Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	Apr. 16, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Trading Symbol	TPH
Entity Registrant Name	TRI Pointe Group, Inc.
Entity Central Index Key	0001561680
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		151,922,459

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 324,608	$ 282,914
Receivables	55,249	125,600
Real estate inventories	3,145,555	3,105,553
Investments in unconsolidated entities	4,699	5,870
Goodwill and other intangible assets, net	160,827	160,961
Deferred tax assets, net	73,818	76,413
Other assets	82,005	48,070
Total assets	3,846,761	3,805,381
Liabilities
Accounts payable	76,249	72,870
Accrued expenses and other liabilities	333,190	330,882
Senior notes, net	1,473,074	1,471,302
Total liabilities	1,882,513	1,875,054
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized; 151,922,459 and 151,162,999 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	1,519	1,512
Additional paid-in capital	792,369	793,980
Retained earnings	1,169,756	1,134,230
Total stockholders’ equity	1,963,644	1,929,722
Noncontrolling interests	604	605
Total equity	1,964,248	1,930,327
Total liabilities and equity	$ 3,846,761	$ 3,805,381

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	500,000,000	500,000,000
Common stock, shares issued (shares)	151,922,459	151,162,999
Common stock, shares outstanding (shares)	151,922,459	151,162,999

Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Homebuilding:
Home sales revenue	$ 582,572	$ 392,004
Land and lot sales revenue	223	578
Other operations revenue	598	568
Total revenues	583,393	393,150
Cost of home sales	450,502	318,404
Cost of land and lot sales	503	654
Other operations expense	602	560
Sales and marketing	38,283	26,700
General and administrative	36,814	34,649
Homebuilding income from operations	56,689	12,183
Equity in (loss) income of unconsolidated entities	(468)	138
Other income, net	171	77
Homebuilding income before income taxes	56,392	12,398
Financial Services:
Revenues	283	241
Expenses	137	74
Equity in income of unconsolidated entities	1,002	266
Financial services income before income taxes	1,148	433
Income before income taxes	57,540	12,831
Provision for income taxes	(14,660)	(4,614)
Net income	42,880	8,217	$ 187,551
Net income attributable to noncontrolling interests	0	(24)
Net income available to common stockholders	$ 42,880	$ 8,193
Earnings per share
Basic (in dollars per share)	$ 0.28	$ 0.05
Diluted (in dollars per share)	$ 0.28	$ 0.05
Weighted average shares outstanding
Basic (shares)	151,464,547	158,769,478
Diluted (shares)	152,775,851	159,390,586

Consolidated Statements of Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interests [Member]	Adjustments due to ASC 606
Beginning Balance at Dec. 31, 2016	$ 1,848,510	$ 1,586	$ 880,822	$ 947,039	$ 1,829,447	$ 19,063
Beginning Balance, shares at Dec. 31, 2016		158,626,229
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	187,551			187,191	187,191	360
Shares issued under share-based awards	12,291	$ 16	12,275		12,291
Shares issued under share-based awards, shares		1,531,475
Minimum tax withholding paid on behalf of employees for restricted stock units	(2,896)		(2,896)		(2,896)
Stock-based compensation expense	15,906		15,906		15,906
Share repurchases	(112,217)	$ (90)	(112,127)		(112,217)
Share repurchases, shares		(8,994,705)
Distributions to noncontrolling interests, net	(1,333)					(1,333)
Net effect of consolidations, de-consolidations and other transactions	(17,485)					(17,485)
Ending Balance at Dec. 31, 2017	$ 1,930,327	$ 1,512	793,980	1,134,230	1,929,722	605
Ending Balance, shares at Dec. 31, 2017	151,162,999	151,162,999
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change (Note 1)	$ (7,354)			(7,354)	(7,354)
Net income	42,880			42,880	42,880
Net income \| Adjustments due to ASC 606							$ 1,244
Shares issued under share-based awards	975	$ 7	968		975
Shares issued under share-based awards, shares		759,460
Minimum tax withholding paid on behalf of employees for restricted stock units	(6,049)		(6,049)		(6,049)
Stock-based compensation expense	3,470		3,470		3,470
Distributions to noncontrolling interests, net	(1)					(1)
Ending Balance at Mar. 31, 2018	$ 1,964,248	$ 1,519	$ 792,369	$ 1,169,756	$ 1,963,644	$ 604
Ending Balance, shares at Mar. 31, 2018	151,922,459	151,922,459

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 42,880	$ 8,217
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	5,488	822
Equity in income of unconsolidated entities, net	(534)	(404)
Deferred income taxes, net	5,024	1,118
Amortization of stock-based compensation	3,470	3,841
Charges for impairments and lot option abandonments	248	321
Changes in assets and liabilities:
Real estate inventories	(87,107)	(138,011)
Receivables	70,351	16,702
Other assets	2,308	2,326
Accounts payable	3,379	3,863
Accrued expenses and other liabilities	2,165	(11,952)
Returns on investments in unconsolidated entities, net	2,214	866
Net cash provided by (used in) operating activities	49,886	(112,291)
Cash flows from investing activities:
Purchases of property and equipment	(2,170)	(1,173)
Proceeds from sale of property and equipment	0	5
Investments in unconsolidated entities	(947)	(231)
Net cash used in investing activities	(3,117)	(1,399)
Cash flows from financing activities:
Borrowings from debt	0	50,000
Repayment of debt	0	(13,726)
Distributions to noncontrolling interests	(1)	(415)
Proceeds from issuance of common stock under share-based awards	975	746
Minimum tax withholding paid on behalf of employees for share-based awards	(6,049)	(2,561)
Share repurchases	0	(492)
Net cash (used in) provided by financing activities	(5,075)	33,552
Net increase (decrease) in cash and cash equivalents	41,694	(80,138)
Cash and cash equivalents - beginning of period	282,914	208,657
Cash and cash equivalents - end of period	$ 324,608	$ 128,519

Organization, Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Basis of Presentation and Summary of Significant Accounting Policies

Organization

TRI Pointe Group is engaged in the design, construction and sale of innovative single-family attached and detached homes through its portfolio of six quality brands across eight states, including Maracay Homes in Arizona, Pardee Homes in California and Nevada, Quadrant Homes in Washington, Trendmaker Homes in Texas, TRI Pointe Homes in California and Colorado and Winchester Homes in Maryland and Virginia.

Basis of Presentation

The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2017. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year due to seasonal variations and other factors.

The consolidated financial statements include the accounts of TRI Pointe Group and its wholly owned subsidiaries, as well as other entities in which TRI Pointe Group has a controlling interest and variable interest entities (“VIEs”) in which TRI Pointe Group is the primary beneficiary. The noncontrolling interests as of March 31, 2018 and December 31, 2017 represent the outside owners’ interests in the Company’s consolidated entities and the net equity of the VIE owners. All significant intercompany accounts have been eliminated upon consolidation.

Use of Estimates

Our financial statements have been prepared in accordance with GAAP. The preparation of these financial statements requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from our estimates.

Significant Accounting Policies Update

Revenue Recognition

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Codified as “ASC 606”). ASC 606 supersedes the revenue-recognition requirements in ASC Topic 605, Revenue Recognition, most industry-specific guidance throughout the industry topics of the accounting standards codification, and some cost guidance related to construction-type and production-type contracts. The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: identify the contract(s) with a customer; identify the performance obligations in the contract; determine the transaction price; allocate the transaction price to the performance obligations in the contract; and recognize revenue when (or as) the entity satisfies a performance obligation. We have adopted and applied this updated revenue recognition policy as of January 1, 2018.

The majority of our revenues are related to fixed-price contracts to deliver completed homes to homebuyers, and to a much lesser degree, to deliver land or lots to other homebuilders or real estate developers. We generally deliver completed homes to homebuyers and land and lots to other homebuilders or real estate developers when all closing conditions are met, including the passage of title and the receipt of consideration, and the collection of associated receivables, if any, is reasonably assured. When it is determined that there are uncompleted performance obligations, the transaction price and the related profit for those uncompleted performance obligations are deferred for recognition in future periods based on the principles of ASC 606. The most common examples of uncompleted performance obligations are unfinished pools or outdoor landscaping features that are unable to be completed due to weather or other circumstances.

Following the adoption of ASC 606, the timing of revenue recognition for all of our contracts remained materially consistent with our historical revenue recognition policy due to the nature of our revenue generating activities, with the most common difference under ASC 606 relating to the deferral of revenue due to these uncompleted performance obligations at the time we deliver new homes to our homebuyers.

When we enter into a contract with a homebuyer, we sometimes receive a nonrefundable deposit that is recognized as revenue under circumstances where a contract is canceled by the homebuyer. These amounts are recognized as home sales revenue at the time a contract is canceled by the homebuyer. We have not experienced significant contract modifications impacting the timing of revenue recognition under ASC 606, nor will we be required to use estimates in the application of the core revenue recognition principles.

Real Estate Inventories and Cost of Sales

ASC 606 includes Subtopic 340-40, Other Assets and Deferred Costs - Contracts with Customers, which requires the deferral of incremental costs of obtaining a contract with a customer. The adoption of Subtopic 340-40 impacts the timing of recognition and classification in our consolidated financial statements of certain sales office, model and other marketing related costs that we incur to obtain sales contracts from our customers. For example, we historically capitalized to inventory and amortized through cost of home sales various sales office, model and other marketing related costs with each home delivered in a community. Under Subtopic 340-40, these costs are expensed when incurred or capitalized to other assets and amortized to selling expense.

Recently Issued Accounting Standards Not Yet Adopted

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, (Codified as “ASC 842”), which requires an entity to recognize assets and liabilities on the balance sheet for the rights and obligations created by leased assets and provide additional disclosures. ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, and, at that time, we will adopt the new standard using a modified retrospective approach. We are currently evaluating the impact that the adoption of ASC 842 may have on our consolidated financial statements and disclosures.

In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment (“ASU 2017-04”), which removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted, and applied prospectively. We do not expect ASU 2017-04 to have a material impact on our financial statements.

Adoption of New Accounting Standards

In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. We adopted ASU 2016-15 on January 1, 2018 and our adoption did not have a material impact on our consolidated financial statements.

On January 1, 2018, we adopted ASC 606 using the modified retrospective approach applying the method of presenting the standard of ASC 606 to only those contracts not considered completed under legacy GAAP. As a result of this application of ASC 606, no prior period results have been recast and the standard has been applied prospectively as of January 1, 2018. The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet resulting from the adoption of ASC 606 was as follows (in thousands):



	Balance at December 31, 2017		Adjustments due to ASC 606			Balance at January 1, 2018
Assets
Real estate inventories	$	3,105,553	$	(49,317	)	$	3,056,236
Deferred income tax asset	76,413		(2,429		)	73,984
Other assets	48,070		39,534			87,604
Equity
Retained earnings	1,134,230		(7,354		)	1,126,876

Our cumulative adjustment to retained earnings on January 1, 2018 related primarily to the impact of Subtopic 340-40 and the timing of recognition and classification in our consolidated financial statements of certain sales office, model and other marketing related costs that we incur to obtain sales contracts from our customers. See Significant Accounting Policies Update above.

In accordance with ASC 606 disclosure requirements, the impact of adopting ASC 606 on our consolidated income statement and balance sheet for the three months ended March 31, 2018 were as follows (dollars in thousands):



	Three Months Ended March 31, 2018
	As Reported			Balances Without Adoption of ASC 606			Effect of Change Higher/(Lower)
Income Statement
Revenues
Home sales	$	582,572		$	583,053		$	(481	)

Costs and expenses
Cost of home sales	450,502			458,139			(7,637		)
Sales and marketing	38,283			32,796			5,487
Provision for income taxes	(14,660		)	(14,235		)	425
Net income	42,880			41,636			1,244
Diluted earnings per share	$	0.28		$	0.27		$	0.01

	As of March 31, 2018
	As Reported			Balances Without Adoption of ASC 606			Effect of Change Higher/(Lower)
Balance Sheet
Assets
Real estate inventories	$	3,145,555		$	3,193,904		$	(48,349	)
Deferred tax assets, net	73,818			71,389			2,429
Other assets	82,005			42,061			39,944

Liabilities
Accrued expenses and other liabilities	333,190			332,899			291

Equity
Retained earnings	1,169,756			1,175,866			(6,110		)

Contracts with Customers

In consideration of the appropriate revenue recognition for our contracts with customers, we first assessed our ordinary operations in order to capture all revenue transactions with a counter-party appropriately considered a customer. Historically, our ordinary homebuilding revenue generating activities have included contracts with homebuyers to deliver completed homes and to a lesser extent, contracts with other homebuilders or real estate developers to deliver land or lots in exchange for consideration. The majority of our homebuilding contracts with customers typically include a single performance obligation, which is the transfer of control of the real estate property when all closing conditions are met.

In addition to our core homebuilding operations, we undertake service operations with customers in the form of our financial services reportable segment (“TRI Pointe Solutions”), which is comprised of our mortgage financing operations, title services operations and property and casualty insurance agency operations. Our mortgage financing operation (“TRI Pointe Connect”) can act as a preferred mortgage broker to our homebuyers in all of the markets in which we operate. TRI Pointe Connect was formed as a joint venture with an established mortgage lender and is accounted for under the equity method of accounting. Our title services operation (“TRI Pointe Assurance”) provides title examinations for our homebuyers in our Trendmaker Homes and Winchester Homes brands. TRI Pointe Assurance is a wholly-owned subsidiary of TRI Pointe and acts as a title agency for First American Title Insurance Company. Our property and casualty insurance agency operations (“TRI Pointe Advantage”), which launched in early 2018, is a wholly-owned subsidiary of TRI Pointe that provides property and casualty insurance agency services that help facilitate the closing process in all of the markets in which we operate.

We do not currently have any long-term contracts with customers. ASC 606 provides certain practical expedients that limit some of the accounting treatments and disclosure requirements existing under this accounting standard. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.

Disaggregation of Revenues

We generate revenues from a mix of homebuilding operations and financial services operations. Due to the nature of our revenue generating activities, the disaggregated revenue reported on our consolidated statement of operations, in conjunction with the revenues reported in our segment disclosure, is deemed sufficient to report revenue from contracts with customers in accordance with the disaggregation disclosure requirements of ASC 606. We report total revenues in Note 2, Segment Information, which is fully comprised of our revenues from contracts with customers. While the total homebuilding revenues by segment include a mix of home sales revenue, land and lot sales revenue and other operations revenue, all material revenue amounts outside of home sales revenue are attributed to their respective homebuilding segment in the discussion below. Our consideration of disaggregated revenue consisted of a variety of facts and circumstances pertaining to our contracts with customers. These considerations included the nature, amounts, timing and other characteristics and economic factors present within each revenue line item appearing on our consolidated statement of operations. See below for further commentary on each of our revenue streams from contracts with customers.

Home sales revenue

The majority of our total revenue is generated from home sales, which consists of our core business operation of building and delivering completed homes to homebuyers. Included in home sales revenue are forfeited deposits, which occur when homebuyers cancel home purchase contracts that include a nonrefundable deposit. Both revenue from forfeited deposits and deferred revenue resulting from uncompleted performance obligations existing at the time we deliver new homes to our homebuyers is immaterial.

Land and lot sales revenue

Historically, land and lot sales revenue has been generated from a small volume of activity, although in some years a significant amount of revenue and gross margin has been realized. We do not expect our future land and lot sales revenue to be material, but we still consider these sales to be an ordinary part of our business, thus meeting the definition of contracts with customers. Similar to our home sales, revenue from land and lot sales is typically fully recognized when the land and lot sales transactions are consummated, at which time no further performance obligations are left to be satisfied. Some of our historical land and lot sales have included future profit participation rights. Future land and lot sales revenue will be recognized in the periods in which all closing conditions are met, subject to the constraint on variable consideration related to profit participation rights, if such rights exist in the sales contract.

Other operations revenue

The majority of our other homebuilding operations revenue relates to a ground lease at our Quadrant Homes reporting segment. We are responsible for making lease payments to the land owner, and we collect sublease payments from the buyers of the buildings. This ground lease is accounted for in accordance with ASC Topic 840, Leases. We do not recognize a material profit on this ground lease.

Financial services revenues

TRI Pointe Solutions is a reportable segment and is comprised of our TRI Pointe Connect mortgage financing operations, TRI Pointe Assurance title services operations, and TRI Pointe Advantage property and casualty insurance agency operations.

Mortgage financing operations

TRI Pointe Connect was formed as a joint venture with an established mortgage lender and is accounted for under the equity method of accounting. Based on our percentage stake in this joint venture, we record a percentage of revenue earned by TRI Pointe Connect. Revenue is recognized in the period in which the home sales transactions are consummated. We do not have a history of uncollectable amounts from these operations. TRI Pointe Connect activity appears as equity in income of unconsolidated entities under the Financial Services section of our consolidated statements of operations.

