TAYLOR MORRISON HOME CORP, 10-K filed on 2/19/2025
Annual Report
v3.25.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 19, 2025
Jun. 28, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 001-35873    
Entity Registrant Name TAYLOR MORRISON HOME CORP    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 83-2026677    
Entity Address, Address Line One 4900 N. Scottsdale Road    
Entity Address, Address Line Two Suite 2000    
Entity Address, City or Town Scottsdale    
Entity Address, State or Province AZ    
Entity Address, Postal Zip Code 85251    
City Area Code 480    
Local Phone Number 840-8100    
Title of 12(b) Security Common Stock, $0.00001 par value    
Trading Symbol TMHC    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 5,701,390,667
Entity Common Stock, Shares Outstanding   101,737,678  
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001562476    
Documents Incorporated by Reference
Documents Incorporated by Reference
Portions of Part III of this Form 10-K are incorporated by reference from the registrant’s definitive proxy statement for its 2025 annual meeting of shareholders to be filed with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year.
    
Document Financial Statement Error Correction [Flag] false    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name DELOITTE & TOUCHE LLP
Auditor Firm ID 34
Auditor Location Tempe, Arizona
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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents $ 487,151 $ 798,568
Restricted cash 15 8,531
Total cash 487,166 807,099
Real estate inventory:    
Owned inventory 6,162,889 5,473,828
Consolidated real estate not owned 71,195 71,618
Total real estate inventory 6,234,084 5,545,446
Land deposits 299,668 203,217
Mortgage loans held for sale 207,936 193,344
Lease right of use assets 68,057 75,203
Prepaid expenses and other assets, net 370,642 290,925
Other receivables, net 217,703 184,518
Investments in unconsolidated entities 439,721 346,192
Deferred tax assets, net 76,248 67,825
Property and equipment, net 232,709 295,121
Goodwill 663,197 663,197
Total assets 9,297,131 8,672,087
Liabilities    
Accounts payable 270,266 263,481
Accrued expenses and other liabilities 632,250 549,074
Lease liabilities 78,998 84,999
Income taxes payable 2,243 0
Customer deposits 239,151 326,087
Estimated development liabilities 4,365 27,440
Senior notes, net 1,470,454 1,468,695
Loans payable and other borrowings 475,569 394,943
Revolving credit facility borrowings 0 0
Mortgage warehouse borrowings 174,460 153,464
Liabilities attributable to consolidated real estate not owned 71,195 71,618
Total liabilities 3,418,951 3,339,801
COMMITMENTS AND CONTINGENCIES (Note 14)
Stockholders' equity    
Common stock, $0.00001 par value, 400,000,000 shares authorized, 162,061,709 and 161,129,515 shares issued, 102,241,978 and 106,917,636 shares outstanding as of December 31, 2024 and December 31, 2023, respectively 1 1
Additional paid-in capital 3,086,342 3,068,597
Treasury stock at cost, 59,819,731 and 54,211,879 shares as of December 31, 2024 and December 31, 2023, respectively (1,616,170) (1,265,097)
Retained earnings 4,393,853 3,510,544
Accumulated other comprehensive income 2,509 896
Total stockholders’ equity attributable to TMHC 5,866,535 5,314,941
Non-controlling interests 11,645 17,345
Total stockholders’ equity 5,878,180 5,332,286
Total liabilities and owners’ equity $ 9,297,131 $ 8,672,087
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Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 400,000,000 400,000,000
Common stock, shares, issued (in shares) 162,061,709 161,129,515
Common stock, shares, outstanding (in shares) 102,241,978 106,917,636
Treasury stock, shares (in shares) 59,819,731 54,211,879
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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Total revenue $ 8,168,136 $ 7,417,831 $ 8,224,917
Total cost of revenue 6,183,924 5,634,758 6,132,551
Gross margin 1,984,212 1,783,073 2,092,366
Sales, commissions and other marketing costs 456,092 418,134 398,074
General and administrative expenses 314,406 280,573 245,138
Net (income)/loss from unconsolidated entities (6,347) (8,757) 14,184
Interest expense/(income), net (13,316) 12,577 (17,674)
Other expense, net 50,627 87,567 38,497
Loss/(gain) on extinguishment of debt, net 0 295 (13,876)
Income before income taxes 1,156,118 1,017,838 1,392,675
Income tax provision 269,548 248,097 336,428
Net income before allocation to non-controlling interests 886,570 769,741 1,056,247
Net income attributable to non-controlling interests (3,261) (812) (3,447)
Net income $ 883,309 $ 768,929 $ 1,052,800
Earnings per common share      
Basic (in dollars per share) $ 8.43 $ 7.09 $ 9.16
Diluted (in dollars per share) $ 8.27 $ 6.98 $ 9.06
Weighted average number of shares of common stock:      
Basic (in shares) 104,813 108,424 114,982
Diluted (in shares) 106,846 110,145 116,221
Home closings revenue, net      
Total revenue $ 7,755,219 $ 7,158,857 $ 7,889,371
Total cost of revenue 5,863,743 5,451,401 5,904,458
Gross margin 1,891,476 1,707,456 1,984,913
Land closings revenue      
Total revenue 81,417 60,971 81,070
Total cost of revenue 73,609 55,218 63,644
Financial services revenue      
Total revenue 199,459 160,312 135,491
Total cost of revenue 108,592 93,990 83,960
Amenity and other revenue      
Total revenue 132,041 37,691 118,985
Total cost of revenue $ 137,980 $ 34,149 $ 80,489
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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Income before non-controlling interests, net of tax $ 886,570 $ 769,741 $ 1,056,247
Post-retirement benefits adjustments, net of tax 1,613 537 (330)
Comprehensive income 888,183 770,278 1,055,917
Comprehensive income attributable to non-controlling interests (3,261) (812) (3,447)
Comprehensive income available to Taylor Morrison Home Corporation $ 884,922 $ 769,466 $ 1,052,470
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Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Income/(loss)
Non- Controlling Interests
Balance, beginning of period (in shares) at Dec. 31, 2021   121,833,649 36,828,559        
Balance, beginning of period at Dec. 31, 2021 $ 3,970,982 $ 1 $ 2,997,211 $ (760,863) $ 1,688,815 $ 689 $ 45,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 1,056,247       1,052,800   3,447
Other comprehensive income (loss) (330)         (330)  
Exercise of stock options and issuance of restricted stock (shares) [1]   729,977          
Exercise of stock options and issuance of restricted stock [1] 1,377   $ 1,377        
Repurchase of common stock (shares)   (14,568,364) (14,568,364)        
Repurchase of common stock (376,275)     (376,275)      
Stock compensation expense 26,901   $ 26,901        
Distributions to non-controlling interests of consolidated joint ventures (31,261)           (31,261)
Changes in non-controlling interests of consolidated joint ventures, net (782)           (782)
Balance, end of period (in shares) at Dec. 31, 2022   107,995,262 51,396,923        
Balance, end of period at Dec. 31, 2022 4,646,859 $ 1 $ 3,025,489 (1,137,138) 2,741,615 359 16,533
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 769,741       768,929   812
Other comprehensive income (loss) 537         537  
Exercise of stock options and issuance of restricted stock (shares) [2]   1,737,330          
Exercise of stock options and issuance of restricted stock [2] $ 17,013   $ 17,013        
Repurchase of common stock (shares) (2,814,956) (2,814,956) (2,814,956)        
Repurchase of common stock $ (127,959)     (127,959)      
Stock compensation expense 26,095   $ 26,095        
Balance, end of period (in shares) at Dec. 31, 2023   106,917,636 54,211,879        
Balance, end of period at Dec. 31, 2023 5,332,286 $ 1 $ 3,068,597 (1,265,097) 3,510,544 896 17,345
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 886,570       883,309   3,261
Other comprehensive income (loss) 1,613         1,613  
Exercise of stock options and issuance of restricted stock (shares) [3]   932,194          
Exercise of stock options and issuance of restricted stock [3] $ (4,716)   $ (4,716)        
Repurchase of common stock (shares) (5,607,852) (5,607,852) [4] (5,607,852) [4]        
Repurchase of common stock [4] $ (351,073)     (351,073)      
Stock compensation expense 22,461   $ 22,461        
Distributions to non-controlling interests of consolidated joint ventures (8,756)           (8,756)
Changes in non-controlling interests of consolidated joint ventures, net (205)           (205)
Balance, end of period (in shares) at Dec. 31, 2024   102,241,978 59,819,731        
Balance, end of period at Dec. 31, 2024 $ 5,878,180 $ 1 $ 3,086,342 $ (1,616,170) $ 4,393,853 $ 2,509 $ 11,645
[1] Dollar amount includes $6.7 million of stock options exercised offset with the value of shares withheld for taxes on the issuance of restricted stock units which equates to $5.3 million
[2] Dollar amount includes $26.4 million of stock options exercised offset with the value of shares withheld for taxes on the issuance of restricted stock units which equates to $9.4 million
[3] Dollar amount includes $10.7 million of stock options exercised offset with the value of shares withheld for taxes on the issuance of restricted stock units which equates to $15.4 million
[4] Dollar amount includes $200.0 million of Accelerated Share Repurchases and $3.5 million for the the 1% excise tax on share repurchases
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Condensed Statements of Stockholders' Equity (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Share-based payment arrangement, decrease for tax withholding obligation $ 15.4 $ 9.4 $ 5.3
Stock issued during period, value, stock options exercised 10.7 $ 26.4 $ 6.7
Stock repurchased during period, value 200.0    
Share repurchase program, excise tax $ 3.5    
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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net income before allocation to non-controlling interests $ 886,570 $ 769,741 $ 1,056,247
Adjustments to reconcile net income to net cash provided by operating activities:      
Net (income)/loss from unconsolidated entities (6,347) (8,757) 14,184
Stock compensation expense 22,461 26,095 26,901
Loss/(gain) on extinguishment of debt, net 0 295 (13,876)
Gain on land transfers 0 0 (14,508)
Distributions of earnings from unconsolidated entities 12,929 9,230 5,270
Depreciation and amortization 41,190 33,406 33,839
Lease expense 20,361 24,808 27,420
Debt issuance costs amortization 2,890 3,315 2,260
Estimated development liability change in estimate (23,051) (14,829) 0
Deferred income taxes (8,423) (169) 83,584
Real estate impairment charges 29,637 11,791 24,870
Change in Build-to-Rent/Urban Form assets due to sale 79,976 0 42,046
Changes in operating assets and liabilities:      
Real estate inventory and land deposits (797,330) (78,575) (50,792)
Mortgage loans held for sale, prepaid expenses and other assets, net (182,084) 31,012 5,789
Customer deposits (86,936) (86,005) (73,613)
Accounts payable, accrued expenses and other liabilities 215,993 84,811 (61,849)
Income taxes payable 2,243 0 0
Net cash provided by operating activities 210,079 806,169 1,107,772
Cash Flows from Investing Activities:      
Purchase of property and equipment (36,330) (33,426) (30,581)
Distributions of capital from unconsolidated entities 29,698 824 125,275
Investments of capital into unconsolidated entities (129,809) (64,589) (109,574)
Net cash used in investing activities (136,441) (97,191) (14,880)
Cash Flows from Financing Activities      
Increase in loans payable and other borrowings 0 7,103 38,202
Repayments on loans payable and other borrowings (52,093) (20,747) (71,172)
Borrowings on revolving credit facilities 100,000 0 381,019
Repayments on revolving credit facilities (100,000) 0 (412,548)
Borrowings on mortgage warehouse facilities 3,652,098 3,007,682 2,662,241
Repayments on mortgage warehouse facilities (3,631,102) (3,160,290) (2,770,056)
Repayments on senior notes 0 (350,000) (622,780)
Changes in stock option exercises and issuance of restricted stock, net (4,716) 17,013 1,377
Payment of principal portion of finance lease (1,404) (1,316) (1,344)
Repurchase of common stock, net (347,598) (127,959) (376,275)
Cash and distributions to non-controlling interests of consolidated joint ventures, net (8,756) 0 (31,261)
Net cash used in financing activities (393,571) (628,514) (1,202,597)
Net Increase/Decrease in Cash and Cash Equivalents and Restricted Cash (319,933) 80,464 (109,705)
Cash, Cash Equivalents, and Restricted Cash - Beginning of period 807,099 726,635 836,340
Cash, Cash Equivalents, and Restricted Cash - End of period 487,166 807,099 726,635
Supplemental Cash Flow Information      
Income tax payments (264,425) (204,274) (270,034)
Supplemental Non-Cash Investing and Financing Activities:      
Loans payable issued to sellers in connection with land purchase contracts 341,020 235,554 231,027
Change in inventory not owned (423) 47,647 (31,343)
Investments of land in unconsolidated joint ventures, net 0 0 146,649
Impairment in unconsolidated joint ventures $ 0 $ 0 $ (14,714)
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BUSINESS
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BUSINESS BUSINESS
Description of the Business — Taylor Morrison Home Corporation (“TMHC”), through its subsidiaries (together with TMHC referred to herein as “we,” “our,” “the Company” and “us”), owns and operates a residential homebuilding business and is a land developer. We operate in the states of Arizona, California, Colorado, Florida, Georgia, Indiana, Nevada, North and South Carolina, Oregon, Texas, and Washington. We provide an assortment of homes across a wide range of price points to appeal to an array of consumer groups. We design, build and sell single and multi-family detached and attached homes in traditionally high growth markets for entry level, move-up, and resort-lifestyle buyers. We are the general contractors for all real estate projects and engage subcontractors for home construction and land development. Our homebuilding segments operate under various brand names including Taylor Morrison, Darling Homes Collection by Taylor Morrison, and Esplanade. We also have a “Build-to-Rent” homebuilding business which operates under the Yardly brand name. In addition, we develop and construct multi-use properties consisting of commercial space, retail, and multi-family properties under the Urban Form brand. We also have operations which provide financial services to customers through our wholly owned mortgage subsidiary, Taylor Morrison Home Funding, INC (“TMHF”), title services through our wholly owned title services subsidiary, Inspired Title Services, LLC (“Inspired Title”), and homeowner’s insurance policies through our insurance agency, Taylor Morrison Insurance Services, LLC (“TMIS”). Our business is organized into multiple homebuilding operating components, and a financial services component, all of which are managed as four reportable segments: East, Central, West, and Financial Services.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Consolidation — The accompanying Consolidated financial statements have been prepared in accordance with GAAP, include the accounts of TMHC and its consolidated subsidiaries as well as certain consolidated variable interest entities. Intercompany balances and transactions have been eliminated in consolidation.
Joint Ventures - We consolidate certain joint ventures in accordance with Accounting Standards Codification (“ASC”) Topic 810, Consolidation. The income from the percentage of the joint venture not owned by us is presented as “Net income attributable to non-controlling interests” on the Consolidated statements of operations. The assets, liabilities and equity from the percentage of the joint venture not owned by us is presented as “Non-controlling interests” on the Consolidated balance sheets and Consolidated statement of stockholders’ equity. The balance of Non-controlling interests on the Consolidated balance sheets will fluctuate from period to period as a result of activities within the respective joint ventures which may include the allocation of income or losses and distributions or contributions associated with the partners within the joint venture.
Use of Estimates — The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the Consolidated financial statements and accompanying notes. Significant estimates include real estate development costs to complete, valuation of real estate, valuation of goodwill, valuation of estimated development liabilities, valuation of equity awards, valuation allowance on deferred tax assets, and reserves for warranty and self-insured risks. Actual results could differ from those estimates.
Concentration of Credit Risk — Financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents and mortgage loans held for sale. Cash and cash equivalents include amounts on deposit with financial institutions in the U.S. that are in excess of the Federal Deposit Insurance Corporation federally insured limits of up to $250,000. Of the different types of mortgage loans held for sale, there was no concentration of mortgage loans with any one borrower for the year ended December 31, 2024. No material losses have been experienced to date.
In addition, the Company is exposed to credit risk to the extent that mortgage loan borrowers fail to meet their contractual obligations. This risk is mitigated by collateralizing the home sold with a mortgage, and entering into forward commitments to sell our mortgage loans held for sale, generally within 30 days of origination.
Cash and Cash Equivalents — Cash and cash equivalents consist of cash on hand, demand and escrow deposits with financial institutions, and investments with original maturities of 90 days or less. At December 31, 2024, the majority of our cash and cash equivalents were invested in highly liquid money market funds or on deposit with major financial institutions.
Restricted Cash — For the year ended December 31, 2023 restricted cash consisted of cash held under broker margin accounts associated with derivative instruments.
Real Estate Inventory — Inventory consists of raw land, land under development, homes under construction, completed homes, and model homes, all of which are stated at cost. In addition to direct carrying costs, we also capitalize interest, real estate taxes, and related development costs that benefit the entire community, such as field construction supervision and related direct overhead. Home vertical construction costs are accumulated and charged to Cost of home closings at the time
of home closings using the specific identification method. Land acquisition, development, interest, and real estate taxes are capitalized and allocated generally using the relative sales value method. Generally, all overhead costs relating to purchasing, vertical construction, and construction utilities are considered overhead costs and allocated on a per unit basis. These costs are capitalized to inventory beginning with the start of development through construction completion. Changes in estimated costs to be incurred in a community are generally allocated to the remaining project on a prospective basis.
The life cycle of a community typically ranges from two to five years, commencing with the acquisition of unentitled or entitled land, continuing through the land development phase and concluding with the sale, construction and delivery of homes. Actual community duration will vary based on the size of the community, the sales absorption rate and whether we purchased the property as raw land or finished lots.
We capitalize qualifying interest costs to inventory during the development and construction periods. Capitalized interest is charged to Cost of home closings when the related inventory is charged to Cost of home closings.
We assess the recoverability of our inventory in accordance with the provisions of ASC Topic 360, Property, Plant, and Equipment. We review our real estate inventory for indicators of impairment on a community-level basis during each reporting period. If indicators of impairment are present for a community, an undiscounted cash flow analysis is generally prepared in order to determine if the carrying value of the assets in that community exceeds the estimated undiscounted cash flows. Generally, if the carrying value of the assets exceeds their estimated undiscounted cash flows, the assets are potentially impaired, requiring a fair value analysis. Our determination of fair value is primarily based on a discounted cash flow model which includes projections and estimates relating to sales prices, construction costs, sales pace, and other factors. However, in certain circumstances, fair value can also be determined through other methods, such as appraisals, contractual purchase offers, and other third party opinions of value. Changes in these expectations may lead to a change in the outcome of our impairment analysis, and actual results may also differ from our assumptions. For the year ended December 31, 2024 we recorded $5.0 million of inventory impairments relating to our East and Central segments. For the years ended December 31, 2023 and 2022, we recorded $11.8 million and $24.9 million, respectively, of impairment charges relating to our West reporting segment. Impairment charges relating to real estate inventory are recorded to Cost of home closings on the Consolidated statement of operations. In addition to real estate inventory, we also review our other real estate assets for impairment. For the year ended December 31, 2024 we recorded $12.5 million of real estate asset impairment relating to one Urban Form asset in our Corporate and Unallocated reporting segment. For the years ended December 31, 2023 and 2022 there were no Urban Form asset impairment charges. Impairment charges relating to Urban Form assets are recorded to Amenity and other expenses on the Consolidated statement of operations.
In certain cases, we may elect to cease development and/or marketing of an existing community if we believe the economic performance of the community would be maximized by deferring development for a period of time to allow for market conditions to improve. We refer to such communities as long-term strategic assets. The decision may be based on financial and/or operational metrics as determined by us. For those communities that have been temporarily closed or development has been discontinued, we do not allocate interest or other costs to the community’s inventory until activity resumes and such costs are expensed as incurred. In addition, if we decide to cease development, we will evaluate the project for recoverability and then cease future development and marketing activity until such a time when we believe that market conditions have improved and economic performance can be maximized. Our assessment of the carrying value of our long-term strategic assets typically includes estimates of future performance, including the timing of when development will recommence, the type of product to be offered, and the margin to be realized. In the future, some of these inactive communities may be re-opened while others may be sold. As of December 31, 2024 and 2023, we had no long-term strategic assets.
Real estate or inventory assets are considered held for sale once it is determined all criteria in accordance with Topic 360 have been met. The criteria includes the following considerations: (i) whether the company is committed to a plan to sell, (ii) whether the asset is available for immediate sale in the asset's present condition, (iii) whether an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (iv) whether the sale of the asset is probable (i.e., likely to occur) and the transfer is expected to qualify for recognition as a completed sale within one year, (v) whether the long-lived asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) whether actions necessary to complete the plan indicate that it is unlikely significant changes to the plan will be made and that the plan will be withdrawn. Real estate and inventory assets held for sale are reported at the lower of carrying value or estimated fair value, less estimated costs to sell. The estimated fair value is generally based on appraisal, sales listing agreements, purchase and sales agreements, letters of intent, broker price opinions, recent offers received, prices for assets in recent comparable sales transactions, or other third-party estimates. Impairment losses on real estate or inventory assets held for sale is recognized when the carrying value is greater than the fair value less estimated costs to sell. Fair value may be based on the estimated sales price of the property or a cash flow analysis may also be performed.
Inventory Assets Held for Sale - In some locations where we act as a developer, we occasionally purchase land that includes commercially zoned parcels or areas designated for school or government use, which we typically sell to commercial developers or municipalities, as applicable. We also sell residential lots or land parcels to manage our land and lot supply on larger tracts of land. For the twelve months ended December 31, 2024, we recorded $6.8 million of fair value adjustments for land held for sale in our West reporting segment, which was subsequently sold as of December 31, 2024.
For the twelve months ended December 31, 2023 and 2022 we had no material fair value adjustments for land held for sale. Adjustments for land held for sale are recorded within Cost of land closings on the Consolidated statements of operations.
Real Estate Assets Held for Sale - As of December 31, 2024, we classified one Urban Form asset in Oregon to be held for sale. This asset is in our Corporate and Unallocated reporting segment. We expect the sale to occur within 12 months of the date it was classified as held for sale. We recorded an adjustment to fair value for $5.3 million, the amount of the impairment, which is included in Amenity and other expenses on the Consolidated statements of operations. The fair value of such asset held for sale as of December 31, 2024 is $89.7 million. There were no real estate assets classified as held for sale as of December 31, 2023 and 2022.
Land banking arrangements — We have land purchase agreements with various land sellers. As a method of acquiring land in staged takedowns, while limiting risk and minimizing the use of funds from our available cash or other financing sources, we transfer our right under certain specific performance agreements to entities owned by third parties (“land banking arrangements”). These entities use equity contributions from their owners and/or incur debt to finance the acquisition and development of the land. We incur interest expense on these arrangements. Interest is based on remaining lots to be purchased and is capitalized for the percentage of lots in each project actively under development, with the remainder expensed and included in Interest expense/(income), net on the Consolidated statements of operations. These lots are considered controlled, however we are not legally obligated to purchase lots under these agreements and would forfeit any existing deposits and could be subject to financial and other penalties if the lots were not purchased. We do not have an ownership interest in these entities or title to their assets and do not guarantee their liabilities. As such, these entities are not consolidated. These land banking arrangements help us manage the financial and market risk associated with land holdings which are not included in the Consolidated balance sheets.
As of December 31, 2024 and 2023, we had the right to purchase 6,895 lots and 5,818 lots under land banking agreements for an aggregate purchase price of $1.2 billion and $822.1 million, respectively. As of December 31, 2024 and 2023, our exposure to loss related to deposits on land banking arrangements totaled $154.8 million and $129.2 million, respectively.
Land Deposits — We make deposits related to land option contracts, land banking, and land purchase contracts, which are recorded to Land Deposits on the consolidated balance sheets. Land deposits are recorded as real estate inventory in the accompanying Consolidated balance sheets at the time the deposit is applied to the acquisition price of the land based on the terms of the underlying agreements. To the extent the deposits are non-refundable, they are charged to Other expense, net if the land acquisition process is terminated or no longer determined probable.
Mortgage Loans Held for Sale — Mortgage loans held for sale consist of mortgages due from buyers of Taylor Morrison homes that are financed through our wholly-owned mortgage finance subsidiary, TMHF. Mortgage loans held for sale are carried at fair value, using observable market information, including pricing from actual market transactions, investor commitment prices, or broker quotations. The fair value for Mortgage loans held for sale covered by investor commitments is generally based on commitment prices. The fair value for Mortgage loans held for sale not committed to be purchased by an investor is generally based on current delivery prices using best execution pricing.
Leases — We recognize leases in accordance with ASC Topic 842, Leases. Our operating leases primarily consist of office space, construction trailers, model home leasebacks, and equipment or storage units. Operating and finance leases are recorded in Lease right of use asset and Lease liabilities on the Consolidated balance sheets.
