Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2022	Jul. 15, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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 (in shares)		101,638,020
Amendment Flag	false
Document Fiscal year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001561680
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 270,124	$ 681,528
Receivables	145,430	116,996
Real estate inventories	3,490,321	3,054,743
Investments in unconsolidated entities	131,399	118,095
Goodwill and other intangible assets, net	156,603	156,603
Deferred tax assets, net	57,095	57,096
Other assets	163,686	151,162
Total assets	4,414,658	4,336,223
Liabilities
Accounts payable	112,942	84,854
Accrued expenses and other liabilities	474,202	466,013
Loans payable	250,000	250,504
Senior notes, net	1,088,895	1,087,219
Total liabilities	1,926,039	1,888,590
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized; 101,860,993 and 109,644,474 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	1,019	1,096
Additional paid-in capital	0	91,077
Retained earnings	2,486,547	2,355,448
Total stockholders’ equity	2,487,566	2,447,621
Noncontrolling interests	1,053	12
Total equity	2,488,619	2,447,633
Total liabilities and equity	$ 4,414,658	$ 4,336,223

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	101,860,993	109,644,474
Common stock, shares outstanding (in shares)	101,860,993	109,644,474

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Other operations expense	$ 704	$ 686	$ 1,350	$ 1,310
Sales and marketing	38,523	45,489	70,762	85,949
General and administrative	56,829	51,263	105,285	92,612
Homebuilding income from operations	177,709	151,856	292,725	242,775
Equity in income (loss) of unconsolidated entities	143	(16)	88	(29)
Other income, net	116	149	389	257
Homebuilding income before income taxes	177,968	151,989	293,202	243,003
Equity in income of unconsolidated entities	0	3,949	46	6,640
Financial services income before income taxes	5,906	5,145	9,396	8,534
Income before income taxes	183,874	157,134	302,598	251,537
Provision for income taxes	(45,936)	(39,265)	(76,161)	(62,866)
Net income	137,938	117,869	226,437	188,671
Net income attributable to noncontrolling interests	(1,555)	0	(2,576)	0
Net income available to common stockholders	$ 136,383	$ 117,869	$ 223,861	$ 188,671
Earnings per share
Basic (in dollars per share)	$ 1.33	$ 1.01	$ 2.14	$ 1.60
Diluted (in dollars per share)	$ 1.33	$ 1.00	$ 2.12	$ 1.59
Weighted average shares outstanding
Basic (in shares)	102,164,377	116,824,108	104,731,388	118,082,691
Diluted (in shares)	102,787,919	117,770,084	105,478,446	118,921,340
Revenue	$ 1,017,689	$ 1,018,064	$ 1,753,933	$ 1,739,030
Homebuilding
Revenue	1,005,461	1,015,383	1,732,953	1,734,244
Home sales
Revenue	1,004,644	1,009,307	1,729,895	1,725,982
Cost of sales and expenses	731,352	761,215	1,262,012	1,306,571
Land and lots sales
Revenue	114	5,416	1,711	6,939
Cost of sales and expenses	344	4,874	819	5,027
Other operating
Revenue	703	660	1,347	1,323
Financial services
Income Statement [Abstract]
Income before income taxes	5,906	5,145	9,396	8,534
Revenue	12,228	2,681	20,980	4,786
Expenses	$ 6,322	$ 1,485	$ 11,630	$ 2,892

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, 2020			121,882,778
Beginning balance at Dec. 31, 2020	$ 2,232,549	$ 2,232,537	$ 1,219	$ 345,137	$ 1,886,181	$ 12
Increase (Decrease) in Stockholders' Equity
Net income	188,671	188,671			188,671
Shares issued under share-based awards (shares)			654,665
Shares issued under share-based awards	2,834	2,834	$ 6	2,828
Minimum tax withholding paid on behalf of employees for restricted stock units	(4,636)	(4,636)		(4,636)
Stock-based compensation expense	8,162	8,162		8,162
Share repurchases (shares)			(7,326,237)
Share repurchases	(148,278)	(148,278)	$ (75)	(148,203)
Ending balance (shares) at Jun. 30, 2021			115,211,206
Ending balance at Jun. 30, 2021	2,279,302	2,279,290	$ 1,150	203,288	2,074,852	12
Beginning balance (shares) at Mar. 31, 2021			118,824,242
Beginning balance at Mar. 31, 2021	2,239,774	2,239,762	$ 1,188	281,591	1,956,983	12
Increase (Decrease) in Stockholders' Equity
Net income	117,869	117,869			117,869
Shares issued under share-based awards (shares)			53,640
Shares issued under share-based awards	18	18	$ 1	17
Minimum tax withholding paid on behalf of employees for restricted stock units	(14)	(14)		(14)
Stock-based compensation expense	4,506	4,506		4,506
Share repurchases (shares)			(3,666,676)
Share repurchases	(82,851)	(82,851)	$ (39)	(82,812)
Ending balance (shares) at Jun. 30, 2021			115,211,206
Ending balance at Jun. 30, 2021	$ 2,279,302	2,279,290	$ 1,150	203,288	2,074,852	12
Beginning balance (shares) at Dec. 31, 2021	109,644,474		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	226,437	223,861			223,861	2,576
Shares issued under share-based awards (shares)			663,989
Shares issued under share-based awards	30	30	$ 7	23
Minimum tax withholding paid on behalf of employees for restricted stock units	(9,092)	(9,092)		(9,092)
Stock-based compensation expense	11,023	11,023		11,023
Share repurchases (shares)			(8,447,470)
Share repurchases	(185,877)	(185,877)	$ (84)	(185,793)
Distributions to noncontrolling interests, net	(1,780)					(1,780)
Net effect of consolidations of VIE's	245					245
Reclass the negative APIC to retained earnings	$ 0			92,762	(92,762)
Ending balance (shares) at Jun. 30, 2022	101,860,993		101,860,993
Ending balance at Jun. 30, 2022	$ 2,488,619	2,487,566	$ 1,019	0	2,486,547	1,053
Beginning balance (shares) at Mar. 31, 2022			104,980,860
Beginning balance at Mar. 31, 2022	2,409,130	2,408,234	$ 1,050	0	2,407,184	896
Increase (Decrease) in Stockholders' Equity
Net income	137,938	136,383			136,383	1,555
Shares issued under share-based awards (shares)			32,367
Shares issued under share-based awards	1	1	$ 1
Minimum tax withholding paid on behalf of employees for restricted stock units	(16)	(16)		(16)
Stock-based compensation expense	5,751	5,751		5,751
Share repurchases (shares)			(3,152,234)
Share repurchases	(62,787)	(62,787)	$ (32)	(62,755)
Distributions to noncontrolling interests, net	(1,398)					(1,398)
Reclass the negative APIC to retained earnings	$ 0			57,020	(57,020)
Ending balance (shares) at Jun. 30, 2022	101,860,993		101,860,993
Ending balance at Jun. 30, 2022	$ 2,488,619	$ 2,487,566	$ 1,019	$ 0	$ 2,486,547	$ 1,053

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 226,437	$ 188,671
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	12,026	16,120
Equity in income of unconsolidated entities, net	(134)	(6,610)
Deferred income taxes, net	1	3,136
Amortization of stock-based compensation	11,023	8,162
Charges for impairments and lot option abandonments	1,897	445
Returns on investments in unconsolidated entities, net	2,253	7,135
Changes in assets and liabilities:
Real estate inventories	(435,219)	(173,740)
Receivables	(28,434)	(27,797)
Other assets	687	(7,996)
Accounts payable	28,088	61,453
Accrued expenses and other liabilities	13,544	28,325
Net cash (used in) provided by operating activities	(167,831)	97,304
Cash flows from investing activities:
Purchases of property and equipment	(28,620)	(8,946)
(Investments in) distributions from unconsolidated entities, net	(15,322)	480
Net cash used in investing activities	(43,942)	(8,466)
Cash flows from financing activities:
Borrowings from debt	25,000	0
Repayment of debt	(25,504)	0
Distributions to noncontrolling interests	(1,780)	0
Debt issuance costs	(2,408)	(3,570)
Proceeds from issuance of common stock under share-based awards	30	2,834
Minimum tax withholding paid on behalf of employees for share-based awards	(9,092)	(4,636)
Share repurchases	(185,877)	(148,278)
Net cash used in financing activities	(199,631)	(153,650)
Net decrease in cash and cash equivalents	(411,404)	(64,812)
Cash and cash equivalents–beginning of period	681,528	621,295
Cash and cash equivalents–end of period	$ 270,124	$ 556,483

Organization, Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
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, 2021. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022 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 June 30, 2022 and December 31, 2021 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. 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 buyers of the buildings. This ground lease is accounted for in accordance with ASC Topic 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. From inception and through the fiscal year ended December 31, 2021, Tri Pointe Connect was accounted for under the equity method of accounting where we recorded a percentage of income earned by Tri Pointe Connect based on our ownership percentage in this joint venture. Under the equity method of accounting, Tri Pointe Connect activity appeared as equity in income of unconsolidated entities under the Financial Services section of our consolidated statements of operations. Beginning in the fiscal year ending December 31, 2022, 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, 2021 that are of material significance, or have potential material significance, to the Company.

Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Information

We operate two principal businesses: homebuilding and financial services.

Effective January 15, 2021, we consolidated our six regional homebuilding brands into one unified name, Tri Pointe Homes, under which we continue to acquire and develop land and construct and sell single-family detached and attached homes. In accordance with ASC Topic 280, Segment Reporting, in determining the most appropriate reportable segments, we considered similar economic and other characteristics, including product types, average selling prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. Based upon these factors and in consideration of the geographical layout of our homebuilding markets, we have identified three homebuilding reporting segments, and as a result of such change, beginning in the quarter ended March 31, 2021, 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 and risk management, information technology and human resources, to benefit from economies of scale. Our Corporate non-operating segment also includes general and administrative expenses related to operating our corporate headquarters. 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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenues
West	$	670,692	$	784,952	$	1,201,188	$	1,324,998
Central	214,402		149,620		351,499		270,738
East	120,367		80,811		180,266		138,508
Total homebuilding revenues	1,005,461		1,015,383		1,732,953		1,734,244
Financial services	12,228		2,681		20,980		4,786
Total	$	1,017,689	$	1,018,064	$	1,753,933	$	1,739,030

Income before taxes
West	$	129,604	$	130,254	$	230,161	$	209,831
Central	33,896		15,853		46,847		25,550
East	14,468		5,882		16,194		7,622
Total homebuilding income before income taxes	177,968		151,989		293,202		243,003
Financial services	5,906		5,145		9,396		8,534
Total	$	183,874	$	157,134	$	302,598	$	251,537

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


	June 30, 2022		December 31, 2021
Real estate inventories
West	$	2,487,811	$	2,242,314
Central	651,267		543,097
East	351,243		269,332
Total	$	3,490,321	$	3,054,743

Total assets(1)
West	$	2,776,540	$	2,505,237
Central	795,357		674,862
East	404,431		328,014
Corporate	394,710		781,265
Total homebuilding assets	4,371,038		4,289,378
Financial services	43,620		46,845
Total	$	4,414,658	$	4,336,223

__________

(1) Total assets as of June 30, 2022 and December 31, 2021 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 June 30, 2022 and December 31, 2021 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 21
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net income available to common stockholders	$	136,383	$	117,869	$	223,861	$	188,671
Denominator:
Basic weighted-average shares outstanding	102,164,377		116,824,108		104,731,388		118,082,691
Effect of dilutive shares:
Stock options and unvested restricted stock units	623,542		945,976		747,058		838,649
Diluted weighted-average shares outstanding	102,787,919		117,770,084		105,478,446		118,921,340
Earnings per share
Basic	$	1.33	$	1.01	$	2.14	$	1.60
Diluted	$	1.33	$	1.00	$	2.12	$	1.59
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share	1,489,263		1,805,413		1,778,492		2,101,688

Receivables

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Receivables

Receivables consisted of the following (in thousands):


	June 30, 2022		December 31, 2021
Escrow proceeds and other accounts receivable, net	$	82,239	$	53,096
Warranty insurance receivable (Note 13)	63,191		63,900
Total receivables	$	145,430	$	116,996

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 June 30, 2022 and December 31, 2021.

Real Estate Inventories

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Real Estate Inventories

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


	June 30, 2022		December 31, 2021
Real estate inventories owned:
Homes completed or under construction	$	1,827,603	$	1,222,468
Land under development	1,024,754		1,187,485
Land held for future development	139,956		200,362
Model homes	239,984		202,693
Total real estate inventories owned	3,232,297		2,813,008
Real estate inventories not owned:
Land purchase and land option deposits	258,024		241,735

Total real estate inventories not owned	258,024		241,735
Total real estate inventories	$	3,490,321	$	3,054,743

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 decrease in land held for future development as of June 30, 2022 compared to December 31, 2021 is attributable to a project located in San Jose, California in our West segment that was transferred to land under development.

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Interest incurred	$	28,789	$	22,558	$	57,342	$	43,737
Interest capitalized	(28,789)		(22,558)		(57,342)		(43,737)
Interest expensed	$	—	$	—	$	—	$	—
Capitalized interest in beginning inventory	$	185,051	$	182,729	$	173,563	$	182,228
Interest capitalized as a cost of inventory	28,789		22,558		57,342		43,737
Interest previously capitalized as a cost of inventory, included in cost of sales	(24,963)		(31,124)		(42,028)		(51,802)
Capitalized interest in ending inventory	$	188,877	$	174,163	$	188,877	$	174,163

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Real estate inventory impairments	$	—	$	—	$	—	$	—
Land and lot option abandonments and pre-acquisition charges	1,131		232		1,897		445
Total	$	1,131	$	232	$	1,897	$	445

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

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

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

Investments in Unconsolidated Entities

6 Months Ended

Jun. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Entities

As of June 30, 2022, we held equity investments in twelve 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 7% to 50%, depending on the investment, with no controlling interest held in any of these investments. During the first quarter of 2022, a reconsideration event under ASC 810 occurred for our Tri Pointe Connect joint venture, which required us to reassess whether the joint venture is a variable interest entity (“VIE”) and, if so, whether the Company is the primary beneficiary. This mortgage financing joint venture was accounted for as an equity-method investment as of December 31, 2021. Based on the reassessment performed during the first quarter of 2022, this joint venture was deemed to be a VIE and the Company was identified as the primary beneficiary of the VIE. For further details, see Note 7, Variable Interest Entities.

Unconsolidated Financial Information

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

Assets and liabilities of unconsolidated entities (in thousands):


	June 30, 2022		December 31, 2021
Assets
Cash	$	40,023	$	35,966
Receivables	11,658		8,359
Real estate inventories	442,847		359,324
Other assets	4,057		534
Total assets	$	498,585	$	404,183
Liabilities and equity
Accounts payable and other liabilities	$	128,851	$	73,675
Company’s equity	131,399		118,095
Outside interests’ equity	238,335		212,413
Total liabilities and equity	$	498,585	$	404,183

Results of operations from unconsolidated entities (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net sales	$	17,399	$	12,588	$	22,722	$	20,397
Other operating expense	(17,335)		(6,973)		(22,779)		(10,821)
Other loss, net	94		(4)		94		(4)
Net income	$	158	$	5,611	$	37	$	9,572
Company’s equity in income of unconsolidated entities	$	143	$	3,933	$	134	$	6,611

Variable Interest Entities

6 Months Ended

Jun. 30, 2022

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 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):


	June 30, 2022						December 31, 2021
	Deposits		Remaining Purchase Price		Consolidated Inventory Held by VIEs		Deposits		Remaining Purchase Price		Consolidated Inventory Held by VIEs

Unconsolidated VIEs	$	236,413	$	1,411,735	N/A		$	211,835	$	1,507,304	N/A
Other land option agreements	21,611		275,853		N/A		29,900		319,646		N/A
Total	$	258,024	$	1,687,588	$	—	$	241,735	$	1,826,950	$	—

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 $13.8 million and $17.9 million as of June 30, 2022 and December 31, 2021, 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 June 30, 2022, the carrying value of the VIE’s assets was $9.5 million, which was primarily included in other assets, $6.5 million of liabilities was included in accrued expenses and other liabilities and $1.0 million was included in noncontrolling interests in the accompanying consolidated balance sheets.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

As of June 30, 2022 and December 31, 2021, $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.