Title services operations

TRI Pointe Assurance provides title examinations for our homebuyers in Texas, Maryland and Virginia. TRI Pointe Assurance is a wholly-owned subsidiary of TRI Pointe and acts as a title agency for First American Title Insurance Company. At the time of the consummation of the home sales transactions we recognize a percentage of revenue captured by First American Title Insurance Company. We do not have a history of uncollectable amounts from these operations. TRI Pointe Assurance activity appears as revenues under the Financial Services section of our consolidated statements of operations.

Property and casualty insurance agency operations

TRI Pointe Advantage is a wholly-owned subsidiary of TRI Pointe and provides property and casualty insurance agency services that help facilitate the closing process in all of the markets in which we operate. These operations began in February, 2018 and have not generated a material amount of revenue. We expect revenue from these operations to increase as customers use these services to procure homeowners insurance, with further revenue potential as customers renew their insurance coverages beyond the initial coverage periods. The total consideration for these services, including renewal options, shall be estimated upon the issuance of the initial insurance policy, subject to constraint. TRI Pointe Advantage activity appears as revenue under the Financial Services section of our consolidated statements of operations.

Segment Information

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Information

We operate two principal businesses: homebuilding and financial services.

Our homebuilding operations consist of six homebuilding brands that acquire and develop land and construct and sell single-family detached and attached homes. In accordance with ASC Topic 280, Segment Reporting, in determining the most appropriate reportable segments, we considered similar economic and other characteristics, including product types, average selling prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. Based upon these factors, our homebuilding operations are comprised of the following six reportable segments: Maracay Homes, consisting of operations in Arizona; Pardee Homes, consisting of operations in California and Nevada; Quadrant Homes, consisting of operations in Washington; Trendmaker Homes, consisting of operations in Texas; TRI Pointe Homes, consisting of operations in California and Colorado; and Winchester Homes, consisting of operations in Maryland and Virginia.

Our TRI Pointe Solutions financial services operation is a reportable segment and is comprised of our TRI Pointe Connect mortgage financing operations, our TRI Pointe Assurance title services operations, and our TRI Pointe Advantage property and casualty insurance agency operations. For further details, see Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies.

Corporate is a non-operating segment that develops and implements company-wide strategic initiatives and provides support to our homebuilding reporting segments by centralizing certain administrative functions, such as marketing, legal, accounting, treasury, insurance, internal audit and risk management, information technology and human resources, to benefit from economies of scale. Our Corporate non-operating segment also includes general and administrative expenses related to operating our corporate headquarters. A portion of the expenses incurred by Corporate is allocated to the homebuilding reporting segments.

The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.

Total revenues and income before income taxes for each of our reportable segments were as follows (in thousands):



	Three Months Ended March 31,
	2018			2017
Revenues
Maracay Homes	$	58,455		$	51,060
Pardee Homes	180,470			83,699
Quadrant Homes	61,903			40,552
Trendmaker Homes	41,408			52,362
TRI Pointe Homes	190,420			130,836
Winchester Homes	50,737			34,641
Total homebuilding revenues	583,393			393,150
Financial services	283			241
Total	$	583,676		$	393,391

Income (loss) before income taxes
Maracay Homes	$	4,391		$	1,757
Pardee Homes	39,191			9,893
Quadrant Homes	8,140			3,744
Trendmaker Homes	370			1,882
TRI Pointe Homes	14,531			6,439
Winchester Homes	1,607			400
Corporate	(11,838		)	(11,717		)
Total homebuilding income before income taxes	56,392			12,398
Financial services	1,148			433
Total	$	57,540		$	12,831

Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands):



	March 31, 2018		December 31, 2017
Real estate inventories
Maracay Homes	$	236,405	$	243,883
Pardee Homes	1,264,609		1,245,659
Quadrant Homes	284,830		257,887
Trendmaker Homes	220,269		204,926
TRI Pointe Homes	840,379		855,727
Winchester Homes	299,063		297,471
Total	$	3,145,555	$	3,105,553

Total assets
Maracay Homes	$	278,441	$	268,866
Pardee Homes	1,369,906		1,346,296
Quadrant Homes	314,690		312,803
Trendmaker Homes	236,876		224,995
TRI Pointe Homes	1,017,544		1,062,920
Winchester Homes	328,258		313,921
Corporate	287,581		262,740
Total homebuilding assets	3,833,296		3,792,541
Financial services	13,465		12,840
Total	$	3,846,761	$	3,805,381

Earnings Per Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the components used in the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):



	Three Months Ended March 31,
	2018		2017
Numerator:
Net income available to common stockholders	$	42,880	$	8,193
Denominator:
Basic weighted-average shares outstanding	151,464,547		158,769,478
Effect of dilutive shares:
Stock options and unvested restricted stock units	1,311,304		621,108
Diluted weighted-average shares outstanding	152,775,851		159,390,586
Earnings per share
Basic	$	0.28	$	0.05
Diluted	$	0.28	$	0.05
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share	1,248,483		4,823,402

Receivables

3 Months Ended

Mar. 31, 2018

Receivables [Abstract]

Receivables

Receivables consisted of the following (in thousands):



	March 31, 2018		December 31, 2017
Escrow proceeds and other accounts receivable, net	$	19,920	$	89,783
Warranty insurance receivable (Note 13)	35,329		35,817
Total receivables	$	55,249	$	125,600

Receivables are evaluated for collectability and allowances for potential losses are established or maintained on applicable receivables when collection becomes doubtful. Receivables were net of allowances for doubtful accounts of $358,000 and $330,000 as of March 31, 2018 and December 31, 2017, respectively.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Real Estate Inventories

3 Months Ended

Mar. 31, 2018

Inventory Disclosure [Abstract]

Real Estate Inventories

Real estate inventories consisted of the following (in thousands):



	March 31, 2018		December 31, 2017
Real estate inventories owned:
Homes completed or under construction	$	953,573	$	793,685
Land under development	1,778,804		1,934,556
Land held for future development	139,086		138,651
Model homes	231,519		211,658
Total real estate inventories owned	3,102,982		3,078,550
Real estate inventories not owned:
Land purchase and land option deposits	42,573		27,003
Total real estate inventories not owned	42,573		27,003
Total real estate inventories	$	3,145,555	$	3,105,553

Homes completed or under construction is comprised of costs associated with homes in various stages of construction and includes direct construction and related land acquisition and land development costs. Land under development primarily consists of land acquisition and land development costs, which include capitalized interest and real estate taxes, associated with land undergoing improvement activity. Land held for future development principally reflects land acquisition and land development costs related to land where development activity has not yet begun or has been suspended, but is expected to occur in the future. The real estate inventories owned balance was impacted by our one-time cumulative adjustment entry resulting from the adoption of ASC 606. As a result of our cumulative adjustment, the December 31, 2017 balance decreased by $49.3 million on January 1, 2018. For further details, see Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies.

Real estate inventories not owned represents deposits related to land purchase and land and lot option agreements as well as consolidated inventory held by variable interest entities. For further details, see Note 7, Variable Interest Entities.

Interest incurred, capitalized and expensed were as follows (in thousands):



	Three Months Ended March 31,
	2018			2017
Interest incurred	$	21,520		$	18,873
Interest capitalized	(21,520		)	(18,873		)
Interest expensed	$	—		$	—
Capitalized interest in beginning inventory	$	176,348		$	157,329
Interest capitalized as a cost of inventory	21,520			18,873
Interest previously capitalized as a cost of inventory, included in cost of sales	(14,242		)	(9,687		)
Capitalized interest in ending inventory	$	183,626		$	166,515

Interest is capitalized to real estate inventory during development and other qualifying activities. Interest that is capitalized to real estate inventory is included in cost of home sales or cost of land and lot sales as related units or lots are delivered. Interest that is expensed as incurred is included in other income, net.

Real Estate Inventory Impairments and Land Option Abandonments

Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands):



	Three Months Ended March 31,
	2018		2017
Real estate inventory impairments	$	—	$	—
Land and lot option abandonments and pre-acquisition charges	248		321
Total	$	248	$	321

Impairments of real estate inventory relate primarily to projects or communities that include homes completed or under construction. Within a project or community, there may be individual homes or parcels of land that are currently held for sale. Impairment charges recognized as a result of adjusting individual held-for-sale assets within a community to estimated fair value less cost to sell are also included in the total impairment charges.

In addition to owning land and residential lots, we also have option agreements to purchase land and lots at a future date. We have option deposits and capitalized pre-acquisition costs associated with the optioned land and lots. When the economics of a project no longer support acquisition of the land or lots under option, we may elect not to move forward with the acquisition. Option deposits and capitalized pre-acquisition costs associated with the assets under option may be forfeited at that time.

Real estate inventory impairments and land option abandonments are recorded in cost of home sales and cost of land and lot sales on the consolidated statements of operations.

Investments in Unconsolidated Entities

3 Months Ended

Mar. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Entities

As of March 31, 2018, we held equity investments in four active homebuilding partnerships or limited liability companies and one financial services limited liability company. Our participation in these entities may be as a developer, a builder, or an investment partner. Our ownership percentage varies from 5% to 65%, depending on the investment, with no controlling interest held in any of these investments.

Investments Held

Our cumulative investment in entities accounted for on the equity method, including our share of earnings and losses, consisted of the following (in thousands):



	March 31, 2018		December 31, 2017
Limited liability company interests	$	1,482	$	2,687
General partnership interests	3,217		3,183
Total	$	4,699	$	5,870

Unconsolidated Financial Information

Aggregated assets, liabilities and operating results of the entities we account for as equity-method investments are provided below. Because our ownership interest in these entities varies, a direct relationship does not exist between the information presented below and the amounts that are reflected on our consolidated balance sheets as our investments in unconsolidated entities or on our consolidated statements of operations as equity in income of unconsolidated entities.

Assets and liabilities of unconsolidated entities (in thousands):



	March 31, 2018		December 31, 2017
Assets
Cash	$	11,827	$	11,678
Receivables	5,546		6,564
Real estate inventories	100,821		99,997
Other assets	897		936
Total assets	$	119,091	$	119,175
Liabilities and equity
Accounts payable and other liabilities	$	8,380	$	12,208
Company’s equity	4,699		5,870
Outside interests' equity	106,012		101,097
Total liabilities and equity	$	119,091	$	119,175

Results of operations from unconsolidated entities (in thousands):



	Three Months Ended March 31,
	2018			2017
Net sales	$	4,390		$	5,090
Other operating expense	(3,287		)	(2,603		)
Other income	63			2
Net income	$	1,166		$	2,489
Company’s equity in income of unconsolidated entities	$	534		$	404

Variable Interest Entities

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

In the ordinary course of business, we enter into land and lot option agreements in order to procure land and residential lots for future development and the construction of homes. The use of such land and lot option agreements generally allows us to reduce the risks associated with direct land ownership and development, and reduces our capital and financial commitments. Pursuant to these land and lot option agreements, we generally provide a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. Such deposits are recorded as land purchase and land option deposits under real estate inventories not owned in the accompanying consolidated balance sheets.

We analyze each of our land and lot option agreements and other similar contracts under the provisions of ASC 810 Consolidation to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, if we are determined to be the primary beneficiary of the VIE, we will consolidate the VIE in our financial statements and reflect its assets as real estate inventory not owned included in our real estate inventories, its liabilities as debt (nonrecourse) held by VIEs in accrued expenses and other liabilities and the net equity of the VIE owners as noncontrolling interests on our consolidated balance sheets. In determining whether we are the primary beneficiary, we consider, among other things, whether we have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Such activities would include, among other things, determining or limiting the scope or purpose of the VIE, selling or transferring property owned or controlled by the VIE, or arranging financing for the VIE.

Creditors of the entities with which we have land and lot option agreements have no recourse against us. The maximum exposure to loss under our land and lot option agreements is limited to non-refundable option deposits and any capitalized pre-acquisition costs. In some cases, we have also contracted to complete development work at a fixed cost on behalf of the land owner and budget shortfalls and savings will be borne by us.

The following provides a summary of our interests in land and lot option agreements (in thousands):



	March 31, 2018						December 31, 2017
	Deposits		Remaining Purchase Price		Consolidated Inventory Held by VIEs		Deposits		Remaining Purchase Price		Consolidated Inventory Held by VIEs
Consolidated VIEs	$	—	$	—	$	—	$	—	$	—	$	—
Unconsolidated VIEs	10,145		187,004		N/A		3,418		112,590		N/A
Other land option agreements	32,428		329,338		N/A		23,585		269,349		N/A
Total	$	42,573	$	516,342	$	—	$	27,003	$	381,939	$	—

Unconsolidated VIEs represent land option agreements that were not consolidated because we were not the primary beneficiary. Other land option agreements were not considered VIEs.

In addition to the deposits presented in the table above, our exposure to loss related to our land and lot option contracts consisted of capitalized pre-acquisition costs of $6.3 million and $4.5 million as of March 31, 2018 and December 31, 2017, respectively. These pre-acquisition costs were included in real estate inventories as land under development on our consolidated balance sheets.

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

As of March 31, 2018 and December 31, 2017, $139.3 million of goodwill is included in goodwill and other intangible assets, net on each of the consolidated balance sheets. The Company's goodwill balance is included in the TRI Pointe Homes reporting segment in Note 2, Segment Information.

We have two intangible assets as of March 31, 2018, comprised of an existing trade name from the acquisition of Maracay Homes in 2006, which has a 20 year useful life, and a TRI Pointe Homes trade name resulting from the acquisition of Weyerhaeuser Real Estate Company (“WRECO”) in 2014, which has an indefinite useful life.

Goodwill and other intangible assets consisted of the following (in thousands):



	March 31, 2018							December 31, 2017
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Goodwill	$	139,304	$	—		$	139,304	$	139,304	$	—		$	139,304
Trade names	27,979		(6,456		)	21,523		27,979		(6,322		)	21,657
Total	$	167,283	$	(6,456	)	$	160,827	$	167,283	$	(6,322	)	$	160,961

The remaining useful life of our amortizing intangible asset related to the Maracay Homes trade name was 7.9 and 8.2 years as of March 31, 2018 and December 31, 2017, respectively. The net carrying amount related to this intangible asset was $4.2 million and $4.4 million as of March 31, 2018 and December 31, 2017, respectively. Amortization expense related to this intangible asset was $134,000 for each of the three months ended March 31, 2018 and 2017, respectively. Amortization of this intangible was charged to sales and marketing expense. Our $17.3 million indefinite life intangible asset related to the TRI Pointe Homes trade name is not amortizing. All trade names are evaluated for impairment on an annual basis or more frequently if indicators of impairment exist.

Expected amortization of our intangible asset related to Maracay Homes for the remainder of 2018, the next four years and thereafter is (in thousands):



Remainder of 2018	$	400
2019	534
2020	534
2021	534
2022	534
Thereafter	1,687
Total	$	4,223

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Other Assets

3 Months Ended

Mar. 31, 2018

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

Other assets consisted of the following (in thousands):



	March 31, 2018		December 31, 2017
Prepaid expenses	$	11,629	$	13,040
Refundable fees and other deposits	10,659		16,012
Development rights, held for future use or sale	2,569		2,569
Deferred loan costs - unsecured revolving credit facility	3,177		3,427
Operating properties and equipment, net	51,596		10,528
Other	2,375		2,494
Total	$	82,005	$	48,070

As a result of the adoption of ASC 606, $39.5 million of various sales office and model related costs that were previously capitalized to real estate inventories have been reclassified to operating properties and equipment, net during the three months ended March 31, 2018. For further details, see Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies.

Accrued Expenses and Other Liabilities

3 Months Ended

Mar. 31, 2018

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):



	March 31, 2018		December 31, 2017
Accrued payroll and related costs	$	16,754	$	36,863
Warranty reserves(Note 13)	70,482		69,373
Estimated cost for completion of real estate inventories	97,411		105,864
Customer deposits	22,417		19,568
Income tax liability to Weyerhaeuser (Note 16)	8,321		7,706
Accrued income taxes payable	40,339		30,672
Liability for uncertain tax positions (Note 16)	1,458		1,458
Accrued interest	22,850		11,014
Accrued insurance expense	2,545		1,187
Other tax liability	31,625		33,671
Other	18,988		13,506
Total	$	333,190	$	330,882

Senior Notes and Unsecured Revolving Credit Facility

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Senior Notes and Unsecured Revolving Credit Facility

Senior Notes

The Senior Notes consisted of the following (in thousands):



	March 31, 2018			December 31, 2017
4.375% Senior Notes due June 15, 2019	$	450,000		$	450,000
4.875% Senior Notes due July 1, 2021	300,000			300,000
5.875% Senior Notes due June 15, 2024	450,000			450,000
5.250% Senior Notes due June 1, 2027	300,000			300,000
Discount and deferred loan costs	(26,926		)	(28,698		)
Total	$	1,473,074		$	1,471,302

In June 2017, TRI Pointe Group issued $300 million aggregate principal amount of 5.250% Senior Notes due 2027 (the "2027 Notes") at 100.00% of their aggregate principal amount. Net proceeds of this issuance were $296.3 million, after debt issuance costs and discounts. The 2027 Notes mature on June 1, 2027 and interest is paid semiannually in arrears on June 1 and December 1 of each year until maturity, beginning on December 1, 2017.

