Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 17, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	1-35796
Entity Registrant Name	Tri Pointe Homes, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1763235
Entity Address, Address Line One	940 Southwood Blvd
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Incline Village
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89451
City Area Code	775
Local Phone Number	413-1030
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	TPH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		97,052,155
Amendment Flag	false
Document Fiscal year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001561680
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 849,039	$ 889,664
Receivables	119,406	169,449
Real estate inventories	3,412,797	3,173,849
Investments in unconsolidated entities	139,384	129,837
Goodwill and other intangible assets, net	156,603	156,603
Deferred tax assets, net	34,850	34,851
Other assets	158,152	165,687
Total assets	4,870,231	4,719,940
Liabilities
Accounts payable	55,231	62,324
Accrued expenses and other liabilities	509,189	443,034
Loans payable	288,337	287,427
Senior notes, net	1,093,321	1,090,624
Total liabilities	1,946,078	1,883,409
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding as September 30, 2023 and December 31, 2022, respectively	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized; 97,341,774 and 101,017,708 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	973	1,010
Additional paid-in capital	0	3,685
Retained earnings	2,922,424	2,827,694
Total stockholders’ equity	2,923,397	2,832,389
Noncontrolling interests	756	4,142
Total equity	2,924,153	2,836,531
Total liabilities and equity	$ 4,870,231	$ 4,719,940

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	50,000,000	50,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	97,341,774	101,017,708
Common stock outstanding (in shares)	97,341,774	101,017,708

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues	$ 838,516	$ 1,071,796	$ 2,455,506	$ 2,825,729
Income before income taxes	99,551	196,500	286,201	499,098
Provision for income taxes	(22,942)	(45,923)	(71,764)	(122,084)
Net income	76,609	150,577	214,437	377,014
Net income attributable to noncontrolling interests	(1,207)	(1,351)	(3,569)	(3,927)
Net income available to common stockholders	$ 75,402	$ 149,226	$ 210,868	$ 373,087
Earnings Per Share Reconciliation [Abstract]
Basic (in dollars per share)	$ 0.77	$ 1.47	$ 2.12	$ 3.60
Diluted (in dollars per share)	$ 0.76	$ 1.45	$ 2.10	$ 3.57
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic (in shares)	98,018,498	101,242,708	99,534,570	103,555,717
Diluted (in shares)	99,030,210	102,661,222	100,458,357	104,526,594
Homebuilding Segment
Revenues	$ 827,758	$ 1,060,791	$ 2,425,502	$ 2,793,744
Other operations expense	724	670	2,171	2,020
Sales and marketing	42,874	41,950	127,977	112,712
General and administrative	58,359	54,786	158,949	160,071
Homebuilding income from operations	83,253	190,981	244,927	483,706
Equity in income (loss) of unconsolidated entities	3	(122)	272	(34)
Other income, net	11,664	463	30,361	852
Homebuilding income before income taxes	94,920	191,322	275,560	484,524
Income before income taxes	94,920	191,322	275,560	484,524
Financial Services Segment
Revenues	10,758	11,005	30,004	31,985
Expenses	6,127	5,827	19,363	17,457
Equity in income of unconsolidated entities	0	0	0	46
Financial services income before income taxes	4,631	5,178	10,641	14,574
Income before income taxes	4,631	5,178	10,641	14,574
Home sales revenue \| Homebuilding Segment
Revenues	825,295	1,057,491	2,412,777	2,787,386
Cost of home, land and lot sales	641,074	771,148	1,881,191	2,033,160
Land and lot sales revenue \| Homebuilding Segment
Revenues	1,714	2,626	10,506	4,337
Cost of home, land and lot sales	1,474	1,256	10,287	2,075
Other operations revenue \| Homebuilding Segment
Revenues	$ 749	$ 674	$ 2,219	$ 2,021

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Retained Earnings	Noncontrolling Interests
Beginning balance (shares) at Dec. 31, 2021			109,644,474
Beginning balance at Dec. 31, 2021	$ 2,447,633	$ 2,447,621	$ 1,096	$ 91,077	$ 2,355,448	$ 12
Increase (Decrease) in Stockholders' Equity
Net income	377,014	373,087			373,087	3,927
Shares issued under share-based awards (shares)			665,865
Shares issued under share-based awards	30	30	$ 7	23
Tax withholding paid on behalf of employees for share-based awards	(9,110)	(9,110)		(9,110)
Stock-based compensation expense	16,740	16,740		16,740
Share repurchases (shares)			(9,396,381)
Share repurchases	(202,638)	(202,638)	$ (94)	(202,544)
Distributions to noncontrolling interests, net	(2,464)					(2,464)
Net effect of consolidations of VIE's	245					245
Reclass the negative APIC to retained earnings	0			103,814	(103,814)
Ending balance (shares) at Sep. 30, 2022			100,913,958
Ending balance at Sep. 30, 2022	2,627,450	2,625,730	$ 1,009	0	2,624,721	1,720
Beginning balance (shares) at Jun. 30, 2022			101,860,993
Beginning balance at Jun. 30, 2022	2,488,619	2,487,566	$ 1,019	0	2,486,547	1,053
Increase (Decrease) in Stockholders' Equity
Net income	150,577	149,226			149,226	1,351
Shares issued under share-based awards (shares)			1,876
Shares issued under share-based awards	0
Tax withholding paid on behalf of employees for share-based awards	(18)	(18)		(18)
Stock-based compensation expense	5,717	5,717		5,717
Share repurchases (shares)			(948,911)
Share repurchases	(16,761)	(16,761)	$ (10)	(16,751)
Distributions to noncontrolling interests, net	(684)					(684)
Reclass the negative APIC to retained earnings	0			11,052	(11,052)
Ending balance (shares) at Sep. 30, 2022			100,913,958
Ending balance at Sep. 30, 2022	$ 2,627,450	2,625,730	$ 1,009	0	2,624,721	1,720
Beginning balance (shares) at Dec. 31, 2022	101,017,708		101,017,708
Beginning balance at Dec. 31, 2022	$ 2,836,531	2,832,389	$ 1,010	3,685	2,827,694	4,142
Increase (Decrease) in Stockholders' Equity
Net income	214,437	210,868			210,868	3,569
Shares issued under share-based awards (shares)			789,164
Shares issued under share-based awards	518	518	$ 8	510
Tax withholding paid on behalf of employees for share-based awards	(9,802)	(9,802)		(9,802)
Stock-based compensation expense	15,012	15,012		15,012
Share repurchases, including excise tax (in shares)			(4,465,098)
Share repurchases, including excise tax	(125,588)	(125,588)	$ (45)	(125,543)
Distributions to noncontrolling interests, net	(6,955)					(6,955)
Reclass the negative APIC to retained earnings	$ 0			116,138	(116,138)
Ending balance (shares) at Sep. 30, 2023	97,341,774		97,341,774
Ending balance at Sep. 30, 2023	$ 2,924,153	2,923,397	$ 973	0	2,922,424	756
Beginning balance (shares) at Jun. 30, 2023			99,094,458
Beginning balance at Jun. 30, 2023	2,896,820	2,896,111	$ 991	0	2,895,120	709
Increase (Decrease) in Stockholders' Equity
Net income	76,609	75,402			75,402	1,207
Shares issued under share-based awards (shares)			361
Shares issued under share-based awards	0
Tax withholding paid on behalf of employees for share-based awards	(6)	(6)		(6)
Stock-based compensation expense	6,989	6,989		6,989
Share repurchases, including excise tax (in shares)			(1,753,045)
Share repurchases, including excise tax	(55,099)	(55,099)	$ (18)	(55,081)
Distributions to noncontrolling interests, net	(1,160)					(1,160)
Reclass the negative APIC to retained earnings	$ 0			48,098	(48,098)
Ending balance (shares) at Sep. 30, 2023	97,341,774		97,341,774
Ending balance at Sep. 30, 2023	$ 2,924,153	$ 2,923,397	$ 973	$ 0	$ 2,922,424	$ 756

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 214,437	$ 377,014
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	20,066	18,641
Equity in income of unconsolidated entities, net	(272)	(12)
Deferred income taxes, net	1	1
Amortization of stock-based compensation	15,012	16,740
Charges for impairments and lot option abandonments	12,675	5,174
Returns on investments in unconsolidated entities, net	0	2,253
Changes in assets and liabilities:
Real estate inventories	(247,846)	(555,262)
Receivables	50,043	(52,500)
Other assets	1	(9,881)
Accounts payable	(7,093)	(20,745)
Accrued expenses and other liabilities	67,773	37,019
Net cash provided by (used in) operating activities	124,797	(181,558)
Cash flows from investing activities:
Purchases of property and equipment	(19,136)	(37,743)
Net investments in unconsolidated entities	(6,434)	(17,001)
Net cash used in investing activities	(25,570)	(54,744)
Cash flows from financing activities:
Borrowings from debt	910	75,000
Repayment of debt	0	(75,504)
Debt issuance costs	0	(2,403)
Distributions to noncontrolling interests	(6,955)	(2,464)
Proceeds from issuance of common stock under share-based awards	518	30
Tax withholding paid on behalf of employees for share-based awards	(9,802)	(9,110)
Share repurchases, excluding excise tax	(124,523)	(202,638)
Net cash used in financing activities	(139,852)	(217,089)
Net decrease in cash and cash equivalents	(40,625)	(453,391)
Cash and cash equivalents–beginning of period	889,664	681,528
Cash and cash equivalents–end of period	$ 849,039	$ 228,137