We have one intangible asset as of June 30, 2022, comprised of a Tri Pointe Homes trade name resulting from the acquisition of WRECO in 2014, which has an indefinite useful life.

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


	June 30, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Goodwill	$	139,304	$	—	$	139,304	$	139,304	$	—	$	139,304
Trade names	27,979		(10,680)		17,299		27,979		(10,680)		17,299
Total	$	167,283	$	(10,680)	$	156,603	$	167,283	$	(10,680)	$	156,603

In October 2020, in conjunction with the announcement of our move to a single brand, Tri Pointe Homes, we modified the useful life of the former Maracay trade name which expired in June 2021. The intangible asset related to the Maracay trade name was fully amortized during 2021. Amortization expense related to this intangible asset was $963,000 and $1.9 million for the three- and six-month periods ended June 30, 2021, respectively. Amortization of this intangible was charged to sales and marketing expense. Our $17.3 million indefinite life intangible asset related to the Tri Pointe Homes trade name is not amortizing. All trade names and goodwill are evaluated for impairment on an annual basis or more frequently if indicators of impairment exist.

Other Assets

6 Months Ended

Jun. 30, 2022

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

Other Assets

Other assets consisted of the following (in thousands):


	June 30, 2022		December 31, 2021
Prepaid expenses	$	12,283	$	11,797
Refundable fees and other deposits	5,584		6,611
Development rights, held for future use or sale	1,192		1,192
Deferred loan costs—loans payable	7,238		5,412
Operating properties and equipment, net	68,083		51,489
Lease right-of-use assets	68,372		73,727

Other	934		934
Total	$	163,686	$	151,162

Accrued Expenses and Other Liabilities

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

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


	June 30, 2022		December 31, 2021
Accrued payroll and related costs	$	38,052	$	59,419
Warranty reserves (Note 13)	103,454		103,976
Estimated cost for completion of real estate inventories	125,320		107,702
Customer deposits	77,732		55,156
Income tax liability to Weyerhaeuser	199		199
Accrued income taxes payable	16,735		34,894

Accrued interest	7,689		6,189

Other tax liability	1,068		3,306
Lease liabilities	80,203		77,264
Other	23,750		17,908
Total	$	474,202	$	466,013

Senior Notes and Loans Payable

6 Months Ended

Jun. 30, 2022

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):


	June 30, 2022		December 31, 2021
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	(11,105)		(12,781)
Total	$	1,088,895	$	1,087,219

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. 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 June 30, 2022, there were $9.0 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 $3.2 million as of both June 30, 2022 and December 31, 2021, respectively.

Loans Payable

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


	June 30, 2022		December 31, 2021
Term loan facility	$	250,000	$	250,000
Seller financed loans	—		504
Total	$	250,000	$	250,504

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 Modification, among other things, (i) increases the maximum amount of the revolving credit facility (the “Revolving Facility”) under the Credit Agreement from $650.0 million to $750.0 million, (ii) increases the sublimit for issuance of letters of credit under the Revolving Facility from $100 million to $150 million and (iii) extends the maturity date of both the Revolving Facility and term loan facility (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 June 30, 2022, we had no outstanding debt under the Revolving Facility and there was $667.5 million of availability after considering the borrowing base provisions and outstanding letters of credit. As of June 30, 2022, we had $250 million outstanding debt under the Term Facility with an interest rate of 2.16%. As of June 30, 2022, there were $7.2 million of capitalized debt financing costs, included in other assets on our consolidated balance sheet, related to the Credit Facility that will amortize over the remaining term of the Credit Facility. Accrued interest, including loan commitment fees, related to the Term Facility was $723,000 and $570,000 as of June 30, 2022 and December 31, 2021, respectively.

At June 30, 2022 and December 31, 2021, we had outstanding letters of credit of $82.5 million and $48.9 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.

Interest Incurred

During the three months ended June 30, 2022 and 2021, the Company incurred interest of $28.8 million and $22.6 million, respectively, related to all debt during the period. Included in interest incurred are amortization of deferred financing and Senior Note discount costs of $1.1 million for both the three months ended June 30, 2022 and 2021, respectively. During the six months ended June 30, 2022 and 2021, the Company incurred interest of $57.3 million and $43.7 million, respectively, related to all debt during the period and amortization of deferred financing and Senior Note discount costs of $2.3 million and $2.2 million for the six months ended June 30, 2022 and 2021, respectively. Accrued interest related to all outstanding debt at June 30, 2022 and December 31, 2021 was $7.7 million and $6.2 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 June 30, 2022 and December 31, 2021.

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Fair Value Disclosures

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (in thousands):


		June 30, 2022				December 31, 2021
	Hierarchy	Book Value		Fair Value		Book Value		Fair Value
Senior Notes(1)	Level 2	$	1,097,919	$	1,016,670	$	1,097,428	$	1,199,825

Term loan(2)	Level 2	$	250,000	$	250,000	$	250,000	$	250,000
Seller financed loans(3)	Level 2	$	—	$	—	$	504	$	504

__________

(1)The book value of the Senior Notes is net of discounts, excluding deferred loan costs of $9.0 million and $10.2 million as of June 30, 2022 and December 31, 2021, respectively. The estimated fair value of the Senior Notes at June 30, 2022 and December 31, 2021 is based on quoted market prices.

(2)The estimated fair value of the Term Loan Facility as of June 30, 2022 and December 31, 2021 approximated book value due to the variable interest rate terms of this loan.

(3)The estimated fair value of our seller financed loan as of December 31, 2021 approximated book value due to the short term nature of these loans.

At June 30, 2022 and December 31, 2021, 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):


		Six Months Ended June 30, 2022				Year Ended December 31, 2021
	Hierarchy	Impairment Charge		Fair Value Net of Impairment		Impairment Charge		Fair Value Net of Impairment
Real estate inventories(1)	Level 3	$	—	$	—	$	19,600	$	27,300

__________

(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,

- 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

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021, 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 were $63.2 million and $63.9 million as of June 30, 2022 and December 31, 2021, 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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Warranty reserves, beginning of period	$	103,034	$	94,793	$	103,976	$	94,475
Warranty reserves accrued	6,880		5,779		11,601		12,293

Warranty expenditures	(6,460)		(7,050)		(12,123)		(13,246)
Warranty reserves, end of period	$	103,454	$	93,522	$	103,454	$	93,522

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 June 30, 2022 and December 31, 2021, the Company had outstanding surety bonds totaling $739.2 million and $693.2 million, respectively. As of June 30, 2022 and December 31, 2021, our estimated cost to complete obligations related to these surety bonds was $498.2 million and $497.5 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 June 30, 2022		Three Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Lease Cost
Operating lease cost (included in SG&A expense)	$	2,480	$	2,443	$	4,979	$	4,924
Ground lease cost (included in other operations expense)	702		645		1,346		1,269
Sublease income, operating leases	—		—		—		—
Sublease income, ground leases (included in other operations revenue)	(692)		(655)		(1,327)		(1,288)
Net lease cost	$	2,490	$	2,433	$	4,998	$	4,905

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows (included in operating cash flows)	$	2,129	$	1,838	$	4,424	$	4,626
Ground lease cash flows (included in operating cash flows)	$	664	$	634	$	1,327	$	1,269
Right-of-use assets obtained in exchange for new operating lease liabilities	$	1,309	$	—	$	1,392	$	3,006


	June 30, 2022		December 31, 2021
Weighted-average discount rate:
Operating leases	4.7	%	4.6	%
Ground leases	10.2	%	10.2	%
Weighted-average remaining lease term (in years):
Operating leases	7.5		7.1
Ground leases	45.8		46.1

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


	Property, Equipment and Other Leases		Ground Leases (1)
Remaining in 2022	$	3,987	$	1,619
2023	9,030		3,237
2024	8,618		3,237
2025	8,150		3,237
2026	7,328		3,237
Thereafter	24,709		81,878
Total lease payments	$	61,822	$	96,445
Less: Interest	10,127		67,937
Present value of operating lease liabilities	$	51,695	$	28,508

__________

(1) Ground leases are fully subleased through 2041, representing $62.6 million of the $96.4 million future ground lease obligations.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

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 replaces 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 June 30, 2022, there were 7,494,910 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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Total stock-based compensation	$	5,751	$	4,506	$	11,023	$	8,162

Stock-based compensation is charged to general and administrative expense on the accompanying consolidated statements of operations. As of June 30, 2022, total unrecognized stock-based compensation related to all stock-based awards was $36.7 million and the weighted average term over which the expense was expected to be recognized was 2.0 years.

