 2027 6.625% Senior Notes are redeemable at a price equal to 103.313% of principal (plus accrued and unpaid interest). On or after July 15, 2023, the 2027 6.625% Senior Notes are redeemable at a price equal to 102.208% of principal (plus accrued and unpaid interest). On or after July 31, 2024, the 2027 6.625% Senior Notes are redeemable at a price equal to a 101.104% of principal (plus accrued and unpaid interest). On or after July 15, 2025, the 2027 6.625% Senior Notes are redeemable at a price equal to 100% of principal (plus accrued and unpaid interest). In addition, at any time prior to July 15, 2022, we may, at our option, on one or more occasions, redeem the 2027 6.625% Senior Notes (including any additional notes that may be issued in the future under the 2027 6.625% Senior Notes Indenture) in an aggregate principal amount not to exceed 40% of the aggregate principal amount of the 2027 6.625% Senior Notes at a redemption price (expressed as a percentage of principal amount) of 106.625%, plus accrued and unpaid interest, if any, to, but not including, the redemption date, with an amount equal to the net cash proceeds from one or more equity offerings. 5.75% Senior Notes due 2028 On August 1, 2019, TM Communities issued $450.0 million aggregate principal amount of 5.75% Senior Notes due 2028 (the “2028 Senior Notes”), which mature on January 15, 2028. The 2028 Senior Notes are guaranteed by the Guarantors. The change of control provisions in the indenture governing the 2028 Senior Notes are similar to those contained in the indentures governing our other Senior Notes. Prior to October 15, 2027, the 2028 Senior Notes are redeemable at a price equal to 100% plus a “make-whole” premium for payments through October 15, 2027 (plus accrued and unpaid interest). Beginning on October 15, 2027, the 2028 Senior Notes are redeemable at par (plus accrued and unpaid interest). 5.125% Senior Notes due 2030 and Redemption of the 2023 6.00% Senior Notes and Redemption of the 2025 Senior Notes In July 2020, $266.9 million of our 6.00% Senior Notes due 2023 (the “2023 6.00% Senior Notes”) and $333.1 million of our 5.875% Senior Notes due 2025 (the “2025 Senior Notes”) were partially redeemed using the net proceeds from the issuance of $500.0 million aggregate principal amount of 5.125% Senior Notes due 2030 (the “2030 Senior Notes”). In September 2020, we redeemed the remaining $83.1 million and $103.8 million of 2023 6.00% Senior Notes and 2025 Senior Notes, respectively, using cash on hand. For the 2023 6.00% Senior Notes, the redemption price was equal to 100.0% of the principal amount, plus a make-whole premium of 0.11% plus 50 basis points, plus accrued and unpaid interest to but excluding the redemption date. For the 2025 Senior Notes, the redemption price was equal to 102.938% of the principal amount, plus accrued and unpaid interest to but excluding the redemption date. As a result of the early redemption of the 2023 6.00% Senior Notes and 2025 Senior Notes, we recorded a total net loss on extinguishment of debt of approximately $10.2 million in Loss on extinguishment of debt, net, in the Consolidated Statement of Operations for the year ended December 31, 2020. The 2030 Senior Notes mature on August 1, 2030. The Senior Notes are guaranteed by the Guarantors. The change of control provisions in the indenture governing the 2030 Senior Notes are similar to those contained in the indentures governing our other Senior Notes. Prior to February 1, 2030, the 2030 Senior Notes are redeemable at a price equal to 100.0% plus a “make-whole” premium for payments through February 1, 2030 (plus accrued and unpaid interest). Beginning on February 1, 2030, the 2030 Senior Notes are redeemable at par (plus accrued and unpaid interest). Revolving Credit Facility Our $800.0 million Revolving Credit Facility matures on February 6, 2024 and is guaranteed by the Guarantors. As of June 30, 2021 and December 31, 2020, we had $1.3 million and $1.6 million, respectively, of unamortized debt issuance costs relating to our Revolving Credit Facility, which are included in Prepaid expenses and other assets, net, on the Condensed Consolidated Balance Sheets. As of June 30, 2021 and December 31, 2020, we had $45.5 million and $64.3 million, respectively, of utilized letters of credit, resulting in $754.5 million and $735.7 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 $2.2 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 The Revolving Credit Facility contains certain restrictive covenants including limitations on incurrence of liens, dividends and other distributions, asset dispositions and investments in entities that are not guarantors, limitations on prepayment of subordinated indebtedness and limitations on fundamental changes. The Revolving Credit Facility contains customary events of default, subject to applicable grace periods, including for nonpayment of principal, interest or other amounts, violation of covenants (including financial covenants, subject to the exercise of an equity cure), incorrectness of representations and warranties in any material respect, cross default and cross acceleration, bankruptcy, material monetary judgments, ERISA events with material adverse effect, actual or asserted invalidity of material guarantees and change of control. As of June 30, 2021, we were in compliance with all of the covenants under the Revolving Credit Facility. Mortgage Warehouse Borrowings The following is a summary of our mortgage warehouse borrowings (in thousands): As of June 30, 2021 Facility Amount Drawn Facility Amount Interest Rate (1) Expiration Date Collateral (2) Warehouse A $ 8,737 $ 10,000 LIBOR + 1.75% On Demand Mortgage Loans Warehouse B 55,050 75,000 LIBOR + 1.75% On Demand Mortgage Loans Warehouse C 97,176 125,000 LIBOR + 2.05% On Demand Mortgage Loans and Restricted Cash Warehouse D 54,267 100,000 LIBOR + 1.65% November 15, 2021 Mortgage Loans Total $ 215,230 $ 310,000 As of December 31, 2020 Facility Amount Drawn Facility Amount Interest Rate Expiration Date Collateral (2) Warehouse A $ 40,958 $ 55,000 LIBOR + 1.75% On Demand Mortgage Loans Warehouse B 19,457 85,000 LIBOR + 1.75% On Demand Mortgage Loans Warehouse C 43,148 75,000 LIBOR + 2.05% On Demand Mortgage Loans and Restricted Cash Warehouse D 23,726 80,000 LIBOR + 1.65% November 15, 2021 Mortgage Loans Total $ 127,289 $ 295,000 (1) Subject to certain interest rate floors. (2) The mortgage warehouse borrowings outstanding as of June 30, 2021 and December 31, 2020 were collateralized by $277.0 million and $201.2 million, respectively, of mortgage loans held for sale, which comprise the balance of mortgage loans held for sale, and approximately $1.8 million and $1.3 million, respectively, of cash which is restricted cash on our balance sheet. Loans Payable and Other Borrowings

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
	Jun. 30, 2021
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 and liabilities 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 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 June 30, 2021, when compared to December 31, 2020. The carrying value and fair value of our financial instruments are as follows: June 30, 2021 December 31, 2020 (Dollars in thousands) Level in Fair Carrying Estimated Carrying Estimated Description: Mortgage loans held for sale 2 $ 277,017 $ 277,017 $ 201,177 $ 201,177 IRLCs 3 3,687 3,687 5,294 5,294 MBSs 2 (11) (11) (1,847) (1,847) Mortgage warehouse borrowings 2 215,230 215,230 127,289 127,289 Loans payable and other borrowings 2 415,074 415,074 348,741 348,741 5.875% Senior Notes due 2023 (1) 2 348,984 373,660 348,700 371,000 5.625% Senior Notes due 2024 (1) 2 348,565 379,295 348,295 375,830 5.875% Senior Notes due 2027 (1) 2 495,365 565,650 494,974 566,650 6.625% Senior Notes due 2027 (1) 2 319,317 321,000 320,915 324,240 5.75% Senior Notes due 2028 (1) 2 445,870 508,050 445,555 509,625 5.125% Senior Notes due 2030 (1) 2 494,243 540,650 493,926 560,000 (1) Carrying value for Senior Notes, as presented, includes unamortized debt issuance costs and premiums. Debt issuance costs are not factored into the fair value calculation for the Senior Notes. 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 2020 Inventories 3 $ 22,556