In May 2016, TRI Pointe Group issued $300 million aggregate principal amount of 4.875% Senior Notes due 2021 (the "2021 Notes") at 99.44% of their aggregate principal amount. Net proceeds of this issuance were $293.9 million, after debt issuance costs and discounts. The 2021 Notes mature on July 1, 2021 and interest is paid semiannually in arrears on January 1 and July 1.

TRI Pointe Group and its 100% owned subsidiary TRI Pointe Homes, Inc. ("TRI Pointe Homes") are co-issuers of the 4.375% Senior Notes due 2019 (the "2019 Notes") and the 5.875% Senior Notes due 2024 (the "2024 Notes"). The 2019 Notes were issued at 98.89% of their aggregate principal amount and the 2024 Notes were issued at 98.15% of their aggregate principal amount. The net proceeds from the offering were $861.3 million, after debt issuance costs and discounts. The 2019 Notes and 2024 Notes mature on June 15, 2019 and June 15, 2024, respectively. Interest is payable semiannually in arrears on June 15 and December 15.

As of March 31, 2018, no principal has been paid on the 2019 Notes, 2021 Notes, 2024 Notes and 2027 Notes (together, the "Senior Notes"), and there was $18.7 million of capitalized debt financing costs, included in senior notes, net on our consolidated balance sheet, related to the Senior Notes that will amortize over the lives of the Senior Notes. Accrued interest related to the Senior Notes was $22.4 million and $10.6 million as of March 31, 2018 and December 31, 2017, respectively.

Unsecured Revolving Credit Facility

On June 20, 2017, the Company modified its existing unsecured revolving credit facility (the “Credit Facility”) to extend the maturity date by two years to May 18, 2021, while decreasing the total commitments under the Credit Facility to $600 million from $625 million. In addition, the Credit Facility was modified to give the Company the option to make offers to the lenders to extend the maturity date of the Credit Facility in twelve-month increments, subject to the satisfaction of certain conditions. The Credit Facility contains a sublimit of $75 million for letters of credit. The Company may borrow under the Credit Facility in the ordinary course of business to fund its operations, including its land acquisition, land development and homebuilding activities. Borrowings under the Credit Facility will be governed by, among other things, a borrowing base. Interest rates on borrowings under the Credit Facility will be based on either a daily Eurocurrency base rate or a Eurocurrency rate, in either case, plus a spread ranging from 1.25% to 2.00%, depending on the Company’s leverage ratio. As of March 31, 2018, we had no outstanding indebtedness under the Credit Facility and $592.6 million of availability after considering the borrowing base provisions and outstanding letters of credit. As of March 31, 2018 there was $3.2 million of capitalized debt financing costs, included in other assets on our consolidated balance sheet, related to the Credit Facility that will amortize over the life of the Credit Facility, maturing on May 18, 2021. Accrued interest related to the Credit Facility was $450,000 and $426,000 as of March 31, 2018 and December 31, 2017, respectively.

At March 31, 2018 and December 31, 2017, we had outstanding letters of credit of $7.4 million and $7.7 million, respectively. These letters of credit were issued to secure various financial obligations. We believe it is not probable that any outstanding letters of credit will be drawn upon.

Interest Incurred

During the three months ended March 31, 2018 and 2017, the Company incurred interest of $21.5 million and $18.9 million, respectively, related to all debt during the period. Included in interest incurred was amortization of deferred financing and Senior Note discount costs of $2.0 million and $1.8 million for the three months ended March 31, 2018 and 2017, respectively. Accrued interest related to all outstanding debt at March 31, 2018 and December 31, 2017 was $22.9 million and $11.0 million, respectively.

Covenant Requirements

The Senior Notes contain covenants that restrict our ability to, among other things, create liens or other encumbrances, enter into sale and leaseback transactions, or merge or sell all or substantially all of our assets. These limitations are subject to a number of qualifications and exceptions.

Under the Credit Facility, the Company is required to comply with certain financial covenants, including but not limited to (i) a minimum consolidated tangible net worth; (ii) a maximum total leverage ratio; and (iii) a minimum interest coverage ratio.

The Company was in compliance with all applicable financial covenants as of March 31, 2018 and December 31, 2017.

Fair Value Disclosures

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Fair Value Measurements

ASC Topic 820, Fair Value Measurements and Disclosures, defines “fair value” as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories:


•	Level 1—Quoted prices for identical instruments in active markets


•	Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date


•	Level 3—Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date

Fair Value of Financial Instruments

A summary of assets and liabilities at March 31, 2018 and December 31, 2017, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (in thousands):



		March 31, 2018				December 31, 2017
	Hierarchy	Book Value		Fair Value		Book Value		Fair Value
Senior Notes ⁽¹⁾	Level 2	$	1,491,760	$	1,495,425	$	1,491,229	$	1,552,335

__________


⁽¹⁾	The book value of the Senior Notes is net of discounts, excluding deferred loan costs of $18.7 million and $19.9 million as of March 31, 2018 and December 31, 2017, respectively. The estimated fair value of the Senior Notes at March 31, 2018 and December 31, 2017 is based on quoted market prices.

At March 31, 2018 and December 31, 2017, the carrying value of cash and cash equivalents and receivables approximated fair value.

Fair Value of Nonfinancial Assets

Nonfinancial assets include items such as real estate inventories and long-lived assets that are measured at fair value on a nonrecurring basis when events and circumstances indicating the carrying value is not recoverable. The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands):



	Three Months Ended March 31, 2018				Year Ended December 31, 2017
	Impairment Charge		Fair Value Net of Impairment		Impairment Charge		Fair Value Net of Impairment
Real estate inventories⁽¹⁾	$	—	$	—	$	854	$	12,950

__________

⁽¹⁾Fair value of real estate inventories, net of impairment charges represents only those assets whose carrying values were adjusted to fair value in the respective periods presented. The fair value of these real estate inventories impaired was determined based on an analysis of future undiscounted net cash flows. In the case of lots for sale, fair value was determined based on recent land and lot sales for similar assets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Matters

Lawsuits, claims and proceedings have been and may be instituted or asserted against us in the normal course of business, including actions brought on behalf of various classes of claimants. We are also subject to local, state and federal laws and regulations related to land development activities, house construction standards, sales practices, employment practices, environmental protection and financial services. As a result, we are subject to periodic examinations or inquiry by agencies administering these laws and regulations.

We record a reserve for potential legal claims and regulatory matters when they are probable of occurring and a potential loss is reasonably estimable. We accrue for these matters based on facts and circumstances specific to each matter and revise these estimates when necessary. In view of the inherent difficulty of predicting outcomes of legal claims and related contingencies, we generally cannot predict their ultimate resolution, related timing or eventual loss. Accordingly, it is possible that the ultimate outcome of any matter, if in excess of a related accrual or if no accrual was made, could be material to our financial statements. For matters as to which the Company believes a loss is probable and reasonably estimable, we had no legal reserves as of March 31, 2018 or December 31, 2017, respectively.

On April 3, 2017, Pardee Homes was named as a defendant in a lawsuit filed in San Diego County Superior Court by Scripps Health (“Scripps”) related to the April 1989 sale by Pardee Homes of real property located in Carmel Valley, California to Scripps pursuant to a purchase agreement dated December 18, 1987 (as amended, the “Purchase Agreement”). In March 2003, Scripps contacted Pardee Homes and alleged Pardee Homes had breached a covenant in the Purchase Agreement by failing to record a restriction against the development of the surrounding property then owned by Pardee Homes for medical office use. In November 2003, the parties entered into a tolling agreement, pursuant to which the parties agreed to toll any applicable statutes of limitation from November 3, 2003 until the expiration of the agreement. The tolling agreement did not revive any cause of action already time barred by a statute of limitation as of November 3, 2003. The tolling agreement was terminated as of February 21, 2017. Pardee Homes became an indirect, wholly owned subsidiary of TRI Pointe on July 7, 2014 in connection with TRI Pointe’s acquisition of WRECO.

We intend to vigorously defend the action, and intend to continue challenging Scripps' claims. Although we cannot predict or determine the timing or final outcome of the lawsuit or the effect that any adverse findings or determinations may have on us, we believe Scripps has no actionable claims against Pardee Homes and that this dispute will not have a material impact on our business, liquidity, financial condition and results of operations. An unfavorable determination could result in the payment by us of monetary damages, which could be significant. The complaint does not indicate the amount of relief sought, and an estimate of possible loss or range of loss cannot presently be made with respect to this matter. No reserve with respect to this matter has been recorded on our consolidated financial statements.

Warranty

Warranty reserves are accrued as home deliveries occur. Our warranty reserves on homes delivered will vary based on product type and geographic area and also depending on state and local laws. The warranty reserve is included in accrued expenses and other liabilities on our consolidated balance sheets and represents expected future costs based on our historical experience over previous years. Estimated warranty costs are charged to cost of home sales in the period in which the related home sales revenue is recognized.

We maintain general liability insurance designed to protect us against a portion of our risk of loss from warranty and construction defect-related claims. We also generally require our subcontractors and design professionals to indemnify us for liabilities arising from their work, subject to various limitations. However, such indemnity is significantly limited with respect to certain subcontractors that are added to our general liability insurance policy.

Our warranty reserve and related estimated insurance recoveries are based on actuarial analysis that uses our historical claim and expense data, as well as industry data to estimate these overall costs and related recoveries. Key assumptions used in developing these estimates include claim frequencies, severities and resolution patterns, which can occur over an extended period of time. These estimates are subject to variability due to the length of time between the delivery of a home to a homebuyer and when a warranty or construction defect claim is made, and the ultimate resolution of such claim; uncertainties regarding such claims relative to our markets and the types of product we build; and legal or regulatory actions and/or interpretations, among other factors. Due to the degree of judgment involved and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated. There can be no assurance that the terms and limitations of the limited warranty will be effective against claims made by homebuyers, that we will be able to renew our insurance coverage or renew it at reasonable rates, that we will not be liable for damages, cost of repairs, and/or the expense of litigation surrounding possible construction defects, soil subsidence or building related claims or that claims will not arise out of uninsurable events or circumstances not covered by insurance and not subject to effective indemnification agreements with certain subcontractors.

We also record expected recoveries from insurance carriers based on actual insurance claims made and actuarially determined amounts that depend on various factors, including the above-described reserve estimates, our insurance policy coverage limits for the applicable policy years and historical recovery rates. Because of the inherent uncertainty and variability in these assumptions, our actual insurance recoveries could differ significantly from amounts currently estimated. Outstanding warranty insurance receivables were $35.3 million and $35.8 million as of March 31, 2018 and December 31, 2017, respectively. Warranty insurance receivables are recorded in receivables on the accompanying consolidated balance sheet.

Warranty reserve activity consisted of the following (in thousands):



	Three Months Ended March 31,
	2018			2017
Warranty reserves, beginning of period	$	69,373		$	83,135
Warranty reserves accrued	4,746			1,880
Adjustments to pre-existing reserves	—			(78		)
Warranty expenditures	(3,637		)	(3,984		)
Warranty reserves, end of period	$	70,482		$	80,953

Performance Bonds

We obtain surety bonds in the normal course of business to ensure completion of certain infrastructure improvements of our projects. As of March 31, 2018 and December 31, 2017, the Company had outstanding surety bonds totaling $536.2 million and $537.4 million, respectively. The beneficiaries of the bonds are various municipalities.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

2013 Long-Term Incentive Plan

The Company’s stock compensation plan, the 2013 Long-Term Incentive Plan (the “2013 Incentive Plan”), was adopted by TRI Pointe in January 2013 and amended, with the approval of our stockholders, in 2014 and 2015. In addition, our board of directors amended the 2013 Incentive Plan in 2014 to prohibit repricing (other than in connection with any equity restructuring or any change in capitalization) of outstanding options or stock appreciation rights without stockholder approval. The 2013 Incentive Plan provides for the grant of equity-based awards, including options to purchase shares of common stock, stock appreciation rights, bonus stock, restricted stock, restricted stock units and performance awards. The 2013 Incentive Plan will automatically expire on the tenth anniversary of its effective date. Our board of directors may terminate or amend the 2013 Incentive Plan at any time, subject to any requirement of stockholder approval required by applicable law, rule or regulation.

As amended, the number of shares of our common stock that may be issued under the 2013 Incentive Plan is 11,727,833 shares. To the extent that shares of our common stock subject to an outstanding option, stock appreciation right, stock award or performance award granted under the 2013 Incentive Plan are not issued or delivered by reason of the expiration, termination, cancellation or forfeiture of such award or the settlement of such award in cash, then such shares of our common stock generally shall again be available under the 2013 Incentive Plan. As of March 31, 2018, there were 6,395,153 shares available for future grant under the 2013 Incentive Plan.

The following table presents compensation expense recognized related to all stock-based awards (in thousands):



	Three Months Ended March 31,
	2018		2017
Total stock-based compensation	$	3,470	$	3,841

Stock-based compensation is charged to general and administrative expense on the accompanying consolidated statements of operations. As of March 31, 2018, total unrecognized stock-based compensation related to all stock-based awards was $28.7 million and the weighted average term over which the expense was expected to be recognized was 2.2 years.

Summary of Stock Option Activity

The following table presents a summary of stock option awards for the three months ended March 31, 2018:



	Options		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
Options outstanding at December 31, 2017	1,154,658		$	14.16	4.9	$	4,350
Granted	—		—		—	—
Exercised	(92,185	)	11.34		—	—
Forfeited	(5,603	)	11.17		—	—
Options outstanding at March 31, 2018	1,056,870		14.42		4.9	2,297
Options exercisable at March 31, 2018	1,056,870		14.42		4.9	2,297

The intrinsic value of each stock option award outstanding or exercisable is the difference between the fair market value of the Company’s common stock at the end of the period and the exercise price of each stock option award to the extent it is considered “in-the-money”. A stock option award is considered to be “in-the-money” if the fair market value of the Company’s stock is greater than the exercise price of the stock option award. The aggregate intrinsic value of options outstanding and options exercisable represents the value that would have been received by the holders of stock option awards had they exercised their stock option award on the last trading day of the period and sold the underlying shares at the closing price on that day.

Summary of Restricted Stock Unit Activity

The following table presents a summary of restricted stock units (“RSUs”) for the three months ended March 31, 2018:



	Restricted Stock Units		Weighted Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value (in thousands)
Nonvested RSUs at December 31, 2017	4,307,592		$	9.80	$	77,192
Granted	1,079,386		15.71		—
Vested	(1,046,862	)	12.46		—
Forfeited	(882,798	)	9.04		—
Nonvested RSUs at March 31, 2018	3,457,318		11.03		56,804

On February 22, 2018, the Company granted an aggregate 633,107 of time-vested RSUs to employees and officers. The RSUs granted vest in equal installments annually on the anniversary of the grant date over a three year period. The fair value of each RSU granted on February 22, 2018 was measured using a price of $16.94 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.

On February 22, 2018, the Company granted 184,179, 177,095, and 85,005 performance-based RSUs to the Company’s Chief Executive Officer, President, and Chief Financial Officer, respectively. These performance-based RSUs are allocated in equal parts to two separate performance metrics: (i) TSR, with vesting based on the Company’s TSR relative to its peer-group homebuilders; and (ii) earnings per share. The vesting, if at all, of these performance-based RSUs may range from 0% to 100% and will be based on the Company’s percentage attainment of specified threshold, target and maximum performance goals. The performance period for these performance-based RSUs is January 1, 2018 to December 31, 2020. The fair value of the performance-based RSUs related to the TSR metric was determined to be $10.97 per share based on a Monte Carlo simulation. The fair value of the performance-based RSUs related to the earnings per share goal was measured using a price of $16.94 per share, which was the closing stock price on the date of grant. Each award will be expensed over the requisite service period.

On February 15, 2018, the Compensation Committee of our Board of Directors certified the performance achieved with respect to performance-based RSUs granted to the Company’s Chief Executive Officer, President, and Chief Financial Officer in 2015 that resulted in the issuance of 197,898 shares of our common stock under the 2013 Incentive Plan. The vesting of these performance-based RSUs are included in the table above. RSUs that were forfeited in the table above, during the three months ended March 31, 2018, included performance-based RSUs and time-based RSUs that were forfeited for no value.