Organization, Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Organization, Basis of Presentation and Summary of Significant Accounting Policies	Organization, Basis of Presentation and Summary of Significant Accounting Policies Organization Tri Pointe is engaged in the design, construction and sale of innovative single-family attached and detached homes across ten states, including Arizona, California, Colorado, Maryland, Nevada, North Carolina, South Carolina, Texas, Virginia, and Washington, and the District of Columbia. 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, 2022. 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 nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023 due to seasonal variations and other factors. The consolidated financial statements include the accounts of Tri Pointe Homes and its wholly owned subsidiaries, as well as other entities in which Tri Pointe Homes has a controlling interest and variable interest entities (“VIEs”) in which Tri Pointe Homes is the primary beneficiary. The noncontrolling interests as of September 30, 2023 and December 31, 2022 represent the outside owners’ interests in the Company’s consolidated entities. All significant intercompany accounts have been eliminated upon consolidation. Unless the context otherwise requires, the terms “Tri Pointe”, “the Company”, “we”, “us”, and “our” used herein refer to Tri Pointe Homes, Inc., a Delaware corporation, and its consolidated subsidiaries. Use of Estimates 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. Cash and Cash Equivalents and Concentration of Credit Risk We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short-term liquid investments with a maturity date of less than three months from the date of acquisition, including U.S. Treasury bills and government money-mark funds with maturities of 90 days or less when purchased. The Company’s cash balances exceed federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts. Revenue Recognition We recognize revenue in accordance with Accounting Standards Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Under ASC 606, we apply the following steps to determine the timing and amount of revenue to recognize: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. Home sales revenue We generate the majority of our total revenues from home sales, which consists of our core business operation of building and delivering completed homes to homebuyers. Home sales revenue and related profit is generally recognized when title to and possession of the home are transferred to the homebuyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. 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 are immaterial. Land and lot sales revenue Historically, we have generated land and lot sales revenue from a small number of transactions, although in some periods we have realized a significant amount of revenue and gross margin. 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. We will recognize future land and lot sales revenue 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 homebuilding other operations revenue relates to a ground lease included in our West segment. We are responsible for making lease payments to the landowner, and we collect sublease payments from the owners of the buildings. This ground lease is accounted for in accordance with Accounting Standards Topic 842 (“ASC 842”), 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 and escrow 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. The joint venture acts as a preferred mortgage loan broker to our homebuyers in all of the markets in which we operate, generating income from fees paid by third party lenders for the successful funding and closing of loans for homebuyers that originate through Tri Pointe Connect. Due to our ability to direct the activities of the joint venture that most significantly affect the entity’s economic performance, Tri Pointe Connect is fully consolidated under the Financial Services section of our consolidated statements of operations, with the noncontrolling interest recorded on the consolidated statements of operations as net income attributable to noncontrolling interests. Title and escrow services operations Tri Pointe Assurance provides title examinations for our homebuyers in the Carolinas and Colorado and both title examinations and escrow services for our homebuyers in Arizona, the District of Columbia, Maryland, Nevada, Texas, Washington 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. Revenue from our title and escrow services operations is fully recognized at the time of the consummation of the home sales transaction, at which time no further performance obligations are left to be satisfied. Tri Pointe Assurance revenue is included in 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. The total consideration for these services, including renewal options, is estimated upon the issuance of the initial insurance policy, subject to constraint. Tri Pointe Advantage revenue is included in the Financial Services section of our consolidated statements of operations. Recently Issued Accounting Standards Not Yet Adopted No recent accounting pronouncements or changes in accounting pronouncements have been issued or adopted since those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 that are of material significance, or have potential material significance, to the Company.

Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Information

We operate two principal businesses: homebuilding and financial services.

In accordance with ASC Topic 280, Segment Reporting, in determining the most appropriate reportable segments within our homebuilding business, we have considered similar economic and other characteristics, including product types, average sales prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. Based upon these factors and in consideration of the geographical layout of our homebuilding markets, we have identified three homebuilding reporting segments and, as such, our homebuilding segments are reported under the following hierarchy:

West region: Arizona, California, Nevada and Washington

Central region: Colorado and Texas

East region: District of Columbia, Maryland, North Carolina, South Carolina 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 and escrow 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, 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. All of the expenses incurred by Corporate are allocated to each of the homebuilding reporting segments based on their respective percentage of revenues.

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenues
West	$	544,168	$	751,218	$	1,550,905	$	1,952,406
Central	165,322		206,861		529,952		558,360
East	118,268		102,712		344,645		282,978
Total homebuilding revenues	827,758		1,060,791		2,425,502		2,793,744
Financial services	10,758		11,005		30,004		31,985
Total	$	838,516	$	1,071,796	$	2,455,506	$	2,825,729

Income before income taxes
West	$	60,965	$	150,030	$	186,372	$	380,191
Central	19,075		32,109		50,917		78,956
East	14,880		9,183		38,271		25,377
Total homebuilding income before income taxes	94,920		191,322		275,560		484,524
Financial services	4,631		5,178		10,641		14,574
Total	$	99,551	$	196,500	$	286,201	$	499,098

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


	September 30, 2023		December 31, 2022
Real estate inventories
West	$	2,340,537	$	2,258,606
Central	706,218		598,700
East	366,042		316,543
Total	$	3,412,797	$	3,173,849

Total assets(1)
West	$	2,618,605	$	2,552,121
Central	875,489		761,082
East	420,530		376,129
Corporate	916,611		978,748
Total homebuilding assets	4,831,235		4,668,080
Financial services	38,996		51,860
Total	$	4,870,231	$	4,719,940

__________

(1) Total assets as of September 30, 2023 and December 31, 2022 includes $139.3 million of goodwill, with $125.4 million included in the West segment, $8.3 million included in the Central segment and $5.6 million included in the East segment. Total Corporate assets as of September 30, 2023 and December 31, 2022 includes our Tri Pointe Homes trade name. For further details on goodwill and our intangible assets, see Note 8, Goodwill and Other Intangible Assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per ShareThe 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net income available to common stockholders	$	75,402	$	149,226	$	210,868	$	373,087
Denominator:
Basic weighted-average shares outstanding	98,018,498		101,242,708		99,534,570		103,555,717
Effect of dilutive shares:
Stock options and unvested restricted stock units	1,011,712		1,418,514		923,787		970,877
Diluted weighted-average shares outstanding	99,030,210		102,661,222		100,458,357		104,526,594
Earnings per share
Basic	$	0.77	$	1.47	$	2.12	$	3.60
Diluted	$	0.76	$	1.45	$	2.10	$	3.57
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share	2,605,025		1,562,094		2,692,950		1,819,016

Receivables

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Receivables

Receivables consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Escrow proceeds and other accounts receivable, net	$	67,667	$	113,082
Warranty insurance receivable (Note 13)	51,739		56,367
Total receivables	$	119,406	$	169,449

Receivables are evaluated for collectability and allowances for potential losses are established or maintained on applicable receivables based on an expected credit loss approach. Receivables were net of allowances for doubtful accounts of $472,000 as of both September 30, 2023 and December 31, 2022.

Real Estate Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Real Estate Inventories

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


	September 30, 2023		December 31, 2022
Real estate inventories owned:
Homes completed or under construction	$	1,522,232	$	1,293,681
Land under development	1,275,024		1,279,394
Land held for future development	152,570		140,725
Model homes	285,759		231,157
Total real estate inventories owned	3,235,585		2,944,957
Real estate inventories not owned:
Land purchase and land option deposits	177,212		228,892

Total real estate inventories not owned	177,212		228,892
Total real estate inventories	$	3,412,797	$	3,173,849

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 increase in land held for future development as of September 30, 2023 compared to December 31, 2022 is attributable to one project located in our West reporting segment that was transferred from land under development.

Real estate inventories not owned represents deposits related to land purchase and land and lot option agreements. For further details, see Note 7, Variable Interest Entities.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Interest incurred	$	36,919	$	31,893	$	111,792	$	89,235
Interest capitalized	(36,919)		(31,893)		(111,792)		(89,235)
Interest expensed	$	—	$	—	$	—	$	—
Capitalized interest in beginning inventory	$	220,352	$	188,877	$	191,411	$	173,563
Interest capitalized as a cost of inventory	36,919		31,893		111,792		89,235
Interest previously capitalized as a cost of inventory, included in cost of sales	(27,264)		(26,611)		(73,196)		(68,639)
Capitalized interest in ending inventory	$	230,007	$	194,159	$	230,007	$	194,159

Interest is capitalized to real estate inventory during development and other qualifying activities. During all periods presented, we capitalized all interest incurred to real estate inventory in accordance with ASC Topic 835, Interest, as our qualified assets exceeded our debt. 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 (expense) 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Real estate inventory impairments	$	—	$	—	$	11,500	$	—
Land and lot option abandonments and pre-acquisition charges	197		3,277		1,175		5,174
Total	$	197	$	3,277	$	12,675	$	5,174

Impairments of real estate inventory relate primarily to projects or communities that include homes completed or under construction. During the nine months ended September 30, 2023, we recorded a real estate inventory impairment charge of $11.5 million related to one active community in the West reporting segment where the carrying value of the community exceeded the fair value based on a discounted cash flows analysis. The impairment charge occurred in our second quarter reporting period, and the discount rate used to calculate fair value was 10%. We considered both market risk and community-specific risk to arrive at a discount rate appropriate for the level of total risk associated with this community.

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 in the consolidated statements of operations.

Investments in Unconsolidated Entities

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Entities

As of September 30, 2023, we held equity investments in thirteen active homebuilding partnerships or limited liability companies. Our participation in these entities may be as a developer, a builder, or an investment partner. Our ownership percentage varies from 8% to 50%, depending on the investment, with no controlling interest held in any of these investments.

Aggregated assets, liabilities and equity of the entities we account for as equity-method investments are as follows (in thousands):


	September 30, 2023		December 31, 2022
Assets
Cash	$	41,910	$	34,556
Receivables	39,846		30,893
Real estate inventories	457,961		458,121
Other assets	20,395		7,751
Total assets	$	560,112	$	531,321
Liabilities and equity
Debt obligations and other liabilities	$	147,098	$	149,172
Company’s equity	139,384		129,837
Outside interests’ equity	273,630		252,312
Total liabilities and equity	$	560,112	$	531,321

Guarantees

The unconsolidated entities in which we hold an equity investment generally finance their activities with a combination of equity and secured project debt financing. We have, and in some cases our joint venture partner has, guaranteed portions of the loan obligations for some of the homebuilding partnerships or limited liability companies, which may include any or all of the following: (i) project completion; (ii) remargin obligations; and (iii) environmental indemnities.

In circumstances in which we have entered into joint and several guarantees with our joint venture partner, we generally seek to implement a reimbursement agreement with our partner that provides that neither party is responsible for more than its proportionate share or agreed-upon share of the guaranteed obligations. In the event our joint venture partner does not have adequate financial resources to meet its obligations under such a reimbursement agreement, or otherwise fails to satisfy its obligations thereunder, we may be responsible for more than our proportionate share of any obligations under such guarantees.

As of September 30, 2023 and December 31, 2022, we have not recorded any liabilities for these obligations and guarantees, as the fair value of the related joint venture real estate assets exceeded the threshold where a remargin payment would be required and no other obligations under the guarantees existed as of such time. At September 30, 2023 and December 31, 2022, aggregate outstanding debt for unconsolidated entities, included in the “Debt obligations and other liabilities” line of the aggregated assets, liabilities and equity shown in the table above, was $122.1 million and $138.8 million, respectively.

Aggregated results of operations from unconsolidated entities (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net sales	$	17,588	$	8,111	$	77,483	$	30,833
Other operating expense	(17,422)		(8,410)		(76,361)		(31,189)
Other income, net	100		—		94		94
Net income (loss)	$	266	$	(299)	$	1,216	$	(262)
Company’s equity in income (loss) of unconsolidated entities	$	3	$	(122)	$	272	$	12

Variable Interest Entities

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Land and Lot Option Agreements

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. These deposits are recorded as land purchase and land option deposits under real estate inventories not owned on the accompanying consolidated balance sheets.

We analyze each of our land and lot option agreements and other similar contracts under the provisions of Accounting Standards Topic 810 (“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 generally 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 landowner and budget shortfalls and savings will be borne by us. Additionally, we have entered into land banking arrangements which require us to complete development work even if we terminate the option to procure land or lots.