A summary of our leases is shown below:
 Operating Leases
As of December 31,		 Finance Leases
As of December 31,
(Dollars in millions)2024 2023 2022 2024 2023 2022
Weighted average discount rate5.8% 5.9% 5.9% 7.3% 7.3% 7.3%
Weighted average remaining lease term (in years)
4.9 3.8 4.1 83.1 85.1 86.0
Payments on lease liabilities$21.4 $28.1 $29.2 $1.4 $1.3 $1.3
Recorded lease expense$18.3 $22.8 $25.4 $2.1 $2.0 $2.0
The future minimum lease payments required under our leases as of December 31, 2024 are as follows (dollars in thousands):
Years Ending December 31,
Operating
Lease
Payments
Finance
Lease
Payments
Total
Lease
Payments
2025$17,766 $1,385 $19,151 
202613,170 1,385 14,555 
202710,314 1,385 11,699 
20286,370 1,385 7,755 
20295,516 1,574 7,090 
Thereafter9,242 255,826 
(1)
265,068 
Total lease payments$62,378 $262,940 $325,318 
Less: Interest$8,390 $237,930 $246,320 
Present value of future lease payments$53,988 $25,010 $78,998 
(1) Includes a 90-year land lease.
Prepaid Expenses and Other Assets, net — Prepaid expenses and other assets, net consist of the following:
 As of December 31,
(Dollars in thousands)20242023
Prepaid expenses$41,254 $41,310 
Other assets86,422 104,210 
Build-to-Rent assets242,966 145,405 
Total prepaid expenses and other assets, net$370,642 $290,925 
Prepaid expenses consist primarily of sales commissions, prepaid rent, impact fees and the unamortized debt issuance costs for the revolving credit facility. Prepaid sales commissions are recorded on pre-closing sales activities, which are recognized on the ultimate closing of the homes to which they relate. Other assets consist primarily of various operating and escrow deposits, pre-acquisition costs, rebate receivables, income tax receivables, Urban Form assets, and other deferred costs. Build-to-Rent assets consist primarily of land and development costs relating to projects under construction.
Derivative Assets — We enter into interest rate lock commitments (“IRLCs”) when originating residential mortgage loans held for sale, at specified interest rates and within a specified period of time (generally between 30 and 60 days), with customers who have applied for a loan and meet certain credit and underwriting criteria. We are exposed to interest rate risk as a result of these IRLCs and originated Mortgage loans held for sale until those loans are sold in the secondary market. The price risk related to changes in the fair value of IRLCs and Mortgage loans held for sale not committed to be purchased by investors are subject to change primarily due to changes in market interest rates. We manage the interest rate and price risk associated with our outstanding IRLCs and Mortgage loans held for sale not committed to be purchased by investors by entering into hedging instruments such as forward loan sales commitments and mandatory delivery commitments. We expect these instruments will experience changes in fair value inverse to changes in the fair value of the IRLCs and Mortgage loans held for sale not committed to investors, thereby reducing earnings volatility. Best effort sale commitments are also executed for certain loans at the time the IRLC is locked with the borrower. The fair value of the best effort IRLC and Mortgage loans held for sale are valued using the commitment price to the investor. We take into account various factors and strategies in determining what portion of the IRLCs and Mortgage loans held for sale to economically hedge.
The IRLCs meet the definition of a derivative and are reflected on the balance sheet at fair value in Prepaid expenses and other assets, net or Accrued expenses and other liabilities, with changes in fair value recognized in Financial Services revenue on the Consolidated statements of operations. Unrealized gains and losses on the IRLCs, reflected as derivative assets, are measured based on the fair value of the underlying mortgage loan, quoted Agency MBS prices, estimates of the fair value of the mortgage servicing rights and the probability that the mortgage loan will fund within the terms of the IRLC, net of commission expense and broker fees. The fair value of the forward loan sales commitment and mandatory delivery commitments being used to hedge the IRLCs and Mortgage loans held for sale not committed to be purchased by investors are based on quoted Agency MBS prices. Refer to Note 15—Mortgage Hedging Activities for additional information.
Other Receivables, net — Other receivables primarily consist of amounts expected to be recovered from various community development, municipality, and utility districts and utility deposits. Allowances are maintained for potential losses based on historical experience, present economic conditions, and other factors considered relevant. Allowances are recorded in Other expense, net, when collectability becomes unlikely. Allowances at December 31, 2024 and 2023 were immaterial.
Investments in Consolidated and Unconsolidated Entities
Consolidated Entities — In the ordinary course of business, we enter into land purchase contracts, lot option contracts and land banking arrangements in order to procure land or lots for the construction of homes. Such contracts give us access to significant lot positions with a minimal initial capital investment and substantially reduce the risk associated with land ownership and development. In accordance with ASC Topic 810, Consolidation, when we enter into agreements to acquire land or lots and pay a non-refundable deposit, we evaluate if a Variable Interest Entity (“VIE”) is created and if we are deemed to have provided subordinated financial support that will absorb some or all of an entity’s expected losses, or rights to residual returns, if they occur. If we are the primary beneficiary of the VIE, we consolidate the VIE and reflect such assets and liabilities as Consolidated real estate not owned and Liabilities attributable to consolidated real estate not owned, respectively, in the Consolidated balance sheets.
Unconsolidated Joint Ventures — We use the equity method of accounting for entities, generally joint ventures with other builders, where we do not have a controlling interest over the operating and financial policies of the investee. Our share of net earnings or losses is included in Net (income)/loss from unconsolidated entities on the Consolidated statements of operations when earned and distributions are credited against our Investment in unconsolidated entities on the Consolidated balance sheets when received.
We evaluate our investments in unconsolidated entities for indicators of impairment semi-annually. A series of operating losses of an investee or other factors may indicate that a decrease in value of our investment in the unconsolidated entity has occurred which is other-than-temporary. The amount of impairment recognized, if any, is the excess of the investment’s carrying amount over its estimated fair value. Additionally, we consider various qualitative factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include age of the venture, stage in its life cycle, intent and ability for us to recover our investment in the entity, financial condition and long-term prospects of the entity, short-term liquidity needs, trends in the general economic environment, entitlement status of the land, overall projected returns on investment, defaults under contracts with third parties (including bank debt), recoverability of the investment through future cash flows and relationships with the other partners. If we believe that the decline in the fair value of the investment is temporary, then no impairment is recorded. We recorded $14.7 million of impairment charges related to investments in unconsolidated entities for the year ended December 31, 2022. No such charges were recorded for the years ended December 31, 2024 and 2023.
Income Taxes — We account for income taxes in accordance with ASC Topic 740, Income Taxes ("ASC 740"). Deferred tax assets and liabilities are recorded based on future tax consequences of temporary differences between the amounts reported for financial reporting purposes and the amounts deductible for income tax purposes, and are measured using enacted tax rates expected to apply in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the changes are enacted.
We periodically assess our deferred tax assets, including the benefit from net operating losses, to determine if a valuation allowance is required. A valuation allowance is established when, based upon available evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. Realization of the deferred tax assets is dependent upon, among other matters, taxable income in prior years available for carryback, estimates of future income, tax planning strategies, and reversal of existing temporary differences.
Property and Equipment, net — Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is generally computed using the straight-line basis over the estimated useful lives of the assets as follows:
Buildings: 20 – 40 years
Building and leasehold improvements: 10 years or remaining life of building/lease term if less than 10 years
Information systems: over the term of the license
Furniture, fixtures and computer and equipment: 5 – 7 years
Model and sales office improvements: lesser of 3 years or the life of the community
Maintenance and repair costs are expensed as incurred.
Depreciation expense was $11.5 million, $9.0 million, and $7.6 million, respectively, for the years ended December 31, 2024, 2023, and 2022. Depreciation expense is recorded in General and administrative expenses in the Consolidated statement of operations.
Goodwill — The excess of the purchase price of a business acquisition over the net fair value of assets acquired and liabilities assumed is capitalized as goodwill in accordance with ASC Topic 350, Intangibles — Goodwill and Other. ASC 350 requires that goodwill and intangible assets that do not have finite lives not be amortized, but rather assessed for impairment at least annually or more frequently if certain impairment indicators are present. We perform our annual impairment test during the fourth fiscal quarter or whenever impairment indicators are present. For the years ended December 31, 2024, 2023 and 2022, goodwill was not impaired.
Insurance Costs, Self-Insurance Reserves and Warranty Reserves — We have certain deductible limits for each of our policies under our workers’ compensation, automobile, and general liability insurance policies, and we record warranty
expense and liabilities for the estimated costs of potential claims for construction defects. The excess liability is aggregated annually and applied in excess of automobile liability, employer’s liability under workers compensation and general liability policies. We also generally require our subcontractors and design professionals to indemnify us and provide evidence of insurance for liabilities arising from their work, subject to certain limitations. We are the parent of Beneva Indemnity Company (“Beneva”), a wholly-owned captive insurance company, which provides insurance coverage for construction defects discovered up to ten years following the close of a home, coverage for premise operations risk, and property damage. We accrue for the expected costs associated with the deductibles and self-insured amounts under our various insurance policies based on historical claims, estimates for claims incurred but not reported, and potential for recovery of costs from insurance and other sources. The estimates are subject to significant variability due to factors, such as claim settlement patterns, litigation trends, and the extended period of time in which a construction defect claim might be made after the closing of a home.
Our loss reserves for structural defects are based on factors that include an actuarial study for structural, historical and anticipated claims, trends related to similar product types, number of home closings, and geographical areas. We also provide third-party warranty coverage on homes where required by Federal Housing Administration or Veterans Administration lenders. We regularly review the reasonableness and adequacy of our reserves and make adjustments to the balance of the preexisting reserves to reflect changes in trends and historical data as information becomes available. Self-insurance and warranty reserves are included in Accrued expenses and other liabilities in the Consolidated balance sheets.
We offer a one year limited warranty to cover various defects in workmanship or materials, two year limited warranty on certain systems (such as electrical or cooling systems), and a ten year limited warranty on structural defects. Warranty reserves are established as homes close in an amount estimated to be adequate to cover expected costs of materials and outside labor during warranty periods. Our warranty is not considered a separate performance obligation in the sales arrangement since it is not priced separately from the home, therefore, it is accounted for in accordance with ASC Topic 450, Contingencies, which states that warranties that are not separately priced are generally accounted for by accruing the estimated costs to fulfill the warranty obligation. As a result, we accrue the estimated costs to fulfill the warranty obligation at the time a home closes, as a component of Cost of home closings on the Consolidated statements of operations.
Employee Benefit Plans — We maintain a defined contribution plan pursuant to Section 401(k) of the Internal Revenue Code ("IRC") (“401(k) Plan”). Each eligible employee may elect to make before-tax contributions up to the current tax limits. At December 31, 2024, we match 100% of employees’ voluntary contributions up to 4% of eligible compensation, and 50% for each dollar contributed between 4% and 5% of eligible compensation. We contributed $14.4 million, $13.2 million, and $13.6 million to the 401(k) Plan for the years ended December 31, 2024, 2023, and 2022, respectively.
Treasury Stock — We account for treasury stock, including the shares repurchased as part of our Accelerated Share Repurchase ("ASR") programs, in accordance with ASC Topic 505-30, Equity—Treasury Stock. Repurchased shares are reflected as a reduction in stockholders’ equity. Refer to Note 11 - Stockholders' Equity for additional discussion regarding ASR programs.
Stock Based Compensation — We have stock options, performance-based restricted stock units ("PRSUs") and non-performance-based restricted stock units ("RSUs" or "Restricted stock"), which we account for in accordance with ASC Topic 718-10, Compensation — Stock Compensation. The fair value for stock options is measured and estimated on the date of grant using the Black-Scholes option pricing model and recognized evenly over the vesting period of the options. PRSUs are measured using the closing price on the date of grant and expensed using a probability of attainment calculation which determines the likelihood of achieving the performance targets. RSUs are time-based awards and measured using the closing price on the date of grant and are expensed ratably over the vesting period.
Revenue Recognition — Revenue is recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”). The standard’s core principle requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services.
Home and land closings revenue
Under Topic 606, the following steps are applied to determine home closings revenue and land closings revenue recognition:
(1) identify the contract(s) with our customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the performance obligation(s) are satisfied. Our home sales transactions, have one contract, with one performance obligation, with each customer to build and deliver the home purchased (or develop and deliver land). Based on the application of the five steps, the following summarizes the timing and manner of home and land sales revenue:
•Revenue from closings of residential real estate is recognized when the buyer has made the required minimum down payment, obtained necessary financing, the risks and rewards of ownership are transferred to the buyer, and we have no continuing involvement with the property, which is generally upon the close of escrow. Revenue is reported net of any discounts and incentives.
•Revenue from land sales is recognized when a significant down payment is received, title passes and collectability of the receivable, if any, is probable, and control of the property transfers to the buyer, which is generally upon the close of escrow.
Amenity and other revenue
We own and operate certain amenities such as golf courses, club houses, and fitness centers, which require us to provide club members with access to the facilities in exchange for the payment of club dues. We collect club dues and other fees from club members, which are invoiced and recorded as revenue on a monthly basis. Revenue from our golf club operations is also included in Amenity and other revenue. Amenity and other revenue also includes revenue from the sale of assets from our Urban Form operations and Build-to-Rent operations which is recorded as control transfers to the buyer at transaction close and other criteria of ASC Topic 606 are met.
Financial services revenue
Mortgage operations and hedging activity related to financial services are not within the scope of Topic 606. Loan origination fees (including title fees, points, and closing costs) are recognized at the time the related real estate transactions are completed, which is usually upon the close of escrow. Generally, loans TMHF originates are sold to third party investors within a short period of time, on a non-recourse basis. Gains and losses from the sale of mortgages are recognized in accordance with ASC Topic 860-20, Sales of Financial Assets. TMHF does not have continuing involvement with the transferred assets; therefore, we derecognize the mortgage loans at time of sale, based on the difference between the selling price and carrying value of the related loans upon sale, recording a gain/loss on sale in the period of sale. Also included in Financial services revenue/expenses is the realized and unrealized gains and losses from hedging instruments. ASC Topic 815-25, Derivatives and Hedging, requires that all hedging instruments be recognized as assets or liabilities on the balance sheet at their fair value. We do not meet the criteria for hedge accounting; therefore, we account for these instruments as free-standing derivatives, with changes in fair value recognized in Financial services revenue/expenses on the statement of operations in the period in which they occur. See "Derivative Assets" above in this Note 2.
Advertising Costs — We expense advertising costs as incurred. For the years ended December 31, 2024, 2023, and 2022, advertising costs were $33.8 million, $28.7 million, and $33.9 million, respectively. Such costs are included in Sales, commissions and other marketing costs on the Consolidated statement of operations.
Asset Acquisition —On April 29, 2024, we acquired substantially all the assets of Pyatt Builders, a privately-held Indianapolis based homebuilder. The assets acquired were primarily inventory for existing and future communities, including approximately 1,700 owned and controlled lots. The acquisition was accounted for as an asset acquisition and was not material to our results of operations or financial condition.
Recently Issued Accounting Pronouncements — In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation as well as further disaggregate income taxes paid. This ASU can be applied prospectively or retrospectively and is effective for the annual reporting period ending December 31, 2025. The adoption of ASU 2023-09 will not impact our Consolidated financial statements but we are currently reviewing the impact that it may have on our footnote disclosures.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which establishes new disclosure requirements for income statement expenses. Under the new guidance, entities must provide greater disaggregation of expenses which includes disclosing the amounts of purchases of inventory, employee compensation, and depreciation included in each relevant expense caption. Entities will also have to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, the total amount of selling expenses, and a definition of selling expenses. This ASU can be applied prospectively or retrospectively and is effective for the annual reporting period ending December 31, 2027. The adoption of ASU 2024-03 will not impact our Consolidated financial statements but we are currently reviewing the impact that it may have on our footnote disclosures.
In November 2024, the FASB issued ASU 2024-04, Induced Conversions of Convertible Debt Instruments, which clarifies requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. This ASU must be applied prospectively and is effective for the annual reporting period ending December 31, 2026. The adoption of ASU 2024-04 will not impact our Consolidated financial statements but we are currently reviewing the impact that it may have on our footnote disclosures.
v3.25.0.1
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share gives effect to the potential dilution that could occur if all outstanding dilutive equity awards to issue shares of common stock were exercised or settled.
The following is a summary of the components of basic and diluted earnings per share:
 Year Ended December 31,
 202420232022
Numerator:   
Net income$883,309 $768,929 $1,052,800 
Denominator:   
Weighted average shares – basic104,813108,424114,982
Restricted stock986925707
Stock options1,047796532
Weighted average shares – diluted106,846110,145116,221
Earnings per common share – basic$8.43 $7.09 $9.16 
Earnings per common share – diluted$8.27 $6.98 $9.06 
The above calculations of weighted average shares exclude 120,255, 303,033, and 1,485,064 outstanding anti-dilutive stock options and unvested performance and non-performance restricted stock for the years ended December 31, 2024, 2023, and 2022, respectively.
In addition, 176,725 shares relating to our ASR (refer to Note 11 - Stockholders' Equity) were also anti-dilutive and excluded from the above for the year ended December 31, 2024. There were no ASR transactions in 2023.
v3.25.0.1
REAL ESTATE INVENTORY
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
REAL ESTATE INVENTORY REAL ESTATE INVENTORY
Inventory consists of the following:
 As of December 31,
(Dollars in thousands)20242023
Real estate developed and under development$4,455,623 $3,855,534 
Real estate held for development or held for sale (1)
26,301 29,317 
Total land inventory4,481,924 3,884,851 
Operating communities (2)
1,524,352 1,414,528 
Capitalized interest156,613 174,449 
Total owned inventory6,162,889 5,473,828 
Consolidated real estate not owned71,195 71,618 
Total real estate inventory$6,234,084 $5,545,446 
(1)Real estate held for development or held for sale includes properties which are not in active production.
(2)Operating communities consist of all vertical construction costs relating to homes in progress and completed homes.
We have land option purchase contracts, land banking arrangements and other controlled lot agreements. We do not have title to the properties, and the property owner and its creditors generally only have recourse against us in the form of retaining non-refundable deposits. We are also not legally obligated to purchase the lots.
A summary of owned and controlled lots is as follows:
As of December 31,
(Dollars in thousands)20242023
Owned lots:
Undeveloped16,345 13,418 
Under development8,774 8,848 
Finished11,599 11,811 
Total owned lots36,718 34,077 
Controlled lots:
Land option purchase contracts9,5298,621
Land banking arrangements6,8955,818
Other controlled lots(1)
33,01123,846
Total controlled lots49,43538,285
Total owned and controlled lots86,15372,362
Homes in inventory7,6987,867
(1)Other controlled lots include single transaction take-downs and lots from our portion of unconsolidated JVs.
Lots which represent homes in progress and completed homes have been excluded from total owned lots. Controlled lots represent lots in which we have a contractual right to acquire real property, generally through an option contract, land banking arrangement, or a land deposit paid to a seller. Homes in inventory include any lots which have commenced vertical construction.
Capitalized Interest — Interest capitalized, incurred and amortized is as follows:
 Year ended December 31,
(Dollars in thousands)202420232022
Interest capitalized - beginning of period$174,449 $190,123 $168,670 
Interest capitalized96,363 119,196 159,913 
Interest amortized to cost of home closings(114,199)(134,870)(138,460)
Interest capitalized - end of period$156,613 $174,449 $190,123 
v3.25.0.1
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES
Unconsolidated Entities — We have investments in a number of joint ventures with third parties. These entities are generally involved in real estate development, homebuilding, Build-to-Rent, and/or mortgage lending activities. The primary activity of our real estate development joint ventures is the development and sale of lots to joint venture partners and/or unrelated builders.
During the year ended December 31, 2022, we contributed land as part of two initial investments in existing unconsolidated joint ventures. In accordance with ASC 606, when the transferee obtains title, physical possession and maintains the risks and rewards of ownership of the property and the transferor has no continuing involvement, the contribution is considered a transfer. To recognize the transfer, the difference between the fair value of the land and carrying value at the time of the contribution is recorded as a gain/loss on transfer. For the year ended December 31, 2022, we recognized gains of $14.5 million in Other expense, net on the Consolidated statements of operations, related to land transferred to unconsolidated joint ventures.
Summarized, unaudited condensed combined financial information of unconsolidated entities that are accounted for by the equity method are as follows (in thousands):
 As of December 31,
 20242023
Assets:
Real estate inventory1,396,887 $952,223 
Other assets226,198 182,517 
Total assets$1,623,085 $1,134,740 
Liabilities:
Debt$576,753 $317,224 
Other liabilities69,706 50,739 
Total liabilities$646,459 $367,963 
Owners’ equity:
TMHC$439,721 $346,192 
Others536,905 420,585 
Total owners’ equity$976,626 $766,777 
Total liabilities and owners’ equity$1,623,085 $1,134,740 
 Year ended December 31,
 202420232022
Revenues$305,057 $158,174 $168,695 
Costs and expenses(288,473)(135,007)(163,488)
Net income from unconsolidated entities$16,584 $23,166 $5,207 
TMHC’s share in net income/(loss) of unconsolidated entities(1)
$6,347 $8,757 $(14,184)
Distributions to TMHC from unconsolidated entities$42,627 $10,054 $130,545 
(1)TMHC’s share in net loss from unconsolidated entities in 2022 relates to a $14.7 million impairment charge to our investment in one of our unconsolidated joint ventures.
Consolidated Entities — We have several joint ventures for the purpose of real estate development and homebuilding activities, which we have determined to be VIEs. As the managing member, we oversee the daily operations and have the power to direct the activities of the joint ventures. For this specific subset of joint ventures, based upon the allocation of income and loss per the applicable joint venture agreements and certain performance guarantees, we have potentially significant exposure to the risks and rewards of the joint ventures. Therefore, we are the primary beneficiary of these joint venture VIEs, and the entities are consolidated.
As of December 31, 2024, the assets of the consolidated joint ventures totaled $98.6 million, of which $18.1 million was cash and cash equivalents and $79.1 million was owned real estate inventory. As of December 31, 2023, the assets of the consolidated joint ventures totaled $265.2 million, of which $29.8 million was cash and cash equivalents, $70.2 million was owned real estate inventory, and $121.3 million was property and equipment, net. The liabilities of the consolidated joint ventures totaled $48.4 million and $133.8 million as of December 31, 2024 and December 31, 2023, respectively, and were primarily comprised of accounts payable and accrued expenses and other liabilities. The decrease in the balances at December 31, 2024 from December 31, 2023 is a result of our fourth quarter 2024 purchase for $4.4 million, from our partner, of the percentage of the Urban Form joint venture we did not previously own. We recognized an immaterial loss on the buyout which is recorded in Changes in non-controlling interest of consolidated joint ventures, net on the Consolidated statements of stockholders' equity.
v3.25.0.1
ACCRUED EXPENSES AND OTHER LIABILITIES
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
ACCRUED EXPENSES AND OTHER LIABILITIES ACCRUED EXPENSES AND OTHER LIABILITIES
Accrued expenses and other liabilities consist of the following (in thousands):
 As of December 31,
 20242023
Real estate development costs to complete$44,046 $46,114 
Compensation and employee benefits174,509 149,095 
Self-insurance and warranty reserves214,105 184,448 
Interest payable32,288 31,042 
Property and sales taxes payable
36,575 30,887 
Other accruals130,727 107,488 
Total accrued expenses and other liabilities$632,250 $549,074 