Summary of Stock Option Activity

The following table presents a summary of stock option awards for the six months ended June 30, 2022:


	Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
Options outstanding at December 31, 2021	284,225	$	15.58	1.6	$	3,430
Granted	—	—		—	—
Exercised	(3,000)	$	9.68	—	—
Forfeited	—	$	—	—	—
Options outstanding at June 30, 2022	281,225	$	15.65	1.1	$	333
Options exercisable at June 30, 2022	281,225	$	15.65	1.1	$	333

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 six months ended June 30, 2022:


	Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value (in thousands)
Nonvested RSUs at December 31, 2021	3,345,091	$	17.16	$	92,492
Granted	1,573,753	$	21.53	—
Vested	(1,066,574)	$	14.58	—
Forfeited	(142,510)	$	12.40	—
Nonvested RSUs at June 30, 2022	3,709,760	$	19.93	$	62,081

RSUs that vested, as reflected in the table above, during the six months ended June 30, 2022 include previously granted time-based RSUs. RSUs that were forfeited, as reflected in the table above, during the six months ended June 30, 2022 include performance-based RSUs and time-based RSUs that were forfeited for no consideration.

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	6 Months Ended
Income Taxes	Jun. 30, 2022
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 $57.1 million as of both June 30, 2022 and December 31, 2021. We had a valuation allowance related to those net deferred tax assets of $3.4 million as of both June 30, 2022 and December 31, 2021. The Company will continue to evaluate both positive and negative evidence in determining the need for a valuation allowance against its deferred tax assets. Changes in positive and negative evidence, including differences between the Company’s future operating results and the estimates utilized in the determination of the valuation allowance, could result in changes in the Company’s estimate of the valuation allowance against its deferred tax assets. The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company’s consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation allowance against the Company’s deferred tax assets. Tri Pointe has certain liabilities to Weyerhaeuser Company (“Weyerhaeuser”) related to a tax sharing agreement. As of June 30, 2022 and December 31, 2021, we had an income tax liability to Weyerhaeuser of $199,000. The income tax liability to Weyerhaeuser is recorded in accrued expenses and other liabilities on the accompanying consolidated balance sheets. Our provision for income taxes totaled $45.9 million and $39.3 million for the three months ended June 30, 2022 and 2021, respectively and $76.2 million and $62.9 million for the six months ended June 30, 2022 and 2021, 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 June 30, 2022 and December 31, 2021. The Company has not been assessed interest or penalties by any major tax jurisdictions related to prior years.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsWe had no related party transactions for the six months ended June 30, 2022 and 2021.

Supplemental Disclosure to Consolidated Statements of Cash Flows

6 Months Ended

Jun. 30, 2022

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):


	Six Months Ended June 30,
	2022		2021
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net	$	(3,757)	$	(3,061)
Income taxes paid (refunded), net	$	94,321	$	69,308
Supplemental disclosures of noncash activities:
Amortization of senior note discount capitalized to real estate inventory	$	490	$	460
Amortization of deferred loan costs capitalized to real estate inventory	$	1,767	$	1,744

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
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, 2021. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022 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 June 30, 2022 and December 31, 2021 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.
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 buyers of the buildings. This ground lease is accounted for in accordance with ASC Topic 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. From inception and through the fiscal year ended December 31, 2021, Tri Pointe Connect was accounted for under the equity method of accounting where we recorded a percentage of income earned by Tri Pointe Connect based on our ownership percentage in this joint venture. Under the equity method of accounting, Tri Pointe Connect activity appeared as equity in income of unconsolidated entities under the Financial Services section of our consolidated statements of operations. Beginning in the fiscal year ending December 31, 2022, 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, 2021 that are of material significance, or have potential material significance, to the Company.
Segment Information	Effective January 15, 2021, we consolidated our six regional homebuilding brands into one unified name, Tri Pointe Homes, under which we continue to acquire and develop land and construct and sell single-family detached and attached homes. In accordance with ASC Topic 280, Segment Reporting, in determining the most appropriate reportable segments, we considered similar economic and other characteristics, including product types, average selling prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. Based upon these factors and in consideration of the geographical layout of our homebuilding markets, we have identified three homebuilding reporting segments, and as a result of such change, beginning in the quarter ended March 31, 2021, 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 and risk management, information technology and human resources, to benefit from economies of scale. Our Corporate non-operating segment also includes general and administrative expenses related to operating our corporate headquarters. 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.

+ References

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+ Details

Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Summary of Financial Information Relating to Reportable Segments

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenues
West	$	670,692	$	784,952	$	1,201,188	$	1,324,998
Central	214,402		149,620		351,499		270,738
East	120,367		80,811		180,266		138,508
Total homebuilding revenues	1,005,461		1,015,383		1,732,953		1,734,244
Financial services	12,228		2,681		20,980		4,786
Total	$	1,017,689	$	1,018,064	$	1,753,933	$	1,739,030

Income before taxes
West	$	129,604	$	130,254	$	230,161	$	209,831
Central	33,896		15,853		46,847		25,550
East	14,468		5,882		16,194		7,622
Total homebuilding income before income taxes	177,968		151,989		293,202		243,003
Financial services	5,906		5,145		9,396		8,534
Total	$	183,874	$	157,134	$	302,598	$	251,537

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


	June 30, 2022		December 31, 2021
Real estate inventories
West	$	2,487,811	$	2,242,314
Central	651,267		543,097
East	351,243		269,332
Total	$	3,490,321	$	3,054,743

Total assets(1)
West	$	2,776,540	$	2,505,237
Central	795,357		674,862
East	404,431		328,014
Corporate	394,710		781,265
Total homebuilding assets	4,371,038		4,289,378
Financial services	43,620		46,845
Total	$	4,414,658	$	4,336,223

__________

(1) Total assets as of June 30, 2022 and December 31, 2021 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 June 30, 2022 and December 31, 2021 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)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net income available to common stockholders	$	136,383	$	117,869	$	223,861	$	188,671
Denominator:
Basic weighted-average shares outstanding	102,164,377		116,824,108		104,731,388		118,082,691
Effect of dilutive shares:
Stock options and unvested restricted stock units	623,542		945,976		747,058		838,649
Diluted weighted-average shares outstanding	102,787,919		117,770,084		105,478,446		118,921,340
Earnings per share
Basic	$	1.33	$	1.01	$	2.14	$	1.60
Diluted	$	1.33	$	1.00	$	2.12	$	1.59
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share	1,489,263		1,805,413		1,778,492		2,101,688

Receivables (Tables)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Schedule of Receivables

Receivables consisted of the following (in thousands):


	June 30, 2022		December 31, 2021
Escrow proceeds and other accounts receivable, net	$	82,239	$	53,096
Warranty insurance receivable (Note 13)	63,191		63,900
Total receivables	$	145,430	$	116,996

Real Estate Inventories (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Summary of Real Estate Inventories

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


	June 30, 2022		December 31, 2021
Real estate inventories owned:
Homes completed or under construction	$	1,827,603	$	1,222,468
Land under development	1,024,754		1,187,485
Land held for future development	139,956		200,362
Model homes	239,984		202,693
Total real estate inventories owned	3,232,297		2,813,008
Real estate inventories not owned:
Land purchase and land option deposits	258,024		241,735

Total real estate inventories not owned	258,024		241,735
Total real estate inventories	$	3,490,321	$	3,054,743

