ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 90-0907433 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Name of each exchange on which registered | |
Class A Common Stock, $0.00001 par value | New York Stock Exchange |
Large accelerated filer | ¨ | Accelerated filer | ý |
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
Class | Outstanding | ||
Class A Common Stock, $0.00001 par value | 42,064,422 | ||
Class B Common Stock, $0.00001 par value | 77,405,233 |
Page Number | ||
East | Atlanta, Charlotte, North Florida, Raleigh, Southwest Florida, and Tampa | |
Central | Austin, Dallas, and Houston (each of the Dallas and Houston markets include both a Taylor Morrison division and a Darling Homes division) | |
West | Bay Area, Chicago, Denver, Phoenix, Sacramento, and Southern California | |
Mortgage Operations | Taylor Morrison Home Funding (“TMHF”) and Inspired Title Services, LLC (“Inspired Title”) |
• | pursuing core locations; |
• | building distinctive communities; |
• | maintaining a cost-efficient culture; and |
• | appropriately balancing price with pace in the sale of our homes. |
• | On January 8, 2016, we completed the acquisition of Acadia Homes in Atlanta, Georgia, yielding approximately 1,100 lots for total consideration of $83.6 million. |
• | On August 10, 2016, we announced our expansion of the Taylor Morrison brand to the Dallas market. Sales for this new division are expected to begin in 2017 with the opening of two communities offering homes in the $300,000 - $500,000 price range. |
• | On February 6, 2017 we completed the sale of 11,500,000 shares of our Class A common stock in a registered public offering at a net purchase price per share of $18.2875 (the public offering price to the public of $19.00 per share less the underwriters’ discount). We used all of the net proceeds from the public offering to purchase partnership units in New TMM, our direct subsidiary, along with shares of our Class B common stock, held by our Principal Equityholders (as defined below). The aggregate number partnership units and corresponding shares of Class B common stock we purchased was equal to the number of shares of Class A common stock sold in the public offering. See — Our Structure and Note 23 - Subsequent Events in the Notes to the Consolidated Financial Statements included in Item 8 of this Annual Report for further detail. |
• | Strategically opening new communities from existing land supply; |
• | Combining land acquisition and development expertise with homebuilding operations; |
• | Focusing product offerings on specific customer groups; |
• | Building aspirational homes for our customers and delivering superior customer service; |
• | Maintaining an efficient capital structure; |
• | Selectively pursuing acquisitions; and |
• | Employing and retaining a highly experienced management team with a strong operating track record. |
(Dollars in thousands) | Homes Closed | Average Selling Price of Closed Homes | Net Homes Sold | Average Active Selling Communities | Homes in Backlog | $ Value of Backlog | |||||||||||||
East | 2,795 | $ | 385 | 3,039 | 122 | 1,183 | $ | 508,101 | |||||||||||
Central | 2,050 | 476 | 1,837 | 109 | 817 | 419,359 | |||||||||||||
West | 2,524 | 544 | 2,628 | 78 | 1,131 | 604,450 | |||||||||||||
Total | 7,369 | $ | 465 | 7,504 | 309 | 3,131 | $ | 1,531,910 |
As of December 31, 2016 | ||||||||||||||||||||
Owned Lots | Controlled Lots | Owned and Controlled Lots | ||||||||||||||||||
Raw | Partially Developed | Finished | Long- Term Strategic Assets | Total | Total | Total | ||||||||||||||
East | 3,262 | 5,707 | 4,076 | 293 | 13,338 | 5,071 | 18,409 | |||||||||||||
Central | 2,834 | 1,208 | 3,437 | — | 7,479 | 4,100 | 11,579 | |||||||||||||
West | 1,046 | 1,122 | 3,805 | 1,196 | 7,169 | 1,148 | 8,317 | |||||||||||||
Total | 7,142 | 8,037 | 11,318 | 1,489 | 27,986 | 10,319 | 38,305 |
As of December 31, 2015 | ||||||||||||||||||||
Owned Lots | Controlled Lots | Owned and Controlled Lots | ||||||||||||||||||
Raw | Partially Developed | Finished | Long- Term Strategic Assets | Total | Total | Total | ||||||||||||||
East | 3,185 | 5,938 | 4,150 | 1,757 | 15,030 | 3,925 | 18,955 | |||||||||||||
Central | 3,465 | 974 | 3,526 | — | 7,965 | 5,433 | 13,398 | |||||||||||||
West | 1,650 | 1,992 | 4,618 | 1,348 | 9,608 | 1,411 | 11,019 | |||||||||||||
Total | 8,300 | 8,904 | 12,294 | 3,105 | 32,603 | 10,769 | 43,372 |
(Dollars in thousands) | As of December 31, 2016 | As of December 31, 2015 | |||||||||||
Development Status | Owned Lots | Book Value of Land and Development | Owned Lots | Book Value of Land and Development | |||||||||
Raw land | 7,142 | $ | 403,902 | 8,300 | $ | 378,081 | |||||||
Partially developed | 8,037 | 501,496 | 8,904 | 645,276 | |||||||||
Finished lots | 11,318 | 1,336,709 | 12,294 | 1,305,697 | |||||||||
Long-term strategic assets | 1,489 | 16,182 | 3,105 | 12,165 | |||||||||
Total | 27,986 | $ | 2,258,289 | 32,603 | $ | 2,341,219 |
Allocation of Lots in Land Portfolio, by Year Acquired | As of December 31, 2016 | As of December 31, 2015 | |||
Acquired in 2016 | 17 | % | — | % | |
Acquired in 2015 | 20 | % | 22 | % | |
Acquired in 2014 | 11 | % | 13 | % | |
Acquired in 2013 and earlier | 52 | % | 65 | % | |
Total | 100 | % | 100 | % |
As of December 31, 2016 | As of December 31, 2015 | ||||||||||||||||||||||
Homes in Backlog | Models | Inventory to be Sold | Total | Homes in Backlog | Models | Inventory to be Sold | Total | ||||||||||||||||
East | 1,183 | 135 | 413 | 1,731 | 875 | 157 | 430 | 1,462 | |||||||||||||||
Central | 817 | 129 | 360 | 1,306 | 1,030 | 119 | 417 | 1,566 | |||||||||||||||
West | 1,131 | 148 | 413 | 1,692 | 1,027 | 162 | 470 | 1,659 | |||||||||||||||
Total | 3,131 | 412 | 1,186 | 4,729 | 2,932 | 438 | 1,317 | 4,687 |
• | to utilize mortgage finance as a sales tool in the purchase process to ensure a consistent customer experience and assist in maintaining production efficiency; and |
• | to control and analyze our backlog quality and to better manage projected closing and delivery dates for our customers. |
• | the timing of the introduction and start of construction of new projects; |
• | the timing of sales; |
• | the timing of closings of homes, lots and parcels; |
• | the timing of receipt of regulatory approvals for development and construction; |
• | the condition of the real estate market and general economic conditions in the areas in which we operate; |
• | mix of homes closed; |
• | construction timetables; |
• | the prevailing interest rates and the availability of financing, both for us and for the purchasers of our homes; |
• | the cost and availability of materials and labor; and |
• | weather conditions in the markets in which we build. |
Three Months Ended, | Three Months Ended, | ||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | March 31(1) | June 30(1) | September 30 | December 31 | ||||||||||||||||
Net homes sold | 24.4 | % | 27.0 | % | 26.0 | % | 22.6 | % | 25.9 | % | 28.1 | % | 24.5 | % | 21.5 | % | |||||||
Home closings revenue | 18.4 | % | 24.2 | % | 23.7 | % | 33.7 | % | 17.1 | % | 23.6 | % | 27.0 | % | 32.3 | % | |||||||
Net income from continuing operations | 12.6 | % | 22.1 | % | 28.4 | % | 36.9 | % | 23.5 | % | 11.7 | % | 26.8 | % | 38.0 | % |
As of December 31, 2016 | As of February 6, 2017 | ||||||||||
Shares Outstanding | Percentage | Shares Outstanding | Percentage | ||||||||
Class A Common Stock | 30,486,858 | 25.5 | % | 41,986,858 | 35.2 | % | |||||
Class B Common Stock | 88,942,052 | 74.5 | % | 77,442,052 | 64.8 | % | |||||
Total | 119,428,910 | 100.0 | % | 119,428,910 | 100.0 | % |
• | short- and long-term interest rates; |
• | the availability and cost of financing for homebuyers; |
• | employment levels, job and personal income growth and household debt-to-income levels; |
• | consumer confidence generally and the confidence of potential homebuyers in particular; |
• | the ability of existing homeowners to sell their existing homes at prices that are acceptable to them; |
• | the U.S. and global financial system and credit markets, including stock market and credit market volatility; |
• | private and federal mortgage financing programs and federal and state regulation of lending practices; |
• | federal and state income tax laws, including provisions for the deduction of mortgage interest payments; |
• | housing demand from population growth, household formations and demographic changes (including immigration levels and trends or other costs of home ownership in urban and suburban migration); |
• | demand from foreign buyers for our homes, which may fluctuate according to economic circumstances in foreign markets; |
• | the supply of available new or existing homes and other housing alternatives, such as apartments and other residential rental property; |
• | real estate taxes; |
• | energy prices; and |
• | the supply of developable land in our markets and in the United States generally. |
• | work stoppages resulting from labor disputes; |
• | shortages of and competition for qualified trades people, such as carpenters, roofers, electricians and plumbers; |
• | changes in laws relating to union organizing activity; |
• | changes in immigration laws and policies and trends with respect to labor force migration; and |
• | increases in subcontractor and professional services costs. |
• | timing of home deliveries and land sales; |
• | the changing composition and mix of our asset portfolio; and |
• | weather-related issues. |
• | severe weather; |
• | natural disasters; |
• | climate change; |
• | shortages in the availability or increased costs in obtaining land, equipment, labor or building supplies; |
• | unemployment; |
• | changes to the population growth rates and therefore the demand for homes in these regions; and |
• | changes in the regulatory and fiscal environment. |
• | difficulties in assimilating the operations and personnel of acquired companies or businesses; |
• | diversion of our management’s attention from ongoing business concerns; |
• | our potential inability to maximize our financial and strategic position through the successful incorporation or disposition of operations; |
• | maintenance of uniform standards, controls, procedures and policies; and |
• | impairment of existing relationships with employees, contractors, suppliers and customers as a result of the integration of new management personnel and cost-saving initiatives. |
• | making it more difficult for us to satisfy our obligations with respect to our debt or to our trade or other creditors; |
• | increasing our vulnerability to adverse economic or industry conditions; |
• | limiting our ability to obtain additional financing to fund capital expenditures and land acquisitions, particularly when the availability of financing in the capital markets is limited; |
• | requiring us to pay higher interest rates upon refinancing or on our variable rate indebtedness if interest rates rise; |
• | requiring a substantial portion of our cash flows from operations and the proceeds of any capital markets offerings or loan borrowings for the payment of interest on our debt and reducing our ability to use our cash flows to fund working capital, capital expenditures, land acquisitions and general corporate requirements; |
• | limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; and |
• | placing us at a competitive disadvantage to less leveraged competitors. |
• | incur or guarantee additional indebtedness; |
• | make certain investments; |
• | repurchase equity or subordinated indebtedness; |
• | pay dividends or make distributions on our capital stock; |
• | sell assets, including capital stock of restricted subsidiaries; |
• | agree to restrictions on distributions, transfers or dividends affecting our restricted subsidiaries; |
• | consolidate, merge, sell or otherwise dispose of all or substantially all of our assets; |
• | enter into transactions with our affiliates; |
• | incur liens; and |
• | designate any of our subsidiaries as unrestricted subsidiaries. |
• | elect a majority of our directors and appoint our executive officers, set our management policies and exercise overall control over the Company and subsidiaries; |
• | agree to sell or otherwise transfer a controlling stake in the Company; and |
• | determine the outcome of substantially all actions requiring stockholder approval, including transactions with related parties, corporate reorganizations, acquisitions and dispositions of assets and dividends. |
• | any change of control of TMHC; |
• | acquisitions or dispositions by TMHC or any of its subsidiaries of assets valued at more than $50.0 million; |
• | incurrence by TMHC or any of its subsidiaries of any indebtedness in an aggregate amount in excess of $50.0 million or the making of any loan in excess of $50.0 million; |
• | issuance of any equity securities of TMHC, subject to limited exceptions (which include issuances pursuant to approved compensation plans); |
• | hiring and termination of our Chief Executive Officer; and |
• | certain changes to the size of our Board of Directors. |
• | the division of our board of directors into three classes and the election of each class for three-year terms; |
• | the sole ability of the board of directors to fill a vacancy created by the expansion of the board of directors; |
• | advance notice requirements for stockholder proposals and director nominations; |
• | after the Triggering Event, limitations on the ability of stockholders to call special meetings and to take action by written consent; |
• | after the Triggering Event, in certain cases, the approval of holders of at least three-fourths of the shares entitled to vote generally on the making, alteration, amendment or repeal of our certificate of incorporation or bylaws will be required to adopt, amend or repeal our bylaws, or amend or repeal certain provisions of our certificate of incorporation; |
• | after the Triggering Event, the required approval of holders of at least three-fourths of the shares entitled to vote at an election of the directors to remove directors, which removal may only be for cause; and |
• | the ability of our board of directors to designate the terms of and issue new series of preferred stock without stockholder approval, which could be used, among other things, to institute a rights plan that would have the effect of |
Year Ended December 31, 2016 | |||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||
High | $ | 15.73 | $ | 16.04 | $ | 18.05 | $ | 20.98 | |||||||
Low | 11.30 | 13.54 | 14.65 | 16.57 |
Year Ended December 31, 2015 | |||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||
High | $ | 21.01 | $ | 21.33 | $ | 21.30 | $ | 20.19 | |||||||
Low | 16.06 | 18.26 | 18.60 | 15.43 |
4/10/2013 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | |||||||||||||||
TMHC | $ | 100.00 | $ | 97.44 | $ | 81.99 | $ | 69.44 | $ | 83.59 | |||||||||
S&P 500 | 100.00 | 116.42 | 129.68 | 128.73 | 141.01 | ||||||||||||||
S&P Homebuilding Index | 100.00 | 113.15 | 116.13 | 116.06 | 114.94 |
Year Ended December 31, | |||||||||||||||||||
(Dollars in thousands, except per share amounts) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
Statements of Operations Data: | |||||||||||||||||||
Total revenues | $ | 3,550,029 | $ | 2,976,820 | $ | 2,708,432 | $ | 1,916,081 | $ | 1,041,182 | |||||||||
Gross margin | 680,279 | 567,915 | 566,246 | 415,865 | 206,641 | ||||||||||||||
Income tax provision / (benefit) | 107,643 | 90,001 | 76,395 | (23,810 | ) | (284,298 | ) | ||||||||||||
Net income from continuing operations | 206,563 | 170,986 | 225,599 | 28,355 | 355,955 | ||||||||||||||
Income from discontinued operations – net of tax | — | 58,059 | 41,902 | 66,513 | 74,893 | ||||||||||||||
Net income before allocation to non-controlling interests | 206,563 | 229,045 | 267,501 | 94,868 | 430,848 | ||||||||||||||
Net (income) / loss attributable to non-controlling interests – joint ventures | (1,294 | ) | (1,681 | ) | (1,648 | ) | 131 | (28 | ) | ||||||||||
Net income before non-controlling interests – Principal Equityholders | 205,269 | 227,364 | 265,853 | 94,999 | 430,820 | ||||||||||||||
Net (income) / loss from continuing operations attributable to non-controlling interests – Principal Equityholders | (152,653 | ) | (123,909 | ) | (163,790 | ) | 1,442 | (355,927 | ) | ||||||||||
Net income from discontinued operations attributable to non-controlling interests – Principal Equityholders (1) | — | (42,406 | ) | (30,594 | ) | (51,021 | ) | (74,893 | ) | ||||||||||
Net income available to Taylor Morrison Home Corporation | $ | 52,616 | $ | 61,049 | $ | 71,469 | $ | 45,420 | $ | — | |||||||||
Earnings per common share: | |||||||||||||||||||
Basic | |||||||||||||||||||
Income from continuing operations | $ | 1.69 | $ | 1.38 | $ | 1.83 | $ | 0.91 | N/A | ||||||||||
Discontinued operations – net of tax (1) | — | 0.47 | 0.34 | 0.47 | N/A | ||||||||||||||
Net income available to Taylor Morrison Home Corporation | $ | 1.69 | $ | 1.85 | $ | 2.17 | $ | 1.38 | N/A | ||||||||||
Diluted | |||||||||||||||||||
Income from continuing operations | $ | 1.69 | $ | 1.38 | $ | 1.83 | $ | 0.91 | N/A | ||||||||||
Discontinued operations – net of tax (1) | — | 0.47 | 0.34 | 0.47 | N/A | ||||||||||||||
Net income available to Taylor Morrison Home Corporation | $ | 1.69 | $ | 1.85 | $ | 2.17 | $ | 1.38 | N/A | ||||||||||
Weighted average number of shares of common stock: | |||||||||||||||||||
Basic | 31,084 | 33,063 | 32,937 | 32,840 | N/A | ||||||||||||||
Diluted | 120,832 | 122,384 | 122,313 | 122,319 | N/A |
As of December 31, | |||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
Balance Sheet Data: | |||||||||||||||||||
Cash and cash equivalents, excluding restricted cash | $ | 300,179 | $ | 126,188 | $ | 234,217 | $ | 193,518 | $ | 111,083 | |||||||||
Real estate inventory | 3,017,219 | 3,126,787 | 2,518,321 | 2,012,580 | 1,366,902 | ||||||||||||||
Total assets (1) | 4,220,926 | 4,122,447 | 4,111,798 | 3,419,285 | 2,738,056 | ||||||||||||||
Total debt (1) | 1,586,533 | 1,668,425 | 1,715,791 | 1,238,457 | 969,499 | ||||||||||||||
Total stockholders’ equity | 2,160,202 | 1,972,677 | 1,777,161 | 1,544,901 | 1,204,575 | ||||||||||||||
Year Ended December 31, | |||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
Operating Data: | |||||||||||||||||||
Average active selling communities | 309 | 259 | 206 | 158 | 108 | ||||||||||||||
Net sales orders (units) | 7,504 | 6,681 | 5,728 | 5,018 | 3,738 | ||||||||||||||
Home closings (units) | 7,369 | 6,311 | 5,642 | 4,716 | 2,933 | ||||||||||||||
Average sales price of homes delivered | $ | 465 | $ | 458 | $ | 464 | $ | 394 | $ | 336 | |||||||||
Backlog at the end of period (value) | $ | 1,531,910 | $ | 1,392,973 | $ | 1,099,767 | $ | 987,754 | $ | 716,033 | |||||||||
Backlog at the end of period (units) | 3,131 | 2,932 | 2,252 | 2,166 | 1,864 |
East | Atlanta, Charlotte, North Florida, Raleigh, Southwest Florida, and Tampa | |
Central | Austin, Dallas, and Houston (each of the Dallas and Houston markets include both a Taylor Morrison division and a Darling Homes division) | |
West | Bay Area, Chicago, Denver, Phoenix, Sacramento, and Southern California | |
Mortgage Operations | Taylor Morrison Home Funding (“TMHF”) and Inspired Title Services, LLC (“Inspired Title”) |
• | Net sales orders were 7,504, a 12% increase from the prior year |
• | Home closings were 7,369, a 17% increase from the prior year |
• | Total revenue was $3.6 billion, a 19% increase from the prior year |
• | GAAP home closings gross margin, inclusive of capitalized interest, was 18.2% |
• | Net income from continuing operations for the year was $207 million with earnings per share of $1.69, an increase of 22% from the prior year |
Year Ended December 31, | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Statements of Operations Data: | |||||||||||
Home closings revenue, net | $ | 3,425,521 | $ | 2,889,968 | $ | 2,619,558 | |||||
Land closings revenue | 64,553 | 43,770 | 53,381 | ||||||||
Mortgage operations revenue | 59,955 | 43,082 | 35,493 | ||||||||
Total revenues | $ | 3,550,029 | $ | 2,976,820 | $ | 2,708,432 | |||||
Cost of home closings | 2,801,739 | 2,358,823 | 2,082,819 | ||||||||
Cost of land closings | 35,912 | 24,546 | 39,696 | ||||||||
Mortgage operations expenses | 32,099 | 25,536 | 19,671 | ||||||||
Total cost of revenues | $ | 2,869,750 | $ | 2,408,905 | $ | 2,142,186 | |||||
Gross margin | 680,279 | 567,915 | 566,246 | ||||||||
Sales, commissions and other marketing costs | 239,556 | 198,676 | 168,897 | ||||||||
General and administrative expenses | 122,207 | 95,235 | 81,153 | ||||||||
Equity in income of unconsolidated entities | (7,453 | ) | (1,759 | ) | (5,405 | ) | |||||
Interest (income)/expense, net | (184 | ) | (192 | ) | 1,160 | ||||||
Other expense, net | 11,947 | 11,634 | 18,447 | ||||||||
Loss on extinguishment of debt | — | 33,317 | — | ||||||||
Gain on foreign currency forward | — | (29,983 | ) | — | |||||||
Income from continuing operations before income taxes | $ | 314,206 | $ | 260,987 | $ | 301,994 | |||||
Income tax provision | 107,643 | 90,001 | 76,395 | ||||||||
Net income from continuing operations | $ | 206,563 | $ | 170,986 | $ | 225,599 | |||||
Net income from discontinued operations | — | 58,059 | 41,902 | ||||||||
Net income before allocation to non-controlling interests | $ | 206,563 | $ | 229,045 | $ | 267,501 | |||||
Net income attributable to non-controlling interests – joint ventures | (1,294 | ) | (1,681 | ) | (1,648 | ) | |||||
Net income before non-controlling interests – Principal Equityholders | $ | 205,269 | $ | 227,364 | $ | 265,853 | |||||
Net income from continuing operations attributable to non-controlling interests – Principal Equityholders | (152,653 | ) | (123,909 | ) | (163,790 | ) | |||||
Net income from discontinued operations attributable to non-controlling interests – Principal Equityholders | — | (42,406 | ) | (30,594 | ) | ||||||
Net income available to Taylor Morrison Home Corporation | $ | 52,616 | $ | 61,049 | $ | 71,469 | |||||
Home closings gross margin as a % of home closings revenue, net | 18.2 | % | 18.4 | % | 20.5 | % | |||||
Adjusted home closings gross margin as a % of home closings revenue, net | 21.0 | % | 21.3 | % | 23.0 | % | |||||
Gross margin as a % of total revenues | 19.2 | % | 19.1 | % | 20.9 | % | |||||
Sales, commissions and other marketing costs as a % of home closings revenue, net | 7.0 | % | 6.9 | % | 6.4 | % | |||||
General and administrative expenses as a % of home closings revenue, net | 3.6 | % | 3.3 | % | 3.1 | % | |||||
Average sales price per home closed | $ | 465 | $ | 458 | $ | 464 |
Year Ended December 31, | ||||||||
2016 | 2015 | Change | ||||||
East | 122 | 91 | 34.1 | % | ||||
Central | 109 | 98 | 11.2 | |||||
West | 78 | 70 | 11.4 | |||||
Total | 309 | 259 | 19.3 | % |
Year Ended December 31, (1) | ||||||||||||||||||||||||||||||
(Dollars in thousands ) | Net Homes Sold | Sales Value | Average Selling Price | |||||||||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||||||||
East | 3,039 | 2,124 | 43.1 | % | $ | 1,175,440 | $ | 794,356 | 48.0 | % | $ | 387 | $ | 374 | 3.5 | % | ||||||||||||||
Central | 1,837 | 2,018 | (9.0 | ) | 848,389 | 912,623 | (7.0 | ) | 462 | 452 | 2.2 | |||||||||||||||||||
West | 2,628 | 2,539 | 3.5 | 1,457,923 | 1,262,101 | 15.5 | 555 | 497 | 11.7 | |||||||||||||||||||||
Total | 7,504 | 6,681 | 12.3 | % | $ | 3,481,752 | $ | 2,969,080 | 17.3 | % | $ | 464 | $ | 444 | 4.5 | % |
Year Ended December 31, | |||||
Cancellation Rate (1) | |||||
2016 | 2015 | ||||
East | 12.0 | % | 12.4 | % | |
Central | 16.1 | 16.6 | |||
West | 13.5 | 13.0 | |||
Total Company | 13.6 | % | 13.9 | % |
As of December 31, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Sold Homes in Backlog (1) | Sales Value | Average Selling Price | |||||||||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||||||||
East | 1,183 | 875 | 35.2 | % | $ | 508,101 | $ | 358,978 | 41.5 | % | $ | 430 | $ | 410 | 4.9 | % | ||||||||||||||
Central | 817 | 1,030 | (20.7 | ) | 419,359 | 519,251 | (19.2 | ) | 513 | 504 | 1.8 | |||||||||||||||||||
West | 1,131 | 1,027 | 10.1 | 604,450 | 514,744 | 17.4 | 534 | 501 | 6.6 | |||||||||||||||||||||
Total | 3,131 | 2,932 | 6.8 | % | $ | 1,531,910 | $ | 1,392,973 | 10.0 | % | $ | 489 | $ | 475 | 2.9 | % |
Year Ended December 31, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Homes Closed | Home Closings Revenue, Net | Average Selling Price | |||||||||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||||||||
East | 2,795 | 2,065 | 35.4 | % | $ | 1,077,241 | $ | 809,324 | 33.1 | % | $ | 385 | $ | 392 | (1.8 | )% | ||||||||||||||
Central | 2,050 | 2,140 | (4.2 | ) | 974,841 | 990,925 | (1.6 | ) | 476 | 463 | 2.8 | |||||||||||||||||||
West | 2,524 | 2,106 | 19.8 | 1,373,439 | 1,089,719 | 26.0 | 544 | 517 | 5.2 | |||||||||||||||||||||
Total | 7,369 | 6,311 | 16.8 | % | $ | 3,425,521 | $ | 2,889,968 | 18.5 | % | $ | 465 | $ | 458 | 1.5 | % |
Year Ended December 31, | |||||||||||
(Dollars in thousands) | 2016 | 2015 | Change | ||||||||
East | $ | 21,042 | $ | 9,375 | $ | 11,667 | |||||
Central | 29,754 | 17,739 | 12,015 | ||||||||
West | 13,757 | 16,656 | (2,899 | ) | |||||||
Total | $ | 64,553 | $ | 43,770 | $ | 20,783 |
East | Central | West | Total | ||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||
Home closings revenue | $ | 1,077,241 | $ | 809,324 | $ | 974,841 | $ | 990,925 | $ | 1,373,439 | $ | 1,089,719 | $ | 3,425,521 | $ | 2,889,968 | |||||||||||||||
Cost of home closings | 848,988 | 631,956 | 793,384 | 806,695 | 1,159,367 | 920,172 | 2,801,739 | 2,358,823 | |||||||||||||||||||||||
Home closings gross margin | 228,253 | 177,368 | 181,457 | 184,230 | 214,072 | 169,547 | 623,782 | 531,145 | |||||||||||||||||||||||
Inventory impairment | — | — | — | — | 3,473 | — | 3,473 | — | |||||||||||||||||||||||
Capitalized interest amortization | 21,307 | 20,444 | 27,217 | 29,338 | 42,327 | 33,381 | 90,851 | 83,163 | |||||||||||||||||||||||
Adjusted home closings gross margin | $ | 249,560 | $ | 197,812 | $ | 208,674 | $ | 213,568 | $ | 259,872 | $ | 202,928 | $ | 718,106 | $ | 614,308 | |||||||||||||||
Home closings gross margin % | 21.2 | % | 21.9 | % | 18.6 | % | 18.6 | % | 15.6 | % | 15.6 | % | 18.2 | % | 18.4 | % | |||||||||||||||
Adjusted home closings gross margin % | 23.2 | % | 24.4 | % | 21.4 | % | 21.6 | % | 18.9 | % | 18.6 | % | 21.0 | % | 21.3 | % |
Year Ended December 31, | |||||||
(Dollars in thousands) | 2016 | 2015 | |||||
Mortgage operations revenue | $ | 59,955 | $ | 43,082 | |||
Mortgage operations expense | 32,099 | 25,536 | |||||
Mortgage operations gross margin | $ | 27,856 | $ | 17,546 | |||
Mortgage operations margin % | 46.5 | % | 40.7 | % |
TMHF Closed Loans | Aggregate Loan Volume (in millions) | Capture Rate | |||||||
December 31, 2016 | 4,435 | $ | 1,492.5 | 80 | % | ||||
December 31, 2015 | 3,675 | $ | 1,219.0 | 79 | % |
Year Ended December 31, | ||||||||
2015 | 2014 | Change | ||||||
East | 91 | 65 | 40.0 | % | ||||
Central | 98 | 86 | 14.0 | |||||
West | 70 | 55 | 27.3 | |||||
Total | 259 | 206 | 25.7 | % |
Year Ended December 31, (1) | ||||||||||||||||||||||||||||||
(Dollars in thousands ) | Net Homes Sold | Sales Value | Average Selling Price | |||||||||||||||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | 2015 | 2014 | Change | ||||||||||||||||||||||
East | 2,124 | 1,521 | 39.6 | % | $ | 794,356 | $ | 564,338 | 40.8 | % | $ | 374 | $ | 371 | 0.8 | % | ||||||||||||||
Central | 2,018 | 2,222 | (9.2 | ) | 912,623 | 980,658 | (6.9 | ) | 452 | 441 | 2.5 | |||||||||||||||||||
West | 2,539 | 1,985 | 27.9 | 1,262,101 | 1,060,129 | 19.1 | 497 | 534 | (6.9 | ) | ||||||||||||||||||||
Total | 6,681 | 5,728 | 16.6 | % | $ | 2,969,080 | $ | 2,605,125 | 14.0 | % | $ | 444 | $ | 455 | (2.4 | )% |
(1) | Net sales orders represent the number and dollar value of new sales contracts executed with customers, net of cancellations. |
Year Ended December 31, | ||||||
Cancellation Rate (1) | ||||||
2015 | 2014 | |||||
East | 12.4 | % | 12.1 | % | ||
Central | 16.6 | 12.2 | ||||
West | 13.0 | 15.1 | ||||
Total Company | 13.9 | % | 13.2 | % |
(1) | Cancellation rate represents the number of canceled sales orders divided by gross sales orders. |
As of December 31, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Sold Homes in Backlog (1) | Sales Value | Average Selling Price | |||||||||||||||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | 2015 | 2014 | Change | ||||||||||||||||||||||
East | 875 | 557 | 57.1 | % | $ | 358,978 | $ | 259,622 | 38.3 | % | $ | 410 | $ | 466 | (12.0 | )% | ||||||||||||||
Central | 1,030 | 1,152 | (10.6 | ) | 519,251 | 547,226 | (5.1 | ) | 504 | 475 | 6.1 | |||||||||||||||||||
West | 1,027 | 543 | 89.1 | 514,744 | 292,919 | 75.7 | 501 | 539 | (7.1 | ) | ||||||||||||||||||||
Total | 2,932 | 2,252 | 30.2 | % | $ | 1,392,973 | $ | 1,099,767 | 26.7 | % | $ | 475 | $ | 488 | (2.7 | )% |
Year Ended December 31, | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Homes Closed | Sales Value | Average Selling Price | |||||||||||||||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | 2015 | 2014 | Change | ||||||||||||||||||||||
East | 2,065 | 1,479 | 39.6 | % | $ | 809,324 | $ | 546,045 | 48.2 | % | $ | 392 | $ | 369 | 6.2 | % | ||||||||||||||
Central | 2,140 | 2,099 | 2.0 | 990,925 | 958,096 | 3.4 | 463 | 456 | 1.5 | |||||||||||||||||||||
West | 2,106 | 2,064 | 2.0 | 1,089,719 | 1,115,417 | (2.3 | ) | 517 | 540 | (4.3 | ) | |||||||||||||||||||
Total | 6,311 | 5,642 | 11.9 | % | $ | 2,889,968 | $ | 2,619,558 | 10.3 | % | $ | 458 | $ | 464 | (1.3 | )% |
Year Ended December 31, | |||||||||||
(Dollars in thousands) | 2015 | 2014 | Change | ||||||||
East | $ | 9,375 | $ | 20,112 | $ | (10,737 | ) | ||||
Central | 17,739 | 32,344 | (14,605 | ) | |||||||
West | 16,656 | 925 | 15,731 | ||||||||
Total | $ | 43,770 | $ | 53,381 | $ | (9,611 | ) |
East | Central | West | Total | ||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||
Home closings revenue | $ | 809,324 | $ | 546,045 | $ | 990,925 | $ | 958,096 | $ | 1,089,719 | $ | 1,115,417 | $ | 2,889,968 | $ | 2,619,558 | |||||||||||||||
Cost of home closings | 631,956 | 411,464 | 806,695 | 764,824 | 920,172 | 906,531 | 2,358,823 | 2,082,819 | |||||||||||||||||||||||
Home closings gross margin | 177,368 | 134,581 | 184,230 | 193,272 | 169,547 | 208,886 | 531,145 | 536,739 | |||||||||||||||||||||||
Capitalized interest amortization | 20,444 | 9,895 | 29,338 | 18,600 | 33,381 | 36,603 | 83,163 | 65,098 | |||||||||||||||||||||||
Adjusted home closings gross margin | $ | 197,812 | $ | 144,476 | $ | 213,568 | $ | 211,872 | $ | 202,928 | $ | 245,489 | $ | 614,308 | $ | 601,837 | |||||||||||||||
Home closings gross margin % | 21.9 | % | 24.6 | % | 18.6 | % | 20.2 | % | 15.6 | % | 18.7 | % | 18.4 | % | 20.5 | % | |||||||||||||||
Adjusted home closings gross margin % | 24.4 | % | 26.5 | % | 21.6 | % | 22.1 | % | 18.6 | % | 22.0 | % | 21.3 | % | 23.0 | % |
Year Ended December 31, | |||||||
(Dollars in thousands) | 2015 | 2014 | |||||
Mortgage operations revenue | $ | 43,082 | $ | 35,493 | |||
Mortgage operations expense | 25,536 | 19,671 | |||||
Mortgage operations gross margin | $ | 17,546 | $ | 15,822 | |||
Mortgage operations margin % | 40.7 | % | 44.6 | % |
TMHF Closed Loans | Aggregate Loan Volume (in millions) | Capture Rate | |||||||
December 31, 2015 | 3,675 | $ | 1,219.0 | 79 | % | ||||
December 31, 2014 | 3,312 | $ | 1,097.7 | 74 | % |
• | Borrowings under our Revolving Credit Facility (as defined below); |
• | Our various series of Senior Notes (as defined below); |
• | Mortgage warehouse facilities; |
• | Project-level financing (including non-recourse loans); |
• | Performance, payment and completion surety bonds, and letters of credit; and |
• | Cash generated from operations. |
• | Cash generated from operations; and |
• | Borrowings under our Revolving Credit Facility. |
As of December 31, | ||||||||
(Dollars in thousands) | 2016 | 2015 | ||||||
Total Cash, including Restricted Cash | $ | 301,812 | $ | 127,468 | ||||
Total Revolving Credit Facility | 500,000 | 500,000 | ||||||
Letters of Credit Outstanding | (31,903 | ) | (32,906 | ) | ||||
Revolving Credit Facility Borrowings Outstanding | — | (115,000 | ) | |||||
Revolving Credit Facility Availability | 468,097 | 352,094 | ||||||
Total Liquidity | $ | 769,909 | $ | 479,562 |
(Dollars in thousands) | Date Issued | Principal Amount | Initial Offering Price | Interest Rate | Original Net Proceeds | Original Debt Issuance Cost | |||||||||||||
Senior Notes due 2021 | April 16, 2013 | 550,000 | 100.0 | % | 5.250 | % | 541,700 | 8,300 | |||||||||||
Senior Notes due 2023 | April 16, 2015 | 350,000 | 100.0 | % | 5.875 | % | 345,500 | 4,500 | |||||||||||
Senior Notes due 2024 | March 5, 2014 | 350,000 | 100.0 | % | 5.625 | % | 345,300 | 4,700 | |||||||||||
Total | $ | 1,250,000 | $ | 1,232,500 | $ | 17,500 |
(Dollars in thousands) | At December 31, 2016 | ||||||||||||
Facility | Amount Drawn | Facility Amount | Interest Rate | Expiration Date | Collateral (1) | ||||||||
Flagstar | $ | 37,093 | $ | 55,000 | LIBOR + 2.5% | 30 days written notice | Mortgage Loans | ||||||
Comerica | 57,875 | 85,000 | LIBOR + 2.25% | November 16, 2017 | Mortgage Loans | ||||||||
J.P. Morgan | 103,596 | 125,000 | LIBOR + 2.375% to 2.5% | September 26, 2017 | Mortgage Loans and Pledged Cash | ||||||||
Total | $ | 198,564 | $ | 265,000 | |||||||||
At December 31, 2015 | |||||||||||||
Facility | Amount Drawn | Facility Amount | Interest Rate | Expiration Date | Collateral (1) | ||||||||
Flagstar | $ | 63,210 | $ | 75,000 | LIBOR + 2.5% | 30 days written notice | Mortgage Loans | ||||||
Comerica | 18,009 | 50,000 | LIBOR + 2.25% | November 16, 2016 | Mortgage Loans | ||||||||
J.P. Morgan | 102,225 | 120,000 | LIBOR + 2.375% | September 29, 2016 | Mortgage Loans and Pledged Cash | ||||||||
Total | $ | 183,444 | $ | 245,000 |
(1) | The mortgage warehouse borrowings outstanding as of December 31, 2016 and 2015, are collateralized by $233.2 million and $201.7 million, respectively, of mortgage loans held for sale, which comprise the balance of mortgage receivables. |
As of December 31, | |||||||
(Dollars in thousands) | 2016 | 2015 | |||||
Letters of credit (1) | $ | 31,903 | $ | 32,906 | |||
Surety bonds | 270,943 | 361,941 | |||||
Total outstanding letters of credit and surety bonds | $ | 302,846 | $ | 394,847 |
(Dollars in thousands) | Payments Due by Period | ||||||||||||||||||
Totals | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||
Operating lease obligations | $ | 27,231 | $ | 7,434 | $ | 11,577 | $ | 6,002 | $ | 2,218 | |||||||||
Unrecognized tax benefit obligations including interest and penalties | 4,379 | — | 4,379 | — | — | ||||||||||||||
Land purchase contracts and lot options | 542,609 | 225,193 | 218,355 | 27,779 | 71,282 | ||||||||||||||
Senior notes (1) | 1,250,000 | — | — | 550,000 | 700,000 | ||||||||||||||
Other debt outstanding (1) | 349,049 | 268,570 | 66,952 | 13,027 | 500 | ||||||||||||||
Estimated interest expense (2) | 528,043 | 77,833 | 141,181 | 138,820 | 170,209 | ||||||||||||||
Totals | $ | 2,701,311 | $ | 579,030 | $ | 442,444 | $ | 735,628 | $ | 944,209 |
(1) | As of December 31, 2016 total debt outstanding included $550.0 million aggregate principal amount of 2021 Senior Notes, $350.0 million aggregate principal amount of 2023 Senior Notes, $350.0 million aggregate principal amount of 2024 Senior Notes, $198.6 million of mortgage borrowings by TMHF, no outstanding borrowings on the Revolving Credit Facility, and $150.5 million of loans and other borrowings. Scheduled maturities of certain loans and other borrowings as of December 31, 2016 reflect estimates of anticipated lot take-downs associated with such loans. |
(2) | Estimated interest expense amounts for debt outstanding at the respective contractual interest rates, the weighted average of which was 5.5% as of December 31, 2016. |
As of December 31, | |||||||
(Dollars in thousands) | 2016 | 2015 | |||||
East | $ | 25,923 | $ | 24,098 | |||
Central | 30,146 | 28,832 | |||||
West | 98,625 | 72,646 | |||||
Other | 3,215 | 2,872 | |||||
Total | $ | 157,909 | $ | 128,448 |
Expected Maturity Date | Fair Value | ||||||||||||||||||||||||||||||
(Dollars in millions, except percentage data) | 2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | ||||||||||||||||||||||||
Fixed Rate Debt | $ | 70.0 | $ | 44.7 | $ | 22.2 | $ | 6.2 | $ | 556.8 | $ | 700.5 | $ | 1,400.4 | $ | 1,423.0 | |||||||||||||||
Weighted average interest rate (1) | 4.4 | % | 4.4 | % | 4.4 | % | 4.4 | % | 5.5 | % | 5.5 | % | 5.4 | % | — | % | |||||||||||||||
Variable rate debt (2) | $ | 198.6 | — | — | — | — | — | $ | 198.6 | $ | 198.6 | ||||||||||||||||||||
Average interest rate | 2.9 | % | — | % | — | % | — | % | — | % | — | % | 2.9 | % | — | % |
(1) | Represents the coupon rate of interest on the full principal amount of the debt. |
(2) | Based upon the amount of variable rate debt at December 31, 2016, and holding the variable rate debt balance constant, each 1% increase in interest rates would increase the interest incurred by us by approximately $2.0 million per year. |
Page Number | |
December 31, | |||||||
2016 | 2015 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 300,179 | $ | 126,188 | |||
Restricted cash | 1,633 | 1,280 | |||||
Real estate inventory: | |||||||
Owned inventory | 3,010,967 | 3,118,866 | |||||
Real estate not owned under option agreements | 6,252 | 7,921 | |||||
Total real estate inventory | 3,017,219 | 3,126,787 | |||||
Land deposits | 37,233 | 34,113 | |||||
Mortgage loans held for sale | 233,184 | 201,733 | |||||
Derivative assets | 2,291 | — | |||||
Prepaid expenses and other assets, net | 73,425 | 80,348 | |||||
Other receivables, net | 115,246 | 120,729 | |||||
Investments in unconsolidated entities | 157,909 | 128,448 | |||||
Deferred tax assets, net | 206,634 | 233,488 | |||||
Property and equipment, net | 6,586 | 7,387 | |||||
Intangible assets, net | 3,189 | 4,248 | |||||
Goodwill | 66,198 | 57,698 | |||||
Total assets | $ | 4,220,926 | $ | 4,122,447 | |||
Liabilities | |||||||
Accounts payable | $ | 136,636 | $ | 151,861 | |||
Accrued expenses and other liabilities | 209,202 | 191,452 | |||||
Income taxes payable | 10,528 | 37,792 | |||||
Customer deposits | 111,573 | 92,319 | |||||
Senior notes, net | 1,237,484 | 1,235,157 | |||||
Loans payable and other borrowings | 150,485 | 134,824 | |||||
Revolving credit facility borrowings | — | 115,000 | |||||
Mortgage warehouse borrowings | 198,564 | 183,444 | |||||
Liabilities attributable to real estate not owned under option agreements | 6,252 | 7,921 | |||||
Total liabilities | 2,060,724 | 2,149,770 | |||||
COMMITMENTS AND CONTINGENCIES (Note 21) | |||||||
Stockholders’ Equity | |||||||
Class A common stock, $0.00001 par value, 400,000,000 shares authorized, 33,340,291 and 33,158,855 shares issued, 30,486,858 and 32,224,421 shares outstanding as of December 31, 2016 and December 31, 2015, respectively | — | — | |||||
Class B common stock, $0.00001 par value, 200,000,000 shares authorized, 88,942,052 and 89,108,569 shares issued and outstanding as of December 31, 2016 and December 31, 2015, respectively | 1 | 1 | |||||
Preferred stock, $0.00001 par value, 50,000,000 shares authorized, no shares issued and outstanding as of December 31, 2016 and December 31, 2015 | — | — | |||||
Additional paid-in capital | 384,709 | 376,898 | |||||
Treasury stock at cost; 2,853,433 and 934,434 shares as of December 31, 2016 and December 31, 2015, respectively | (43,524 | ) | (14,981 | ) | |||
Retained earnings | 228,613 | 175,997 | |||||
Accumulated other comprehensive loss | (17,989 | ) | (17,997 | ) | |||
Total stockholders’ equity attributable to Taylor Morrison Home Corporation | 551,810 | 519,918 | |||||
Non-controlling interests — joint ventures | 1,525 | 6,398 | |||||
Non-controlling interests — Principal Equityholders | 1,606,867 | 1,446,361 | |||||
Total stockholders’ equity | 2,160,202 | 1,972,677 | |||||
Total liabilities and stockholders’ equity | $ | 4,220,926 | $ | 4,122,447 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Home closings revenue, net | $ | 3,425,521 | $ | 2,889,968 | $ | 2,619,558 | |||||
Land closings revenue | 64,553 | 43,770 | 53,381 | ||||||||