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


	September 30, 2023						December 31, 2022
	Deposits		Remaining Purchase Price		Consolidated Inventory Held by VIEs		Deposits		Remaining Purchase Price		Consolidated Inventory Held by VIEs

Unconsolidated VIEs	$	162,989	$	983,823	N/A		$	207,846	$	1,129,369	N/A
Other land option agreements	14,223		173,395		N/A		21,046		210,964		N/A
Total	$	177,212	$	1,157,218	$	—	$	228,892	$	1,340,333	$	—

Unconsolidated VIEs represent land option agreements that were not consolidated because we were not the primary beneficiary. Other land option agreements were not with 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 $11.4 million and $13.8 million as of September 30, 2023 and December 31, 2022, respectively. These pre-acquisition costs are included in real estate inventories as land under development on our consolidated balance sheets.

Tri Pointe Connect Joint Venture

During the first quarter of 2022, a reconsideration event under ASC 810 occurred for our Tri Pointe Connect joint venture that gave us the ability to direct the activities of the joint venture that most significantly affect the entity’s economic performance. Based on our reassessment, we concluded that the mortgage financing joint venture is a VIE and we are the primary beneficiary based on our controlling financial interest. As a result, beginning in January 2022, the joint venture is accounted for as a consolidated VIE. As of January 1, 2022, the accompanying consolidated balance sheets include the assets, liabilities and noncontrolling interests of this VIE. As of September 30, 2023, the accompanying consolidated balance sheets included the carrying value of the VIE’s assets of $0.7 million of cash and $5.4 million of other assets, $4.0 million of accrued expenses and other liabilities, and $0.7 million in noncontrolling interests.

Goodwill and Other Intangible Assets	9 Months Ended
Goodwill and Other Intangible Assets	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible AssetsAs of September 30, 2023 and December 31, 2022, $139.3 million of goodwill is included in goodwill and other intangible assets, net on each of the consolidated balance sheets, which was recorded in connection with our merger with Weyerhaeuser Real Estate Company (“WRECO”) in 2014. In addition, as of September 30, 2023 and December 31, 2022, we have one intangible asset with a carrying amount of $17.3 million comprised of a Tri Pointe Homes trade name, which has an indefinite useful life and is non-amortizing, resulting from the acquisition of WRECO in 2014.Goodwill and other intangible assets are evaluated for impairment on an annual basis, or more frequently if indicators of impairment exist.

Other Assets

9 Months Ended

Sep. 30, 2023

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

Other Assets

Other assets consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Prepaid expenses	$	14,164	$	20,471
Refundable fees and other deposits	8,582		5,226
Development rights, held for future use or sale	1,192		1,192
Deferred loan costs—loans payable	5,435		6,515
Operating properties and equipment, net	66,608		67,430
Lease right-of-use assets	61,235		63,918

Other	936		935
Total	$	158,152	$	165,687

Accrued Expenses and Other Liabilities

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

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


	September 30, 2023		December 31, 2022
Accrued payroll and related costs	$	52,469	$	60,682
Warranty reserves (Note 13)	95,109		104,375
Estimated cost for completion of real estate inventories	117,231		108,072
Customer deposits	48,977		42,027

Accrued income taxes payable	80,801		17,280

Accrued interest	24,529		9,351

Other tax liability	2,427		4,099
Lease liabilities	75,535		77,728
Other	12,111		19,420
Total	$	509,189	$	443,034

Senior Notes and Loans Payable

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Senior Notes and Loans Payable

Senior Notes

The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
5.875% Senior Notes due June 15, 2024	$	450,000	$	450,000
5.250% Senior Notes due June 1, 2027	300,000		300,000
5.700% Senior Notes due June 15, 2028	350,000		350,000
Discount and deferred loan costs	(6,679)		(9,376)
Total	$	1,093,321	$	1,090,624

In June 2020, Tri Pointe issued $350 million aggregate principal amount of 5.700% Senior Notes due 2028 (the “2028 Notes”) at 100.00% of their aggregate principal amount. Net proceeds of this issuance were $345.2 million, after debt issuance costs and discounts. The 2028 Notes mature on June 15, 2028 and interest is paid semiannually in arrears on June 15 and December 15 of each year until maturity.

In June 2017, Tri Pointe 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.

Tri Pointe and its wholly owned subsidiary, Tri Pointe Homes Holdings, Inc., are co-issuers of the $450 million aggregate principal amount 5.875% Senior Notes due 2024 (the “2024 Notes”). The 2024 Notes were issued at 98.15% of their aggregate principal amount in June of 2014. The net proceeds from the offering of the 2024 Notes was $429.0 million, after debt issuance costs and discounts. The 2024 Notes mature on June 15, 2024, with interest payable semiannually in arrears on June 15 and December 15 of each year until maturity.

As of September 30, 2023, there were $5.9 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 $18.8 million and $3.2 million as of September 30, 2023 and December 31, 2022, respectively.

Loans Payable

The Company’s outstanding loans payable consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Term loan facility	$	250,000	$	250,000
Seller financed loans	38,337		37,427
Total	$	288,337	$	287,427

On June 29, 2022, we entered into a Third Modification Agreement (the “Modification”) to our Second Amended and Restated Credit Agreement dated as of March 29, 2019. The Credit Facility (as defined below), consists of a $750 million revolving credit facility (the “Revolving Facility”) and a $250 million term loan facility (the “Term Facility” and together with the Revolving Facility, the “Credit Facility”). The Modification, among other things, (i) increased the maximum amount of the “Revolving Facility” under the Credit Agreement from $650.0 million to $750.0 million, (ii) increased the sublimit for issuance of letters of credit under the Revolving Facility from $100 million to $150 million and (iii) extended the maturity date of both the Revolving Facility and the Term Facility under the Credit Agreement to June 29, 2027. We may increase the Credit Facility to not more than $1.2 billion in the aggregate, at our request, upon satisfaction of specified conditions. We may borrow under the Revolving Facility in the ordinary course of business to repay senior notes and fund our operations, including our land acquisition, land development and homebuilding activities. Borrowings under the Revolving Facility will be governed by, among other things, a borrowing base. Interest rates under the Revolving Facility will be based on the Secured Overnight Financing Rate (“SOFR”), plus a spread ranging from 1.25% to 1.90%, depending on the Company’s leverage ratio. Interest rates under the Term Facility will be based on SOFR, plus a spread ranging from 1.10% to 1.85%, depending on the Company’s leverage ratio.

As of September 30, 2023, we had no outstanding debt under the Revolving Facility and there was $699.9 million of availability after considering the borrowing base provisions and outstanding letters of credit. As of September 30, 2023, we had $250 million of outstanding debt under the Term Facility with an interest rate of 6.50%. As of September 30, 2023, there were $5.4 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 remaining term of the Credit Facility. Accrued interest, including loan commitment fees, related to the Credit Facility was $1.8 million and $1.5 million as of September 30, 2023 and December 31, 2022, respectively.

At September 30, 2023 and December 31, 2022, we had outstanding letters of credit of $50.1 million and $58.9 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.

As of September 30, 2023 we had $38.3 million outstanding related to two seller-financed loans. As of December 31, 2022 we had $37.4 million outstanding related to one seller-financed loan. All seller-financed loans are to acquire lots for the

construction of homes. Principal on these loans are expected to be fully paid by the end of fiscal year 2024, provided certain achievements are met. One of the seller-financed loans, representing $37.4 million of the total balance, accrues interest at an imputed interest rate of 4.50% per annum. The second seller-financed loan represented $910,000 of the total balance as of September 30, 2023.

Interest Incurred

During the three months ended September 30, 2023 and 2022, the Company incurred interest of $36.9 million and $31.9 million, respectively, related to all debt and land banking arrangements during the period. Included in interest incurred are amortization of deferred financing and Senior Note discount costs of $1.3 million and $1.2 million for the three months ended September 30, 2023 and 2022, respectively. During the nine months ended September 30, 2023 and 2022, the Company incurred interest of $111.8 million and $89.2 million, respectively, related to all debt and land banking arrangements during the period and amortization of deferred financing and Senior Note discount costs of $3.8 million and $3.5 million for the nine months ended September 30, 2023 and 2022, respectively. Accrued interest related to all outstanding debt at September 30, 2023 and December 31, 2022 was $24.5 million and $9.4 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 those relating to consolidated tangible net worth, leverage, liquidity or interest coverage, and a spec unit inventory test. The Credit Facility also requires that at least 95.0% of consolidated tangible net worth must be attributable to the Company and its guarantor subsidiaries, subject to certain grace periods.

The Company was in compliance with all applicable financial covenants as of September 30, 2023 and December 31, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Fair Value Disclosures

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and December 31, 2022, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (in thousands):


		September 30, 2023				December 31, 2022
	Hierarchy	Book Value		Fair Value		Book Value		Fair Value
Senior Notes(1)	Level 2	$	1,099,216	$	1,059,095	$	1,098,425	$	1,040,750

Term loan(2)	Level 2	$	250,000	$	250,000	$	250,000	$	250,000
Seller financed loans(3)	Level 2	$	38,337	$	38,337	$	37,427	$	37,427

__________

(1)The book value of the Senior Notes is net of discounts, excluding deferred loan costs of $5.9 million and $7.8 million as of September 30, 2023 and December 31, 2022, respectively. The estimated fair value of the Senior Notes at September 30, 2023 and December 31, 2022 is based on quoted market prices.

(2)The estimated fair value of the Term Loan Facility as of September 30, 2023 and December 31, 2022 approximated book value due to the variable interest rate terms of this loan.

(3)The estimated fair value of our seller financed loans as of September 30, 2023 and December 31, 2022 approximated book value due to the short term nature of these loans.

At September 30, 2023 and December 31, 2022, the carrying value of cash and cash equivalents and receivables approximated fair value due to their short-term nature.

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):


		Nine Months Ended September 30, 2023				Year Ended December 31, 2022
	Hierarchy	Impairment Charge		Fair Value Net of Impairment		Impairment Charge		Fair Value Net of Impairment
Real estate inventories (1)	Level 3	$	11,500	$	39,970	$	—	$	—

__________

(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 impairment charge recorded during the nine months ended September 30, 2023 related to one community in the West reporting segment where the carrying value exceeded the fair value based on a discounted cash flow analysis. For further details, see Note 5, Real Estate Inventories.

- 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

9 Months Ended

Sep. 30, 2023

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 zero legal reserves as of September 30, 2023 and December 31, 2022, respectively.