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The effective tax rate for the three and six months ended June 30, 2021 was 23.6% and 23.0%, respectively, compared to 20.8% and 32.8% for the same periods in 2020, respectively. For the three months ended June 30, 2021 the effective tax rate differed from the U.S. federal statutory income tax rate primarily due to state income taxes, non-deductible executive compensation, excess tax benefits related to stock-based compensation and special deductions and credits relating to homebuilding activities. The effective tax rate for the six months ended June 30, 2020 was driven primarily by expenses related to the acquisition of WLH which are not deductible for tax purposes. At both June 30, 2021 and December 31, 2020, cumulative gross unrecognized tax benefits were $5.8 million. If the unrecognized tax benefits as of June 30, 2021 were to be recognized, approximately $4.6 million would affect the effective tax rate. We had $0.6 million and $0.5 million of gross interest and penalties related to unrecognized tax positions accrued as of June 30, 2021 and December 31, 2020, respectively.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Capital Stock The Company’s authorized capital stock consists of 400,000,000 shares of common stock, par value $0.00001 per share (the “Common Stock”), and 50,000,000 shares of preferred stock, par value $0.00001 per share. Warrants In connection with our acquisition of WLH, we issued 1,704,205 warrants to purchase shares of TMHC Common Stock at an exercise price of $19.12 per share. These warrants were exercised on April 30, 2021 through the settlement of approximately 1.0 million surrendered shares. The exercise was recognized in accordance with ASC 718, Compensation - Stock Compensation, and has been reflected in Additional paid in capital and Treasury Stock on our Condensed Consolidated Statements of Stockholders' Equity. As of June 30, 2021, there were no outstanding warrants to purchase shares of our common stock. Stock Repurchase Program On June 1, 2021, our Board of Directors authorized a renewal of our stock repurchase program which permits the repurchase of up to $250.0 million of the Company's Common Stock until December 31, 2022. Repurchases of our Common Stock under the program occur from time to time through open market purchases, privately negotiated transactions or other transactions. The timing, manner, price and amount of any common stock repurchases will be determined by us in our discretion and will depend on a variety of factors, including prevailing market conditions, our liquidity, the terms of our debt instruments, legal requirements, planned land investment and development spending, acquisition and other investment opportunities and ongoing capital requirements. The program does not require us to repurchase any specific number of shares of common stock, and the program may be suspended, extended, modified or discontinued at any time. The following table summarizes share repurchase activity for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2021 2020 2021 2020 Amount available for repurchase — beginning of period (1) $ 48,413 $ 9,837 $ 86,831 $ — Additional amount authorized for repurchase 250,000 — 250,000 100,000 Amount repurchased at cost (106,754) — (145,172) (90,163) Amount available for repurchase — end of period $ 191,659 9,837 $ 191,659 $ 9,837 (1) Represents the amount available for repurchase as of January 1 for the years provided, adjusted for previously expired share repurchase authorizations. The number of shares repurchased at cost under the share repurchase program were 3,809,428 and 5,256,737 during the three and six months ended June 30, 2021, respectively. We repurchased zero and 5,436,479 shares during the three and six months ended June 30, 2020, respectively.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [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 RSU's, stock options, and other equity-based awards deliverable in shares of our Common Stock. As of June 30, 2021, we had an aggregate of 5,328,802 shares of Common Stock available for future grants under the Plan. Our time-based and performance-based RSUs consist of awards that settle in shares of Common Stock and have been awarded to our employees. Time-based RSUs will vest ratably over a certain period of time and performance-based RSU's will vest in full, subject to certain performance criteria. Both time-based and performance-based RSU vesting is subject to continued employment with TMHC. In addition, we grant stock options to employees which vest and become exercisable ratably on the anniversary of the date of grant. Vesting of the options is also subject to continued employment with TMHC and options expire within ten years from the date of grant. From time to time, we may also grant time-based RSUs or stock options to members of our Board of Directors. The following table provides the outstanding balance of time-based and performance based RSU's and stock options as of June 30, 2021: Restricted Stock Units Stock Options Units Weighted Average Units Weighted Balance at June 30, 2021 1,738,878 $ 24.13 3,754,049 $ 21.47 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 Condensed Consolidated Statements of Operations (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Restricted stock units (1) $ 3,615 $ 3,989 $ 8,362 $ 11,708 Stock options 1,039 997 1,973 5,174 Total stock compensation $ 4,654 $ 4,986 $ 10,335 $ 16,882 (1) Includes compensation expense related to time-based RSUs and performance-based RSUs. At June 30, 2021 and December 31, 2020, the aggregate unrecognized value of all outstanding stock-based compensation awards was approximately $35.9 million and $23.8 million, respectively.

REPORTING SEGMENTS

REPORTING SEGMENTS	6 Months Ended
	Jun. 30, 2021
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. The activity from our Build-to-Rent and Urban Form operations are included in our Corporate segment. 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, Jacksonville, Naples, Orlando, Raleigh, Sarasota, and Tampa Central Austin, Dallas, Denver, and Houston West Bay Area, Las Vegas, Phoenix, Portland, Sacramento, Seattle, and Southern California Financial Services Taylor Morrison Home Funding, Inspired Title Services, and Taylor Morrison Insurance Services Segment information is as follows (in thousands): Three Months Ended June 30, 2021 East Central West Financial Services Corporate and Unallocated (1) Total Total revenue $ 581,362 $ 385,839 $ 714,439 $ 37,392 $ 248 $ 1,719,280 Gross margin 122,241 68,606 126,593 11,457 (194) 328,703 Selling, general and administrative expenses (46,365) (32,342) (47,203) — (41,647) (167,557) Equity in (loss)/income of unconsolidated entities — (6) 4 2,128 — 2,126 Interest and other income/(expense), net 49 (518) (1,311) — 1,732 (48) Income/(loss) before income taxes $ 75,925 $ 35,740 $ 78,083 $ 13,585 $ (40,109) $ 163,224 (1) Includes the activity from our Build-To-Rent and Urban Form operations. Three Months Ended June 30, 2020 East Central West Financial Services Corporate and Unallocated (1) Total Total revenue $ 474,623 $ 480,865 $ 530,789 $ 40,297 $ 111 $ 1,526,685 Gross margin 78,736 83,614 65,199 17,501 (872) 244,178 Selling, general and administrative expenses (40,460) (35,968) (40,962) — (27,760) (145,150) Equity in (loss)/income of unconsolidated entities — (42) 240 3,297 — 3,495 Interest and other expense, net (2) (129) (1,619) (6,026) (6,038) (3,867) (17,679) Income/(loss) before income taxes $ 38,147 $ 45,985 $ 18,451 $ 14,760 $ (32,499) $ 84,844 (1) Includes the activity from our Build-To-Rent and Urban Form operations. (2) Interest and other expense, net includes transaction related expenses and pre-acquisition write-offs of terminated projects. Six Months Ended June 30, 2021 East Central West Financial Corporate and Unallocated (1) Total Total revenue $ 1,034,723 $ 708,452 $ 1,312,169 $ 81,457 $ 291 $ 3,137,092 Gross margin 207,308 133,784 231,031 31,523 (502) 603,144 Selling, general and administrative expenses (84,964) (60,900) (88,755) — (80,443) (315,062) Equity in (loss)/income of unconsolidated entities — (70) 1,996 5,871 (10) 7,787 Interest and other income/(expense), net 91 (891) (1,420) — 1,316 (904) Income/(loss) before income taxes $ 122,435 $ 71,923 $ 142,852 $ 37,394 $ (79,639) $ 294,965 (1) Includes the activity from our Build-To-Rent and Urban Form operations. Six Months Ended June 30, 2020 East Central West Financial Corporate and Unallocated (1) Total Total revenue $ 898,014 $ 854,204 $ 1,027,112 $ 68,336 $ 24,718 $ 2,872,384 Gross margin 136,756 147,371 133,789 24,893 (875) 441,934 Selling, general and administrative expenses (76,798) (68,224) (75,812) — (61,169) (282,003) Equity in (loss)/income of unconsolidated entities — (161) 574 5,527 (19) 5,921 Interest and other expense, net (2) (113) (3,871) (13,290) (7,438) (85,072) (109,784) Income/(loss) before income taxes $ 59,845 $ 75,115 $ 45,261 $ 22,982 $ (147,135) $ 56,068 (1) Includes the activity from our Build-To-Rent and Urban Form operations. (2) Interest and other expense, net includes transaction related expenses and pre-acquisition write-offs of terminated projects. As of June 30, 2021 East Central West Financial Services Corporate and Unallocated (1) Total Real estate inventory and land deposits $ 1,811,744 $ 1,296,563 $ 2,774,178 $ — $ — $ 5,882,485 Investments in unconsolidated entities — 65,563 60,204 4,277 — 130,044 Other assets 164,246 208,555 577,658 362,006 813,769 2,126,234 Total assets $ 1,975,990 $ 1,570,681 $ 3,412,040 $ 366,283 $ 813,769 $ 8,138,763 (1) Includes the assets from our Build-To-Rent and Urban Form operations. As of December 31, 2020 East Central West Financial Services Corporate and Unallocated (1) Total Real estate inventory and land deposits $ 1,712,852 $ 1,176,604 $ 2,568,595 $ — $ — $ 5,458,051 Investments in unconsolidated entities — 58,052 65,395 4,498 10 127,955 Other assets 170,382 192,981 578,231 284,265 926,130 2,151,989 Total assets $ 1,883,234 $ 1,427,637 $ 3,212,221 $ 288,763 $ 926,140 $ 7,737,995 (1) Includes the assets from our Build-To-Rent and Urban Form operations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
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 $1.0 billion at each of June 30, 2021 and December 31, 2020. Although significant development and construction activities have been completed related to these site improvements, the bonds are generally not released until all development and construction activities are completed. We do not believe that it is probable that any outstanding bonds as of June 30, 2021 will be drawn upon. Purchase Commitments —We are subject to the usual obligations associated with entering into contracts (including land option contracts and land banking arrangements) for the purchase, development, and sale of real estate in the routine conduct of our business. We have a number of land purchase option contracts and land banking agreements, generally through cash deposits, for the right to purchase land or lots at a future point in time with predetermined terms. We do not have title to the property and the creditors generally have no recourse. Our obligations with respect to such contracts are generally limited to the forfeiture of the related non-refundable cash deposits and/or letters of credit provided to obtain the options. At June 30, 2021 and December 31, 2020, the aggregate purchase price of these contracts was $709.4 million and $760.4 million, respectively. 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 safety practices, and protection of the environment. As a result, we are subject to periodic examination or inquiry by various governmental agencies that administer these laws and regulations. We establish liabilities for legal claims and regulatory matters when such matters are both probable of occurring and any potential loss is reasonably estimable. At June 30, 2021 and December 31, 2020, our legal accruals were $17.6 million and $23.5 million, respectively. We accrue for such matters based on the facts and circumstances specific to each matter and revise these estimates as the matters evolve. In such cases, there may exist an exposure to loss in excess of any amounts currently accrued. Predicting the ultimate resolution of the pending matters, the related timing or the eventual loss associated with these matters is inherently difficult. Accordingly, the liability arising from the ultimate resolution of any matter may exceed the estimate reflected in the recorded reserves relating to such matters. While the outcome of such contingencies cannot be predicted with certainty, we do not believe that the resolution of such matters will have a material adverse impact on our results of operations, financial position, or cash flows. Leases — Our leases primarily consist of office space, construction trailers, model home leasebacks, a ground lease, equipment, and storage units. We assess each of these contracts to determine whether the arrangement contains a lease as defined by ASC 842, Leases