Self-Insurance and Warranty Reserves — We accrue for the expected costs associated with our limited warranty, deductibles and self-insured exposure under our various insurance policies within Beneva. A summary of the changes in reserves are as follows (in thousands):
 Year Ended
December 31,
 202420232022
Reserve - beginning of period$184,448 $161,675 $141,839 
Additions to reserves82,376 83,226 76,643 
Cost of claims incurred(85,454)(80,646)(76,994)
Changes in estimates to pre-existing reserves32,735 20,193 20,187 
Reserve - end of period
$214,105 $184,448 $161,675 
The increase in the end of period reserves as of December 31, 2024 is a result of year-to-date net losses generated in Beneva. The reserve estimates utilize actuarial assumptions which are based on historical and recent claims data. Both the frequency of the claims and the cost to remediate the claims have increased in recent years, causing increases in reserves.
v3.25.0.1
ESTIMATED DEVELOPMENT LIABILITIES
 12 Months Ended
Dec. 31, 2024
Real Estate Liabilities Associated with Assets Held for Development and Sale [Abstract]  
ESTIMATED DEVELOPMENT LIABILITIES ESTIMATED DEVELOPMENT LIABILITIES
Estimated development liabilities consist primarily of estimated future utilities improvements in Poinciana, Florida and Rio Rico, Arizona for home sites previously sold, in most cases prior to 1980. Such development liabilities were assumed through our acquisition of AV Homes and initially incurred by affiliates of AV Homes in connection with class action settlement agreements in 1974 (the “1974 Judgment”), which required AV Homes to install certain water and electric infrastructure at home sites upon satisfaction of certain conditions. Estimated development liabilities are reduced by actual expenditures and are evaluated and adjusted, as appropriate, to reflect management’s estimate of potential completion costs. These liabilities were historically based on third-party engineer cost estimates which reflected the estimated completion costs. In 2023, management performed an analysis which included identifying the number of home sites eligible for the future utility improvements and bifurcating into groups based on the home site status to better estimate the future costs and our ultimate liabilities.
This analysis, which is deemed to be a change in estimate, was a result of a change in policy, consistent with the terms of the 1974 Judgment, to perform infrastructure work for only lot owners that meet specific criteria, such as having privity of contract with the original sale documents. Management considered many factors in connection with this policy change, including the number of lots estimated to be owned by the original owners after bulk sales and foreclosures. Cost increases as a result of inflation or other economic factors were also taken into consideration.
There was a reduction to the estimated development liabilities of $23.1 million and $14.8 million during 2024 and 2023, respectively. In 2023, we used an engineer's cost study to perform an initial assessment of the value of the liabilities. In 2024, we engaged legal and other experts to further determine which lots within the initial engineer's cost study could potentially not have privity of contract and further reduced our estimated development liabilities by the number of lots that were determined to not have privity of contract or had no need for infrastructure installation. These reductions in the liabilities equated to an increase of approximately $0.17 and $0.10 per diluted share for the year ended December 31, 2024 and 2023, respectively. Unforeseen changes in claim activity, future increases or decreases of costs for construction, material and labor, as well as other land development and utilities infrastructure costs, may have a significant effect on the estimated development liabilities.
v3.25.0.1
DEBT
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
Total debt consists of the following (in thousands):
 As of December 31,
 20242023
 Principal
Unamortized
Debt Issuance (Costs)/
Premium
Carrying
Value
Principal
Unamortized
Debt Issuance (Costs)/
Premium
Carrying
Value
5.875% Senior Notes due 2027
500,000 (1,890)498,110 500,000 (2,672)497,328 
6.625% Senior Notes due 2027(1)
27,070 733 27,803 27,070 1,022 28,092 
5.75% Senior Notes due 2028
450,000 (1,920)448,080 450,000 (2,551)447,449 
5.125% Senior Notes due 2030
500,000 (3,539)496,461 500,000 (4,174)495,826 
Senior Notes subtotal$1,477,070 $(6,616)$1,470,454 $1,477,070 $(8,375)$1,468,695 
Loans payable and other borrowings475,569 — 475,569 394,943 — 394,943 
$1 Billion Revolving Credit Facility(2)
— — — — — — 
$100 Million Revolving Credit Facility
— — — — — — 
Mortgage warehouse borrowings174,460 — 174,460 153,464 — 153,464 
Total debt$2,127,099 $(6,616)$2,120,483 $2,025,477 $(8,375)$2,017,102 