Mortgage operations revenue | 59,955 | 43,082 | 35,493 | ||||||||
Total revenues | 3,550,029 | 2,976,820 | 2,708,432 | ||||||||
Cost of home closings | 2,801,739 | 2,358,823 | 2,082,819 | ||||||||
Cost of land closings | 35,912 | 24,546 | 39,696 | ||||||||
Mortgage operations expenses | 32,099 | 25,536 | 19,671 | ||||||||
Total cost of revenues | 2,869,750 | 2,408,905 | 2,142,186 | ||||||||
Gross margin | 680,279 | 567,915 | 566,246 | ||||||||
Sales, commissions and other marketing costs | 239,556 | 198,676 | 168,897 | ||||||||
General and administrative expenses | 122,207 | 95,235 | 81,153 | ||||||||
Equity in income of unconsolidated entities | (7,453 | ) | (1,759 | ) | (5,405 | ) | |||||
Interest (income)/expense, net | (184 | ) | (192 | ) | 1,160 | ||||||
Other expense, net | 11,947 | 11,634 | 18,447 | ||||||||
Loss on extinguishment of debt | — | 33,317 | — | ||||||||
Gain on foreign currency forward | — | (29,983 | ) | — | |||||||
Income from continuing operations before income taxes | 314,206 | 260,987 | 301,994 | ||||||||
Income tax provision | 107,643 | 90,001 | 76,395 | ||||||||
Net income from continuing operations | 206,563 | 170,986 | 225,599 | ||||||||
Discontinued operations: | |||||||||||
Income from discontinued operations | — | — | 61,786 | ||||||||
Transaction expenses from discontinued operations | — | (9,043 | ) | — | |||||||
Gain on sale of discontinued operations | — | 80,205 | — | ||||||||
Income tax expense from discontinued operations | — | (13,103 | ) | (19,884 | ) | ||||||
Net income from discontinued operations | — | 58,059 | 41,902 | ||||||||
Net income before allocation to non-controlling interests | 206,563 | 229,045 | 267,501 | ||||||||
Net income attributable to non-controlling interests — joint ventures | (1,294 | ) | (1,681 | ) | (1,648 | ) | |||||
Net income before non-controlling interests — Principal Equityholders | 205,269 | 227,364 | 265,853 | ||||||||
Net income from continuing operations attributable to non-controlling interests — Principal Equityholders | (152,653 | ) | (123,909 | ) | (163,790 | ) | |||||
Net income from discontinued operations attributable to non-controlling interests — Principal Equityholders | — | (42,406 | ) | (30,594 | ) | ||||||
Net income available to Taylor Morrison Home Corporation | $ | 52,616 | $ | 61,049 | $ | 71,469 | |||||
Earnings per common share — basic: | |||||||||||
Income from continuing operations | $ | 1.69 | $ | 1.38 | $ | 1.83 | |||||
Discontinued operations — net of tax | $ | — | $ | 0.47 | $ | 0.34 | |||||
Net income available to Taylor Morrison Home Corporation | $ | 1.69 | $ | 1.85 | $ | 2.17 | |||||
Earnings per common share — diluted: | |||||||||||
Income from continuing operations | $ | 1.69 | $ | 1.38 | $ | 1.83 | |||||
Discontinued operations — net of tax | $ | — | $ | 0.47 | $ | 0.34 | |||||
Net income available to Taylor Morrison Home Corporation | $ | 1.69 | $ | 1.85 | $ | 2.17 | |||||
Weighted average number of shares of common stock: | |||||||||||
Basic | 31,084 | 33,063 | 32,937 | ||||||||
Diluted | 120,832 | 122,384 | 122,313 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Income before non-controlling interests, net of tax | $ | 206,563 | $ | 229,045 | $ | 267,501 | |||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustments, net of tax | — | (27,779 | ) | (35,421 | ) | ||||||
Post-retirement benefits adjustments, net of tax | (244 | ) | 1,613 | (3,295 | ) | ||||||
Other comprehensive loss, net of tax | (244 | ) | (26,166 | ) | (38,716 | ) | |||||
Comprehensive income | 206,319 | 202,879 | 228,785 | ||||||||
Comprehensive income attributable to non-controlling interests — joint ventures | (1,294 | ) | (1,681 | ) | (1,648 | ) | |||||
Comprehensive income attributable to non-controlling interests — Principal Equityholders | (152,401 | ) | (147,236 | ) | (166,126 | ) | |||||
Comprehensive income available to Taylor Morrison Home Corporation | $ | 52,624 | $ | 53,962 | $ | 61,011 |
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Additional Paid-in Capital | Treasury Stock | Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Amount | Shares | Amount | Net Owners’ Equity | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest - Joint Venture | Non-controlling Interest - Principal Equityholders | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||
Balance — December 31, 2013 | 32,857,800 | — | 89,451,164 | 1 | 372,789 | — | — | — | 43,479 | (452 | ) | 7,236 | 1,121,848 | 1,544,901 | ||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | — | — | 71,469 | — | 1,648 | 194,384 | 267,501 | |||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | — | — | — | — | — | — | — | — | — | (10,458 | ) | — | (28,258 | ) | (38,716 | ) | ||||||||||||||||||||||||||||||||
Exchange of New TMM Units and corresponding number of Class B Common Stock | 196,024 | — | (196,024 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Cancellation of forfeited New TMM Units and corresponding number of Class B Common Stock | — | — | (27,724 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of restricted stock units | 6,716 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | 1,569 | — | — | — | — | — | — | 4,262 | 5,831 | |||||||||||||||||||||||||||||||||||
Changes in noncontrolling interest in consolidated joint ventures | — | — | — | — | — | — | — | — | — | — | (2,356 | ) | — | (2,356 | ) | |||||||||||||||||||||||||||||||||
Balance — December 31, 2014 | 33,060,540 | — | 89,227,416 | 1 | 374,358 | — | — | — | 114,948 | (10,910 | ) | 6,528 | 1,292,236 | 1,777,161 | ||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | — | — | 61,049 | — | 1,681 | 166,315 | 229,045 | |||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | — | — | — | — | — | — | — | — | — | (7,087 | ) | — | (19,079 | ) | (26,166 | ) | ||||||||||||||||||||||||||||||||
Exchange of New TMM Units and corresponding number of Class B Common Stock | 87,055 | — | (87,055 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Cancellation of forfeited New TMM Units and corresponding number of Class B Common Stock | — | — | (31,792 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of restricted stock units | 11,260 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Repurchase of Class A common stock | (934,434 | ) | — | — | — | — | 934,434 | (14,981 | ) | — | — | — | — | — | (14,981 | ) | ||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | 2,540 | — | — | — | — | — | — | 6,889 | 9,429 | |||||||||||||||||||||||||||||||||||
Changes in noncontrolling interest in consolidated joint ventures | — | — | — | — | — | — | — | — | — | — | (1,811 | ) | — | (1,811 | ) | |||||||||||||||||||||||||||||||||
Balance — December 31, 2015 | 32,224,421 | $ | — | 89,108,569 | $ | 1 | $ | 376,898 | 934,434 | $ | (14,981 | ) | $ | — | $ | 175,997 | $ | (17,997 | ) | $ | 6,398 | $ | 1,446,361 | $ | 1,972,677 | |||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | — | — | 52,616 | — | 1,294 | 152,653 | 206,563 | |||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | — | — | — | — | — | — | — | — | — | 8 | — | (252 | ) | (244 | ) | |||||||||||||||||||||||||||||||||
Exchange of New TMM Units and corresponding number of Class B Common Stock | 159,863 | — | (159,863 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Cancellation of forfeited New TMM Units and corresponding number of Class B Common Stock | — | — | (6,654 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Exercise of stock options | 7,786 | — | — | — | 146 | — | — | — | — | — | — | — | 146 |
Issuance of restricted stock units | 13,787 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Repurchase of Class A common stock | (1,918,999 | ) | — | — | — | — | 1,918,999 | (28,543 | ) | — | — | — | — | — | (28,543 | ) | ||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | 2,807 | — | — | — | — | — | — | 8,105 | 10,912 | |||||||||||||||||||||||||||||||||||
Changes in noncontrolling interest in consolidated joint ventures | — | — | — | — | 4,858 | — | — | — | — | — | (6,167 | ) | — | (1,309 | ) | |||||||||||||||||||||||||||||||||
Balance — December 31, 2016 | 30,486,858 | $ | — | 88,942,052 | $ | 1 | $ | 384,709 | 2,853,433 | $ | (43,524 | ) | $ | — | $ | 228,613 | $ | (17,989 | ) | $ | 1,525 | $ | 1,606,867 | $ | 2,160,202 |
For the Year ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income before allocation to non-controlling interests | $ | 206,563 | $ | 229,045 | $ | 267,501 | |||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Equity in income of unconsolidated entities | (7,453 | ) | (1,759 | ) | (26,735 | ) | |||||
Stock compensation expense (1) | 10,912 | 7,891 | 5,831 | ||||||||
Loss on extinguishment of debt | — | 33,317 | — | ||||||||
Distributions of earnings from unconsolidated entities | 4,261 | 2,204 | 32,966 | ||||||||
Depreciation and amortization | 3,972 | 4,107 | 4,090 | ||||||||
Debt issuance costs amortization | 3,843 | 4,442 | 5,149 | ||||||||
Net income from discontinued operations | — | (58,059 | ) | — | |||||||
Gain on foreign currency forward | — | (29,983 | ) | — | |||||||
Contingent consideration | 3,838 | 4,200 | 13,532 | ||||||||
Deferred income taxes | 26,854 | 24,702 | (17,703 | ) | |||||||
Inventory impairments | 3,473 | — | — | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Real estate inventory and land deposits | 166,343 | (424,607 | ) | (310,550 | ) | ||||||
Mortgages held for sale, prepaid expenses and other assets | (21,052 | ) | (69,650 | ) | (141,785 | ) | |||||
Customer deposits | 18,791 | 19,961 | (11,378 | ) | |||||||
Accounts payable, accrued expenses and other liabilities | (20,479 | ) | 2,996 | 33,947 | |||||||
Income taxes payable | (27,264 | ) | (11,495 | ) | 11,445 | ||||||
Net cash provided by (used in) operating activities | 372,602 | (262,688 | ) | (133,690 | ) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchase of property and equipment | (1,908 | ) | (4,298 | ) | (3,723 | ) | |||||
Payments for business acquisitions | (52,819 | ) | (225,800 | ) | — | ||||||
Distribution from unconsolidated entities | 6,087 | 10,063 | 1,728 | ||||||||
Change in restricted cash | (353 | ) | 30 | 10,743 | |||||||
Investments of capital into unconsolidated entities | (32,357 | ) | (28,664 | ) | (98,199 | ) | |||||
Proceeds from sale of discontinued operations | — | 268,853 | — | ||||||||
Proceeds from settlement of foreign currency forward, net | — | 29,983 | — | ||||||||
Net cash (used in) provided by investing activities | (81,350 | ) | 50,167 | (89,451 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Increase in loans payable and other borrowings | 33,360 | 51,909 | 41,990 | ||||||||
Repayments of loans payable and other borrowings | (17,935 | ) | (64,601 | ) | (194,660 | ) | |||||
Borrowings on revolving credit facility | 255,000 | 480,000 | 253,000 | ||||||||
Payments on revolving credit facility | (370,000 | ) | (405,000 | ) | (213,000 | ) | |||||
Borrowings on mortgage warehouse | 1,200,449 | 910,516 | 658,708 | ||||||||
Repayment on mortgage warehouse | (1,185,329 | ) | (887,822 | ) | (572,850 | ) | |||||
Proceeds from the issuance of senior notes | — | 350,000 | 350,000 | ||||||||
Repayments on senior notes | — | (513,608 | ) | — | |||||||
Payment of deferred financing costs | — | (4,538 | ) | (6,255 | ) | ||||||
Payment of contingent consideration | (3,100 | ) | (3,050 | ) | (5,250 | ) | |||||
Proceeds from stock option exercises | 146 | — | — | ||||||||
Repurchase of common stock, net | (28,543 | ) | (15,000 | ) | — | ||||||
Distributions to non-controlling interests of consolidated joint ventures, net | (1,309 | ) | (1,811 | ) | (2,356 | ) | |||||
Net cash (used in) provided by financing activities | (117,261 | ) | (103,005 | ) | 309,327 | ||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | (20,491 | ) | (13,162 | ) | ||||||
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | $ | 173,991 | $ | (336,017 | ) | $ | 73,024 | ||||
CASH AND CASH EQUIVALENTS — Beginning of period (2) | 126,188 | 462,205 | 389,181 |
CASH AND CASH EQUIVALENTS — End of period (2) | $ | 300,179 | $ | 126,188 | $ | 462,205 | |||||
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||||||
Income taxes paid, net | $ | (107,961 | ) | $ | (90,764 | ) | $ | (99,071 | ) | ||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||
Change in loans payable issued to sellers in connection with land purchase contracts | $ | 63,075 | $ | 16,470 | $ | (88,893 | ) | ||||
Original accrual of contingent consideration for business combinations | $ | 380 | $ | 3,200 | $ | — | |||||
Non-cash portion of loss on debt extinguishment | $ | — | $ | 5,102 | $ | — |
As of December 31, | |||||||
(Dollars in thousands) | 2016 | 2015 | |||||
Prepaid expenses | $ | 59,372 | $ | 66,478 | |||
Other assets | 14,053 | 13,870 | |||||
Total prepaid expenses and other assets, net | $ | 73,425 | $ | 80,348 |
(Dollars in thousands) | Acadia Homes | ||
Acquisition Date | January 8, 2016 | ||
Assets acquired | |||
Real estate inventory | $ | 76,152 | |
Land deposits | 984 | ||
Prepaid expenses and other assets | 816 | ||
Property and equipment | 204 | ||
Goodwill(1) | 8,500 | ||
Total assets | $ | 86,656 | |
Less liabilities assumed | |||
Accrued expenses and other liabilities | $ | 2,562 | |
Customer deposits | 463 | ||
Net assets acquired | $ | 83,631 |
(Dollars in thousands) | JEH Homes | Orleans Homes | Total | ||||||||
Acquisition Date | April 30, 2015 | July 21, 2015 | |||||||||
Assets acquired | |||||||||||
Real estate inventory | $ | 55,559 | $ | 140,602 | $ | 196,161 | |||||
Land deposits | — | 2,236 | 2,236 | ||||||||
Prepaid expenses and other assets | 1,301 | 2,436 | 3,737 | ||||||||
Property and equipment | 395 | 623 | 1,018 | ||||||||
Goodwill(1) | 9,125 | 25,198 | 34,323 | ||||||||
Total assets | $ | 66,380 | $ | 171,095 | $ | 237,475 | |||||
Less liabilities assumed | |||||||||||
Accrued expenses and other liabilities | $ | — | $ | 2,700 | $ | 2,700 | |||||
Customer deposits | — | 1,081 | 1,081 | ||||||||
Net assets acquired | $ | 66,380 | $ | 167,314 | $ | 233,694 |
As Adjusted for the Year Ended December 31, | |||||||
(Dollars in thousands except per share data) | 2016 | 2015 | |||||
Pro forma total revenues | $ | 3,550,029 | $ | 3,054,664 | |||
Pro forma net income from continuing operations | $ | 207,304 | $ | 170,456 | |||
Pro forma earnings per share from continuing operations available to TMHC - Basic and Diluted | $ | 1.70 | $ | 1.39 |
As Adjusted for the Year Ended December 31, | |||||||
(Dollars in thousands except per share data) | 2015 | 2014 | |||||
Pro forma total revenues | $ | 3,091,766 | $ | 2,923,241 | |||
Pro forma net income from continuing operations | $ | 181,122 | $ | 240,385 | |||
Pro forma earnings per share from continuing operations available to TMHC - Basic and Diluted | $ | 1.48 | $ | 1.97 |
Year Ended December 31, | |||||||||||
(Dollars in thousands except per share data) | 2016 | 2015 | 2014 | ||||||||
Numerator: | |||||||||||
Net income available to TMHC – basic | $ | 52,616 | $ | 61,049 | $ | 71,469 | |||||
Income from discontinued operations, net of tax | — | 58,059 | 41,902 | ||||||||
Income from discontinued operations, net of tax attributable to non-controlling interest – Principal Equityholders | — | (42,406 | ) | (30,594 | ) | ||||||
Net income from discontinued operations — basic | $ | — | $ | 15,653 | $ | 11,308 | |||||
Net income from continuing operations — basic | $ | 52,616 | $ | 45,396 | $ | 60,161 | |||||
Net income from continuing operations — basic | $ | 52,616 | $ | 45,396 | $ | 60,161 | |||||
Net income from continuing operations attributable to non-controlling interest – Principal Equityholders | 152,653 | 123,909 | 163,790 | ||||||||
Loss fully attributable to public holding company | 211 | 261 | 282 | ||||||||
Net income from continuing operations — diluted | $ | 205,480 | $ | 169,566 | $ | 224,233 | |||||
Net income from discontinued operations — diluted | $ | — | $ | 58,059 | $ | 41,902 | |||||
Denominator: | |||||||||||
Weighted average shares — basic (Class A) | 31,084 | 33,063 | 32,937 | ||||||||
Weighted average shares — Principal Equityholders’ non-controlling interest (Class B) | 89,062 | 89,168 | 89,328 | ||||||||
Restricted stock units | 610 | 153 | 48 | ||||||||
Stock options | 76 | — | — | ||||||||
Weighted average shares — diluted | 120,832 | 122,384 | 122,313 | ||||||||
Earnings per common share — basic: | |||||||||||
Income from continuing operations | $ | 1.69 | $ | 1.38 | $ | 1.83 | |||||
Income from discontinued operations, net of tax | $ | — | $ | 0.47 | $ | 0.34 | |||||
Net income available to Taylor Morrison Home Corporation | $ | 1.69 | $ | 1.85 | $ | 2.17 | |||||
Earnings per common share — diluted: | |||||||||||
Income from continuing operations | $ | 1.69 | $ | 1.38 | $ | 1.83 | |||||
Income from discontinued operations, net of tax | $ | — | $ | 0.47 | $ | 0.34 | |||||
Net income available to Taylor Morrison Home Corporation | $ | 1.69 | $ | 1.85 | $ | 2.17 |
Year Ended December 31, | ||||||||
(Dollars in thousands) | 2015 | 2014 | ||||||
Revenues | $ | — | $ | 395,070 | ||||
Transaction expenses from discontinued operations | $ | (9,043 | ) | $ | — | |||
Gain on sale of discontinued operations | 80,205 | — | ||||||
Pre-tax income from discontinued operations | $ | 71,162 | $ | 61,786 | ||||
Provision for taxes | (13,103 | ) | (19,884 | ) | ||||
Income from discontinued operations, net of tax | $ | 58,059 | $ | 41,902 |
As of December 31, | |||||||
(Dollars in thousands) | 2016 | 2015 | |||||
Real estate developed or under development | $ | 2,074,651 | $ | 2,167,771 | |||
Real estate held for development or held for sale (1) | 183,638 | 173,448 | |||||
Operating communities (2) | 650,036 | 672,499 | |||||
Capitalized interest | 102,642 | 105,148 | |||||
Total owned inventory | 3,010,967 | 3,118,866 | |||||
Real estate not owned under option contracts | 6,252 | 7,921 | |||||
Total real estate inventory | $ | 3,017,219 | $ | 3,126,787 |
As of December 31, | |||||||||||||
(Dollars in thousands) | 2016 | 2015 | |||||||||||
Owned Lots | Book Value of Land and Development | Owned Lots | Book Value of Land and Development | ||||||||||
Raw | 7,142 | $ | 403,902 | 8,300 | $ | 378,081 | |||||||
Partially developed | 8,037 | 501,496 | 8,904 | 645,276 | |||||||||
Finished | 11,318 | 1,336,709 | 12,294 | 1,305,697 | |||||||||
Long-term strategic assets | 1,489 | 16,182 | 3,105 | 12,165 | |||||||||
Total | 27,986 | $ | 2,258,289 | 32,603 | $ | 2,341,219 |
Year Ended December 31, | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Interest capitalized — beginning of period | $ | 105,148 | $ | 94,880 | $ | 71,263 | |||||
Interest incurred | 88,345 | 93,431 | 88,782 | ||||||||
Interest amortized to cost of home closings | (90,851 | ) | (83,163 | ) | (65,165 | ) | |||||
Interest capitalized — end of period | $ | 102,642 | $ | 105,148 | $ | 94,880 |
As of December 31, | |||||||
(Dollars in thousands) | 2016 | 2015 | |||||
Assets: | |||||||
Real estate inventory | $ | 614,441 | $ | 586,359 | |||
Other assets | 171,216 | 119,781 | |||||
Total assets | $ | 785,657 | $ | 706,140 | |||
Liabilities and owners’ equity: | |||||||
Debt | $ | 277,934 | $ | 273,769 | |||
Other liabilities | 22,603 | 11,239 | |||||
Total liabilities | $ | 300,537 | $ | 285,008 | |||
Owners’ equity: | |||||||
TMHC | 157,909 | 128,448 | |||||
Others | 327,211 | 292,684 | |||||
Total owners’ equity | 485,120 | 421,132 | |||||
Total liabilities and owners’ equity | $ | 785,657 | $ | 706,140 |
Year Ended December 31, | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Revenues | $ | 143,834 | $ | 26,865 | $ | 23,020 | |||||
Costs and expenses | (118,240 | ) | (23,667 | ) | (12,221 | ) | |||||
Income of unconsolidated entities | $ | 25,594 | $ | 3,198 | $ | 10,799 | |||||
TMHC's share in income of unconsolidated entities | $ | 7,453 | $ | 1,759 | $ | 5,405 | |||||
Distributions from unconsolidated entities | $ | 10,348 | $ | 12,267 | $ | 3,746 |
As of December 31, | |||||||
(Dollars in thousands) | 2016 | 2015 | |||||
Real estate development costs to complete | $ | 15,156 | $ | 21,325 | |||
Compensation and employee benefits | 63,802 | 47,674 | |||||
Self-insurance and warranty reserves | 50,550 | 43,098 | |||||
Interest payable | 17,233 | 18,621 | |||||
Property and sales taxes payable | 17,231 | 15,233 | |||||
Other accruals | 45,230 | 45,501 | |||||
Total accrued expenses and other liabilities | $ | 209,202 | $ | 191,452 |
Year Ended December 31, | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Reserve — beginning of period | $ | 43,098 | $ | 44,595 | $ | 34,814 | |||||
Additions to reserves | 26,571 | 19,681 | 16,882 | ||||||||
Costs and claims incurred | (21,379 | ) | (26,506 | ) | (6,799 | ) | |||||
Change in estimates to pre-existing reserves | 2,260 | 5,328 | (302 | ) | |||||||
Reserve — end of period | $ | 50,550 | $ | 43,098 | $ | 44,595 |
As of December 31, | |||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
(Dollars in thousands) | Principal | Unamortized Debt Issuance Costs | Carrying Value | Principal | Unamortized Debt Issuance Costs | Carrying Value | |||||||||||||||||
5.25% Senior Notes due 2021 | 550,000 | 5,089 | 544,911 | 550,000 | 6,287 | 543,713 | |||||||||||||||||
5.875% Senior Notes due 2023 | 350,000 | 3,569 | 346,431 | 350,000 | 4,160 | 345,840 | |||||||||||||||||
5.625% Senior Notes due 2024 | 350,000 | 3,858 | 346,142 | 350,000 | 4,396 | 345,604 | |||||||||||||||||
Senior Notes subtotal | 1,250,000 | 12,516 | 1,237,484 | 1,250,000 | 14,843 | 1,235,157 | |||||||||||||||||
Loans payable and other borrowings | 150,485 | — | 150,485 | 134,824 | — | 134,824 | |||||||||||||||||
Revolving Credit Facility (1) | — | — | — | 115,000 | — | 115,000 | |||||||||||||||||
Mortgage warehouse borrowings | 198,564 | — | 198,564 | 183,444 | — | 183,444 | |||||||||||||||||
Total debt | $ | 1,599,049 | $ | 12,516 | $ | 1,586,533 | $ | 1,683,268 | $ | 14,843 | $ | 1,668,425 |
(Dollars in thousands) | At December 31, 2016 | ||||||||||||
Facility | Amount Drawn | Facility Amount | Interest Rate | Expiration Date | Collateral (1) | ||||||||
Flagstar | $ | 37,093 | $ | 55,000 | LIBOR + 2.5% | 30 days written notice | Mortgage Loans | ||||||
Comerica | 57,875 | 85,000 | LIBOR + 2.25% | November 16, 2017 | Mortgage Loans | ||||||||
J.P. Morgan | 103,596 | 125,000 | LIBOR + 2.375% to 2.5% | September 26, 2017 | Mortgage Loans and Pledged Cash | ||||||||
Total | $ | 198,564 | $ | 265,000 | |||||||||
At December 31, 2015 | |||||||||||||
Facility | Amount Drawn | Facility Amount | Interest Rate | Expiration Date | Collateral (1) | ||||||||
Flagstar | $ | 63,210 | $ | 75,000 | LIBOR + 2.5% | 30 days written notice | Mortgage Loans | ||||||
Comerica | 18,009 | 50,000 | LIBOR + 2.25% | November 16, 2016 | Mortgage Loans | ||||||||
JPMorgan | 102,225 | 120,000 | LIBOR + 2.375% | September 29, 2016 | Mortgage Loans and Pledged Cash | ||||||||
Total | $ | 183,444 | $ | 245,000 |
(1) | The mortgage borrowings outstanding as of December 31, 2016 and 2015, are collateralized by $233.2 million and $201.7 million, respectively, of mortgage loans held for sale, which comprise the balance of mortgage receivables. |
Year Ended December 31, | |||
2017 | $ | 268,570 | |
2018 | 44,722 | ||
2019 | 22,230 | ||
2020 | 6,253 | ||
2021 | 556,774 | ||
Thereafter | 700,500 | ||
Total debt | $ | 1,599,049 |
As of December 31, 2016 | As of December 31, 2015 | |||||||||||||||||
(Dollars in thousands) | Level in Fair Value Hierarchy | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||
Description: | ||||||||||||||||||
Mortgage loans held for sale | 2 | $ | 233,184 | $ | 233,184 | $ | 201,733 | $ | 201,733 | |||||||||
Interest Rate Lock Commitments | 2 | 1,987 | 1,987 | — | — | |||||||||||||
Mortgage Backed Securities | 2 | 304 | 304 | — | — | |||||||||||||
Mortgage borrowings | 2 | 198,564 | 198,564 | 183,444 | 183,444 | |||||||||||||
Loans payable and other borrowings | 2 | 150,485 | 150,485 | 134,824 | 134,824 | |||||||||||||
5.25% Senior Notes due 2021 (1) | 2 | 544,911 | 563,750 | 543,713 | 552,750 | |||||||||||||
5.875% Senior Notes due 2023 (1) | 2 | 346,431 | 355,250 | 345,840 | 346,500 | |||||||||||||
5.625% Senior Notes due 2024 (1) | 2 | 346,142 | 353,500 | 345,604 | 336,000 | |||||||||||||
Revolving Credit Facility (2) | 2 | — | — | 115,000 | 115,000 | |||||||||||||
Contingent consideration liability | 3 | 17,200 | 17,200 | 20,082 | 20,082 |
(Dollars in thousands) | For the Years Ended December 31, | ||||||||
Description: | Level in Fair Value Hierarchy | 2016 | 2015 | ||||||
Inventories | 3 | $ | 3,778 | $ | — |
Year Ended December 31, | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Domestic | $ | 98,125 | $ | 84,880 | $ | 83,193 | |||||
Foreign | 9,518 | 5,121 | (6,798 | ) | |||||||
Total income tax provision (benefit) | $ | 107,643 | $ | 90,001 | $ | 76,395 | |||||
Current: | |||||||||||
Federal | $ | 64,298 | $ | 57,053 | $ | 91,981 | |||||
State | 9,178 | 9,557 | (1,341 | ) | |||||||
Foreign | 7,213 | 5,545 | — | ||||||||
Current tax provision (benefit) | $ | 80,689 | $ | 72,155 | $ | 90,640 | |||||
Deferred: | |||||||||||
Federal | $ | 22,201 | $ | 16,406 | $ | (13,549 | ) | ||||
State | 2,448 | 1,864 | 6,102 | ||||||||
Foreign | 2,305 | (424 | ) | (6,798 | ) | ||||||
Deferred tax provision (benefit) | $ | 26,954 | $ | 17,846 | $ | (14,245 | ) | ||||
Total income tax provision (benefit) | $ | 107,643 | $ | 90,001 | $ | 76,395 |
Year Ended December 31, | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Domestic | $ | 282,207 | $ | 242,787 | $ | 294,002 | |||||
Foreign | 31,999 | 18,200 | 7,992 | ||||||||
Income before income taxes | $ | 314,206 | $ | 260,987 | $ | 301,994 |
Year Ended December 31, | ||||||||
2016 | 2015 | 2014 | ||||||
Tax at federal statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
State income taxes (net of federal benefit) | 3.1 | 3.0 | 3.6 | |||||
Foreign income taxed below U.S. Rate | (0.9 | ) | (0.5 | ) | (1.1 | ) | ||
Change in valuation allowance | (0.6 | ) | (1.9 | ) | (10.4 | ) | ||
Built in loss limitation | 0.3 | 1.6 | 3.1 | |||||
Non-controlling interest | (0.1 | ) | (0.2 | ) | (0.2 | ) | ||
Disallowed compensation expense | 0.1 | 0.2 | 0.2 | |||||
Holding company tax | — | — | (1.4 | ) | ||||
Domestic Manufacturing Deduction | (2.2 | ) | (3.1 | ) | (2.8 | ) | ||
Other | (0.4 | ) | 0.4 | (0.7 | ) | |||
Effective Rate | 34.3 | % | 34.5 | % | 25.3 | % |
Year Ended December 31, | ||||||||
(Dollars in thousands) | 2016 | 2015 | ||||||
Deferred tax assets: | ||||||||
Real estate inventory | $ | 99,876 | $ | 133,813 | ||||
Accruals and reserves | 27,519 | 18,865 | ||||||
Other | 23,692 | 23,473 | ||||||
Net operating losses | 62,181 | (2) | 60,695 | |||||
Total deferred tax assets | $ | 213,268 | $ | 236,846 | ||||
Deferred tax liabilities: | ||||||||
Real estate inventory, intangibles, other | (2,621 | ) | (793 | ) | ||||
Foreign exchange | (3,497 | ) | — | |||||
Valuation allowance | (516 | ) | (2,565 | ) | ||||
Total net deferred tax assets | $ | 206,634 | $ | 233,488 |
Year Ending December 31, | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Beginning of the period | $ | 7,016 | $ | 2,353 | $ | 2,035 | |||||
Increases of current year items | 18 | 5,217 | — | ||||||||
Increases of prior year items | 739 | — | 318 | ||||||||
Decreased for tax positions of prior years | — | (554 | ) | — | |||||||
End of the period(1) | $ | 7,773 | $ | 7,016 | $ | 2,353 |
(1) | The amounts shown exclude unrecognized tax benefits for discontinued operations of $6.2 million for the year ended December 31, 2014. |
Shares Outstanding | Percentage | ||||
Class A Common Stock | 30,486,858 | 25.5 | % | ||
Class B Common Stock | 88,942,052 | 74.5 | % | ||
Total | 119,428,910 | 100.0 | % |
Year Ended December 31, | ||||||||
2016 | 2015 | 2014 | ||||||
Balance, beginning | 5,992,621 | 6,439,532 | 6,517,310 | |||||
Grants | (2,238,242 | ) | (847,194 | ) | (103,622 | ) | ||
Forfeited/cancelled | 375,682 | 397,580 | 25,641 | |||||
Shares withheld for tax withholdings | 203 | 2,703 | 203 | |||||
Balance, ending | 4,130,264 | 5,992,621 | 6,439,532 |
(Dollars in thousands) | Year Ended December 31, | ||||||||||
2016 | 2015 | 2014 | |||||||||
Restricted stock units (RSUs) (1) | $ | 6,101 | $ | 3,335 | $ | 1,263 | |||||
Stock options | 3,717 | 4,416 | 2,920 | ||||||||
New TMM Units | 1,094 | 1,678 | 1,648 | ||||||||
Total stock compensation | $ | 10,912 | $ | 9,429 | $ | 5,831 | |||||
Income tax (expense)/benefit recognized | $ | (53 | ) | $ | (93 | ) | $ | 53 |
(1) | Includes compensation expense related to restricted stock units and performance restricted stock units. |
Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||
Number of Options | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | |||||||||||||||
Outstanding, beginning | 1,507,765 | $ | 21.07 | 1,325,029 | $ | 22.35 | 1,250,829 | $ | 22.45 | |||||||||||
Granted | 1,146,643 | 11.61 | 400,258 | 18.78 | 95,700 | 20.91 | ||||||||||||||
Exercised | (7,786 | ) | 18.73 | — | — | — | — | |||||||||||||
Cancelled | (215,275 | ) | 15.76 | (217,522 | ) | 24.62 | (21,500 | ) | 22.00 | |||||||||||
Balance, ending | 2,431,347 | $ | 17.09 | 1,507,765 | $ | 21.07 | 1,325,029 | $ | 22.35 | |||||||||||
Options exercisable, at December 31, 2016 | 633,059 | $ | 21.50 | 267,168 | $ | 21.98 | 7,963 | $ | 20.93 |
As of December 31, | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Unamortized value of unvested stock options (net of estimated forfeitures) | $ | 7,317 | $ | 8,135 | $ | 10,092 | |||||
Weighted-average period (in years) that expense is expected to be recognized | 2.3 | 2.6 | 3.4 | ||||||||
Weighted-average remaining contractual life (in years) for options outstanding | 7.7 | 7.9 | 8.3 | ||||||||
Weighted-average remaining contractual life (in years) for options exercisable | 6.1 | 7.3 | 8.5 |
Year Ended December 31, | |||||
2016 | 2015 | 2014 | |||
Expected dividend yield | —% | —% | —% | ||
Expected volatility | 29.83% | 48.66% | 48.60% | ||
Risk-free interest rate | 1.35% | 1.27% | 1.13 % – 1.34 % | ||
Expected term (in years) | 6.25 | 4.50 | 4.50 | ||
Weighted average fair value of options granted during the period | $3.72 | $7.73 | $8.59 |
As of December 31, | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Aggregate intrinsic value of options outstanding | $ | 8,054 | $ | — | $ | 8,046 | |||||
Aggregate intrinsic value of options exercisable | $ | 50 | $ | — | $ | — |
Year Ended December 31, | ||||||||
2016 | 2015 | 2014 | ||||||
Balance, beginning | 254,543 | 175,790 | 179,931 | |||||
Granted | 674,525 | 260,144 | — | |||||
Vested | — | (2,885 | ) | — | ||||
Forfeited | (104,851 | ) | (178,506 | ) | (4,141 | ) | ||
Balance, ending | 824,217 | 254,543 | 175,790 |
Year Ended December 31, | |||||||||||
(Dollars in thousands): | 2016 | 2015 | 2014 | ||||||||
PRSU expense recognized during the year ended December 31 | $ | 4,016 | $ | 2,405 | $ | 1,054 | |||||
Unamortized value of PRSUs at December 31 | $ | 6,390 | $ | 4,520 | $ | 2,438 | |||||
Weighted-average period expense is expected to be recognized (in years) | 1.9 | 1.9 | 2.3 |
Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||
(Dollars in thousands except per share data): | Number of RSUs | Weighted Average Grant Date Fair Value | Number of RSUs | Weighted Average Grant Date Fair Value | Number of RSUs | Weighted Average Grant Date Fair Value | ||||||||||||||
Outstanding, beginning | 186,753 | $ | 18.88 | 9,888 | $ | 22.25 | 8,885 | $ | 20.82 | |||||||||||
Granted | 417,074 | 11.99 | 186,792 | 18.85 | 7,922 | 22.09 | ||||||||||||||
Vested | (13,787 | ) | 19.66 | (8,375 | ) | 22.15 | (6,919 | ) | 20.24 | |||||||||||
Forfeited | (55,556 | ) | 13.83 | (1,552 | ) | 18.73 | — | — | ||||||||||||
Balance, ending | 534,484 | $ | 14.01 | 186,753 | $ | 18.88 | 9,888 | $ | 22.25 |
Year Ended December 31, | |||||||||||
(Dollars in thousands): | 2016 | 2015 | 2014 | ||||||||
RSU expense recognized during the year ended December 31 | $ | 2,086 | $ | 930 | $ | 209 | |||||
Unamortized value of RSUs at December 31 | $ | 4,666 | $ | 2,527 | $ | 100 | |||||
Weighted-average period expense is expected to be recognized (in years) | 2.7 | 3.0 | 1.3 |
Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||
Number of Awards | Weighted Average Grant Date Fair Value | Number of Awards | Weighted Average Grant Date Fair Value | Number of Awards | Weighted Average Grant Date Fair Value | |||||||||||||||
Outstanding, beginning | 1,312,874 | $ | 5.45 | 1,431,721 | $ | 5.11 | 1,655,469 | $ | 5.02 | |||||||||||
Exchanges (1) | (159,863 | ) | 4.34 | (87,055 | ) | 3.88 | (196,024 | ) | 4.22 | |||||||||||
Forfeited (2) | (6,654 | ) | 8.63 | (31,792 | ) | 5.24 | (27,724 | ) | 6.09 | |||||||||||
Balance, ending | 1,146,357 | $ | 5.58 | 1,312,874 | $ | 5.45 | 1,431,721 | $ | 5.11 | |||||||||||
Unvested New TMM Units included in ending balance | 80,178 | $ | 8.73 | 419,855 | $ | 5.85 | 792,320 | $ | 5.30 |
(1) | Exchanges during the period represent the exchange of a vested New TMM Unit along with the corresponding share of Class B Common Stock for a newly issued share of Class A Common Stock. |
(2) | Awards forfeited during the period represent the unvested portion of New TMM Unit awards for employees who have terminated employment with the Company and for which the New TMM Unit and the corresponding Class B Share have been cancelled. |
Year Ended December 31, | |||||||||||
(Dollars in thousands): | 2016 | 2015 | 2014 | ||||||||
Unamortized value of New TMM Units | $ | 417 | $ | 1,568 | $ | 3,345 | |||||
Weighted-average period expense is expected to be recognized (in years) | 0.6 | 0.8 | 2.2 |
Year Ended December 31, | |||||||
(Dollars in thousands) | 2016 | 2015 | |||||
Change in benefit obligations: | |||||||
Benefit obligation — beginning of period | $ | 32,172 | $ | 33,929 | |||
Interest on liabilities | 1,289 | 1,290 | |||||
Benefits paid | (1,139 | ) | (1,339 | ) | |||
Actuarial loss (gain) | 62 | (1,708 | ) | ||||
Benefit obligation — end of period | $ | 32,384 | $ | 32,172 | |||
Change in fair value of plan assets: | |||||||
Fair value of plan assets — beginning of period | 22,910 | 23,691 | |||||
Return on plan assets | 1,558 | (329 | ) | ||||
Employer contributions | 788 | 887 | |||||
Benefits paid | (1,139 | ) | (1,339 | ) | |||
Fair value of plan assets — end of period | $ | 24,117 | $ | 22,910 | |||
Unfunded status — end of period | $ | 8,267 | $ | 9,262 |
Year Ended December 31, | ||||||||
2016 | 2015 | 2014 | ||||||
Discount rate: | ||||||||
Net periodic pension cost | 4.15 | % | 3.84 | % | 4.49 | % | ||
Pension obligation | 3.97 | 4.15 | 3.98 | |||||
Expected return on plan assets | 6.00 | 7.00 | 7.00 |
Year Ended December 31, | |||||||||||
(Dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Interest cost | $ | 1,289 | $ | 1,290 | $ | 1,345 | |||||
Amortization of net actuarial loss | 132 | 134 | 34 | ||||||||
Expected return on plan assets | (1,342 | ) | (1,630 | ) | (1,621 | ) | |||||
Net settlement loss | — | — | 609 | ||||||||
Net periodic pension cost | $ | 79 | $ | (206 | ) | $ | 367 |
Year Ending December 31, | Benefit Payments | ||
2017 | $ | 1,024 | |
2018 | 1,432 | ||
2019 | 1,160 | ||
2020 | 1,250 | ||
2021 | 1,334 | ||
2022–2026 | $ | 7,960 |
(Dollars in thousands) | Fair Value Measurements at December 31, 2016 | ||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Fixed-income securities | $ | 11,625 | $ | — | $ | — | $ | 11,625 | |||||||
U.S. equity securities | 8,731 | — | — | 8,731 | |||||||||||
International equity securities | 2,822 | — | — | 2,822 | |||||||||||
Cash | 409 | — | — | 409 | |||||||||||
Other | 530 | — | — | 530 | |||||||||||
Total | $ | 24,117 | $ | — | $ | — | $ | 24,117 |
(Dollars in thousands) | Fair Value Measurements at December 31, 2015 | ||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Fixed-income securities | $ | 11,435 | $ | — | $ | — | $ | 11,435 | |||||||
U.S. equity securities | 8,058 | — | — | 8,058 | |||||||||||
International equity securities | 2,481 | — | — | 2,481 | |||||||||||
Cash | 426 | — | — | 426 | |||||||||||
Other | 510 | — | — | 510 | |||||||||||
Total | $ | 22,910 | $ | — | $ | — | $ | 22,910 |
Minimum | Maximum | Target | ||||||
U.S. equity securities | 33 | % | 43 | % | 38 | % | ||
International equity securities | 7 | 17 | 12 | |||||
Fixed-income securities | 40 | 50 | 45 | |||||
Other | — | 10 | 5 | |||||
100 | % |
Year Ended December 31, 2016 | |||||||||||||||
(Dollars in thousands) | Total Post- Retirement Benefits Adjustments | Foreign Currency Translation Adjustments | Non-controlling Interest in Principal Equityholders | Total | |||||||||||
Balance, beginning of period | $ | 2,305 | $ | (79,927 | ) | $ | 59,625 | $ | (17,997 | ) | |||||
Other comprehensive income (loss) before reclassifications | (244 | ) | — | — | (244 | ) | |||||||||
Other comprehensive income (loss) net of tax | $ | (244 | ) | $ | — | $ | — | $ | (244 | ) | |||||
Gross amounts reclassified within accumulated other comprehensive income (loss) | — | — | 252 | 252 | |||||||||||
Balance, end of period | $ | 2,061 | $ | (79,927 | ) | $ | 59,877 | $ | (17,989 | ) |
Year Ended December 31, 2015 | |||||||||||||||
(Dollars in thousands) | Total Post- Retirement Benefits Adjustments | Foreign Currency Translation Adjustments | Non-controlling Interest in Principal Equityholders | Total | |||||||||||
Balance, beginning of period | $ | 692 | $ | (52,148 | ) | $ | 40,546 | $ | (10,910 | ) | |||||
Other comprehensive income (loss) before reclassifications | (335 | ) | (27,779 | ) | — | (28,114 | ) | ||||||||
Gross amounts reclassified from accumulated other comprehensive loss | 1,488 | — | — | 1,488 | |||||||||||
Foreign currency translation | 518 | — | — | 518 | |||||||||||
Income tax (expense) benefit | (58 | ) | — | — | (58 | ) | |||||||||
Other comprehensive income (loss) net of tax | $ | 1,613 | $ | (27,779 | ) | $ | — | $ | (26,166 | ) | |||||
Gross amounts reclassified within accumulated other comprehensive income (loss) | — | — | 19,079 | 19,079 | |||||||||||
Balance, end of period | $ | 2,305 | $ | (79,927 | ) | $ | 59,625 | $ | (17,997 | ) |
Year Ended December 31, 2014 | |||||||||||||||
(Dollars in thousands) | Total Post- Retirement Benefits Adjustments | Foreign Currency Translation Adjustments | Non-controlling Interest in Principal Equityholders | Total | |||||||||||
Balance, beginning of period | $ | 3,987 | $ | (16,727 | ) | $ | 12,288 | $ | (452 | ) | |||||
Other comprehensive income (loss) before reclassifications | (6,303 | ) | (35,421 | ) | — | (41,724 | ) | ||||||||
Gross amounts reclassified from accumulated other comprehensive income | 43 | — | — | 43 | |||||||||||
Net settlement loss | 609 | — | — | 609 | |||||||||||
Foreign currency translation | (55 | ) | — | — | (55 | ) | |||||||||
Income tax (expense) benefit | 2,411 | — | — | 2,411 | |||||||||||
Other comprehensive income (loss) net of tax | $ | (3,295 | ) | $ | (35,421 | ) | $ | — | $ | (38,716 | ) | ||||
Gross amounts reclassified within accumulated other comprehensive income (loss) | — | — | 28,258 | 28,258 | |||||||||||
Balance, end of period | $ | 692 | $ | (52,148 | ) | $ | 40,546 | $ | (10,910 | ) |
East | Atlanta, Charlotte, North Florida, Raleigh, Southwest Florida, and Tampa | |
Central | Austin, Dallas and Houston (each of the Dallas and Houston markets include both a Taylor Morrison division and a Darling Homes division) | |
West | Bay Area, Chicago, Denver, Phoenix, Sacramento, and Southern California | |
Mortgage Operations | Taylor Morrison Home Funding (TMHF) and Inspired Title |
Year Ended December 31, 2016 | |||||||||||||||||||||||
(Dollars in thousands) | East | Central | West | Mortgage Operations | Corporate and Unallocated | Total | |||||||||||||||||
Revenue | $ | 1,098,283 | $ | 1,004,595 | $ | 1,387,196 | $ | 59,955 | $ | — | $ | 3,550,029 | |||||||||||
Gross Margin | $ | 241,382 | $ | 189,335 | $ | 221,706 | $ | 27,856 | $ | — | $ | 680,279 | |||||||||||
Selling, general and administrative expense | (102,845 | ) | (93,423 | ) | (91,215 | ) | — | (74,280 | ) | (361,763 | ) | ||||||||||||
Equity in income of unconsolidated entities | 440 | 430 | 2,322 | 4,261 | — | 7,453 | |||||||||||||||||
Interest and other expense, net | (3,532 | ) | (2,604 | ) | (3,675 | ) | — | (1,952 | ) | (11,763 | ) | ||||||||||||
Income from continuing operations before income taxes | $ | 135,445 | $ | 93,738 | $ | 129,138 | $ | 32,117 | $ | (76,232 | ) | $ | 314,206 |