Summary of Interest Incurred, Capitalized and Expensed

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Interest incurred	$	28,789	$	22,558	$	57,342	$	43,737
Interest capitalized	(28,789)		(22,558)		(57,342)		(43,737)
Interest expensed	$	—	$	—	$	—	$	—
Capitalized interest in beginning inventory	$	185,051	$	182,729	$	173,563	$	182,228
Interest capitalized as a cost of inventory	28,789		22,558		57,342		43,737
Interest previously capitalized as a cost of inventory, included in cost of sales	(24,963)		(31,124)		(42,028)		(51,802)
Capitalized interest in ending inventory	$	188,877	$	174,163	$	188,877	$	174,163

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Real estate inventory impairments	$	—	$	—	$	—	$	—
Land and lot option abandonments and pre-acquisition charges	1,131		232		1,897		445
Total	$	1,131	$	232	$	1,897	$	445

Investments in Unconsolidated Entities (Tables)

6 Months Ended

Jun. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

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

Assets and liabilities of unconsolidated entities (in thousands):


	June 30, 2022		December 31, 2021
Assets
Cash	$	40,023	$	35,966
Receivables	11,658		8,359
Real estate inventories	442,847		359,324
Other assets	4,057		534
Total assets	$	498,585	$	404,183
Liabilities and equity
Accounts payable and other liabilities	$	128,851	$	73,675
Company’s equity	131,399		118,095
Outside interests’ equity	238,335		212,413
Total liabilities and equity	$	498,585	$	404,183

Results of operations from unconsolidated entities (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net sales	$	17,399	$	12,588	$	22,722	$	20,397
Other operating expense	(17,335)		(6,973)		(22,779)		(10,821)
Other loss, net	94		(4)		94		(4)
Net income	$	158	$	5,611	$	37	$	9,572
Company’s equity in income of unconsolidated entities	$	143	$	3,933	$	134	$	6,611

Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Interests in Land Option Agreements

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


	June 30, 2022						December 31, 2021
	Deposits		Remaining Purchase Price		Consolidated Inventory Held by VIEs		Deposits		Remaining Purchase Price		Consolidated Inventory Held by VIEs

Unconsolidated VIEs	$	236,413	$	1,411,735	N/A		$	211,835	$	1,507,304	N/A
Other land option agreements	21,611		275,853		N/A		29,900		319,646		N/A
Total	$	258,024	$	1,687,588	$	—	$	241,735	$	1,826,950	$	—

- Definition

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

+ References + Details

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Other Intangible Assets

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


	June 30, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Goodwill	$	139,304	$	—	$	139,304	$	139,304	$	—	$	139,304
Trade names	27,979		(10,680)		17,299		27,979		(10,680)		17,299
Total	$	167,283	$	(10,680)	$	156,603	$	167,283	$	(10,680)	$	156,603

Other Assets (Tables)

6 Months Ended

Jun. 30, 2022

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

Schedule of Other Assets

Other assets consisted of the following (in thousands):


	June 30, 2022		December 31, 2021
Prepaid expenses	$	12,283	$	11,797
Refundable fees and other deposits	5,584		6,611
Development rights, held for future use or sale	1,192		1,192
Deferred loan costs—loans payable	7,238		5,412
Operating properties and equipment, net	68,083		51,489
Lease right-of-use assets	68,372		73,727

Other	934		934
Total	$	163,686	$	151,162

Accrued Expenses and Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Liabilities

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


	June 30, 2022		December 31, 2021
Accrued payroll and related costs	$	38,052	$	59,419
Warranty reserves (Note 13)	103,454		103,976
Estimated cost for completion of real estate inventories	125,320		107,702
Customer deposits	77,732		55,156
Income tax liability to Weyerhaeuser	199		199
Accrued income taxes payable	16,735		34,894

Accrued interest	7,689		6,189

Other tax liability	1,068		3,306
Lease liabilities	80,203		77,264
Other	23,750		17,908
Total	$	474,202	$	466,013

Senior Notes and Loans Payable (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Senior Notes

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


	June 30, 2022		December 31, 2021
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	(11,105)		(12,781)
Total	$	1,088,895	$	1,087,219

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


	June 30, 2022		December 31, 2021
Term loan facility	$	250,000	$	250,000
Seller financed loans	—		504
Total	$	250,000	$	250,504

- 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.

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+ Details

Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

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

A summary of assets and liabilities at June 30, 2022 and December 31, 2021, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (in thousands):


		June 30, 2022				December 31, 2021
	Hierarchy	Book Value		Fair Value		Book Value		Fair Value
Senior Notes(1)	Level 2	$	1,097,919	$	1,016,670	$	1,097,428	$	1,199,825

Term loan(2)	Level 2	$	250,000	$	250,000	$	250,000	$	250,000
Seller financed loans(3)	Level 2	$	—	$	—	$	504	$	504

__________

(1)The book value of the Senior Notes is net of discounts, excluding deferred loan costs of $9.0 million and $10.2 million as of June 30, 2022 and December 31, 2021, respectively. The estimated fair value of the Senior Notes at June 30, 2022 and December 31, 2021 is based on quoted market prices.

(2)The estimated fair value of the Term Loan Facility as of June 30, 2022 and December 31, 2021 approximated book value due to the variable interest rate terms of this loan.

(3)The estimated fair value of our seller financed loan as of December 31, 2021 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):


		Six Months Ended June 30, 2022				Year Ended December 31, 2021
	Hierarchy	Impairment Charge		Fair Value Net of Impairment		Impairment Charge		Fair Value Net of Impairment
Real estate inventories(1)	Level 3	$	—	$	—	$	19,600	$	27,300

__________

(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)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Warranty Reserves

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Warranty reserves, beginning of period	$	103,034	$	94,793	$	103,976	$	94,475
Warranty reserves accrued	6,880		5,779		11,601		12,293

Warranty expenditures	(6,460)		(7,050)		(12,123)		(13,246)
Warranty reserves, end of period	$	103,454	$	93,522	$	103,454	$	93,522

Schedule of Lease Costs and Other Information

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


	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Lease Cost
Operating lease cost (included in SG&A expense)	$	2,480	$	2,443	$	4,979	$	4,924
Ground lease cost (included in other operations expense)	702		645		1,346		1,269
Sublease income, operating leases	—		—		—		—
Sublease income, ground leases (included in other operations revenue)	(692)		(655)		(1,327)		(1,288)
Net lease cost	$	2,490	$	2,433	$	4,998	$	4,905

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows (included in operating cash flows)	$	2,129	$	1,838	$	4,424	$	4,626
Ground lease cash flows (included in operating cash flows)	$	664	$	634	$	1,327	$	1,269
Right-of-use assets obtained in exchange for new operating lease liabilities	$	1,309	$	—	$	1,392	$	3,006


	June 30, 2022		December 31, 2021
Weighted-average discount rate:
Operating leases	4.7	%	4.6	%
Ground leases	10.2	%	10.2	%
Weighted-average remaining lease term (in years):
Operating leases	7.5		7.1
Ground leases	45.8		46.1

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 2022	$	3,987	$	1,619
2023	9,030		3,237
2024	8,618		3,237
2025	8,150		3,237
2026	7,328		3,237
Thereafter	24,709		81,878
Total lease payments	$	61,822	$	96,445
Less: Interest	10,127		67,937
Present value of operating lease liabilities	$	51,695	$	28,508

__________

(1) Ground leases are fully subleased through 2041, representing $62.6 million of the $96.4 million future ground lease obligations.