(1)Unamortized debt issuance premium is reflective of fair value adjustments as a result of purchase accounting.
(2)Unamortized debt issuance costs are included in Prepaid expenses and other assets, net on the Consolidated balance sheets.
Senior Notes
All of our senior notes (the “Senior Notes”) described below and the related guarantees are senior unsecured obligations and are not subject to registration rights. The majority of indentures governing our senior notes contain covenants that limit our ability to incur debt secured by liens and enter into certain sale and leaseback transactions and contain customary events of default. None of the indentures for the senior notes have financial maintenance covenants. As of December 31, 2024, we were in compliance with all of the covenants under the Senior Notes.
5.875% Senior Notes due 2027
On June 5, 2019, Taylor Morrison Communities, Inc. ("TM Communities") issued $500.0 million aggregate principal amount of 5.875% Senior Notes due 2027 (the “2027 5.875% Senior Notes”), which mature on June 15, 2027. The 2027 5.875% Senior Notes are guaranteed by Taylor Morrison Home III Corporation, Taylor Morrison Holdings, Inc. and their homebuilding subsidiaries (collectively, the "Guarantors"). We are required to offer to repurchase the 2027 5.875% Senior Notes at a price equal to 101% of their aggregate principal amount (plus accrued and unpaid interest) upon certain change of control events where there is a credit rating downgrade that occurs in connection with the change in control.
Prior to March 15, 2027, the 2027 5.875% Senior Notes are redeemable at a price equal to 100% plus a “make-whole” premium for payments through March 15, 2027 (plus accrued and unpaid interest). Beginning on March 15, 2027, the 2027 5.875% Senior Notes are redeemable at par (plus accrued and unpaid interest).
6.625% Senior Notes due 2027
Following our exchange offer in the first quarter of 2021 (the “Exchange Offer”), whereby TM Communities offered to exchange any and all outstanding senior notes issued by William Lyon Homes (“WLH”), we had $290.4 million aggregate principal amount of 6.625% Senior Notes due 2027 issued by TM Communities (the “2027 6.625% TM Communities Notes”) and $9.6 million aggregate principal amount of 6.625% Senior Notes due 2027 issued by WLH (the “2027 6.625% WLH Notes” and together with the 2027 6.625% TM Communities Notes, the “2027 6.625% Senior Notes”). The 2027 6.625% TM Communities Notes are obligations of TM Communities and are guaranteed by the Guarantors.
On June 13, 2022, TM Communities announced a cash tender offer to purchase any and all of the $290.4 million outstanding aggregate principal amount of the 2027 6.625% TM Communities Notes (the “Tender Offer”), which expired July 12, 2022. TM Communities purchased $264.1 million and an additional approximately $0.9 million of the 2027 6.625% TM Communities Notes pursuant to the Tender Offer using cash on hand and borrowings on our $1 Billion Revolving Credit Facility at a price equal to 100% and 97%, respectively, of the principal amounts, plus accrued and unpaid interest up to, but excluding, the settlement date. As a result of the Tender Offer, TM Communities repurchased a total of $265.0 million in aggregate principal amount of outstanding 2027 6.625% TM Communities Notes and we recorded a net gain on
extinguishment of debt of approximately $13.6 million for the year ended December 31, 2022 to Loss/(gain) on extinguishment of debt, net, on the Consolidated statement of operations.
On November 3, 2022, we purchased $8.0 million of the 2027 6.625% WLH Notes using cash on hand and borrowings on our $1 Billion Revolving Credit Facility at a price equal to 91.25% of the principal amount, plus accrued and unpaid interest up to, but excluding, the settlement date. As a result of the redemption of the 2027 6.625% WLH Notes, we recorded a net gain on extinguishment of debt of approximately $1.1 million for the year ended December 31, 2022 to Loss/(gain) on extinguishment of debt, net, on the Consolidated statement of operations.
The remaining 2027 6.625% Senior Notes mature on July 15, 2027. As of December 31, 2024, the remaining 2027 6.625% Senior Notes are redeemable at a price equal to 101.104% of principal (plus accrued and unpaid interest). On or after July 15, 2025, the remaining 2027 6.625% Senior Notes are redeemable at a price equal to 100% of principal (plus accrued and unpaid interest).
5.75% Senior Notes due 2028
On August 1, 2019, TM Communities issued $450.0 million aggregate principal amount of 5.75% Senior Notes due 2028 (the “2028 Senior Notes”), which mature on January 15, 2028. The 2028 Senior Notes are guaranteed by the same Guarantors that guarantee our other Senior Notes. The change of control provisions in the indenture governing the 2028 Senior Notes are similar to those contained in the indentures governing our other Senior Notes.
Prior to October 15, 2027, the 2028 Senior Notes are redeemable at a price equal to 100% plus a “make-whole” premium for payments through October 15, 2027 (plus accrued and unpaid interest). Beginning on October 15, 2027, the 2028 Senior Notes are redeemable at par (plus accrued and unpaid interest).
5.125% Senior Notes due 2030
On July 22, 2020, TM Communities issued $500.0 million aggregate principal amount of 5.125% Senior Notes due 2030 (the “2030 Senior Notes), which mature on August 1, 2030. The 2030 Senior Notes are guaranteed by the same Guarantors that guarantee our other Senior Notes. The change of control provisions in the indenture governing the 2030 Senior Notes are similar to those contained in the indentures governing our other Senior Notes.
Prior to February 1, 2030, the 2030 Senior Notes are redeemable at a price equal to 100.0% plus a “make-whole” premium for payments through February 1, 2030 (plus accrued and unpaid interest). Beginning on February 1, 2030, the 2030 Senior Notes are redeemable at par (plus accrued and unpaid interest).
$1 Billion Revolving Credit Facility
Our $1 Billion Revolving Credit Facility ("$1 Billion Facility") has a maturity date of March 11, 2027. During the year ended December 31, 2024, we borrowed and repaid $100.0 million under this facility. We had no outstanding borrowings as of December 31, 2024 and December 31, 2023.
As of December 31, 2024 and December 31, 2023, we had $2.0 million and $2.9 million, respectively, of unamortized debt issuance costs, which are included in Prepaid expenses and other assets, net, on the Consolidated balance sheets. As of December 31, 2024 and December 31, 2023, we had $52.9 million and $61.2 million, respectively, of utilized letters of credit, resulting in $947.1 million and $938.8 million, respectively, of availability.
The $1 Billion Facility contains certain “springing” financial covenants, requiring us and our subsidiaries to comply with a maximum debt to capitalization ratio of not more than 0.60 to 1.00 and a minimum consolidated tangible net worth level, currently of at least $3.8 billion. The financial covenants would be in effect for any fiscal quarter during which any (a) loans under the $1 Billion Facility are outstanding during the last day of such fiscal quarter or on more than five separate days during such fiscal quarter or (b) undrawn letters of credit (except to the extent cash collateralized) issued under the $1 Billion Facility in an aggregate amount greater than $40.0 million or unreimbursed letters of credit issued under the $1 Billion Facility are outstanding on the last day of such fiscal quarter or for more than five consecutive days during such fiscal quarter. For purposes of determining compliance with the financial covenants for any fiscal quarter, the $1 Billion Facility provides that we may exercise an equity cure by issuing certain permitted securities for cash or otherwise recording cash contributions to our capital that will, upon the contribution of such cash to the borrower, be included in the calculation of consolidated tangible net worth and consolidated total capitalization. The equity cure right is exercisable up to twice in any period of four consecutive fiscal quarters and up to five times overall.
The $1 Billion Facility contains certain restrictive covenants including limitations on incurrence of liens, the payment of dividends and other distributions, asset dispositions and investments in entities that are not guarantors, limitations on prepayment of subordinated indebtedness and limitations on fundamental changes. The $1 Billion Facility contains customary events of default, subject to applicable grace periods, including for nonpayment of principal, interest or other amounts, violation of covenants (including financial covenants, subject to the exercise of an equity cure), incorrectness of representations and warranties in any material respect, cross default and cross acceleration, bankruptcy, material monetary
judgments, ERISA events with material adverse effect, actual or asserted invalidity of material guarantees and change of control.
As of December 31, 2024, we were in compliance with all of the covenants under the $1 Billion Facility.
$100 Million Revolving Credit Facility
Our $100 Million Revolving Credit Facility matured on its maturity date of September 17, 2024 and was not renewed.
Mortgage Warehouse Borrowings
The following is a summary of our TMHF mortgage warehouse borrowings:
 As of December 31, 2024
Facility
Amount
Drawn
Facility
Amount
Interest
Rate
Expiration
Date
Collateral (1)
Warehouse A(2)
$— $— 
Term SOFR + 1.70%
on demandMortgage loans
Warehouse C69,008 125,000 
Term SOFR + 1.50%
on demandMortgage loans
Warehouse D60,176 125,000 
Daily SOFR + 1.50%
September 3, 2025(3)
Mortgage loans
Warehouse E43,153 100,000 
Term SOFR + 1.60%
on demandMortgage loans
Warehouse F(2)
2,123 60,000 
Term SOFR + 1.70%
on demandMortgage loans
Total$174,460 $410,000    
 As of December 31, 2023
Facility
Amount
Drawn
Facility
Amount
Interest
Rate
Expiration
Date
Collateral (1)
Warehouse A$13,477 $60,000 
Daily SOFR + 1.70%
on demandMortgage loans
Warehouse C25,567 100,000 
Term SOFR + 1.65%
on demandMortgage loans
Warehouse D56,745 100,000 
Daily SOFR + 1.50%
September 4, 2024Mortgage loans
Warehouse E57,675 100,000 
Term SOFR + 1.60%
on demandMortgage loans
Total$153,464 $360,000    
(1)The mortgage warehouse borrowings outstanding as of December 31, 2024 and 2023, are collateralized by $207.9 million and $193.3 million, respectively, of mortgage loans held for sale.

(2)During December 2024, Warehouse A's bank was purchased by Warehouse F's bank and created a new facility referred to as Warehouse F. As a result, there was no availability under Warehouse A as of December 31, 2024.