Year Ended December 31, 2015 | |||||||||||||||||||||||
(Dollars in thousands) | East | Central | West | Mortgage Operations | Corporate and Unallocated | Total | |||||||||||||||||
Revenue | $ | 818,699 | $ | 1,008,664 | $ | 1,106,375 | $ | 43,082 | $ | — | $ | 2,976,820 | |||||||||||
Gross Margin | $ | 179,517 | $ | 190,264 | $ | 180,588 | $ | 17,546 | $ | — | $ | 567,915 | |||||||||||
Selling, general and administrative expense | (74,131 | ) | (84,588 | ) | (72,038 | ) | — | (63,154 | ) | (293,911 | ) | ||||||||||||
Equity in income (loss) of unconsolidated entities | 241 | 150 | (836 | ) | 2,204 | — | 1,759 | ||||||||||||||||
Interest and other (expense) income | (3,263 | ) | (13,991 | ) | (311 | ) | — | 6,123 | (11,442 | ) | |||||||||||||
Loss on extinguishment of debt | — | — | — | — | (33,317 | ) | (33,317 | ) | |||||||||||||||
Gain on foreign currency forward | — | — | — | — | 29,983 | 29,983 | |||||||||||||||||
Income from continuing operations before income taxes | $ | 102,364 | $ | 91,835 | $ | 107,403 | $ | 19,750 | $ | (60,365 | ) | $ | 260,987 |
Year Ended December 31, 2014 | |||||||||||||||||||||||
(Dollars in thousands) | East | Central | West | Mortgage Operations | Corporate and Unallocated | Total | |||||||||||||||||
Revenue | $ | 566,158 | $ | 990,440 | $ | 1,116,341 | $ | 35,493 | $ | — | $ | 2,708,432 | |||||||||||
Gross Margin | $ | 139,629 | $ | 201,852 | $ | 208,943 | $ | 15,822 | $ | — | $ | 566,246 | |||||||||||
Selling, general and administrative expense | (50,279 | ) | (80,769 | ) | (66,880 | ) | — | (52,122 | ) | (250,050 | ) | ||||||||||||
Equity in income of unconsolidated entities | — | 3,609 | 386 | 1,410 | — | 5,405 | |||||||||||||||||
Interest and other (expense) income | (2,769 | ) | (13,921 | ) | 1,604 | 1 | (4,522 | ) | (19,607 | ) | |||||||||||||
Income from continuing operations before income taxes | $ | 86,581 | $ | 110,771 | $ | 144,053 | $ | 17,233 | $ | (56,644 | ) | $ | 301,994 |
As of December 31, 2016 | |||||||||||||||||||||||||||
(Dollars in thousands) | East | Central | West | Mortgage Operations | Corporate and Unallocated | Assets of Discontinued Operations | Total | ||||||||||||||||||||
Real estate inventory and land deposits | $ | 1,077,618 | $ | 731,976 | $ | 1,244,858 | $ | — | $ | — | $ | — | $ | 3,054,452 | |||||||||||||
Investments in unconsolidated entities | 25,923 | 30,146 | 98,625 | 3,215 | — | — | 157,909 | ||||||||||||||||||||
Other assets | 74,638 | 136,752 | 51,617 | 269,131 | 476,427 | — | 1,008,565 | ||||||||||||||||||||
Total assets | $ | 1,178,179 | $ | 898,874 | $ | 1,395,100 | $ | 272,346 | $ | 476,427 | $ | — | $ | 4,220,926 | |||||||||||||
As of December 31, 2015 | |||||||||||||||||||||||||||
(Dollars in thousands) | East | Central | West | Mortgage Operations | Corporate and Unallocated | Assets of Discontinued Operations | Total | ||||||||||||||||||||
Real estate inventory and land deposits | $ | 927,359 | $ | 757,863 | $ | 1,475,678 | $ | — | $ | — | $ | — | $ | 3,160,900 | |||||||||||||
Investments in unconsolidated entities | 24,098 | 28,832 | 72,646 | 2,872 | — | — | 128,448 | ||||||||||||||||||||
Other assets | 52,817 | 164,192 | 74,379 | 237,430 | 304,281 | — | 833,099 | ||||||||||||||||||||
Total assets | $ | 1,004,274 | $ | 950,887 | $ | 1,622,703 | $ | 240,302 | $ | 304,281 | $ | — | $ | 4,122,447 | |||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||
(Dollars in thousands) | East | Central | West | Mortgage Operations | Corporate and Unallocated | Assets of Discontinued Operations | Total | ||||||||||||||||||||
Real estate inventory and land deposits | $ | 640,224 | $ | 634,968 | $ | 1,277,673 | $ | — | $ | — | $ | — | $ | 2,552,865 | |||||||||||||
Investments in unconsolidated entities | 29,085 | 28,053 | 51,909 | 1,244 | — | — | 110,291 | ||||||||||||||||||||
Other assets | 42,593 | 124,261 | 37,989 | 204,685 | 462,669 | 576,445 | 1,448,642 | ||||||||||||||||||||
Total assets | $ | 711,902 | $ | 787,282 | $ | 1,367,571 | $ | 205,929 | $ | 462,669 | $ | 576,445 | $ | 4,111,798 |
(Dollars in thousands except per share data) | First Quarter 2016 | Second Quarter 2016 | Third Quarter 2016 | Fourth Quarter 2016 | |||||||||||
Total revenues | $ | 645,329 | $ | 854,316 | $ | 853,417 | $ | 1,196,967 | |||||||
Gross margin | 118,641 | 159,752 | 178,854 | 223,032 | |||||||||||
Income from continuing operations before income taxes | 38,991 | 67,768 | 90,391 | 117,056 | |||||||||||
Net income before allocation to non-controlling interests | 26,104 | 45,664 | 58,684 | 76,111 | |||||||||||
Net income available to Taylor Morrison Home Corporation | 6,813 | 11,685 | 14,837 | 19,281 | |||||||||||
Basic and diluted earnings per share | $ | 0.21 | $ | 0.37 | $ | 0.49 | $ | 0.63 |
(Dollars in thousands except per share data) | First Quarter 2015 | Second Quarter 2015 | Third Quarter 2015 | Fourth Quarter 2015 | |||||||||||
Total revenues | $ | 509,415 | $ | 700,973 | $ | 796,288 | $ | 970,144 | |||||||
Gross margin | 94,583 | 136,659 | 149,472 | 187,201 | |||||||||||
Income from continuing operations before income taxes | 62,224 | 29,960 | 68,246 | 100,557 | |||||||||||
Net income before allocation to non-controlling interests | 96,844 | 20,021 | 45,794 | 66,386 | |||||||||||
Net income available to Taylor Morrison Home Corporation | 25,962 | 5,077 | 12,344 | 17,667 | |||||||||||
Basic and diluted earnings per share | $ | 0.79 | $ | 0.15 | $ | 0.37 | $ | 0.54 |
Years Ending December 31, | Lease Payments | ||
2017 | $ | 7,434 | |
2018 | 6,296 | ||
2019 | 5,281 | ||
2020 | 3,438 | ||
2021 | 2,564 | ||
Thereafter | 2,218 | ||
Total | $ | 27,231 |
(Dollars in thousands) | Fair Value | Notional Amount | ||||||
IRLCs | $ | 1,987 | $ | 61,655 | ||||
MBSs | 304 | 97,000 | ||||||
Total | $ | 2,291 |
Shares Outstanding | Percentage | ||||
Class A Common Stock | 41,986,858 | 35.2 | % | ||
Class B Common Stock | 77,442,052 | 64.8 | % | ||
Total | 119,428,910 | 100.0 | % |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) | Weighted-average exercise price of outstanding options, warrants and rights (b) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) | ||||||||
Equity compensation plans approved by security holders(1) | 3,790,048 | (2) | $ | 17.09 | (3) | 4,130,264 | (4) | ||||
Equity compensation plans not approved by security holders | — | — | — |
(1) | Equity compensation plans approved by security holders covers the Equity Plan. The Equity Plan is currently our only compensation plan pursuant to which our equity is awarded. This figure does not include the 1,146,357 New TMM Units (and the corresponding shares of our Class B Common Stock) that can be exchanged on a one-for-one basis for shares of our Class A Common Stock. The New TMM Units were issued pursuant to the TMM Holdings II Limited Partnership 2013 Common Unit Plan and were not made pursuant to any equity compensation plan. |
(2) | Column (a) includes 1,358,701 shares of our Class A Common Stock underlying outstanding restricted stock units. |
(3) | The weighted average exercise price in column (b) relates only to outstanding stock options. The calculation of the weighted average exercise price does not include outstanding equity awards that are received for no consideration and does not include shares of Class A Common Stock credited to the deferred compensation accounts of certain non-employee directors at fair market value in lieu compensation at the election of such directors. |
(4) | A total of 7,956,955 shares of our Class A Common Stock have been authorized for issuance pursuant to the terms of the Equity Plan. |
Exhibit No. | Description | |
2.1 | Share Purchase Agreement, dated December 11, 2014, by and among Monarch Parent Inc., TMM Holdings Limited Partnership, 2444991 Ontario Inc. and Mattamy Group Corporation (included as Exhibit 2.1 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on December 16, 2014, and incorporated herein by reference). | |
3.1 | Amended and Restated Certificate of Incorporation (included as Exhibit 3.1 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
3.2 | Amended and Restated By-laws (included as Exhibit 3.2 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
4.1 | Indenture, dated as of March 5, 2014, relating to Taylor Morrison Communities, Inc.’s and Monarch Communities Inc.’s 5.625% Senior Notes due 2024, by and among Taylor Morrison Communities, Inc., Monarch Communities Inc., the guarantors party thereto and Wells Fargo Bank, National Association (included as Exhibit 4.1 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, filed on May 7, 2014, and incorporated herein by reference). | |
4.2 | Indenture, dated as of April 16, 2013, relating to Taylor Morrison Communities, Inc.’s and Monarch Communities Inc.’s 5.25% Senior Notes due 2021, by and among Taylor Morrison Communities, Inc., Monarch Communities Inc., the guarantors party thereto and Wells Fargo Bank, National Association (included as Exhibit 4.1 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, filed on August 14, 2013, and in incorporated herein by reference). | |
4.3 | Indenture, dated as of April 16, 2015, relating to Taylor Morrison Communities, Inc.’s and Taylor Morrison Holdings II, Inc.'s 5.875% Senior Notes due 2023, by and among Taylor Morrison Communities, Inc., the guarantors party thereto and Wells Fargo Bank, National Association (included as Exhibit 4.1 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed May 7, 2015, and incorporated herein by reference). | |
4.4 | Specimen Class A Common Stock Certificate of Taylor Morrison Home Corporation (included as Exhibit 4.2 to Amendment No. 3 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on April 4, 2013, and incorporated herein by reference). | |
10.1 | Registration Rights Agreement, dated as of April 9, 2013, by and among Taylor Morrison Home Corporation and the other parties named therein (included as Exhibit 10.1 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
10.2 | Amended and Restated Agreement of Exempted Limited Partnership of TMM Holdings II Limited Partnership, dated as of April 9, 2013 (included as Exhibit 10.2 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
10.3 | Exchange Agreement, dated as of April 9, 2013, by and among Taylor Morrison Home Corporation and the other parties named therein (included as Exhibit 10.3 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
10.4 | Stockholders Agreement, dated as of April 9, 2013, by and among Taylor Morrison Home Corporation and the other parties named therein (included as Exhibit 10.4 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
10.4(a) | Amendment No. 1, dated as of March 6, 2014, to the Stockholders Agreement, dated as of April 9, 2013, by and among Taylor Morrison Home Corporation, TPG TMM Holdings II, L.P, OCM TMM Holdings II, L.P and JHI Holding Limited Partnership (included as Exhibit 10.1 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on March 7, 2014, and incorporated herein by reference). | |
10.5 | Put/Call Agreement, dated as of April 9, 2013, by and among Taylor Morrison Home Corporation and TPG TMM Holdings II, L.P. and OCM TMM Holdings II, L.P (included as Exhibit 10.5 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
10.6 | Reorganization Agreement, dated as of April 9, 2013, by and among Taylor Morrison Home Corporation and the other parties named therein (included as Exhibit 10.6 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
10.7 | U.S. Parent Governance Agreement, dated as of April 9, 2013, by and among Taylor Morrison Home Corporation, Taylor Morrison Holdings, Inc. and the other parties named therein (included as Exhibit 10.7 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
10.8 | Canadian Parent Governance Agreement, dated as of April 9, 2013, by and among Taylor Morrison Home Corporation, Monarch Communities Inc. (n/k/a Taylor Morrison Holdings II, Inc.) and the other parties named therein (included as Exhibit 10.8 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). |
10.9 | Credit Agreement, dated as of July 13, 2011, among Taylor Morrison Communities, Inc., Monarch Corporation, TMM Holdings Limited Partnership, Monarch Communities Inc., Monarch Parent Inc., Taylor Morrison Holdings, Inc., Taylor Morrison Finance, Inc., the lenders party thereto and Credit Suisse AG, as administrative agent (included as Exhibit 10.1 to Amendment No. 2 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on February 13, 2013, and incorporated herein by reference). | |
10.9(a) | Amendment Agreement, dated as of April 12, 2013, to the Credit Agreement dated as of July 13, 2011 (as amended and restated as of April 13, 2012 and as thereafter amended as of August 15, 2012 and December 27, 2012), among Taylor Morrison Communities Inc., Monarch Corporation, TMM Holdings Limited Partnership and the other parties named therein (included as Exhibit 10.9 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
10.9(b) | Amendment No. 1, dated as of January 15, 2014, to the Second Amended and Restated Credit Agreement, dated as of July 13, 2011 (as amended and restated as of April 13, 2012, thereafter amended as of August 15, 2012 and December 27, 2012 and as further amended and restated as of April 12, 2013), by and among Taylor Morrison Communities, Inc., Monarch Corporation, TMM Holdings Limited Partnership, Monarch Communities Inc., Monarch Parent Inc., Taylor Morrison Holdings, Inc., Taylor Morrison Finance, Inc., the lenders party thereto and Credit Suisse AG, as administrative agent for the lenders (included as Exhibit 10.1 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on January 17, 2014, and incorporated herein by reference). | |
10.9(c) | Amendment No. 3, dated as of April 24, 2015, to the Second Amended and Restated Credit Agreement, dated as of July 13, 2011 (as amended and restated as of April 13, 2012, thereafter amended as of August 15, 2012 and December 27, 2012, as further amended and restated as of April 12, 2013 and thereafter amended as of January 15, 2014 and December 22, 2014), by and among Taylor Morrison Communities, Inc., TMM Holdings Limited Partnership, Taylor Morrison Holdings II, Inc., Taylor Morrison Communities II, Inc., Taylor Morrison Holdings, Inc., Taylor Morrison Finance, Inc., the lenders party thereto and Credit Suisse AG, as administrative agent for the lenders (included as Exhibit 10.2 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed on May 7, 2015, and incorporated herein by reference). | |
10.10 | Form of Indemnification Agreement (included as Exhibit 10.4 to Amendment No. 5 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on April 4, 2013, and incorporated herein by reference). | |
10.11† | Taylor Morrison Home Corporation 2013 Omnibus Equity Award Plan (Amended and Restated as of May 25, 2016) (included as Appendix A of the Company’s definitive Proxy Statement on Schedule 14A filed on April 12, 2016, and incorporated herein by reference). | |
10.12† | Form of Employee Nonqualified Option Award Agreement for use with the Taylor Morrison Home Corporation 2013 Omnibus Equity Award Plan (Amended and Restated as of May 25, 2016) (included as Exhibit 10.15 to Amendment No. 5 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on April 4, 2013, and incorporated herein by reference). | |
10.13† | Taylor Morrison Long-Term Cash Incentive Plan (included as Exhibit 10.18 to Amendment No. 5 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on April 4, 2013, and incorporated herein by reference). | |
10.14† | Form of Restricted Stock Unit Agreement for use with the Taylor Morrison Home Corporation 2013 Omnibus Equity Award Plan (Amended and Restated as of May 25, 2016) (included as Exhibit 10.16 to Amendment No. 5 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on April 4, 2013, and incorporated herein by reference). | |
10.15† | Form of Class B Common Stock Subscription Agreement with Taylor Morrison Home Corporation (included as Exhibit 10.17 to Amendment No. 5 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on April 4, 2013, and incorporated herein by reference). | |
10.16† | TMM Holdings II Limited Partnership 2013 Common Unit Plan (included as Exhibit 10.23 to Amendment No. 5 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on April 4, 2013, and incorporated herein by reference). | |
10.17† | Employment Agreement, dated as of July 13, 2011, between Taylor Morrison, Inc. and Sheryl D. Palmer (included as Exhibit 10.7 to Amendment No. 3 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on March 6, 2013, and incorporated herein by reference). | |
10.17(a)† | First Amendment to Employment Agreement, dated May 17, 2012, between Taylor Morrison, Inc. and Sheryl D. Palmer (included as Exhibit 10.8 to Amendment No. 3 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on March 6, 2013, and incorporated herein by reference). | |
10.17(b)† | Second Amendment to Employment Agreement, dated February 26, 2016, between Taylor Morrison, Inc. and Sheryl D. Palmer (included as Exhibit 10.1 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, filed on May 4, 2016, and incorporated herein by reference). | |
10.18† | Employment Agreement, dated as of January 1, 2013, between Taylor Morrison, Inc. and C. David Cone (included as Exhibit 10.9 to Amendment No. 3 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on March 6, 2013, and incorporated herein by reference). |
10.18(a)† | First Amendment to Employment Agreement, dated February 26, 2016, between Taylor Morrison, Inc. and C. David Cone (included as Exhibit 10.2 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, filed on May 4, 2016, and incorporated herein by reference). | |
10.19† | Employment Agreement, dated as of December 28, 2012, between Taylor Morrison, Inc. and Darrell C. Sherman (included as Exhibit 10.3 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed on May 7, 2015, and incorporated herein by reference). | |
10.19(a)† | Second Amendment to Employment Agreement, dated February 26, 2016, between Taylor Morrison, Inc. and Darrell C. Sherman (included as Exhibit 10.3 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, filed on May 4, 2016, and incorporated herein by reference). | |
10.20† | Form of Restrictive Covenants Agreement with Taylor Morrison, Inc. (included as Exhibit 10.12 to Amendment No. 3 to Taylor Morrison Home Corporation's Registration Statement on Form S-1, filed on March 6, 2013, and incorporated herein by reference. | |
10.21† | 2015 Non-Employee Director Deferred Compensation Plan (included as Exhibit 10.4 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed on May 7, 2015, and incorporated herein by reference). | |
10.21(a)† | Form of Deferred Stock Unit Award Agreement (included as Exhibit 10.5 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed on May 7, 2015, and incorporated herein by reference). | |
10.22 | Amendment dated as of March 15, 2015 to the Amended and Restated Agreement of Exempted Limited Partnership of TMM Holdings II Limited Partnership of TMM Holdings II Limited Partnership (included as Exhibit 10.1 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed on May 7, 2015, and incorporated herein by reference). | |
10.23† | Form of Employee Nonqualified Option Award Agreement for use with the 2013 Taylor Morrison Home Corporation Omnibus Equity Award Plan (Amended and Restated as of May 25, 2016) for grants made in 2015 and thereafter (included as Exhibit 10.1 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, filed on August 5, 2015, and incorporated herein by reference). | |
10.24† | Form of Restricted Stock Unit Agreement for use with the 2013 Taylor Morrison Home Corporation Omnibus Equity Award Plan (Amended and Restated as of May 25, 2016) for grants made in 2015 and thereafter (included as Exhibit 10.2 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, filed on August 5, 2015, and incorporated herein by reference). | |
10.25† | Form of Performance-Based Restricted Stock Unit Agreement for use with the 2013 Taylor Morrison Home Corporation Omnibus Equity Award Plan (Amended and Restated as of May 25, 2016) for grants made in 2015 and thereafter (included as Exhibit 10.3 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, filed on August 5, 2015, and incorporated herein by reference). | |
10.26 | Purchase Agreement, dated as of January 31, 2017, by and among Taylor Morrison Home Corporation, TMM Holdings II Limited Partnership and certain sellers named in Schedule I thereto (included as Exhibit 10.1 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on February 6, 2017, and incorporated herein by reference). | |
21.1* | Subsidiaries of Taylor Morrison Home Corporation | |
23.1* | Consent of Deloitte & Touche LLP | |
24.1* | Power of Attorney (included on signature page) | |
31.1* | Certification of Sheryl D. Palmer, Chief Executive Officer, pursuant to Section 302 of the Sarbanes–Oxley Act of 2002. | |
31.2* | Certification of C. David Cone, Chief Financial Officer, pursuant to Section 302 of the Sarbanes–Oxley Act of 2002. | |
32.1* | Certification of Sheryl D. Palmer, Chief Executive Officer, pursuant to Section 906 of the Sarbanes–Oxley Act of 2002. | |
32.2* | Certification of C. David Cone, Chief Financial Officer, pursuant to Section 906 of the Sarbanes–Oxley Act of 2002. | |
101.INS | XBRL Instance Document. | |
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
TAYLOR MORRISON HOME CORPORATION | ||||
Registrant | ||||
DATE: February 21, 2017 | ||||
/s/ Sheryl D. Palmer | ||||
Sheryl D. Palmer | ||||
President, Chief Executive Officer and Director (Principal Executive Officer) | ||||
/s/ C. David Cone | ||||
C. David Cone | ||||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) | ||||
/s/ Joseph Terracciano | ||||
Joseph Terracciano | ||||
Chief Accounting Officer (Principal Accounting Officer) |
Signature | Title | Date | ||
/s/ Timothy R. Eller | Director and Chairman of the Board of Directors | February 21, 2017 | ||
Timothy R. Eller | ||||
/s/ James Henry | Director | February 21, 2017 | ||
James Henry | ||||
/s/ Joe S. Houssian | Director | February 21, 2017 | ||
Joe S. Houssian | ||||
/s/ Jason Keller | Director | February 21, 2017 | ||
Jason Keller | ||||
/s/ James Sholem | Director | February 21, 2017 | ||
James Sholem | ||||
/s/ David Merritt | Director | February 21, 2017 | ||
David Merritt | ||||
/s/ Rajath Shourie | Director | February 21, 2017 | ||
Rajath Shourie | ||||
/s/ Anne L. Mariucci | Director | February 21, 2017 | ||
Anne L. Mariucci | ||||
Exhibit No. | Description | |
2.1 | Share Purchase Agreement, dated December 11, 2014, by and among Monarch Parent Inc., TMM Holdings Limited Partnership, 2444991 Ontario Inc. and Mattamy Group Corporation (included as Exhibit 2.1 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on December 16, 2014, and incorporated herein by reference). | |
3.1 | Amended and Restated Certificate of Incorporation (included as Exhibit 3.1 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
3.2 | Amended and Restated By-laws (included as Exhibit 3.2 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
4.1 | Indenture, dated as of March 5, 2014, relating to Taylor Morrison Communities, Inc.’s and Monarch Communities Inc.’s 5.625% Senior Notes due 2024, by and among Taylor Morrison Communities, Inc., Monarch Communities Inc., the guarantors party thereto and Wells Fargo Bank, National Association (included as Exhibit 4.1 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, filed on May 7, 2014, and incorporated herein by reference). | |
4.2 | Indenture, dated as of April 16, 2013, relating to Taylor Morrison Communities, Inc.’s and Monarch Communities Inc.’s 5.25% Senior Notes due 2021, by and among Taylor Morrison Communities, Inc., Monarch Communities Inc., the guarantors party thereto and Wells Fargo Bank, National Association (included as Exhibit 4.1 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, filed on August 14, 2013, and in incorporated herein by reference). | |
4.3 | Indenture, dated as of April 16, 2015, relating to Taylor Morrison Communities, Inc.’s and Taylor Morrison Holdings II, Inc.'s 5.875% Senior Notes due 2023, by and among Taylor Morrison Communities, Inc., the guarantors party thereto and Wells Fargo Bank, National Association (included as Exhibit 4.1 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed May 7, 2015, and incorporated herein by reference). | |
4.4 | Specimen Class A Common Stock Certificate of Taylor Morrison Home Corporation (included as Exhibit 4.2 to Amendment No. 3 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on April 4, 2013, and incorporated herein by reference). | |
10.1 | Registration Rights Agreement, dated as of April 9, 2013, by and among Taylor Morrison Home Corporation and the other parties named therein (included as Exhibit 10.1 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
10.2 | Amended and Restated Agreement of Exempted Limited Partnership of TMM Holdings II Limited Partnership, dated as of April 9, 2013 (included as Exhibit 10.2 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
10.3 | Exchange Agreement, dated as of April 9, 2013, by and among Taylor Morrison Home Corporation and the other parties named therein (included as Exhibit 10.3 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
10.4 | Stockholders Agreement, dated as of April 9, 2013, by and among Taylor Morrison Home Corporation and the other parties named therein (included as Exhibit 10.4 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
10.4(a) | Amendment No. 1, dated as of March 6, 2014, to the Stockholders Agreement, dated as of April 9, 2013, by and among Taylor Morrison Home Corporation, TPG TMM Holdings II, L.P, OCM TMM Holdings II, L.P and JHI Holding Limited Partnership (included as Exhibit 10.1 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on March 7, 2014, and incorporated herein by reference). | |
10.5 | Put/Call Agreement, dated as of April 9, 2013, by and among Taylor Morrison Home Corporation and TPG TMM Holdings II, L.P. and OCM TMM Holdings II, L.P (included as Exhibit 10.5 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
10.6 | Reorganization Agreement, dated as of April 9, 2013, by and among Taylor Morrison Home Corporation and the other parties named therein (included as Exhibit 10.6 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
10.7 | U.S. Parent Governance Agreement, dated as of April 9, 2013, by and among Taylor Morrison Home Corporation, Taylor Morrison Holdings, Inc. and the other parties named therein (included as Exhibit 10.7 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). |
10.8 | Canadian Parent Governance Agreement, dated as of April 9, 2013, by and among Taylor Morrison Home Corporation, Monarch Communities Inc. (n/k/a Taylor Morrison Holdings II, Inc.) and the other parties named therein (included as Exhibit 10.8 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
10.9 | Credit Agreement, dated as of July 13, 2011, among Taylor Morrison Communities, Inc., Monarch Corporation, TMM Holdings Limited Partnership, Monarch Communities Inc., Monarch Parent Inc., Taylor Morrison Holdings, Inc., Taylor Morrison Finance, Inc., the lenders party thereto and Credit Suisse AG, as administrative agent (included as Exhibit 10.1 to Amendment No. 2 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on February 13, 2013, and incorporated herein by reference). | |
10.9(a) | Amendment Agreement, dated as of April 12, 2013, to the Credit Agreement dated as of July 13, 2011 (as amended and restated as of April 13, 2012 and as thereafter amended as of August 15, 2012 and December 27, 2012), among Taylor Morrison Communities Inc., Monarch Corporation, TMM Holdings Limited Partnership and the other parties named therein (included as Exhibit 10.9 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on April 15, 2013, and incorporated herein by reference). | |
10.9(b) | Amendment No. 1, dated as of January 15, 2014, to the Second Amended and Restated Credit Agreement, dated as of July 13, 2011 (as amended and restated as of April 13, 2012, thereafter amended as of August 15, 2012 and December 27, 2012 and as further amended and restated as of April 12, 2013), by and among Taylor Morrison Communities, Inc., Monarch Corporation, TMM Holdings Limited Partnership, Monarch Communities Inc., Monarch Parent Inc., Taylor Morrison Holdings, Inc., Taylor Morrison Finance, Inc., the lenders party thereto and Credit Suisse AG, as administrative agent for the lenders (included as Exhibit 10.1 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on January 17, 2014, and incorporated herein by reference). | |
10.9(c) | Amendment No. 3, dated as of April 24, 2015, to the Second Amended and Restated Credit Agreement, dated as of July 13, 2011 (as amended and restated as of April 13, 2012, thereafter amended as of August 15, 2012 and December 27, 2012, as further amended and restated as of April 12, 2013 and thereafter amended as of January 15, 2014 and December 22, 2014), by and among Taylor Morrison Communities, Inc., TMM Holdings Limited Partnership, Taylor Morrison Holdings II, Inc., Taylor Morrison Communities II, Inc., Taylor Morrison Holdings, Inc., Taylor Morrison Finance, Inc., the lenders party thereto and Credit Suisse AG, as administrative agent for the lenders (included as Exhibit 10.2 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed on May 7, 2015, and incorporated herein by reference). | |
10.10 | Form of Indemnification Agreement (included as Exhibit 10.4 to Amendment No. 5 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on April 4, 2013, and incorporated herein by reference). | |
10.11† | Taylor Morrison Home Corporation 2013 Omnibus Equity Award Plan (Amended and Restated as of May 25, 2016) (included as Appendix A of the Company’s definitive Proxy Statement on Schedule 14A filed on April 12, 2016, and incorporated herein by reference). | |
10.12† | Form of Employee Nonqualified Option Award Agreement for use with the Taylor Morrison Home Corporation 2013 Omnibus Equity Award Plan (Amended and Restated as of May 25, 2016) (included as Exhibit 10.15 to Amendment No. 5 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on April 4, 2013, and incorporated herein by reference). | |
10.13† | Taylor Morrison Long-Term Cash Incentive Plan (included as Exhibit 10.18 to Amendment No. 5 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on April 4, 2013, and incorporated herein by reference). | |
10.14† | Form of Restricted Stock Unit Agreement for use with the Taylor Morrison Home Corporation 2013 Omnibus Equity Award Plan (included as Exhibit 10.16 to Amendment No. 5 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on April 4, 2013, and incorporated herein by reference). | |
10.15† | Form of Class B Common Stock Subscription Agreement with Taylor Morrison Home Corporation (included as Exhibit 10.17 to Amendment No. 5 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on April 4, 2013, and incorporated herein by reference). | |
10.16† | TMM Holdings II Limited Partnership 2013 Common Unit Plan (included as Exhibit 10.23 to Amendment No. 5 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on April 4, 2013, and incorporated herein by reference). | |
10.17† | Employment Agreement, dated as of July 13, 2011, between Taylor Morrison, Inc. and Sheryl D. Palmer (included as Exhibit 10.7 to Amendment No. 3 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on March 6, 2013, and incorporated herein by reference). | |
10.17(a)† | First Amendment to Employment Agreement, dated May 17, 2012, between Taylor Morrison, Inc. and Sheryl D. Palmer (included as Exhibit 10.8 to Amendment No. 3 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on March 6, 2013, and incorporated herein by reference). | |
10.17(b) | Second Amendment to Employment Agreement, dated February 26, 2016, between Taylor Morrison, Inc. and Sheryl D. Palmer (included as Exhibit 10.1 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, filed on May 4, 2016, and incorporated herein by reference). |
10.18† | Employment Agreement, dated as of January 1, 2013, between Taylor Morrison, Inc. and C. David Cone (included as Exhibit 10.9 to Amendment No. 3 to Taylor Morrison Home Corporation’s Registration Statement on Form S-1, filed on March 6, 2013, and incorporated herein by reference). | |
10.18(a)† | First Amendment to Employment Agreement, dated February 26, 2016, between Taylor Morrison, Inc. and C. David Cone (included as Exhibit 10.2 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, filed on May 4, 2016, and incorporated herein by reference). | |
10.19† | Employment Agreement, dated as of December 28, 2012, between Taylor Morrison, Inc. and Darrell C. Sherman (included as Exhibit 10.3 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed on May 7, 2015, and incorporated herein by reference). | |
10.19(a)† | Second Amendment to Employment Agreement, dated February 26, 2016, between Taylor Morrison, Inc. and Darrell C. Sherman (included as Exhibit 10.3 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, filed on May 4, 2016, and incorporated herein by reference). | |
10.20† | Form of Restrictive Covenants Agreement with Taylor Morrison, Inc. (included as Exhibit 10.12 to Amendment No. 3 to Taylor Morrison Home Corporation's Registration Statement on Form S-1, filed on March 6, 2013, and incorporated herein by reference. | |
10.21† | 2015 Non-Employee Director Deferred Compensation Plan (included as Exhibit 10.4 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed on May 7, 2015, and incorporated herein by reference). | |
10.21(a)† | Form of Deferred Stock Unit Award Agreement (included as Exhibit 10.5 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed on May 7, 2015, and incorporated herein by reference). | |
10.22 | Amendment dated as of March 15, 2015 to the Amended and Restated Agreement of Exempted Limited Partnership of TMM Holdings II Limited Partnership of TMM Holdings II Limited Partnership (included as Exhibit 10.1 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed on May 7, 2015, and incorporated herein by reference). | |
10.23† | Form of Employee Nonqualified Option Award Agreement for use with the 2013 Taylor Morrison Home Corporation Omnibus Equity Award Plan (Amended and Restated as of May 25, 2016) for grants made in 2015 and thereafter (included as Exhibit 10.1 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, filed on August 5, 2015, and incorporated herein by reference). | |
10.24† | Form of Restricted Stock Unit Agreement for use with the 2013 Taylor Morrison Home Corporation Omnibus Equity Award Plan (Amended and Restated as of May 25, 2016) for grants made in 2015 and thereafter (included as Exhibit 10.2 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, filed on August 5, 2015, and incorporated herein by reference). | |
10.25† | Form of Performance-Based Restricted Stock Unit Agreement for use with the 2013 Taylor Morrison Home Corporation Omnibus Equity Award Plan (Amended and Restated as of May 25, 2016) for grants made in 2015 and thereafter (included as Exhibit 10.3 to Taylor Morrison Home Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, filed on August 5, 2015, and incorporated herein by reference). | |
10.26 | Purchase Agreement, dated as of January 31, 2017, by and among Taylor Morrison Home Corporation, TMM Holdings II Limited Partnership and certain sellers named in Schedule I thereto (included as Exhibit 10.1 to Taylor Morrison Home Corporation’s Current Report on Form 8-K, filed on February 6, 2017, and incorporated herein by reference). | |
21.1* | Subsidiaries of Taylor Morrison Home Corporation | |
23.1* | Consent of Deloitte & Touche LLP | |
24.1* | Power of Attorney (included on signature page) | |
31.1* | Certification of Sheryl D. Palmer, Chief Executive Officer, pursuant to Section 302 of the Sarbanes–Oxley Act of 2002. | |
31.2* | Certification of C. David Cone, Chief Financial Officer, pursuant to Section 302 of the Sarbanes–Oxley Act of 2002. | |
32.1* | Certification of Sheryl D. Palmer, Chief Executive Officer, pursuant to Section 906 of the Sarbanes–Oxley Act of 2002. | |
32.2* | Certification of C. David Cone, Chief Financial Officer, pursuant to Section 906 of the Sarbanes–Oxley Act of 2002. | |
101.INS | XBRL Instance Document. | |
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
* | Filed herewith. |
+ | Management contract or compensatory plan in which directors and/or executive officers are eligible to participate. |
Legal Entity | Jurisdiction of Organization | |
ATPD, LLC | Arizona | |
Taylor Morrison Holdings of Arizona, Inc. | Arizona | |
Taylor Morrison/Arizona, Inc. | Arizona | |
TM Homes of Arizona, Inc. | Arizona | |
Taylor Morrison Holdings II, Inc. | British Columbia | |
Taylor Morrison Communities II, Inc. | British Columbia | |
TMM Holdings (G.P.) ULC | British Columbia | |
TMM Holdings II GP, ULC | British Columbia | |
TMM Holdings Limited Partnership | British Columbia | |
Taylor Morrison of California, LLC | California | |
TMM Debt Holdings, Ltd. | Cayman Islands | |
TMM Holdings II Limited Partnership | Cayman Islands | |
Taylor Morrison of Colorado, Inc. | Colorado | |
Aylesbury (USA), LLC | Delaware | |
Cave Butte Development Partners, LLC | Delaware | |
Mattamy Home Funding, LLC | Delaware | |
Marblehead Development Partners LLC | Delaware | |
Pacific Point Development Partners, LLC | Delaware | |
Santaluz, LLC | Delaware | |
Taylor Morrison Communities, Inc. | Delaware | |
Taylor Morrison Finance, Inc. | Delaware | |
Taylor Morrison Holdings, Inc. | Delaware | |
Taylor Morrison Pacific Point Holdings, LLC | Delaware | |
Taylor Morrison Services Inc. | Delaware | |
Taylor Morrison, Inc. | Delaware | |
Taylor Morrison Marblehead Holdings, LLC | Delaware | |
Taylor Morrison Tramonto Holdings, LLC | Delaware | |
Taylor Woodrow Insurance Services, Inc. | Delaware | |
Taylor Woodrow U.S. Tower, Inc. | Delaware | |
TM California Services, Inc. | Delaware | |
Tramonto Development Partners, LLC | Delaware | |
Tramonto Land Holdings, LLC | Delaware | |
Inspired Title Services, LLC | Florida | |
Mortgage Funding Direct Ventures, LLC | Florida | |
Neal Communities Funding, LLC | Florida | |
Taylor Morrison Esplanade Naples, LLC | Florida | |
Taylor Morrison Home Funding, LLC | Florida | |
Taylor Morrison of Florida, Inc. | Florida | |
Taylor Morrison Realty of Florida, Inc. | Florida | |
Taylor Woodrow Communities at Artisan Lakes, L.L.C. | Florida | |
Taylor Woodrow Communities at Herons Glen, L.L.C. | Florida | |
Taylor Woodrow Communities at Mirasol, Ltd. | Florida | |
Taylor Woodrow Communities at Portico, L.L.C. | Florida |
Taylor Woodrow Communities at St. Johns Forest, L.L.C. | Florida | |
Taylor Woodrow Communities at Vasari, L.L.C. | Florida | |
Taylor Woodrow Homes - Central Florida Division, L.L.C. | Florida | |
Taylor Woodrow Homes - Southwest Florida Division Inc. | Florida | |
The Beach Residences, L.L.C. | Florida | |
Total Florida Title, Inc. | Florida | |
TM Oyster Harbor, LLC | Florida | |
TW Acquisitions, Inc. | Florida | |
TW/Beach Residences - Hollywood, L.L.C. | Florida | |
TW/Beach Residences - Madeira, L.L.C. | Florida |
Legal Entity | Jurisdiction of Organization | |
TW/Beach Residences - Venice Beach, L.L.C. | Florida | |
TW/Olson - Indrio, LLC | Florida | |
TW/Olson - Magnolia, LLC | Florida | |
TW/Olson - Thomas Drive, L.L.C. | Florida | |
TW/Olson Holdings, LLC | Florida | |
TW/Olson Realty, L.L.C. | Florida | |
TW/Olson Venture Management, L.L.C. | Florida | |
TWC/Mirasol, Inc. | Florida | |
Taylor Morrison of Georgia, LLC | Georgia | |
Taylor Morrison Realty of Georgia, Inc. | Georgia | |
NCV, LLC | Georgia | |
Taylor Morrison of Illinois, Inc. | Illinois | |
Taylor Morrison of Nevada, LLC | Nevada | |
Taylor Morrison of Carolinas, Inc. | North Carolina | |
Advantage Title of Ft. Bend, L.C. | Texas | |
Advantage Title of Travis County, L.C. | Texas | |
Darling Frisco Partners, Ltd. | Texas | |
Darling Homes of Texas, LLC | Texas | |
DFP Texas (GP), LLC | Texas | |
Falconhead West, L.P. | Texas | |
Taylor Morrison at Crystal Falls, LLC | Texas | |
Taylor Morrison of Texas, Inc. | Texas | |