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Total stock-based compensation	$	5,751	$	4,506	$	11,023	$	8,162

Summary of Stock Option Awards

The following table presents a summary of stock option awards for the six months ended June 30, 2022:


	Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
Options outstanding at December 31, 2021	284,225	$	15.58	1.6	$	3,430
Granted	—	—		—	—
Exercised	(3,000)	$	9.68	—	—
Forfeited	—	$	—	—	—
Options outstanding at June 30, 2022	281,225	$	15.65	1.1	$	333
Options exercisable at June 30, 2022	281,225	$	15.65	1.1	$	333

Summary of Restricted Stock Units

The following table presents a summary of RSUs for the six months ended June 30, 2022:


	Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value (in thousands)
Nonvested RSUs at December 31, 2021	3,345,091	$	17.16	$	92,492
Granted	1,573,753	$	21.53	—
Vested	(1,066,574)	$	14.58	—
Forfeited	(142,510)	$	12.40	—
Nonvested RSUs at June 30, 2022	3,709,760	$	19.93	$	62,081

Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)

6 Months Ended

Jun. 30, 2022

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosure to Consolidated Statement of Cash Flows

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


	Six Months Ended June 30,
	2022		2021
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net	$	(3,757)	$	(3,061)
Income taxes paid (refunded), net	$	94,321	$	69,308
Supplemental disclosures of noncash activities:
Amortization of senior note discount capitalized to real estate inventory	$	490	$	460
Amortization of deferred loan costs capitalized to real estate inventory	$	1,767	$	1,744

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Detail)	Jun. 30, 2022 state
Accounting Policies [Abstract]
Number of states in which entity operates	10

Segment Information - Narrative (Detail)	6 Months Ended	15 Months Ended
Segment Information - Narrative (Detail)	Jun. 30, 2022 brand business_line	Jun. 30, 2022 brand segment	Jan. 14, 2021 brand
Segment Reporting [Abstract]
Number of principal businesses \| business_line	2
Number of brands in portfolio (brands) \| brand	1	1	6
Number of reportable segments \| segment		3

Segment Information - Summary of Financial Information Relating to Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Segment Reporting Information
Revenue	$ 1,017,689	$ 1,018,064	$ 1,753,933	$ 1,739,030
Income before taxes	183,874	157,134	302,598	251,537
Real estate inventories	3,490,321		3,490,321		$ 3,054,743
Total assets	4,414,658		4,414,658		4,336,223
Goodwill	139,304		139,304		139,304
Financial services
Segment Reporting Information
Revenue	12,228	2,681	20,980	4,786
Income before taxes	5,906	5,145	9,396	8,534
Total assets	43,620		43,620		46,845
Homebuilding revenue
Segment Reporting Information
Revenue	1,005,461	1,015,383	1,732,953	1,734,244
Income before taxes	177,968	151,989	293,202	243,003
Real estate inventories	3,490,321		3,490,321		3,054,743
Total assets	4,371,038		4,371,038		4,289,378
Goodwill	139,300		139,300		139,300
Homebuilding revenue \| Corporate
Segment Reporting Information
Total assets	394,710		394,710		781,265
Homebuilding revenue \| West
Segment Reporting Information
Revenue	670,692	784,952	1,201,188	1,324,998
Income before taxes	129,604	130,254	230,161	209,831
Goodwill	125,400		125,400		125,400
Homebuilding revenue \| West \| Operating Segments
Segment Reporting Information
Real estate inventories	2,487,811		2,487,811		2,242,314
Total assets	2,776,540		2,776,540		2,505,237
Homebuilding revenue \| Central
Segment Reporting Information
Revenue	214,402	149,620	351,499	270,738
Income before taxes	33,896	15,853	46,847	25,550
Goodwill	8,300		8,300		8,300
Homebuilding revenue \| Central \| Operating Segments
Segment Reporting Information
Real estate inventories	651,267		651,267		543,097
Total assets	795,357		795,357		674,862
Homebuilding revenue \| East
Segment Reporting Information
Revenue	120,367	80,811	180,266	138,508
Income before taxes	14,468	$ 5,882	16,194	$ 7,622
Goodwill	5,600		5,600		5,600
Homebuilding revenue \| East \| Operating Segments
Segment Reporting Information
Real estate inventories	351,243		351,243		269,332
Total assets	$ 404,431		$ 404,431		$ 328,014

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income available to common stockholders	$ 136,383	$ 117,869	$ 223,861	$ 188,671
Net income available to common stockholders	$ 136,383	$ 117,869	$ 223,861	$ 188,671
Denominator:
Basic weighted-average shares outstanding (in shares)	102,164,377	116,824,108	104,731,388	118,082,691
Effect of dilutive shares:
Stock options and unvested restricted stock units (in shares)	623,542	945,976	747,058	838,649
Diluted (in shares)	102,787,919	117,770,084	105,478,446	118,921,340
Earnings per share
Basic (in dollars per share)	$ 1.33	$ 1.01	$ 2.14	$ 1.60
Diluted (in dollars per share)	$ 1.33	$ 1.00	$ 2.12	$ 1.59
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share (in shares)	1,489,263	1,805,413	1,778,492	2,101,688

Receivables - Components of Receivables (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Escrow proceeds and other accounts receivable, net	$ 82,239	$ 53,096
Warranty insurance receivable	63,191	63,900
Total receivables	$ 145,430	$ 116,996

Receivables - Narrative (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Allowance for doubtful accounts	$ 472	$ 472

Real Estate Inventories - Summary of Real Estate Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Real estate inventories owned:
Homes completed or under construction	$ 1,827,603	$ 1,222,468
Land under development	1,024,754	1,187,485
Land held for future development	139,956	200,362
Model homes	239,984	202,693
Total real estate inventories owned	3,232,297	2,813,008
Real estate inventories not owned:
Land purchase and land option deposits	258,024	241,735
Total real estate inventories not owned	258,024	241,735
Total real estate inventories	$ 3,490,321	$ 3,054,743

Real Estate Inventories - Summary of Interest Incurred, Capitalized and Expensed (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Real Estate [Abstract]
Interest incurred	$ 28,789	$ 22,558	$ 57,342	$ 43,737
Interest capitalized	(28,789)	(22,558)	(57,342)	(43,737)
Interest expensed	0	0	0	0
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized interest in beginning inventory	185,051	182,729	173,563	182,228
Interest capitalized as a cost of inventory	28,789	22,558	57,342	43,737
Interest previously capitalized as a cost of inventory, included in cost of sales	(24,963)	(31,124)	(42,028)	(51,802)
Capitalized interest in ending inventory	$ 188,877	$ 174,163	$ 188,877	$ 174,163

Real Estate Inventories - Schedule of Land and Lot Option Abandonments and Pre-acquisition Charges (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Real Estate [Abstract]
Real estate inventory impairments	$ 0	$ 0	$ 0	$ 0
Land and lot option abandonments and pre-acquisition charges	1,131	232	1,897	445
Total	$ 1,131	$ 232	$ 1,897	$ 445

Investments in Unconsolidated Entities - Narrative (Detail)	6 Months Ended
	Jun. 30, 2022 investment
Minimum
Investment Holdings
Ownership percentage	7.00%
Maximum
Investment Holdings
Ownership percentage	50.00%
Homebuilding Partnerships or Limited Liability Companies
Investment Holdings
Number of equity investments	12

Investments in Unconsolidated Entities - Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Assets
Cash	$ 270,124		$ 270,124		$ 681,528
Receivables	145,430		145,430		116,996
Real estate inventories	3,490,321		3,490,321		3,054,743
Other assets	163,686		163,686		151,162
Total assets	4,414,658		4,414,658		4,336,223
Liabilities and equity
Company’s equity	2,487,566		2,487,566		2,447,621
Outside interests’ equity	1,053		1,053		12
Total liabilities and equity	4,414,658		4,414,658		4,336,223
Other operations expense	(704)	$ (686)	(1,350)	$ (1,310)
Net income	137,938	117,869	226,437	188,671
Company’s equity in income of unconsolidated entities	143	(16)	88	(29)
Equity method investment, nonconsolidated investee or group of investees
Assets
Cash	40,023		40,023		35,966
Receivables	11,658		11,658		8,359
Real estate inventories	442,847		442,847		359,324
Other assets	4,057		4,057		534
Total assets	498,585		498,585		404,183
Liabilities and equity
Accounts payable and other liabilities	128,851		128,851		73,675
Company’s equity	131,399		131,399		118,095
Outside interests’ equity	238,335		238,335		212,413
Total liabilities and equity	498,585		498,585		$ 404,183
Net sales	17,399	12,588	22,722	20,397
Other operations expense	(17,335)	(6,973)	(22,779)	(10,821)
Other loss, net	94	(4)	94	(4)
Net income	158	5,611	37	9,572
Company’s equity in income of unconsolidated entities	$ 143	$ 3,933	$ 134	$ 6,611