On February 27, 2017, the Company granted an aggregate of 990,279 time-vested RSUs to employees and officers. The RSUs granted vest in equal installments annually on the anniversary of the grant date over a three year period. The fair value of each RSU granted on February 27, 2017 was measured using a price of $12.10 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.

On February 27, 2017, the Company granted 257,851, 247,933 and 119,008 performance-based RSUs to the Company’s Chief Executive Officer, President, and Chief Financial Officer, respectively. These performance-based RSUs are allocated in equal parts to two separate performance metrics: (i) TSR, with vesting based on the Company’s TSR relative to its peer-group homebuilders; and (ii) earnings per share. The vesting, if at all, of these performance-based RSUs may range from 0% to 100% and will be based on the Company’s percentage attainment of specified threshold, target and maximum performance goals. The performance period for these performance-based RSUs is January 1, 2017 to December 31, 2019. The fair value of the performance-based RSUs related to the TSR metric was determined to be $6.16 per share based on a Monte Carlo simulation. The fair value of the performance-based RSUs related to the earnings per share goal was measured using a price of $12.10 per share, which was the closing stock price on the date of grant. Each award will be expensed over the requisite service period.

On May 30, 2017, the Company granted an aggregate of 55,865 RSUs to the non-employee members of its board of directors. These RSUs vest in their entirety on the day immediately prior to the Company's 2018 Annual Meeting of Stockholders. The fair value of each RSU granted on May 30, 2017 was measured using a price of $12.53 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.

As RSUs vest for employees, a portion of the shares awarded is generally withheld to cover employee tax withholdings. As a result, the number of RSUs vested and the number of shares of TRI Pointe common stock issued will differ.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”), which requires an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statements and tax bases of assets and liabilities using enacted tax rates for the years in which taxes are expected to be paid or recovered. Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable under ASC 740. We are required to establish a valuation allowance for any portion of the asset we conclude is more likely than not to be unrealizable. Our assessment considers, among other things, the nature, frequency and severity of our current and cumulative losses, forecasts of our future taxable income, the duration of statutory carryforward periods and tax planning alternatives. We had net deferred tax assets of $73.8 million and $76.4 million as of March 31, 2018 and December 31, 2017, respectively. We had a valuation allowance related to those net deferred tax assets of $3.5 million as of both March 31, 2018 and December 31, 2017. The Company will continue to evaluate both positive and negative evidence in determining the need for a valuation allowance against its deferred tax assets. Changes in positive and negative evidence, including differences between the Company's future operating results and the estimates utilized in the determination of the valuation allowance, could result in changes in the Company's estimate of the valuation allowance against its deferred tax assets. The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company's consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation allowance against the Company's deferred tax assets. TRI Pointe has certain liabilities with Weyerhaeuser Company (“Weyerhaeuser”) related to a tax sharing agreement. As of March 31, 2018 and December 31, 2017, we had an income tax liability to Weyerhaeuser of $8.3 million and $7.7 million, respectively. The income tax liability to Weyerhaeuser is recorded in accrued expenses and other liabilities on the accompanying consolidated balance sheets. Our provision for income taxes totaled $14.7 million and $4.6 million for the three months ended March 31, 2018 and 2017, respectively. The Company classifies any interest and penalties related to income taxes assessed by jurisdiction as part of income tax expense. The Company had $1.5 million of uncertain tax positions recorded as of both March 31, 2018 and December 31, 2017. The Company has not been assessed interest or penalties by any major tax jurisdictions related to prior years. On December 22, 2017, the Tax Cuts and Jobs Act was enacted, reducing the U.S. federal corporate income tax rate from 35% to 21%, among other changes. In December 2017, the SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the income tax effects of the Tax Cuts and Jobs Act, for which the accounting under ASC 740 is incomplete. As of March 31, 2018, we have completed our accounting for the tax effects of the Tax Cuts and Jobs Act, however, as there is some uncertainty around the grandfathering provisions related to performance-based executive compensation, we have estimated a provisional amount for the deferred tax assets related to performance-based executive compensation. In addition, we also remeasured the applicable deferred tax assets and liabilities based on the rate at which they are expected to reverse in the future, which is generally 21%. We are still analyzing certain aspects of the Tax Cuts and Jobs Act and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. In the quarter ended December 31, 2017, the Company recorded an income tax charge of $22.0 million related to the re-measurement of our deferred tax assets related to the Tax Cuts and Jobs Act.

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions We had no related party transactions for the three months ended March 31, 2018 and 2017.

Supplemental Disclosure to Consolidated Statements of Cash Flows

3 Months Ended

Mar. 31, 2018

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosure to Consolidated Statements of Cash Flow

Supplemental Disclosure to Consolidated Statements of Cash Flows

The following are supplemental disclosures to the consolidated statements of cash flows (in thousands):



	Three Months Ended March 31,
	2018		2017
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized of $7,662 and $12,847	$	—	$	—
Income taxes	$	—	$	—
Supplemental disclosures of noncash activities:
Amortization of senior note discount capitalized to real estate inventory	$	531	$	502
Increase in Other assets related to adoption of ASC 606	$	39,534	$	—
Amortization of deferred loan costs capitalized to real estate inventory	$	1,492	$	1,322
Effect of net consolidation and de-consolidation of variable interest entities:
Decrease in consolidated real estate inventory not owned	$	—	$	(4,050	)
Decrease in noncontrolling interests	$	—	$	4,050

Supplemental Guarantor Information

3 Months Ended

Mar. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Supplemental Guarantor Information

2021 Notes and 2027 Notes

On May 26, 2016, TRI Pointe Group issued the 2021 Notes. On June 5, 2017, TRI Pointe Group issued the 2027 Notes. All of TRI Pointe Group’s 100% owned subsidiaries that are guarantors (each a “Guarantor” and, collectively, the “Guarantors”) of the Credit Facility, including TRI Pointe Homes, are party to supplemental indentures pursuant to which they jointly and severally guarantee TRI Pointe Group’s obligations with respect to the 2021 Notes and the 2027 Notes. Each Guarantor of the 2021 Notes and the 2027 Notes is 100% owned by TRI Pointe Group, and all guarantees are full and unconditional, subject to customary exceptions pursuant to the indentures governing the 2021 Notes and the 2027 Notes, as described in the following paragraph. All of our non-Guarantor subsidiaries have nominal assets and operations and are considered minor, as defined in Rule 3-10(h) of Regulation S-X. In addition, TRI Pointe Group has no independent assets or operations, as defined in Rule 3-10(h) of Regulation S-X. There are no significant restrictions upon the ability of TRI Pointe Group or any Guarantor to obtain funds from any of their respective wholly owned subsidiaries by dividend or loan. None of the assets of our subsidiaries represent restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X.

A Guarantor of the 2021 Notes and the 2027 Notes shall be released from all of its obligations under its guarantee if (i) all of the assets of the Guarantor have been sold; (ii) all of the equity interests of the Guarantor held by TRI Pointe Group or a subsidiary thereof have been sold; (iii) the Guarantor merges with and into TRI Pointe Group or another Guarantor, with TRI Pointe Group or such other Guarantor surviving the merger; (iv) the Guarantor is designated “unrestricted” for covenant purposes; (v) the Guarantor ceases to guarantee any indebtedness of TRI Pointe Group or any other Guarantor which gave rise to such Guarantor guaranteeing the 2021 Notes or the 2027 Notes; (vi) TRI Pointe Group exercises its legal defeasance or covenant defeasance options; or (vii) all obligations under the applicable supplemental indenture are discharged.

2019 Notes and 2024 Notes

TRI Pointe Group and TRI Pointe Homes are co-issuers of the 2019 Notes and the 2024 Notes. All of the Guarantors (other than TRI Pointe Homes) have entered into supplemental indentures pursuant to which they jointly and severally guarantee the obligations of TRI Pointe Group and TRI Pointe Homes with respect to the 2019 Notes and the 2024 Notes. Each Guarantor of the 2019 Notes and the 2024 Notes is 100% owned by TRI Pointe Group and TRI Pointe Homes, and all guarantees are full and unconditional, subject to customary exceptions pursuant to the indentures governing the 2019 Notes and the 2024 Notes, as described below.

A Guarantor of the 2019 Notes and the 2024 Notes shall be released from all of its obligations under its guarantee if (i) all of the assets of the Guarantor have been sold; (ii) all of the equity interests of the Guarantor held by TRI Pointe or a subsidiary thereof have been sold; (iii) the Guarantor merges with and into TRI Pointe or another Guarantor, with TRI Pointe or such other Guarantor surviving the merger; (iv) the Guarantor is designated “unrestricted” for covenant purposes; (v) the Guarantor ceases to guarantee any indebtedness of TRI Pointe or any other Guarantor which gave rise to such Guarantor guaranteeing the 2019 Notes and 2024 Notes; (vi) TRI Pointe exercises its legal defeasance or covenant defeasance options; or (vii) all obligations under the applicable indenture are discharged.

Presented below are the condensed consolidating balance sheets at March 31, 2018 and December 31, 2017, condensed consolidating statements of operations for the three months ended March 31, 2018 and 2017 and condensed consolidating statement of cash flows for the three months ended March 31, 2018 and 2017. Because TRI Pointe’s non-Guarantor subsidiaries are considered minor, as defined in Rule 3-10(h) of Regulation S-X, the non-Guarantor subsidiaries’ information is not separately presented in the tables below, but is included with the Guarantors. Additionally, because TRI Pointe Group has no independent assets or operations, as defined in Rule 3-10(h) of Regulation S-X, the condensed consolidated financial information of TRI Pointe Group and TRI Pointe Homes, the co-issuers of the 2019 Notes and 2024 Notes, is presented together in the column titled “Issuer”.

Condensed Consolidating Balance Sheet (in thousands):



	March 31, 2018
	Issuer		Guarantor Subsidiaries		Consolidating Adjustments			Consolidated TRI Pointe Group, Inc.
Assets
Cash and cash equivalents	$	205,535	$	119,073	$	—		$	324,608
Receivables	14,469		40,780		—			55,249
Intercompany receivables	814,269		—		(814,269		)	—
Real estate inventories	840,379		2,305,176		—			3,145,555
Investments in unconsolidated entities	—		4,699		—			4,699
Goodwill and other intangible assets, net	156,604		4,223		—			160,827
Investments in subsidiaries	1,484,056		—		(1,484,056		)	—
Deferred tax assets, net	10,892		62,926		—			73,818
Other assets	13,574		68,431		—			82,005
Total assets	$	3,539,778	$	2,605,308	$	(2,298,325	)	$	3,846,761

Liabilities
Accounts payable	$	10,622	$	65,627	$	—		$	76,249
Intercompany payables	—		814,269		(814,269		)	—
Accrued expenses and other liabilities	92,438		240,752		—			333,190
Senior notes	1,473,074		—		—			1,473,074
Total liabilities	1,576,134		1,120,648		(814,269		)	1,882,513

Equity
Total stockholders’ equity	1,963,644		1,484,056		(1,484,056		)	1,963,644
Noncontrolling interests	—		604		—			604
Total equity	1,963,644		1,484,660		(1,484,056		)	1,964,248
Total liabilities and equity	$	3,539,778	$	2,605,308	$	(2,298,325	)	$	3,846,761

Condensed Consolidating Balance Sheet (in thousands):



	December 31, 2017
	Issuer		Guarantor Subsidiaries		Consolidating Adjustments			Consolidated TRI Pointe Group, Inc.
Assets
Cash and cash equivalents	$	176,684	$	106,230	$	—		$	282,914
Receivables	56,021		69,579		—			125,600
Intercompany receivables	794,550		—		(794,550		)	—
Real estate inventories	855,727		2,249,826		—			3,105,553
Investments in unconsolidated entities	—		5,870		—			5,870
Goodwill and other intangible assets, net	156,604		4,357		—			160,961
Investments in subsidiaries	1,448,690		—		(1,448,690		)	—
Deferred tax assets, net	10,892		65,521		—			76,413
Other assets	3,465		44,605		—			48,070
Total assets	$	3,502,633	$	2,545,988	$	(2,243,240	)	$	3,805,381

Liabilities
Accounts payable	$	9,364	$	63,506	$	—		$	72,870
Intercompany payables	—		794,550		(794,550		)	—
Accrued expenses and other liabilities	92,245		238,637		—			330,882
Senior notes	1,471,302		—		—			1,471,302
Total liabilities	1,572,911		1,096,693		(794,550		)	1,875,054

Equity
Total stockholders’ equity	1,929,722		1,448,690		(1,448,690		)	1,929,722
Noncontrolling interests	—		605		—			605
Total equity	1,929,722		1,449,295		(1,448,690		)	1,930,327
Total liabilities and equity	$	3,502,633	$	2,545,988	$	(2,243,240	)	$	3,805,381

Condensed Consolidating Statement of Operations (in thousands):



	Three Months Ended March 31, 2018
	Issuer		Guarantor Subsidiaries			Consolidating Adjustments			Consolidated TRI Pointe Group, Inc.
Homebuilding:
Home sales revenue	$	190,420	$	392,152		$	—		$	582,572
Land and lot sales revenue	—		223			—			223
Other operations revenue	—		598			—			598
Total revenues	190,420		392,973			—			583,393
Cost of home sales	159,055		291,447			—			450,502
Cost of land and lot sales	—		503			—			503
Other operations expense	—		602			—			602
Sales and marketing	10,517		27,766			—			38,283
General and administrative	18,159		18,655			—			36,814
Homebuilding income from operations	2,689		54,000			—			56,689
Equity in loss of unconsolidated entities	—		(468		)	—			(468		)
Other income, net	139		32			—			171
Homebuilding income before income taxes	2,828		53,564			—			56,392
Financial Services:
Revenues	—		283			—			283
Expenses	—		137			—			137
Equity in income of unconsolidated entities	—		1,002			—			1,002
Financial services income before income taxes	—		1,148			—			1,148
Income before income taxes	2,828		54,712			—			57,540
Equity of net income of subsidiaries	40,052		—			(40,052		)	—
Provision for income taxes	—		(14,660		)	—			(14,660		)
Net income	42,880		40,052			(40,052		)	42,880
Net income attributable to noncontrolling interests	—		—			—			—
Net income available to common stockholders	$	42,880	$	40,052		$	(40,052	)	$	42,880

Condensed Consolidating Statement of Operations (in thousands):



	Three Months Ended March 31, 2017
	Issuer			Guarantor Subsidiaries			Consolidating Adjustments			Consolidated TRI Pointe Group, Inc.
Homebuilding:
Home sales revenue	$	130,837		$	261,167		$	—		$	392,004
Land and lot sales revenue	—			578			—			578
Other operations revenue	—			568			—			568
Total revenues	130,837			262,313			—			393,150
Cost of home sales	112,258			206,146			—			318,404
Cost of land and lot sales	—			654			—			654
Other operations expense	—			560			—			560
Sales and marketing	6,483			20,217			—			26,700
General and administrative	17,249			17,400			—			34,649
Homebuilding (loss) income from operations	(5,153		)	17,336			—			12,183
Equity in income of unconsolidated entities	—			138			—			138
Other income, net	9			68			—			77
Homebuilding (loss) income before income taxes	(5,144		)	17,542			—			12,398
Financial Services:
Revenues	—			241			—			241
Expenses	—			74			—			74
Equity in income of unconsolidated entities	—			266			—			266
Financial services income before income taxes	—			433			—			433
(Loss) income before income taxes	(5,144		)	17,975			—			12,831
Equity of net income of subsidiaries	9,037			—			(9,037		)	—
Benefit (provision) for income taxes	4,300			(8,914		)	—			(4,614		)
Net income	8,193			9,061			(9,037		)	8,217
Net income attributable to noncontrolling interests	—			(24		)	—			(24		)
Net income available to common stockholders	$	8,193		$	9,037		$	(9,037	)	$	8,193

Condensed Consolidating Statement of Cash Flows (in thousands):