MORTGAGE HEDGING ACTIVITIES

MORTGAGE HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
MORTGAGE HEDGING ACTIVITIES	MORTGAGE HEDGING ACTIVITIESWe 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 Condensed Consolidated Statements of Operations and Comprehensive Income. Unrealized gains and losses on the IRLCs, reflected as derivative assets or liabilities, are measured based on the fair value of the underlying mortgage loan, quoted Agency MBS prices, estimates of the fair value of the mortgage servicing rights (“MSRs”) and the probability that the mortgage loan will fund within the terms of the IRLC, net of commission expense and broker fees. The fair value of the forward loan sales commitment and mandatory delivery commitments being used to hedge the IRLCs and mortgage loans held for sale not committed to be purchased by investors are based on quoted Agency MBS prices. The following summarizes derivative instrument assets (liabilities) as of the periods presented: As of June 30, 2021 December 31, 2020 (Dollars in thousands) Fair Value Notional Amount Fair Value Notional Amount IRLCs $ 3,687 $ 255,477 $ 5,294 $ 260,954 MBSs (11) 309,750 (1,847) 376,000 Total $ 3,676 $ 3,447 Total commitments to originate loans approximated $280.2 million and $290.3 million as of June 30, 2021 and December 31, 2020, 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	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS[ Land Co]

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
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, 2020 (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. 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” on the Condensed Consolidated Statements of Operations.
Use of Estimates	Use of Estimates — The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and these accompanying notes. Significant estimates include real estate development costs to complete, valuation of real estate, valuation of acquired assets, valuation of goodwill, valuation of development liabilities, 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.
Goodwill	Goodwill — The excess of the purchase price of a business acquisition over the net fair value of assets acquired and liabilities assumed is capitalized as goodwill in accordance with ASC Topic 350, Intangibles — Goodwill and Other . ASC 350 requires that goodwill and intangible assets that do not have finite lives not be amortized, but rather assessed for impairment at least annually or more frequently if certain impairment indicators are present. We perform our annual impairment test during the fourth quarter or whenever impairment indicators are present. We did not perform an impairment test during the second quarter of 2021 as indicators of impairment were not present as of June 30, 2021.
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, and real estate taxes are allocated to homes and units generally using the relative sales value method. Generally, all overhead costs relating to our materials procurement process, vertical construction of a home, and construction utilities are considered overhead costs and allocated on a per unit basis. 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 on a community-level basis 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 and six months ended June 30, 2021 and 2020, 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 June 30, 2021 and December 31, 2020, we had one inactive project in our East region with a carrying value of $13.5 million. We have land purchase agreements with various land sellers. As a method of acquiring land in staged takedowns, while limiting risk and minimizing the use of funds from our available cash or other financing sources, we may transfer our right under certain specific performance purchase agreements to entities owned by third parties (“land banking arrangements”). These entities use equity contributions from their owners and/or incur debt to finance the acquisition and development of the land. The entities grant us an option to acquire lots in staged takedowns. In consideration for this option, we make a non-refundable deposit typically equal to 15% to 25% of the total purchase price. We are not legally obligated to purchase the balance of the lots but would forfeit any existing deposits and could be subject to financial and other penalties if the lots were not purchased. We do not have an ownership interest in these entities or title to their assets and do not guarantee their liabilities. These land banking arrangements help us manage the financial and market risk associated with land holdings.
Investments in Consolidated and Unconsolidated Entities	Investments in Consolidated and Unconsolidated Entities Consolidated Entities — In the ordinary course of business, we enter into land purchase contracts, lot option contracts and land banking arrangements in order to procure land or lots for the construction of homes. Such contracts enable us to control significant lot positions with a minimal initial capital investment and substantially reduce the risks associated with land ownership and development. In accordance with ASC Topic 810, Consolidation , we have concluded that when we enter into these agreements to acquire land or lots and pay a non-refundable deposit, a Variable Interest Entity (“VIE”) may be created because we are deemed to have provided subordinated financial support that will absorb some or all of an entity’s expected losses if they occur. If we are the primary beneficiary of the VIE, we will consolidate the VIE in our Condensed Consolidated Financial Statements and reflect such assets and liabilities as Consolidated real estate not owned within our real estate inventory balance and Liabilities attributable to consolidated real estate not owned, respectively in the Consolidated Balance Sheets. Unconsolidated Joint Ventures — We use the equity method of accounting for entities over which we exercise significant influence but do not have a controlling interest over the operating and financial policies of the investee. For unconsolidated entities in which we function as the managing member, we have evaluated the rights held by our joint venture partners and determined that they have substantive participating rights that preclude the presumption of control. Our share of net earnings or losses is included in Equity in income of unconsolidated entities when earned and distributions are credited against our investment in the joint venture when distributions are received. Our share of the joint venture profit relating to lots we purchase
Revenue Recognition	Revenue Recognition — We recognize revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (“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, if any, 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 such as golf courses, club houses, and fitness centers, which require us to provide club members with access to the facilities in exchange for the payment of club dues. We collect club dues and other fees from the club members, which are invoiced on a monthly basis. Revenue from our golf club operations is also included in amenity and other revenue. Amenity and other revenue also includes revenue from the sale of assets which include multi-use properties as part of our Urban Form operations. 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, which is 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements — In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. We adopted

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Summary of Fair Value of Assets Acquired and Liabilities Created	The following is a summary of the final fair value of assets acquired and liabilities assumed. (Dollars in thousands) Acquisition Date February 6, 2020 Assets acquired Real estate inventory $ 2,069,323 Prepaid expenses and other assets (1) 265,729 Deferred tax assets, net 148,193 Goodwill (2) 513,768 Total assets $ 2,997,013 Less liabilities assumed Accrued expenses and other liabilities $ 457,365 Total debt 1,306,578 Non-controlling interest 116,157 Net assets acquired $ 1,116,913 (1) Includes cash acquired.
Unaudited Pro Forma Results of Business Combinations	For the three months ended June 30, For the six months ended (Dollars in thousands except per share data) 2020 (Pro forma) 2020 (Pro forma) Total revenue $ 1,526,685 $ 2,959,482 Net income before allocation to non-controlling interests $ 80,396 $ 79,130 Net income attributable to non-controlling interests (1,548) (2,536) Net income available to TMHC $ 78,848 $ 76,594 Weighted average shares - Basic 129,964 154,431 Weighted average shares - Diluted 130,700 155,389 Earnings per share - Basic $ 0.61 $ 0.50 Earnings per share - Diluted $ 0.60 $ 0.49

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
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 Six Months Ended 2021 2020 2021 2020 Numerator: Net income available to TMHC $ 124,147 $ 65,674 $ 222,168 $ 34,242 Denominator: Weighted average shares – basic 128,440 129,629 128,661 125,768 Restricted stock units 801 585 892 721 Stock Options 824 150 834 237 Warrants 194 — 379 — Weighted average shares – diluted 130,259 130,364 130,766 126,726 Earnings per common share – basic: Net income available to Taylor Morrison Home Corporation $ 0.97 $ 0.51 $ 1.73 $ 0.27 Earnings per common share – diluted: Net income available to Taylor Morrison Home Corporation $ 0.95 $ 0.50 $ 1.70 $ 0.27