Variable Interest Entities - Summary of Interests in Land Option Agreements (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Variable Interest Entity
Deposits	$ 258,024	$ 241,735
Remaining Purchase Price	1,687,588	1,826,950
Consolidated Inventory Held by VIEs	0	0
Unconsolidated VIEs
Variable Interest Entity
Deposits	236,413	211,835
Remaining Purchase Price	1,411,735	1,507,304
Other land option agreements
Variable Interest Entity
Deposits	21,611	29,900
Remaining Purchase Price	$ 275,853	$ 319,646

Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Variable Interest Entity
Assets	$ 4,414,658	$ 4,336,223
Total liabilities	1,926,039	1,888,590
Noncontrolling interests	1,053	12
Other land option agreements
Variable Interest Entity
Capitalized pre-acquisition costs	13,800	$ 17,900
Consolidated VIEs
Variable Interest Entity
Assets	9,500
Total liabilities	6,500
Noncontrolling interests	$ 1,000

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

+ References

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+ Details

Goodwill and Other Intangible Assets - Narrative (Detail) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) intangible_asset	Dec. 31, 2021 USD ($)
Schedule Of Intangible Assets And Goodwill
Goodwill			$ 139,304	$ 139,304
Trade Names
Schedule Of Intangible Assets And Goodwill
Indefinite life intangible asset			$ 17,300
Trade Names
Schedule Of Intangible Assets And Goodwill
Amortization expense	$ 963	$ 1,900
Trade Names \| WRECO
Schedule Of Intangible Assets And Goodwill
Number of intangible assets \| intangible_asset			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

Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 139,304	$ 139,304
Trade names, gross carrying amount	27,979	27,979
Gross carrying amount	167,283	167,283
Accumulated Amortization	(10,680)	(10,680)
Trade names, net carrying amount	17,299	17,299
Net carrying amount	$ 156,603	$ 156,603

- 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 - Schedule of Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 12,283	$ 11,797
Refundable fees and other deposits	5,584	6,611
Development rights, held for future use or sale	1,192	1,192
Deferred loan costs—loans payable	7,238	5,412
Operating properties and equipment, net	68,083	51,489
Lease right-of-use assets	68,372	73,727
Other	934	934
Other assets, total	$ 163,686	$ 151,162
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets, total	Other assets, total

Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued payroll and related costs	$ 38,052		$ 59,419
Warranty reserves	103,454	$ 103,034	103,976	$ 93,522	$ 94,793	$ 94,475
Estimated cost for completion of real estate inventories	125,320		107,702
Customer deposits	77,732		55,156
Income tax liability to Weyerhaeuser	199		199
Accrued income taxes payable	16,735		34,894
Accrued interest	7,689		6,189
Other tax liability	1,068		3,306
Lease liabilities	80,203		77,264
Other	23,750		17,908
Total	$ 474,202		$ 466,013
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Total		Total

Senior Notes and Loans Payable - Schedule of Senior Notes (Detail) - Senior notes - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2020	Jun. 30, 2017
Debt Instrument
Discount and deferred loan costs	$ (11,105)	$ (12,781)
Total	$ 1,088,895	1,087,219
5.875% Senior Notes due June 15, 2024
Debt Instrument
Interest rate on senior note (percent)	5.875%			5.875%
Long-term debt, gross	$ 450,000	450,000
5.250% Senior Notes due June 1, 2027
Debt Instrument
Interest rate on senior note (percent)	5.25%			5.25%
Long-term debt, gross	$ 300,000	300,000
5.700% Senior Notes due June 15, 2028
Debt Instrument
Interest rate on senior note (percent)	5.70%		5.70%
Long-term debt, gross	$ 350,000	$ 350,000

- Definition

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

+ References + Details

Senior Notes and Loans Payable - Narrative (Detail) - USD ($)		1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 29, 2022	Jun. 30, 2020	Jun. 30, 2017	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Jun. 10, 2021
Debt Instrument
Capitalization of deferred finance costs				$ 7,238,000		$ 7,238,000		$ 5,412,000
Accrued interest				7,689,000		7,689,000		6,189,000
Loans payable				250,000,000		250,000,000		250,504,000
Interest incurred				28,789,000	$ 22,558,000	57,342,000	$ 43,737,000
Amortization of deferred financing costs				1,100,000	$ 1,100,000	2,300,000	$ 2,200,000
Senior notes
Debt Instrument
Capitalization of deferred finance costs				9,000,000		9,000,000		10,200,000
Accrued interest				$ 3,200,000		$ 3,200,000		3,200,000
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%
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%
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%
Proceeds from issuance of senior notes, net			$ 429,000,000
Notes issue price as a percentage of principal amount			98.15%
Revolving Facility \| The Revolving Facility
Debt Instrument
Maximum borrowing capacity under facility	$ 750,000,000								$ 650,000,000
Seller Financed Loans \| The Revolving Facility
Debt Instrument
Capitalization of deferred finance costs				$ 7,200,000		$ 7,200,000
Accrued interest				723,000		723,000		570,000
Loans payable				0		0
Available secured revolving credit facility				667,500,000		667,500,000
Seller Financed Loans \| The Revolving Facility \| Minimum
Debt Instrument
Debt instrument variable interest rate (percent)	1.25%
Seller Financed Loans \| The Revolving Facility \| Maximum
Debt Instrument
Debt instrument variable interest rate (percent)	1.90%
Seller Financed Loans \| Letters of Credit
Debt Instrument
Maximum borrowing capacity under facility	$ 150,000,000								$ 100,000,000
Outstanding letters of credit				$ 82,500,000		$ 82,500,000		48,900,000
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%
Term Loan Facility \| Term Loan Facility
Debt Instrument
Loans payable				$ 250,000,000		$ 250,000,000		$ 250,000,000
Borrowing capacity of credit facility				$ 250,000,000		$ 250,000,000
Interest rate of outstanding debt (percent)				2.16%		2.16%
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%

Senior Notes and Loans Payable - Schedule of Outstanding Loans Payable (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Line of Credit Facility
Loans payable	$ 250,000	$ 250,504
Seller financed loans
Line of Credit Facility
Loans payable	0	504
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 (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred loan costs	$ 7,238	$ 5,412
Term Loan \| Level 2 \| Recurring \| Book Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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]
Financial instruments	250,000	250,000
Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred loan costs	9,000	10,200
Senior notes \| Level 2 \| Recurring \| Book Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments	1,097,919	1,097,428
Senior notes \| Level 2 \| Recurring \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments	1,016,670	1,199,825
Seller financed loans \| Level 2 \| Recurring \| Book Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments	0	504
Seller financed loans \| Level 2 \| Recurring \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments	$ 0	$ 504

Fair Value Disclosures - Summary of Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Charge	$ 0	$ 0	$ 0	$ 0
Fair Value Net of Impairment	3,490,321		3,490,321		$ 3,054,743
Level 3 \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Charge			0		19,600
Fair Value Net of Impairment	$ 0		$ 0		$ 27,300

Commitments and Contingencies - Narrative (Detail)	12 Months Ended
Commitments and Contingencies - Narrative (Detail)	Dec. 31, 1987 lease leaseRenewalOption leaseExtension	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Commitment And Contingencies [Line Items]
Legal reserves		$ 0	$ 0
Outstanding warranty insurance receivables		63,191,000	63,900,000
Estimated remaining liabilities related to surety bonds		$ 23,750,000	17,908,000
Office Leases
Commitment And Contingencies [Line Items]
Lease obligation original term		10 years
Ground leases
Commitment And Contingencies [Line Items]
Lease obligation original term	55 years
Number of properties subject to ground leases \| lease	2
Ground leases \| Ten Year Renewal Option
Commitment And Contingencies [Line Items]
Number of lease extensions \| leaseRenewalOption	3
Term of lease extension	10 years
Ground leases \| Forty-five Year Renewal Option
Commitment And Contingencies [Line Items]
Lease obligation original term	45 years
Number of properties subject to ground leases \| lease	1
Ground leases \| Extension Through 2071
Commitment And Contingencies [Line Items]
Number of ground leases extended \| leaseExtension	1
Minimum \| Equipment Leases
Commitment And Contingencies [Line Items]
Lease obligation original term		3 years
Maximum \| Equipment Leases
Commitment And Contingencies [Line Items]
Lease obligation original term		4 years
Surety Bonds
Commitment And Contingencies [Line Items]
Outstanding surety bonds		$ 739,200,000	693,200,000
Estimated remaining liabilities related to surety bonds		$ 498,200,000	$ 497,500,000