Taylor Woodrow Communities at Seven Meadows, Ltd. | Texas | |
Taylor Woodrow Communities — League City, Ltd. | Texas | |
Taylor Woodrow Homes Houston (GP), L.L.C. | Texas | |
TMC Travisso GP, LLC | Texas | |
TMC Travisso LP, LLC | Texas | |
Travisso, Ltd. | Texas | |
TWC/Falconhead West, L.L.C. | Texas | |
TWC/Seven Meadows, L.L.C. | Texas | |
TWC/Steiner Ranch, L.L.C. | Texas | |
Beneva Indemnity Company | Vermont |
By: | /s/ Sheryl D. Palmer | |
Sheryl D. Palmer | ||
President and Chief Executive Officer | ||
Taylor Morrison Home Corporation |
By: | /s/ C. David Cone | |
C. David Cone | ||
Executive Vice President and Chief Financial Officer Taylor Morrison Home Corporation |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
February 21, 2017 | /s/ Sheryl D. Palmer | |
Sheryl D. Palmer | ||
President and Chief Executive Officer | ||
Taylor Morrison Home Corporation |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
February 21, 2017 | /s/ C. David Cone | |
C. David Cone | ||
Executive Vice President and Chief Financial Officer | ||
Taylor Morrison Home Corporation |
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Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Feb. 21, 2017 |
Jun. 30, 2016 |
|
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TMHC | ||
Entity Registrant Name | Taylor Morrison Home Corp | ||
Entity Central Index Key | 0001562476 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 430,501,870 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 42,064,422 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 77,405,233 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Common stock, shares outstanding | 119,428,910 | |
Preferred stock, par value (usd per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares outstanding | 2,853,433 | 934,434 |
Common Class A [Member] | ||
Common stock, par value (usd per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 33,340,291 | 33,158,855 |
Common stock, shares outstanding | 30,486,858 | 32,224,421 |
Common Class B [Member] | ||
Common stock, par value (usd per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 88,942,052 | 89,108,569 |
Common stock, shares outstanding | 88,942,052 | 89,108,569 |
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
---|---|---|---|---|---|
Cash and cash equivalents | $ 462,205 | [1] | $ 389,181 | ||
Monarch [Member] | |||||
Cash and cash equivalents | $ 227,988 | $ 195,663 | |||
|
Business |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | BUSINESS Organization and Description of the Business — Taylor Morrison Home Corporation (referred to herein as “TMHC,” “we,” “our,” “the Company” and “us”), through its divisions and segments, owns and operates a residential homebuilding business and is a developer of lifestyle communities. As of December 31, 2016 we operated in Arizona, California, Colorado, Florida, Georgia, Illinois, North Carolina, and Texas. Our Company serves a wide array of consumer groups from coast to coast, including first time, move-up, luxury, and 55 plus buyers. As of December 31, 2016, our homebuilding company operates under our Taylor Morrison and Darling Homes brand names. Our business is organized into multiple homebuilding operating components, and a mortgage operating component, all of which are managed as four reportable segments: East, Central, West, and Mortgage Operations. The communities in our homebuilding segments offer single family attached and detached homes. We are the general contractors for all real estate projects and retain subcontractors for home construction and site development. Our Mortgage Operations reportable segment provides financial services to customers through our wholly owned mortgage subsidiary, operating as Taylor Morrison Home Funding, LLC (“TMHF”), and title services through our wholly owned title services subsidiary, Inspired Title Service, LLC (“Inspired Title”). On April 12, 2013, TMHC completed the initial public offering (the “IPO”) of its Class A common stock, par value $0.00001 per share (the “Class A Common Stock”). The shares of Class A Common Stock began trading on the New York Stock Exchange on April 10, 2013 under the ticker symbol “TMHC.” As a result of the completion of the IPO and a series of transactions pursuant to a Reorganization Agreement dated as of April 9, 2013 (the “Reorganization Transactions”), TMHC became the indirect parent of TMM Holdings Limited Partnership (“TMM Holdings”) (an entity formed by a consortium comprised of affiliates of TPG Global, LLC (the “TPG Entities” or “TPG”) , investment funds managed by Oaktree Capital Management, L.P. (“Oaktree”) or their respective subsidiaries (the “Oaktree Entities”), and affiliates of JH Investments, Inc. (the “JH Entities” and, together with the TPG Entities and Oaktree Entities, the “Principal Equityholders”) through the formation of TMM Holdings II Limited Partnership (“New TMM”). In the Reorganization Transactions, the TPG Entities and the Oaktree Entities each formed new holding vehicles to hold interests in New TMM (the “TPG Holding Vehicle” and the “Oaktree Holding Vehicle” respectively). As of December 31, 2016 and 2015, the Principal Equityholders owned 74.5% and 73.4%, respectively of the Company. See Note 23 - Subsequent Events for changes to this ownership subsequent to December 31, 2016. On January 8, 2016, we completed the acquisition of Acadia Homes in Atlanta, Georgia, yielding approximately 1,100 lots for a total consideration of $83.6 million. See Note 3 – Business Combinations for further information regarding the net assets acquired and the allocation of purchase price. |
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation — The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), include the accounts of TMHC and its consolidated subsidiaries, other entities where we have a controlling financial interest, and certain consolidated variable interest entities. Intercompany balances and transactions have been eliminated in consolidation. Unless otherwise stated, amounts are shown in U.S. dollars. Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance sheet date, and revenues and expenses are translated at average rates of exchange prevailing during the period. Translation adjustments resulting from this process are recorded to accumulated other comprehensive income (loss) in the accompanying Consolidated Balance Sheets, Statements of Stockholders’ Equity, and Consolidated Statements of Comprehensive Income. Discontinued Operations — As a result of our decision in December 2014 to divest of Monarch Corporation ("Monarch"), our former Canadian operating segment, the operating results and financial position of the Monarch business are presented as discontinued operations for the years ended December 31, 2015 and December 31, 2014. Refer to Note 5 – Discontinued Operations for further information regarding Monarch. Non-controlling interests — In connection with the Reorganization Transactions consummated at the time of the Company's IPO, the Company became the sole owner of the general partner of New TMM. As the general partner of New TMM, the Company exercises exclusive and complete control over New TMM. Consequently, the Company consolidates New TMM and records a non-controlling interest in the Consolidated Balance Sheets for the economic interests in New TMM, that are directly or indirectly held by the Principal Equityholders or by members of management and the Board of Directors. Joint Ventures — We consolidate certain joint ventures in accordance with Accounting Standards Codification ("ASC") Topic 810, "Consolidation". The income from the percentage of the joint venture not owned by us is presented as "Net income attributable to non-controlling interests - joint ventures" on the Consolidated Statements of Operations. Reclassifications — Prior period amounts related to debt issuance costs have been reclassified to conform with current period financial statement presentation as a result of adopting Accounting Standards Update ("ASU") 2015-03, Simplifying the Presentation of Debt Issuance Costs. Approximately $14.8 million of such costs as of December 31, 2015 have been reclassified from prepaid expenses and other assets, net to their respective debt liability. As permitted by ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, approximately $5.1 million of unamortized debt issuance costs associated with our Revolving Credit Facility as of December 31, 2015 remained classified as prepaid expenses and other assets, net. Business Combinations — Acquisitions are accounted for in accordance with ASC Topic 805-10, Business Combinations. In connection with our acquisitions, we determined we obtained control of a business and inputs, processes and outputs in exchange for cash and other consideration. All material assets and liabilities, including contingent consideration, were measured and recognized at fair value as of the date of the acquisition to reflect the purchase price paid, which resulted in goodwill for each transaction. Refer to Note 3 - Business Combinations for further information regarding the purchase price allocation and related acquisition accounting. 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 Consolidated Financial Statements and accompanying notes. Significant estimates include real estate development costs to complete, valuation of real estate, valuation of acquired assets, valuation of goodwill, valuation of equity awards, valuation allowance on deferred tax assets and reserves for warranty and self-insured risks. Actual results could differ from those estimates. Concentration of Credit Risk — Financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents and mortgage borrowings. Cash and cash equivalents include amounts on deposit with financial institutions in the U.S. that are in excess of the Federal Deposit Insurance Corporation federally insured limits of up to $250,000. No losses have been experienced to date. In addition, the Company is exposed to credit risk to the extent that mortgage and loan borrowers may fail to meet their contractual obligations. This risk is mitigated by collateralizing the mortgaged property or land that was sold to the buyer. Cash and Cash Equivalents — Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions, and investments with original maturities of 90 days or less. At December 31, 2016, the majority of our cash and cash equivalents were invested in both highly liquid and high-quality money market funds or on deposit with major financial institutions. Restricted Cash — Restricted cash consisted of $1.6 million and $1.3 million pledged to collateralize mortgage credit lines at December 31, 2016 and December 31, 2015, respectively. Real Estate Inventory — Inventory consists of raw land, land under development, homes under construction, completed homes, and model homes, 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 construction costs are accumulated and charged to cost of sales at home closing using the specific identification method. Land acquisition, development, interest, real estate taxes and overhead are allocated to homes and units using the relative sales value method. These costs are capitalized to inventory from the point development begins to the point construction is completed. Changes in estimated costs to be incurred in a community are generally allocated to the remaining homes 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. The life cycle of the community generally ranges from two to five years, commencing with the acquisition of unentitled or entitled land, continuing through the land development phase and concluding with the sale, construction and delivery of homes. Actual community lives will vary based on the size of the community, the sales absorption rate and whether we purchased the property as raw land or as finished lots. We capitalize qualifying interest costs to inventory during the development and construction periods. Capitalized interest is charged to cost of sales when the related inventory is delivered or when the related inventory is charged to cost of sales. We assess the recoverability of our land inventory in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 360, “Property, Plant, and Equipment.” We review our real estate inventory for indicators of impairment by community during each reporting period. If indicators of impairment are present for a community, we first perform an undiscounted cash flow analysis to determine if the carrying value of the assets in that community exceeds the 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. Our determination of fair value is based on a discounted cash flow model which includes projections and estimates relating to sales prices, construction costs, sales pace, and other factors. Changes in these expectations may lead to a change in the outcome of our impairment analysis, and actual results may also differ from our assumptions. During the year ended December 31, 2016 we recorded $3.5 million of impairment charges in Cost of home closings on the Consolidated Statement of Operations, for certain assets in our West reporting segment as a result of certain increases in development costs. For the years ended December 31, 2015, and 2014, no impairment charges were recorded. In certain cases, we may elect to cease development and/or marketing of an existing community if we believe the economic performance of the community would be maximized by deferring development for a period of time to allow for market conditions to improve. The decision may be based on financial and/or operational metrics as determined by us. If we decide to cease developing a project, we will evaluate the project for impairment and then cease future development and marketing activity until such a time when we believe that market conditions have improved and economic performance can be maximized. Our assessment of the carrying value of our assets typically includes subjective estimates of future performance, including the timing of when development will recommence, the type of product to be offered, and the margin to be realized. In the future, some of these inactive communities may be re-opened while others may be sold. As of December 31, 2016, we had seven inactive projects with a carrying value of $16.2 million, of which $2.2 million and $14.0 million were in the East and West segments, respectively. There are no inactive projects in our Central region. In the ordinary course of business, we enter into various specific performance agreements to acquire lots. Real estate not owned under these agreements is consolidated into real estate inventory with a corresponding liability in liabilities attributable to real estate not owned under option agreements in the Consolidated Balance Sheets. 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. To the extent the deposits are non-refundable, they are charged to expense if the land acquisition process is terminated or no longer determined probable. We review the likelihood of the acquisition of contracted lots in conjunction with our periodic real estate inventory impairment analysis. Non-refundable deposits are recorded as a real estate inventory in the accompanying Consolidated Balance Sheets at the time the deposit is applied to the acquisition price of the land based on the terms of the underlying agreements. Mortgage Loans Held for Sale — Mortgage loans held for sale consists of mortgages due from buyers of Taylor Morrison homes that are financed through our mortgage finance subsidiary, TMHF. Mortgage loans held for sale are carried at fair value, which is calculated using observable market information, including pricing from actual market transactions, investor commitment prices, or broker quotations. The fair value for mortgage loans held for sale covered by investor commitments is generally based on commitment prices. The fair value for mortgage loans held for sale not committed to be purchased by an investor is generally based on current delivery prices using best execution pricing. Derivative Assets — The price risk related to changes in the fair value of interest rate lock commitments (“IRLCs”) and mortgage loans held for sale not committed to be purchased by investors are subject to change primarily due to changes in market interest rates. We are exposed to interest rate risk for IRLCs and mortgage loans held for sale originated until those loans are sold in the secondary market. We manage the interest rate and price risk associated with our outstanding IRLC's and mortgage loans held for sale not committed to be purchased by investors by entering into hedging instruments such as forward loan sales commitments and mandatory delivery commitments. We expect these instruments will experience changes in fair value inverse to changes in the fair value of the IRLCs and mortgage loans held for sale not committed to investors, thereby reducing earnings volatility. We take into account various factors and strategies in determining what portion of the IRLCs and mortgage loans held for sale to economically hedge. FASB ASC 815-25 Derivatives and Hedging, requires that all hedging instruments be recognized as assets or liabilities on the balance sheet at their fair value. We do not meet the criteria for hedge accounting, therefore, we account for these instruments as free-standing derivatives, with changes in fair value recognized in mortgage operations revenue/expenses on the statement of operations in the period in which they occur. Prepaid Expenses and Other Assets, net — Prepaid expenses and other assets consist of the following:
Prepaid expenses consist primarily of sales commissions, sales presentation centers and model home costs, such as design fees and furniture, and the unamortized issuance costs for the Revolving Credit Facility. Prepaid sales commissions are recorded on pre-closing sales activities, which are recognized on the ultimate closing of the units to which they relate. The model home and sales presentation centers costs are paid in advance and amortized over the life of the project on a per-unit basis, or a maximum of three years. Other assets consist primarily of various operating and escrow deposits, pre-acquisition costs and other deferred costs. Other Receivables, net — Other receivables primarily consist of amounts expected to be recovered from various community development districts and utility deposits. Allowances of $5.0 thousand and $0.2 million at December 31, 2016 and 2015, respectively, are maintained for potential credit losses based on historical experience, present economic conditions, and other factors considered relevant. Allowances are recorded in other expense, net, when it becomes likely that some amount will not be collectible. Other receivables are written off when it is determined that collection efforts will no longer be pursued. Investments in Consolidated and Unconsolidated Entities Consolidated Joint Ventures and Option Agreements — In the ordinary course of business, we participate in strategic land development and homebuilding joint ventures with third parties. The use of these entities, in some instances, enables us to acquire land to which we could not otherwise obtain access, or could not obtain access on terms that are as favorable. Some of these ventures develop land for the sole use of the venture participants and others develop land for sale to the joint venture participants and to unrelated builders. In addition, we are involved with third parties who are involved in land development and homebuilding activities, including home sales. We review such contracts to determine whether they are a variable interest entity ("VIE"). In accordance with ASC Topic 810, “Consolidation,” for each VIE, we assess whether we are the primary beneficiary by first determining if we have the ability to control the activities of the VIE that most significantly affect its economic performance. Such activities include, but are not limited to, the ability to determine the budget and scope of land development work, if any; the ability to control financing decisions for the VIE; the ability to acquire additional land into the VIE or dispose of land in the VIE not under contract with us; and the ability to change or amend the existing option contract with the VIE. If we are not able to control such activities, we are not considered the primary beneficiary of the VIE. If we do have the ability to control such activities, we continue our analysis to determine if we are expected to absorb a potentially significant amount of the VIE’s losses or, if no party absorbs the majority of such losses, if we will potentially benefit from a significant amount of the VIE’s expected returns. For these entities in which we are expected to absorb the losses or benefits, we consolidate the results in the accompanying Consolidated Financial Statements. 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. For joint ventures accounted for using the equity method, 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 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 homebuyer. 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 during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in value of our investment in the unconsolidated entity has occurred which is other-than-temporary. The amount of impairment recognized is the excess of the investment’s carrying amount over its estimated fair value. Additionally, we consider various qualitative factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include age of the venture, stage in its life cycle, 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 the Company believes that the decline in the fair value of the investment is temporary, then no impairment is recorded. We did not record any impairment charges for the years ended December 31, 2016, 2015 or 2014. Income Taxes — We account for income taxes in accordance with ASC Topic 740, “Income Taxes.” Deferred tax assets and liabilities are recorded based on future tax consequences of temporary differences between the amounts reported for financial reporting purposes and the amounts deductible for income tax purposes, and are measured using enacted tax rates expected to apply in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the changes are enacted. We periodically assess our deferred tax assets, including the benefit from net operating losses, to determine if a valuation allowance is required. A valuation allowance is established when, based upon available evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. Realization of the deferred tax assets is dependent upon, among other matters, taxable income in prior years available for carryback, estimates of future income, tax planning strategies, and reversal of existing temporary differences. Property and Equipment, net — Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is generally computed using the straight-line basis over the estimated useful lives of the assets as follows: Buildings: 20 – 40 years Building and leasehold improvements: 10 years or remaining life of building/lease term if less than 10 years Information systems: over the term of the license Furniture, fixtures and computer and equipment: 5 – 7 years Model and sales office improvements: lesser of 3 years or the life of the community Maintenance and repair costs are expensed as incurred. Depreciation expense was $2.9 million for the year ended December 31, 2016, $3.3 million for the year ended December 31, 2015, and $3.0 million for the year ended December 31, 2014. Depreciation expense is recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations. Intangible Assets, net — Intangible assets consist of tradenames, lot options contracts and land supplier relationships, and non-compete covenants. We sell our homes under the Taylor Morrison and Darling Homes trade names. The fair value of acquired intangible assets was determined using the income approach, and are amortized on a straight line basis from three to ten years. 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. For the year ended December 31, 2016, there was an increase of $8.5 million in goodwill due to our acquisition of Acadia Homes. For the year ended December 31, 2015 there were $34.3 million additions to goodwill due to our acquisitions of JEH Homes and certain divisions of Orleans Homes. There was no impairment of goodwill for the years ended December 31, 2016, 2015, and 2014. Insurance Costs, Self-Insurance Reserves and Warranty Reserves — We have certain deductible limits under our workers’ compensation, automobile, and general liability insurance policies, and we record expense and liabilities for the estimated costs of potential claims for construction defects. The excess liability limits are $50 million per occurrence, aggregated annually and applied in excess of automobile liability, employer’s liability under workers compensation and general liability policies. We also generally require our subcontractors and design professionals to indemnify us and provide evidence of insurance for liabilities arising from their work, subject to certain limitations. We are the parent of Beneva Indemnity Company (“Beneva”), which provides insurance coverage for construction defects discovered up to ten years following the close of a home, coverage for premise operations risk, and property coverage. We accrue for the expected costs associated with the deductibles and self-insured amounts under our various insurance policies based on historical claims, estimates for claims incurred but not reported, and potential for recovery of costs from insurance and other sources. The estimates are subject to significant variability due to factors, such as claim settlement patterns, litigation trends, and the extended period of time in which a construction defect claim might be made after the closing of a home. We offer warranties on homes that generally provide for a limited one-year warranty to cover various defects in workmanship or materials or to cover structural construction defects. We may also facilitate a ten-year warranty in certain markets or to comply with regulatory requirements. Warranty reserves are established as homes close in an amount estimated to be adequate to cover expected costs of materials and outside labor during warranty periods. Our warranty is not considered a separate deliverable in the arrangement, therefore, it is accounted for in accordance with ASC Topic 450, “Contingencies,” which states that warranties that are not separately priced are generally accounted for by accruing the estimated costs to fulfill the warranty obligation. The amount of revenue related to the product is recognized in full upon the delivery if all other criteria for revenue recognition have been met. Thus, the warranty would not be considered a separate deliverable in the arrangement since it is not priced apart from the home. As a result, we accrue the estimated costs to fulfill the warranty obligation at the time a home closes, as a component of cost of home closings. Our reserves are based on factors that include an actuarial study for structural, historical and anticipated claims, trends related to similar product types, number of home closings, and geographical areas. We also provide third-party warranty coverage on homes where required by Federal Housing Administration or Veterans Administration lenders. Reserves are recorded in accrued expenses and other liabilities on our Consolidated Balance Sheets. Non-controlling Interests — Principal Equityholders — Immediately prior to our IPO, as part of the Reorganization Transactions, the existing holders of limited partnership interests of TMM Holdings exchanged their limited partnership interests for limited partnership interests of New TMM (“New TMM Units”). For each New TMM Unit received in the exchange, the holders of New TMM Units also received a corresponding number of shares of our Class B Common Stock (the “Class B Common Stock”). Our Class B Common Stock has voting rights but no economic rights. One share of Class B Common Stock, together with one New TMM Unit, is exchangeable into one share of our Class A Common Stock in accordance with the terms of the Exchange Agreement, dated as of April 9, 2013, among the Company, New TMM and the holders of Class B Common Stock and New TMM Units. See Note 23 - Subsequent Events for changes to ownership subsequent to December 31, 2016. Stock Based Compensation — We have stock options, performance based restricted stock units and non-performance based restricted stock units which we account for in accordance with ASC Topic 718-10, “Compensation — Stock Compensation.” The fair value for stock options is measured and estimated on the date of grant using the Black-Scholes option pricing model and recognized evenly over the vesting period of the options. Performance based restricted stock units are measured using the closing price on the date of grant and expensed using a probability of attainment calculation which determines the likelihood of achieving the performance targets. Non-performance based restricted stock units are time based awards and measured using the closing price on the date of grant and are expensed ratably over the vesting period on a straight-line basis. Treasury Stock — We account for treasury stock in accordance with ASC Topic 505-30, "Equity - Treasury Stock." Repurchased shares are reflected as a reduction in Stockholders' Equity and subsequent sale of repurchased shares are recognized as a change in Equity. When factored into our weighted average calculations for purposes of earnings per share, the number of repurchased shares is based on the trade date. Revenue Recognition Home closings revenue, net — Home closings revenue is recorded using the completed-contract method of accounting at the time each home is delivered, title and possession are transferred to the buyer, we have no significant continuing involvement with the home, risk of loss has transferred, the buyer has demonstrated sufficient investment in the property, and the receivable, if any, from the homeowner or escrow agent is not subject to future subordination. We typically grant our homebuyers certain sales incentives, including cash discounts, incentives on options included in the home, option upgrades, and seller-paid financing or closing costs. Incentives and discounts are accounted for as a reduction in the sales price of the home and home closings revenue is shown net of discounts. For the years ended December 31, 2016, 2015 and 2014, discounts and incentives were $250.5 million, $179.3 million and $150.9 million, respectively. We also receive rebates from certain vendors and these rebates are accounted for as a reduction to cost of home closings. Land closings revenue — Revenue from land sales is recognized when title is transferred to the buyer, there is no significant continuing involvement, and the buyer has demonstrated sufficient investment in the property sold. If the buyer has not made an adequate investment in the property, the profit on such sales is deferred until these conditions are met. Mortgage operations revenue — Loan origination fees (including title fees, points, closing costs) are recognized at the time the related real estate transactions are completed, usually upon the close of escrow. All of the loans TMHF originates are sold to third party investors within a short period of time, on a non-recourse basis. Gains and losses from the sale of mortgages are recognized in accordance with ASC Topic 860-20, “Sales of Financial Assets.” Because TMHF does not have continuing involvement with the transferred assets, 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 mortgage operations revenue/expenses is the realized and unrealized gains and loss from hedging instruments. Advertising Costs — We expense advertising costs as incurred. Advertising costs were $30.9 million, $30.1 million and $26.1 million for the years ended December 31, 2016, 2015, and 2014, respectively. Recently Issued Accounting Pronouncements — In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 eliminates Step 2 from the goodwill impairment test, which allows an entity to avoid calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Thus reducing the cost and complexity of evaluating goodwill for impairment. This amendment will be effective for us in our fiscal year beginning January 1, 2020. We are currently evaluating the impact the adoption of ASU 2017-04 will have on our consolidated financial statements and disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU 2017-01 provides clarification on the definition of a business by providing a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. This amendment will be effective for us in our fiscal year beginning January 1, 2018. We are currently evaluating the impact the adoption of ASU 2017-01 will have on our consolidated financial statements and disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 2016-18 provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows by requiring it be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows, thereby reducing previous diversity in practice. This amendment will be effective for us in our fiscal year beginning January 1, 2018. We do not expect the adoption of ASU 2016-18 will have a material effect on our consolidated statement of cash flows or disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 provides guidance on how to disclose cash payments and cash receipts relating to eight specific cash flow issues in order to improve consistency among filers. This amendment will be effective for us in our fiscal year beginning January 1, 2018. We are currently evaluating the impact the adoption of ASU 2016-15 will have on our consolidated statement of cash flows, which is not expected to be material. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 is intended to simplify several areas of stock compensation including its tax consequences, liability verses equity classification, and statement of cash flows presentation. ASU 2016-09 will be effective for us in our fiscal year beginning January 1, 2017. We expect ASU 2016-09 to affect the amount of tax expense and deductions for stock based compensation in 2017 and in future periods, the magnitude of which will be based on the changes in performance awards issued and outstanding, and based on the amount of vested and exercised awards. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 primarily impacts off-balance sheet operating leases and will require such leases, with the exception of short-term leases, to be recorded on the balance sheet. Lessor accounting is not significantly impacted by the new guidance, however certain updates were made to align lessee and lessor treatment. ASU 2016-02 will be effective for us in our fiscal year beginning January 1, 2019. We are currently evaluating the impact the adoption of ASU 2016-02 will have on our consolidated financial statements and disclosures. In August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements ("ASU 2015-15"). ASU 2015-15 provides guidance on the presentation of debt issuance costs associated with line-of-credit arrangements. These costs may, but are not required to, remain as an asset on the balance sheet. This clarifies the language in ASU 2015-03, which requires all debt issuance costs to be classified as a contra-liability, however was silent on the treatment of line-of-credit arrangements. ASU 2015-15 and ASU 2015-03 have been adopted and applied to current and prior periods. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which provides guidance for revenue recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance. This ASU also supersedes some cost guidance included in ASC Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. The standard’s core principle is that an entity will 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. In doing so, entities will generally need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 has been deferred and will be effective beginning January 1, 2018 and, at that time, we will adopt the new standard under either the full retrospective approach or the modified retrospective approach. We are currently evaluating the method and impact the adoption of this guidance and have been involved in industry-specific discussions with the FASB on the treatment of certain items. We do not believe the adoption of this pronouncement will have a material impact on our consolidated financial statements and disclosures. |
Business Combinations |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | BUSINESS COMBINATIONS On January 8, 2016, we acquired Acadia Homes, an Atlanta based homebuilder, for total consideration of $83.6 million (including $19.7 million of seller financing holdbacks and contingent consideration). We acquired JEH Homes, an Atlanta based homebuilder, on April 30, 2015 and the Charlotte, Raleigh and Chicago divisions of Orleans Homes on July 21, 2015 for combined total consideration of $233.7 million (including seller financing and contingent consideration). In accordance with ASC Topic 805, Business Combinations, all material assets and liabilities, including contingent consideration were measured and recognized at fair value as of the date of the acquisition to reflect the purchase price paid, which resulted in goodwill for each transaction. We determined the estimated fair value of real estate inventory on a community-by-community basis primarily using the sales comparison and income approaches. The sales comparison approach was used for all inventory in process. The income approach derives a value using a discounted cash flow for income-producing real property. This approach was used exclusively for finished lots. The income approach using discounted cash flows was also used to value lot option contracts acquired. These estimated cash flows and ultimate valuation are significantly affected by the discount rate, estimates related to expected average selling prices and sales incentives, expected sales paces and cancellation rates, expected land development and construction timelines, and anticipated land development, construction, overhead costs and may vary significantly between communities. 2016 Acquisition For Acadia Homes, the Company performed a final allocation of purchase price as of the acquisition date. The following is a summary of the fair value of assets acquired, liabilities assumed, and liabilities created:
(1) Goodwill is fully deductible for tax purposes. The goodwill was allocated to our East homebuilding segment. 2015 Acquisitions For JEH Homes and the divisions of Orleans Homes, the Company performed a final allocation of purchase price as of each acquisition date. The following is a summary of the fair value of assets acquired, liabilities assumed, and liabilities created:
(1) Goodwill is fully deductible for tax purposes. We allocated $27.8 million and $6.5 million of goodwill to our East and West homebuilding segments, respectively. Unaudited Pro Forma Results of Business Combinations The following unaudited pro forma information for the years presented include the combined results of operations of our acquisitions. Our acquisition of Acadia Homes is presented as if it had been completed on January 1, 2015 and our acquisitions of JEH Homes and the Charlotte, Chicago, and Raleigh divisions of Orleans Homes as if both acquisitions had been completed on January 1, 2014. 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 acquisitions had taken place one year prior to their respective acquisition years. The pro forma information combines the historical results of the Company with the historical results of each of our acquisitions for the periods presented. The unaudited pro forma results for the years presented include adjustments to move transaction costs to the year prior to their acquisition. In addition, the unaudited pro forma results do not give effect to any synergies, operating efficiencies or other costs savings that may result from the acquisitions. Earnings per share utilizes net income from continuing operations and total weighted average Class A and Class B shares. The pro forma amounts are based on available information and certain assumptions that we believe are reasonable. Pro forma presentation for the 2016 acquisition (1)