REAL ESTATE INVENTORY AND LAN_2

REAL ESTATE INVENTORY AND LAND DEPOSITS (Tables)	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Schedule of Inventory	Inventory consists of the following (in thousands): As of June 30, December 31, 2020 Real estate developed and under development $ 4,011,925 $ 3,862,785 Real estate held for development or held for sale (1) 114,807 110,954 Operating communities (2) 1,385,501 1,072,134 Capitalized interest 180,520 163,780 Total owned inventory 5,692,753 5,209,653 Consolidated real estate not owned 63,717 122,773 Total real estate inventory $ 5,756,470 $ 5,332,426 (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, if applicable, long-term strategic assets. (2) Operating communities consist of all vertical construction costs relating to homes in progress and completed homes for all active inventory.
Schedule of Development Status of Land Inventory	The development status of our land inventory is as follows (dollars in thousands): As of June 30, 2021 December 31, 2020 Owned Lots Book Value of Land Owned Lots Book Value of Land Raw 5,252 $ 232,473 7,032 $ 239,554 Partially developed 21,749 1,322,628 19,495 1,215,419 Finished 22,417 2,444,805 21,396 2,388,177 Long-term strategic assets 158 13,462 158 13,462 Total homebuilding owned lots 49,576 4,013,368 48,081 3,856,612 Commercial assets 5,298 113,364 5,298 117,126 Total owned lots 54,874 $ 4,126,732 53,379 $ 3,973,738
Schedule of Interest Capitalized, Incurred, Expensed and Amortized	Interest capitalized, incurred and amortized is as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Interest capitalized - beginning of period $ 174,174 $ 128,870 $ 163,780 $ 115,593 Interest incurred 40,416 43,237 78,135 80,812 Interest amortized to cost of home closings (34,070) (28,667) (61,395) (52,965) Interest capitalized - end of period $ 180,520 $ 143,440 $ 180,520 $ 143,440

INVESTMENTS IN CONSOLIDATED A_2

INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Summarized Financial Information of Unconsolidated Entities Accounted by Equity Method	Summarized, unaudited combined financial information of unconsolidated entities that are accounted for by the equity method is as follows (in thousands): As of June 30, December 31, Assets: Real estate inventory $ 323,093 $ 342,451 Other assets 124,756 133,903 Total assets $ 447,849 $ 476,354 Liabilities and owners’ equity: Debt $ 165,384 $ 183,911 Other liabilities 15,457 21,215 Total liabilities 180,841 205,126 Owners’ equity: TMHC 130,044 127,955 Others 136,964 143,273 Total owners’ equity 267,008 271,228 Total liabilities and owners’ equity $ 447,849 $ 476,354 Three Months Ended Six Months Ended 2021 2020 2021 2020 Revenues $ 29,745 $ 46,172 $ 79,626 $ 95,144 Costs and expenses (22,901) (36,353) (57,059) (77,847) Income of unconsolidated entities $ 6,844 $ 9,819 $ 22,567 $ 17,297 TMHC’s share in income of unconsolidated entities $ 2,126 $ 3,495 $ 7,788 $ 5,921 Distributions to TMHC from unconsolidated entities $ 9,729 $ 20,053 $ 20,342 $ 28,255

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2021
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 $ 47,919 $ 38,935 Compensation and employee benefits 118,636 113,896 Self-insurance and warranty reserves 116,121 118,116 Interest payable 46,240 45,917 Property and sales taxes payable 28,001 28,523 Other accruals 78,549 84,680 Total accrued expenses and other liabilities $ 435,466 $ 430,067
Summary of Changes in Reserves	A summary of the changes in our reserves are as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Reserve - beginning of period $ 116,406 $ 121,964 $ 118,116 $ 120,048 Net additions to reserves due to WLH acquisition — — — 9,130 Other additions to reserves 18,394 17,005 30,784 26,743 Cost of claims incurred (19,067) (23,277) (34,931) (42,264) Changes in estimates to pre-existing reserves 388 1,770 2,152 3,805 Reserve - end of period $ 116,121 $ 117,462 $ 116,121 $ 117,462

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of Total Debt	Total debt consists of the following (in thousands): As of June 30, 2021 December 31, 2020 Principal Unamortized Debt Issuance (Costs)/Premium Carrying Value Principal Unamortized Debt Issuance (Costs)/Premium Carrying Value 5.875% Senior Notes due 2023 $ 350,000 $ (1,016) $ 348,984 $ 350,000 $ (1,300) $ 348,700 5.625% Senior Notes due 2024 350,000 (1,435) 348,565 350,000 (1,705) 348,295 5.875% Senior Notes due 2027 500,000 (4,635) 495,365 500,000 (5,026) 494,974 6.625% Senior Notes due 2027 (1) 300,000 19,317 319,317 300,000 20,915 320,915 5.75% Senior Notes due 2028 450,000 (4,130) 445,870 450,000 (4,445) 445,555 5.125% Senior Notes due 2030 500,000 (5,757) 494,243 500,000 (6,074) 493,926 Senior Notes subtotal $ 2,450,000 $ 2,344 $ 2,452,344 $ 2,450,000 $ 2,365 $ 2,452,365 Loans payable and other borrowings 415,074 — 415,074 348,741 — 348,741 Revolving Credit Facility — — — — — — Mortgage warehouse borrowings 215,230 — 215,230 127,289 — 127,289 Total debt $ 3,080,304 $ 2,344 $ 3,082,648 $ 2,926,030 $ 2,365 $ 2,928,395 (1) Consists of the remaining $9.6 million of 2027 6.625% WLH notes and $290.4 million 2027 6.625% TM Communities Notes issued by TM Communities in connection with the exchange offer as described below. Unamortized Debt Issuance (Cost)/Premium for such notes is reflective of fair value adjustments as a result of purchase accounting estimates.
Summary of Mortgage Subsidiary Borrowings	The following is a summary of our mortgage warehouse borrowings (in thousands): As of June 30, 2021 Facility Amount Drawn Facility Amount Interest Rate (1) Expiration Date Collateral (2) Warehouse A $ 8,737 $ 10,000 LIBOR + 1.75% On Demand Mortgage Loans Warehouse B 55,050 75,000 LIBOR + 1.75% On Demand Mortgage Loans Warehouse C 97,176 125,000 LIBOR + 2.05% On Demand Mortgage Loans and Restricted Cash Warehouse D 54,267 100,000 LIBOR + 1.65% November 15, 2021 Mortgage Loans Total $ 215,230 $ 310,000 As of December 31, 2020 Facility Amount Drawn Facility Amount Interest Rate Expiration Date Collateral (2) Warehouse A $ 40,958 $ 55,000 LIBOR + 1.75% On Demand Mortgage Loans Warehouse B 19,457 85,000 LIBOR + 1.75% On Demand Mortgage Loans Warehouse C 43,148 75,000 LIBOR + 2.05% On Demand Mortgage Loans and Restricted Cash Warehouse D 23,726 80,000 LIBOR + 1.65% November 15, 2021 Mortgage Loans Total $ 127,289 $ 295,000 (1) Subject to certain interest rate floors. (2) The mortgage warehouse borrowings outstanding as of June 30, 2021 and December 31, 2020 were collateralized by $277.0 million and $201.2 million, respectively, of mortgage loans held for sale, which comprise the balance of mortgage loans held for sale, and approximately $1.8 million and $1.3 million, respectively, of cash which is restricted cash on our balance sheet.

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Carrying Value and Fair Value of Financial Instruments	The carrying value and fair value of our financial instruments are as follows: June 30, 2021 December 31, 2020 (Dollars in thousands) Level in Fair Carrying Estimated Carrying Estimated Description: Mortgage loans held for sale 2 $ 277,017 $ 277,017 $ 201,177 $ 201,177 IRLCs 3 3,687 3,687 5,294 5,294 MBSs 2 (11) (11) (1,847) (1,847) Mortgage warehouse borrowings 2 215,230 215,230 127,289 127,289 Loans payable and other borrowings 2 415,074 415,074 348,741 348,741 5.875% Senior Notes due 2023 (1) 2 348,984 373,660 348,700 371,000 5.625% Senior Notes due 2024 (1) 2 348,565 379,295 348,295 375,830 5.875% Senior Notes due 2027 (1) 2 495,365 565,650 494,974 566,650 6.625% Senior Notes due 2027 (1) 2 319,317 321,000 320,915 324,240 5.75% Senior Notes due 2028 (1) 2 445,870 508,050 445,555 509,625 5.125% Senior Notes due 2030 (1) 2 494,243 540,650 493,926 560,000 (1)
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 2020 Inventories 3 $ 22,556

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stock Repurchase Details	The following table summarizes share repurchase activity for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2021 2020 2021 2020 Amount available for repurchase — beginning of period (1) $ 48,413 $ 9,837 $ 86,831 $ — Additional amount authorized for repurchase 250,000 — 250,000 100,000 Amount repurchased at cost (106,754) — (145,172) (90,163) Amount available for repurchase — end of period $ 191,659 9,837 $ 191,659 $ 9,837

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of Share-based Payment Arrangement Activity	The following table provides the outstanding balance of time-based and performance based RSU's and stock options as of June 30, 2021: Restricted Stock Units Stock Options Units Weighted Average Units Weighted Balance at June 30, 2021 1,738,878 $ 24.13 3,754,049 $ 21.47
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 Condensed Consolidated Statements of Operations (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Restricted stock units (1) $ 3,615 $ 3,989 $ 8,362 $ 11,708 Stock options 1,039 997 1,973 5,174 Total stock compensation $ 4,654 $ 4,986 $ 10,335 $ 16,882

REPORTING SEGMENTS (Tables)