Commitments and Contingencies - Schedule of Warranty Reserves (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Movement in Standard Product Warranty Accrual
Warranty reserves, beginning of period	$ 103,034	$ 94,793	$ 103,976	$ 94,475
Warranty reserves accrued	6,880	5,779	11,601	12,293
Warranty expenditures	(6,460)	(7,050)	(12,123)	(13,246)
Warranty reserves, end of period	$ 103,454	$ 93,522	$ 103,454	$ 93,522

Commitments and Contingencies - Schedule of Lease Costs and Other Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Lessee, Lease, Description
Net lease cost	$ 2,490	$ 2,433	$ 4,998	$ 4,905
Right-of-use assets obtained in exchange for new operating lease liabilities	1,309	0	1,392	3,006
Operating leases
Lessee, Lease, Description
Lease cost	2,480	2,443	4,979	4,924
Sublease income, ground leases (included in other operations revenue)	0	0	0	0
Cash paid for amounts included in the measurement of lease liabilities	$ 2,129	1,838	$ 4,424	4,626
Weighted-average discount rate (percent)	4.70%		4.70%		4.60%
Weighted-average remaining lease term (in years)	7 years 6 months		7 years 6 months		7 years 1 month 6 days
Ground leases
Lessee, Lease, Description
Lease cost	$ 702	645	$ 1,346	1,269
Sublease income, ground leases (included in other operations revenue)	(692)	(655)	(1,327)	(1,288)
Cash paid for amounts included in the measurement of lease liabilities	$ 664	$ 634	$ 1,327	$ 1,269
Weighted-average discount rate (percent)	10.20%		10.20%		10.20%
Weighted-average remaining lease term (in years)	45 years 9 months 18 days		45 years 9 months 18 days		46 years 1 month 6 days

Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Lessee, Lease, Description
Present value of operating lease liabilities	$ 80,203	$ 77,264
Operating leases
Lessee, Lease, Description
Remaining in 2022	3,987
2023	9,030
2024	8,618
2025	8,150
2026	7,328
Thereafter	24,709
Total lease payments	61,822
Less: Interest	10,127
Present value of operating lease liabilities	51,695
Ground leases
Lessee, Lease, Description
Remaining in 2022	1,619
2023	3,237
2024	3,237
2025	3,237
2026	3,237
Thereafter	81,878
Total lease payments	96,445
Less: Interest	67,937
Present value of operating lease liabilities	28,508
Future expected payments to be received under sublease	$ 62,600

Stock-Based Compensation - Narrative (Detail) - USD ($) $ / shares in Units, $ in Millions				6 Months Ended
	Jun. 30, 2022	Apr. 25, 2022	Feb. 22, 2022	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized stock based compensation related to all stock-based awards	$ 36.7			$ 36.7
Weighted average period, expense to recognized				2 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (in shares)				1,573,753
Granted (in dollars per share)				$ 21.53
Restricted Stock Units (RSUs) \| Employees and Officers
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (in shares)	2,620		629,520
Award vesting period			3 years
Closing stock price on date of grant (in dollars per share)			$ 21.00
Restricted Stock Units (RSUs) \| Employees and Officers \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Closing stock price on date of grant (in dollars per share)	$ 17.43			17.43
Restricted Stock Units (RSUs) \| Employees and Officers \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Closing stock price on date of grant (in dollars per share)	$ 21.07			$ 21.07
Restricted Stock Units (RSUs) \| Officers
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (in shares)			668,150
Potential change in TSR (percent)			25.00%
Granted (in dollars per share)			$ 22.30
Restricted Stock Units (RSUs) \| Officers \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)			0.00%
Restricted Stock Units (RSUs) \| Officers \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)			100.00%
Restricted Stock Units (RSUs) \| Officers \| Homebuilding Revenue
Share-based Compensation Arrangement by Share-based Payment Award
Performance percentage (percent)			50.00%
Restricted Stock Units (RSUs) \| Officers \| Pre-tax Earnings
Share-based Compensation Arrangement by Share-based Payment Award
Performance percentage (percent)			50.00%
Restricted Stock Units (RSUs) \| President
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) \| President \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)			0.00%
Restricted Stock Units (RSUs) \| President \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)			100.00%
Restricted Stock Units (RSUs) \| President \| Homebuilding Revenue
Share-based Compensation Arrangement by Share-based Payment Award
Performance percentage (percent)			50.00%
Restricted Stock Units (RSUs) \| President \| Pre-tax Earnings
Share-based Compensation Arrangement by Share-based Payment Award
Performance percentage (percent)			50.00%
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)		38,385
Closing stock price on date of grant (in dollars per share)		$ 20.19
2013 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Common stock (in shares)	7,500,000			7,500,000
2022 Incentive Program
Share-based Compensation Arrangement by Share-based Payment Award
Shares available for future grant (in shares)	7,494,910			7,494,910

Stock-Based Compensation - Summary of Compensation Expense Recognized Related to all Stock-Based Awards (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement [Abstract]
Total stock-based compensation	$ 5,751	$ 4,506	$ 11,023	$ 8,162

Stock-Based Compensation - Summary of Stock Option Awards (Detail) - Options - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding
Beginning balance (in shares)	284,225
Granted (in shares)	0
Exercised (in shares)	(3,000)
Forfeited (in shares)	0
Ending balance (in shares)	281,225	284,225
Options exercisable at end of period (in shares)	281,225
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 15.58
Granted (in dollars per share)	0
Exercised (in dollars per share)	9.68
Forfeited (in dollars per share)	0
Ending balance (in dollars per share)	15.65	$ 15.58
Exercisable at end of period (in dollars per share)	$ 15.65
Weighted average contractual life	1 year 1 month 6 days	1 year 7 months 6 days
Weighted average options exercisable	1 year 1 month 6 days
Aggregate intrinsic value, beginning balance	$ 3,430
Aggregate intrinsic value, ending balance	333	$ 3,430
Aggregate intrinsic value, exercisable at end of period	$ 333

Stock-Based Compensation - Summary of Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Nonvested RSU's beginning balance (in shares) \| shares	3,345,091
Granted (in shares) \| shares	1,573,753
Vested (in shares) \| shares	(1,066,574)
Forfeited (in shares) \| shares	(142,510)
Nonvested RSU's ending balance (in shares) \| shares	3,709,760
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 17.16
Granted (in dollars per share) \| $ / shares	21.53
Vested (in dollars per share) \| $ / shares	14.58
Forfeited (in dollars per share) \| $ / shares	12.40
Ending balance (in dollars per share) \| $ / shares	$ 19.93
Aggregate intrinsic value, beginning balance \| $	$ 92,492
Aggregate intrinsic value, ending balance \| $	$ 62,081

Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Income Tax Contingency
Deferred tax assets, net	$ 57,095		$ 57,095		$ 57,096
Valuation allowance related to net deferred tax assets	3,400		3,400		3,400
Provision for income taxes	45,936	$ 39,265	76,161	$ 62,866
Accrued Expenses and Other Liabilities \| Weyerhaeuser
Income Tax Contingency
Income tax liability	$ 199		$ 199		$ 199

- Definition

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

+ References + Details

Related Party Transactions (Detail) - USD ($)	6 Months Ended
Related Party Transactions (Detail) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Related Party Transactions [Abstract]
Related party transactions	$ 0	$ 0

Supplemental Disclosure to Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net	$ (3,757)	$ (3,061)
Income taxes paid (refunded), net	94,321	69,308
Supplemental disclosures of noncash activities:
Amortization of senior note discount capitalized to real estate inventory	490	460
Amortization of deferred loan costs capitalized to real estate inventory	$ 1,767	$ 1,744