(1) The pro forma results above only give effect to the Acadia acquisition. Pro forma presentation for the 2015 acquisitions(1)
(1) The pro forma results above only give effect to the acquisitions of JEH and divisions of Orleans Homes. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share is computed by dividing net income available to TMHC by the weighted average number of shares of Class A Common Stock outstanding during the period. Diluted earnings per share gives effect to the potential dilution that could occur if all shares of Class B Common Stock and their corresponding New TMM Units were exchanged for Class A Common Stock and if all outstanding equity awards to issue shares of Class A Common Stock were exercised or settled. See Note 23 - Subsequent Events for changes to this ownership subsequent to December 31, 2016. The following is a summary of the components of basic and diluted earnings per share:
We excluded a total weighted average of 1,565,879, 1,535,441, 1,281,959 stock options and restricted stock units (“RSUs”) from the calculation of earnings per share for the years ended December 31, 2016, 2015, and 2014, respectively. The shares of Class B Common Stock have voting rights but do not have economic rights or rights to dividends or distribution on liquidation and therefore are not participating securities. Accordingly, Class B Common Stock is not included in basic earnings per share. |
Discontinued Operations |
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Discontinued Operations | DISCONTINUED OPERATIONS In connection with the sale of Monarch in January 2015, the operating results of the Monarch business are classified as discontinued operations – net of applicable taxes in the Consolidated Statements of Operations for all periods presented. For the years ended December 31, 2016 and 2015 we did not record any revenues or expenses related to the operations of Monarch. We closed on the sale on January 28, 2015 and the activity recorded in 2015 consists of post-closing transaction expenses, including administrative costs, legal fees, and stock based compensation charges. The gain on sale of discontinued operations was determined using the purchase price for Monarch, less related costs and tax. The components of discontinued operations were as follows:
There were no assets and liabilities of discontinued operations at December 31, 2016 or 2015. |
Real Estate Inventory And Land Deposits |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Inventory And Land Deposits | REAL ESTATE INVENTORY AND LAND DEPOSITS Inventory consists of the following:
(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, future phases of current projects that will be developed as prior phases sell out, and long-term strategic assets. (2) Operating communities consist of all vertical construction costs relating to homes in progress and completed homes for all active production of inventory. The development status of our land inventory is as follows:
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 December 31, 2016 and 2015, we had the right to purchase approximately 7,583 and 8,888 lots under land option purchase contracts, respectively, which represents an aggregate purchase price of $542.6 million and $710.6 million as of December 31, 2016 and 2015, respectively. We do not have title to these properties, and the creditors generally have no recourse against the Company. As of December 31, 2016 and 2015, our exposure to loss related to our option contracts with third parties and unconsolidated entities consisted of non-refundable option deposits totaling $37.2 million and $34.1 million, respectively. Capitalized Interest — Interest capitalized, incurred and amortized is as follows:
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Investments in Unconsolidated Entities |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Entities | INVESTMENTS IN UNCONSOLIDATED ENTITIES We participate in a number of joint ventures with related and unrelated third parties, with ownership interests up to 50%. These entities are generally involved in real estate development, homebuilding and mortgage lending activities. Summarized, unaudited combined financial information of unconsolidated entities that are accounted for by the equity method is as follows:
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Intangible Assets |
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Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS At December 31, 2016, the gross carrying amount and accumulated amortization of intangible assets was $14.0 million and $10.8 million, respectively. At December 31, 2015, the gross carrying amount and accumulated amortization was $14.0 million and $9.8 million, respectively. Amortization of intangible assets is recorded on a straight-line basis over the life of the asset. Amortization expense recorded during the years ended December 31, 2016, 2015, and 2014 was $1.0 million, $1.1 million, and $1.1 million for each year, respectively. |
Accrued Expenses and Other Liabilities |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Liabilities | ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consist of the following:
Self Insurance and Warranty Reserves — We accrue for the expected costs associated with the limited one year 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:
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Debt |
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Debt | DEBT Total debt consists of the following:
(1) The Revolving Credit Facility includes $3.5 million and $5.1 million of unamortized debt issuance costs as of December 31, 2016 and 2015, respectively, which is presented in prepaid expenses and other assets, net on the consolidated balance sheets. 2021 Senior Notes On April 16, 2013, we issued $550.0 million aggregate principal amount of 5.25% Senior Notes due 2021 (the “2021 Senior Notes”). The 2021 Senior Notes mature on April 15, 2021. The 2021 Senior Notes are guaranteed by TMM Holdings, Taylor Morrison Holdings, Inc., Taylor Morrison Communities II, Inc. and their homebuilding subsidiaries (collectively, the “Guarantors”), which are all subsidiaries directly or indirectly of TMHC. The 2021 Senior Notes and the guarantees are senior unsecured obligations and are not subject to registration rights. The indenture for the 2021 Senior Notes contains covenants that prohibit or limit (i) the making of investments, (ii) the payment of dividends and the redemption of equity and junior debt, (iii) the incurrence of additional indebtedness, (iv) asset dispositions, (v) mergers and similar corporate transactions, (vi) the incurrence of liens, (vii) agreeing to restrictions on payments and asset transfers among the issuers and restricted subsidiaries and (viii) transactions with affiliates, among others. The indenture governing the 2021 Senior Notes contains customary events of default. If we do not apply the net cash proceeds of certain asset sales within specified deadlines, we will be required to offer to repurchase the 2021 Senior Notes at par (plus accrued and unpaid interest) with such proceeds. We are also required to offer to repurchase the 2021 Senior Notes at a price equal to 101% of their aggregate principal amount (plus accrued and unpaid interest) upon certain change of control events. There are no financial maintenance covenants for the 2021 Senior Notes. 2023 Senior Notes and Redemption of 2020 Senior Notes On April 16, 2015, we issued $350.0 million aggregate principal amount of 5.875% Senior Notes due 2023 (the “2023 Senior Notes”). The 2023 Senior Notes and the related guarantees are senior unsecured obligations and are not subject to registration rights. The net proceeds of the offering, together with cash on hand, were used to redeem the entire remaining principal amount of our 7.75% Senior Notes due 2020 on May 1, 2015, at a redemption price of 105.813% of their aggregate principal amount, plus accrued and unpaid interest thereon to, but not including, the date of redemption. As a result of the redemption of the 2020 Senior Notes, we recorded a loss on extinguishment of debt of $33.3 million during the second quarter of 2015, which included the payment of the redemption premium and write-off of net unamortized deferred financing fees. The 2023 Senior Notes mature on April 15, 2023. The 2023 Senior Notes are guaranteed by the same Guarantors that guarantee the 2021 Senior Notes. The indenture governing the 2023 Senior Notes contains covenants that limit our ability to incur debt secured by liens and enter into certain sale and leaseback transactions. The indenture governing the 2023 Senior Notes contains events of default that are similar to those contained in the indenture governing the 2021 Senior Notes. The change of control provisions in the indenture governing the 2023 Senior Notes are similar to those contained in the indenture governing the 2021 Senior Notes, but a credit rating downgrade must occur in connection with the change of control before the repurchase offer requirement is triggered for the 2023 Senior Notes. Prior to January 15, 2023, the 2023 Senior Notes are redeemable at a price equal to 100% plus a “make-whole” premium for payments through January 15, 2023 (plus accrued and unpaid interest). Beginning January 15, 2023, the 2023 Senior Notes are redeemable at par (plus accrued and unpaid interest). There are no financial maintenance covenants for the 2023 Senior Notes. 2024 Senior Notes On March 5, 2014, we issued $350.0 million aggregate principal amount of 5.625% Senior Notes due 2024 (the “2024 Senior Notes”). The net proceeds from the issuance of the 2024 Senior Notes were used to repay the outstanding balance under the Revolving Credit Facility and for general corporate purposes. The 2024 Senior Notes mature on March 1, 2024. The 2024 Senior Notes are guaranteed by the same Guarantors that guarantee the 2021 Senior Notes. The 2024 Senior Notes and the related guarantees are senior unsecured obligations and are not subject to registration rights. The indenture governing the 2024 Senior Notes contains covenants that limit our ability to incur debt secured by liens and enter into certain sale and leaseback transactions similar to the 2023 Senior Notes. The indenture governing the 2024 Senior Notes contains events of default that are similar to those contained in the indenture governing the 2021 and 2023 Senior Notes. The change of control provisions in the indenture governing the 2024 Senior Notes are similar to those contained in the indenture governing the 2023 Senior Notes. Prior to December 1, 2023, the 2024 Senior Notes are redeemable at a price equal to 100% plus a “make-whole” premium for payments through December 1, 2023 (plus accrued and unpaid interest). Beginning on December 1, 2023, the 2024 Senior Notes are redeemable at par (plus accrued and unpaid interest). There are no financial maintenance covenants for the 2024 Senior Notes. Revolving Credit Facility Our $500.0 million Revolving Credit Facility matures on April 12, 2019. The Revolving Credit Facility is guaranteed by the same Guarantors that guarantee the 2021 Senior Notes. The Revolving Credit Facility contains certain “springing” financial covenants, requiring us and our subsidiaries to comply with a maximum debt to capitalization ratio of not more than 0.60 to 1.00 and a minimum consolidated tangible net worth level of at least $1.5 billion. The financial covenants would be in effect for any fiscal quarter during which any (a) loans under the Revolving Credit Facility are outstanding on the last day of such fiscal quarter or on more than five separate days during such fiscal quarter or (b) undrawn letters of credit (except to the extent cash collateralized) issued under the Revolving Credit Facility in an aggregate amount greater than $40.0 million or unreimbursed letters of credit issued under the Revolving Credit Facility are outstanding on the last day of such fiscal quarter or for more than five consecutive days during such fiscal quarter. For purposes of determining compliance with the financial covenants for any fiscal quarter, the Revolving Credit Facility provides that we may exercise an equity cure by issuing certain permitted securities for cash or otherwise recording cash contributions to our capital that will, upon the contribution of such cash to TMC, be included in the calculation of consolidated tangible net worth and consolidated total capitalization. The equity cure right is exercisable up to twice in any period of four consecutive fiscal quarters and up to five times overall. The Revolving Credit Facility contains certain restrictive covenants including limitations on incurrence of liens, dividends and other distributions, asset dispositions and investments in entities that are not guarantors, limitations on prepayment of subordinated indebtedness and limitations on fundamental changes. The Revolving Credit Facility contains customary events of default, subject to applicable grace periods, including for nonpayment of principal, interest or other amounts, violation of covenants (including financial covenants, subject to the exercise of an equity cure), incorrectness of representations and warranties in any material respect, cross default and cross acceleration, bankruptcy, material monetary judgments, ERISA events with material adverse effect, actual or asserted invalidity of material guarantees and change of control. As of December 31, 2016 and 2015, 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 subsidiary warehouse borrowings:
Loans Payable and Other Borrowings Loans payable and other borrowings as of December 31, 2016 and 2015 consist of project-level debt due to various land sellers and seller financing notes from current and prior year acquisitions. Project-level debt is generally secured by the land that was acquired and the principal payments generally coincide with corresponding project lot sales or a principal reduction schedule. Loans payable bear interest at rates that ranged from 0% to 8% at December 31, 2016 and 2015. We impute interest for loans with no stated interest rates. The weighted average interest rate on $123.3 million of the loans as of December 31, 2016 was 5.3% per annum, and $27.2 million of the loans were non-interest bearing. Future Minimum Principal Payments on Total Debt Principal maturities of total debt for the year ended December 31, 2016 are as follows (in thousands):
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Foreign Currency Forward |
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Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Foreign Currency Forward | FOREIGN CURRENCY FORWARD In December 2014, we entered into a derivative financial instrument in the form of a foreign currency forward. The derivative financial instrument hedged our exposure to the Canadian dollar in conjunction with the disposition of the Monarch business. The aggregate notional amount of the foreign exchange derivative financial instrument was $471.2 million at December 31, 2014. At December 31, 2014 the fair value of the instrument was not material to our consolidated financial position or results of operations. The final settlement of the derivative financial instrument occurred on January 30, 2015 and a gain in the amount of $30.0 million was recorded to gain on foreign currency forward in the Consolidated Statements of Operations for the year ended December 31, 2015. There was no activity relating to foreign currency forwards for the year ended December 31, 2016. |
Fair Value Disclosures |
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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 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 IRLCs is based on the value of the underlying mortgage loan, quoted mortgage backed security (“MBS”) prices and the probability that the mortgage loan will fund within the terms of the IRLCs. We estimate the fair value of the forward sales commitments based on quoted MBS prices. The fair value of our mortgage warehouse borrowings, loans payable and other borrowings and the borrowings under our Revolving Credit Facility approximate carrying value due to their short term nature and variable interest rate terms. The fair value of our Senior Notes is derived from quoted market prices by independent dealers in markets that are not active. The fair value of the contingent consideration liability related to previous acquisitions was estimated using a Monte Carlo simulation model under the option pricing method. As the measurement of the contingent consideration is based primarily on significant inputs not observable in the market, it represents a Level 3 measurement. The carrying value and fair value of our financial instruments are as follows:
(1) Carrying value for Senior Notes, as presented, includes unamortized debt issuance costs. Debt issuance costs are not factored into the fair value calculation for the Senior Notes. (2) At December 31, 2016, we had no borrowings outstanding on our Revolving Credit Facility. 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:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | INCOME TAXES The provision (benefit) for income taxes for the years ended December 31, 2016, 2015 and 2014 consisted of the following:
The components of income (loss) before income taxes are as follows:
A reconciliation of the provision (benefit) for income taxes and the amount computed by applying the federal statutory income tax rate of 35% to income before provision (benefit) for income taxes is as follows:
At December 31, 2016 and 2015, we had a valuation allowance of $0.5 million and $2.6 million, respectively, against net deferred tax assets, which include the tax benefit from Canadian, U.S. federal, and state net operating loss (“NOL”) carryforwards. Federal NOL carryforwards may be used to offset future taxable income for 20 years and begin to expire in 2027. State NOL carryforwards may be used to offset future taxable income for a period of 20 years, and begin to expire in 2026. NOL carryforwards in Canada expire in 20 years, and begin to expire in 2031. For the years ended December 31, 2016 and December 31, 2015, we recorded a net valuation allowance decrease of $2.1 million and $6.3 million, respectively. Our future deferred tax asset realization depends on sufficient taxable income in the carryforward periods under existing tax laws. State deferred tax assets include approximately $10.4 million and $9.3 million at December 31, 2016 and 2015, respectively, of tax benefits related to state NOL carryovers. On an ongoing basis, we will continue to review all available evidence to determine if and when we expect to realize our deferred tax assets and federal and state NOL carryovers. As a result of the 2011 acquisition by our Principal Equityholders, we had a “change in control” as defined by Section 382 of the Internal Revenue Code of 1986 as amended (the “IRC”). Section 382 of the IRC imposes certain limitations on our ability to utilize certain tax attributes and net unrealized built-in losses that existed as of July 13, 2011. The gross deferred tax asset includes amounts that are considered to be net unrealized built-in losses. To the extent these net unrealized losses were realized during the five-year period between July 13, 2011 and July 13, 2016, they were not deductible for federal income tax reporting purposes to the extent they exceeded our overall IRC Section 382 limitation. On July 13, 2016, the limitation on net unrealized built-in losses expired. Therefore, the remaining valuation allowance related to built in losses was released during the period ended December 31, 2016. We have certain tax attributes available to offset the impact of future income taxes. The components of net deferred tax assets and liabilities at December 31, 2016 and 2015, consisted of timing differences related to inventory impairment, expense accruals, provisions for liabilities, and NOL carryforwards. We have approximately $144.7 million in available federal NOL carryforwards, and approximately $4.2 million in available NOL carryforwards related to the Canadian operations. A summary of these components is as follows:
(2) A portion of our net operating losses is limited by Section 382 of the IRC, stemming from the 2011 acquisition of the Company by our Principal Equityholders, as such acquisition was deemed a change in control as defined by Section 382. We account for uncertain tax positions in accordance with ASC 740. ASC 740 requires a company to recognize the financial statement effect of a tax position when it is more likely than not based on the technical merits of the position that the position will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to be recognized in the financial statements based upon the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Our inability to determine that a tax position meets the more-likely-than-not recognition threshold does not mean that the Internal Revenue Service (“IRS”) or any other taxing authority will disagree with the position that we have taken. The following is a reconciliation of the total amounts of unrecognized tax benefits:
All unrecognized tax benefits, if recognized, would affect the effective tax rate. These amounts are included in income taxes payable and as a reduction to deferred tax assets in the accompanying Consolidated Balance Sheets at December 31, 2016 and December 31, 2015. We recognized potential penalties and interest expense on our uncertain tax positions of $0.4 million and $0.3 million at December 31, 2016 and 2015, respectively, which is included in income tax provision in the accompanying Consolidated Statements of Operations and income taxes payable in the accompanying Consolidated Balance Sheets. There were no potential penalties and interest expense recorded on uncertain tax positions for the year ended December 31, 2014. We are currently under examination by certain taxing authorities and anticipate finalizing these examinations during the next twelve months. The outcome of these examinations is not currently determinable. The statute of limitations for our major taxing jurisdictions remains open for examination for tax years 2012 through 2016. |
Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||
Stockholders' Equity | STOCKHOLDERS’ EQUITY Capital Stock Holders of Class A Common Stock and Class B Common Stock are entitled to one vote for each share held on all matters submitted to stockholders for their vote or approval. The holders of Class A Common Stock and Class B Common Stock vote together as a single class on all matters submitted to stockholders for their vote or approval, except with respect to the amendment of certain provisions of our amended and restated Certificate of Incorporation that would alter or change the powers, preferences or special rights of the Class B Common Stock so as to affect them adversely. Such amendments must be approved by a majority of the votes entitled to be cast by the holders of the shares affected by the amendment, voting as a separate class, or as otherwise required by applicable law. The voting power of the outstanding Class B Common Stock (expressed as a percentage of the total voting power of all common stock) is equal to the percentage of partnership interests in New TMM not held directly or indirectly by TMHC. The components and respective voting power of our outstanding Common Stock at December 31, 2016 were as follows(1):
(1)See Note 23 - Subsequent Events for changes to ownership subsequent to December 31, 2016. Initial Public Offering On April 12, 2013, we completed our IPO of 32,857,800 shares of our Class A Common Stock, including 4,285,800 shares of Class A Common Stock sold in connection with the full exercise of the option to purchase additional shares granted to the underwriters, at a price to the public of $22.00 per share, resulting in net proceeds of $668.6 million to the Company. The shares began trading on the New York Stock Exchange (“NYSE”) on April 10, 2013 under the ticker symbol “TMHC.” As a result of the completion of the IPO and the Reorganization Transactions, TMHC became the indirect parent of TMM Holdings. Reorganization Transactions In connection with the IPO, we completed the Reorganization Transactions, which are described in this Annual Report on Form 10-K. In the Reorganization Transactions, the TPG Holding Vehicle and the Oaktree Holding Vehicle acquired the existing limited partnership interests in TMM Holdings from the holders thereof (including the Principal Equityholders and certain members of TMHC’s management and Board) and contributed those limited partnership interests in TMM Holdings to a new limited partnership, New TMM, such that TMM Holdings and the general partner of TMM became wholly-owned subsidiaries of New TMM. TMHC, through a series of transactions, became the sole owner of the general partner of New TMM. Immediately following the consummation of the Reorganization Transactions, the limited partners of New TMM consisted of TMHC, the TPG Holding Vehicle, the Oaktree Holding Vehicle and certain members of TMHC’s management and Board. The number of New TMM Units issued to each of the limited partners described above was determined based on a hypothetical cash distribution by TMM Holdings of its pre-IPO value, the IPO and the price per share paid by the underwriters for shares of Class A Common Stock in the IPO, resulting in the issuance to those limited partners of 112,784,964 New TMM Units and one share of Class B Common Stock for each such New TMM Unit. One share of Class B Common Stock, together with one New TMM Unit is exchangeable into a share of Class A Common Stock. See Note 23 - Subsequent Events for changes to this ownership subsequent to December 31, 2016. Stock Repurchase Program Our Board of Directors has authorized the repurchase of up to $100.0 million of the Company’s Class A Common Stock through December 31, 2017 in open market purchases, privately negotiated transactions or other transactions. The stock repurchase program is subject to prevailing market conditions and other considerations, including our liquidity, the terms of our debt instruments, statutory requirements, planned land investment and development spending, acquisition and other investment opportunities and ongoing capital requirements. During the year ended December 31, 2016 and 2015 there were an aggregate of 1,918,999 and 934,434 shares of Class A Common Stock repurchased for $28.5 million and $15.0 million, respectively. During the year ended December 31, 2014 there was no repurchase activity. |
Stock Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | STOCK BASED COMPENSATION Equity-Based Compensation In April 2013, we adopted the Taylor Morrison Home Corporation 2013 Omnibus Equity Award Plan, which was amended and restated in May 2016 (the "Plan"). The Plan provides for the grant of stock options, RSUs and other equity awards based on our common stock. As of December 31, 2016 we had an aggregate of 4,130,264 shares of Class A Common Stock available for future grants under the Plan. The following table provides information regarding the amount of Class A Common Stock available for future grants under the Plan:
The following table provides information regarding the amount and components of stock-based compensation expense, which is included in general and administrative expenses in the accompanying Consolidated Statements of Operations:
At December 31, 2016, 2015, and 2014, the aggregate unamortized value of all outstanding stock-based compensation awards was approximately $18.8 million, $15.2 million, and $16.0 million, respectively. Stock Options — Options granted to employees vest and become exercisable ratably on the anniversary of the date of grant over four or five years. Options granted to members of the Board of Directors vest and become exercisable ratably on the first, second and third anniversary of the date of grant. Vesting of the options is subject to continued employment with TMHC or an affiliate, or continued service on the Board of Directors, through the applicable vesting dates and expires within ten years from the date of grant. The following table summarizes stock option activity for the Plan for the year ended December 31, 2016:
The fair value of each option granted is estimated on the date of grant using the Black-Scholes option pricing model. Expected volatilities and expected term are based on the historical information of comparable publicly traded homebuilders. Due to the limited number and homogeneous nature of option holders, the expected term was evaluated using a single group. The risk-free rate is based on the U.S. Treasury yield curve for periods equivalent to the expected term of the options on the grant date. The fair value of stock option awards is recognized evenly over the vesting period of the options. The following table summarizes the weighted-average assumptions and fair value used for stock options grants:
The following table provides information pertaining to the aggregate intrinsic value of options outstanding and exercisable at December 31, 2016, 2015, and 2014:
The aggregate intrinsic value is based on the market price of our Class A Common Stock on December 30, 2016, the last trading day in December 2016, which was $19.26, less the applicable exercise price of the underlying option. This aggregate intrinsic value represents the amount that would have been realized if all the option holders had exercised their options on December 31, 2016. Performance-Based Restricted Stock Units – In April 2013, awards of performance-based restricted stock units (“PRSUs”) were granted to certain senior management and members of the Board in connection with the IPO. As of December 31, 2015 the performance condition was not met, therefore all of the PRSUs granted subject to the performance condition were automatically forfeited without consideration and are of no further force or effect. In 2015 and 2016, we issued PRSUs to certain employees of the Company. These awards will vest in full based on the achievement of certain performance goals over a three-year performance period, subject to the employee’s continued employment through the last date of the performance period and will be settled in shares of our Class A common stock. The number of shares that may be issued in settlement of the PRSUs to the award recipients may be greater or lesser than the target award amount depending on actual performance achieved as compared to the performance targets set forth in the awards. The following table summarizes the activity of our PRSUs:
Non-Performance-Based Restricted Stock Units — Our non-performance-based restricted stock units (“RSUs”) consist of shares of our Class A Common Stock that have been awarded to our employees and members of our Board of Directors. Vesting of RSUs is subject to continued employment with TMHC or an affiliate, or continued service on the Board of Directors, through the applicable vesting dates. Time-based RSUs granted to employees generally become vested with respect to 33% of the RSUs on the second, third, and fourth anniversaries of the grant date. Time-based RSUs granted to members of the Board of Directors will become fully vested on the first anniversary of the grant date. The following tables summarize the activity of our RSUs:
The Plan permits us to withhold from the total number of shares that would otherwise be distributed to a recipient on vesting of an RSU, an amount equal to the number of shares having a fair value at the time of distribution equal to the applicable income tax withholdings due and remit the remaining RSU shares to the recipient. During the twelve months ended December 31, 2016 and 2015, a total of 203 and 2,703 shares, respectively, were withheld on net settlement for a de minimis amount. Equity-Based Compensation Prior to the IPO New TMM Units — Certain members of management and certain members of the Board of Directors were issued Class M partnership units in TMM Holdings. Those units were subject to both time and performance vesting conditions. In addition, TMM Holdings issued phantom Class M Units to certain employees who resided in Canada, which are treated as Class M Units for the purposes of this description and the financial statements. In connection with the sale of Monarch, all of the phantom Class M Units were settled pursuant to change in control provisions provided for in the award agreement. In the year ended December 31, 2015, we paid $1.4 million in settlement of these awards, however there was no activity for the year ended December 31, 2016. Pursuant to the Reorganization Transactions, the time-vesting Class M Units in TMM Holdings were exchanged for New TMM Units with vesting terms substantially the same as the Class M Units surrendered for exchange. One New TMM Unit together with a corresponding share of Class B Common Stock is exchangeable for one share of Class A Common Stock. The shares of Class B Common Stock/New TMM Units outstanding as of December 31, 2016, 2015, and 2014 were as follows:
There are no unissued New TMM Unit awards remaining under the Class M Unit Plan and we do not intend to grant any future awards under the Class M Unit Plan. |
Related-Party Transactions |
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Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | RELATED-PARTY TRANSACTIONS From time to time, we may engage in transactions with entities or persons that are affiliated with us or one or more of the Principal Equityholders. For the year ended December 31, 2016, there were no such transactions. There were $16.8 million and $40.5 million in real estate inventory acquisitions from such affiliates in the years ended December 31, 2015 and 2014, respectively. We believe such real estate transactions with related parties are in the normal course of operations and are executed at arm’s length as they are entered into at terms comparable to those with unrelated third parties. See Note 23 - Subsequent Events for changes to Principal Equityholder ownership subsequent to December 31, 2016. In May 2015, one of our subsidiaries formed a joint venture, Pacific Point Development Partners LLC ("PPDP"), with affiliates of Oaktree Capital Management, L.P. and DMB Pacific Ventures to acquire and develop Pacifica San Juan, a coastal residential development in San Juan Capistrano, California. The acquisition of the Pacifica San Juan site from Lehman Brothers Holdings, Inc. occurred on May 19, 2015. Our subsidiary has made an initial capital investment of approximately $16.8 million in PPDP and is a minority capital partner and also the operating partner responsible for land development and homebuilding on the Pacifica San Juan site. In May 2015, PPDP entered into an approximately $257.9 million non-recourse construction and development loan with affiliates of Starwood Property Mortgage, L.L.C. as initial lender and administrative agent to finance development and home construction at the Pacifica San Juan site. In connection with entering into the loan agreement, one of our subsidiaries provided the lenders with customary guarantees, including completion, indemnity and environmental guidelines subject to usual non-recourse terms. In April 2014, one of our subsidiaries formed a joint venture, Marblehead Development Partners LLC (“MDP”), with affiliates of Oaktree and TPG to acquire and develop Marblehead, a coastal residential development in San Clemente, California consisting of 195.5 acres. The acquisition of the Marblehead site from LV Marblehead, a subsidiary owned by Lehman Brothers Holdings Inc., occurred on April 8, 2014. Our subsidiary made an initial capital investment of approximately $46.8 million in MDP and is a minority capital partner and also the operating partner responsible for land development and homebuilding on the Marblehead site, for which we will be entitled to receive an incrementally greater return on our capital investment if the Marblehead project achieves certain economic performance thresholds. In July 2014, MDP entered into an approximately $264.2 million non-recourse construction and development loan with affiliates of Starwood Property Trust as initial lender and administrative agent to finance development and home construction at the Marblehead site. In connection with entering into the loan agreement, one of our subsidiaries provided the lenders with customary guarantees, including completion, indemnity and environmental guarantees subject to usual non-recourse terms. Home construction and sales at the Marblehead site began in 2015. In December 2014, one of our subsidiaries formed a joint venture, Tramonto Development Partners, LLC, with an affiliate of Oaktree. Our subsidiary made an initial capital investment of $16.5 million and is the administrative member and therefore designated to manage the administrative affairs of the joint venture. In connection with the formation of the joint venture, our subsidiary entered into a $54.5 million non-recourse construction and development loan to finance development and home construction within the Tramonto joint venture. In connection with entering into the loan agreement, one of our subsidiaries provided the lenders with customary guarantees, including completion, indemnity and environmental guarantees subject to usual non-recourse terms. An affiliate of TPG subsequently acquired a majority participation in the Tramonto loan. |
Employee Benefit, Retirement, and Deferred Compensation Plans |
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Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit, Retirement, and Deferred Compensation Plans | EMPLOYEE BENEFIT, RETIREMENT, AND DEFERRED COMPENSATION PLANS We maintain a defined contribution plan pursuant to Section 401(k) of the IRC (“401(k) Plan”). Each eligible employee may elect to make before-tax contributions up to the current tax limits. We match 100% of employees’ voluntary contributions up to 1% of eligible compensation, and 50% for each dollar contributed between 1% and 6% of eligible compensation. We contributed $3.7 million, $3.0 million, and $2.4 million to the 401(k) Plan for the twelve months ended December 31, 2016, 2015, and 2014, respectively. The Taylor Woodrow (USA) U.K. Supplementary Pension Plan is an unfunded, nonqualified pension plan for several individuals who transferred from the Company’s U.K. related companies to the employment of Taylor Woodrow on or before October 1, 1995. The recorded obligations represent benefits accrued by these individuals for service with Taylor Woodrow prior to the employees’ participation in the U.S. pension plan minus any benefit accrued in any other pension-type benefit plans sponsored by or contributed to a Taylor Woodrow Group-related company for the period of service prior to participation in the U.S. plan. In accordance with the plan document, the participants are entitled to a fixed monthly pension and a fixed survivor benefit after the age of 65. At December 31, 2016 and 2015, we had $1.6 million and $1.2 million accrued, respectively, for obligations under this plan. These obligations are recorded in accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets. We also maintain the Taylor Morrison Cash Balance Pension Plan (the “U.S. Cash Balance Plan”). This is a consolidated defined benefit plan arising from the 2007 merger of the parent companies of Taylor Woodrow Holdings (USA), Inc. and Morrison Homes, Inc. All full-time employees were eligible to participate in this plan. The contribution percentage is based on participant’s age and ranges from 2% to 4% of eligible compensation, plus 1% of eligible compensation over the social security wage base. We contributed to the plan $0.8 million, $0.9 million and $1.4 million for the twelve months ended December 31, 2016, 2015, and 2014, respectively. At December 31, 2016 and 2015, the unfunded status of the plan was $8.3 million and $9.3 million, respectively. These obligations are recorded in accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets. Effective December 31, 2010, the U.S. Cash Balance Plan was amended to freeze participation so that no new or reemployed employees may become participants and to freeze all future benefit accruals to existing participants. The changes in the total benefit obligation and in the fair value of assets and the funded status of the U.S. Cash Balance Plan are as follows:
The significant weighted-average assumptions adopted in measuring the benefit obligations and net periodic pension costs are as follows:
The overall expected long-term rate of return on plan assets assumption is determined based on the plan’s targeted allocation among asset classes and the weighted-average expected return of each class. The expected return of each class is determined based on the current yields on inflation-indexed bonds, current forecasts of inflation, and long-term historical real returns. Components of net periodic pension cost of the U.S. Cash Balance Plan are as follows:
Accumulated other comprehensive loss of $7.8 million and $8.1 million as of December 31, 2016 and 2015, respectively, and has not yet been recognized as a component of net periodic pension cost. Net settlement losses are included in general and administrative expenses in the accompanying Consolidated Statements of Operations for the year ended December 31, 2016. We expect approximately $0.1 million of the amounts in accumulated other comprehensive loss will be recognized into net periodic pension cost during the year ending December 31, 2017. The estimated future benefit payments in the next five years and the five years thereafter in aggregate are as follows (dollars in thousands):
We do not expect to contribute to the U.S. Cash Balance Plan in the year ending December 31, 2017. The fair value of the U.S. Cash Balance Plan’s assets by asset categories is as follows:
We believe the U.S. Cash Balance Plan’s assets are invested in a manner consistent with generally accepted standards of fiduciary responsibility. Taylor Morrison’s primary investment objective is to build and maintain the plan’s assets through employer contributions and investment returns to satisfy legal requirements and benefit payment requirements when due. Because of the long-term nature of the plan’s obligations, Taylor Morrison has the following goals in managing the plan: long-term (i.e., five years and more) performance objectives, maintenance of cash reserves sufficient to pay benefits, and achievement of the highest long-term rate of return practicable without taking excessive risk that could jeopardize the plan’s funding policy or subject us to undue funding volatility. The investment portfolio contains a diversified blend of equity, fixed-income securities, and cash, though allocation will favor equity investments in order to reach the U.S. Cash Balance Plan’s stated objectives. One of the U.S. Cash Balance Plan’s investment criteria is that over a complete market cycle, each of the investment funds should typically rank in the upper half of the universe of all active investment funds in the same asset class with similar investment objectives. Investments in commodities, private placements, or letter stock are not permitted. The equity securities are diversified across U.S. and international stocks, as well as growth and value. Investment performance is measured and monitored on an ongoing basis through quarterly portfolio reviews and annual reviews relative to the objectives and guidelines of the plan. The range of target allocation percentages of plan assets of the U.S. Cash Balance Plan is as follows:
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Accumulated Other Comprehensive Income |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE INCOME The table below provides the components of accumulated other comprehensive income (loss):
Reclassifications for the amortization of the employee retirement plans are included in selling, general and administrative expense in the accompanying Consolidated Statements of Operations. |
Operating and Reporting Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating and Reporting Segments | OPERATING AND 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 reporting segments, East, Central, and West, based on similar long-term economic characteristics. We also have a mortgage and title services reporting segment. We have no inter-segment sales as all sales are to external customers. Our reporting segments are as follows:
Management evaluates segment performance based on GAAP gross margin, defined as homebuilding and land revenue less cost of home construction, land development and other land sales costs and other costs incurred by, or allocated to each segment, including impairments. Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity. Segment information, excluding discontinued operations, is as follows:
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Selected Quarterly Financial Data |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Quarterly Financial Data | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Quarterly results are as follows(1):
(1) The sum of the individual quarterly amounts may not agree to the annual amounts included in the accompanying consolidated statements of operations due to rounding. |
Commitments and Contingencies |
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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 $302.8 million and $394.8 million as of December 31, 2016 and 2015, respectively. Although significant development and construction activities have been completed related to these site improvements, the bonds are generally not released until all development and construction activities are completed. We do not believe that it is probable that any outstanding bonds as of December 31, 2016 will be drawn upon. Purchase Commitments — We are subject to the usual obligations associated with entering into contracts (including option contracts) for the purchase, development, and sale of real estate in the routine conduct of its business. We have a number of land purchase option contracts, 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 the option contracts are generally limited to the forfeiture of the related non-refundable cash deposits. At December 31, 2016 and 2015, we had the right to purchase approximately 7,583 and 8,888 lots under land option and land purchase contracts, respectively, which represents an aggregate purchase price of $542.6 million and $710.6 million at December 31, 2016 and 2015, respectively. At December 31, 2016 and 2015, we had $37.2 million and $34.1 million in land deposits related to land options and land purchase contracts, respectively. Legal Proceedings — We are involved in various litigation and legal claims in the normal course of business, including actions brought on behalf of various classes of claimants. We are also subject to a variety of local, state, and federal laws and regulations related to land development activities, house construction standards, sales practices, mortgage lending operations, employment practices, and protection of the environment. As a result, we are subject to periodic examination or inquiry by various governmental agencies that administer these laws and regulations. We establish liabilities for legal claims and regulatory matters when such matters are both probable of occurring and any potential loss can be reasonably estimated. At December 31, 2016 and 2015, our legal accruals were $4.4 million and $0.8 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 matter. 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. Operating Leases — We lease office facilities and certain equipment under operating lease agreements. In most cases, we expect that, in the normal course of business, leases that expire will be renewed or replaced by other leases. Approximate future minimum payments under the non-cancelable leases in effect at December 31, 2016, are as follows (in thousands):
Rent expense under non-cancelable operating leases for the year ended December 31, 2016, 2015 and 2014, was $5.3 million, $4.4 million and $4.2 million, respectively, and is included in general and administrative expenses in the accompanying Consolidated Statements of Operations. Commitments to Extend Credit — We enter into IRLCs with customers who have applied for mortgage loans and meet certain credit and underwriting criteria. These commitments expose us to market risk if interest rates change and the underlying loan is not economically hedged or committed to an investor. We also are exposed to credit loss if the loan is originated and not sold to an investor and the mortgagor does not perform. The collateral upon extension of credit typically consists of first deed of trust in the mortgagor's property. Commitments to originated loans do not necessarily reflect future cash requirements as some commitments are expected to expire without being drawn upon. Total commitments to originate loans approximated $96.0 million and $52.0 million for the years ended December 31, 2016 and 2015, respectively. |
Mortgage Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Hedging Activities | MORTGAGE HEDGING ACTIVITIES We enter into IRLCs to originate residential mortgage loans held for sale, at specified interest rates and within a specified period of time (generally between 30 and 60 days), with customers who have applied for a loan and meet certain credit and underwriting criteria. These IRLCs meet the definition of a derivative and are reflected on the balance sheet at fair value with changes in fair value recognized in mortgage operations revenue/expenses on the statement of operations and other comprehensive income. Unrealized gains and losses on the IRLCs, reflected as derivative assets, 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 instruments as of December 31, 2016:
We have exposure to credit loss in the event of contractual non-performance by our trading counterparties in derivative instruments that we use in our rate risk management activities. We manage this credit risk by selecting only counterparties that we believe to be financially strong, spreading the risk among multiple counterparties, by placing contractual limits on the amount of unsecured credit extended to any single counterparty, and by entering into netting agreements with counterparties, as appropriate. |
Subsequent Events |
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Subsequent Events | SUBSEQUENT EVENTS On February 6, 2017 we completed the sale of 11,500,000 shares of our Class A common stock in a registered public offering at a net purchase price per share of $18.2875 (the public offering price to the public of $19.00 per share less the underwriters’ discount). We used all of the net proceeds from the public offering to purchase partnership units in New TMM, our direct subsidiary, along with shares of our Class B common stock, held by our Principal Equityholders. The aggregate number partnership units and corresponding shares of Class B common stock we purchased was equal to the number of shares of Class A common stock sold in the public offering. Immediately following the consummation of the offering and net use of proceeds our ownership was:
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation — The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), include the accounts of TMHC and its consolidated subsidiaries, other entities where we have a controlling financial interest, and certain consolidated variable interest entities. Intercompany balances and transactions have been eliminated in consolidation. Unless otherwise stated, amounts are shown in U.S. dollars. Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance sheet date, and revenues and expenses are translated at average rates of exchange prevailing during the period. Translation adjustments resulting from this process are recorded to accumulated other comprehensive income (loss) in the accompanying Consolidated Balance Sheets, Statements of Stockholders’ Equity, and Consolidated Statements of Comprehensive Income. |
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Discontinued Operations | Discontinued Operations — As a result of our decision in December 2014 to divest of Monarch Corporation ("Monarch"), our former Canadian operating segment, the operating results and financial position of the Monarch business are presented as discontinued operations for the years ended December 31, 2015 and December 31, 2014. Refer to Note 5 – Discontinued Operations for further information regarding Monarch. |
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Non-controlling interests | Non-controlling interests — In connection with the Reorganization Transactions consummated at the time of the Company's IPO, the Company became the sole owner of the general partner of New TMM. As the general partner of New TMM, the Company exercises exclusive and complete control over New TMM. Consequently, the Company consolidates New TMM and records a non-controlling interest in the Consolidated Balance Sheets for the economic interests in New TMM, that are directly or indirectly held by the Principal Equityholders or by members of management and the Board of Directors. |
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Joint Ventures | Joint Ventures — We consolidate certain joint ventures in accordance with Accounting Standards Codification ("ASC") Topic 810, "Consolidation". The income from the percentage of the joint venture not owned by us is presented as "Net income attributable to non-controlling interests - joint ventures" on the Consolidated Statements of Operations. |
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Reclassifications | Reclassifications — Prior period amounts related to debt issuance costs have been reclassified to conform with current period financial statement presentation as a result of adopting Accounting Standards Update ("ASU") 2015-03, Simplifying the Presentation of Debt Issuance Costs. Approximately $14.8 million of such costs as of December 31, 2015 have been reclassified from prepaid expenses and other assets, net to their respective debt liability. As permitted by ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, approximately $5.1 million of unamortized debt issuance costs associated with our Revolving Credit Facility as of December 31, 2015 remained classified as prepaid expenses and other assets, net. |
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Business Combinations | Business Combinations — Acquisitions are accounted for in accordance with ASC Topic 805-10, Business Combinations. In connection with our acquisitions, we determined we obtained control of a business and inputs, processes and outputs in exchange for cash and other consideration. All material assets and liabilities, including contingent consideration, were measured and recognized at fair value as of the date of the acquisition to reflect the purchase price paid, which resulted in goodwill for each transaction. |
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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 Consolidated Financial Statements and accompanying notes. Significant estimates include real estate development costs to complete, valuation of real estate, valuation of acquired assets, valuation of goodwill, valuation of equity awards, valuation allowance on deferred tax assets and reserves for warranty and self-insured risks. Actual results could differ from those estimates. |
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Concentration of Credit Risk | Concentration of Credit Risk — Financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents and mortgage borrowings. Cash and cash equivalents include amounts on deposit with financial institutions in the U.S. that are in excess of the Federal Deposit Insurance Corporation federally insured limits of up to $250,000. No losses have been experienced to date. In addition, the Company is exposed to credit risk to the extent that mortgage and loan borrowers may fail to meet their contractual obligations. This risk is mitigated by collateralizing the mortgaged property or land that was sold to the buyer. |
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Cash and Cash Equivalents | Cash and Cash Equivalents — Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions, and investments with original maturities of 90 days or less. At December 31, 2016, the majority of our cash and cash equivalents were invested in both highly liquid and high-quality money market funds or on deposit with major financial institutions. |
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Restricted Cash | Restricted Cash — Restricted cash consisted of $1.6 million and $1.3 million pledged to collateralize mortgage credit lines at December 31, 2016 and December 31, 2015, respectively. |
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Real Estate Inventory | Real Estate Inventory — Inventory consists of raw land, land under development, homes under construction, completed homes, and model homes, 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 construction costs are accumulated and charged to cost of sales at home closing using the specific identification method. Land acquisition, development, interest, real estate taxes and overhead are allocated to homes and units using the relative sales value method. These costs are capitalized to inventory from the point development begins to the point construction is completed. Changes in estimated costs to be incurred in a community are generally allocated to the remaining homes 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. The life cycle of the community generally ranges from two to five years, commencing with the acquisition of unentitled or entitled land, continuing through the land development phase and concluding with the sale, construction and delivery of homes. Actual community lives will vary based on the size of the community, the sales absorption rate and whether we purchased the property as raw land or as finished lots. We capitalize qualifying interest costs to inventory during the development and construction periods. Capitalized interest is charged to cost of sales when the related inventory is delivered or when the related inventory is charged to cost of sales. We assess the recoverability of our land inventory in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 360, “Property, Plant, and Equipment.” We review our real estate inventory for indicators of impairment by community during each reporting period. If indicators of impairment are present for a community, we first perform an undiscounted cash flow analysis to determine if the carrying value of the assets in that community exceeds the 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. Our determination of fair value is based on a discounted cash flow model which includes projections and estimates relating to sales prices, construction costs, sales pace, and other factors. Changes in these expectations may lead to a change in the outcome of our impairment analysis, and actual results may also differ from our assumptions. During the year ended December 31, 2016 we recorded $3.5 million of impairment charges in Cost of home closings on the Consolidated Statement of Operations, for certain assets in our West reporting segment as a result of certain increases in development costs. For the years ended December 31, 2015, and 2014, no impairment charges were recorded. In certain cases, we may elect to cease development and/or marketing of an existing community if we believe the economic performance of the community would be maximized by deferring development for a period of time to allow for market conditions to improve. The decision may be based on financial and/or operational metrics as determined by us. If we decide to cease developing a project, we will evaluate the project for impairment and then cease future development and marketing activity until such a time when we believe that market conditions have improved and economic performance can be maximized. Our assessment of the carrying value of our assets typically includes subjective estimates of future performance, including the timing of when development will recommence, the type of product to be offered, and the margin to be realized. In the future, some of these inactive communities may be re-opened while others may be sold. As of December 31, 2016, we had seven inactive projects with a carrying value of $16.2 million, of which $2.2 million and $14.0 million were in the East and West segments, respectively. There are no inactive projects in our Central region. In the ordinary course of business, we enter into various specific performance agreements to acquire lots. Real estate not owned under these agreements is consolidated into real estate inventory with a corresponding liability in liabilities attributable to real estate not owned under option agreements in the Consolidated Balance Sheets. |
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Land Deposits | 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. To the extent the deposits are non-refundable, they are charged to expense if the land acquisition process is terminated or no longer determined probable. We review the likelihood of the acquisition of contracted lots in conjunction with our periodic real estate inventory impairment analysis. Non-refundable deposits are recorded as a real estate inventory in the accompanying Consolidated Balance Sheets at the time the deposit is applied to the acquisition price of the land based on the terms of the underlying agreements. |
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Mortgages Loans Held for Sale | Mortgage Loans Held for Sale — Mortgage loans held for sale consists of mortgages due from buyers of Taylor Morrison homes that are financed through our mortgage finance subsidiary, TMHF. Mortgage loans held for sale are carried at fair value, which is calculated using observable market information, including pricing from actual market transactions, investor commitment prices, or broker quotations. The fair value for mortgage loans held for sale covered by investor commitments is generally based on commitment prices. The fair value for mortgage loans held for sale not committed to be purchased by an investor is generally based on current delivery prices using best execution pricing. |
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Derivative Assets | Derivative Assets — The price risk related to changes in the fair value of interest rate lock commitments (“IRLCs”) and mortgage loans held for sale not committed to be purchased by investors are subject to change primarily due to changes in market interest rates. We are exposed to interest rate risk for IRLCs and mortgage loans held for sale originated until those loans are sold in the secondary market. We manage the interest rate and price risk associated with our outstanding IRLC's and mortgage loans held for sale not committed to be purchased by investors by entering into hedging instruments such as forward loan sales commitments and mandatory delivery commitments. We expect these instruments will experience changes in fair value inverse to changes in the fair value of the IRLCs and mortgage loans held for sale not committed to investors, thereby reducing earnings volatility. We take into account various factors and strategies in determining what portion of the IRLCs and mortgage loans held for sale to economically hedge. FASB ASC 815-25 Derivatives and Hedging, requires that all hedging instruments be recognized as assets or liabilities on the balance sheet at their fair value. We do not meet the criteria for hedge accounting, therefore, we account for these instruments as free-standing derivatives, with changes in fair value recognized in mortgage operations revenue/expenses on the statement of operations in the period in which they occur. |
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Prepaid Expenses and Other Assets, net | Prepaid expenses consist primarily of sales commissions, sales presentation centers and model home costs, such as design fees and furniture, and the unamortized issuance costs for the Revolving Credit Facility. Prepaid sales commissions are recorded on pre-closing sales activities, which are recognized on the ultimate closing of the units to which they relate. The model home and sales presentation centers costs are paid in advance and amortized over the life of the project on a per-unit basis, or a maximum of three years. Other assets consist primarily of various operating and escrow deposits, pre-acquisition costs and other deferred costs. Prepaid Expenses and Other Assets, net |
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Other Receivables, net | Other Receivables, net — Other receivables primarily consist of amounts expected to be recovered from various community development districts and utility deposits. Allowances of $5.0 thousand and $0.2 million at December 31, 2016 and 2015, respectively, are maintained for potential credit losses based on historical experience, present economic conditions, and other factors considered relevant. Allowances are recorded in other expense, net, when it becomes likely that some amount will not be collectible. Other receivables are written off when it is determined that collection efforts will no longer be pursued. |
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Investments in Consolidated and Unconsolidated Entities | Investments in Consolidated and Unconsolidated Entities Consolidated Joint Ventures and Option Agreements — In the ordinary course of business, we participate in strategic land development and homebuilding joint ventures with third parties. The use of these entities, in some instances, enables us to acquire land to which we could not otherwise obtain access, or could not obtain access on terms that are as favorable. Some of these ventures develop land for the sole use of the venture participants and others develop land for sale to the joint venture participants and to unrelated builders. In addition, we are involved with third parties who are involved in land development and homebuilding activities, including home sales. We review such contracts to determine whether they are a variable interest entity ("VIE"). In accordance with ASC Topic 810, “Consolidation,” for each VIE, we assess whether we are the primary beneficiary by first determining if we have the ability to control the activities of the VIE that most significantly affect its economic performance. Such activities include, but are not limited to, the ability to determine the budget and scope of land development work, if any; the ability to control financing decisions for the VIE; the ability to acquire additional land into the VIE or dispose of land in the VIE not under contract with us; and the ability to change or amend the existing option contract with the VIE. If we are not able to control such activities, we are not considered the primary beneficiary of the VIE. If we do have the ability to control such activities, we continue our analysis to determine if we are expected to absorb a potentially significant amount of the VIE’s losses or, if no party absorbs the majority of such losses, if we will potentially benefit from a significant amount of the VIE’s expected returns. For these entities in which we are expected to absorb the losses or benefits, we consolidate the results in the accompanying Consolidated Financial Statements. 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. For joint ventures accounted for using the equity method, 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 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 homebuyer. 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 during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in value of our investment in the unconsolidated entity has occurred which is other-than-temporary. The amount of impairment recognized is the excess of the investment’s carrying amount over its estimated fair value. Additionally, we consider various qualitative factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include age of the venture, stage in its life cycle, 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 the Company believes that the decline in the fair value of the investment is temporary, then no impairment is recorded. |
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Income Taxes | Income Taxes — We account for income taxes in accordance with ASC Topic 740, “Income Taxes.” Deferred tax assets and liabilities are recorded based on future tax consequences of temporary differences between the amounts reported for financial reporting purposes and the amounts deductible for income tax purposes, and are measured using enacted tax rates expected to apply in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the changes are enacted. We periodically assess our deferred tax assets, including the benefit from net operating losses, to determine if a valuation allowance is required. A valuation allowance is established when, based upon available evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. Realization of the deferred tax assets is dependent upon, among other matters, taxable income in prior years available for carryback, estimates of future income, tax planning strategies, and reversal of existing temporary differences. |
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Property and Equipment, net | Property and Equipment, net — Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is generally computed using the straight-line basis over the estimated useful lives of the assets as follows: Buildings: 20 – 40 years Building and leasehold improvements: 10 years or remaining life of building/lease term if less than 10 years Information systems: over the term of the license Furniture, fixtures and computer and equipment: 5 – 7 years Model and sales office improvements: lesser of 3 years or the life of the community Maintenance and repair costs are expensed as incurred. Depreciation expense was $2.9 million for the year ended December 31, 2016, $3.3 million for the year ended December 31, 2015, and $3.0 million for the year ended December 31, 2014. Depreciation expense is recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations. |
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Intangible Assets, net | Intangible Assets, net — Intangible assets consist of tradenames, lot options contracts and land supplier relationships, and non-compete covenants. We sell our homes under the Taylor Morrison and Darling Homes trade names. The fair value of acquired intangible assets was determined using the income approach, and are amortized on a straight line basis from three to ten years. |
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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. For the year ended December 31, 2016, there was an increase of $8.5 million in goodwill due to our acquisition of Acadia Homes. For the year ended December 31, 2015 there were $34.3 million additions to goodwill due to our acquisitions of JEH Homes and certain divisions of Orleans Homes. There was no impairment of goodwill for the years ended December 31, 2016, 2015, and 2014. |
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Insurance Costs, Self-Insurance Reserves and Warranty Reserves | Insurance Costs, Self-Insurance Reserves and Warranty Reserves — We have certain deductible limits under our workers’ compensation, automobile, and general liability insurance policies, and we record expense and liabilities for the estimated costs of potential claims for construction defects. The excess liability limits are $50 million per occurrence, aggregated annually and applied in excess of automobile liability, employer’s liability under workers compensation and general liability policies. We also generally require our subcontractors and design professionals to indemnify us and provide evidence of insurance for liabilities arising from their work, subject to certain limitations. We are the parent of Beneva Indemnity Company (“Beneva”), which provides insurance coverage for construction defects discovered up to ten years following the close of a home, coverage for premise operations risk, and property coverage. We accrue for the expected costs associated with the deductibles and self-insured amounts under our various insurance policies based on historical claims, estimates for claims incurred but not reported, and potential for recovery of costs from insurance and other sources. The estimates are subject to significant variability due to factors, such as claim settlement patterns, litigation trends, and the extended period of time in which a construction defect claim might be made after the closing of a home. We offer warranties on homes that generally provide for a limited one-year warranty to cover various defects in workmanship or materials or to cover structural construction defects. We may also facilitate a ten-year warranty in certain markets or to comply with regulatory requirements. Warranty reserves are established as homes close in an amount estimated to be adequate to cover expected costs of materials and outside labor during warranty periods. Our warranty is not considered a separate deliverable in the arrangement, therefore, it is accounted for in accordance with ASC Topic 450, “Contingencies,” which states that warranties that are not separately priced are generally accounted for by accruing the estimated costs to fulfill the warranty obligation. The amount of revenue related to the product is recognized in full upon the delivery if all other criteria for revenue recognition have been met. Thus, the warranty would not be considered a separate deliverable in the arrangement since it is not priced apart from the home. As a result, we accrue the estimated costs to fulfill the warranty obligation at the time a home closes, as a component of cost of home closings. Our reserves are based on factors that include an actuarial study for structural, historical and anticipated claims, trends related to similar product types, number of home closings, and geographical areas. We also provide third-party warranty coverage on homes where required by Federal Housing Administration or Veterans Administration lenders. Reserves are recorded in accrued expenses and other liabilities on our Consolidated Balance Sheets. |
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Non-controlling Interests - Principal Equityholders | Non-controlling Interests — Principal Equityholders — Immediately prior to our IPO, as part of the Reorganization Transactions, the existing holders of limited partnership interests of TMM Holdings exchanged their limited partnership interests for limited partnership interests of New TMM (“New TMM Units”). For each New TMM Unit received in the exchange, the holders of New TMM Units also received a corresponding number of shares of our Class B Common Stock (the “Class B Common Stock”). Our Class B Common Stock has voting rights but no economic rights. One share of Class B Common Stock, together with one New TMM Unit, is exchangeable into one share of our Class A Common Stock in accordance with the terms of the Exchange Agreement, dated as of April 9, 2013, among the Company, New TMM and the holders of Class B Common Stock and New TMM Units. |
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Stock Based Compensation | Stock Based Compensation — We have stock options, performance based restricted stock units and non-performance based restricted stock units which we account for in accordance with ASC Topic 718-10, “Compensation — Stock Compensation.” The fair value for stock options is measured and estimated on the date of grant using the Black-Scholes option pricing model and recognized evenly over the vesting period of the options. Performance based restricted stock units are measured using the closing price on the date of grant and expensed using a probability of attainment calculation which determines the likelihood of achieving the performance targets. Non-performance based restricted stock units are time based awards and measured using the closing price on the date of grant and are expensed ratably over the vesting period on a straight-line basis. |
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Treasury Stock | Treasury Stock — We account for treasury stock in accordance with ASC Topic 505-30, "Equity - Treasury Stock." Repurchased shares are reflected as a reduction in Stockholders' Equity and subsequent sale of repurchased shares are recognized as a change in Equity. When factored into our weighted average calculations for purposes of earnings per share, the number of repurchased shares is based on the trade date. |
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Revenue Recognition | Revenue Recognition Home closings revenue, net — Home closings revenue is recorded using the completed-contract method of accounting at the time each home is delivered, title and possession are transferred to the buyer, we have no significant continuing involvement with the home, risk of loss has transferred, the buyer has demonstrated sufficient investment in the property, and the receivable, if any, from the homeowner or escrow agent is not subject to future subordination. We typically grant our homebuyers certain sales incentives, including cash discounts, incentives on options included in the home, option upgrades, and seller-paid financing or closing costs. Incentives and discounts are accounted for as a reduction in the sales price of the home and home closings revenue is shown net of discounts. For the years ended December 31, 2016, 2015 and 2014, discounts and incentives were $250.5 million, $179.3 million and $150.9 million, respectively. We also receive rebates from certain vendors and these rebates are accounted for as a reduction to cost of home closings. Land closings revenue — Revenue from land sales is recognized when title is transferred to the buyer, there is no significant continuing involvement, and the buyer has demonstrated sufficient investment in the property sold. If the buyer has not made an adequate investment in the property, the profit on such sales is deferred until these conditions are met. Mortgage operations revenue — Loan origination fees (including title fees, points, closing costs) are recognized at the time the related real estate transactions are completed, usually upon the close of escrow. All of the loans TMHF originates are sold to third party investors within a short period of time, on a non-recourse basis. Gains and losses from the sale of mortgages are recognized in accordance with ASC Topic 860-20, “Sales of Financial Assets.” Because TMHF does not have continuing involvement with the transferred assets, 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 mortgage operations revenue/expenses is the realized and unrealized gains and loss from hedging instruments. |
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Advertising Costs | Advertising Costs — We expense advertising costs as incurred. |