(3)The Company has the intent and ability to renew Warehouse D's borrowing's upon expiration.
Loans Payable and Other Borrowings
Loans payable and other borrowings as of December 31, 2024 and 2023 consist of project-level debt to various land sellers and financial institutions for specific communities. Project-level debt is generally secured by the land that was acquired and the principal payments generally coincide with corresponding project lot closings or a principal reduction schedule. These borrowings bear interest at rates that ranged from 0% to 11% and 0% to 9% at each of December 31, 2024 and December 31, 2023, respectively. We impute interest for loans with no stated interest rates.
Future Minimum Principal Payments on Total Debt
Principal maturities of total debt for the year ended December 31, 2024 are as follows (in thousands):
(Dollars in thousands)Year Ended
December 31,
2025$307,646 
2026184,994 
2027609,923 
2028480,364 
202923,152 
Thereafter521,020 
Total debt$2,127,099 
v3.25.0.1
FAIR VALUE DISCLOSURES
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE DISCLOSURES FAIR VALUE DISCLOSURES
ASC Topic 820 provides a framework for measuring fair value under GAAP, expands disclosures about fair value measurements, and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the fair value hierarchy are summarized as follows:
Level 1 — Fair value is based on quoted prices for identical assets or liabilities in active markets.
Level 2 — Fair value is determined using quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active or are directly or indirectly observable.
Level 3 — Fair value is determined using one or more significant inputs that are unobservable in active markets at the measurement date, such as a pricing model, discounted cash flow, or similar technique.
The fair value of our Mortgage loans held for sale is derived from negotiated rates with partner lending institutions. The fair value of derivative assets and liabilities includes IRLCs and mortgage backed securities (“MBS”). The fair value of IRLCs is based on the value of the underlying mortgage loans, quoted MBS prices and the probability that the mortgage loan will fund within the terms of the IRLCs. We estimate the fair value of the forward sales commitments based on quoted MBS prices. The fair value of our Mortgage warehouse borrowings and Loans payable and other borrowings approximate carrying value due to their short term nature and variable interest rate terms. The fair value of our Senior Notes is derived from quoted market prices by independent dealers in markets that are not active. The fair value of our Equity security investment in a public company is based upon quoted prices for identical assets in an active market. There were no changes to or transfers between the levels of the fair value hierarchy for any of our financial instruments as of December 31, 2024, when compared to December 31, 2023.
The carrying value and fair value of our financial instruments are as follows:
  As of December 31, 2024As Of December 31, 2023
(Dollars in thousands)
Level in Fair
Value Hierarchy
Carrying
Value
Estimated
Fair Value
Carrying
Value
Estimated
Fair Value
Description:
Mortgage loans held for sale2$207,936 $207,936 $193,344 $193,344 
IRLCs3(5,917)(5,917)1,489 1,489 
MBSs24,174 4,174 (5,055)(5,055)
Mortgage warehouse borrowings2174,460 174,460 153,464 153,464 
Loans payable and other borrowings2475,569 475,569 394,943 394,943 
5.875% Senior Notes due 2027 (1)
2498,110 501,770 497,328 502,500 
6.625% Senior Notes due 2027 (1)
227,803 26,804 28,092 26,529 
5.75% Senior Notes due 2028 (1)
2448,080 446,679 447,449 451,571 
5.125% Senior Notes due 2030 (1)
2496,461 478,455 495,826 483,690 
Equity security1201 201 460 460 
(1)Carrying value for Senior Notes, as presented, includes unamortized debt issuance costs or bond premium. Debt issuance costs are not factored into the fair value calculation for the Senior Notes.
Fair value measurements are used for inventories on a nonrecurring basis when events and circumstances indicate that their carrying value is not recoverable. The fair value of such inventories as of December 31, 2024 were $10.6 million and as of June 30, 2024 were $7.0 million. These values are a level 3 in the fair value hierarchy. As of December 31, 2023, the fair value for such inventories was not determined as there were no events and circumstances that indicated their carrying value was not recoverable.
v3.25.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The provision for income taxes for the years ended December 31, 2024, 2023 and 2022 consisted of the following:
 Year Ended December 31,
(Dollars in thousands)202420232022
Current:
Federal$231,758 $196,464 $203,119 
State46,902 51,009 48,134 
Current tax provision$278,660 $247,473 $251,253 
Deferred:
Federal$(8,951)$(1,003)$66,667 
State(161)1,627 18,508 
Deferred tax provision$(9,112)$624 $85,175 
Total income tax provision$269,548 $248,097 $336,428 
A reconciliation of the provision for income taxes and the amount computed by applying the federal statutory income tax rate of 21% to income before provision for income taxes is as follows:
 Year Ended December 31,
 202420232022
Tax at federal statutory rate21.0 %21.0 %21.0 %
State income taxes (net of federal benefit)3.6 4.1 3.9 
Non-controlling interest— (0.3)(0.1)
Energy tax credits(0.7)(0.4)(1.3)
Disallowed compensation expense0.6 0.6 0.4 
Excess stock compensation benefit(0.6)(0.5)— 
Other(0.6)(0.1)0.3 
Effective Rate23.3 %24.4 %24.2 %

Our effective tax rate was 23.3% and 24.4% for the years ended December 31, 2024 and December 31, 2023, respectively. Our effective rate for both years was affected by a number of factors including state income taxes and nondeductible executive compensation, offset by energy tax credits related to homebuilding activities, and excess tax benefits from stock-based compensation.
We have certain tax attributes available to offset the impact of future income taxes. The components of net deferred tax assets and liabilities at December 31, 2024 and 2023, consisted of timing differences related to real estate inventory
impairments, expense accruals and reserves, provisions for liabilities, and net operating loss carryforwards. A summary of these components for the years ending December 31, 2024 and 2023 is as follows:
 Year Ended December 31,
(Dollars in thousands)20242023
Deferred tax assets:
Real estate inventory$26,483 $41,660 
Accruals and reserves73,418 58,864 
Net operating losses (1)
48,996 54,845 
Total deferred tax assets$148,897 $155,369 
Deferred tax liabilities:
Real estate inventory, intangibles, other$(6,223)$(8,414)
Other(5,512)(2,274)
Deferred income(55,186)(76,856)
Total Deferred Tax Liabilities$(66,921)$(87,544)
Valuation allowance(5,728)— 
Total net deferred tax assets$76,248 $67,825 
(1)A portion of our net operating losses is limited by Section 382 of the Internal Revenue Code, stemming from three business acquisitions: 1) the 2011 acquisition of the Company by our former principal equity holders, 2) the 2018 acquisition of AV Homes and 3) the 2021 acquisition of William Lyon Homes. All three acquisitions were deemed to be a change in control as defined by Section 382.

For the year ended December 31, 2024, we recorded a net valuation allowance of $5.7 million related to certain state deferred taxes which are not expected to be realized. We have approximately $163.2 million in available gross federal NOL carryforwards. Federal NOL carryforwards generated prior to January 1, 2018 may be used to offset future taxable income for a period of 20 years and begin to expire in 2029. State NOL carryforwards may be used to offset future taxable income for a period of 20 years and begin to expire in 2026. On an ongoing basis, we will continue to review all available evidence to determine if we expect to realize our deferred tax assets and federal and state NOL carryovers or if a valuation allowance is necessary.
We account for uncertain tax positions in accordance with ASC 740. ASC 740 requires a company to recognize the financial statement effect of a tax position when it is more likely than not based on the technical merits of the position that the position will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to be recognized in the financial statements based upon the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Interest and penalties related to uncertain tax positions are recognized as a component of income tax expense. We believe we have a reasonable basis for our current income tax filing positions and that our positions would be sustained under audit. As such, we do not anticipate any adjustments that would result in a material change.
As of December 31, 2024, 2023 and 2022 there are no unrecognized tax benefits.
We are currently under exam by the IRS for certain federal income tax returns for tax years 2015 through 2018 and 2021. The outcome of these examinations is not yet determinable but we believe our tax positions meet the more-likely-than-not threshold.
The statute of limitations for our major taxing jurisdictions remains open for examination for tax years through 2024.
v3.25.0.1
STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Capital Stock
The Company’s authorized capital stock consists of 400,000,000 shares of common stock, par value $0.00001 per share (the “common stock”), and 50,000,000 shares of preferred stock, par value $0.00001 per share.
Stock Repurchase Program
October 23, 2024, the Board of Directors authorized a renewal of the Company's stock repurchase program which permits the repurchase up to $1.0 billion of the Company's common stock through December 31, 2026, which replaced the Company's prior $500.0 million repurchase authorization scheduled to expire on December 31, 2025. Repurchases under the program may occur from time to time through open market purchases, privately negotiated transactions or other transactions. The timing, manner, price and amount of any common stock repurchases will be determined by us in our discretion and will depend on a variety of factors, including prevailing market conditions, our liquidity, the terms of our debt
instruments, legal requirements, planned land investment and development spending, acquisition and other investment opportunities and ongoing capital requirements. The program does not require us to repurchase any specific number of shares of common stock, and the program may be suspended, extended, modified or discontinued at any time.
Using the availability under our stock repurchase program, we entered into four separate ASR agreements with the same financial institution during the year ended December 31, 2024 to supplement our traditional repurchase program. We paid $50.0 million for each agreement and received an initial delivery of common stock with an aggregate value of 80% of the repurchase price on the respective repurchase date, with the remaining 20% received (or to be received) at final settlement in accordance with the terms of each ASR agreement. The final settlements for the first three ASR agreements occurred during 2024, at which time, the volume-weighted average price calculations over the term of the ASR agreement were used to determine the final number of shares to be delivered. We accounted for the ASRs as common stock repurchases and forward contracts indexed to our own common stock. We determined that the equity classification criteria was met for the forward contracts; therefore, they were not accounted for as derivative instruments.
The following table summarizes share repurchase activity for the program for the years ended December 31, 2024 and 2023:
(Number of Shares)
2024 2023
Number of shares repurchased with ASR(1)
2,977,494 — 
Other share repurchases(2)
2,630,3582,814,956
Total amount repurchased
5,607,852  2,814,956 
(1) Subsequent to December 31, 2024 the fourth ASR settled a total of 184,214 shares which are not included in the table above.
(2) Amount represents shares repurchased under our existing share repurchase program which are not part of ASRs.

The following table summarizes our spend on share repurchases for the years ended December 31, 2024 and 2023:
(Dollars in thousands)20242023
Amount available for repurchase — beginning of period$494,489 $279,138 
Amount cancelled from expired or unused authorizations(236,799)(156,690)
Additional amount authorized for repurchase1,000,000 500,000 
Amount repurchased
(347,597)(127,959)
Amount available for repurchase — end of period$910,093 $494,489 

The Inflation Reduction Act was enacted in 2022 and includes a one percent excise tax on the net repurchase of Company stock. We have accrued such tax as of December 31, 2024 and included it in the cost of treasury stock repurchases on our Consolidated statement of stockholders' equity.
v3.25.0.1
STOCK BASED COMPENSATION
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK BASED COMPENSATION STOCK BASED COMPENSATION
In April 2013, we adopted the Taylor Morrison Home Corporation 2013 Omnibus Equity Award Plan (the “Plan”). The Plan was most recently amended and restated in May 2022. The Plan provides for the grant of stock options, RSUs PRSUs, and other equity-based awards deliverable in shares of our common stock. As of December 31, 2024, we had an aggregate of 4,889,987 shares of common stock available for future grants under the Plan.
The following table provides information regarding the amount and components of stock-based compensation expense, which is included in General and administrative expenses in the Consolidated statement of operations (in thousands):
 Year Ended December 31,
 202420232022
Restricted stock (1)
$17,837 $21,977 $22,464 
Stock options4,624 4,118 4,437 
Total stock compensation$22,461 $26,095 $26,901 
(1) Includes compensation expense related to time-based RSUs and PRSUs.
At December 31, 2024, 2023, and 2022, the aggregate unamortized value of all outstanding stock-based compensation awards was approximately $29.2 million, $26.5 million, and $27.1 million, respectively.
Stock options — Options granted to employees generally vest and become exercisable ratably on the first, second, third, and fourth anniversary of the date of grant. Vesting of the options is subject to continued employment, through the applicable vesting dates, and options expire within ten years from the date of grant.
The following tables summarize stock option activity for the Plan for each year presented:
 Year Ended December 31,
 202420232022
 
Number Of
Options
Weighted Average Exercise/ Grant
Price
Number Of
Options
Weighted Average Exercise/ Grant
Price
Number Of
Options
Weighted Average Exercise/ Grant
Price
Outstanding, beginning2,254,142$26.84 3,273,258$23.35 3,165,612$22.02 
Granted(1)
127,51356.48 359,76835.18 519,79929.30 
Exercised(414,629)25.75 (1,252,516)21.07 (323,625)20.69 
Cancelled/forfeited(1)
(10,330)31.74 (126,368)28.29 (88,528)24.64 
Balance, ending1,956,696$28.98 2,254,142$26.84 3,273,258$23.35 
Options exercisable, at December 31,1,231,352$24.85 1,133,734$23.48 1,775,881$20.50 
(1)Excludes the number of options granted and canceled in the same period.
 As of December 31,
(Dollars in thousands)202420232022
Unamortized value of unvested stock options (net of estimated forfeitures)$6,999 $7,861 $7,712 
Weighted-average period (in years) expense expected to be recognized
2.42.52.5
Weighted-average remaining contractual life (in years) for options outstanding
5.76.46.6
Weighted-average remaining contractual life (in years) for options exercisable
4.54.85.2
The following table summarizes the weighted-average assumptions and fair value used for stock options grants:
 Year Ended December 31,
 202420232022
Expected dividend yield— %— %— %
Expected volatility(1)
51.60 %50.87 %30.46 %
Risk-free interest rate(1)
4.24 %3.90 %1.91 %
Expected term (in years)(1)
6.256.256.25
Weighted average fair value of options granted during the period$31.02 $14.50 $9.94 
(1)Expected volatilities and expected term are based on the historical information of comparable publicly traded homebuilders. Due to the limited number and homogeneous nature of option holders, the expected term was evaluated using a single group. The risk-free rate is based on the U.S. Treasury yield curve for periods equivalent to the expected term of the options on the grant date.
The following table provides information pertaining to the aggregate intrinsic value of options outstanding and exercisable at December 31, 2024, 2023 and 2022:
 As of December 31,
(Dollars in thousands)202420232022
Aggregate intrinsic value of options outstanding$63,069 $59,758 $21,439 
Aggregate intrinsic value of options exercisable$44,766 $33,861 $15,385 
The aggregate intrinsic value is based on the market price of our common stock on December 31, 2024, the last trading day in December 2024, which was $61.21, less the applicable exercise price of the underlying options. This value represents the amount that would have been realized if all the option holders had exercised their options on December 31, 2024.
Performance-Based Restricted Stock Units – These awards will vest in full based on the achievement of certain performance goals over a three-year performance period, subject to the employee’s continued employment through the last date of the performance period and will be settled in shares of our common stock. The number of shares that may be issued
in settlement of the PRSUs to the award recipients may be greater or lesser than the target award amount depending on actual performance achieved as compared to the performance targets set forth in the awards.
The following table summarizes the activity of our PRSUs:
 Year Ended December 31,
 202420232022
Balance, beginning724,123802,379926,193
Granted140,070229,164272,716
Vested(244,781)(245,306)(380,632)
Forfeited(1,588)(62,114)(15,898)
Balance, ending617,824724,123802,379
 Year Ended December 31,
(Dollars in thousands):202420232022
PRSU expense recognized$7,058 $12,619 $12,642 
Unamortized value of PRSUs$8,755 $8,122 $8,911 
Weighted-average period expense is expected to be recognized (in years)1.81.81.8
Non-Performance-Based Restricted Stock Units — Our RSUs consist of shares of our common stock that have been awarded to our employees and members of our Board of Directors. Vesting of RSUs is subject to continued employment with TMHC or continued service on the Board of Directors, through the applicable vesting dates. Time-based RSUs granted to employees generally vest ratably over a three to four year period, based on the grant date.
Time-based RSUs granted to members of the Board of Directors generally vest on the first anniversary of the grant date.
The following tables summarize the activity of our RSUs:
 Year Ended December 31,
 202420232022
 
Number Of
RSUs
Weighted Average Grant Date Fair
Value
Number Of
RSUs (1)
Weighted Average Grant Date Fair
Value
Number Of
RSUs
Weighted Average Grant Date Fair
Value
Outstanding, beginning767,216$29.87 814,834$26.74 804,465$24.73 
Granted251,43557.52 297,31735.96 359,99329.04 
Vested(305,702)31.30 (301,359)27.52 (319,595)24.32 
Forfeited(6,360)49.37 (43,576)29.81 (30,029)26.90 
Balance, ending706,589$38.90 767,216$29.87 814,834$26.74 
 Year Ended December 31,
(Dollars in thousands):202420232022
RSU expense recognized$10,779 $9,357 $9,822 
Unamortized value of RSUs$13,456 $10,496 $10,486 
Weighted-average period expense is expected to be recognized (in years)2.21.71.7
The Plan permits us to withhold from the total number of shares that would otherwise be distributed to a recipient on vesting of an RSU, an amount equal to the number of shares having a fair value at the time of distribution equal to the applicable income tax withholdings due and remit the remaining RSU shares to the recipient.
v3.25.0.1
OPERATING AND REPORTING SEGMENTS
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
OPERATING AND REPORTING SEGMENTS OPERATING AND REPORTING SEGMENTS
We have multiple homebuilding operating components which are engaged in the business of acquiring and developing land, constructing homes, marketing and selling homes, and providing warranty and customer service. We aggregate our homebuilding operating components into three reporting segments, East, Central, and West, based on similar long-term
economic characteristics. The activity from our Build-to-Rent and Urban Form operations are included in our Corporate segment. We also have a Financial Services reporting segment.
The Company defines the Chief Operating Decision Maker ("CODM") function as the Chief Executive Officer, the Chief Financial Officer, and the Chief Corporate Operations Officer. On a quarterly basis, the CODM is provided with the financial results and key performance metrics at consolidated and disaggregated levels. The Company’s CODM assesses the segment's performance by using each segment's gross margin and income before income taxes (which includes certain corporate overhead allocations to each homebuilding segment for certain costs such as travel and entertainment and payroll related costs for the marketing department). The CODM makes company decisions and allocates resources based on the results and performance of the reporting segments.