REPORTING SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Summary of Reporting Segments	Our reporting segments are as follows: East Atlanta, Charlotte, Jacksonville, Naples, Orlando, Raleigh, Sarasota, and Tampa Central Austin, Dallas, Denver, and Houston West Bay Area, Las Vegas, Phoenix, Portland, Sacramento, Seattle, and Southern California Financial Services Taylor Morrison Home Funding, Inspired Title Services, and Taylor Morrison Insurance Services
Summary of Segment Information	Segment information is as follows (in thousands): Three Months Ended June 30, 2021 East Central West Financial Services Corporate and Unallocated (1) Total Total revenue $ 581,362 $ 385,839 $ 714,439 $ 37,392 $ 248 $ 1,719,280 Gross margin 122,241 68,606 126,593 11,457 (194) 328,703 Selling, general and administrative expenses (46,365) (32,342) (47,203) — (41,647) (167,557) Equity in (loss)/income of unconsolidated entities — (6) 4 2,128 — 2,126 Interest and other income/(expense), net 49 (518) (1,311) — 1,732 (48) Income/(loss) before income taxes $ 75,925 $ 35,740 $ 78,083 $ 13,585 $ (40,109) $ 163,224 (1) Includes the activity from our Build-To-Rent and Urban Form operations. Three Months Ended June 30, 2020 East Central West Financial Services Corporate and Unallocated (1) Total Total revenue $ 474,623 $ 480,865 $ 530,789 $ 40,297 $ 111 $ 1,526,685 Gross margin 78,736 83,614 65,199 17,501 (872) 244,178 Selling, general and administrative expenses (40,460) (35,968) (40,962) — (27,760) (145,150) Equity in (loss)/income of unconsolidated entities — (42) 240 3,297 — 3,495 Interest and other expense, net (2) (129) (1,619) (6,026) (6,038) (3,867) (17,679) Income/(loss) before income taxes $ 38,147 $ 45,985 $ 18,451 $ 14,760 $ (32,499) $ 84,844 (1) Includes the activity from our Build-To-Rent and Urban Form operations. (2) Interest and other expense, net includes transaction related expenses and pre-acquisition write-offs of terminated projects. Six Months Ended June 30, 2021 East Central West Financial Corporate and Unallocated (1) Total Total revenue $ 1,034,723 $ 708,452 $ 1,312,169 $ 81,457 $ 291 $ 3,137,092 Gross margin 207,308 133,784 231,031 31,523 (502) 603,144 Selling, general and administrative expenses (84,964) (60,900) (88,755) — (80,443) (315,062) Equity in (loss)/income of unconsolidated entities — (70) 1,996 5,871 (10) 7,787 Interest and other income/(expense), net 91 (891) (1,420) — 1,316 (904) Income/(loss) before income taxes $ 122,435 $ 71,923 $ 142,852 $ 37,394 $ (79,639) $ 294,965 (1) Includes the activity from our Build-To-Rent and Urban Form operations. Six Months Ended June 30, 2020 East Central West Financial Corporate and Unallocated (1) Total Total revenue $ 898,014 $ 854,204 $ 1,027,112 $ 68,336 $ 24,718 $ 2,872,384 Gross margin 136,756 147,371 133,789 24,893 (875) 441,934 Selling, general and administrative expenses (76,798) (68,224) (75,812) — (61,169) (282,003) Equity in (loss)/income of unconsolidated entities — (161) 574 5,527 (19) 5,921 Interest and other expense, net (2) (113) (3,871) (13,290) (7,438) (85,072) (109,784) Income/(loss) before income taxes $ 59,845 $ 75,115 $ 45,261 $ 22,982 $ (147,135) $ 56,068 (1) Includes the activity from our Build-To-Rent and Urban Form operations. (2) Interest and other expense, net includes transaction related expenses and pre-acquisition write-offs of terminated projects.
Summary of Assets by Segment	As of June 30, 2021 East Central West Financial Services Corporate and Unallocated (1) Total Real estate inventory and land deposits $ 1,811,744 $ 1,296,563 $ 2,774,178 $ — $ — $ 5,882,485 Investments in unconsolidated entities — 65,563 60,204 4,277 — 130,044 Other assets 164,246 208,555 577,658 362,006 813,769 2,126,234 Total assets $ 1,975,990 $ 1,570,681 $ 3,412,040 $ 366,283 $ 813,769 $ 8,138,763 (1) Includes the assets from our Build-To-Rent and Urban Form operations. As of December 31, 2020 East Central West Financial Services Corporate and Unallocated (1) Total Real estate inventory and land deposits $ 1,712,852 $ 1,176,604 $ 2,568,595 $ — $ — $ 5,458,051 Investments in unconsolidated entities — 58,052 65,395 4,498 10 127,955 Other assets 170,382 192,981 578,231 284,265 926,130 2,151,989 Total assets $ 1,883,234 $ 1,427,637 $ 3,212,221 $ 288,763 $ 926,140 $ 7,737,995 (1) Includes the assets from our Build-To-Rent and Urban Form operations.

MORTGAGE HEDGING ACTIVITIES (Ta

MORTGAGE HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summaries of Derivative Instruments	The following summarizes derivative instrument assets (liabilities) as of the periods presented: As of June 30, 2021 December 31, 2020 (Dollars in thousands) Fair Value Notional Amount Fair Value Notional Amount IRLCs $ 3,687 $ 255,477 $ 5,294 $ 260,954 MBSs (11) 309,750 (1,847) 376,000 Total $ 3,676 $ 3,447

BUSINESS - Narrative (Details)

BUSINESS - Narrative (Details)	6 Months Ended
	Jun. 30, 2021segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	4

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real Estate [Line Items]
Real estate inventory	$ 5,756,470	$ 5,332,426
East
Real Estate [Line Items]
Real estate inventory	$ 13,500	$ 13,500
Minimum
Real Estate [Line Items]
Non-refundable deposit percentage of purchase price	15.00%
Maximum
Real Estate [Line Items]
Non-refundable deposit percentage of purchase price	25.00%

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details) - WLH - USD ($) shares in Millions, $ in Millions	Feb. 06, 2020	Jun. 30, 2020	Jun. 30, 2020
Business Acquisition [Line Items]
Purchase consideration	$ 1,100
Cash payments for acquisition	$ 157.8
Issuance of common stock for acquisition (in shares)	28.3
Issuance of common stock for acquisition	$ 773.9
Repayment of borrowings	160.8
Conversion of equity instruments	$ 24.1
Total revenue since date of acquisition		$ 384.4	$ 667
Income before income taxes since date of acquisition		$ (64.5)	$ (96.2)

BUSINESS COMBINATIONS - Summary

BUSINESS COMBINATIONS - Summary of Fair Value of Assets Acquired and Liabilities Created (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Feb. 06, 2020
Assets acquired
Goodwill	$ 663,197	$ 663,197
WLH
Assets acquired
Real estate inventory			$ 2,069,323
Prepaid expenses and other assets			265,729
Deferred tax assets, net			148,193
Goodwill			513,768
Total assets			2,997,013
Less liabilities assumed
Accrued expenses and other liabilities			457,365
Total debt			1,306,578
Non-controlling interest			116,157
Net assets acquired			1,116,913
WLH | West
Assets acquired
Goodwill			465,600
WLH | Central
Assets acquired
Goodwill			$ 48,200

BUSINESS COMBINATIONS - Unaudit

BUSINESS COMBINATIONS - Unaudited Pro Forma Results (Details) - WLH - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Unaudited Pro Forma Results
Total revenue	$ 1,526,685	$ 2,959,482
Net income before allocation to non-controlling interests	80,396	79,130
Net income available to TMHC	$ 78,848	$ 76,594
Weighted average shares - Basic (in shares)	129,964	154,431
Weighted average shares - Diluted (in shares)	130,700	155,389
Earnings per share - Basic (in dollars per share)	$ 0.61	$ 0.50
Earnings per share - Diluted (in dollars per share)	$ 0.60	$ 0.49
Corporate Joint Venture
Unaudited Pro Forma Results
Net income attributable to non-controlling interests	$ (1,548)	$ (2,536)

EARNINGS PER SHARE - Summary of

EARNINGS PER SHARE - Summary of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income available to TMHC	$ 124,147	$ 65,674	$ 222,168	$ 34,242
Denominator:
Weighted average shares - basic (in shares)	128,440	129,629	128,661	125,768
Restricted stock units (in shares)	801	585	892	721
Stock Options (in shares)	824	150	834	237
Warrants (in shares)	194	0	379	0
Weighted average shares - diluted (in shares)	130,259	130,364	130,766	126,726
Earnings per common share – basic:
Net (loss)/income available to Taylor Morrison Home Corporation (in dollars per share)	$ 0.97	$ 0.51	$ 1.73	$ 0.27
Earnings per common share – diluted:
Net (loss)/income available to Taylor Morrison Home Corporation (in dollars per share)	$ 0.95	$ 0.50	$ 1.70	$ 0.27

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
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 (in shares)	1,133,597	4,225,888	982,940	3,530,837