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Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements — In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 eliminates Step 2 from the goodwill impairment test, which allows an entity to avoid calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Thus reducing the cost and complexity of evaluating goodwill for impairment. This amendment will be effective for us in our fiscal year beginning January 1, 2020. We are currently evaluating the impact the adoption of ASU 2017-04 will have on our consolidated financial statements and disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU 2017-01 provides clarification on the definition of a business by providing a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. This amendment will be effective for us in our fiscal year beginning January 1, 2018. We are currently evaluating the impact the adoption of ASU 2017-01 will have on our consolidated financial statements and disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 2016-18 provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows by requiring it be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows, thereby reducing previous diversity in practice. This amendment will be effective for us in our fiscal year beginning January 1, 2018. We do not expect the adoption of ASU 2016-18 will have a material effect on our consolidated statement of cash flows or disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 provides guidance on how to disclose cash payments and cash receipts relating to eight specific cash flow issues in order to improve consistency among filers. This amendment will be effective for us in our fiscal year beginning January 1, 2018. We are currently evaluating the impact the adoption of ASU 2016-15 will have on our consolidated statement of cash flows, which is not expected to be material. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 is intended to simplify several areas of stock compensation including its tax consequences, liability verses equity classification, and statement of cash flows presentation. ASU 2016-09 will be effective for us in our fiscal year beginning January 1, 2017. We expect ASU 2016-09 to affect the amount of tax expense and deductions for stock based compensation in 2017 and in future periods, the magnitude of which will be based on the changes in performance awards issued and outstanding, and based on the amount of vested and exercised awards. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 primarily impacts off-balance sheet operating leases and will require such leases, with the exception of short-term leases, to be recorded on the balance sheet. Lessor accounting is not significantly impacted by the new guidance, however certain updates were made to align lessee and lessor treatment. ASU 2016-02 will be effective for us in our fiscal year beginning January 1, 2019. We are currently evaluating the impact the adoption of ASU 2016-02 will have on our consolidated financial statements and disclosures. In August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements ("ASU 2015-15"). ASU 2015-15 provides guidance on the presentation of debt issuance costs associated with line-of-credit arrangements. These costs may, but are not required to, remain as an asset on the balance sheet. This clarifies the language in ASU 2015-03, which requires all debt issuance costs to be classified as a contra-liability, however was silent on the treatment of line-of-credit arrangements. ASU 2015-15 and ASU 2015-03 have been adopted and applied to current and prior periods. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which provides guidance for revenue recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance. This ASU also supersedes some cost guidance included in ASC Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. The standard’s core principle is that an entity will 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. In doing so, entities will generally need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 has been deferred and will be effective beginning January 1, 2018 and, at that time, we will adopt the new standard under either the full retrospective approach or the modified retrospective approach. We are currently evaluating the method and impact the adoption of this guidance and have been involved in industry-specific discussions with the FASB on the treatment of certain items. We do not believe the adoption of this pronouncement will have a material impact on our consolidated financial statements and disclosures. |
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Earnings Per Share | The shares of Class B Common Stock have voting rights but do not have economic rights or rights to dividends or distribution on liquidation and therefore are not participating securities. Accordingly, Class B Common Stock is not included in basic earnings per share. Basic earnings per share is computed by dividing net income available to TMHC by the weighted average number of shares of Class A Common Stock outstanding during the period. Diluted earnings per share gives effect to the potential dilution that could occur if all shares of Class B Common Stock and their corresponding New TMM Units were exchanged for Class A Common Stock and if all outstanding equity awards to issue shares of Class A Common Stock were exercised or settled. |
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Fair Value Disclosures | We have adopted ASC Topic 820, “Fair Value Measurements” for valuation of financial instruments. ASC 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 IRLCs is based on the value of the underlying mortgage loan, quoted mortgage backed security (“MBS”) prices and the probability that the mortgage loan will fund within the terms of the IRLCs. We estimate the fair value of the forward sales commitments based on quoted MBS prices. The fair value of our mortgage warehouse borrowings, loans payable and other borrowings and the borrowings under our Revolving Credit Facility approximate carrying value due to their short term nature and variable interest rate terms. The fair value of our Senior Notes is derived from quoted market prices by independent dealers in markets that are not active. The fair value of the contingent consideration liability related to previous acquisitions was estimated using a Monte Carlo simulation model under the option pricing method. As the measurement of the contingent consideration is based primarily on significant inputs not observable in the market, it represents a Level 3 measurement. |
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Operating and Reporting Segments | Our reporting segments are as follows:
Management evaluates segment performance based on GAAP gross margin, defined as homebuilding and land revenue less cost of home construction, land development and other land sales costs and other costs incurred by, or allocated to each segment, including impairments. Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Prepaid Expenses and Other Assets | Prepaid expenses and other assets consist of the following:
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Business Combinations (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Fair Value of Assets Acquired and Liabilities Created | The following is a summary of the fair value of assets acquired, liabilities assumed, and liabilities created:
(1) Goodwill is fully deductible for tax purposes. The goodwill was allocated to our East homebuilding segment. 2015 Acquisitions For JEH Homes and the divisions of Orleans Homes, the Company performed a final allocation of purchase price as of each acquisition date. The following is a summary of the fair value of assets acquired, liabilities assumed, and liabilities created:
(1) Goodwill is fully deductible for tax purposes. We allocated $27.8 million and $6.5 million of goodwill to our East and West homebuilding segments, respectively. |
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Unaudited Pro Forma Results of Business Combinations | Pro forma presentation for the 2016 acquisition (1)
(1) The pro forma results above only give effect to the Acadia acquisition. Pro forma presentation for the 2015 acquisitions(1)
(1) The pro forma results above only give effect to the acquisitions of JEH and divisions of Orleans Homes. |
Earnings Per Share (Tables) |
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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:
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Discontinued Operations (Tables) |
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Schedule of Discontinued Operations, Statement of Income and Balance Sheet | The components of discontinued operations were as follows:
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Real Estate Inventory And Land Deposits (Tables) |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | Inventory consists of the following:
(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, future phases of current projects that will be developed as prior phases sell out, and long-term strategic assets. (2) Operating communities consist of all vertical construction costs relating to homes in progress and completed homes for all active production of inventory. |
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Summary of Development Status of Land Inventory | The development status of our land inventory is as follows:
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Schedule of Interest Capitalized, Incurred, Expensed and Amortized | Capitalized Interest — Interest capitalized, incurred and amortized is as follows:
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Investments in Unconsolidated Entities (Tables) |
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Summarized Balance Sheets 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:
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Summarized Statements of Operations of Unconsolidated Entities Accounted by Equity Method |
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Accrued Expenses and Other Liabilities (Tables) |
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Summary of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consist of the following:
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Summary of Changes in Reserves | A summary of the changes in our reserves are as follows:
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Debt (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes and Other Borrowings | Total debt consists of the following:
(1) The Revolving Credit Facility includes $3.5 million and $5.1 million of unamortized debt issuance costs as of December 31, 2016 and 2015, respectively, which is presented in prepaid expenses and other assets, net on the consolidated balance sheets. |
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Summary of Mortgage Subsidiary Borrowings | The following is a summary of our mortgage subsidiary warehouse borrowings:
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Principal Maturities of Total Debt | Principal maturities of total debt for the year ended December 31, 2016 are as follows (in thousands):
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Fair Value Disclosures (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value and Fair Value of Financial Instruments | The carrying value and fair value of our financial instruments are as follows:
(1) Carrying value for Senior Notes, as presented, includes unamortized debt issuance costs. Debt issuance costs are not factored into the fair value calculation for the Senior Notes. (2) At December 31, 2016, we had no borrowings outstanding on our Revolving Credit Facility. |
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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:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes for the years ended December 31, 2016, 2015 and 2014 consisted of the following:
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Schedule of Components of Income (Loss) Before Income Taxes | The components of income (loss) before income taxes are as follows:
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Schedule of Reconciliation of Provision (Benefit) for Income Taxes | A reconciliation of the provision (benefit) for income taxes and the amount computed by applying the federal statutory income tax rate of 35% to income before provision (benefit) for income taxes is as follows:
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Summary of Components of Deferred Tax Assets and Liabilities | A summary of these components is as follows:
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Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits | . The following is a reconciliation of the total amounts of unrecognized tax benefits:
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Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||
Components and Voting Power of Outstanding Common Stock | The components and respective voting power of our outstanding Common Stock at December 31, 2016 were as follows(1):
(1)See Note 23 - Subsequent Events for changes to ownership subsequent to December 31, 2016. |
Stock Based Compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Common Stock Available for Future Grants | The following table provides information regarding the amount of Class A Common Stock available for future grants under the Plan:
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Summary of Stock-Based Compensation Expense | The following table provides information regarding the amount and components of stock-based compensation expense, which is included in general and administrative expenses in the accompanying Consolidated Statements of Operations:
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Summary of Stock Option Activity | The following table summarizes stock option activity for the Plan for the year ended December 31, 2016:
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Summary of Weighted-average Assumptions and Fair Value Used for Stock Options Grants | The following table summarizes the weighted-average assumptions and fair value used for stock options grants:
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Summary of Aggregate Intrinsic Value of Options Outstanding and Exercisable | The following table provides information pertaining to the aggregate intrinsic value of options outstanding and exercisable at December 31, 2016, 2015, and 2014:
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New TMM Units [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Activity of Stock Units | The shares of Class B Common Stock/New TMM Units outstanding as of December 31, 2016, 2015, and 2014 were as follows:
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Performance Restricted Stock Units [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Activity of Stock Units | The following table summarizes the activity of our PRSUs:
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Non-performance Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Activity of Stock Units | The following tables summarize the activity of our RSUs:
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Employee Benefit, Retirement, and Deferred Compensation Plans (Tables) - U.S. Cash Balance Plan [Member] |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Total Benefit Obligation and Fair Value of Assets and Funded Status | The changes in the total benefit obligation and in the fair value of assets and the funded status of the U.S. Cash Balance Plan are as follows:
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Weighted-Average Assumptions Adopted in Measuring Benefit Obligations and Net Periodic Pension Costs | The significant weighted-average assumptions adopted in measuring the benefit obligations and net periodic pension costs are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Pension Cost | Components of net periodic pension cost of the U.S. Cash Balance Plan are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Estimated Future Benefit Payments | The estimated future benefit payments in the next five years and the five years thereafter in aggregate are as follows (dollars in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Plan's Assets by Asset Categories | The fair value of the U.S. Cash Balance Plan’s assets by asset categories is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Target Allocation Percentages of Plan Assets | The range of target allocation percentages of plan assets of the U.S. Cash Balance Plan is as follows:
|
Accumulated Other Comprehensive Income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | The table below provides the components of accumulated other comprehensive income (loss):
|
Operating and Reporting Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information Excluding Discontinued Operations | Segment information, excluding discontinued operations, is as follows:
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Assets from Segment |
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Selected Quarterly Financial Data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Results of Operations | Quarterly results are as follows(1):
(1) The sum of the individual quarterly amounts may not agree to the annual amounts included in the accompanying consolidated statements of operations due to rounding. |
Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Payments under Non-Cancelable Leases | Approximate future minimum payments under the non-cancelable leases in effect at December 31, 2016, are as follows (in thousands):
|
Mortgage Hedging Activities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summaries of Derivative Instruments | The following summarizes derivative instruments as of December 31, 2016:
|
Subsequent Events (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Stock by Class | Immediately following the consummation of the offering and net use of proceeds our ownership was:
|
Business (Detail) $ / shares in Units, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Jan. 08, 2016
USD ($)
|
Dec. 31, 2016
Segment
$ / shares
|
Dec. 31, 2015
$ / shares
|
Apr. 12, 2013
$ / shares
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Reportable segments (in segment) | Segment | 4 | |||
Class of Stock [Line Items] | ||||
Principal Equityholders owned percentage | 100.00% | |||
Acadia Homes [Member] | ||||
Class of Stock [Line Items] | ||||
Number of lots acquired (in lot) | 1,100 | |||
Purchase price | $ | $ 83.6 | |||
Common Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, par value (usd per share) | $ 0.00001 | $ 0.00001 | $ 0.00001 | |
Principal Equityholders owned percentage | 25.50% | |||
Common Class B [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, par value (usd per share) | $ 0.00001 | $ 0.00001 | ||
Principal Equityholders owned percentage | 74.50% | 73.40% |
Summary of Significant Accounting Policies - Additional Information (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
community
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Significant Accounting Policies [Line Items] | |||
Debt issuance costs | $ 12,516,000 | $ 14,843,000 | |
Restricted cash | 1,633,000 | 1,280,000 | |
Inventory impairments | 3,473,000 | 0 | $ 0 |
Allowances for credit losses | 5,000 | 200,000 | |
Equity method investment impairment charges | 0 | 0 | 0 |
Depreciation expense | $ 2,900,000 | 3,300,000 | $ 3,000,000 |
Inactive [Member] | |||
Significant Accounting Policies [Line Items] | |||
Number of communities | community | 7 | ||
Carrying value of inactive projects | $ 16,200,000 | ||
Inactive [Member] | Eastern Region [Member] | |||
Significant Accounting Policies [Line Items] | |||
Carrying value of inactive projects | 2,200,000 | ||
Inactive [Member] | Western Region [Member] | |||
Significant Accounting Policies [Line Items] | |||
Carrying value of inactive projects | $ 14,000,000 | ||
Inactive [Member] | Central Region [Member] | |||
Significant Accounting Policies [Line Items] | |||
Number of communities | community | 0 | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Finite-lived intangible asset, useful life | 3 years | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Finite-lived intangible asset, useful life | 10 years | ||
Buildings [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 20 years | ||
Buildings [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 40 years | ||
Building and Leasehold Improvements [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Furniture, fixtures and computer equipment [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Furniture, fixtures and computer equipment [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Model and sales office improvements [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Revolving Credit Facility [Member] | |||
Significant Accounting Policies [Line Items] | |||
Debt issuance costs | $ 3,500,000 | 5,100,000 | |
Prepaid Expenses and Other Current Assets [Member] | Revolving Credit Facility [Member] | |||
Significant Accounting Policies [Line Items] | |||
Debt issuance costs | 5,100,000 | ||
New Accounting Pronouncement, Early Adoption, Effect [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Significant Accounting Policies [Line Items] | |||
Debt issuance costs | (14,800,000) | ||
New Accounting Pronouncement, Early Adoption, Effect [Member] | Long-term Debt [Member] | |||
Significant Accounting Policies [Line Items] | |||
Debt issuance costs | $ 14,800,000 |
Summary Of Significant Accounting Policies - Summary of Prepaid Expenses and Other Assets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 59,372 | $ 66,478 |
Other assets | 14,053 | 13,870 |
Total prepaid expenses and other assets, net | $ 73,425 | $ 80,348 |
Summary of Significant Accounting Policies - Additional Information 1 (Detail) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Significant Accounting Policies [Line Items] | |||
Goodwill additions | $ 8,500,000 | $ 34,300,000 | |
Goodwill impairment | 0 | 0 | $ 0 |
Excess insurance liability | $ 50,000,000 | ||
Insurance coverage period | 10 years | ||
Warranty period for U.S. Operations | 1 year | ||
Discount on sales | $ 250,500,000 | 179,300,000 | 150,900,000 |
Advertising costs | $ 30,900,000 | $ 30,100,000 | $ 26,100,000 |
Certain markets [Member] | |||
Significant Accounting Policies [Line Items] | |||
Warranty period for U.S. Operations | 10 years |
Business Combinations - Summary of Fair Value of Assets Acquired and Liabilities Created (Detail) - USD ($) $ in Thousands |
Jan. 08, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Jul. 21, 2015 |
Apr. 30, 2015 |
---|---|---|---|---|---|
Assets Acquired | |||||
Goodwill | $ 66,198 | $ 57,698 | |||
East [Member] | |||||
Assets Acquired | |||||
Goodwill | 27,800 | ||||
West [Member] | |||||
Assets Acquired | |||||
Goodwill | 6,500 | ||||
Acadia Homes [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price | $ 83,600 | ||||
Seller financing and holdbacks, and contingent consideration included in purchase price | 19,700 | ||||
Assets Acquired | |||||
Real estate inventory | 76,152 | ||||
Land deposits | 984 | ||||
Prepaid expenses and other assets | 816 | ||||
Property and equipment | 204 | ||||
Goodwill | 8,500 | ||||
Total assets | 86,656 | ||||
Less Liabilities Assumed | |||||
Accrued expenses and other liabilities | 2,562 | ||||
Customer deposits | 463 | ||||
Net Assets Acquired | $ 83,631 | ||||
JEH Homes [Member] | |||||
Assets Acquired | |||||
Real estate inventory | $ 55,559 | ||||
Land deposits | 0 | ||||
Prepaid expenses and other assets | 1,301 | ||||
Property and equipment | 395 | ||||
Goodwill | 9,125 | ||||
Total assets | 66,380 | ||||
Less Liabilities Assumed | |||||
Accrued expenses and other liabilities | 0 | ||||
Customer deposits | 0 | ||||
Net Assets Acquired | $ 66,380 | ||||
Orleans Homes [Member] | |||||
Assets Acquired | |||||
Real estate inventory | $ 140,602 | ||||
Land deposits | 2,236 | ||||
Prepaid expenses and other assets | 2,436 | ||||
Property and equipment | 623 | ||||
Goodwill | 25,198 | ||||
Total assets | 171,095 | ||||
Less Liabilities Assumed | |||||
Accrued expenses and other liabilities | 2,700 | ||||
Customer deposits | 1,081 | ||||
Net Assets Acquired | $ 167,314 | ||||
Total [Member] | |||||
Assets Acquired | |||||
Real estate inventory | 196,161 | ||||
Land deposits | 2,236 | ||||
Prepaid expenses and other assets | 3,737 | ||||
Property and equipment | 1,018 | ||||
Goodwill | 34,323 | ||||
Total assets | 237,475 | ||||
Less Liabilities Assumed | |||||
Accrued expenses and other liabilities | 2,700 | ||||
Customer deposits | 1,081 | ||||
Net Assets Acquired | $ 233,694 |
Business Combinations - Unaudited Pro Forma Results (Detail) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Unaudited Pro Forma Results | |||
Pro forma earnings per share from continuing operations available to TMHC - Diluted (usd per share) | $ 1.48 | $ 1.97 | |
Acadia Homes [Member] | |||
Unaudited Pro Forma Results | |||
Pro forma total revenues | $ 3,550,029 | $ 3,054,664 | |
Pro forma net income from continuing operations | $ 207,304 | $ 170,456 | |
Pro forma earnings per share from continuing operations available to TMHC - Basic (usd per share) | $ 1.70 | $ 1.39 | |
Pro forma earnings per share from continuing operations available to TMHC - Diluted (usd per share) | $ 1.70 | $ 1.39 | |
2015 Acquisitions [Member] | |||
Unaudited Pro Forma Results | |||
Pro forma total revenues | $ 3,091,766 | $ 2,923,241 | |
Pro forma net income from continuing operations | $ 181,122 | $ 240,385 | |
Pro forma earnings per share from continuing operations available to TMHC - Basic (usd per share) | $ 1.48 | $ 1.97 |
Earnings Per Share - Summary of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Numerator: | |||||||||||
Net income available to TMHC - basic | $ 19,281 | $ 14,837 | $ 11,685 | $ 6,813 | $ 17,667 | $ 12,344 | $ 5,077 | $ 25,962 | $ 52,616 | $ 61,049 | $ 71,469 |
Income from discontinued operations, net of tax | 0 | 58,059 | 41,902 | ||||||||
Income from discontinued operations, net of tax attributable to non-controlling interest – Principal Equityholders | 0 | (42,406) | (30,594) | ||||||||
Net income from discontinued operations - basic | 0 | 15,653 | 11,308 | ||||||||
Net income from continuing operations - basic | 52,616 | 45,396 | 60,161 | ||||||||
Net income from continuing operations - basic | 52,616 | 45,396 | 60,161 | ||||||||
Net income from continuing operations attributable to non-controlling interest – Principal Equityholders | 152,653 | 123,909 | 163,790 | ||||||||
Loss fully attributable to public holding company | 211 | 261 | 282 | ||||||||
Net income from continuing operations — diluted | 205,480 | 169,566 | 224,233 | ||||||||
Net income from discontinued operations — diluted | $ 0 | $ 58,059 | $ 41,902 | ||||||||
Denominator: | |||||||||||
Weighted average shares - basic (Class A) (in shares) | 31,084 | 33,063 | 32,937 | ||||||||
Weighted average shares - Principal Equityholders' non-controlling interest (Class B) (in shares) | 89,062 | 89,168 | 89,328 | ||||||||
Restricted stock units (in shares) | 610 | 153 | 48 | ||||||||
Stock options (in shares) | 76 | 0 | 0 | ||||||||
Weighted average shares - diluted (in shares) | 120,832 | 122,384 | 122,313 | ||||||||
Earnings per common share — basic: | |||||||||||
Income from continuing operations (usd per share) | $ 1.69 | $ 1.38 | $ 1.83 | ||||||||
Discontinued operations, net of tax (usd per share) | 0.00 | 0.47 | 0.34 | ||||||||
Net income available to Taylor Morrison Home Corporation (usd per share) | 1.69 | 1.85 | 2.17 | ||||||||
Earnings per common share — diluted: | |||||||||||
Income from continuing operations (usd per share) | 1.69 | 1.38 | 1.83 | ||||||||
Discontinued operations, net of tax (usd per share) | 0.00 | 0.47 | 0.34 | ||||||||
Net income available to Taylor Morrison Home Corporation (usd per share) | $ 1.69 | $ 1.85 | $ 2.17 |
Earnings Per Share - Additional Information (Detail) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Stock options and restricted stock units (RSUs) [Member] | |||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the calculation of earnings per share | 1,565,879 | 1,535,441 | 1,281,959 |
Discontinued Operations - Statement of Income (Detail) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Discontinued Operations and Disposal Groups [Abstract] | |||
Revenues | $ 0 | $ 395,070,000 | |
Transaction expenses from discontinued operations | $ 0 | (9,043,000) | 0 |
Gain on sale of discontinued operations | 0 | 80,205,000 | 0 |
Pre-tax income from discontinued operations | 71,162,000 | 61,786,000 | |
Income tax expense from discontinued operations | 0 | (13,103,000) | (19,884,000) |
Net income from discontinued operations | 0 | 58,059,000 | $ 41,902,000 |
Assets of discontinued operations | 0 | 0 | |
Liabilities of discontinued operations | $ 0 | $ 0 |
Real Estate Inventory And Land Deposits - Schedule of Inventory (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|---|
Real Estate [Abstract] | ||||
Real estate developed or under development | $ 2,074,651 | $ 2,167,771 | ||
Real estate held for development or held for sale | 183,638 | 173,448 | ||
Operating communities | 650,036 | 672,499 | ||
Capitalized interest | 102,642 | 105,148 | $ 94,880 | $ 71,263 |
Total owned inventory | 3,010,967 | 3,118,866 | ||
Real estate not owned under option contracts | 6,252 | 7,921 | ||
Total real estate inventory | $ 3,017,219 | $ 3,126,787 |
Real Estate Inventory And Land Deposits - Schedule of Development Status of Land Inventory (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Book Value of Land and Development [Member] | ||
Inventory [Line Items] | ||
Raw | $ 403,902 | $ 378,081 |
Partially developed | 501,496 | 645,276 |
Finished | 1,336,709 | 1,305,697 |
Long-term strategic assets | 16,182 | 12,165 |
Total | 2,258,289 | 2,341,219 |
Owned Lots [Member] | ||
Inventory [Line Items] | ||
Raw | 7,142 | 8,300 |
Partially developed | 8,037 | 8,904 |
Finished | 11,318 | 12,294 |
Long-term strategic assets | 1,489 | 3,105 |
Total | $ 27,986 | $ 32,603 |
Real Estate Inventory And Land Deposits - Additional Information (Detail) $ in Millions |
Dec. 31, 2016
USD ($)
Lot
|
Dec. 31, 2015
USD ($)
Lot
|
---|---|---|
Real Estate [Abstract] | ||
Right to purchase lots of land option (in lots) | Lot | 7,583 | 8,888 |
Aggregate purchase price | $ 542.6 | $ 710.6 |
Land deposits | $ 37.2 | $ 34.1 |
Real Estate Inventory And Land Deposits - Schedule of Interest Capitalized, Incurred, Expensed and Amortized (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Capitalized Interest Costs | |||
Interest capitalized — beginning of period | $ 105,148 | $ 94,880 | $ 71,263 |
Interest incurred | 88,345 | 93,431 | 88,782 |
Interest amortized to cost of home closings | (90,851) | (83,163) | (65,165) |
Interest capitalized — end of period | $ 102,642 | $ 105,148 | $ 94,880 |
Investments in Unconsolidated Entities - Summarized Balance Sheets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Assets: | |||
Other assets | $ 1,008,565 | $ 833,099 | $ 1,448,642 |
Liabilities and owners’ equity: | |||
Debt | 1,586,533 | 1,668,425 | |
Equity Method Investments [Member] | |||
Assets: | |||
Real estate inventory | 614,441 | 586,359 | |
Other assets | 171,216 | 119,781 | |
Total assets | 785,657 | 706,140 | |
Liabilities and owners’ equity: | |||
Debt | 277,934 | 273,769 | |
Other liabilities | 22,603 | 11,239 | |
Total liabilities | 300,537 | 285,008 | |
Owners’ equity: | |||
TMHC | 157,909 | 128,448 | |
Others | 327,211 | 292,684 | |
Total owners’ equity | 485,120 | 421,132 | |
Total liabilities and owners’ equity | $ 785,657 | $ 706,140 |
Investments in Unconsolidated Entities - Summarized Statements of Operations (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Schedule of Equity Method Investments [Line Items] | |||
TMHC's share in income of unconsolidated entities | $ 7,453 | $ 1,759 | $ 5,405 |
Distributions of earnings from unconsolidated entities | 4,261 | 2,204 | 32,966 |
Equity Method Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 143,834 | 26,865 | 23,020 |
Costs and expenses | (118,240) | (23,667) | (12,221) |
Income of unconsolidated entities | 25,594 | 3,198 | 10,799 |
TMHC's share in income of unconsolidated entities | 7,453 | 1,759 | 5,405 |
Distributions of earnings from unconsolidated entities | $ 10,348 | $ 12,267 | $ 3,746 |
Intangible Assets (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-lived intangible assets, gross carrying amount | $ 14.0 | $ 14.0 | |
Finite-lived intangible assets, accumulated amortization | 10.8 | 9.8 | |
Amortization expenses | $ 1.0 | $ 1.1 | $ 1.1 |
Accrued Expenses and Other Liabilities - Summary of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|---|
Other Liabilities Disclosure [Abstract] | ||||
Real estate development costs to complete | $ 15,156 | $ 21,325 | ||
Compensation and employee benefits | 63,802 | 47,674 | ||
Self-insurance and warranty reserves | 50,550 | 43,098 | $ 44,595 | $ 34,814 |
Interest payable | 17,233 | 18,621 | ||
Property and sales taxes payable | 17,231 | 15,233 | ||
Other accruals | 45,230 | 45,501 | ||
Total accrued expenses and other liabilities | $ 209,202 | $ 191,452 |
Accrued Expenses and Other Liabilities - Summary of Changes in Reserves (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Summary of changes in warranty reserves | |||
Reserve — beginning of period | $ 43,098 | $ 44,595 | $ 34,814 |
Additions to reserves | 26,571 | 19,681 | 16,882 |
Costs and claims incurred | (21,379) | (26,506) | (6,799) |
Change in estimates to pre-existing reserves | 2,260 | 5,328 | (302) |
Reserve — end of period | $ 50,550 | $ 43,098 | $ 44,595 |
Debt - Senior Notes and Other Borrowings (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Mar. 05, 2014 |
Apr. 16, 2013 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Principal | $ 1,599,049 | $ 1,683,268 | ||
Unamortized Debt Issuance Costs | 12,516 | 14,843 | ||
Carrying Value | 1,586,533 | 1,668,425 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal | 0 | 115,000 | ||
Unamortized Debt Issuance Costs | 3,500 | 5,100 | ||
Carrying Value | 0 | 115,000 | ||
Loans Payable and Other Borrowings [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal | 150,485 | 134,824 | ||
Unamortized Debt Issuance Costs | 0 | 0 | ||
Carrying Value | 150,485 | 134,824 | ||
Mortgage Borrowings [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal | 198,564 | 183,444 | ||
Unamortized Debt Issuance Costs | 0 | 0 | ||
Carrying Value | 198,564 | 183,444 | ||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal | 1,250,000 | 1,250,000 | ||
Unamortized Debt Issuance Costs | 12,516 | 14,843 | ||
Carrying Value | 1,237,484 | 1,235,157 | ||
Senior Notes [Member] | 5.25% Senior Notes due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal | 550,000 | 550,000 | ||
Unamortized Debt Issuance Costs | 5,089 | 6,287 | ||
Carrying Value | $ 544,911 | 543,713 | ||
Stated interest rate of senior notes (as a percent) | 5.25% | 5.25% | ||
Senior Notes [Member] | 5.875% Senior Notes due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 350,000 | 350,000 | ||
Unamortized Debt Issuance Costs | 3,569 | 4,160 | ||
Carrying Value | $ 346,431 | 345,840 | ||
Stated interest rate of senior notes (as a percent) | 5.875% | |||
Senior Notes [Member] | 5.625% Senior Notes due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 350,000 | 350,000 | ||
Unamortized Debt Issuance Costs | 3,858 | 4,396 | ||
Carrying Value | $ 346,142 | $ 345,604 | ||
Stated interest rate of senior notes (as a percent) | 5.625% | 5.625% |
Debt - 2021 Senior Notes (Detail) - 5.25% Senior Notes due 2021 [Member] - Senior Notes [Member] - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Apr. 16, 2013 |
|
Debt Instrument [Line Items] | ||
Senior Notes issued amount | $ 550,000,000 | |
Stated interest rate of senior notes (as a percent) | 5.25% | 5.25% |
Redemption price (as a percent) | 101.00% |
Debt - 2023 Senior Notes and Redemption of 2020 Senior Notes (Detail) - USD ($) |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Apr. 16, 2015 |
Jun. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
May 01, 2015 |
|
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | $ 0 | $ 33,317,000 | $ 0 | |||
Senior Notes [Member] | 5.875% Senior Notes due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate of senior notes (as a percent) | 5.875% | |||||
Senior Notes [Member] | 7.75% Senior Notes due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate of senior notes (as a percent) | 7.75% | |||||
Unsecured Debt [Member] | 5.875% Senior Notes due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes issued amount | $ 350,000,000 | |||||
Stated interest rate of senior notes (as a percent) | 5.875% | |||||
Loss on extinguishment of debt | $ 33,300,000 | |||||
Redemption price (as a percent) | 100.00% | |||||
Unsecured Debt [Member] | 7.75% Senior Notes due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument purchase price (as a percent) | 105.813% |
Debt - 2024 Senior Notes (Detail) - 5.625% Senior Notes due 2024 [Member] - Senior Notes [Member] - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Mar. 05, 2014 |
|
Debt Instrument [Line Items] | ||
Senior Notes issued amount | $ 350,000,000 | |
Stated interest rate of senior notes | 5.625% | 5.625% |
Redemption price (as a percent) | 100.00% |
Debt - Revolving Credit Facility (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
fiscal_quarter
|
Dec. 31, 2015
USD ($)
|
Apr. 24, 2015
USD ($)
|
|
Debt Instrument [Line Items] | |||
Maximum borrowing capacity on line of credit | $ 265,000,000 | $ 245,000,000 | |
Revolving credit facility borrowings | $ 0 | $ 115,000,000 | |
Revolving Credit Facility [Member] | Restated Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity on line of credit | $ 500,000,000 | ||
Maximum capitalization ratio | 60.00% | ||
Minimum consolidated tangible net worth requirement | $ 1,500,000,000 | ||
Revolving credit facility borrowings | $ 40,000,000 | ||
Maximum consecutive days for financial covenant | 5 days | ||
Number of consecutive fiscal quartersin which equity cure right can be used twice (in fiscal quarter) | fiscal_quarter | 4 | ||
Maximum number of times equity cure right can be exercised | 5 |
Debt - Mortgage Warehouse Borrowings (Detail) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Line of Credit Facility [Line Items] | ||
Amount Drawn | $ 198,564,000 | $ 183,444,000 |
Facility Amount | 265,000,000 | 245,000,000 |
Mortgage loans held for sale | 233,184,000 | 201,733,000 |
Secured Debt [Member] | Flagstar [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount Drawn | 37,093,000 | 63,210,000 |
Facility Amount | $ 55,000,000 | $ 75,000,000 |
Expiration Date | 30 days written notice | 30 days written notice |
Expiration Date | 30 days | 30 days |
Collateral | Mortgage Loans | Mortgage Loans |
Secured Debt [Member] | Flagstar [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate, spread rate | 2.50% | 2.50% |
Secured Debt [Member] | Comerica [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount Drawn | $ 57,875,000 | $ 18,009,000 |
Facility Amount | $ 85,000,000 | $ 50,000,000 |
Expiration Date | Nov. 16, 2017 | Nov. 16, 2016 |
Collateral | Mortgage Loans | Mortgage Loans |
Secured Debt [Member] | Comerica [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate, spread rate | 2.25% | 2.75% |
Secured Debt [Member] | J.P. Morgan [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount Drawn | $ 103,596,000 | $ 102,225,000 |
Facility Amount | $ 125,000,000 | $ 120,000,000 |
Expiration Date | Sep. 26, 2017 | Sep. 29, 2016 |
Collateral | Mortgage Loans and Pledged Cash | Mortgage Loans and Pledged Cash |
Secured Debt [Member] | J.P. Morgan [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate, spread rate | 2.375% | |
Secured Debt [Member] | J.P. Morgan [Member] | LIBOR [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate, spread rate | 2.375% | |
Secured Debt [Member] | J.P. Morgan [Member] | LIBOR [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate, spread rate | 2.50% |
Debt - Loans Payable and Other Borrowings (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Debt Instrument [Line Items] | ||
Debt | $ 1,586,533 | $ 1,668,425 |
Loans Payable and Other Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Interest on loans payable | 0.00% | 0.00% |
Interest on loans payable | 8.00% | 8.00% |
Interest Bearing Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 123,300 | |
Weighted average interest rate | 5.30% | |
Non-Interest Bearing Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 27,200 |
Debt - Future Minimum Principal Payments on Total Debt (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | ||
2017 | $ 268,570 | |
2018 | 44,722 | |
2019 | 22,230 | |
2020 | 6,253 | |
2021 | 556,774 | |
Thereafter | 700,500 | |
Total debt | $ 1,599,049 | $ 1,683,268 |
Foreign Currency Forward (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Derivatives, Fair Value [Line Items] | |||