Our reporting segments are as follows:
EastAtlanta, Charlotte, Jacksonville, Naples, Orlando, Raleigh, Sarasota, and Tampa
Central
Austin, Dallas, Denver, Houston, and Indianapolis
WestBay Area, Las Vegas, Phoenix, Portland, Sacramento, Seattle, and Southern California
Financial ServicesTaylor Morrison Home Funding, Inspired Title Services, and Taylor Morrison Insurance Services
Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity. The prior year tables shown below include Total costs of sales and a disaggregation of Sales, commissions and other marketing costs and General and administrative expenses as a result of the adoption of ASU 2023-07, Improvements to Reportable Segment Disclosures. The segment information is consistent with the metrics reviewed in the CODMs package and is as follows (in thousands):
 Year Ended December 31, 2024
 
East
Central
West
Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$2,826,628 $1,969,381 $2,959,210 $— $7,755,219 $— $7,755,219 
All other revenue52,908 24,514 27,607 199,459 304,488 108,429 $412,917 
Total revenue
2,879,536 1,993,895 2,986,817 199,459 8,059,707 108,429 8,168,136 
Cost of home closings2,065,218 1,485,968 2,312,557 — 5,863,743 — $5,863,743 
All other cost of sales43,604 20,825 34,569 108,592 207,590 112,591 $320,181 
Total cost of sales
2,108,822 1,506,793 2,347,126 108,592 6,071,333 112,591 6,183,924 
Home closings gross margin761,410 483,413 646,653 — 1,891,476 — $1,891,476 
Total gross margin770,714 487,102 639,691 90,867 1,988,374 (4,162)$1,984,212 
Sales, commissions and other marketing costs(2)
(169,270)(131,997)(146,909)— (448,176)(7,916)$(456,092)
General and administrative expenses(47,888)(34,501)(46,514)— (128,903)(185,503)$(314,406)
Net (loss)/income from unconsolidated entities
— (51)(28)8,915 8,836 (2,489)$6,347 
Interest and other (expense)/income, net(3)
(771)(16,087)(6,646)2,112 (21,392)(42,551)$(63,943)
Income before income taxes
$552,785 $304,466 $439,594 $101,894 $1,398,739 $(242,621)$1,156,118 
(1)Includes the activity from our Build-To-Rent and Urban Form operations
(2)Includes corporate marketing expense allocations
(3)Interest and other (expense)/income, net includes pre-acquisition write-offs of terminated projects.
 Year Ended December 31, 2023
 
East
Central
West
Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$2,619,322 $1,935,500 $2,604,035 $— $7,158,857 $— $7,158,857 
All other revenue55,308 28,765 1,414 160,312 245,799 13,175 258,974 
Total revenue
2,674,630 1,964,265 2,605,449 160,312 7,404,656 13,175 7,417,831 
Cost of home closings1,900,833 1,443,490 2,107,078 — 5,451,401 — 5,451,401 
All other cost of sales52,478 24,846 2,053 93,989 173,366 9,991 183,357 
Total cost of sales
1,953,311 1,468,336 2,109,131 93,989 5,624,767 9,991 5,634,758 
Home closings gross margin718,489 492,010 496,957 — 1,707,456 — 1,707,456 
Total gross margin721,319 495,929 496,318 66,323 1,779,889 3,184 1,783,073 
Sales, commissions and other marketing costs(2)
(145,943)(128,914)(136,522)— (411,379)(6,755)(418,134)
General and administrative expenses(39,381)(29,893)(42,306)— (111,580)(168,993)(280,573)
Net (loss)/income from unconsolidated entities— (98)(217)9,148 8,833 (76)8,757 
Interest and other (expense)/income, net(3)
(73,205)(7,608)3,981 — (76,832)1,842 (74,990)
Loss on extinguishment of debt
— — — — — (295)(295)
Income before income taxes
$462,790 $329,416 $321,254 $75,471 $1,188,931 $(171,093)$1,017,838 
(1)Includes the assets from our Build-To-Rent and Urban Form operations
(2)Includes corporate marketing expense allocations
(3)Interest and other (expense)/income, net includes pre-acquisition write-offs of terminated projects.
 Year Ended December 31, 2022
 