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. Our warranty reserve may also include an estimate of future fit and finish warranty claims to the extent not contemplated in the actuarial analysis. 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 was $51.7 million and $56.4 million as of September 30, 2023 and December 31, 2022, respectively. Warranty insurance receivables are recorded in receivables on the accompanying consolidated balance sheets.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Warranty reserves, beginning of period	$	99,243	$	103,454	$	104,375	$	103,976
Warranty reserves accrued	6,337		7,065		18,523		18,666

Warranty expenditures	(10,471)		(6,802)		(27,789)		(18,925)
Warranty reserves, end of period	$	95,109	$	103,717	$	95,109	$	103,717

Performance Bonds

We obtain surety bonds in the normal course of business to ensure completion of certain infrastructure improvements of our projects. The beneficiaries of the bonds are various municipalities. As of September 30, 2023 and December 31, 2022, the Company had outstanding surety bonds totaling $703.7 million and $710.8 million, respectively. As of September 30, 2023 and December 31, 2022, our estimated cost to complete obligations related to these surety bonds was $433.7 million and $443.7 million, respectively.

Lease Obligations

Under ASC 842 we recognize a right-of-use lease asset and a lease liability for contracts deemed to contain a lease at the inception of the contract. Our lease population is fully comprised of operating leases, which are now recorded at the net present value of future lease obligations existing at each balance sheet date. At the inception of a lease, or if a lease is subsequently modified, we determine whether the lease is an operating or financing lease. Key estimates involved with ASC 842 include the discount rate used to measure our future lease obligations and the lease term, where considerations include renewal options and intent to renew. Lease right-of-use assets are included in other assets and lease liabilities are included in accrued expenses and other liabilities on our consolidated balance sheet.

Operating Leases

We lease certain property and equipment under non-cancelable operating leases. Office leases are for terms of up to ten years and generally provide renewal options. In most cases, we expect that, in the normal course of business, leases that expire will be renewed or replaced by other leases. Equipment leases are typically for terms of three to four years.

Ground Leases

In 1987, we obtained two 55-year ground leases of commercial property that provided for three renewal options of ten years each and one 45-year renewal option. We exercised the three 10-year extensions on one of these ground leases to extend the lease through 2071. The commercial buildings on these properties have been sold and the ground leases have been sublet to the buyers.

For one of these leases, we are responsible for making lease payments to the landowner, and we collect sublease payments from the buyers of the buildings. This ground lease has been subleased through 2041 to the buyers of the commercial buildings. For the second lease, the buyers of the buildings are responsible for making lease payments directly to the landowner, however, we have guaranteed the performance of the buyers/lessees. See below for additional information on leases (dollars in thousands):


	Three Months Ended September 30, 2023		Three Months Ended September 30, 2022		Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
Lease Cost
Operating lease cost (included in SG&A expense)	$	2,555	$	2,336	$	7,808	$	7,315
Ground lease cost (included in other operations expense)	724		663		2,170		1,990
Sublease income, operating leases	—		—		—		—
Sublease income, ground leases (included in other operations revenue)	(734)		(674)		(2,202)		(2,020)
Net lease cost	$	2,545	$	2,325	$	7,776	$	7,285

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows (included in operating cash flows)	$	2,407	$	1,682	$	7,279	$	6,106
Ground lease cash flows (included in operating cash flows)	$	663	$	663	$	1,990	$	1,990
Right-of-use assets obtained in exchange for new operating lease liabilities	$	1,804	$	125	$	3,820	$	1,517


	September 30, 2023		December 31, 2022
Weighted-average discount rate:
Operating leases	4.8	%	4.7	%
Ground leases	10.2	%	10.2	%
Weighted-average remaining lease term (in years):
Operating leases	6.4		7.0
Ground leases	44.6		45.3

The future minimum lease payments under our operating leases are as follows (in thousands):


	Property, Equipment and Other Leases		Ground Leases (1)
Remaining in 2023	$	2,355	$	809
2024	9,703		3,237
2025	9,214		3,237
2026	7,909		3,237
2027	7,098		3,237
Thereafter	18,723		78,641
Total lease payments	$	55,002	$	92,398
Less: Interest	7,721		64,292
Present value of operating lease liabilities	$	47,281	$	28,106

__________

(1) Ground leases are fully subleased through 2041, representing $58.6 million of the $92.4 million future ground lease obligations.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

2022 Long-Term Incentive Plan

On April 20, 2022, our stockholders approved the Tri Pointe Homes, Inc. 2022 Long-Term Incentive Plan (the “2022 Plan”), which had been previously approved by our board of directors. The 2022 Plan replaced the Company’s prior stock compensation plan, the TRI Pointe Group, Inc. Amended and Restated 2013 Long-Term Incentive Plan (the “2013 Plan”). The 2022 Plan provides for the grant of equity-based awards, including options to purchase shares of common stock, stock appreciation rights, restricted stock, restricted stock units, bonus stock and performance awards. The 2022 Plan will automatically expire on the tenth anniversary of its effective date. Our board of directors may terminate or amend the 2022 Plan at any time, subject to any requirement of stockholder approval required by applicable law, rule or regulation.

The number of shares of our common stock that may be issued under the 2022 Plan is 7,500,000 shares. No new awards have been or will be granted under the 2013 Plan from and after February 23, 2022. Any awards outstanding under the 2013 Plan will remain subject to and be paid under the 2013 Plan, and any shares subject to outstanding awards under the 2013 Plan that subsequently expire, terminate, or are surrendered or forfeited for any reason without issuance of shares will automatically become available for issuance under the 2022 Plan.

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 2022 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 will again be available under the 2022 Plan. However, the 2022 Plan prohibits us from re-using shares that are tendered or surrendered to pay the exercise cost or tax obligation for stock options and SARs.

As of September 30, 2023, there were 6,443,937 shares available for future grant under the 2022 Plan.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Total stock-based compensation	$	6,989	$	5,717	$	15,012	$	16,740

Stock-based compensation is charged to general and administrative expense on the accompanying consolidated statements of operations. As of September 30, 2023, total unrecognized stock-based compensation expense related to all stock-based awards was $27.9 million and the weighted average term over which the expense was expected to be recognized was 1.4 years.

Summary of Stock Option Activity

The following table presents a summary of stock option awards for the nine months ended September 30, 2023:


	Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
Options outstanding at December 31, 2022	159,255	$	15.08	0.9	$	565
Granted	—	—		—	—
Exercised	(68,592)	$	14.70	—	—
Forfeited	—	$	—	—	—
Options outstanding at September 30, 2023	90,663	$	15.36	0.5	$	1,087
Options exercisable at September 30, 2023	90,663	$	15.36	0.5	$	1,087

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 RSUs for the nine months ended September 30, 2023:


	Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value (in thousands)
Nonvested RSUs at December 31, 2022	3,679,521	$	19.93	$	68,402
Granted	1,242,883	$	23.34	—
Vested	(1,174,296)	$	19.21	—
Forfeited	(222,034)	$	19.25	—
Nonvested RSUs at September 30, 2023	3,526,074	$	21.37	$	75,351

RSUs that vested, as reflected in the table above, during the nine months ended September 30, 2023 include previously granted time-based RSUs. RSUs that were forfeited, as reflected in the table above, during the nine months ended September 30, 2023 include performance-based RSUs and time-based RSUs that were forfeited for no consideration.

On February 22, 2023, the Company granted an aggregate of 505,200 time-based RSUs to certain 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, 2023 was measured using a price of $23.21 per share 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, 2023, the Company granted an aggregate of 704,408 performance-based RSUs to the Company’s Chief Executive Officer, Chief Operating Officer and President, Chief Financial Officer, General Counsel, Chief Marketing Officer, Chief Human Resources Officer and division presidents. These performance-based RSUs are allocated to two separate performance metrics, as follows: (i) 50% to homebuilding revenue of the applicable Company division, and (ii) 50% to pre-tax earnings of the applicable Company division. The vesting, if at all, of these performance-based RSUs may range from 0% to 100% and will be based on the applicable Company division’s percentage attainment of specified threshold, target and maximum performance goals. The performance period for these performance-based RSUs is January 1, 2023 to December 31, 2025. The fair value of these performance-based RSUs was measured using a price of $23.21, which was the closing stock price on the date of grant. Each award will be expensed over the requisite service period.

On April 10, 2023, the Company granted an aggregate of 2,589 time-based RSUs to certain employees. The RSUs granted vest in equal installments annually beginning on anniversary of the grant date over a three-year period. The fair value of

the RSUs granted on April 10, 2023 was measured using a price of $25.09 per share, which was the closing stock prices on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.

On May 1, 2023, the Company granted an aggregate of 29,150 time-based RSUs to the non-employee members of its board of directors. The RSUs granted to the non-employee directors vest in their entirety on the day immediately prior to the Company’s 2024 annual meeting of stockholders. The fair value of each RSU granted on May 1, 2023 was measured using a price of $28.30 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.

The Company granted an aggregate of 1,536 time-based RSUs to certain employees in July and August, 2023. The RSUs granted vest in equal installments annually beginning on anniversary of the grant date over a three-year period. The fair value of the RSUs granted were measured using prices of $32.69 and $32.38 per share, respectively, which were the closing stock prices on the applicable date of each grant. Each award will be expensed on a straight-line basis over the vesting period.

On February 22, 2022, the Company granted an aggregate of 629,520 time-based RSUs to certain 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, 2022 was measured using a price of $21.00 per share 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, 2022, the Company granted an aggregate of 668,150 performance-based RSUs to the Company’s Chief Executive Officer, Chief Operating Officer and President, Chief Financial Officer, General Counsel, Chief Marketing Officer and Chief Human Resources Officer. These performance-based RSUs are allocated to two separate performance metrics, as follows: (i) 50% to homebuilding revenue, and (ii) 50% to pre-tax earnings. 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. Any award earned based on performance achieved may be increased or decreased by 25% based on the Company’s total stockholder return (“TSR”) relative to its peer-group homebuilders. The performance period for these performance-based RSUs is January 1, 2022 to December 31, 2024. The fair value of these performance-based RSUs was determined to be $22.30 per share based on a Monte Carlo simulation. Each award will be expensed over the requisite service period.

On February 22, 2022, the Company granted an aggregate of 235,078 performance-based RSUs to the Company’s division presidents. These performance-based RSUs are allocated to two separate performance metrics, as follows: (i) 50% to homebuilding revenue of the applicable Company division, and (ii) 50% to pre-tax earnings of the applicable Company division. The vesting, if at all, of these performance-based RSUs may range from 0% to 100% and will be based on the applicable Company division’s percentage attainment of specified threshold, target and maximum performance goals. The performance period for these performance-based RSUs is January 1, 2022 to December 31, 2024. The fair value of these performance-based RSUs was measured using a price of $21.00, which was the closing stock price on the date of grant. Each award will be expensed over the requisite service period.

On April 25, 2022, the Company granted an aggregate of 38,385 time-based RSUs to the non-employee members of its board of directors. The RSUs granted to the non-employee directors vest in their entirety on the day immediately prior to the Company’s 2023 annual meeting of stockholders. The fair value of each RSU granted on April 25, 2022 was measured using a price of $20.19 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.