Gain on foreign currency forward | $ 0 | $ 29,983 | $ 0 |
Foreign Exchange Forward [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate derivative notional amount | $ 471,200 | ||
Gain on foreign currency forward | $ 30,000 |
Fair Value Disclosures - Carrying Value and Fair Value (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Mar. 05, 2014 |
Apr. 16, 2013 |
---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage Backed Securities | $ 2,291 | $ 0 | ||
Senior Notes [Member] | 5.25% Senior Notes due 2021 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long term debt interest rate | 5.25% | 5.25% | ||
Senior Notes [Member] | 5.875% Senior Notes due 2023 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long term debt interest rate | 5.875% | |||
Senior Notes [Member] | 5.625% Senior Notes due 2024 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long term debt interest rate | 5.625% | 5.625% | ||
Carrying Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage loans held for sale | $ 233,184 | 201,733 | ||
Carrying Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | Revolving Credit Facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt | 0 | 115,000 | ||
Carrying Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Borrowings [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt | 198,564 | 183,444 | ||
Carrying Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | Loans Payable and Other Borrowings [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt | 150,485 | 134,824 | ||
Carrying Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | Senior Notes [Member] | 5.25% Senior Notes due 2021 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt | 544,911 | 543,713 | ||
Carrying Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | Senior Notes [Member] | 5.875% Senior Notes due 2023 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt | 346,431 | 345,840 | ||
Carrying Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | Senior Notes [Member] | 5.625% Senior Notes due 2024 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt | 346,142 | 345,604 | ||
Carrying Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Lock Commitments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage Backed Securities | 1,987 | 0 | ||
Carrying Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage Backed Securities | 304 | 0 | ||
Carrying Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration liability | 17,200 | 20,082 | ||
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage loans held for sale | 233,184 | 201,733 | ||
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | Revolving Credit Facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt | 0 | 115,000 | ||
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Borrowings [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt | 198,564 | 183,444 | ||
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | Loans Payable and Other Borrowings [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt | 150,485 | 134,824 | ||
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | Senior Notes [Member] | 5.25% Senior Notes due 2021 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt | 563,750 | 552,750 | ||
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | Senior Notes [Member] | 5.875% Senior Notes due 2023 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt | 355,250 | 346,500 | ||
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | Senior Notes [Member] | 5.625% Senior Notes due 2024 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt | 353,500 | 336,000 | ||
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Lock Commitments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage Backed Securities | 1,987 | 0 | ||
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage Backed Securities | 304 | 0 | ||
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration liability | $ 17,200 | $ 20,082 |
Fair Value Disclosures - Nonrecurring Basis (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Inventories | $ 3,778 | $ 0 |
Income Taxes - Schedule of (Benefit) Provision for Income Taxes (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||
Domestic | $ 98,125 | $ 84,880 | $ 83,193 |
Foreign | 9,518 | 5,121 | (6,798) |
Current: | |||
Federal | 64,298 | 57,053 | 91,981 |
State | 9,178 | 9,557 | (1,341) |
Foreign | 7,213 | 5,545 | 0 |
Current tax provision (benefit) | 80,689 | 72,155 | 90,640 |
Deferred: | |||
Federal | 22,201 | 16,406 | (13,549) |
State | 2,448 | 1,864 | 6,102 |
Foreign | 2,305 | (424) | (6,798) |
Deferred tax provision (benefit) | 26,954 | 17,846 | (14,245) |
Total income tax provision (benefit) | $ 107,643 | $ 90,001 | $ 76,395 |
Income Taxes - Schedule of Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ 282,207 | $ 242,787 | $ 294,002 | ||||||||
Foreign | 31,999 | 18,200 | 7,992 | ||||||||
Income from continuing operations before income taxes | $ 117,056 | $ 90,391 | $ 67,768 | $ 38,991 | $ 100,557 | $ 68,246 | $ 29,960 | $ 62,224 | $ 314,206 | $ 260,987 | $ 301,994 |
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax [Line Items] | |||
Tax at federal statutory rate | 35.00% | 35.00% | 35.00% |
Deferred tax assets, valuation allowance | $ 516 | $ 2,565 | |
Decrease in the valuation allowance | 2,100 | 6,300 | |
State deferred tax assets | 10,400 | 9,300 | |
Unrecognized tax benefits for discontinued operations | $ 6,200 | ||
Recognized potential penalties and interest expense on uncertain tax positions | 400 | $ 300 | $ 0 |
Federal NOL Carryforwards [Member] | |||
Income Tax [Line Items] | |||
NOL carryforwards | 144,700 | ||
Canada [Member] | |||
Income Tax [Line Items] | |||
NOL carryforwards | $ 4,200 |
Income Taxes - Schedule of Reconciliation of Provision (Benefit) for Income Taxes (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||
Tax at federal statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes (net of federal benefit) | 3.10% | 3.00% | 3.60% |
Foreign income taxed below U.S. Rate | (0.90%) | (0.50%) | (1.10%) |
Change in valuation allowance | (0.60%) | (1.90%) | (10.40%) |
Built in loss limitation | 0.30% | 1.60% | 3.10% |
Non-controlling interest | (0.10%) | (0.20%) | (0.20%) |
Disallowed compensation expense | 0.10% | 0.20% | 0.20% |
Holding company tax | 0.00% | 0.00% | (1.40%) |
Domestic Manufacturing Deduction | (2.20%) | (3.10%) | (2.80%) |
Other | (0.40%) | 0.40% | (0.70%) |
Effective Rate | 34.30% | 34.50% | 25.30% |
Income Taxes - Summary of Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Deferred tax assets: | ||
Real estate inventory | $ 99,876 | $ 133,813 |
Accruals and reserves | 27,519 | 18,865 |
Other | 23,692 | 23,473 |
Net operating losses | 62,181 | 60,695 |
Total deferred tax assets | 213,268 | 236,846 |
Deferred tax liabilities: | ||
Real estate inventory, intangibles, other | (2,621) | (793) |
Foreign exchange | (3,497) | 0 |
Valuation allowance | (516) | (2,565) |
Total net deferred tax assets | $ 206,634 | $ 233,488 |
Income Taxes - Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Reconciliation of Unrecognized Tax Benefits | |||
Beginning of the period | $ 7,016 | $ 2,353 | $ 2,035 |
Increases of current year items | 18 | 5,217 | 0 |
Increases of prior year items | 739 | 0 | 318 |
Decreased for tax positions of prior years | 0 | (554) | 0 |
End of the period | $ 7,773 | $ 7,016 | 2,353 |
Unrecognized tax benefits for discontinued operations | $ 6,200 |
Stockholders' Equity - Components and Voting Power of Outstanding Common Stock (Detail) - shares |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Class of Stock [Line Items] | ||
Common stock, shares outstanding | 119,428,910 | |
Percentage | 100.00% | |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares outstanding | 30,486,858 | 32,224,421 |
Percentage | 25.50% | |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares outstanding | 88,942,052 | 89,108,569 |
Percentage | 74.50% | 73.40% |
Stockholders' Equity - Additional Information (Detail) |
12 Months Ended | ||||
---|---|---|---|---|---|
Apr. 12, 2013
USD ($)
$ / shares
shares
|
Dec. 31, 2016
USD ($)
shares
|
Dec. 31, 2015
USD ($)
shares
|
Dec. 31, 2014
shares
|
Dec. 31, 2013 |
|
Class of Stock [Line Items] | |||||
Net proceeds | $ | $ 668,600,000 | ||||
Repurchase of common stock | $ | $ 28,543,000 | $ 14,981,000 | |||
J Units [Member] | Conversion Of TMM Holdings Class J Units Into TPG and Oaktree Units [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock conversion ratio | 1 | ||||
Common Class A [Member] | |||||
Class of Stock [Line Items] | |||||
Number of common stock issued (in shares) | 33,340,291 | 33,158,855 | |||
Common Stock authorized repurchase value | $ | $ 100,000,000 | ||||
Repurchase of common stock (in shares) | 1,918,999 | 934,434 | |||
Repurchase of common stock | $ | $ 28,500,000 | $ 15,000,000 | |||
Common Class B [Member] | |||||
Class of Stock [Line Items] | |||||
Number of common stock issued (in shares) | 88,942,052 | 89,108,569 | |||
Common Class B [Member] | New TMM Units [Member] | |||||
Class of Stock [Line Items] | |||||
Issuance of Common Stock, net of offering costs (in shares) | 112,784,964 | ||||
Initial Public Offering [Member] | Common Class A [Member] | |||||
Class of Stock [Line Items] | |||||
Number of common stock issued (in shares) | 32,857,800 | ||||
Number of common stock sold to underwriters (in shares) | 4,285,800 | ||||
Common stock initial public offering price (usd per share) | $ / shares | $ 22.00 |
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future grant (in shares) | 4,130,264.000 | 5,992,621 | 6,439,532 | 6,517,310 |
Aggregate unamortized outstanding stock based compensation | $ 18.8 | $ 15.2 | $ 16.0 | |
Aggregate intrinsic value exercised based on market price (usd per share) | $ 19.26 | |||
Shares withheld on net settlement (in shares) | 203 | 2,703 | 203 | |
Stock options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period | 10 years | |||
Stock options [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Stock options [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
Performance Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Non-performance Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of units vested | 33.00% |
Stock Based Compensation - Summary of Common Stock Available for Future Grants (Detail) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Common Stock Available for Grant | |||
Balance, beginning (in shares) | 5,992,621 | 6,439,532 | 6,517,310 |
Grants (in shares) | (2,238,242) | (847,194) | (103,622) |
Forfeited/cancelled (in shares) | 375,682 | 397,580 | 25,641 |
Shares withheld for tax withholdings (in shares) | 203 | 2,703 | 203 |
Balance, ending (in shares) | 4,130,264.000 | 5,992,621 | 6,439,532 |
Stock Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock compensation | $ 10,912 | $ 9,429 | $ 5,831 |
Income tax (expense)/benefit recognized | (53) | (93) | 53 |
New TMM Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock compensation | 1,094 | 1,678 | 1,648 |
Stock options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock compensation | 3,717 | 4,416 | 2,920 |
Non-performance Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock compensation | $ 6,101 | $ 3,335 | $ 1,263 |
Stock Based Compensation - Summary of Stock Option Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Stock Options, Number of Options | |||
Outstanding, Beginning balance (in shares) | 1,507,765 | 1,325,029 | 1,250,829 |
Granted (in shares) | 1,146,643 | 400,258 | 95,700 |
Exercised (in shares) | (7,786) | 0 | 0 |
Cancelled (in shares) | (215,275) | (217,522) | (21,500) |
Outstanding, Ending balance (in shares) | 2,431,347 | 1,507,765 | 1,325,029 |
Options exercisable (in shares) | 633,059 | 267,168 | 7,963 |
Stock Options, Weighted Average Exercise Price | |||
Outstanding, Beginning balance (usd per share) | $ 21.07 | $ 22.35 | $ 22.45 |
Granted (usd per share) | 11.61 | 18.78 | 20.91 |
Exercised (usd per share) | 18.73 | 0.00 | 0.00 |
Cancelled (usd per share) | 15.76 | 24.62 | 22.00 |
Outstanding, Ending balance (usd per share) | 17.09 | 21.07 | 22.35 |
Weighted Average Exercise Price, options exercisable (usd per share) | $ 21.50 | $ 21.98 | $ 20.93 |
Unamortized value of unvested stock options (net of estimated forfeitures) (usd) | $ 7,317 | $ 8,135 | $ 10,092 |
Weighted-average period that expense is expected to be recognized | 2 years 3 months 18 days | 2 years 7 months 6 days | 3 years 4 months 24 days |
Weighted-average remaining contractual life (in years) for options outstanding | 7 years 8 months 12 days | 7 years 10 months 24 days | 8 years 3 months 18 days |
Weighted-average remaining contractual life (in years) for options exercisable | 6 years 1 month 6 days | 7 years 3 months 18 days | 8 years 6 months |
Stock Based Compensation - Summary of Weighted-average Assumptions and Fair Value Used for Stock Options Grants (Detail) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 29.83% | 48.66% | 48.60% |
Risk-free interest rate | 1.35% | 1.27% | |
Risk-free interest rate, minimum | 1.13% | ||
Risk-free interest rate, maximum | 1.34% | ||
Expected term | 6 years 3 months | 4 years 6 months | 4 years 6 months |
Weighted average fair value of options granted during the period (usd per share) | $ 3.72 | $ 7.73 | $ 8.59 |
Stock Based Compensation - Summary of Aggregate Intrinsic Value of Options Outstanding and Exercisable (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Aggregate intrinsic value of options outstanding | $ 8,054 | $ 0 | $ 8,046 |
Aggregate intrinsic value of options exercisable | $ 50 | $ 0 | $ 0 |
Stock Based Compensation - Summary of Activity of Performance Restricted Stock Units (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
PRSU Activity, Number of Awards | |||
Weighted-average period expense is expected to be recognized | 2 years 3 months 18 days | 2 years 7 months 6 days | 3 years 4 months 24 days |
Performance Restricted Stock Units [Member] | |||
PRSU Activity, Number of Awards | |||
Beginning balance (in shares) | 254,543 | 175,790 | 179,931 |
Granted (in shares) | 674,525 | 260,144 | 0 |
Vested (in shares) | 0 | (2,885) | 0 |
Forfeited (in shares) | (104,851) | (178,506) | (4,141) |
Ending balance (in shares) | 824,217 | 254,543 | 175,790 |
PRSU expense recognized during the year | $ 4,016 | $ 2,405 | $ 1,054 |
Unamortized value of PRSUs | $ 6,390 | $ 4,520 | $ 2,438 |
Weighted-average period expense is expected to be recognized | 1 year 10 months 24 days | 1 year 10 months 24 days | 2 years 3 months 18 days |
Stock Based Compensation - Summary of Activity of Restricted Stock Units (Detail) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
RSU Activity, Weighted Average Grant Date Fair Value | |||
Weighted-average period expense is expected to be recognized | 2 years 3 months 18 days | 2 years 7 months 6 days | 3 years 4 months 24 days |
Non-performance Restricted Stock Units (RSUs) [Member] | |||
RSU Activity, Number of Awards | |||
Beginning balance (in shares) | 186,753 | 9,888 | 8,885 |
Granted (in shares) | 417,074 | 186,792 | 7,922 |
Vested (in shares) | (13,787) | (8,375) | (6,919) |
Forfeited (in shares) | (55,556) | (1,552) | 0 |
Ending balance (in shares) | 534,484 | 186,753 | 9,888 |
RSU Activity, Weighted Average Grant Date Fair Value | |||
Outstanding, Beginning balance (usd per share) | $ 18.88 | $ 22.25 | $ 20.82 |
Granted (usd per share) | 11.99 | 18.85 | 22.09 |
Vested (usd per share) | 19.66 | 22.15 | 20.24 |
Forfeited (usd per share) | 13.83 | 18.73 | 0.00 |
Outstanding, Ending balance (usd per share) | $ 14.01 | $ 18.88 | $ 22.25 |
RSU expense recognized during the year | $ 2,086 | $ 930 | $ 209 |
Unamortized value of PRSUs | $ 4,666 | $ 2,527 | $ 100 |
Weighted-average period expense is expected to be recognized | 2 years 8 months 12 days | 3 years | 1 year 3 months 18 days |
Stock Based Compensation - Summary of Stock Option Activity (Detail) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016
USD ($)
$ / shares
shares
|
Dec. 31, 2015
USD ($)
$ / shares
shares
|
Dec. 31, 2014
USD ($)
$ / shares
shares
|
Dec. 31, 2013
$ / shares
shares
|
|
Conversion Of TMM Holdings Class J Units Into TPG and Oaktree Units [Member] | J Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock conversion ratio | 1 | |||
New TMM Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense pursuant to change in control provisions | $ | $ 0 | $ 1,400,000 | ||
Number of Awards | ||||
Beginning balance (in shares) | shares | 1,312,874 | 1,431,721 | 1,655,469 | |
Exchanges (in shares) | shares | (159,863) | (87,055) | (196,024) | |
Forfeited (in shares) | shares | (6,654) | (31,792) | (27,724) | |
Ending balance (in shares) | shares | 1,146,357 | 1,312,874 | 1,431,721 | 1,655,469 |
Unvested New TMM Units included in ending balance (in shares) | shares | 80,178 | 419,855 | 792,320 | |
Weighted Average Grant Date Fair Value | ||||
Beginning balance (usd per share) | $ / shares | $ 5.45 | $ 5.11 | $ 5.02 | |
Exchanges (usd per share) | $ / shares | 4.34 | 3.88 | 4.22 | |
Forfeited (usd per share) | $ / shares | 8.63 | 5.24 | 6.09 | |
Ending balance (usd per share) | $ / shares | 5.58 | 5.45 | 5.11 | $ 5.02 |
Unvested New TMM Units included in ending balance (usd per share) | $ / shares | $ 8.73 | $ 5.85 | $ 5.30 | |
Unamortized value of New TMM Units | $ | $ 417,000 | $ 1,568,000 | $ 3,345,000 | |
Weighted-average period expense is expected to be recognized | 7 months 6 days | 9 months 18 days | 2 years 2 months 12 days |
Related-Party Transactions (Detail) |
1 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013 |
May 31, 2015
USD ($)
|
Apr. 30, 2015
a
|
Jul. 31, 2014
USD ($)
|
Apr. 30, 2014
USD ($)
|
|
Related Party Transaction [Line Items] | |||||||||
Area of coastal residential development (in acre) | a | 195.5 | ||||||||
Affiliates [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Real estate inventory acquisitions from affiliates | $ 0 | $ 16,800,000 | $ 40,500,000 | ||||||
Pacific Point Development Partners, LLC [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Initial capital investment in joint venture | $ 16,800,000 | ||||||||
Non-recourse construction and development loan | $ 257,900,000 | ||||||||
Marblehead Development Partners, LLC [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Initial capital investment in joint venture | $ 46,800,000 | ||||||||
Marblehead Development Partners, LLC [Member] | Starwood Property Trust [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Initial capital investment in joint venture | $ 264,200,000 | ||||||||
Tramonto Development Partners, LLC [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Initial capital investment in joint venture | $ 16,500,000 | $ 16,500,000 | |||||||
Non-recourse construction and development loan | $ 54,500,000 | ||||||||
J Units [Member] | Conversion Of TMM Holdings Class J Units Into TPG and Oaktree Units [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Common stock conversion ratio | 1 |
Employee Benefit, Retirement, and Deferred Compensation Plans - Additional Information, Defined Contribution Plans (Detail) - 401 (k) Plan [Member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Contribution Plan Disclosure [Line Items] | |||
Contribution made to consolidated defined contribution plan | $ 3.7 | $ 3.0 | $ 2.4 |
Employer Matching Contribution Tranche One [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan employee matching contribution | 100.00% | ||
Percentage of contribution based on participant's age and ranges | 1.00% | ||
Employer Matching Contribution Tranche Two [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan employee matching contribution | 50.00% | ||
Minimum [Member] | Employer Matching Contribution Tranche Two [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of contribution based on participant's age and ranges | 1.00% | ||
Maximum [Member] | Employer Matching Contribution Tranche Two [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of contribution based on participant's age and ranges | 6.00% |
Employee Benefit, Retirement, and Deferred Compensation Plans - Additional Information, Defined Benefit Plans (Detail) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated other comprehensive loss | $ 17,989,000 | $ 17,997,000 | ||
U.S. Cash Balance Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accrued obligations | 32,384,000 | 32,172,000 | $ 33,929,000 | |
Contribution made to consolidated defined benefit plan | 800,000 | 900,000 | $ 1,400,000 | |
Unfunded status of consolidated defined benefit plan | 8,300,000 | 9,300,000 | ||
Accumulated other comprehensive loss | 7,800,000 | 8,100,000 | ||
Expected contribution | $ 0 | |||
U.S. Cash Balance Plan [Member] | Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic pension cost recognized in accumulated other comprehensive loss | $ 100,000 | |||
U.S. Cash Balance Plan [Member] | Employer Matching Contribution Tranche One [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of contribution based on participant's age and ranges | 2.00% | |||
U.S. Cash Balance Plan [Member] | Employer Matching Contribution Tranche One [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of contribution based on participant's age and ranges | 4.00% | |||
U.S. Cash Balance Plan [Member] | Employer Matching Contribution Tranche Two [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of eligible compensation over social security wages base | 1.00% | |||
U.K. Supplementary Pension Plan [Member] | U.S. Cash Balance Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accrued obligations | $ 1,600,000 | $ 1,200,000 |
Employee Benefit, Retirement, and Deferred Compensation Plans - Changes in Total Benefit Obligation and Fair Value of Assets and Funded Status (Detail) - U.S. Cash Balance Plan [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Change in benefit obligations: | |||
Benefit obligation — beginning of period | $ 32,172 | $ 33,929 | |
Interest on liabilities | 1,289 | 1,290 | $ 1,345 |
Benefits paid | (1,139) | (1,339) | |
Actuarial loss (gain) | 62 | (1,708) | |
Benefit obligation — end of period | 32,384 | 32,172 | 33,929 |
Change in fair value of plan assets: | |||
Fair value of plan assets — beginning of period | 22,910 | 23,691 | |
Return on plan assets | 1,558 | (329) | |
Employer contributions | 788 | 887 | |
Benefits paid | (1,139) | (1,339) | |
Fair value of plan assets — end of period | 24,117 | 22,910 | $ 23,691 |
Unfunded status — end of period | $ 8,267 | $ 9,262 |
Employee Benefit, Retirement, and Deferred Compensation Plans - Significant Weighted-Average Assumptions (Detail) - U.S. Cash Balance Plan [Member] |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic pension cost | 4.15% | 3.84% | 4.49% |
Pension obligation | 3.97% | 4.15% | 3.98% |
Expected return on plan assets | 6.00% | 7.00% | 7.00% |
Employee Benefit, Retirement, and Deferred Compensation Plans - Components of Net Periodic Pension Cost (Detail) - U.S. Cash Balance Plan [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 1,289 | $ 1,290 | $ 1,345 |
Amortization of net actuarial loss | 132 | 134 | 34 |
Expected return on plan assets | (1,342) | (1,630) | (1,621) |
Net settlement loss | 0 | 0 | 609 |
Net periodic pension cost | $ 79 | $ (206) | $ 367 |
Employee Benefit, Retirement, and Deferred Compensation Plans - Summary of Estimated Future Benefit Payments (Detail) - U.S. Cash Balance Plan [Member] $ in Thousands |
Dec. 31, 2016
USD ($)
|
---|---|
Defined Benefit Plan Disclosure [Line Items] | |
2017 | $ 1,024 |
2018 | 1,432 |
2019 | 1,160 |
2020 | 1,250 |
2021 | 1,334 |
2022–2026 | $ 7,960 |
Employee Benefit, Retirement, and Deferred Compensation Plans - Fair Value of Plan's Assets (Detail) - U.S. Cash Balance Plan [Member] - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | $ 24,117 | $ 22,910 | $ 23,691 |
Fixed-income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 11,625 | 11,435 | |
U.S. equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 8,731 | 8,058 | |
International equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 2,822 | 2,481 | |
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 409 | 426 | |
Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 530 | 510 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 24,117 | 22,910 | |
Level 1 [Member] | Fixed-income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 11,625 | 11,435 | |
Level 1 [Member] | U.S. equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 8,731 | 8,058 | |
Level 1 [Member] | International equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 2,822 | 2,481 | |
Level 1 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 409 | 426 | |
Level 1 [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 530 | 510 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Level 2 [Member] | Fixed-income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Level 2 [Member] | U.S. equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Level 2 [Member] | International equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Level 2 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Level 2 [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Level 3 [Member] | Fixed-income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Level 3 [Member] | U.S. equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Level 3 [Member] | International equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Level 3 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Level 3 [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | $ 0 | $ 0 |
Employee Benefit, Retirement, and Deferred Compensation Plans - Target Allocation of Plan Assets (Detail) - U.S. Cash Balance Plan [Member] |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Target | 100.00% |
U.S. equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum | 33.00% |
Maximum | 43.00% |
Target | 38.00% |
International equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum | 7.00% |
Maximum | 17.00% |
Target | 12.00% |
Fixed-income securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum | 40.00% |
Maximum | 50.00% |
Target | 45.00% |
Other [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum | 0.00% |
Maximum | 10.00% |
Target | 5.00% |
Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Components of Accumulated Other Comprehensive Income (Loss) | |||
Balance | $ 1,972,677 | $ 1,777,161 | $ 1,544,901 |
Other comprehensive income (loss) before reclassifications | (244) | (28,114) | (41,724) |
Gross amounts reclassified from accumulated other comprehensive income (loss) | 1,488 | 43 | |
Net settlement loss | 609 | ||
Foreign currency translation | 518 | (55) | |
Income tax (expense) benefit | (58) | 2,411 | |
Other comprehensive loss, net of tax | (244) | (26,166) | (38,716) |
Gross amounts reclassified within accumulated other comprehensive income (loss) | 252 | 19,079 | 28,258 |
Balance | 2,160,202 | 1,972,677 | 1,777,161 |
Total Post- Retirement Benefits Adjustments [Member] | |||
Components of Accumulated Other Comprehensive Income (Loss) | |||
Balance | 2,305 | 692 | 3,987 |
Other comprehensive income (loss) before reclassifications | (244) | (335) | (6,303) |
Gross amounts reclassified from accumulated other comprehensive income (loss) | 1,488 | 43 | |
Net settlement loss | 609 | ||
Foreign currency translation | 518 | (55) | |
Income tax (expense) benefit | (58) | 2,411 | |
Other comprehensive loss, net of tax | (244) | 1,613 | (3,295) |
Gross amounts reclassified within accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Balance | 2,061 | 2,305 | 692 |
Foreign Currency Translation Adjustments [Member] | |||
Components of Accumulated Other Comprehensive Income (Loss) | |||
Balance | (79,927) | (52,148) | (16,727) |
Other comprehensive income (loss) before reclassifications | 0 | (27,779) | (35,421) |
Gross amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |
Net settlement loss | 0 | ||
Foreign currency translation | 0 | 0 | |
Income tax (expense) benefit | 0 | 0 | |
Other comprehensive loss, net of tax | 0 | (27,779) | (35,421) |
Gross amounts reclassified within accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Balance | (79,927) | (79,927) | (52,148) |
Non-controlling Interest in Principal Equityholders [Member] | |||
Components of Accumulated Other Comprehensive Income (Loss) | |||
Balance | 59,625 | 40,546 | 12,288 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 |
Gross amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |
Net settlement loss | 0 | ||
Foreign currency translation | 0 | 0 | |
Income tax (expense) benefit | 0 | 0 | |
Other comprehensive loss, net of tax | 0 | 0 | 0 |
Gross amounts reclassified within accumulated other comprehensive income (loss) | 252 | 19,079 | 28,258 |
Balance | 59,877 | 59,625 | 40,546 |
Total [Member] | |||
Components of Accumulated Other Comprehensive Income (Loss) | |||
Balance | (17,997) | (10,910) | (452) |
Other comprehensive loss, net of tax | 8 | (7,087) | (10,458) |
Balance | $ (17,989) | $ (17,997) | $ (10,910) |
Operating and Reporting Segments - Information Excluding Discontinued Operations (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total revenues | $ 3,550,029 | $ 2,976,820 | $ 2,708,432 | ||||||||
Gross margin | $ 223,032 | $ 178,854 | $ 159,752 | $ 118,641 | $ 187,201 | $ 149,472 | $ 136,659 | $ 94,583 | 680,279 | 567,915 | 566,246 |
Selling, general and administrative expense | (361,763) | (293,911) | (250,050) | ||||||||
Equity in income of unconsolidated entities | 7,453 | 1,759 | 5,405 | ||||||||
Interest and other (expense) income | (11,763) | (11,442) | (19,607) | ||||||||
Loss on extinguishment of debt | 0 | (33,317) | 0 | ||||||||
Gain on foreign currency forward | 0 | 29,983 | 0 | ||||||||
Income from continuing operations before income taxes | $ 117,056 | $ 90,391 | $ 67,768 | $ 38,991 | $ 100,557 | $ 68,246 | $ 29,960 | $ 62,224 | 314,206 | 260,987 | 301,994 |
Corporate and Unallocated [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Gross margin | 0 | 0 | 0 | ||||||||
Selling, general and administrative expense | (74,280) | (63,154) | (52,122) | ||||||||
Equity in income of unconsolidated entities | 0 | 0 | 0 | ||||||||
Interest and other (expense) income | (1,952) | 6,123 | (4,522) | ||||||||
Loss on extinguishment of debt | (33,317) | ||||||||||
Gain on foreign currency forward | 29,983 | ||||||||||
Income from continuing operations before income taxes | (76,232) | (60,365) | (56,644) | ||||||||
East [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total revenues | 1,098,283 | 818,699 | 566,158 | ||||||||
Gross margin | 241,382 | 179,517 | 139,629 | ||||||||
Selling, general and administrative expense | (102,845) | (74,131) | (50,279) | ||||||||
Equity in income of unconsolidated entities | 440 | 241 | 0 | ||||||||
Interest and other (expense) income | (3,532) | (3,263) | (2,769) | ||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Gain on foreign currency forward | 0 | ||||||||||
Income from continuing operations before income taxes | 135,445 | 102,364 | 86,581 | ||||||||
Central [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total revenues | 1,004,595 | 1,008,664 | 990,440 | ||||||||
Gross margin | 189,335 | 190,264 | 201,852 | ||||||||
Selling, general and administrative expense | (93,423) | (84,588) | (80,769) | ||||||||
Equity in income of unconsolidated entities | 430 | 150 | 3,609 | ||||||||
Interest and other (expense) income | (2,604) | (13,991) | (13,921) | ||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Gain on foreign currency forward | 0 | ||||||||||
Income from continuing operations before income taxes | 93,738 | 91,835 | 110,771 | ||||||||
West [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total revenues | 1,387,196 | 1,106,375 | 1,116,341 | ||||||||
Gross margin | 221,706 | 180,588 | 208,943 | ||||||||
Selling, general and administrative expense | (91,215) | (72,038) | (66,880) | ||||||||
Equity in income of unconsolidated entities | 2,322 | (836) | 386 | ||||||||
Interest and other (expense) income | (3,675) | (311) | 1,604 | ||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Gain on foreign currency forward | 0 | ||||||||||
Income from continuing operations before income taxes | 129,138 | 107,403 | 144,053 | ||||||||
Mortgage Operations [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total revenues | 59,955 | 43,082 | 35,493 | ||||||||
Gross margin | 27,856 | 17,546 | 15,822 | ||||||||
Selling, general and administrative expense | 0 | 0 | 0 | ||||||||
Equity in income of unconsolidated entities | 4,261 | 2,204 | 1,410 | ||||||||
Interest and other (expense) income | 0 | 0 | 1 | ||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Gain on foreign currency forward | 0 | ||||||||||
Income from continuing operations before income taxes | $ 32,117 | $ 19,750 | $ 17,233 |
Operating and Reporting Segments - Assets from Segment (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Real estate inventory and land deposits | $ 3,054,452 | $ 3,160,900 | $ 2,552,865 |
Investments in unconsolidated entities | 157,909 | 128,448 | 110,291 |
Other assets | 1,008,565 | 833,099 | 1,448,642 |
Total assets | 4,220,926 | 4,122,447 | 4,111,798 |
Discontinued Operations [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Real estate inventory and land deposits | 0 | ||
Investments in unconsolidated entities | 0 | ||
Other assets | 576,445 | ||
Total assets | 576,445 | ||
Corporate and Unallocated [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Real estate inventory and land deposits | 0 | 0 | |
Investments in unconsolidated entities | 0 | 0 | |
Other assets | 476,427 | 304,281 | |
Total assets | 476,427 | 304,281 | |
Corporate and Unallocated [Member] | Continuing Operations [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Real estate inventory and land deposits | 0 | ||
Investments in unconsolidated entities | 0 | ||
Other assets | 462,669 | ||
Total assets | 462,669 | ||
East [Member] | Operating Segments [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Real estate inventory and land deposits | 1,077,618 | 927,359 | |
Investments in unconsolidated entities | 25,923 | 24,098 | |
Other assets | 74,638 | 52,817 | |
Total assets | 1,178,179 | 1,004,274 | |
East [Member] | Operating Segments [Member] | Continuing Operations [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Real estate inventory and land deposits | 640,224 | ||
Investments in unconsolidated entities | 29,085 | ||
Other assets | 42,593 | ||
Total assets | 711,902 | ||
Central [Member] | Operating Segments [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Real estate inventory and land deposits | 731,976 | 757,863 | |
Investments in unconsolidated entities | 30,146 | 28,832 | |
Other assets | 136,752 | 164,192 | |
Total assets | 898,874 | 950,887 | |
Central [Member] | Operating Segments [Member] | Continuing Operations [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Real estate inventory and land deposits | 634,968 | ||
Investments in unconsolidated entities | 28,053 | ||
Other assets | 124,261 | ||
Total assets | 787,282 | ||
West [Member] | Operating Segments [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Real estate inventory and land deposits | 1,244,858 | 1,475,678 | |
Investments in unconsolidated entities | 98,625 | 72,646 | |
Other assets | 51,617 | 74,379 | |
Total assets | 1,395,100 | 1,622,703 | |
West [Member] | Operating Segments [Member] | Continuing Operations [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Real estate inventory and land deposits | 1,277,673 | ||
Investments in unconsolidated entities | 51,909 | ||
Other assets | 37,989 | ||
Total assets | 1,367,571 | ||
Mortgage Operations [Member] | Operating Segments [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Real estate inventory and land deposits | 0 | 0 | |
Investments in unconsolidated entities | 3,215 | 2,872 | |
Other assets | 269,131 | 237,430 | |
Total assets | $ 272,346 | $ 240,302 | |
Mortgage Operations [Member] | Operating Segments [Member] | Continuing Operations [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Real estate inventory and land deposits | 0 | ||
Investments in unconsolidated entities | 1,244 | ||
Other assets | 204,685 | ||
Total assets | $ 205,929 |
Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 1,196,967 | $ 853,417 | $ 854,316 | $ 645,329 | $ 970,144 | $ 796,288 | $ 700,973 | $ 509,415 | |||
Gross margin | 223,032 | 178,854 | 159,752 | 118,641 | 187,201 | 149,472 | 136,659 | 94,583 | $ 680,279 | $ 567,915 | $ 566,246 |
Income from continuing operations before income taxes | 117,056 | 90,391 | 67,768 | 38,991 | 100,557 | 68,246 | 29,960 | 62,224 | 314,206 | 260,987 | 301,994 |
Net income before allocation to non-controlling interests | 76,111 | 58,684 | 45,664 | 26,104 | 66,386 | 45,794 | 20,021 | 96,844 | |||
Net income available to Taylor Morrison Home Corporation | $ 19,281 | $ 14,837 | $ 11,685 | $ 6,813 | $ 17,667 | $ 12,344 | $ 5,077 | $ 25,962 | $ 52,616 | $ 61,049 | $ 71,469 |
Basic and diluted earnings per share (usd per share) | $ 0.63 | $ 0.49 | $ 0.37 | $ 0.21 | $ 0.54 | $ 0.37 | $ 0.15 | $ 0.79 |
Commitments and Contingencies - Additional Information (Detail) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
Lot
|
Dec. 31, 2015
USD ($)
Lot
|
Dec. 31, 2014
USD ($)
|
|
Commitments and Contingencies Disclosure [Abstract] | |||
Outstanding letters of credit | $ 302.8 | $ 394.8 | |
Right to purchase lots of land option (in lots) | Lot | 7,583 | 8,888 | |
Aggregate purchase price | $ 542.6 | $ 710.6 | |
Land deposits | 37.2 | 34.1 | |
Legal accruals | 4.4 | 0.8 | |
Rent expense under non-cancelable operating leases | 5.3 | 4.4 | $ 4.2 |
Exposure to collectibility of receivables if not sold to an investor | |||
Loss Contingencies [Line Items] | |||
Total commitments to extend credit | $ 96.0 | $ 52.0 |
Commitments and Contingencies - Future Minimum Payments (Detail) $ in Thousands |
Dec. 31, 2016
USD ($)
|
---|---|
Leases [Abstract] | |
2017 | $ 7,434 |
2018 | 6,296 |
2019 | 5,281 |
2020 | 3,438 |
2021 | 2,564 |
Thereafter | 2,218 |
Total | $ 27,231 |
Mortgage Hedging Activities (Detail) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Derivative [Line Items] | |
Fair Value | $ 2,291 |
IRLCs [Member] | |
Derivative [Line Items] | |
Fair Value | 1,987 |
Notional Amount | 61,655 |
MBSs [Member] | |
Derivative [Line Items] | |
Fair Value | 304 |
Notional Amount | $ 97,000 |
Minimum [Member] | |
Derivative [Line Items] | |
Derivative term | 30 days |
Maximum [Member] | |
Derivative [Line Items] | |
Derivative term | 60 days |
Subsequent Events (Detail) - $ / shares |
Feb. 06, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Subsequent Event [Line Items] | |||
Common stock, shares outstanding | 119,428,910 | ||
Common Class A [Member] | |||
Subsequent Event [Line Items] | |||
Common stock, shares outstanding | 30,486,858 | 32,224,421 | |
Common Class B [Member] | |||
Subsequent Event [Line Items] | |||
Common stock, shares outstanding | 88,942,052 | 89,108,569 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Common stock, shares outstanding | 119,428,910 | ||
Subsequent Event [Member] | Capitalization by Class of Stock [Member] | Stockholders' Equity [Member] | |||
Subsequent Event [Line Items] | |||
Percentage | 100.00% | ||
Subsequent Event [Member] | Common Class A [Member] | |||
Subsequent Event [Line Items] | |||
Issuance of Common Stock (in shares) | 11,500,000 | ||
Net purchase price per share (usd per share) | $ 18.2875 | ||
Common stock public offering price (usd per share) | $ 19.00 | ||
Common stock, shares outstanding | 41,986,858 | ||
Subsequent Event [Member] | Common Class A [Member] | Capitalization by Class of Stock [Member] | Stockholders' Equity [Member] | |||
Subsequent Event [Line Items] | |||
Percentage | 35.20% | ||
Subsequent Event [Member] | Common Class B [Member] | |||
Subsequent Event [Line Items] | |||
Common stock, shares outstanding | 77,442,052 | ||
Subsequent Event [Member] | Common Class B [Member] | Capitalization by Class of Stock [Member] | Stockholders' Equity [Member] | |||
Subsequent Event [Line Items] | |||
Percentage | 64.80% |
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