East
Central
West
Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$2,673,951 $2,014,869 $3,200,551 $— $7,889,371 $— $7,889,371 
All other revenue65,808 9,861 28,302 135,491 $239,462 96,084 335,546 
Total revenue
2,739,759 2,024,730 3,228,853 135,491 8,128,833 96,084 8,224,917 
Cost of home closings1,963,177 1,522,353 2,418,928 — 5,904,458 — 5,904,458 
All other cost of sales58,359 9,371 17,981 83,960 169,671 58,422 228,093 
Total cost of sales
2,021,536 1,531,724 2,436,909 83,960 6,074,129 58,422 6,132,551 
Home closings gross margin710,774 492,516 781,623 — 1,984,913 — 1,984,913 
Total gross margin718,223 493,006 791,944 51,531 2,054,704 37,662 2,092,366 
Sales, commissions and other marketing costs(2)
(141,729)(112,701)(128,339)— (382,769)(15,305)(398,074)
General and administrative expenses(38,448)(25,123)(39,412)— (102,983)(142,155)(245,138)
Net (loss)/income from unconsolidated entities— (55)(18,445)5,271 (13,229)(955)(14,184)
Interest and other expense, net(3)
(6,725)(10,364)(23,881)— (40,970)(15,201)(56,171)
Gain on extinguishment of debt— — — — — 13,876 13,876 
Income before income taxes
$531,321 $— $344,763 $— $581,867 $— $56,802 $— $1,514,753 $(122,078)$— $1,392,675 
(1)Includes the assets from our Build-To-Rent and Urban Form operations
(2)Includes corporate marketing expense allocations
(3)Interest and other (expense)/income, net includes pre-acquisition write-offs of terminated projects
 As of December 31, 2024
 EastCentralWestFinancial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Real estate inventory and land deposits$2,389,791 $1,296,272 $2,847,689 $— $6,533,752 $— $6,533,752 
Investments in unconsolidated entities86,378 164,434 94,864 5,483 351,159 88,562 439,721 
Other assets173,489 225,846 610,212 297,107 1,306,654 1,017,004 2,323,658 
Total assets$2,649,658 $1,686,552 $— $3,552,765 $— $302,590 $— $8,191,565 $1,105,566 $9,297,131 
(1)Includes the assets from our Build-To-Rent and Urban Form operations.
 As of December 31, 2023
 EastCentralWest
Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Real estate inventory and land deposits$1,909,084 $1,181,014 $2,658,565 $— $5,748,663 $— $5,748,663 
Investments in unconsolidated entities63,628 125,610 88,219 5,483 282,940 63,252 346,192 
Other assets177,739 214,685 616,210 298,451 1,307,085 1,270,147 2,577,232 
Total assets$2,150,451 $1,521,309 $3,362,994 $303,934 $7,338,688 $1,333,399 $8,672,087 
(1)Includes the assets from our Build-To-Rent and Urban Form operations.
 As of December 31, 2022
 EastCentralWest
Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Real estate inventory and land deposits$1,820,765 $1,359,805 $2,453,662 $— $5,634,232 $— $5,634,232 
Investments in unconsolidated entities46,629 104,070 80,310 5,283 236,292 46,608 282,900 
Other assets216,816 251,727 613,029 431,535 1,513,107 1,040,485 2,553,592 
Total assets$2,084,210 $1,715,602 $3,147,001 $436,818 $7,383,631 $1,087,093 $8,470,724 
(1)Includes the assets from our Build-To-Rent and Urban Form operations.
v3.25.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Letters of Credit and Surety Bonds — We are committed, under various letters of credit and surety bonds, to perform certain development and construction activities and provide certain guarantees in the normal course of business. Outstanding letters of credit and surety bonds under these arrangements totaled $1.4 billion and $1.3 billion at December 31, 2024 and December 31, 2023, respectively. Although significant development and construction activities have been completed related to these site improvements, the bonds are generally not released until all development and construction activities are completed. We do not believe that it is probable that any outstanding bonds as of December 31, 2024 will be drawn upon.
Purchase Commitments — We are subject to the usual obligations associated with entering into contracts (including land option contracts and land banking arrangements) for the purchase, development, and sale of real estate in the routine course of our business. We have a number of land purchase option contracts and land banking agreements for the right to purchase land or lots at a future point in time on predetermined terms. We do not have title to the property and the property owners and its creditors generally have no recourse. Our obligations with respect to such contracts are generally limited to the forfeiture of the related non-refundable cash deposits. At December 31, 2024 and 2023, the aggregate purchase price of these contracts was $1.9 billion and $1.5 billion, respectively.
Legal Proceedings — We are involved in various litigation and legal claims in the normal course of business, including actions brought on behalf of various classes of claimants. We are also subject to a variety of local, state, and federal laws and regulations related to land development activities, house construction standards, sales practices, mortgage lending operations, employment practices, and protection of the environment. As a result, we are subject to periodic examination or inquiry by various governmental agencies that administer these laws and regulations.
We establish liabilities for legal claims and regulatory matters when such matters are both probable of occurring and any potential loss can be reasonably estimated. At December 31, 2024 and 2023, our legal accruals were $49.1 million and $26.2 million, respectively. We accrue for such matters based on the facts and circumstances specific to each matter and revise these estimates as the matters evolve. In such cases, there may exist an exposure to loss in excess of any amounts currently accrued. Predicting the ultimate resolution of the pending matters, the related timing, or the eventual loss associated with these matters is inherently difficult. Accordingly, the liability arising from the ultimate resolution of any matter may exceed the estimate reflected in the recorded accruals relating to such matter. While the outcome of such contingencies cannot be predicted with certainty, we do not believe that the resolution of such matters will have a material adverse impact on our results of operations, financial position, or cash flows.
On April 26, 2017, a class action complaint was filed in the Circuit Court of the Tenth Judicial Circuit in and for Polk County, Florida by Norman Gundel, William Mann, and Brenda Taylor against Avatar Properties, Inc., (an acquired AV Homes entity) ("Avatar"), generally alleging that our collection of club membership fees in connection with the use of one of our amenities in our East homebuilding segment violated various laws relating to homeowner associations and other Florida-specific laws (the "Solivita litigation"). The class action complaint sought an injunction to prohibit future collection of club membership fees. On November 2, 2021, the court determined that the club membership fees were improper and that plaintiffs were entitled to $35.0 million in fee reimbursements. We appealed the court’s ruling to the Sixth District Court of Appeal (the "District Court") on November 29, 2021, and the plaintiffs agreed to continue to pay club membership fees pending the outcome of the appeal. On June 23, 2023, the District Court affirmed the trial court judgment in a split decision, with three separate opinions. Recognizing the potential “far-reaching effects on homeowners associations throughout the State,” the District Court certified a question of great public importance to the Florida Supreme Court, and we filed a notice to invoke the discretionary review of the Florida Supreme Court. On November 2, 2023, the Florida Supreme Court declined to exercise jurisdiction. Following the Florida Supreme Court’s decision, we paid $64.7 million to the plaintiffs during the quarter ended December 31, 2023, which included the amount of the trial court’s judgment, club membership fees received during the pendency of our appeal, pre-judgment interest and post-judgment interest. The Court held evidentiary hearings on July 29 and 30, 2024 with respect to the plaintiffs' claims for additional pre-judgment interest and legal fees and heard closing argument on August 13, 2024. On November 4, 2024, the Tenth Judicial Circuit Court for Polk County, Florida issued an order granting the plaintiffs’ motion for attorneys’ fees and taxable costs and denied their motion for pre-judgment interest at a rate higher than the Florida statutory rate. The Court awarded plaintiffs $22.5 million for attorneys' fees, $0.6 million for pre-judgment interest at the statutory rate of 9.46%, and $0.6 million for reimbursement of taxable costs. As of December 31, 2024, we filed a notice of appeal and have recorded an accrual with respect to our estimated liability for the plaintiffs' legal fees and costs for this matter, which is reflected in our legal accruals as of December 31, 2024.
After reviewing our amenity arrangements in our Florida communities to determine whether such arrangements might subject the Company to liability in light of the outcome of the Solivita litigation described above, we identified one additional community with similar claims. On August 13, 2020, Slade Chelbian, a resident of our Bellalago community in Kissimmee, Florida, filed a purported class action suit against Avatar, AV Homes, Inc. and Taylor Morrison Home Corporation in the Circuit Court of the Ninth Circuit in and for Osceola County, Florida, generally alleging that Avatar cannot earn profits from community members for use of club amenities where membership in the club is mandatory for all residents and failure to pay club membership fees could result in the foreclosure of their homes by Avatar. On February 25, 2022, the court stayed the action pending the resolution of the Solivita litigation. Following the resolution of the Solivita appeal, the court held a case management conference to create timelines for the case. The parties reached an agreement regarding class certification which was approved by the court. While the ultimate outcome and the costs associated with litigation are inherently uncertain and difficult to predict, we have recorded an accrual for our estimated liability for this matter, which is reflected in our legal accruals as of December 31, 2024.
v3.25.0.1
MORTGAGE HEDGING ACTIVITIES
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
MORTGAGE HEDGING ACTIVITIES MORTGAGE HEDGING ACTIVITIES
The following summarizes derivative instruments as of the periods presented:
 As of
 December 31, 2024December 31, 2023
(Dollars in thousands)
Fair Value
Notional Amount (1)
Fair Value
Notional Amount (1)
IRLCs$(5,917)$233,881 $1,489 $219,129 
MBSs4,174 405,000 (5,055)285,000 
Total$(1,743) $(3,566) 
(1)The notional amounts in the table above include mandatory and best effort mortgages, that have been locked and approved.
Total commitments to originate loans approximated $246.1 million and $242.6 million at December 31, 2024 and 2023, respectively. This amount represents the commitments to originate loans that have been locked and approved by underwriting. The notional amounts in the table above include mandatory and best effort loans that have been locked and approved by underwriting.
We have exposure to credit loss in the event of contractual non-performance by our trading counterparties in derivative instruments that we use in our rate risk management activities. We manage this credit risk by selecting only counterparties that we believe to be financially strong, spreading the risk among multiple counterparties, by placing contractual limits on the amount of unsecured credit extended to any single counterparty, and by entering into netting agreements with counterparties, as appropriate. Commitments to originate loans do not necessarily reflect future cash requirements as some commitments are expected to expire without being drawn upon.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income from unconsolidated entities $ 883,309 $ 768,929 $ 1,052,800
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Cybersecurity Risk Management and Strategy
We maintain a comprehensive cybersecurity program, including policies and procedures designed to protect our systems, operations, and data. We perform risk assessments on a quarterly basis to identify and remediate potential cybersecurity threats and vulnerabilities. In connection with our assessment of potential cybersecurity risks, our Information Technology ("IT") team engages in threat modeling, vulnerability scanning and penetration testing. For each identified risk, our IT team will estimate the likelihood of occurrence and potential impact, which will guide the Company in assessing and prioritizing risks. We have also implemented a process to evaluate and review potential cybersecurity risks arising from our use of third-party vendors. As part of our vendor engagement protocols, we will consider, among other things, each potential vendor’s data backup procedures, incident reporting protocols and data privacy and encryption practices. Once a new vendor is onboarded, we monitor their cybersecurity posture utilizing a third-party cybersecurity ratings provider.
In addition to our internal exercises to test aspects of our cybersecurity program, we engage independent third parties semi-annually to assess the risks associated with our IT resources and information assets. Among other matters, these third parties analyze information on the interactions of users of our information technology resources, including employees, and conduct penetration tests and scanning exercises to assess the performance of our cybersecurity systems and processes. Annually, we examine our cybersecurity program with these third parties, evaluating its effectiveness in part by considering industry standards and established frameworks, such as the National Institute of Standards and Technology ("NIST"), as guidelines. As a mortgage company, we are also associated with the Federal Financial Institutions Examination Council.
For material cybersecurity risks, we’ve developed mitigation plans to reduce the risk’s likelihood of occurrence and/or its expected impact. Such mitigation plans have involved, among other things, implementing additional technology controls or policies, increased training for company personnel or obtaining additional insurance for the identified risk. Our IT team monitors material risks over time and updates the Company’s mitigation plans as appropriate. IT also regularly reports to the leadership team on the status of material risks, mitigation plans and incidents related to such risks.
We also maintain a data breach response plan, which is intended to be aligned with the NIST framework, and which is reviewed annually and conveyed to our team members through our mandatory cybersecurity training. We also retain experienced cybersecurity consultants that can assist us in the event of a serious breach, and maintain a cyber insurance policy.
For a discussion of how risks from cybersecurity threats affect our business, see “Item 1A. Risk Factors – Risk Related to our industry, business and economic conditions– Information technology failures and data security breaches could harm our business” in this Annual Report.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We maintain a comprehensive cybersecurity program, including policies and procedures designed to protect our systems, operations, and data.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Cybersecurity Governance
Management is responsible for ongoing assessment and oversight of cybersecurity risks that could significantly impact our operations, finances or reputation. This includes identifying information assets and data systems that are critical to business functions, determining the vulnerability of those systems to potential cyberattacks, and developing comprehensive protections and response plans.
To fulfill these responsibilities, management relies on IT and cybersecurity leadership who possess specialized expertise in relevant areas. Our cybersecurity team is led by our Chief Information Officer ("CIO"), who has more than 25 years of experience working in information technology, of which more than 20 have been with Taylor Morrison. With over ten years of experience developing cybersecurity programs, the CIO leads security control implementation, risk and compliance monitoring, security tool management, and incident response planning. Reporting to the CIO, the Director of Information Security possesses expert knowledge in threat modeling and vulnerability testing methodologies. The Director of Information Security leads efforts to build security into all IT processes and procedures to protect against risks related to data leakage, broken authentication, injection flaws, improper encryption, and attacks on other application vulnerabilities.
Supporting the CIO and Director of Information Security is a team of IT security professionals who collectively hold the following degrees and certifications: Master’s degree in cybersecurity; Certified Information Systems Security Professional; Certified Ethical Hacker; Security +; Microsoft Certified Professional; Microsoft Certified Solutions Associate; and Microsoft Certified Systems Engineer.
Supported by these skilled leaders, management conducts quarterly cyber risk reviews, maintains a cybersecurity risk register, authorizes risk mitigation budgets and activities, and ensures appropriate resources are devoted to protecting against rapidly evolving cyber threats. The Audit Committee and the Board of Directors are also regularly updated on cybersecurity risk assessments, policy changes, significant incidents, and preparedness levels. This enables management
to provide oversight, set risk tolerances, and support a comprehensive cybersecurity program that manages material cyber risks to the organization.
The CIO updates the Board of Directors biannually on the state of the cybersecurity program, which includes a discussion of the most important cybersecurity risks facing the Company, an update on notable cybersecurity incidents and recent threats, and a summary of the results of the Company’s recent independent cybersecurity assessments, among other items. In addition, the Audit Committee of the Board of Directors receives quarterly cybersecurity updates, which include reports on key cybersecurity metrics, cybersecurity headlines, current risks and mitigation strategies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Management is responsible for ongoing assessment and oversight of cybersecurity risks that could significantly impact our operations, finances or reputation.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The CIO updates the Board of Directors biannually on the state of the cybersecurity program, which includes a discussion of the most important cybersecurity risks facing the Company, an update on notable cybersecurity incidents and recent threats, and a summary of the results of the Company’s recent independent cybersecurity assessments, among other items. In addition, the Audit Committee of the Board of Directors receives quarterly cybersecurity updates, which include reports on key cybersecurity metrics, cybersecurity headlines, current risks and mitigation strategies.
Cybersecurity Risk Role of Management [Text Block]
To fulfill these responsibilities, management relies on IT and cybersecurity leadership who possess specialized expertise in relevant areas. Our cybersecurity team is led by our Chief Information Officer ("CIO"), who has more than 25 years of experience working in information technology, of which more than 20 have been with Taylor Morrison. With over ten years of experience developing cybersecurity programs, the CIO leads security control implementation, risk and compliance monitoring, security tool management, and incident response planning. Reporting to the CIO, the Director of Information Security possesses expert knowledge in threat modeling and vulnerability testing methodologies. The Director of Information Security leads efforts to build security into all IT processes and procedures to protect against risks related to data leakage, broken authentication, injection flaws, improper encryption, and attacks on other application vulnerabilities.
Supporting the CIO and Director of Information Security is a team of IT security professionals who collectively hold the following degrees and certifications: Master’s degree in cybersecurity; Certified Information Systems Security Professional; Certified Ethical Hacker; Security +; Microsoft Certified Professional; Microsoft Certified Solutions Associate; and Microsoft Certified Systems Engineer.
Supported by these skilled leaders, management conducts quarterly cyber risk reviews, maintains a cybersecurity risk register, authorizes risk mitigation budgets and activities, and ensures appropriate resources are devoted to protecting against rapidly evolving cyber threats. The Audit Committee and the Board of Directors are also regularly updated on cybersecurity risk assessments, policy changes, significant incidents, and preparedness levels. This enables management
to provide oversight, set risk tolerances, and support a comprehensive cybersecurity program that manages material cyber risks to the organization.
The CIO updates the Board of Directors biannually on the state of the cybersecurity program, which includes a discussion of the most important cybersecurity risks facing the Company, an update on notable cybersecurity incidents and recent threats, and a summary of the results of the Company’s recent independent cybersecurity assessments, among other items. In addition, the Audit Committee of the Board of Directors receives quarterly cybersecurity updates, which include reports on key cybersecurity metrics, cybersecurity headlines, current risks and mitigation strategies.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Audit Committee and the Board of Directors are also regularly updated on cybersecurity risk assessments, policy changes, significant incidents, and preparedness levels.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our cybersecurity team is led by our Chief Information Officer ("CIO"), who has more than 25 years of experience working in information technology, of which more than 20 have been with Taylor Morrison. With over ten years of experience developing cybersecurity programs, the CIO leads security control implementation, risk and compliance monitoring, security tool management, and incident response planning.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Supported by these skilled leaders, management conducts quarterly cyber risk reviews, maintains a cybersecurity risk register, authorizes risk mitigation budgets and activities, and ensures appropriate resources are devoted to protecting against rapidly evolving cyber threats. The Audit Committee and the Board of Directors are also regularly updated on cybersecurity risk assessments, policy changes, significant incidents, and preparedness levels. This enables management
to provide oversight, set risk tolerances, and support a comprehensive cybersecurity program that manages material cyber risks to the organization.
The CIO updates the Board of Directors biannually on the state of the cybersecurity program, which includes a discussion of the most important cybersecurity risks facing the Company, an update on notable cybersecurity incidents and recent threats, and a summary of the results of the Company’s recent independent cybersecurity assessments, among other items. In addition, the Audit Committee of the Board of Directors receives quarterly cybersecurity updates, which include reports on key cybersecurity metrics, cybersecurity headlines, current risks and mitigation strategies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Consolidation
Basis of Presentation and Consolidation — The accompanying Consolidated financial statements have been prepared in accordance with GAAP, include the accounts of TMHC and its consolidated subsidiaries as well as certain consolidated variable interest entities. Intercompany balances and transactions have been eliminated in consolidation.
Joint Ventures
Joint Ventures - We consolidate certain joint ventures in accordance with Accounting Standards Codification (“ASC”) Topic 810, Consolidation. The income from the percentage of the joint venture not owned by us is presented as “Net income attributable to non-controlling interests” on the Consolidated statements of operations. The assets, liabilities and equity from the percentage of the joint venture not owned by us is presented as “Non-controlling interests” on the Consolidated balance sheets and Consolidated statement of stockholders’ equity. The balance of Non-controlling interests on the Consolidated balance sheets will fluctuate from period to period as a result of activities within the respective joint ventures which may include the allocation of income or losses and distributions or contributions associated with the partners within the joint venture.
Unconsolidated Joint Ventures — We use the equity method of accounting for entities, generally joint ventures with other builders, where we do not have a controlling interest over the operating and financial policies of the investee. Our share of net earnings or losses is included in Net (income)/loss from unconsolidated entities on the Consolidated statements of operations when earned and distributions are credited against our Investment in unconsolidated entities on the Consolidated balance sheets when received.
We evaluate our investments in unconsolidated entities for indicators of impairment semi-annually. A series of operating losses of an investee or other factors may indicate that a decrease in value of our investment in the unconsolidated entity has occurred which is other-than-temporary. The amount of impairment recognized, if any, is the excess of the investment’s carrying amount over its estimated fair value. Additionally, we consider various qualitative factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include age of the venture, stage in its life cycle, intent and ability for us to recover our investment in the entity, financial condition and long-term prospects of the entity, short-term liquidity needs, trends in the general economic environment, entitlement status of the land, overall projected returns on investment, defaults under contracts with third parties (including bank debt), recoverability of the investment through future cash flows and relationships with the other partners. If we believe that the decline in the fair value of the investment is temporary, then no impairment is recorded.
Use of Estimates
Use of Estimates — The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the Consolidated financial statements and accompanying notes. Significant estimates include real estate development costs to complete, valuation of real estate, valuation of goodwill, valuation of estimated development liabilities, valuation of equity awards, valuation allowance on deferred tax assets, and reserves for warranty and self-insured risks. Actual results could differ from those estimates.