REAL ESTATE INVENTORY AND LAN_3

REAL ESTATE INVENTORY AND LAND DEPOSITS - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Real estate developed and under development	$ 4,011,925		$ 3,862,785
Real estate held for development or held for sale	114,807		110,954
Operating communities	1,385,501		1,072,134
Capitalized interest	180,520	$ 174,174	163,780	$ 143,440	$ 128,870	$ 115,593
Total owned inventory	5,692,753		5,209,653
Consolidated real estate not owned	63,717		122,773
Total real estate inventory	$ 5,756,470		$ 5,332,426

REAL ESTATE INVENTORY AND LAN_4

REAL ESTATE INVENTORY AND LAND DEPOSITS - Schedule of Development Status of Land Inventory (Details) $ in Thousands	Jun. 30, 2021USD ($)lot	Dec. 31, 2020USD ($)lot
Book Value of Land and Development
Inventory [Line Items]
Total owned lots | $	$ 4,126,732	$ 3,973,738
Owned Lots | lot	54,874	53,379
Raw | Book Value of Land and Development
Inventory [Line Items]
Raw | $	$ 232,473	$ 239,554
Raw
Inventory [Line Items]
Owned Lots | lot	5,252	7,032
Partially developed | Book Value of Land and Development
Inventory [Line Items]
Partially developed | $	$ 1,322,628	$ 1,215,419
Partially developed
Inventory [Line Items]
Owned Lots | lot	21,749	19,495
Finished | Book Value of Land and Development
Inventory [Line Items]
Finished | $	$ 2,444,805	$ 2,388,177
Finished
Inventory [Line Items]
Owned Lots | lot	22,417	21,396
Long-term strategic assets | Book Value of Land and Development
Inventory [Line Items]
Inventory for Long-term assets | $	$ 13,462	$ 13,462
Long-term strategic assets
Inventory [Line Items]
Owned Lots | lot	158	158
Commercial assets | Book Value of Land and Development
Inventory [Line Items]
Inventory for Long-term assets | $	$ 113,364	$ 117,126
Commercial assets
Inventory [Line Items]
Owned Lots | lot	5,298	5,298
Total homebuilding owned lots
Inventory [Line Items]
Owned Lots | lot	49,576	48,081
Total homebuilding owned lots | $	$ 4,013,368	$ 3,856,612

REAL ESTATE INVENTORY AND LAN_5

REAL ESTATE INVENTORY AND LAND DEPOSITS - Narrative (Details) $ in Millions	Jun. 30, 2021USD ($)lot	Dec. 31, 2020USD ($)lot
Real Estate [Line Items]
Right to purchase lots of land option (in lot) | lot	9,353	7,449
Aggregate purchase price, excluding acquisitions	$ 596.7	$ 485.4
Non-refundable option deposits	90.6	65.3
Aggregate purchase price	$ 709.4	$ 760.4
WLH
Real Estate [Line Items]
Right to purchase lots of land option (in lot) | lot	1,251	2,426
Non-refundable option deposits	$ 26.6	$ 60.3
Aggregate purchase price	$ 112.7	$ 275

REAL ESTATE INVENTORY AND LAN_6

REAL ESTATE INVENTORY AND LAND DEPOSITS - Schedule of Interest Capitalized, Incurred, Expensed and Amortized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest capitalized - beginning of period	$ 174,174	$ 128,870	$ 163,780	$ 115,593
Interest incurred	40,416	43,237	78,135	80,812
Interest amortized to cost of home closings	(34,070)	(28,667)	(61,395)	(52,965)
Interest capitalized - end of period	$ 180,520	$ 143,440	$ 180,520	$ 143,440

INVESTMENTS IN CONSOLIDATED A_3

INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES - Narrative (Details)	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Maximum related and unrelated third parties ownership interests (as a percent)	50.00%

INVESTMENTS IN CONSOLIDATED A_4

INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES - Summarized Balance Sheets of Unconsolidated Entities Accounted by Equity Method (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Other assets	$ 2,126,234	$ 2,151,989
Total assets	8,138,763	7,737,995
Liabilities and owners’ equity:
Debt	3,082,648	2,928,395
Total liabilities	4,469,914	4,144,245
Owners’ equity:
Total liabilities and stockholders’ equity	8,138,763	7,737,995
Equity Method Investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets
Real estate inventory	323,093	342,451
Other assets	124,756	133,903
Total assets	447,849	476,354
Liabilities and owners’ equity:
Debt	165,384	183,911
Other liabilities	15,457	21,215
Total liabilities	180,841	205,126
Owners’ equity:
TMHC	130,044	127,955
Others	136,964	143,273
Total owners’ equity	267,008	271,228
Total liabilities and stockholders’ equity	$ 447,849	$ 476,354

INVESTMENTS IN CONSOLIDATED A_5

INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES - Summarized Statements of Operations of Unconsolidated Entities Accounted by Equity Method (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]
Revenues	$ 1,719,280	$ 1,526,685	$ 3,137,092	$ 2,872,384
Costs and expenses	(1,390,577)	(1,282,507)	(2,533,948)	(2,430,450)
Net income	124,755	67,222	227,198	37,665
Equity Method Investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenues	29,745	46,172	79,626	95,144
Costs and expenses	(22,901)	(36,353)	(57,059)	(77,847)
Net income	6,844	9,819	22,567	17,297
TMHC’s share in income of unconsolidated entities	2,126	3,495	7,788	5,921
Distributions to TMHC from unconsolidated entities	$ 9,729	$ 20,053	$ 20,342	$ 28,255

INVESTMENTS IN CONSOLIDATED A_6

INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES - Consolidated Entities (Details) $ in Thousands	Jun. 30, 2021USD ($)jointVenture	Dec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Assets	$ 8,138,763	$ 7,737,995
Cash and cash equivalents	366,267	532,843
Liabilities	4,469,914	4,144,245
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents	13,400	25,800
Owned inventory	222,600	320,400
Liabilities	$ 160,900	216,400
WLH | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of joint ventures | jointVenture	19
Assets	$ 311,600	$ 389,200

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES - Summary of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Real estate development costs to complete	$ 47,919		$ 38,935
Compensation and employee benefits	118,636		113,896
Self-insurance and warranty reserves	116,121	$ 116,406	118,116	$ 117,462	$ 121,964	$ 120,048
Interest payable	46,240		45,917
Property and sales taxes payable	28,001		28,523
Other accruals	78,549		84,680
Total accrued expenses and other liabilities	$ 435,466		$ 430,067

ACCRUED EXPENSES AND OTHER LI_4

ACCRUED EXPENSES AND OTHER LIABILITIES - Summary of Changes in Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Changes in Warranty Reserves
Reserve - beginning of period	$ 116,406	$ 121,964	$ 118,116	$ 120,048
Net additions to reserves due to WLH acquisition	0	0	0	9,130
Other additions to reserves	18,394	17,005	30,784	26,743
Cost of claims incurred	(19,067)	(23,277)	(34,931)	(42,264)
Changes in estimates to pre-existing reserves	388	1,770	2,152	3,805
Reserve - end of period	$ 116,121	$ 117,462	$ 116,121	$ 117,462

ESTIMATED DEVELOPMENT LIABILI_2

ESTIMATED DEVELOPMENT LIABILITY - Narrative (Details)	6 Months Ended
	Jun. 30, 2021lot
AV Homes, Inc.
Business Acquisition [Line Items]
Number of home sites acquired	8,000

DEBT - Summary of Total Debt (D

DEBT - Summary of Total Debt (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Jul. 31, 2020	Mar. 31, 2020	Jun. 05, 2019	Apr. 16, 2015	Mar. 05, 2014
Debt Instrument [Line Items]
Principal	$ 3,080,304,000	$ 2,926,030,000
Unamortized Debt Issuance (Costs)/Premium	2,344,000	2,365,000
Carrying Value	3,082,648,000	2,928,395,000
Loans payable and other borrowings
Debt Instrument [Line Items]
Principal	415,074,000	348,741,000
Unamortized Debt Issuance (Costs)/Premium	0	0
Carrying Value	415,074,000	348,741,000
Mortgage warehouse borrowings
Debt Instrument [Line Items]
Principal	215,230,000	127,289,000
Unamortized Debt Issuance (Costs)/Premium	0	0
Carrying Value	215,230,000	127,289,000
Revolving Credit Facility
Debt Instrument [Line Items]
Principal	0	0
Unamortized Debt Issuance (Costs)/Premium	0	0
Carrying Value	0	0
Senior Notes
Debt Instrument [Line Items]
Principal	2,450,000,000	2,450,000,000
Unamortized Debt Issuance (Costs)/Premium	2,344,000	2,365,000
Carrying Value	$ 2,452,344,000	2,452,365,000
Senior Notes | 5.875% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.875%					5.875%
Principal	$ 350,000,000	350,000,000
Unamortized Debt Issuance (Costs)/Premium	(1,016,000)	(1,300,000)
Carrying Value	$ 348,984,000	348,700,000
Senior notes issued amount						$ 350,000,000
Senior Notes | 5.625% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.625%						5.625%
Principal	$ 350,000,000	350,000,000
Unamortized Debt Issuance (Costs)/Premium	(1,435,000)	(1,705,000)
Carrying Value	$ 348,565,000	348,295,000
Senior notes issued amount							$ 350,000,000
Senior Notes | 5.875% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.875%				5.875%
Principal	$ 500,000,000	500,000,000
Unamortized Debt Issuance (Costs)/Premium	(4,635,000)	(5,026,000)
Carrying Value	$ 495,365,000	494,974,000
Senior notes issued amount					$ 500,000,000
Senior Notes | 6.625% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.625%			6.625%
Principal	$ 300,000,000	300,000,000
Unamortized Debt Issuance (Costs)/Premium	19,317,000	20,915,000
Carrying Value	319,317,000	320,915,000
Senior notes issued amount	$ 290,400,000			$ 290,400,000
Senior Notes | 5.75% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.75%
Principal	$ 450,000,000	450,000,000
Unamortized Debt Issuance (Costs)/Premium	(4,130,000)	(4,445,000)
Carrying Value	$ 445,870,000	445,555,000
Senior Notes | 5.125% Senior Notes due 2030
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.125%		5.125%
Principal	$ 500,000,000	500,000,000
Unamortized Debt Issuance (Costs)/Premium	(5,757,000)	(6,074,000)
Carrying Value	494,243,000	$ 493,926,000
Senior notes issued amount			$ 500,000,000
Senior Notes | 6.625% Senior Notes due 2027 issued by WLH
Debt Instrument [Line Items]
Stated interest rate (as a percent)				6.625%
Senior notes issued amount	$ 9,600,000			$ 9,600,000