In June 2022, the Company granted an aggregate of 2,620 time-based RSUs to certain employees. The RSUs granted vest in equal installments annually beginning on anniversary of the grant date over a three-year period. The fair value of the RSUs granted were measured using prices of $21.07 and $17.43 per share, respectively, which were the closing stock prices on the applicable date of each 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	9 Months Ended
Income Taxes	Sep. 30, 2023
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 $34.9 million as of both September 30, 2023 and December 31, 2022. We had a valuation allowance related to those net deferred tax assets of $3.4 million as of both September 30, 2023 and December 31, 2022. 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. Our provision for income taxes totaled $22.9 million and $45.9 million for the three months ended September 30, 2023 and 2022, respectively and $71.8 million and $122.1 million for the nine months ended September 30, 2023 and 2022, respectively. The Company classifies any interest and penalties related to income taxes assessed by jurisdiction as part of income tax expense. The Company did not have any uncertain tax positions recorded as of September 30, 2023 and December 31, 2022. The Company has not been assessed interest or penalties by any major tax jurisdictions related to prior years. The Company files income tax returns in the U.S., including federal and multiple state and local jurisdictions. We are currently under examination by California for the 2020 and 2021 tax years. The outcome of this examination is not yet determinable.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 21
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsWe had no related party transactions for the nine months ended September 30, 2023 and 2022.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplemental Disclosure to Consolidated Statements of Cash Flows

9 Months Ended

Sep. 30, 2023

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):


	Nine Months Ended September 30,
	2023		2022
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net	$	(18,954)	$	(20,047)
Income taxes paid, net	$	7,919	$	136,122
Supplemental disclosures of noncash activities:
Increase in share repurchase excise tax accrual	$	1,065	$	—
Amortization of senior note discount capitalized to real estate inventory	$	791	$	742
Amortization of deferred loan costs capitalized to real estate inventory	$	2,985	$	2,732

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 75,402	$ 149,226	$ 210,868	$ 373,087

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	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, 2022. 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 nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023 due to seasonal variations and other factors. The consolidated financial statements include the accounts of Tri Pointe Homes and its wholly owned subsidiaries, as well as other entities in which Tri Pointe Homes has a controlling interest and variable interest entities (“VIEs”) in which Tri Pointe Homes is the primary beneficiary. The noncontrolling interests as of September 30, 2023 and December 31, 2022 represent the outside owners’ interests in the Company’s consolidated entities. All significant intercompany accounts have been eliminated upon consolidation. Unless the context otherwise requires, the terms “Tri Pointe”, “the Company”, “we”, “us”, and “our” used herein refer to Tri Pointe Homes, Inc., a Delaware corporation, and its consolidated subsidiaries.
Use of Estimates	Use of Estimates 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.
Cash and Cash Equivalents	Cash and Cash Equivalents and Concentration of Credit Risk We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short-term liquid investments with a maturity date of less than three months from the date of acquisition, including U.S. Treasury bills and government money-mark funds with maturities of 90 days or less when purchased. The Company’s cash balances exceed federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.
Concentration of Credit Risk	Cash and Cash Equivalents and Concentration of Credit Risk We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short-term liquid investments with a maturity date of less than three months from the date of acquisition, including U.S. Treasury bills and government money-mark funds with maturities of 90 days or less when purchased. The Company’s cash balances exceed federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.
Revenue Recognition	Revenue Recognition We recognize revenue in accordance with Accounting Standards Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Under ASC 606, we apply the following steps to determine the timing and amount of revenue to recognize: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. Home sales revenue We generate the majority of our total revenues from home sales, which consists of our core business operation of building and delivering completed homes to homebuyers. Home sales revenue and related profit is generally recognized when title to and possession of the home are transferred to the homebuyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. 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 are immaterial. Land and lot sales revenue Historically, we have generated land and lot sales revenue from a small number of transactions, although in some periods we have realized a significant amount of revenue and gross margin. 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. We will recognize future land and lot sales revenue 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 homebuilding other operations revenue relates to a ground lease included in our West segment. We are responsible for making lease payments to the landowner, and we collect sublease payments from the owners of the buildings. This ground lease is accounted for in accordance with Accounting Standards Topic 842 (“ASC 842”), 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 and escrow 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. The joint venture acts as a preferred mortgage loan broker to our homebuyers in all of the markets in which we operate, generating income from fees paid by third party lenders for the successful funding and closing of loans for homebuyers that originate through Tri Pointe Connect. Due to our ability to direct the activities of the joint venture that most significantly affect the entity’s economic performance, Tri Pointe Connect is fully consolidated under the Financial Services section of our consolidated statements of operations, with the noncontrolling interest recorded on the consolidated statements of operations as net income attributable to noncontrolling interests. Title and escrow services operations Tri Pointe Assurance provides title examinations for our homebuyers in the Carolinas and Colorado and both title examinations and escrow services for our homebuyers in Arizona, the District of Columbia, Maryland, Nevada, Texas, Washington 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. Revenue from our title and escrow services operations is fully recognized at the time of the consummation of the home sales transaction, at which time no further performance obligations are left to be satisfied. Tri Pointe Assurance revenue is included in 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. The total consideration for these services, including renewal options, is estimated upon the issuance of the initial insurance policy, subject to constraint. Tri Pointe Advantage revenue is included in the Financial Services section of our consolidated statements of operations.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted No recent accounting pronouncements or changes in accounting pronouncements have been issued or adopted since those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 that are of material significance, or have potential material significance, to the Company.
Segment Information	In accordance with ASC Topic 280, Segment Reporting, in determining the most appropriate reportable segments within our homebuilding business, we have considered similar economic and other characteristics, including product types, average sales prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. Based upon these factors and in consideration of the geographical layout of our homebuilding markets, we have identified three homebuilding reporting segments and, as such, our homebuilding segments are reported under the following hierarchy: West region: Arizona, California, Nevada and Washington Central region: Colorado and Texas East region: District of Columbia, Maryland, North Carolina, South Carolina 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 and escrow 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, 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. All of the expenses incurred by Corporate are allocated to each of the homebuilding reporting segments based on their respective percentage of revenues. 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	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

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenues
West	$	544,168	$	751,218	$	1,550,905	$	1,952,406
Central	165,322		206,861		529,952		558,360
East	118,268		102,712		344,645		282,978
Total homebuilding revenues	827,758		1,060,791		2,425,502		2,793,744
Financial services	10,758		11,005		30,004		31,985
Total	$	838,516	$	1,071,796	$	2,455,506	$	2,825,729

Income before income taxes
West	$	60,965	$	150,030	$	186,372	$	380,191
Central	19,075		32,109		50,917		78,956
East	14,880		9,183		38,271		25,377
Total homebuilding income before income taxes	94,920		191,322		275,560		484,524
Financial services	4,631		5,178		10,641		14,574
Total	$	99,551	$	196,500	$	286,201	$	499,098

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


	September 30, 2023		December 31, 2022
Real estate inventories
West	$	2,340,537	$	2,258,606
Central	706,218		598,700
East	366,042		316,543
Total	$	3,412,797	$	3,173,849

Total assets(1)
West	$	2,618,605	$	2,552,121
Central	875,489		761,082
East	420,530		376,129
Corporate	916,611		978,748
Total homebuilding assets	4,831,235		4,668,080
Financial services	38,996		51,860
Total	$	4,870,231	$	4,719,940

__________

(1) Total assets as of September 30, 2023 and December 31, 2022 includes $139.3 million of goodwill, with $125.4 million included in the West segment, $8.3 million included in the Central segment and $5.6 million included in the East segment. Total Corporate assets as of September 30, 2023 and December 31, 2022 includes our Tri Pointe Homes trade name. For further details on goodwill and our intangible assets, see Note 8, Goodwill and Other Intangible Assets.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net income available to common stockholders	$	75,402	$	149,226	$	210,868	$	373,087
Denominator:
Basic weighted-average shares outstanding	98,018,498		101,242,708		99,534,570		103,555,717
Effect of dilutive shares:
Stock options and unvested restricted stock units	1,011,712		1,418,514		923,787		970,877
Diluted weighted-average shares outstanding	99,030,210		102,661,222		100,458,357		104,526,594
Earnings per share
Basic	$	0.77	$	1.47	$	2.12	$	3.60
Diluted	$	0.76	$	1.45	$	2.10	$	3.57
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share	2,605,025		1,562,094		2,692,950		1,819,016

Receivables (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Schedule of Receivables

Receivables consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Escrow proceeds and other accounts receivable, net	$	67,667	$	113,082
Warranty insurance receivable (Note 13)	51,739		56,367
Total receivables	$	119,406	$	169,449

Real Estate Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Real Estate Inventories

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


	September 30, 2023		December 31, 2022
Real estate inventories owned:
Homes completed or under construction	$	1,522,232	$	1,293,681
Land under development	1,275,024		1,279,394
Land held for future development	152,570		140,725
Model homes	285,759		231,157
Total real estate inventories owned	3,235,585		2,944,957
Real estate inventories not owned:
Land purchase and land option deposits	177,212		228,892

Total real estate inventories not owned	177,212		228,892
Total real estate inventories	$	3,412,797	$	3,173,849

Schedule of Interest Incurred, Capitalized and Expensed

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Interest incurred	$	36,919	$	31,893	$	111,792	$	89,235
Interest capitalized	(36,919)		(31,893)		(111,792)		(89,235)
Interest expensed	$	—	$	—	$	—	$	—
Capitalized interest in beginning inventory	$	220,352	$	188,877	$	191,411	$	173,563
Interest capitalized as a cost of inventory	36,919		31,893		111,792		89,235
Interest previously capitalized as a cost of inventory, included in cost of sales	(27,264)		(26,611)		(73,196)		(68,639)
Capitalized interest in ending inventory	$	230,007	$	194,159	$	230,007	$	194,159

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Real estate inventory impairments	$	—	$	—	$	11,500	$	—
Land and lot option abandonments and pre-acquisition charges	197		3,277		1,175		5,174
Total	$	197	$	3,277	$	12,675	$	5,174

Investments in Unconsolidated Entities (Tables)

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

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

Aggregated assets, liabilities and equity of the entities we account for as equity-method investments are as follows (in thousands):


	September 30, 2023		December 31, 2022
Assets
Cash	$	41,910	$	34,556
Receivables	39,846		30,893
Real estate inventories	457,961		458,121
Other assets	20,395		7,751
Total assets	$	560,112	$	531,321
Liabilities and equity
Debt obligations and other liabilities	$	147,098	$	149,172
Company’s equity	139,384		129,837
Outside interests’ equity	273,630		252,312
Total liabilities and equity	$	560,112	$	531,321

Aggregated results of operations from unconsolidated entities (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net sales	$	17,588	$	8,111	$	77,483	$	30,833
Other operating expense	(17,422)		(8,410)		(76,361)		(31,189)
Other income, net	100		—		94		94
Net income (loss)	$	266	$	(299)	$	1,216	$	(262)
Company’s equity in income (loss) of unconsolidated entities	$	3	$	(122)	$	272	$	12

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Interests in Land Option Agreements

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


	September 30, 2023						December 31, 2022
	Deposits		Remaining Purchase Price		Consolidated Inventory Held by VIEs		Deposits		Remaining Purchase Price		Consolidated Inventory Held by VIEs