	Three Months Ended March 31, 2018
	Issuer			Guarantor Subsidiaries			Consolidating Adjustments			Consolidated TRI Pointe Group, Inc.
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	52,793		$	(2,907	)	$	—		$	49,886
Cash flows from investing activities:
Purchases of property and equipment	(419		)	(1,751		)	—			(2,170		)
Investments in unconsolidated entities	—			(947		)	—			(947		)
Intercompany	(18,449		)	—			18,449			—
Net cash (used in) provided by investing activities	(18,868		)	(2,698		)	18,449			(3,117		)
Cash flows from financing activities:
Distributions to noncontrolling interests	—			(1		)	—			(1		)
Proceeds from issuance of common stock under share-based awards	975			—			—			975
Minimum tax withholding paid on behalf of employees for restricted stock units	(6,049		)	—			—			(6,049		)
Intercompany	—			18,449			(18,449		)	—
Net cash (used in) provided by financing activities	(5,074		)	18,448			(18,449		)	(5,075		)
Net increase in cash and cash equivalents	28,851			12,843			—			41,694
Cash and cash equivalents - beginning of period	176,684			106,230			—			282,914
Cash and cash equivalents - end of period	$	205,535		$	119,073		$	—		$	324,608

Condensed Consolidating Statement of Cash Flows (in thousands):



	Three Months Ended March 31, 2017
	Issuer			Guarantor Subsidiaries			Consolidating Adjustments			Consolidated TRI Pointe Group, Inc.
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	6,533		$	(118,824	)	$	—		$	(112,291	)
Cash flows from investing activities:
Purchases of property and equipment	(871		)	(302		)	—			(1,173		)
Proceeds from sale of property and equipment	—			5			—			5
Investments in unconsolidated entities	—			(231		)	—			(231		)
Intercompany	(110,529		)	—			110,529			—
Net cash (used in) provided by investing activities	(111,400		)	(528		)	110,529			(1,399		)
Cash flows from financing activities:
Borrowings from notes payable	50,000			—			—			50,000
Repayment of notes payable	(13,726		)	—			—			(13,726		)
Distributions to noncontrolling interests	—			(415		)	—			(415		)
Proceeds from issuance of common stock under share-based awards	746			—			—			746
Minimum tax withholding paid on behalf of employees for restricted stock units	(2,561		)	—			—			(2,561		)
Share repurchases	(492		)	—			—			(492		)
Intercompany	—			110,529			(110,529		)	—
Net cash provided by (used in) financing activities	33,967			110,114			(110,529		)	33,552
Net decrease in cash and cash equivalents	(70,900		)	(9,238		)	—			(80,138		)
Cash and cash equivalents - beginning of period	141,568			67,089			—			208,657
Cash and cash equivalents - end of period	$	70,668		$	57,851		$	—		$	128,519

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Organization and Basis of Presentation

Organization

TRI Pointe Group is engaged in the design, construction and sale of innovative single-family attached and detached homes through its portfolio of six quality brands across eight states, including Maracay Homes in Arizona, Pardee Homes in California and Nevada, Quadrant Homes in Washington, Trendmaker Homes in Texas, TRI Pointe Homes in California and Colorado and Winchester Homes in Maryland and Virginia.

Basis of Presentation

The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2017. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year due to seasonal variations and other factors.

The consolidated financial statements include the accounts of TRI Pointe Group and its wholly owned subsidiaries, as well as other entities in which TRI Pointe Group has a controlling interest and variable interest entities (“VIEs”) in which TRI Pointe Group is the primary beneficiary. The noncontrolling interests as of March 31, 2018 and December 31, 2017 represent the outside owners’ interests in the Company’s consolidated entities and the net equity of the VIE owners. All significant intercompany accounts have been eliminated upon consolidation.

Use of Estimates

Our financial statements have been prepared in accordance with GAAP. The preparation of these financial statements requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from our estimates.

Revenue Recognition

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Codified as “ASC 606”). ASC 606 supersedes the revenue-recognition requirements in ASC Topic 605, Revenue Recognition, most industry-specific guidance throughout the industry topics of the accounting standards codification, and some cost guidance related to construction-type and production-type contracts. The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: identify the contract(s) with a customer; identify the performance obligations in the contract; determine the transaction price; allocate the transaction price to the performance obligations in the contract; and recognize revenue when (or as) the entity satisfies a performance obligation. We have adopted and applied this updated revenue recognition policy as of January 1, 2018.

The majority of our revenues are related to fixed-price contracts to deliver completed homes to homebuyers, and to a much lesser degree, to deliver land or lots to other homebuilders or real estate developers. We generally deliver completed homes to homebuyers and land and lots to other homebuilders or real estate developers when all closing conditions are met, including the passage of title and the receipt of consideration, and the collection of associated receivables, if any, is reasonably assured. When it is determined that there are uncompleted performance obligations, the transaction price and the related profit for those uncompleted performance obligations are deferred for recognition in future periods based on the principles of ASC 606. The most common examples of uncompleted performance obligations are unfinished pools or outdoor landscaping features that are unable to be completed due to weather or other circumstances.

Following the adoption of ASC 606, the timing of revenue recognition for all of our contracts remained materially consistent with our historical revenue recognition policy due to the nature of our revenue generating activities, with the most common difference under ASC 606 relating to the deferral of revenue due to these uncompleted performance obligations at the time we deliver new homes to our homebuyers.

When we enter into a contract with a homebuyer, we sometimes receive a nonrefundable deposit that is recognized as revenue under circumstances where a contract is canceled by the homebuyer. These amounts are recognized as home sales revenue at the time a contract is canceled by the homebuyer. We have not experienced significant contract modifications impacting the timing of revenue recognition under ASC 606, nor will we be required to use estimates in the application of the core revenue recognition principles.

Real Estate Inventories and Cost of Sales

ASC 606 includes Subtopic 340-40, Other Assets and Deferred Costs - Contracts with Customers, which requires the deferral of incremental costs of obtaining a contract with a customer. The adoption of Subtopic 340-40 impacts the timing of recognition and classification in our consolidated financial statements of certain sales office, model and other marketing related costs that we incur to obtain sales contracts from our customers. For example, we historically capitalized to inventory and amortized through cost of home sales various sales office, model and other marketing related costs with each home delivered in a community. Under Subtopic 340-40, these costs are expensed when incurred or capitalized to other assets and amortized to selling expense.

Recently Issued Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, (Codified as “ASC 842”), which requires an entity to recognize assets and liabilities on the balance sheet for the rights and obligations created by leased assets and provide additional disclosures. ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, and, at that time, we will adopt the new standard using a modified retrospective approach. We are currently evaluating the impact that the adoption of ASC 842 may have on our consolidated financial statements and disclosures.

In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment (“ASU 2017-04”), which removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted, and applied prospectively. We do not expect ASU 2017-04 to have a material impact on our financial statements.

Adoption of New Accounting Standards

In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. We adopted ASU 2016-15 on January 1, 2018 and our adoption did not have a material impact on our consolidated financial statements.

On January 1, 2018, we adopted ASC 606 using the modified retrospective approach applying the method of presenting the standard of ASC 606 to only those contracts not considered completed under legacy GAAP. As a result of this application of ASC 606, no prior period results have been recast and the standard has been applied prospectively as of January 1, 2018.

Segment Reporting

We operate two principal businesses: homebuilding and financial services.

Our homebuilding operations consist of six homebuilding brands that acquire and develop land and construct and sell single-family detached and attached homes. In accordance with ASC Topic 280, Segment Reporting, in determining the most appropriate reportable segments, we considered similar economic and other characteristics, including product types, average selling prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. Based upon these factors, our homebuilding operations are comprised of the following six reportable segments: Maracay Homes, consisting of operations in Arizona; Pardee Homes, consisting of operations in California and Nevada; Quadrant Homes, consisting of operations in Washington; Trendmaker Homes, consisting of operations in Texas; TRI Pointe Homes, consisting of operations in California and Colorado; and Winchester Homes, consisting of operations in Maryland and Virginia.

Our TRI Pointe Solutions financial services operation is a reportable segment and is comprised of our TRI Pointe Connect mortgage financing operations, our TRI Pointe Assurance title services operations, and our TRI Pointe Advantage property and casualty insurance agency operations. For further details, see Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies.

Corporate is a non-operating segment that develops and implements company-wide strategic initiatives and provides support to our homebuilding reporting segments by centralizing certain administrative functions, such as marketing, legal, accounting, treasury, insurance, internal audit and risk management, information technology and human resources, to benefit from economies of scale. Our Corporate non-operating segment also includes general and administrative expenses related to operating our corporate headquarters. A portion of the expenses incurred by Corporate is allocated to the homebuilding reporting segments.

The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.

Fair Value Measurements

ASC Topic 820, Fair Value Measurements and Disclosures, defines “fair value” as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories:


•	Level 1—Quoted prices for identical instruments in active markets


•	Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date


•	Level 3—Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cumulative Effect of Adopting ASC 606

The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet resulting from the adoption of ASC 606 was as follows (in thousands):



	Balance at December 31, 2017		Adjustments due to ASC 606			Balance at January 1, 2018
Assets
Real estate inventories	$	3,105,553	$	(49,317	)	$	3,056,236
Deferred income tax asset	76,413		(2,429		)	73,984
Other assets	48,070		39,534			87,604
Equity
Retained earnings	1,134,230		(7,354		)	1,126,876

Impact of Adopting ASC 606 on Consolidated Income Statement and Balance Sheet

In accordance with ASC 606 disclosure requirements, the impact of adopting ASC 606 on our consolidated income statement and balance sheet for the three months ended March 31, 2018 were as follows (dollars in thousands):



	Three Months Ended March 31, 2018
	As Reported			Balances Without Adoption of ASC 606			Effect of Change Higher/(Lower)
Income Statement
Revenues
Home sales	$	582,572		$	583,053		$	(481	)

Costs and expenses
Cost of home sales	450,502			458,139			(7,637		)
Sales and marketing	38,283			32,796			5,487
Provision for income taxes	(14,660		)	(14,235		)	425
Net income	42,880			41,636			1,244
Diluted earnings per share	$	0.28		$	0.27		$	0.01

	As of March 31, 2018
	As Reported			Balances Without Adoption of ASC 606			Effect of Change Higher/(Lower)
Balance Sheet
Assets
Real estate inventories	$	3,145,555		$	3,193,904		$	(48,349	)
Deferred tax assets, net	73,818			71,389			2,429
Other assets	82,005			42,061			39,944

Liabilities
Accrued expenses and other liabilities	333,190			332,899			291

Equity
Retained earnings	1,169,756			1,175,866			(6,110		)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Summary of Financial Information Relating to Reportable Segments

Total revenues and income before income taxes for each of our reportable segments were as follows (in thousands):



	Three Months Ended March 31,
	2018			2017
Revenues
Maracay Homes	$	58,455		$	51,060
Pardee Homes	180,470			83,699
Quadrant Homes	61,903			40,552
Trendmaker Homes	41,408			52,362
TRI Pointe Homes	190,420			130,836
Winchester Homes	50,737			34,641
Total homebuilding revenues	583,393			393,150
Financial services	283			241
Total	$	583,676		$	393,391

Income (loss) before income taxes
Maracay Homes	$	4,391		$	1,757
Pardee Homes	39,191			9,893
Quadrant Homes	8,140			3,744
Trendmaker Homes	370			1,882
TRI Pointe Homes	14,531			6,439
Winchester Homes	1,607			400
Corporate	(11,838		)	(11,717		)
Total homebuilding income before income taxes	56,392			12,398
Financial services	1,148			433
Total	$	57,540		$	12,831

Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands):



	March 31, 2018		December 31, 2017
Real estate inventories
Maracay Homes	$	236,405	$	243,883
Pardee Homes	1,264,609		1,245,659
Quadrant Homes	284,830		257,887
Trendmaker Homes	220,269		204,926
TRI Pointe Homes	840,379		855,727
Winchester Homes	299,063		297,471
Total	$	3,145,555	$	3,105,553

Total assets
Maracay Homes	$	278,441	$	268,866
Pardee Homes	1,369,906		1,346,296
Quadrant Homes	314,690		312,803
Trendmaker Homes	236,876		224,995
TRI Pointe Homes	1,017,544		1,062,920
Winchester Homes	328,258		313,921
Corporate	287,581		262,740
Total homebuilding assets	3,833,296		3,792,541
Financial services	13,465		12,840
Total	$	3,846,761	$	3,805,381

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the components used in the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):



	Three Months Ended March 31,
	2018		2017
Numerator:
Net income available to common stockholders	$	42,880	$	8,193
Denominator:
Basic weighted-average shares outstanding	151,464,547		158,769,478
Effect of dilutive shares:
Stock options and unvested restricted stock units	1,311,304		621,108
Diluted weighted-average shares outstanding	152,775,851		159,390,586
Earnings per share
Basic	$	0.28	$	0.05
Diluted	$	0.28	$	0.05
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share	1,248,483		4,823,402

Receivables (Tables)

3 Months Ended

Mar. 31, 2018

Receivables [Abstract]

Components of Receivables

Receivables consisted of the following (in thousands):



	March 31, 2018		December 31, 2017
Escrow proceeds and other accounts receivable, net	$	19,920	$	89,783
Warranty insurance receivable (Note 13)	35,329		35,817
Total receivables	$	55,249	$	125,600

Real Estate Inventories (Tables)

3 Months Ended

Mar. 31, 2018

Inventory Disclosure [Abstract]

Summary of Real Estate Inventories

Real estate inventories consisted of the following (in thousands):



	March 31, 2018		December 31, 2017
Real estate inventories owned:
Homes completed or under construction	$	953,573	$	793,685
Land under development	1,778,804		1,934,556
Land held for future development	139,086		138,651
Model homes	231,519		211,658
Total real estate inventories owned	3,102,982		3,078,550
Real estate inventories not owned:
Land purchase and land option deposits	42,573		27,003
Total real estate inventories not owned	42,573		27,003
Total real estate inventories	$	3,145,555	$	3,105,553

Summary of Interest Incurred, Capitalized and Expensed

Interest incurred, capitalized and expensed were as follows (in thousands):



	Three Months Ended March 31,
	2018			2017
Interest incurred	$	21,520		$	18,873
Interest capitalized	(21,520		)	(18,873		)
Interest expensed	$	—		$	—
Capitalized interest in beginning inventory	$	176,348		$	157,329
Interest capitalized as a cost of inventory	21,520			18,873
Interest previously capitalized as a cost of inventory, included in cost of sales	(14,242		)	(9,687		)
Capitalized interest in ending inventory	$	183,626		$	166,515

Schedule of Real Estate Inventory Impairments and Land Option Abandonments

Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands):



	Three Months Ended March 31,
	2018		2017
Real estate inventory impairments	$	—	$	—
Land and lot option abandonments and pre-acquisition charges	248		321
Total	$	248	$	321

Investments in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Cumulative Investment in Entities on Equity Method, Including Share of Earnings and Losses

Our cumulative investment in entities accounted for on the equity method, including our share of earnings and losses, consisted of the following (in thousands):



	March 31, 2018		December 31, 2017
Limited liability company interests	$	1,482	$	2,687
General partnership interests	3,217		3,183
Total	$	4,699	$	5,870

Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments

Assets and liabilities of unconsolidated entities (in thousands):



	March 31, 2018		December 31, 2017
Assets
Cash	$	11,827	$	11,678
Receivables	5,546		6,564
Real estate inventories	100,821		99,997
Other assets	897		936
Total assets	$	119,091	$	119,175
Liabilities and equity
Accounts payable and other liabilities	$	8,380	$	12,208
Company’s equity	4,699		5,870
Outside interests' equity	106,012		101,097
Total liabilities and equity	$	119,091	$	119,175

Results of operations from unconsolidated entities (in thousands):



	Three Months Ended March 31,
	2018			2017
Net sales	$	4,390		$	5,090
Other operating expense	(3,287		)	(2,603		)
Other income	63			2
Net income	$	1,166		$	2,489
Company’s equity in income of unconsolidated entities	$	534		$	404

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Interests in Land Option Agreements

The following provides a summary of our interests in land and lot option agreements (in thousands):



	March 31, 2018						December 31, 2017
	Deposits		Remaining Purchase Price		Consolidated Inventory Held by VIEs		Deposits		Remaining Purchase Price		Consolidated Inventory Held by VIEs
Consolidated VIEs	$	—	$	—	$	—	$	—	$	—	$	—
Unconsolidated VIEs	10,145		187,004		N/A		3,418		112,590		N/A
Other land option agreements	32,428		329,338		N/A		23,585		269,349		N/A
Total	$	42,573	$	516,342	$	—	$	27,003	$	381,939	$	—

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following (in thousands):



	March 31, 2018							December 31, 2017
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Goodwill	$	139,304	$	—		$	139,304	$	139,304	$	—		$	139,304
Trade names	27,979		(6,456		)	21,523		27,979		(6,322		)	21,657
Total	$	167,283	$	(6,456	)	$	160,827	$	167,283	$	(6,322	)	$	160,961

Schedule of Expected Amortization of Intangible Asset

Expected amortization of our intangible asset related to Maracay Homes for the remainder of 2018, the next four years and thereafter is (in thousands):



Remainder of 2018	$	400
2019	534
2020	534
2021	534
2022	534
Thereafter	1,687
Total	$	4,223

Other Assets (Tables)

3 Months Ended

Mar. 31, 2018

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

Other assets consisted of the following (in thousands):



	March 31, 2018		December 31, 2017
Prepaid expenses	$	11,629	$	13,040
Refundable fees and other deposits	10,659		16,012
Development rights, held for future use or sale	2,569		2,569
Deferred loan costs - unsecured revolving credit facility	3,177		3,427
Operating properties and equipment, net	51,596		10,528
Other	2,375		2,494
Total	$	82,005	$	48,070

Accrued Expenses and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2018

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):



	March 31, 2018		December 31, 2017
Accrued payroll and related costs	$	16,754	$	36,863
Warranty reserves(Note 13)	70,482		69,373
Estimated cost for completion of real estate inventories	97,411		105,864
Customer deposits	22,417		19,568
Income tax liability to Weyerhaeuser (Note 16)	8,321		7,706
Accrued income taxes payable	40,339		30,672
Liability for uncertain tax positions (Note 16)	1,458		1,458
Accrued interest	22,850		11,014
Accrued insurance expense	2,545		1,187
Other tax liability	31,625		33,671
Other	18,988		13,506
Total	$	333,190	$	330,882

Senior Notes and Unsecured Revolving Credit Facility (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Senior Notes

The Senior Notes consisted of the following (in thousands):



	March 31, 2018			December 31, 2017
4.375% Senior Notes due June 15, 2019	$	450,000		$	450,000
4.875% Senior Notes due July 1, 2021	300,000			300,000
5.875% Senior Notes due June 15, 2024	450,000			450,000
5.250% Senior Notes due June 1, 2027	300,000			300,000
Discount and deferred loan costs	(26,926		)	(28,698		)
Total	$	1,473,074		$	1,471,302

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Related to Financial Instruments, Measured at Fair Value on a Recurring Basis

A summary of assets and liabilities at March 31, 2018 and December 31, 2017, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (in thousands):



		March 31, 2018				December 31, 2017
	Hierarchy	Book Value		Fair Value		Book Value		Fair Value
Senior Notes ⁽¹⁾	Level 2	$	1,491,760	$	1,495,425	$	1,491,229	$	1,552,335

__________


⁽¹⁾	The book value of the Senior Notes is net of discounts, excluding deferred loan costs of $18.7 million and $19.9 million as of March 31, 2018 and December 31, 2017, respectively. The estimated fair value of the Senior Notes at March 31, 2018 and December 31, 2017 is based on quoted market prices.