DEBT - 2023 Senior Notes (Detai

DEBT - 2023 Senior Notes (Details) - 5.875% Senior Notes due 2023 - Senior Notes - USD ($) $ in Millions	Apr. 16, 2015	Jun. 30, 2021
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.875%	5.875%
Senior notes issued amount	$ 350
Redemption price (as a percent)	101.00%	100.00%

DEBT - 2024 Senior Notes (Detai

DEBT - 2024 Senior Notes (Details) - 5.625% Senior Notes due 2024 - Senior Notes - USD ($)	6 Months Ended
	Jun. 30, 2021	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 - 2027 Senior Notes (Detai

DEBT - 2027 Senior Notes (Details) - Senior Notes - USD ($)	6 Months Ended
	Jun. 30, 2021	Mar. 31, 2020	Jun. 05, 2019
5.875% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.875%		5.875%
Senior notes issued amount			$ 500,000,000
Redemption price (as a percent)	100.00%
6.625% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.625%	6.625%
Senior notes issued amount	$ 290,400,000	$ 290,400,000
Redemption price (as a percent)	106.625%
Redemption not to exceed aggregate principal amount (as a percent)		40.00%
6.625% Senior Notes due 2027 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price (as a percent)	100.00%
6.625% Senior Notes due 2027 | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price (as a percent)	103.313%
6.625% Senior Notes due 2027 | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price (as a percent)	102.208%
6.625% Senior Notes due 2027 | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price (as a percent)	101.104%
6.625% Senior Notes due 2027 | Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption price (as a percent)	100.00%
6.625% Senior Notes due 2027 issued by TM Communities
Debt Instrument [Line Items]
Stated interest rate (as a percent)		6.625%
6.625% Senior Notes due 2027 issued by WLH
Debt Instrument [Line Items]
Stated interest rate (as a percent)		6.625%
Senior notes issued amount	$ 9,600,000	$ 9,600,000

DEBT - 2028 Senior Notes (Detai

DEBT - 2028 Senior Notes (Details) - Senior Notes - 5.75% Notes due 2028 - USD ($)	Jun. 30, 2021	Aug. 01, 2019
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.75%	5.75%
Senior notes issued amount		$ 450,000,000

DEBT - 2030 Senior Notes and Re

DEBT - 2030 Senior Notes and Redemption of the 2023 Senior Notes and Redemption of the 2025 Senior Notes (Details) - Senior Notes - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jul. 31, 2020
6.00% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate (as a percent)			6.00%	6.00%
Redemption amount			$ 83,100,000	$ 266,900,000
Redemption price (as a percent)	100.00%
5.125% Senior Notes due 2030
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.125%			5.125%
Senior notes issued amount				$ 500,000,000
Redemption price (as a percent)	100.00%
5.875% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate (as a percent)				5.875%
Redemption amount			$ 103,800,000	$ 333,100,000
Redemption price (as a percent)	102.938%
Senior Notes Due 2023 and 2025
Debt Instrument [Line Items]
Loss on extinguishment of debt, net		$ 10,200,000
6.00% Senior Notes Due 2023
Debt Instrument [Line Items]
Make-whole premium percentage	0.11%
Make-whole premium basis percentage	0.50%

DEBT - Revolving Credit Facilit

DEBT - Revolving Credit Facility (Details)	6 Months Ended
	Jun. 30, 2021USD ($)equityCureRightfiscalQuarter	Dec. 31, 2020USD ($)	Feb. 06, 2020USD ($)
Debt Instrument [Line Items]
Letters of credit utilized	$ 1,000,000,000	$ 1,000,000,000
Revolving credit facility borrowings	0	0
Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance costs	1,300,000	1,600,000
Letters of credit utilized	45,500,000	64,300,000
Line of credit available	754,500,000	$ 735,700,000
Revolving Credit Facility | Restated Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity on line of credit			$ 800,000,000
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) | fiscalQuarter	4
Maximum number of times equity cure right can be exercised | equityCureRight	5
364 Day Term Loan Debt Facility
Debt Instrument [Line Items]
Maximum capitalization ratio	60.00%
Minimum net worth required	$ 2,200,000,000

DEBT - Summary of Mortgage Ware

DEBT - Summary of Mortgage Warehouse Borrowings (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Amount Drawn	$ 215,230,000	$ 127,289,000
Secured Debt
Line of Credit Facility [Line Items]
Amount Drawn	215,230,000	127,289,000
Facility Amount	310,000,000	295,000,000
Mortgage borrowings outstanding, collateralized amount	277,000,000	201,200,000
Collateralized amount of restricted short-term investments	1,800,000	1,300,000
Secured Debt | Warehouse A
Line of Credit Facility [Line Items]
Amount Drawn	8,737,000	40,958,000
Facility Amount	$ 10,000,000	$ 55,000,000
Secured Debt | Warehouse A | LIBOR
Line of Credit Facility [Line Items]
Interest Rate	1.75%	1.75%
Secured Debt | Warehouse B
Line of Credit Facility [Line Items]
Amount Drawn	$ 55,050,000	$ 19,457,000
Facility Amount	$ 75,000,000	$ 85,000,000
Secured Debt | Warehouse B | LIBOR
Line of Credit Facility [Line Items]
Interest Rate	1.75%	1.75%
Secured Debt | Warehouse C
Line of Credit Facility [Line Items]
Amount Drawn	$ 97,176,000	$ 43,148,000
Facility Amount	$ 125,000,000	$ 75,000,000
Secured Debt | Warehouse C | LIBOR
Line of Credit Facility [Line Items]
Interest Rate	2.05%	2.05%
Warehouse D | Secured Debt
Line of Credit Facility [Line Items]
Amount Drawn	$ 54,267,000	$ 23,726,000
Facility Amount	$ 100,000,000	$ 80,000,000
Warehouse D | Secured Debt | LIBOR
Line of Credit Facility [Line Items]
Interest Rate	1.65%	1.65%

DEBT - Loans Payable and Other

DEBT - Loans Payable and Other Borrowings (Details) - Loans Payables	Jun. 30, 2021	Dec. 31, 2020
Minimum
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.00%	0.00%
Maximum
Debt Instrument [Line Items]
Stated interest rate (as a percent)	8.00%	8.00%

FAIR VALUE DISCLOSURES - Carryi

FAIR VALUE DISCLOSURES - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jul. 31, 2020	Mar. 31, 2020	Jun. 05, 2019	Apr. 16, 2015	Mar. 05, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
IRLCs	$ 3,687	$ 5,294
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%					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%
Senior Notes | 5.875% Senior Notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (as a percent)	5.875%				5.875%
Senior Notes | 6.625% Senior Notes due 2027
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 | 5.75% Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (as a percent)	5.75%
Senior Notes | 5.125% Senior Notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (as a percent)	5.125%		5.125%
Level 2 | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	$ 277,017	201,177
Level 2 | Carrying Value | Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	(11)	(1,847)
Level 2 | Carrying Value | Mortgage warehouse borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	(215,230)	(127,289)
Level 2 | Carrying Value | Loans payable and other borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	(415,074)	(348,741)
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	(348,984)	(348,700)
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	(348,565)	(348,295)
Level 2 | Carrying Value | Senior Notes | 5.875% Senior Notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	(495,365)	(494,974)
Level 2 | Carrying Value | Senior Notes | 6.625% Senior Notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	(319,317)	(320,915)
Level 2 | Carrying Value | Senior Notes | 5.75% Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	(445,870)	(445,555)
Level 2 | Carrying Value | Senior Notes | 5.125% Senior Notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	(494,243)	(493,926)
Level 2 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	277,017	201,177
Level 2 | Estimated Fair Value | Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	(11)	(1,847)
Level 2 | Estimated Fair Value | Mortgage warehouse borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	(215,230)	(127,289)
Level 2 | Estimated Fair Value | Loans payable and other borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	(415,074)	(348,741)
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	(373,660)	(371,000)
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	(379,295)	(375,830)
Level 2 | Estimated Fair Value | Senior Notes | 5.875% Senior Notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	(565,650)	(566,650)
Level 2 | Estimated Fair Value | Senior Notes | 6.625% Senior Notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	(321,000)	(324,240)
Level 2 | Estimated Fair Value | Senior Notes | 5.75% Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	(508,050)	(509,625)
Level 2 | Estimated Fair Value | Senior Notes | 5.125% Senior Notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	(540,650)	(560,000)
Level 3 | Carrying Value | IRLCs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
IRLCs	3,687	5,294
Level 3 | Estimated Fair Value | IRLCs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
IRLCs	$ 3,687	$ 5,294