Unconsolidated VIEs	$	162,989	$	983,823	N/A		$	207,846	$	1,129,369	N/A
Other land option agreements	14,223		173,395		N/A		21,046		210,964		N/A
Total	$	177,212	$	1,157,218	$	—	$	228,892	$	1,340,333	$	—

- 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

Other Assets (Tables)

9 Months Ended

Sep. 30, 2023

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

Schedule of Other Assets

Other assets consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Prepaid expenses	$	14,164	$	20,471
Refundable fees and other deposits	8,582		5,226
Development rights, held for future use or sale	1,192		1,192
Deferred loan costs—loans payable	5,435		6,515
Operating properties and equipment, net	66,608		67,430
Lease right-of-use assets	61,235		63,918

Other	936		935
Total	$	158,152	$	165,687

Accrued Expenses and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Liabilities

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


	September 30, 2023		December 31, 2022
Accrued payroll and related costs	$	52,469	$	60,682
Warranty reserves (Note 13)	95,109		104,375
Estimated cost for completion of real estate inventories	117,231		108,072
Customer deposits	48,977		42,027

Accrued income taxes payable	80,801		17,280

Accrued interest	24,529		9,351

Other tax liability	2,427		4,099
Lease liabilities	75,535		77,728
Other	12,111		19,420
Total	$	509,189	$	443,034

Senior Notes and Loans Payable (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Senior Notes and Outstanding Loans Payable

The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
5.875% Senior Notes due June 15, 2024	$	450,000	$	450,000
5.250% Senior Notes due June 1, 2027	300,000		300,000
5.700% Senior Notes due June 15, 2028	350,000		350,000
Discount and deferred loan costs	(6,679)		(9,376)
Total	$	1,093,321	$	1,090,624

The Company’s outstanding loans payable consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Term loan facility	$	250,000	$	250,000
Seller financed loans	38,337		37,427
Total	$	288,337	$	287,427

- 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/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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

A summary of assets and liabilities at September 30, 2023 and December 31, 2022, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (in thousands):


		September 30, 2023				December 31, 2022
	Hierarchy	Book Value		Fair Value		Book Value		Fair Value
Senior Notes(1)	Level 2	$	1,099,216	$	1,059,095	$	1,098,425	$	1,040,750

Term loan(2)	Level 2	$	250,000	$	250,000	$	250,000	$	250,000
Seller financed loans(3)	Level 2	$	38,337	$	38,337	$	37,427	$	37,427

__________

(1)The book value of the Senior Notes is net of discounts, excluding deferred loan costs of $5.9 million and $7.8 million as of September 30, 2023 and December 31, 2022, respectively. The estimated fair value of the Senior Notes at September 30, 2023 and December 31, 2022 is based on quoted market prices.

(2)The estimated fair value of the Term Loan Facility as of September 30, 2023 and December 31, 2022 approximated book value due to the variable interest rate terms of this loan.

(3)The estimated fair value of our seller financed loans as of September 30, 2023 and December 31, 2022 approximated book value due to the short term nature of these loans.

Summary of Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis

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


		Nine Months Ended September 30, 2023				Year Ended December 31, 2022
	Hierarchy	Impairment Charge		Fair Value Net of Impairment		Impairment Charge		Fair Value Net of Impairment
Real estate inventories (1)	Level 3	$	11,500	$	39,970	$	—	$	—

__________

(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.

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Warranty Reserves

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Warranty reserves, beginning of period	$	99,243	$	103,454	$	104,375	$	103,976
Warranty reserves accrued	6,337		7,065		18,523		18,666

Warranty expenditures	(10,471)		(6,802)		(27,789)		(18,925)
Warranty reserves, end of period	$	95,109	$	103,717	$	95,109	$	103,717

Schedule of Lease Costs and Other Information

See below for additional information on leases (dollars in thousands):


	Three Months Ended September 30, 2023		Three Months Ended September 30, 2022		Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
Lease Cost
Operating lease cost (included in SG&A expense)	$	2,555	$	2,336	$	7,808	$	7,315
Ground lease cost (included in other operations expense)	724		663		2,170		1,990
Sublease income, operating leases	—		—		—		—
Sublease income, ground leases (included in other operations revenue)	(734)		(674)		(2,202)		(2,020)
Net lease cost	$	2,545	$	2,325	$	7,776	$	7,285

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows (included in operating cash flows)	$	2,407	$	1,682	$	7,279	$	6,106
Ground lease cash flows (included in operating cash flows)	$	663	$	663	$	1,990	$	1,990
Right-of-use assets obtained in exchange for new operating lease liabilities	$	1,804	$	125	$	3,820	$	1,517


	September 30, 2023		December 31, 2022
Weighted-average discount rate:
Operating leases	4.8	%	4.7	%
Ground leases	10.2	%	10.2	%
Weighted-average remaining lease term (in years):
Operating leases	6.4		7.0
Ground leases	44.6		45.3

Schedule of Future Minimum Lease Payments

The future minimum lease payments under our operating leases are as follows (in thousands):


	Property, Equipment and Other Leases		Ground Leases (1)
Remaining in 2023	$	2,355	$	809
2024	9,703		3,237
2025	9,214		3,237
2026	7,909		3,237
2027	7,098		3,237
Thereafter	18,723		78,641
Total lease payments	$	55,002	$	92,398
Less: Interest	7,721		64,292
Present value of operating lease liabilities	$	47,281	$	28,106

__________

(1) Ground leases are fully subleased through 2041, representing $58.6 million of the $92.4 million future ground lease obligations.

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Total stock-based compensation	$	6,989	$	5,717	$	15,012	$	16,740

Schedule of Stock Option Awards

The following table presents a summary of stock option awards for the nine months ended September 30, 2023:


	Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
Options outstanding at December 31, 2022	159,255	$	15.08	0.9	$	565
Granted	—	—		—	—
Exercised	(68,592)	$	14.70	—	—
Forfeited	—	$	—	—	—
Options outstanding at September 30, 2023	90,663	$	15.36	0.5	$	1,087
Options exercisable at September 30, 2023	90,663	$	15.36	0.5	$	1,087

Schedule of Restricted Stock Units

The following table presents a summary of RSUs for the nine months ended September 30, 2023:


	Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value (in thousands)
Nonvested RSUs at December 31, 2022	3,679,521	$	19.93	$	68,402
Granted	1,242,883	$	23.34	—
Vested	(1,174,296)	$	19.21	—
Forfeited	(222,034)	$	19.25	—
Nonvested RSUs at September 30, 2023	3,526,074	$	21.37	$	75,351

Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)

9 Months Ended

Sep. 30, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Disclosure to Consolidated Statement of Cash Flows

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


	Nine Months Ended September 30,
	2023		2022
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net	$	(18,954)	$	(20,047)
Income taxes paid, net	$	7,919	$	136,122
Supplemental disclosures of noncash activities:
Increase in share repurchase excise tax accrual	$	1,065	$	—
Amortization of senior note discount capitalized to real estate inventory	$	791	$	742
Amortization of deferred loan costs capitalized to real estate inventory	$	2,985	$	2,732

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)	Sep. 30, 2023 state
Accounting Policies [Abstract]
Number of states in which entity operates	10

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2023 business_line subsegment
Segment Reporting [Abstract]
Number of principal businesses \| business_line	2
Number of reportable homebuilding segments \| subsegment	3

Segment Information - Summary of Financial Information Relating to Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information
Revenues	$ 838,516	$ 1,071,796	$ 2,455,506	$ 2,825,729
Income before income taxes	99,551	196,500	286,201	499,098
Real estate inventories	3,412,797		3,412,797		$ 3,173,849
Total assets	4,870,231		4,870,231		4,719,940
Goodwill	139,300		139,300		139,300
Homebuilding Segment
Segment Reporting Information
Revenues	827,758	1,060,791	2,425,502	2,793,744
Income before income taxes	94,920	191,322	275,560	484,524
Real estate inventories	3,412,797		3,412,797		3,173,849
Total assets	4,831,235		4,831,235		4,668,080
Goodwill	139,300		139,300		139,300
Homebuilding Segment \| Corporate
Segment Reporting Information
Total assets	916,611		916,611		978,748
Homebuilding Segment \| West
Segment Reporting Information
Revenues	544,168	751,218	1,550,905	1,952,406
Income before income taxes	60,965	150,030	186,372	380,191
Goodwill	125,400		125,400		125,400
Homebuilding Segment \| West \| Operating Segments
Segment Reporting Information
Real estate inventories	2,340,537		2,340,537		2,258,606
Total assets	2,618,605		2,618,605		2,552,121
Homebuilding Segment \| Central
Segment Reporting Information
Revenues	165,322	206,861	529,952	558,360
Income before income taxes	19,075	32,109	50,917	78,956
Goodwill	8,300		8,300		8,300
Homebuilding Segment \| Central \| Operating Segments
Segment Reporting Information
Real estate inventories	706,218		706,218		598,700
Total assets	875,489		875,489		761,082
Homebuilding Segment \| East
Segment Reporting Information
Revenues	118,268	102,712	344,645	282,978
Income before income taxes	14,880	9,183	38,271	25,377
Goodwill	5,600		5,600		5,600
Homebuilding Segment \| East \| Operating Segments
Segment Reporting Information
Real estate inventories	366,042		366,042		316,543
Total assets	420,530		420,530		376,129
Financial Services Segment
Segment Reporting Information
Revenues	10,758	11,005	30,004	31,985
Income before income taxes	4,631	$ 5,178	10,641	$ 14,574
Financial Services Segment \| Operating Segments
Segment Reporting Information
Total assets	$ 38,996		$ 38,996		$ 51,860

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income available to common stockholders	$ 75,402	$ 149,226	$ 210,868	$ 373,087
Net income available to common stockholders	$ 75,402	$ 149,226	$ 210,868	$ 373,087
Denominator:
Basic weighted-average shares outstanding (in shares)	98,018,498	101,242,708	99,534,570	103,555,717
Effect of dilutive shares:
Stock options and unvested restricted stock units (in shares)	1,011,712	1,418,514	923,787	970,877
Diluted weighted-average shares outstanding (in shares)	99,030,210	102,661,222	100,458,357	104,526,594
Earnings per share
Basic (in dollars per share)	$ 0.77	$ 1.47	$ 2.12	$ 3.60
Diluted (in dollars per share)	$ 0.76	$ 1.45	$ 2.10	$ 3.57
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share (in shares)	2,605,025	1,562,094	2,692,950	1,819,016

Receivables - Components of Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Escrow proceeds and other accounts receivable, net	$ 67,667	$ 113,082
Warranty insurance receivable	51,739	56,367
Total receivables	$ 119,406	$ 169,449

Receivables - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Allowance for doubtful accounts	$ 472	$ 472