Fair Value of Nonfinancial Assets

The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands):



	Three Months Ended March 31, 2018				Year Ended December 31, 2017
	Impairment Charge		Fair Value Net of Impairment		Impairment Charge		Fair Value Net of Impairment
Real estate inventories⁽¹⁾	$	—	$	—	$	854	$	12,950

__________

⁽¹⁾Fair value of real estate inventories, net of impairment charges represents only those assets whose carrying values were adjusted to fair value in the respective periods presented. The fair value of these real estate inventories impaired was determined based on an analysis of future undiscounted net cash flows. In the case of lots for sale, fair value was determined based on recent land and lot sales for similar assets.

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of Warranty Reserves

Warranty reserve activity consisted of the following (in thousands):



	Three Months Ended March 31,
	2018			2017
Warranty reserves, beginning of period	$	69,373		$	83,135
Warranty reserves accrued	4,746			1,880
Adjustments to pre-existing reserves	—			(78		)
Warranty expenditures	(3,637		)	(3,984		)
Warranty reserves, end of period	$	70,482		$	80,953

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Compensation Expense Recognized Related to all Stock-Based Awards

The following table presents compensation expense recognized related to all stock-based awards (in thousands):



	Three Months Ended March 31,
	2018		2017
Total stock-based compensation	$	3,470	$	3,841

Summary of Stock Option Awards

The following table presents a summary of stock option awards for the three months ended March 31, 2018:



	Options		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
Options outstanding at December 31, 2017	1,154,658		$	14.16	4.9	$	4,350
Granted	—		—		—	—
Exercised	(92,185	)	11.34		—	—
Forfeited	(5,603	)	11.17		—	—
Options outstanding at March 31, 2018	1,056,870		14.42		4.9	2,297
Options exercisable at March 31, 2018	1,056,870		14.42		4.9	2,297

Summary of Restricted Stock Units

The following table presents a summary of restricted stock units (“RSUs”) for the three months ended March 31, 2018:



	Restricted Stock Units		Weighted Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value (in thousands)
Nonvested RSUs at December 31, 2017	4,307,592		$	9.80	$	77,192
Granted	1,079,386		15.71		—
Vested	(1,046,862	)	12.46		—
Forfeited	(882,798	)	9.04		—
Nonvested RSUs at March 31, 2018	3,457,318		11.03		56,804

Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)

3 Months Ended

Mar. 31, 2018

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosure to Consolidated Statements of Cash Flows

The following are supplemental disclosures to the consolidated statements of cash flows (in thousands):



	Three Months Ended March 31,
	2018		2017
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized of $7,662 and $12,847	$	—	$	—
Income taxes	$	—	$	—
Supplemental disclosures of noncash activities:
Amortization of senior note discount capitalized to real estate inventory	$	531	$	502
Increase in Other assets related to adoption of ASC 606	$	39,534	$	—
Amortization of deferred loan costs capitalized to real estate inventory	$	1,492	$	1,322
Effect of net consolidation and de-consolidation of variable interest entities:
Decrease in consolidated real estate inventory not owned	$	—	$	(4,050	)
Decrease in noncontrolling interests	$	—	$	4,050

Supplemental Guarantor Information (Tables)

3 Months Ended

Mar. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet (in thousands):



	March 31, 2018
	Issuer		Guarantor Subsidiaries		Consolidating Adjustments			Consolidated TRI Pointe Group, Inc.
Assets
Cash and cash equivalents	$	205,535	$	119,073	$	—		$	324,608
Receivables	14,469		40,780		—			55,249
Intercompany receivables	814,269		—		(814,269		)	—
Real estate inventories	840,379		2,305,176		—			3,145,555
Investments in unconsolidated entities	—		4,699		—			4,699
Goodwill and other intangible assets, net	156,604		4,223		—			160,827
Investments in subsidiaries	1,484,056		—		(1,484,056		)	—
Deferred tax assets, net	10,892		62,926		—			73,818
Other assets	13,574		68,431		—			82,005
Total assets	$	3,539,778	$	2,605,308	$	(2,298,325	)	$	3,846,761

Liabilities
Accounts payable	$	10,622	$	65,627	$	—		$	76,249
Intercompany payables	—		814,269		(814,269		)	—
Accrued expenses and other liabilities	92,438		240,752		—			333,190
Senior notes	1,473,074		—		—			1,473,074
Total liabilities	1,576,134		1,120,648		(814,269		)	1,882,513

Equity
Total stockholders’ equity	1,963,644		1,484,056		(1,484,056		)	1,963,644
Noncontrolling interests	—		604		—			604
Total equity	1,963,644		1,484,660		(1,484,056		)	1,964,248
Total liabilities and equity	$	3,539,778	$	2,605,308	$	(2,298,325	)	$	3,846,761

Condensed Consolidating Balance Sheet (in thousands):



	December 31, 2017
	Issuer		Guarantor Subsidiaries		Consolidating Adjustments			Consolidated TRI Pointe Group, Inc.
Assets
Cash and cash equivalents	$	176,684	$	106,230	$	—		$	282,914
Receivables	56,021		69,579		—			125,600
Intercompany receivables	794,550		—		(794,550		)	—
Real estate inventories	855,727		2,249,826		—			3,105,553
Investments in unconsolidated entities	—		5,870		—			5,870
Goodwill and other intangible assets, net	156,604		4,357		—			160,961
Investments in subsidiaries	1,448,690		—		(1,448,690		)	—
Deferred tax assets, net	10,892		65,521		—			76,413
Other assets	3,465		44,605		—			48,070
Total assets	$	3,502,633	$	2,545,988	$	(2,243,240	)	$	3,805,381

Liabilities
Accounts payable	$	9,364	$	63,506	$	—		$	72,870
Intercompany payables	—		794,550		(794,550		)	—
Accrued expenses and other liabilities	92,245		238,637		—			330,882
Senior notes	1,471,302		—		—			1,471,302
Total liabilities	1,572,911		1,096,693		(794,550		)	1,875,054

Equity
Total stockholders’ equity	1,929,722		1,448,690		(1,448,690		)	1,929,722
Noncontrolling interests	—		605		—			605
Total equity	1,929,722		1,449,295		(1,448,690		)	1,930,327
Total liabilities and equity	$	3,502,633	$	2,545,988	$	(2,243,240	)	$	3,805,381

Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operations (in thousands):



	Three Months Ended March 31, 2018
	Issuer		Guarantor Subsidiaries			Consolidating Adjustments			Consolidated TRI Pointe Group, Inc.
Homebuilding:
Home sales revenue	$	190,420	$	392,152		$	—		$	582,572
Land and lot sales revenue	—		223			—			223
Other operations revenue	—		598			—			598
Total revenues	190,420		392,973			—			583,393
Cost of home sales	159,055		291,447			—			450,502
Cost of land and lot sales	—		503			—			503
Other operations expense	—		602			—			602
Sales and marketing	10,517		27,766			—			38,283
General and administrative	18,159		18,655			—			36,814
Homebuilding income from operations	2,689		54,000			—			56,689
Equity in loss of unconsolidated entities	—		(468		)	—			(468		)
Other income, net	139		32			—			171
Homebuilding income before income taxes	2,828		53,564			—			56,392
Financial Services:
Revenues	—		283			—			283
Expenses	—		137			—			137
Equity in income of unconsolidated entities	—		1,002			—			1,002
Financial services income before income taxes	—		1,148			—			1,148
Income before income taxes	2,828		54,712			—			57,540
Equity of net income of subsidiaries	40,052		—			(40,052		)	—
Provision for income taxes	—		(14,660		)	—			(14,660		)
Net income	42,880		40,052			(40,052		)	42,880
Net income attributable to noncontrolling interests	—		—			—			—
Net income available to common stockholders	$	42,880	$	40,052		$	(40,052	)	$	42,880

Condensed Consolidating Statement of Operations (in thousands):



	Three Months Ended March 31, 2017
	Issuer			Guarantor Subsidiaries			Consolidating Adjustments			Consolidated TRI Pointe Group, Inc.
Homebuilding:
Home sales revenue	$	130,837		$	261,167		$	—		$	392,004
Land and lot sales revenue	—			578			—			578
Other operations revenue	—			568			—			568
Total revenues	130,837			262,313			—			393,150
Cost of home sales	112,258			206,146			—			318,404
Cost of land and lot sales	—			654			—			654
Other operations expense	—			560			—			560
Sales and marketing	6,483			20,217			—			26,700
General and administrative	17,249			17,400			—			34,649
Homebuilding (loss) income from operations	(5,153		)	17,336			—			12,183
Equity in income of unconsolidated entities	—			138			—			138
Other income, net	9			68			—			77
Homebuilding (loss) income before income taxes	(5,144		)	17,542			—			12,398
Financial Services:
Revenues	—			241			—			241
Expenses	—			74			—			74
Equity in income of unconsolidated entities	—			266			—			266
Financial services income before income taxes	—			433			—			433
(Loss) income before income taxes	(5,144		)	17,975			—			12,831
Equity of net income of subsidiaries	9,037			—			(9,037		)	—
Benefit (provision) for income taxes	4,300			(8,914		)	—			(4,614		)
Net income	8,193			9,061			(9,037		)	8,217
Net income attributable to noncontrolling interests	—			(24		)	—			(24		)
Net income available to common stockholders	$	8,193		$	9,037		$	(9,037	)	$	8,193

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows (in thousands):



	Three Months Ended March 31, 2018
	Issuer			Guarantor Subsidiaries			Consolidating Adjustments			Consolidated TRI Pointe Group, Inc.
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	52,793		$	(2,907	)	$	—		$	49,886
Cash flows from investing activities:
Purchases of property and equipment	(419		)	(1,751		)	—			(2,170		)
Investments in unconsolidated entities	—			(947		)	—			(947		)
Intercompany	(18,449		)	—			18,449			—
Net cash (used in) provided by investing activities	(18,868		)	(2,698		)	18,449			(3,117		)
Cash flows from financing activities:
Distributions to noncontrolling interests	—			(1		)	—			(1		)
Proceeds from issuance of common stock under share-based awards	975			—			—			975
Minimum tax withholding paid on behalf of employees for restricted stock units	(6,049		)	—			—			(6,049		)
Intercompany	—			18,449			(18,449		)	—
Net cash (used in) provided by financing activities	(5,074		)	18,448			(18,449		)	(5,075		)
Net increase in cash and cash equivalents	28,851			12,843			—			41,694
Cash and cash equivalents - beginning of period	176,684			106,230			—			282,914
Cash and cash equivalents - end of period	$	205,535		$	119,073		$	—		$	324,608

Condensed Consolidating Statement of Cash Flows (in thousands):



	Three Months Ended March 31, 2017
	Issuer			Guarantor Subsidiaries			Consolidating Adjustments			Consolidated TRI Pointe Group, Inc.
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	6,533		$	(118,824	)	$	—		$	(112,291	)
Cash flows from investing activities:
Purchases of property and equipment	(871		)	(302		)	—			(1,173		)
Proceeds from sale of property and equipment	—			5			—			5
Investments in unconsolidated entities	—			(231		)	—			(231		)
Intercompany	(110,529		)	—			110,529			—
Net cash (used in) provided by investing activities	(111,400		)	(528		)	110,529			(1,399		)
Cash flows from financing activities:
Borrowings from notes payable	50,000			—			—			50,000
Repayment of notes payable	(13,726		)	—			—			(13,726		)
Distributions to noncontrolling interests	—			(415		)	—			(415		)
Proceeds from issuance of common stock under share-based awards	746			—			—			746
Minimum tax withholding paid on behalf of employees for restricted stock units	(2,561		)	—			—			(2,561		)
Share repurchases	(492		)	—			—			(492		)
Intercompany	—			110,529			(110,529		)	—
Net cash provided by (used in) financing activities	33,967			110,114			(110,529		)	33,552
Net decrease in cash and cash equivalents	(70,900		)	(9,238		)	—			(80,138		)
Cash and cash equivalents - beginning of period	141,568			67,089			—			208,657
Cash and cash equivalents - end of period	$	70,668		$	57,851		$	—		$	128,519

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - All HomeBuilding Segments [Member]	3 Months Ended
	Mar. 31, 2018 segment
Segment Reporting Information [Line Items]
Number of brands in portfolio	6
Number of states entity operates	8

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Cumulative Effect of Adopting ASC 606 (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Real estate inventories	$ 3,145,555	$ 3,056,236	$ 3,105,553
Deferred income tax asset	73,818	73,984	76,413
Other assets	82,005	87,604	48,070
Retained earnings	1,169,756	1,126,876	1,134,230
Balance at December 31, 2017 \| Adjustments due to ASC 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Real estate inventories	3,193,904		3,105,553
Deferred income tax asset	71,389		76,413
Other assets	42,061		48,070
Retained earnings	1,175,866		1,134,230
Adjustments due to ASC 606 \| Adjustments due to ASC 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Real estate inventories	(48,349)	(49,317)
Deferred income tax asset	2,429	(2,429)
Other assets	39,944	39,534	$ 39,500
Retained earnings	$ (6,110)	$ (7,354)

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Impact of Adopting ASC 606 on Consolidated Income Statement and Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Jan. 01, 2018
Disaggregation of Revenue [Line Items]
Home sales revenue	$ 582,572
Cost of home sales	450,502	$ 318,404
Sales and marketing	38,283
Provision for income taxes	(14,660)	(4,614)
Net income	$ 42,880	$ 8,217	$ 187,551
Diluted earnings per share (in dollars per share)	$ 0.28	$ 0.05
Real estate inventories	$ 3,145,555		3,105,553	$ 3,056,236
Deferred tax assets, net	73,818		76,413	73,984
Other assets	82,005		48,070	87,604
Accrued expenses and other liabilities	333,190		330,882
Retained earnings	1,169,756		1,134,230	1,126,876
Adjustments due to ASC 606 \| Balances Without Adoption of ASC 606
Disaggregation of Revenue [Line Items]
Home sales revenue	583,053
Cost of home sales	458,139
Sales and marketing	32,796
Provision for income taxes	(14,235)
Net income	$ 41,636
Diluted earnings per share (in dollars per share)	$ 0.27
Real estate inventories	$ 3,193,904		3,105,553
Deferred tax assets, net	71,389		76,413
Other assets	42,061		48,070
Accrued expenses and other liabilities	332,899
Retained earnings	1,175,866		1,134,230
Adjustments due to ASC 606 \| Effect of Change Higher/(Lower)
Disaggregation of Revenue [Line Items]
Home sales revenue	(481)
Cost of home sales	(7,637)
Sales and marketing	5,487
Provision for income taxes	425
Net income	$ 1,244
Diluted earnings per share (in dollars per share)	$ 0.01
Real estate inventories	$ (48,349)			(49,317)
Deferred tax assets, net	2,429			(2,429)
Other assets	39,944		$ 39,500	39,534
Accrued expenses and other liabilities	291
Retained earnings	$ (6,110)			$ (7,354)