FAIR VALUE DISCLOSURES - Fair V

FAIR VALUE DISCLOSURES - Fair Value of Assets Measured on a Nonrecurring Basis (Details) $ in Thousands	Dec. 31, 2020USD ($)
Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventories	$ 22,556

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax [Line Items]
Income tax provision	$ 38,469	$ 17,622	$ 67,767	$ 18,403
Effective tax rate (as a percent)	23.60%	20.80%	23.00%	32.80%
Unrecognized tax benefits that would affect effective tax rate	$ 5,800		$ 5,800		$ 5,800
Potential interest and penalties accrued	600		600		$ 500
Domestic
Income Tax [Line Items]
Unrecognized tax benefits that would affect effective tax rate	$ 4,600		$ 4,600

STOCKHOLDERS_ EQUITY - Narrativ

STOCKHOLDERS’ EQUITY - Narrative (Details) - USD ($)	Apr. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 01, 2021
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		50,000,000		50,000,000
Preferred stock, par value (in dollars per share)		$ 0.00001		$ 0.00001
Stock repurchase program, authorized amount						$ 250,000,000
Repurchase of common stock (in shares)		3,809,428	0	5,256,737	5,436,479
Stock Warrants
Class of Stock [Line Items]
Stock awards other than options, balance (in shares)		1,704,205		1,704,205
Stock awards other than options, outstanding, balance (in dollars per share)		$ 19.12		$ 19.12
Common stock surrendered in connection with warrant exercise (in shares)	1,000,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		400,000,000		400,000,000
Common stock, par value (in dollars per share)		$ 0.00001		$ 0.00001

STOCKHOLDERS_ EQUITY - Stock Re

STOCKHOLDERS’ EQUITY - Stock Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stock Repurchase Program, Increase (Decrease) [Roll Forward]
Amount available for repurchase - beginning of period	$ 48,413	$ 9,837	$ 86,831	$ 0
Additional amount authorized for repurchase	250,000	0	250,000	100,000
Amount repurchased at cost	(106,754)	0	(145,172)	(90,163)
Amount available for repurchase — end of period	$ 191,659	$ 9,837	$ 191,659	$ 9,837

STOCK BASED COMPENSATION - Narr

STOCK BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate unamortized outstanding stock based compensation	$ 35.9	$ 23.8
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)	5,328,802

STOCK BASED COMPENSATION - Summ

STOCK BASED COMPENSATION - Summary of Restricted Stock Unit, Stock Options, and Stock Warrants Activity (Details)	Jun. 30, 2021$ / sharesshares
Restricted Stock Units and Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards other than options, balance (in shares) | shares	1,738,878
Weighted Average Grant Date Fair Value
Stock awards other than options, outstanding, balance (in dollars per share) | $ / shares	$ 24.13
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, balance (in shares) | shares	3,754,049
Weighted Average Grant Date Fair Value
Stock Options, Outstanding, Ending balance (in dollars per share) | $ / shares	$ 21.47

STOCK BASED COMPENSATION - Su_2

STOCK BASED COMPENSATION - Summary of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation	$ 4,654	$ 4,986	$ 10,335	$ 16,882
Restricted stock units (RSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation	3,615	3,989	8,362	11,708
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation	$ 1,039	$ 997	$ 1,973	$ 5,174

REPORTING SEGMENTS - Narrative

REPORTING SEGMENTS - Narrative (Details)	6 Months Ended
	Jun. 30, 2021segment
Segment Reporting [Abstract]
Number of reporting segments included in operating component	3

REPORTING SEGMENTS - Reconcilia

REPORTING SEGMENTS - Reconciliation to Net Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	$ 1,719,280	$ 1,526,685	$ 3,137,092	$ 2,872,384
Gross margin	328,703	244,178	603,144	441,934
Selling, general and administrative expenses	(167,557)	(145,150)	(315,062)	(282,003)
Equity in (loss)/income of unconsolidated entities	2,126	3,495	7,787	5,921
Interest and other income/(expense), net	(48)	(17,679)	(904)	(109,784)
Income before income taxes	163,224	84,844	294,965	56,068
Operating Segments | East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	581,362	474,623	1,034,723	898,014
Gross margin	122,241	78,736	207,308	136,756
Selling, general and administrative expenses	(46,365)	(40,460)	(84,964)	(76,798)
Equity in (loss)/income of unconsolidated entities	0	0	0	0
Interest and other income/(expense), net	49	(129)	91	(113)
Income before income taxes	75,925	38,147	122,435	59,845
Operating Segments | Central
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	385,839	480,865	708,452	854,204
Gross margin	68,606	83,614	133,784	147,371
Selling, general and administrative expenses	(32,342)	(35,968)	(60,900)	(68,224)
Equity in (loss)/income of unconsolidated entities	(6)	(42)	(70)	(161)
Interest and other income/(expense), net	(518)	(1,619)	(891)	(3,871)
Income before income taxes	35,740	45,985	71,923	75,115
Operating Segments | West
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	714,439	530,789	1,312,169	1,027,112
Gross margin	126,593	65,199	231,031	133,789
Selling, general and administrative expenses	(47,203)	(40,962)	(88,755)	(75,812)
Equity in (loss)/income of unconsolidated entities	4	240	1,996	574
Interest and other income/(expense), net	(1,311)	(6,026)	(1,420)	(13,290)
Income before income taxes	78,083	18,451	142,852	45,261
Operating Segments | Financial Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	37,392	40,297	81,457	68,336
Gross margin	11,457	17,501	31,523	24,893
Selling, general and administrative expenses	0	0	0	0
Equity in (loss)/income of unconsolidated entities	2,128	3,297	5,871	5,527
Interest and other income/(expense), net	0	(6,038)	0	(7,438)
Income before income taxes	13,585	14,760	37,394	22,982
Corporate and Unallocated
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	248	111	291	24,718
Gross margin	(194)	(872)	(502)	(875)
Selling, general and administrative expenses	(41,647)	(27,760)	(80,443)	(61,169)
Equity in (loss)/income of unconsolidated entities	0	0	(10)	(19)
Interest and other income/(expense), net	1,732	(3,867)	1,316	(85,072)
Income before income taxes	$ (40,109)	$ (32,499)	$ (79,639)	$ (147,135)

REPORTING SEGMENTS - Summary of

REPORTING SEGMENTS - Summary of Assets by Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	$ 5,882,485	$ 5,458,051
Investments in unconsolidated entities	130,044	127,955
Other assets	2,126,234	2,151,989
Total assets	8,138,763	7,737,995
Operating Segments | East
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	1,811,744	1,712,852
Investments in unconsolidated entities	0	0
Other assets	164,246	170,382
Total assets	1,975,990	1,883,234
Operating Segments | Central
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	1,296,563	1,176,604
Investments in unconsolidated entities	65,563	58,052
Other assets	208,555	192,981
Total assets	1,570,681	1,427,637
Operating Segments | West
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	2,774,178	2,568,595
Investments in unconsolidated entities	60,204	65,395
Other assets	577,658	578,231
Total assets	3,412,040	3,212,221
Operating Segments | Financial Services
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	0	0
Investments in unconsolidated entities	4,277	4,498
Other assets	362,006	284,265
Total assets	366,283	288,763
Corporate and Unallocated
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	0	0
Investments in unconsolidated entities	0	10
Other assets	813,769	926,130
Total assets	$ 813,769	$ 926,140

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit and surety bonds	$ 1,000,000		$ 1,000,000		$ 1,000,000
Aggregate purchase price	709,400		709,400		760,400
Legal accruals	17,600		17,600		23,500
Lease liabilities	78,814		78,814		$ 83,240
Operating lease expense	$ 4,000	$ 4,800	$ 8,000	$ 8,600

MORTGAGE HEDGING ACTIVITIES - N

MORTGAGE HEDGING ACTIVITIES - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Total commitments to extend credit	$ 280.2	$ 290.3
Minimum
Derivative [Line Items]
Derivative term	30 days
Maximum
Derivative [Line Items]
Derivative term	60 days

MORTGAGE HEDGING ACTIVITIES - S

MORTGAGE HEDGING ACTIVITIES - Summary of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Fair Value	$ 3,676	$ 3,447
IRLCs
Derivative [Line Items]
Fair Value	3,687	5,294
Notional Amount	255,477	260,954
MBSs
Derivative [Line Items]
Fair Value	(11)	(1,847)
Notional Amount	$ 309,750	$ 376,000