Real Estate Inventories - Summary of Real Estate Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real estate inventories owned:
Homes completed or under construction	$ 1,522,232	$ 1,293,681
Land under development	1,275,024	1,279,394
Land held for future development	152,570	140,725
Model homes	285,759	231,157
Total real estate inventories owned	3,235,585	2,944,957
Real estate inventories not owned:
Land purchase and land option deposits	177,212	228,892
Total real estate inventories not owned	177,212	228,892
Total real estate inventories	$ 3,412,797	$ 3,173,849

Real Estate Inventories - Narrative (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023 USD ($)	Jun. 30, 2023	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) project community	Sep. 30, 2022 USD ($)
Real Estate [Line Items]
Number of projects transferred to land held for future development \| project				1
Real estate inventory impairments \| $	$ 0		$ 0	$ 11,500	$ 0
West \| Homebuilding Segment
Real Estate [Line Items]
Number of active communities impaired \| community				1
Discount rate		0.10

Real Estate Inventories - Summary of Interest Incurred, Capitalized and Expensed (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Real Estate [Abstract]
Interest incurred	$ 36,919	$ 31,893	$ 111,792	$ 89,235
Interest capitalized	(36,919)	(31,893)	(111,792)	(89,235)
Interest expensed	0	0	0	0
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized interest in beginning inventory	220,352	188,877	191,411	173,563
Interest capitalized as a cost of inventory	36,919	31,893	111,792	89,235
Interest previously capitalized as a cost of inventory, included in cost of sales	(27,264)	(26,611)	(73,196)	(68,639)
Capitalized interest in ending inventory	$ 230,007	$ 194,159	$ 230,007	$ 194,159

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Real Estate Inventories - Schedule of Real Estate Inventory Impairments and Land Option Abandonments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Real Estate [Abstract]
Real estate inventory impairments	$ 0	$ 0	$ 11,500	$ 0
Land and lot option abandonments and pre-acquisition charges	197	3,277	1,175	5,174
Total	$ 197	$ 3,277	$ 12,675	$ 5,174

Investments in Unconsolidated Entities - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) investment	Dec. 31, 2022 USD ($)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Long-term debt, gross \| $	$ 122.1	$ 138.8
Minimum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	8.00%
Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%
Homebuilding Partnerships or Limited Liability Companies
Schedule of Equity Method Investments [Line Items]
Number of equity investments \| investment	13

Investments in Unconsolidated Entities - Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Assets
Cash	$ 849,039		$ 849,039		$ 889,664
Receivables	119,406		119,406		169,449
Real estate inventories	3,412,797		3,412,797		3,173,849
Other assets	158,152		158,152		165,687
Total assets	4,870,231		4,870,231		4,719,940
Liabilities and equity
Company’s equity	2,923,397		2,923,397		2,832,389
Outside interests’ equity	756		756		4,142
Total liabilities and equity	4,870,231		4,870,231		4,719,940
Net income	76,609	$ 150,577	214,437	$ 377,014
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets
Cash	41,910		41,910		34,556
Receivables	39,846		39,846		30,893
Real estate inventories	457,961		457,961		458,121
Other assets	20,395		20,395		7,751
Total assets	560,112		560,112		531,321
Liabilities and equity
Debt obligations and other liabilities	147,098		147,098		149,172
Company’s equity	139,384		139,384		129,837
Outside interests’ equity	273,630		273,630		252,312
Total liabilities and equity	560,112		560,112		$ 531,321
Net sales	17,588	8,111	77,483	30,833
Other operations expense	(17,422)	(8,410)	(76,361)	(31,189)
Other income, net	100	0	94	94
Net income	266	(299)	1,216	(262)
Company’s equity in income (loss) of unconsolidated entities	$ 3	$ (122)	$ 272	$ 12

Variable Interest Entities - Summary of Interests in Land Option Agreements (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity
Deposits	$ 177,212	$ 228,892
Remaining Purchase Price	1,157,218	1,340,333
Consolidated Inventory Held by VIEs	0	0
Unconsolidated VIEs
Variable Interest Entity
Deposits	162,989	207,846
Remaining Purchase Price	983,823	1,129,369
Other land option agreements
Variable Interest Entity
Deposits	14,223	21,046
Remaining Purchase Price	$ 173,395	$ 210,964

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity
Other assets	$ 158,152	$ 165,687
Accrued expenses and other liabilities	509,189	443,034
Noncontrolling interests	756	4,142
Other land option agreements
Variable Interest Entity
Capitalized pre-acquisition costs	11,400	$ 13,800
Consolidated VIEs
Variable Interest Entity
Cash	700
Other assets	5,400
Accrued expenses and other liabilities	4,000
Noncontrolling interests	$ 700

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and Other Intangible Assets (Details) $ in Millions	Sep. 30, 2023 USD ($) intangible_asset	Dec. 31, 2022 USD ($) intangible_asset
Schedule Of Intangible Assets And Goodwill
Goodwill	$ 139.3	$ 139.3
WRECO \| Trade Names
Schedule Of Intangible Assets And Goodwill
Trade names, net carrying amount	$ 17.3	$ 17.3
WRECO \| Trade Names
Schedule Of Intangible Assets And Goodwill
Number of intangible assets \| intangible_asset	1	1

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 14,164	$ 20,471
Refundable fees and other deposits	8,582	5,226
Development rights, held for future use or sale	1,192	1,192
Deferred loan costs—loans payable	5,435	6,515
Operating properties and equipment, net	66,608	67,430
Lease right-of-use assets	61,235	63,918
Other	936	935
Total	$ 158,152	$ 165,687
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total	Total

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued payroll and related costs	$ 52,469		$ 60,682
Warranty reserves	95,109	$ 99,243	104,375	$ 103,717	$ 103,454	$ 103,976
Estimated cost for completion of real estate inventories	117,231		108,072
Customer deposits	48,977		42,027
Accrued income taxes payable	80,801		17,280
Accrued interest	24,529		9,351
Other tax liability	2,427		4,099
Lease liabilities	75,535		77,728
Other	12,111		19,420
Total	$ 509,189		$ 443,034
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Total		Total

Senior Notes and Loans Payable - Schedule of Senior Notes (Details) - Senior Notes - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Jun. 30, 2020	Jun. 30, 2017
Debt Instrument
Discount and deferred loan costs	$ (6,679)	$ (9,376)
Total	$ 1,093,321	$ 1,090,624
5.875% Senior Notes due June 15, 2024
Debt Instrument
Interest rate on senior note (percent)	5.875%	5.875%		5.875%
Aggregate outstanding debt	$ 450,000	$ 450,000
5.250% Senior Notes due June 1, 2027
Debt Instrument
Interest rate on senior note (percent)	5.25%	5.25%		5.25%
Aggregate outstanding debt	$ 300,000	$ 300,000
5.700% Senior Notes due June 15, 2028
Debt Instrument
Interest rate on senior note (percent)	5.70%	5.70%	5.70%
Aggregate outstanding debt	$ 350,000	$ 350,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Senior Notes and Loans Payable - Narrative (Details)		1 Months Ended		3 Months Ended		9 Months Ended
Senior Notes and Loans Payable - Narrative (Details)	Jun. 29, 2022 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2017 USD ($)	Sep. 30, 2023 USD ($) loan	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) loan	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) loan	Jun. 28, 2022 USD ($)
Debt Instrument
Capitalization of deferred finance costs				$ 5,435,000		$ 5,435,000		$ 6,515,000
Accrued interest				24,529,000		24,529,000		9,351,000
Loans payable				$ 288,337,000		$ 288,337,000		$ 287,427,000
Number of seller-financed loans \| loan				2		2		1
Interest incurred				$ 36,919,000	$ 31,893,000	$ 111,792,000	$ 89,235,000
Amortization of deferred financing costs				1,300,000	$ 1,200,000	3,800,000	$ 3,500,000
Senior Notes
Debt Instrument
Capitalization of deferred finance costs				5,900,000		5,900,000		$ 7,800,000
Accrued interest				18,800,000		18,800,000		3,200,000
Seller financed loans
Debt Instrument
Loans payable				$ 38,337,000		$ 38,337,000		37,427,000
Seller financed loans \| Seller-Financed Loans, Seller One
Debt Instrument
Interest rate on debt instrument (percent)				4.50%		4.50%
Loans payable				$ 37,400,000		$ 37,400,000
Second Seller Financed Loan \| Seller-Financed Loans, Seller Two
Debt Instrument
Loans payable								$ 910,000
5.700% Senior Notes due June 15, 2028 \| Senior Notes
Debt Instrument
Aggregate principal amount		$ 350,000,000
Interest rate on debt instrument (percent)		5.70%		5.70%		5.70%		5.70%
Debt issuance, percentage of aggregate principal (percent)		100.00%
Proceeds from issuance of senior notes, net		$ 345,200,000
5.250% Senior Notes due June 1, 2027 \| Senior Notes
Debt Instrument
Aggregate principal amount			$ 300,000,000
Interest rate on debt instrument (percent)			5.25%	5.25%		5.25%		5.25%
Debt issuance, percentage of aggregate principal (percent)			100.00%
Proceeds from issuance of senior notes, net			$ 296,300,000
5.875% Senior Notes due June 15, 2024 \| Senior Notes
Debt Instrument
Aggregate principal amount			$ 450,000,000
Interest rate on debt instrument (percent)			5.875%	5.875%		5.875%		5.875%
Proceeds from issuance of senior notes, net			$ 429,000,000
Notes issue price as a percentage of principal amount			98.15%
Revolving Facility \| Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity under facility	$ 750,000,000								$ 650,000,000
Term Loan Facility \| Term Loan Facility
Debt Instrument
Maximum borrowing capacity under facility	$ 250,000,000
Loans payable				$ 250,000,000		$ 250,000,000		$ 250,000,000
Interest rate of outstanding debt (percent)				6.50%		6.50%
Term Loan Facility \| Term Loan Facility \| Minimum
Debt Instrument
Debt instrument variable interest rate (percent)	1.10%
Term Loan Facility \| Term Loan Facility \| Maximum
Debt Instrument
Debt instrument variable interest rate (percent)	1.85%
Amended Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument
Capitalization of deferred finance costs				$ 5,400,000		$ 5,400,000
Accrued interest				1,800,000		1,800,000		1,500,000
Loans payable				0		0
Line of credit facility, current borrowing capacity				699,900,000		699,900,000
Amended Revolving Credit Facility \| Revolving Credit Facility \| Minimum
Debt Instrument
Debt instrument variable interest rate (percent)	1.25%
Amended Revolving Credit Facility \| Revolving Credit Facility \| Maximum
Debt Instrument
Debt instrument variable interest rate (percent)	1.90%
Amended Revolving Credit Facility \| Letters of Credit
Debt Instrument
Maximum borrowing capacity under facility	$ 150,000,000								$ 100,000,000
Outstanding letters of credit				$ 50,100,000		$ 50,100,000		$ 58,900,000
Revolving Facility and Term Loan Facility
Debt Instrument
Line of credit facility, potential maximum borrowing capacity under specified conditions	$ 1,200,000,000
Consolidated tangible net worth attributed to Company required under covenants (percent)				95.00%		95.00%