Segment Information - Additional Information (Detail)	3 Months Ended
Segment Information - Additional Information (Detail)	Mar. 31, 2018 business segment
Segment Reporting Information [Line Items]
Number of principal lines of businesses \| business	2
Financial Services Segment [Member]
Segment Reporting Information [Line Items]
Number of homebuilding companies	1
All HomeBuilding Segments [Member]
Segment Reporting Information [Line Items]
Number of homebuilding companies	6
Number of reportable segments	6

Segment Information - Summary of Financial Information Relating to Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 01, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total homebuilding revenues	$ 583,393	$ 393,150
Financial services, revenues	283	241
Total revenues	583,676	393,391
Income before income taxes	57,540	12,831
Real estate inventories	3,145,555		$ 3,056,236	$ 3,105,553
Total assets	3,846,761			3,805,381
All HomeBuilding Segments [Member]
Segment Reporting Information [Line Items]
Total homebuilding revenues	583,393	393,150
Income before income taxes	56,392	12,398
Real estate inventories	3,145,555			3,105,553
Total assets	3,833,296			3,792,541
Operating segments [Member] \| Maracay Homes [Member]
Segment Reporting Information [Line Items]
Total homebuilding revenues	58,455	51,060
Income before income taxes	4,391	1,757
Real estate inventories	236,405			243,883
Total assets	278,441			268,866
Operating segments [Member] \| Pardee Homes [Member]
Segment Reporting Information [Line Items]
Total homebuilding revenues	180,470	83,699
Income before income taxes	39,191	9,893
Real estate inventories	1,264,609			1,245,659
Total assets	1,369,906			1,346,296
Operating segments [Member] \| Quadrant Homes [Member]
Segment Reporting Information [Line Items]
Total homebuilding revenues	61,903	40,552
Income before income taxes	8,140	3,744
Real estate inventories	284,830			257,887
Total assets	314,690			312,803
Operating segments [Member] \| Trendmaker Homes [Member]
Segment Reporting Information [Line Items]
Total homebuilding revenues	41,408	52,362
Income before income taxes	370	1,882
Real estate inventories	220,269			204,926
Total assets	236,876			224,995
Operating segments [Member] \| Tri Pointe [Member]
Segment Reporting Information [Line Items]
Total homebuilding revenues	190,420	130,836
Income before income taxes	14,531	6,439
Real estate inventories	840,379			855,727
Total assets	1,017,544			1,062,920
Operating segments [Member] \| Winchester Homes [Member]
Segment Reporting Information [Line Items]
Total homebuilding revenues	50,737	34,641
Income before income taxes	1,607	400
Real estate inventories	299,063			297,471
Total assets	328,258			313,921
Operating segments [Member] \| Financial Services Segment [Member]
Segment Reporting Information [Line Items]
Financial services, revenues	283	241
Income before income taxes	1,148	433
Total assets	13,465			12,840
Corporate [Member]
Segment Reporting Information [Line Items]
Income before income taxes	(11,838)	$ (11,717)
Total assets	$ 287,581			$ 262,740

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net income available to common stockholders	$ 42,880	$ 8,193
Denominator:
Basic weighted-average shares outstanding (shares)	151,464,547	158,769,478
Effect of dilutive shares:
Stock options and unvested restricted stock units (shares)	1,311,304	621,108
Diluted weighted-average shares outstanding (shares)	152,775,851	159,390,586
Earnings per share
Basic (in dollars per share)	$ 0.28	$ 0.05
Diluted (in dollars per share)	$ 0.28	$ 0.05
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share (in shares)	1,248,483	4,823,402

Receivables - Components of Receivables (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
Escrow proceeds and other accounts receivable, net	$ 19,920	$ 89,783
Warranty insurance receivable	35,329	35,817
Total receivables	$ 55,249	$ 125,600

Receivables - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
Allowance for doubtful accounts	$ 358	$ 330

Real Estate Inventories - Summary of Real Estate Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Real estate inventories owned:
Homes completed or under construction	$ 953,573		$ 793,685
Land under development	1,778,804		1,934,556
Land held for future development	139,086		138,651
Model homes	231,519		211,658
Total real estate inventories owned	3,102,982		3,078,550
Real estate inventories not owned:
Land purchase and land option deposits	42,573		27,003
Total real estate inventories not owned	42,573		27,003
Total real estate inventories	3,145,555	$ 3,056,236	$ 3,105,553
Adjustments due to ASC 606 \| Adjustments due to ASC 606
Real estate inventories not owned:
Total real estate inventories	$ (48,349)	$ (49,317)

Real Estate Inventories - Summary of Interest Incurred, Capitalized and Expensed (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Real Estate [Abstract]
Interest incurred	$ 21,520	$ 18,873
Interest capitalized	(21,520)	(18,873)
Interest expensed	0	0
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized interest in beginning inventory	176,348	157,329
Interest capitalized as a cost of inventory	21,520	18,873
Interest previously capitalized as a cost of inventory, included in cost of sales	(14,242)	(9,687)
Capitalized interest in ending inventory	$ 183,626	$ 166,515

Real Estate Inventories - Schedule of Land and Lot Option Abandonments and Pre-acquisition Charges (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Real Estate [Abstract]
Real estate inventory impairments	$ 0	$ 0	$ 854
Land and lot option abandonments and pre-acquisition charges	248	321
Total	$ 248	$ 321

Investments in Unconsolidated Entities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018 investment
Minimum [Member]
Investment Holdings [Line Items]
Ownership percentage (percent)	5.00%
Maximum [Member]
Investment Holdings [Line Items]
Ownership percentage (percent)	65.00%
Homebuilding Partnerships or Limited Liability Companies [Member]
Investment Holdings [Line Items]
Number of equity investments	4
Financial Services Limited Liability Company [Member]
Investment Holdings [Line Items]
Number of equity investments	1

Investments in Unconsolidated Entities - Schedule of Cumulative Investment in Entities on Equity Method, Including Share of Earnings and Losses (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Investments in unconsolidated entities	$ 4,699	$ 5,870
Limited Liability Company Interests [Member]
Schedule of Investments [Line Items]
Investments in unconsolidated entities	1,482	2,687
General Partnership Interests [Member]
Schedule of Investments [Line Items]
Investments in unconsolidated entities	$ 3,217	$ 3,183

Investments in Unconsolidated Entities - Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Assets
Total assets	$ 119,091		$ 119,175
Liabilities and equity
Accounts payable and other liabilities	8,380		12,208
Company’s equity	4,699		5,870
Outside interests' equity	106,012		101,097
Total liabilities and equity	119,091		119,175
Net sales	4,390	$ 5,090
Other operating expense	(3,287)	(2,603)
Other income	63	2
Net income	1,166	2,489
Company’s equity in income of unconsolidated entities	534	$ 404
Cash [Member]
Assets
Total assets	11,827		11,678
Receivables [Member]
Assets
Total assets	5,546		6,564
Real Estate Inventories [Member]
Assets
Total assets	100,821		99,997
Other Assets [Member]
Assets
Total assets	$ 897		$ 936

Variable Interest Entities - Summary of Interests in Land Option Agreements (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Deposits	$ 42,573	$ 27,003
Remaining Purchase Price	516,342	381,939
Consolidated inventory held by VIEs	0	0
Consolidated VIEs [Member]
Variable Interest Entity [Line Items]
Deposits	0	0
Remaining Purchase Price	0	0
Consolidated inventory held by VIEs	0	0
Unconsolidated VIEs [Member]
Variable Interest Entity [Line Items]
Deposits	10,145	3,418
Remaining Purchase Price	187,004	112,590
Other land option agreements [Member]
Variable Interest Entity [Line Items]
Deposits	32,428	23,585
Remaining Purchase Price	$ 329,338	$ 269,349

Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Other land option agreements [Member]
Variable Interest Entity [Line Items]
Capitalized pre-acquisition costs	$ 6.3	$ 4.5

Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 139,304	$ 139,304
Trade names, Gross Carrying Amount	27,979	27,979
Gross Carrying Amount	167,283	167,283
Accumulated Amortization	(6,456)	(6,322)
Trade names, Net Carrying Amount	21,523	21,657
Net Carrying Amount	$ 160,827	$ 160,961

Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018 USD ($) asset	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)
Schedule Of Intangible Assets And Goodwill [Line Items]
Goodwill	$ 139,304		$ 139,304
Number of intangible assets \| asset	2
Net carrying amount of intangible asset	$ 4,223		$ 4,400
Indefinite-Lived Trade Names [Member]
Schedule Of Intangible Assets And Goodwill [Line Items]
Indefinite life intangible asset	$ 17,300
Finite-Lived Trade Names [Member]
Schedule Of Intangible Assets And Goodwill [Line Items]
Remaining useful life of amortizing asset	7 years 10 months 24 days		8 years 2 months 12 days
Amortization expense	$ 134	$ 134
Maracay Homes [Member]
Schedule Of Intangible Assets And Goodwill [Line Items]
Intangible assets useful life	20 years
WRECO Transaction [Member]
Schedule Of Intangible Assets And Goodwill [Line Items]
Goodwill	$ 139,300		$ 139,300

Goodwill and Other Intangible Assets - Schedule of Expected Amortization of Intangible Asset (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2018	$ 400
2019	534
2020	534
2021	534
2022	534
Thereafter	1,687
Total	$ 4,223	$ 4,400

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Prepaid expenses	$ 11,629		$ 13,040
Refundable fees and other deposits	10,659		16,012
Development rights, held for future use or sale	2,569		2,569
Deferred loan costs - unsecured revolving credit facility	3,177		3,427
Operating properties and equipment, net	51,596		10,528
Other	2,375		2,494
Total	82,005	$ 87,604	48,070
Adjustments due to ASC 606 \| Adjustments due to ASC 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total	$ 39,944	$ 39,534	$ 39,500

Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Accrued payroll and related costs	$ 16,754	$ 36,863
Warranty reserves	70,482	69,373	$ 80,953	$ 83,135
Estimated cost for completion of real estate inventories	97,411	105,864
Customer deposits	22,417	19,568
Income tax liability to Weyerhaeuser	8,321	7,706
Accrued income taxes payable	40,339	30,672
Liability for uncertain tax positions	1,458	1,458
Accrued interest	22,850	11,014
Accrued insurance expense	2,545	1,187
Other tax liability	31,625	33,671
Other	18,988	13,506
Total	$ 333,190	$ 330,882

Senior Notes and Unsecured Revolving Credit Facility - Schedule of Senior Notes (Detail) - Senior Notes [Member] - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Discount and deferred loan costs	$ (26,926)	$ (28,698)
Total	1,473,074	1,471,302
4.375% Senior notes due 2019 [Member]
Debt Instrument [Line Items]
Senior notes (gross)	450,000	450,000
4.875% Senior notes due July 1, 2021 [Member]
Debt Instrument [Line Items]
Senior notes (gross)	300,000	300,000
5.875% Senior notes due 2024 [Member]
Debt Instrument [Line Items]
Senior notes (gross)	450,000	450,000
5.250% Senior notes due 2027 [Member]
Debt Instrument [Line Items]
Senior notes (gross)	$ 300,000	$ 300,000

Senior Notes and Unsecured Revolving Credit Facility - Schedule of Senior Notes (Phantoms) (Detail) - Senior Notes [Member]	3 Months Ended
	Mar. 31, 2018	Jun. 30, 2017	May 31, 2016
4.375% Senior notes due 2019 [Member]
Debt Instrument [Line Items]
Interest rate on senior note (percent)	4.375%
Maturity date of senior note	Jun. 15, 2019
4.875% Senior notes due July 1, 2021 [Member]
Debt Instrument [Line Items]
Interest rate on senior note (percent)	4.875%		4.875%
Maturity date of senior note	Jul. 01, 2021
5.875% Senior notes due 2024 [Member]
Debt Instrument [Line Items]
Interest rate on senior note (percent)	5.875%
Maturity date of senior note	Jun. 15, 2024
5.250% Senior notes due 2027 [Member]
Debt Instrument [Line Items]
Interest rate on senior note (percent)	5.25%	5.25%
Maturity date of senior note	Jun. 01, 2027

Senior Notes and Unsecured Revolving Credit Facility - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended
	Jun. 30, 2017	May 31, 2016	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Jun. 20, 2017	Jun. 19, 2017
Debt Instrument [Line Items]
Capitalization of deferred finance costs			$ 3,177,000		$ 3,427,000
Accrued interest			22,850,000		11,014,000
Interest incurred			21,520,000	$ 18,873,000
Amortization of deferred financing costs			2,000,000	$ 1,800,000
Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes, net			861,300,000
Principal payment on Senior Notes			0
Capitalization of deferred finance costs			18,700,000
Accrued interest			$ 22,400,000		10,600,000
5.250% Senior notes due 2027 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 300,000,000
Interest rate on debt instrument (percent)	5.25%		5.25%
Debt issuance, percentage of aggregate principal (percent)	100.00%
Proceeds from issuance of senior notes, net	$ 296,300,000
Maturity date of senior note			Jun. 01, 2027
4.875% Senior notes due July 1, 2021 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount		$ 300,000,000
Interest rate on debt instrument (percent)		4.875%	4.875%
Debt issuance, percentage of aggregate principal (percent)		99.44%
Proceeds from issuance of senior notes, net		$ 293,900,000
Maturity date of senior note			Jul. 01, 2021
4.375% Senior notes due 2019 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on debt instrument (percent)			4.375%
Debt issuance, percentage of aggregate principal (percent)			98.89%
Maturity date of senior note			Jun. 15, 2019
5.875% Senior notes due 2024 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on debt instrument (percent)			5.875%
Debt issuance, percentage of aggregate principal (percent)			98.15%
Maturity date of senior note			Jun. 15, 2024
Unsecured revolving credit facility [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Capitalization of deferred finance costs			$ 3,200,000
Accrued interest			450,000		426,000
Unsecured revolving credit facility						$ 600,000,000	$ 625,000,000
Notes payable and other borrowings			0
Available secured revolving credit facility			$ 592,600,000
Unsecured revolving credit facility [Member] \| Revolving Credit Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate (percent)			1.25%
Unsecured revolving credit facility [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate (percent)			2.00%
Unsecured revolving credit facility [Member] \| Letters of credit [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility			$ 75,000,000
Outstanding letters of credit			$ 7,400,000		$ 7,700,000

Fair Value Disclosures - Summary of Assets and Liabilities Related to Financial Instruments, Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior notes	$ 1,473,074	$ 1,471,302
Deferred loan costs - unsecured revolving credit facility	3,177	3,427
Level 2 [Member] \| Recurring [Member] \| Book Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior notes	1,491,760	1,491,229
Deferred loan costs - unsecured revolving credit facility	18,700	19,900
Level 2 [Member] \| Recurring [Member] \| Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior notes	$ 1,495,425	$ 1,552,335

Fair Value Disclosures - Fair Value of Nonfinancial Assets (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Jan. 01, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment Charge	$ 0	$ 0	$ 854
Fair Value Net of Impairment	3,145,555		3,105,553	$ 3,056,236
Fair Value [Member] \| Nonrecurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value Net of Impairment	$ 0		$ 12,950

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Commitment And Contingencies [Line Items]
Outstanding warranty insurance receivables	$ 35,329,000	$ 35,817,000
Surety bonds [Member]
Commitment And Contingencies [Line Items]
Outstanding surety bonds	536,200,000	537,400,000
Legal Reserve
Commitment And Contingencies [Line Items]
Legal reserves	0	$ 0
Pending Litigation [Member] \| Scripps Health v Pardee Homes [Member] \| Legal Reserve
Commitment And Contingencies [Line Items]
Legal reserves	$ 0

Commitments and Contingencies - Schedule of Warranty Reserves (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserves, beginning of period	$ 69,373	$ 83,135
Warranty reserves accrued	4,746	1,880
Adjustments to pre-existing reserves		(78)
Warranty expenditures	(3,637)	(3,984)
Warranty reserves, end of period	$ 70,482	$ 80,953