Senior Notes and Loans Payable - Schedule of Outstanding Loans Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Line of Credit Facility
Loans payable	$ 288,337	$ 287,427
Seller financed loans
Line of Credit Facility
Loans payable	38,337	37,427
Term loan facility \| Term loan facility
Line of Credit Facility
Loans payable	$ 250,000	$ 250,000

Fair Value Disclosures - Summary of Assets and Liabilities Related to Financial Instruments, Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred loan costs	$ 5,435	$ 6,515
Term Loan \| Level 2 \| Recurring \| Book Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets and liabilities related to financial instruments	250,000	250,000
Term Loan \| Level 2 \| Recurring \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets and liabilities related to financial instruments	250,000	250,000
Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred loan costs	5,900	7,800
Senior notes \| Level 2 \| Recurring \| Book Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets and liabilities related to financial instruments	1,099,216	1,098,425
Senior notes \| Level 2 \| Recurring \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets and liabilities related to financial instruments	1,059,095	1,040,750
Seller financed loans \| Level 2 \| Recurring \| Book Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets and liabilities related to financial instruments	38,337	37,427
Seller financed loans \| Level 2 \| Recurring \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets and liabilities related to financial instruments	$ 38,337	$ 37,427

Fair Value Disclosures - Summary of Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) community	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Charge	$ 0	$ 0	$ 11,500	$ 0
Fair Value Net of Impairment	3,412,797		$ 3,412,797		$ 3,173,849
West
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of communities impaired \| community			1
Level 3 \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Charge			$ 11,500		0
Fair Value Net of Impairment	$ 39,970		$ 39,970		$ 0

Commitments and Contingencies - Narrative (Details)	12 Months Ended
Commitments and Contingencies - Narrative (Details)	Dec. 31, 1987 lease leaseRenewalOption	Dec. 31, 1987 leaseExtension lease	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Commitment And Contingencies [Line Items]
Legal reserves			$ 0	$ 0
Outstanding warranty insurance receivables			51,739,000	56,367,000
Estimated remaining liabilities related to surety bonds			$ 12,111,000	19,420,000
Office Leases
Commitment And Contingencies [Line Items]
Lease obligation original term (in years)			10 years
Equipment Leases \| Minimum
Commitment And Contingencies [Line Items]
Lease obligation original term (in years)			3 years
Equipment Leases \| Maximum
Commitment And Contingencies [Line Items]
Lease obligation original term (in years)			4 years
Ground leases
Commitment And Contingencies [Line Items]
Lease obligation original term (in years)	55 years	55 years
Number of properties subject to ground leases \| lease	2	2
Ground leases \| Ten Year Renewal Option
Commitment And Contingencies [Line Items]
Number of lease renewal options	3	3
Term of lease extension (in years)	10 years	10 years
Ground leases \| Forty-five Year Renewal Option
Commitment And Contingencies [Line Items]
Lease obligation original term (in years)	45 years	45 years
Number of properties subject to ground leases \| lease	1	1
Ground leases \| Extension Through 2071
Commitment And Contingencies [Line Items]
Number of ground leases extended \| leaseExtension		1
Surety Bonds
Commitment And Contingencies [Line Items]
Outstanding surety bonds			$ 703,700,000	710,800,000
Estimated remaining liabilities related to surety bonds			$ 433,700,000	$ 443,700,000

Commitments and Contingencies - Schedule of Warranty Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Movement in Standard Product Warranty Accrual
Warranty reserves, beginning of period	$ 99,243	$ 103,454	$ 104,375	$ 103,976
Warranty reserves accrued	6,337	7,065	18,523	18,666
Warranty expenditures	(10,471)	(6,802)	(27,789)	(18,925)
Warranty reserves, end of period	$ 95,109	$ 103,717	$ 95,109	$ 103,717

Commitments and Contingencies - Lease Costs and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Lessee, Lease, Description
Net lease cost	$ 2,545	$ 2,325	$ 7,776	$ 7,285
Right-of-use assets obtained in exchange for new operating lease liabilities	1,804	125	3,820	1,517
Operating leases
Lessee, Lease, Description
Lease cost	2,555	2,336	7,808	7,315
Sublease income, ground leases (included in other operations revenue)	0	0	0	0
Cash paid for amounts included in the measurement of lease liabilities	$ 2,407	1,682	$ 7,279	6,106
Weighted-average discount rate (percent)	4.80%		4.80%		4.70%
Weighted-average remaining lease term (in years)	6 years 4 months 24 days		6 years 4 months 24 days		7 years
Ground leases
Lessee, Lease, Description
Lease cost	$ 724	663	$ 2,170	1,990
Sublease income, ground leases (included in other operations revenue)	(734)	(674)	(2,202)	(2,020)
Cash paid for amounts included in the measurement of lease liabilities	$ 663	$ 663	$ 1,990	$ 1,990
Weighted-average discount rate (percent)	10.20%		10.20%		10.20%
Weighted-average remaining lease term (in years)	44 years 7 months 6 days		44 years 7 months 6 days		45 years 3 months 18 days

Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Lessee, Lease, Description
Present value of operating lease liabilities	$ 75,535	$ 77,728
Property, Equipment and Other Leases
Lessee, Lease, Description
Remaining in 2023	2,355
2024	9,703
2025	9,214
2026	7,909
2027	7,098
Thereafter	18,723
Total lease payments	55,002
Less: Interest	7,721
Present value of operating lease liabilities	47,281
Ground Leases
Lessee, Lease, Description
Remaining in 2023	809
2024	3,237
2025	3,237
2026	3,237
2027	3,237
Thereafter	78,641
Total lease payments	92,398
Less: Interest	64,292
Present value of operating lease liabilities	28,106
Payments to be received	$ 58,600

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions						1 Months Ended	2 Months Ended	9 Months Ended
	May 01, 2023	Apr. 10, 2023	Feb. 22, 2023	Apr. 25, 2022	Feb. 22, 2022	Jun. 30, 2022	Aug. 31, 2023	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized stock based compensation related to all stock-based awards								$ 27.9
Weighted average period, expense to recognized (in years)								1 year 4 months 24 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (in shares)								1,242,883
Granted (in dollars per share)								$ 23.34
Restricted Stock Units (RSUs) \| Employees and Officers
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (in shares)			505,200		629,520
Award vesting period (in years)			3 years		3 years		3 years
Share price (in dollars per share)			$ 23.21		$ 21.00
Restricted Stock Units (RSUs) \| Officers
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (in shares)			704,408		668,150
Granted (in dollars per share)			$ 23.21		$ 22.30
Potential change in TSR (percent)					25.00%
Restricted Stock Units (RSUs) \| Officers \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)			0.00%		0.00%
Restricted Stock Units (RSUs) \| Officers \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)			100.00%		100.00%
Restricted Stock Units (RSUs) \| Officers \| Homebuilding Revenue
Share-based Compensation Arrangement by Share-based Payment Award
Performance percentage (percent)			50.00%		50.00%
Restricted Stock Units (RSUs) \| Officers \| Pre-tax Earnings
Share-based Compensation Arrangement by Share-based Payment Award
Performance percentage (percent)			50.00%		50.00%
Restricted Stock Units (RSUs) \| Employees
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (in shares)		2,589				2,620	1,536
Award vesting period (in years)		3 years				3 years
Share price (in dollars per share)		$ 25.09
Restricted Stock Units (RSUs) \| Employees \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Share price (in dollars per share)						$ 17.43	$ 32.38
Restricted Stock Units (RSUs) \| Employees \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Share price (in dollars per share)						$ 21.07	$ 32.69
Restricted Stock Units (RSUs) \| Non-employee Members on Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (in shares)	29,150			38,385
Share price (in dollars per share)	$ 28.30			$ 20.19
Restricted Stock Units (RSUs) \| Division Presidents
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (in shares)					235,078
Granted (in dollars per share)					$ 21.00
Restricted Stock Units (RSUs) \| Division Presidents \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)					0.00%
Restricted Stock Units (RSUs) \| Division Presidents \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)					100.00%
Restricted Stock Units (RSUs) \| Division Presidents \| Homebuilding Revenue
Share-based Compensation Arrangement by Share-based Payment Award
Performance percentage (percent)					50.00%
Restricted Stock Units (RSUs) \| Division Presidents \| Pre-tax Earnings
Share-based Compensation Arrangement by Share-based Payment Award
Performance percentage (percent)					50.00%
2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Common stock authorized for incentive plan (in shares)								7,500,000
Shares available for future grant (in shares)								6,443,937

Stock-Based Compensation - Summary of Compensation Expense Recognized Related to all Stock-Based Awards (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Total stock-based compensation	$ 6,989	$ 5,717	$ 15,012	$ 16,740

Stock-Based Compensation - Summary of Stock Option Awards (Details) - Options - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Options
Options outstanding at beginning of period (in shares)	159,255
Options granted (in shares)	0
Options exercised (in shares)	(68,592)
Options forfeited (in shares)	0
Options outstanding at end of period (in shares)	90,663	159,255
Options exercisable at end of period (in shares)	90,663
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 15.08
Granted (in dollars per share)	0
Exercised (in dollars per share)	14.70
Forfeited (in dollars per share)	0
Ending balance (in dollars per share)	15.36	$ 15.08
Exercisable at end of period (in dollars per share)	$ 15.36
Weighted average contractual life	6 months	10 months 24 days
Weighted average options exercisable	6 months
Aggregate intrinsic value	$ 1,087	$ 565
Aggregate intrinsic value, exercisable at end of period	$ 1,087

Stock-Based Compensation - Summary of Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Restricted Stock Units
Nonvested RSU's beginning balance (in shares)	3,679,521
Granted (in shares)	1,242,883
Vested (in shares)	(1,174,296)
Forfeited (in shares)	(222,034)
Nonvested RSU's ending balance (in shares)	3,526,074
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 19.93
Granted (in dollars per share)	23.34
Vested (in dollars per share)	19.21
Forfeited (in dollars per share)	19.25
Ending balance (in dollars per share)	$ 21.37
Aggregate intrinsic value	$ 75,351	$ 68,402

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Deferred tax assets, net	$ 34,850		$ 34,850		$ 34,851
Valuation allowance related to net deferred tax assets	3,400		3,400		$ 3,400
Provision for income taxes	$ 22,942	$ 45,923	$ 71,764	$ 122,084

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Related Party Transactions (Details) - USD ($)	9 Months Ended
Related Party Transactions (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Related Party Transactions [Abstract]
Related party transactions	$ 0	$ 0

Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net	$ (18,954)	$ (20,047)
Income taxes paid, net	7,919	136,122
Supplemental disclosures of noncash activities:
Increase in share repurchase excise tax accrual	1,065	0
Amortization of senior note discount capitalized to real estate inventory	791	742
Amortization of deferred loan costs capitalized to real estate inventory	$ 2,985	$ 2,732