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions						3 Months Ended
	Feb. 22, 2018	Feb. 15, 2018	May 30, 2017	Feb. 27, 2017	Mar. 01, 2016	Mar. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation related to all stock-based awards						$ 28.7
Weighted average period, expense to recognize						2 years 2 months 12 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, granted (shares)						1,079,386
Fair value of RSUs (in dollars per share)						$ 11.03	$ 9.80
RSUs that vested in period (shares)						1,046,862
Restricted Stock Units (RSUs) [Member] \| Performance-based RSUs [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocation amount percentage (percent)	0.00%				0.00%
Restricted Stock Units (RSUs) [Member] \| Performance-based RSUs [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocation amount percentage (percent)	100.00%				100.00%
Restricted Stock Units (RSUs) [Member] \| Employees and Officers [Member] \| Time-vested RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, granted (shares)	633,107			990,279
Restricted stock units, vesting period	3 years			3 years
Closing stock price on date of grant (in dollars per share)	$ 16.94			$ 12.10
Restricted Stock Units (RSUs) [Member] \| Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, granted (shares)	184,179			257,851
Restricted Stock Units (RSUs) [Member] \| President [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, granted (shares)	177,095			247,933
Restricted Stock Units (RSUs) [Member] \| Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, granted (shares)	85,005			119,008
RSUs that vested in period (shares)		197,898
Restricted Stock Units (RSUs) [Member] \| Non-employee Members on Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, granted (shares)			55,865
Closing stock price on date of grant (in dollars per share)			$ 12.53
Restricted Stock Units (RSUs) [Member] \| Employees Officers And Directors [Member] \| Performance-based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing stock price on date of grant (in dollars per share)	$ 16.94			$ 12.10
Fair value of RSUs (in dollars per share)	$ 10.97			$ 6.16
2013 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock (shares)						11,727,833
Shares available for future grant (shares)						6,395,153

Stock-Based Compensation - Summary of Compensation Expense Recognized Related to all Stock-Based Awards (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Total stock-based compensation	$ 3,470	$ 3,841

Stock-Based Compensation - Summary of Stock Option Awards (Detail) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options, Outstanding, Balance (shares)	1,154,658
Options, Granted (shares)	0
Options, Exercised (shares)	(92,185)
Options, Forfeited (shares)	(5,603)
Options, Outstanding, Balance (shares)	1,056,870	1,154,658
Options exercisable at end of period (shares)	1,056,870
Weighted Average Exercise Price, Outstanding, Balance (in dollars per share)	$ 14.16
Weighted Average Exercise Price, Granted (in dollars per share)	0.00
Weighted Average Exercise Price, Exercised (in dollars per share)	11.34
Weighted Average Exercise Price, Forfeited (in dollars per share)	11.17
Weighted Average Exercise Price, Outstanding, Balance (in dollars per share)	14.42	$ 14.16
Weighted Average Exercise Price, Options exercisable at end of period (in dollars per share)	$ 14.42
Weighted Average Remaining Contractual Life, Outstanding	4 years 10 months 24 days	4 years 10 months 24 days
Weighted Average Remaining Contractual Life, Options exercisable at end of period	4 years 10 months 24 days
Aggregate Intrinsic Value, Outstanding, Balance	$ 2,297	$ 4,350
Aggregate Intrinsic Value, Outstanding, Options exercisable at end of period	$ 2,297

Stock-Based Compensation - Summary of Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested Restricted Stock Units, Beginning Balance (shares)	4,307,592
Nonvested Restricted Stock Units, Granted (shares)	1,079,386
Nonvested Restricted Stock Units, Vested (shares)	(1,046,862)
Nonvested Restricted Stock Units, Forfeited (shares)	(882,798)
Nonvested Restricted Stock Units, Ending Balance (shares)	3,457,318
Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share)	$ 9.80
Weighted Average Grant Date Fair Value, Granted (in dollars per share)	15.71
Weighted Average Grant Date Fair Value, Vested (in dollars per share)	12.46
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share)	9.04
Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share)	$ 11.03
Aggregate Intrinsic Value, Balance	$ 56,804	$ 77,192
Aggregate Intrinsic Value, Granted	$ 0

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Jan. 01, 2018
Income Tax Contingency [Line Items]
Deferred tax assets, net	$ 73,818	$ 76,413		$ 73,984
Valuation allowance related to net deferred tax assets	3,500	3,500
Provision for income taxes	14,660		$ 4,614
Liability for uncertain tax positions	1,458	1,458
Income tax charge related to the re-measurement of deferred tax assets		22,000
Accrued Expenses And Other Liabilities [Member] \| Weyerhaeuser [Member]
Income Tax Contingency [Line Items]
Income tax liability	$ 8,300	$ 7,700

Related Party Transactions - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transactions [Abstract]
Related party transactions	$ 0	$ 0

Supplemental Disclosure to Consolidated Statements of Cash Flows - Supplemental Disclosure to Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Supplemental disclosure of cash flow information:
Interest, net of amounts capitalized of $61,669 and $50,030	$ 0	$ 0
Income taxes	0	0
Supplemental disclosures of noncash activities:
Amortization of senior note discount capitalized to real estate inventory	531	502
Increase in Other assets related to adoption of ASC 606	39,534	0
Amortization of deferred loan costs capitalized to real estate inventory	1,492	1,322
Effect of net consolidation and de-consolidation of variable interest entities:
Decrease in consolidated real estate inventory not owned	0	(4,050)
Decrease in noncontrolling interests	$ 0	$ 4,050

Supplemental Disclosure to Consolidated Statements of Cash Flows - Supplemental Disclosure to Consolidated Statements of Cash Flows Phantoms (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Interest capitalized	$ 7,662	$ 12,847

Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 324,608		$ 282,914	$ 128,519	$ 208,657
Receivables	55,249		125,600
Intercompany receivables	0		0
Real estate inventories	3,145,555	$ 3,056,236	3,105,553
Investments in unconsolidated entities	4,699		5,870
Goodwill and other intangible assets, net	160,827		160,961
Investments in subsidiaries	0		0
Deferred tax assets, net	73,818	73,984	76,413
Other assets	82,005	$ 87,604	48,070
Total assets	3,846,761		3,805,381
Liabilities
Accounts payable	76,249		72,870
Intercompany payables	0		0
Accrued expenses and other liabilities	333,190		330,882
Senior notes	1,473,074		1,471,302
Total liabilities	1,882,513		1,875,054
Equity
Total stockholders’ equity	1,963,644		1,929,722
Noncontrolling interests	604		605
Total equity	1,964,248		1,930,327		1,848,510
Total liabilities and equity	3,846,761		3,805,381
Reporting Entity [Member] \| Guarantor Subsidiaries [Member]
Assets
Cash and cash equivalents	119,073		106,230	57,851	67,089
Receivables	40,780		69,579
Intercompany receivables	0		0
Real estate inventories	2,305,176		2,249,826
Investments in unconsolidated entities	4,699		5,870
Goodwill and other intangible assets, net	4,223		4,357
Investments in subsidiaries	0		0
Deferred tax assets, net	62,926		65,521
Other assets	68,431		44,605
Total assets	2,605,308		2,545,988
Liabilities
Accounts payable	65,627		63,506
Intercompany payables	814,269		794,550
Accrued expenses and other liabilities	240,752		238,637
Senior notes	0		0
Total liabilities	1,120,648		1,096,693
Equity
Total stockholders’ equity	1,484,056		1,448,690
Noncontrolling interests	604		605
Total equity	1,484,660		1,449,295
Total liabilities and equity	2,605,308		2,545,988
Reporting Entity [Member] \| Issuer [Member]
Assets
Cash and cash equivalents	205,535		176,684	70,668	141,568
Receivables	14,469		56,021
Intercompany receivables	814,269		794,550
Real estate inventories	840,379		855,727
Investments in unconsolidated entities	0		0
Goodwill and other intangible assets, net	156,604		156,604
Investments in subsidiaries	1,484,056		1,448,690
Deferred tax assets, net	10,892		10,892
Other assets	13,574		3,465
Total assets	3,539,778		3,502,633
Liabilities
Accounts payable	10,622		9,364
Intercompany payables	0		0
Accrued expenses and other liabilities	92,438		92,245
Senior notes	1,473,074		1,471,302
Total liabilities	1,576,134		1,572,911
Equity
Total stockholders’ equity	1,963,644		1,929,722
Noncontrolling interests	0		0
Total equity	1,963,644		1,929,722
Total liabilities and equity	3,539,778		3,502,633
Consolidating Adjustments [Member]
Assets
Cash and cash equivalents	0		0	$ 0	$ 0
Receivables	0		0
Intercompany receivables	(814,269)		(794,550)
Real estate inventories	0		0
Investments in unconsolidated entities	0		0
Goodwill and other intangible assets, net	0		0
Investments in subsidiaries	(1,484,056)		(1,448,690)
Deferred tax assets, net	0		0
Other assets	0		0
Total assets	(2,298,325)		(2,243,240)
Liabilities
Accounts payable	0		0
Intercompany payables	(814,269)		(794,550)
Accrued expenses and other liabilities	0		0
Senior notes	0		0
Total liabilities	(814,269)		(794,550)
Equity
Total stockholders’ equity	(1,484,056)		(1,448,690)
Noncontrolling interests	0		0
Total equity	(1,484,056)		(1,448,690)
Total liabilities and equity	$ (2,298,325)		$ (2,243,240)

Supplemental Guarantor Information - Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Homebuilding:
Home sales revenue	$ 582,572	$ 392,004
Land and lot sales revenue	223	578
Other operations revenue	598	568
Total revenues	583,393	393,150
Cost of home sales	450,502	318,404
Cost of land and lot sales	503	654
Other operations expense	602	560
Sales and marketing	38,283	26,700
General and administrative	36,814	34,649
Homebuilding income from operations	56,689	12,183
Equity in (loss) income of unconsolidated entities	(468)	138
Other income, net	171	77
Homebuilding income before income taxes	56,392	12,398
Financial Services:
Revenues	283	241
Expenses	137	74
Equity in income of unconsolidated entities	1,002	266
Financial services income before income taxes	1,148	433
Income before income taxes	57,540	12,831
Equity of net income of subsidiaries	0	0
Provision for income taxes	(14,660)	(4,614)
Net income	42,880	8,217	$ 187,551
Net income attributable to noncontrolling interests	0	(24)
Net income available to common stockholders	42,880	8,193
Reporting Entity [Member] \| Guarantor Subsidiaries [Member]
Homebuilding:
Home sales revenue	392,152	261,167
Land and lot sales revenue	223	578
Other operations revenue	598	568
Total revenues	392,973	262,313
Cost of home sales	291,447	206,146
Cost of land and lot sales	503	654
Other operations expense	602	560
Sales and marketing	27,766	20,217
General and administrative	18,655	17,400
Homebuilding income from operations	54,000	17,336
Equity in (loss) income of unconsolidated entities	(468)	138
Other income, net	32	68
Homebuilding income before income taxes	53,564	17,542
Financial Services:
Revenues	283	241
Expenses	137	74
Equity in income of unconsolidated entities	1,002	266
Financial services income before income taxes	1,148	433
Income before income taxes	54,712	17,975
Equity of net income of subsidiaries	0	0
Provision for income taxes	(14,660)	(8,914)
Net income	40,052	9,061
Net income attributable to noncontrolling interests	0	(24)
Net income available to common stockholders	40,052	9,037
Reporting Entity [Member] \| Issuer [Member]
Homebuilding:
Home sales revenue	190,420	130,837
Land and lot sales revenue	0	0
Other operations revenue	0	0
Total revenues	190,420	130,837
Cost of home sales	159,055	112,258
Cost of land and lot sales	0	0
Other operations expense	0	0
Sales and marketing	10,517	6,483
General and administrative	18,159	17,249
Homebuilding income from operations	2,689	(5,153)
Equity in (loss) income of unconsolidated entities	0	0
Other income, net	139	9
Homebuilding income before income taxes	2,828	(5,144)
Financial Services:
Revenues	0	0
Expenses	0	0
Equity in income of unconsolidated entities	0	0
Financial services income before income taxes	0	0
Income before income taxes	2,828	(5,144)
Equity of net income of subsidiaries	40,052	9,037
Provision for income taxes	0	4,300
Net income	42,880	8,193
Net income attributable to noncontrolling interests	0	0
Net income available to common stockholders	42,880	8,193
Consolidating Adjustments [Member]
Homebuilding:
Home sales revenue	0	0
Land and lot sales revenue	0	0
Other operations revenue	0	0
Total revenues	0	0
Cost of home sales	0	0
Cost of land and lot sales	0	0
Other operations expense	0	0
Sales and marketing	0	0
General and administrative	0	0
Homebuilding income from operations	0	0
Equity in (loss) income of unconsolidated entities	0	0
Other income, net	0	0
Homebuilding income before income taxes	0	0
Financial Services:
Revenues	0	0
Expenses	0	0
Equity in income of unconsolidated entities	0	0
Financial services income before income taxes	0	0
Income before income taxes	0	0
Equity of net income of subsidiaries	(40,052)	(9,037)
Provision for income taxes	0	0
Net income	(40,052)	(9,037)
Net income attributable to noncontrolling interests	0	0
Net income available to common stockholders	$ (40,052)	$ (9,037)

Supplemental Guarantor Information - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 49,886	$ (112,291)
Cash flows from investing activities:
Purchases of property and equipment	(2,170)	(1,173)
Proceeds from sale of property and equipment	0	5
Investments in unconsolidated entities	(947)	(231)
Intercompany	0	0
Net cash used in investing activities	(3,117)	(1,399)
Cash flows from financing activities:
Borrowings from debt	0	50,000
Repayment of debt	0	(13,726)
Distributions to noncontrolling interests	(1)	(415)
Proceeds from issuance of common stock under share-based awards	975	746
Minimum tax withholding paid on behalf of employees for share-based awards	(6,049)	(2,561)
Share repurchases	0	(492)
Intercompany	0	0
Net cash (used in) provided by financing activities	(5,075)	33,552
Net increase (decrease) in cash and cash equivalents	41,694	(80,138)
Cash and cash equivalents - beginning of period	282,914	208,657
Cash and cash equivalents - end of period	324,608	128,519
Reporting Entity [Member] \| Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(2,907)	(118,824)
Cash flows from investing activities:
Purchases of property and equipment	(1,751)	(302)
Proceeds from sale of property and equipment		5
Investments in unconsolidated entities	(947)	(231)
Intercompany	0	0
Net cash used in investing activities	(2,698)	(528)
Cash flows from financing activities:
Borrowings from debt		0
Repayment of debt		0
Distributions to noncontrolling interests	(1)	(415)
Proceeds from issuance of common stock under share-based awards	0	0
Minimum tax withholding paid on behalf of employees for share-based awards	0	0
Share repurchases		0
Intercompany	18,449	110,529
Net cash (used in) provided by financing activities	18,448	110,114
Net increase (decrease) in cash and cash equivalents	12,843	(9,238)
Cash and cash equivalents - beginning of period	106,230	67,089
Cash and cash equivalents - end of period	119,073	57,851
Reporting Entity [Member] \| Issuer [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	52,793	6,533
Cash flows from investing activities:
Purchases of property and equipment	(419)	(871)
Proceeds from sale of property and equipment		0
Investments in unconsolidated entities	0	0
Intercompany	(18,449)	(110,529)
Net cash used in investing activities	(18,868)	(111,400)
Cash flows from financing activities:
Borrowings from debt		50,000
Repayment of debt		(13,726)
Distributions to noncontrolling interests	0	0
Proceeds from issuance of common stock under share-based awards	975	746
Minimum tax withholding paid on behalf of employees for share-based awards	(6,049)	(2,561)
Share repurchases		(492)
Intercompany	0	0
Net cash (used in) provided by financing activities	(5,074)	33,967
Net increase (decrease) in cash and cash equivalents	28,851	(70,900)
Cash and cash equivalents - beginning of period	176,684	141,568
Cash and cash equivalents - end of period	205,535	70,668
Consolidating Adjustments [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	0	0
Cash flows from investing activities:
Purchases of property and equipment	0	0
Proceeds from sale of property and equipment		0
Investments in unconsolidated entities	0	0
Intercompany	18,449	110,529
Net cash used in investing activities	18,449	110,529
Cash flows from financing activities:
Borrowings from debt		0
Repayment of debt		0
Distributions to noncontrolling interests	0	0
Proceeds from issuance of common stock under share-based awards	0	0
Minimum tax withholding paid on behalf of employees for share-based awards	0	0
Share repurchases		0
Intercompany	(18,449)	(110,529)
Net cash (used in) provided by financing activities	(18,449)	(110,529)
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents - beginning of period	0	0
Cash and cash equivalents - end of period	$ 0	$ 0