Concentration of Credit Risk
Concentration of Credit Risk — Financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents and mortgage loans held for sale. Cash and cash equivalents include amounts on deposit with financial institutions in the U.S. that are in excess of the Federal Deposit Insurance Corporation federally insured limits of up to $250,000. Of the different types of mortgage loans held for sale, there was no concentration of mortgage loans with any one borrower for the year ended December 31, 2024. No material losses have been experienced to date.
In addition, the Company is exposed to credit risk to the extent that mortgage loan borrowers fail to meet their contractual obligations. This risk is mitigated by collateralizing the home sold with a mortgage, and entering into forward commitments to sell our mortgage loans held for sale, generally within 30 days of origination.
Cash and Cash Equivalents
Cash and Cash Equivalents — Cash and cash equivalents consist of cash on hand, demand and escrow deposits with financial institutions, and investments with original maturities of 90 days or less. At December 31, 2024, the majority of our cash and cash equivalents were invested in highly liquid money market funds or on deposit with major financial institutions.
Restricted Cash
Restricted Cash — For the year ended December 31, 2023 restricted cash consisted of cash held under broker margin accounts associated with derivative instruments.
Leases
Leases — We recognize leases in accordance with ASC Topic 842, Leases. Our operating leases primarily consist of office space, construction trailers, model home leasebacks, and equipment or storage units. Operating and finance leases are recorded in Lease right of use asset and Lease liabilities on the Consolidated balance sheets.
A summary of our leases is shown below:
 Operating Leases
As of December 31,		 Finance Leases
As of December 31,
(Dollars in millions)2024 2023 2022 2024 2023 2022
Weighted average discount rate5.8% 5.9% 5.9% 7.3% 7.3% 7.3%
Weighted average remaining lease term (in years)
4.9 3.8 4.1 83.1 85.1 86.0
Payments on lease liabilities$21.4 $28.1 $29.2 $1.4 $1.3 $1.3
Recorded lease expense$18.3 $22.8 $25.4 $2.1 $2.0 $2.0
The future minimum lease payments required under our leases as of December 31, 2024 are as follows (dollars in thousands):
Years Ending December 31,
Operating
Lease
Payments
Finance
Lease
Payments
Total
Lease
Payments
2025$17,766 $1,385 $19,151 
202613,170 1,385 14,555 
202710,314 1,385 11,699 
20286,370 1,385 7,755 
20295,516 1,574 7,090 
Thereafter9,242 255,826 
(1)
265,068 
Total lease payments$62,378 $262,940 $325,318 
Less: Interest$8,390 $237,930 $246,320 
Present value of future lease payments$53,988 $25,010 $78,998 
(1) Includes a 90-year land lease.
Land Deposits
Land Deposits — We make deposits related to land option contracts, land banking, and land purchase contracts, which are recorded to Land Deposits on the consolidated balance sheets. Land deposits are recorded as real estate inventory in the accompanying Consolidated balance sheets at the time the deposit is applied to the acquisition price of the land based on the terms of the underlying agreements. To the extent the deposits are non-refundable, they are charged to Other expense, net if the land acquisition process is terminated or no longer determined probable.
Mortgages Loans Held for Sale
Mortgage Loans Held for Sale — Mortgage loans held for sale consist of mortgages due from buyers of Taylor Morrison homes that are financed through our wholly-owned mortgage finance subsidiary, TMHF. Mortgage loans held for sale are carried at fair value, using observable market information, including pricing from actual market transactions, investor commitment prices, or broker quotations. The fair value for Mortgage loans held for sale covered by investor commitments is generally based on commitment prices. The fair value for Mortgage loans held for sale not committed to be purchased by an investor is generally based on current delivery prices using best execution pricing.
Prepaid Expenses and Other Assets, net
Prepaid Expenses and Other Assets, net — Prepaid expenses and other assets, net consist of the following:
 As of December 31,
(Dollars in thousands)20242023
Prepaid expenses$41,254 $41,310 
Other assets86,422 104,210 
Build-to-Rent assets242,966 145,405 
Total prepaid expenses and other assets, net$370,642 $290,925 
Prepaid expenses consist primarily of sales commissions, prepaid rent, impact fees and the unamortized debt issuance costs for the revolving credit facility. Prepaid sales commissions are recorded on pre-closing sales activities, which are recognized on the ultimate closing of the homes to which they relate. Other assets consist primarily of various operating and escrow deposits, pre-acquisition costs, rebate receivables, income tax receivables, Urban Form assets, and other deferred costs. Build-to-Rent assets consist primarily of land and development costs relating to projects under construction.
Derivative Assets
Derivative Assets — We enter into interest rate lock commitments (“IRLCs”) when originating residential mortgage loans held for sale, at specified interest rates and within a specified period of time (generally between 30 and 60 days), with customers who have applied for a loan and meet certain credit and underwriting criteria. We are exposed to interest rate risk as a result of these IRLCs and originated Mortgage loans held for sale until those loans are sold in the secondary market. The price risk related to changes in the fair value of IRLCs and Mortgage loans held for sale not committed to be purchased by investors are subject to change primarily due to changes in market interest rates. We manage the interest rate and price risk associated with our outstanding IRLCs and Mortgage loans held for sale not committed to be purchased by investors by entering into hedging instruments such as forward loan sales commitments and mandatory delivery commitments. We expect these instruments will experience changes in fair value inverse to changes in the fair value of the IRLCs and Mortgage loans held for sale not committed to investors, thereby reducing earnings volatility. Best effort sale commitments are also executed for certain loans at the time the IRLC is locked with the borrower. The fair value of the best effort IRLC and Mortgage loans held for sale are valued using the commitment price to the investor. We take into account various factors and strategies in determining what portion of the IRLCs and Mortgage loans held for sale to economically hedge.
The IRLCs meet the definition of a derivative and are reflected on the balance sheet at fair value in Prepaid expenses and other assets, net or Accrued expenses and other liabilities, with changes in fair value recognized in Financial Services revenue on the Consolidated statements of operations. Unrealized gains and losses on the IRLCs, reflected as derivative assets, are measured based on the fair value of the underlying mortgage loan, quoted Agency MBS prices, estimates of the fair value of the mortgage servicing rights and the probability that the mortgage loan will fund within the terms of the IRLC, net of commission expense and broker fees. The fair value of the forward loan sales commitment and mandatory delivery commitments being used to hedge the IRLCs and Mortgage loans held for sale not committed to be purchased by investors are based on quoted Agency MBS prices. Refer to Note 15—Mortgage Hedging Activities for additional information.
Other Receivables, net
Other Receivables, net — Other receivables primarily consist of amounts expected to be recovered from various community development, municipality, and utility districts and utility deposits. Allowances are maintained for potential losses based on historical experience, present economic conditions, and other factors considered relevant. Allowances are recorded in Other expense, net, when collectability becomes unlikely. Allowances at December 31, 2024 and 2023 were immaterial.
Income Taxes
Income Taxes — We account for income taxes in accordance with ASC Topic 740, Income Taxes ("ASC 740"). Deferred tax assets and liabilities are recorded based on future tax consequences of temporary differences between the amounts reported for financial reporting purposes and the amounts deductible for income tax purposes, and are measured using enacted tax rates expected to apply in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the changes are enacted.
We periodically assess our deferred tax assets, including the benefit from net operating losses, to determine if a valuation allowance is required. A valuation allowance is established when, based upon available evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. Realization of the deferred tax assets is dependent upon, among other matters, taxable income in prior years available for carryback, estimates of future income, tax planning strategies, and reversal of existing temporary differences.
Property and Equipment, net
Property and Equipment, net — Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is generally computed using the straight-line basis over the estimated useful lives of the assets as follows:
Buildings: 20 – 40 years
Building and leasehold improvements: 10 years or remaining life of building/lease term if less than 10 years
Information systems: over the term of the license
Furniture, fixtures and computer and equipment: 5 – 7 years
Model and sales office improvements: lesser of 3 years or the life of the community
Maintenance and repair costs are expensed as incurred.
Depreciation expense was $11.5 million, $9.0 million, and $7.6 million, respectively, for the years ended December 31, 2024, 2023, and 2022. Depreciation expense is recorded in General and administrative expenses in the Consolidated statement of operations.
Goodwill
Goodwill — The excess of the purchase price of a business acquisition over the net fair value of assets acquired and liabilities assumed is capitalized as goodwill in accordance with ASC Topic 350, Intangibles — Goodwill and Other. ASC 350 requires that goodwill and intangible assets that do not have finite lives not be amortized, but rather assessed for impairment at least annually or more frequently if certain impairment indicators are present. We perform our annual impairment test during the fourth fiscal quarter or whenever impairment indicators are present. For the years ended December 31, 2024, 2023 and 2022, goodwill was not impaired.
Insurance Costs, Self-Insurance Reserves and Warranty Reserves
Insurance Costs, Self-Insurance Reserves and Warranty Reserves — We have certain deductible limits for each of our policies under our workers’ compensation, automobile, and general liability insurance policies, and we record warranty
expense and liabilities for the estimated costs of potential claims for construction defects. The excess liability is aggregated annually and applied in excess of automobile liability, employer’s liability under workers compensation and general liability policies. We also generally require our subcontractors and design professionals to indemnify us and provide evidence of insurance for liabilities arising from their work, subject to certain limitations. We are the parent of Beneva Indemnity Company (“Beneva”), a wholly-owned captive insurance company, which provides insurance coverage for construction defects discovered up to ten years following the close of a home, coverage for premise operations risk, and property damage. We accrue for the expected costs associated with the deductibles and self-insured amounts under our various insurance policies based on historical claims, estimates for claims incurred but not reported, and potential for recovery of costs from insurance and other sources. The estimates are subject to significant variability due to factors, such as claim settlement patterns, litigation trends, and the extended period of time in which a construction defect claim might be made after the closing of a home.
Our loss reserves for structural defects are based on factors that include an actuarial study for structural, historical and anticipated claims, trends related to similar product types, number of home closings, and geographical areas. We also provide third-party warranty coverage on homes where required by Federal Housing Administration or Veterans Administration lenders. We regularly review the reasonableness and adequacy of our reserves and make adjustments to the balance of the preexisting reserves to reflect changes in trends and historical data as information becomes available. Self-insurance and warranty reserves are included in Accrued expenses and other liabilities in the Consolidated balance sheets.
We offer a one year limited warranty to cover various defects in workmanship or materials, two year limited warranty on certain systems (such as electrical or cooling systems), and a ten year limited warranty on structural defects. Warranty reserves are established as homes close in an amount estimated to be adequate to cover expected costs of materials and outside labor during warranty periods. Our warranty is not considered a separate performance obligation in the sales arrangement since it is not priced separately from the home, therefore, it is accounted for in accordance with ASC Topic 450, Contingencies, which states that warranties that are not separately priced are generally accounted for by accruing the estimated costs to fulfill the warranty obligation. As a result, we accrue the estimated costs to fulfill the warranty obligation at the time a home closes, as a component of Cost of home closings on the Consolidated statements of operations.
Employee Benefit Plans Employee Benefit Plans — We maintain a defined contribution plan pursuant to Section 401(k) of the Internal Revenue Code ("IRC") (“401(k) Plan”). Each eligible employee may elect to make before-tax contributions up to the current tax limits. At December 31, 2024, we match 100% of employees’ voluntary contributions up to 4% of eligible compensation, and 50% for each dollar contributed between 4% and 5% of eligible compensation. We contributed $14.4 million, $13.2 million, and $13.6 million to the 401(k) Plan for the years ended December 31, 2024, 2023, and 2022, respectively.
Treasury Stock
Treasury Stock — We account for treasury stock, including the shares repurchased as part of our Accelerated Share Repurchase ("ASR") programs, in accordance with ASC Topic 505-30, Equity—Treasury Stock. Repurchased shares are reflected as a reduction in stockholders’ equity. Refer to Note 11 - Stockholders' Equity for additional discussion regarding ASR programs.
Stock Based Compensation — We have stock options, performance-based restricted stock units ("PRSUs") and non-performance-based restricted stock units ("RSUs" or "Restricted stock"), which we account for in accordance with ASC Topic 718-10, Compensation — Stock Compensation. The fair value for stock options is measured and estimated on the date of grant using the Black-Scholes option pricing model and recognized evenly over the vesting period of the options. PRSUs are measured using the closing price on the date of grant and expensed using a probability of attainment calculation which determines the likelihood of achieving the performance targets. RSUs are time-based awards and measured using the closing price on the date of grant and are expensed ratably over the vesting period.
Revenue Recognition
Revenue Recognition — Revenue is recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”). The standard’s core principle requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services.
Home and land closings revenue
Under Topic 606, the following steps are applied to determine home closings revenue and land closings revenue recognition:
(1) identify the contract(s) with our customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the performance obligation(s) are satisfied. Our home sales transactions, have one contract, with one performance obligation, with each customer to build and deliver the home purchased (or develop and deliver land). Based on the application of the five steps, the following summarizes the timing and manner of home and land sales revenue:
•Revenue from closings of residential real estate is recognized when the buyer has made the required minimum down payment, obtained necessary financing, the risks and rewards of ownership are transferred to the buyer, and we have no continuing involvement with the property, which is generally upon the close of escrow. Revenue is reported net of any discounts and incentives.
•Revenue from land sales is recognized when a significant down payment is received, title passes and collectability of the receivable, if any, is probable, and control of the property transfers to the buyer, which is generally upon the close of escrow.
Amenity and other revenue
We own and operate certain amenities such as golf courses, club houses, and fitness centers, which require us to provide club members with access to the facilities in exchange for the payment of club dues. We collect club dues and other fees from club members, which are invoiced and recorded as revenue on a monthly basis. Revenue from our golf club operations is also included in Amenity and other revenue. Amenity and other revenue also includes revenue from the sale of assets from our Urban Form operations and Build-to-Rent operations which is recorded as control transfers to the buyer at transaction close and other criteria of ASC Topic 606 are met.
Financial services revenue
Mortgage operations and hedging activity related to financial services are not within the scope of Topic 606. Loan origination fees (including title fees, points, and closing costs) are recognized at the time the related real estate transactions are completed, which is usually upon the close of escrow. Generally, loans TMHF originates are sold to third party investors within a short period of time, on a non-recourse basis. Gains and losses from the sale of mortgages are recognized in accordance with ASC Topic 860-20, Sales of Financial Assets. TMHF does not have continuing involvement with the transferred assets; therefore, we derecognize the mortgage loans at time of sale, based on the difference between the selling price and carrying value of the related loans upon sale, recording a gain/loss on sale in the period of sale. Also included in Financial services revenue/expenses is the realized and unrealized gains and losses from hedging instruments. ASC Topic 815-25, Derivatives and Hedging, requires that all hedging instruments be recognized as assets or liabilities on the balance sheet at their fair value. We do not meet the criteria for hedge accounting; therefore, we account for these instruments as free-standing derivatives, with changes in fair value recognized in Financial services revenue/expenses on the statement of operations in the period in which they occur. See "Derivative Assets" above in this Note 2.
Advertising Costs
Advertising Costs — We expense advertising costs as incurred. For the years ended December 31, 2024, 2023, and 2022, advertising costs were $33.8 million, $28.7 million, and $33.9 million, respectively. Such costs are included in Sales, commissions and other marketing costs on the Consolidated statement of operations.
Asset Acquisition —On April 29, 2024, we acquired substantially all the assets of Pyatt Builders, a privately-held Indianapolis based homebuilder. The assets acquired were primarily inventory for existing and future communities, including approximately 1,700 owned and controlled lots. The acquisition was accounted for as an asset acquisition and was not material to our results of operations or financial condition.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements — In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation as well as further disaggregate income taxes paid. This ASU can be applied prospectively or retrospectively and is effective for the annual reporting period ending December 31, 2025. The adoption of ASU 2023-09 will not impact our Consolidated financial statements but we are currently reviewing the impact that it may have on our footnote disclosures.
Earnings Per Share
Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share gives effect to the potential dilution that could occur if all outstanding dilutive equity awards to issue shares of common stock were exercised or settled.
Fair Value Measurement
ASC Topic 820 provides a framework for measuring fair value under GAAP, expands disclosures about fair value measurements, and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the fair value hierarchy are summarized as follows:
Level 1 — Fair value is based on quoted prices for identical assets or liabilities in active markets.
Level 2 — Fair value is determined using quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active or are directly or indirectly observable.
Level 3 — Fair value is determined using one or more significant inputs that are unobservable in active markets at the measurement date, such as a pricing model, discounted cash flow, or similar technique.
The fair value of our Mortgage loans held for sale is derived from negotiated rates with partner lending institutions. The fair value of derivative assets and liabilities includes IRLCs and mortgage backed securities (“MBS”). The fair value of IRLCs is based on the value of the underlying mortgage loans, quoted MBS prices and the probability that the mortgage loan will fund within the terms of the IRLCs. We estimate the fair value of the forward sales commitments based on quoted MBS prices. The fair value of our Mortgage warehouse borrowings and Loans payable and other borrowings approximate carrying value due to their short term nature and variable interest rate terms. The fair value of our Senior Notes is derived from quoted market prices by independent dealers in markets that are not active. The fair value of our Equity security investment in a public company is based upon quoted prices for identical assets in an active market. There were no changes to or transfers between the levels of the fair value hierarchy for any of our financial instruments as of December 31, 2024, when compared to December 31, 2023.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Lease, Cost
A summary of our leases is shown below:
 Operating Leases
As of December 31,		 Finance Leases
As of December 31,
(Dollars in millions)2024 2023 2022 2024 2023 2022
Weighted average discount rate5.8% 5.9% 5.9% 7.3% 7.3% 7.3%
Weighted average remaining lease term (in years)
4.9 3.8 4.1 83.1 85.1 86.0
Payments on lease liabilities$21.4 $28.1 $29.2 $1.4 $1.3 $1.3
Recorded lease expense$18.3 $22.8 $25.4 $2.1 $2.0 $2.0
Schedule of Future Lease Payments
The future minimum lease payments required under our leases as of December 31, 2024 are as follows (dollars in thousands):
Years Ending December 31,
Operating
Lease
Payments
Finance
Lease
Payments
Total
Lease
Payments
2025$17,766 $1,385 $19,151 
202613,170 1,385 14,555 
202710,314 1,385 11,699 
20286,370 1,385 7,755 
20295,516 1,574 7,090 
Thereafter9,242 255,826 
(1)
265,068 
Total lease payments$62,378 $262,940 $325,318 
Less: Interest$8,390 $237,930 $246,320 
Present value of future lease payments$53,988 $25,010 $78,998 
(1) Includes a 90-year land lease.
Summary of Prepaid Expenses and Other Assets
Prepaid Expenses and Other Assets, net — Prepaid expenses and other assets, net consist of the following:
 As of December 31,
(Dollars in thousands)20242023
Prepaid expenses$41,254 $41,310 
Other assets86,422 104,210 
Build-to-Rent assets242,966 145,405 
Total prepaid expenses and other assets, net$370,642 $290,925 
v3.25.0.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Summary of Components of Basic and Diluted Earnings Per Share
The following is a summary of the components of basic and diluted earnings per share:
 Year Ended December 31,
 202420232022
Numerator:   
Net income$883,309 $768,929 $1,052,800 
Denominator:   
Weighted average shares – basic104,813108,424114,982
Restricted stock986925707
Stock options1,047796532
Weighted average shares – diluted106,846110,145116,221
Earnings per common share – basic$8.43 $7.09 $9.16 
Earnings per common share – diluted$8.27 $6.98 $9.06 
v3.25.0.1
REAL ESTATE INVENTORY (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Schedule of Inventory
Inventory consists of the following:
 As of December 31,
(Dollars in thousands)20242023
Real estate developed and under development$4,455,623 $3,855,534 
Real estate held for development or held for sale (1)
26,301 29,317 
Total land inventory4,481,924 3,884,851 
Operating communities (2)
1,524,352 1,414,528 
Capitalized interest156,613 174,449 
Total owned inventory6,162,889 5,473,828 
Consolidated real estate not owned71,195 71,618 
Total real estate inventory$6,234,084 $5,545,446 
(1)Real estate held for development or held for sale includes properties which are not in active production.
(2)Operating communities consist of all vertical construction costs relating to homes in progress and completed homes.
Schedule of owned and controlled lots
A summary of owned and controlled lots is as follows:
As of December 31,
(Dollars in thousands)20242023
Owned lots:
Undeveloped16,345 13,418 
Under development8,774 8,848 
Finished11,599 11,811 
Total owned lots36,718 34,077 
Controlled lots:
Land option purchase contracts9,5298,621
Land banking arrangements6,8955,818
Other controlled lots(1)
33,01123,846
Total controlled lots49,43538,285
Total owned and controlled lots86,15372,362
Homes in inventory7,6987,867
(1)Other controlled lots include single transaction take-downs and lots from our portion of unconsolidated JVs.
Schedule of Interest Capitalized, Incurred, Expensed and Amortized
Capitalized Interest — Interest capitalized, incurred and amortized is as follows:
 Year ended December 31,
(Dollars in thousands)202420232022
Interest capitalized - beginning of period$174,449 $190,123 $168,670 
Interest capitalized96,363 119,196 159,913 
Interest amortized to cost of home closings(114,199)(134,870)(138,460)
Interest capitalized - end of period$156,613 $174,449 $190,123 
v3.25.0.1
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Summarized Financial Information of Unconsolidated Entities Accounted by Equity Method
Summarized, unaudited condensed combined financial information of unconsolidated entities that are accounted for by the equity method are as follows (in thousands):
 As of December 31,
 20242023
Assets:
Real estate inventory1,396,887 $952,223 
Other assets226,198 182,517 
Total assets$1,623,085 $1,134,740 
Liabilities:
Debt$576,753 $317,224 
Other liabilities69,706 50,739 
Total liabilities$646,459 $367,963 
Owners’ equity:
TMHC$439,721 $346,192 
Others536,905 420,585 
Total owners’ equity$976,626 $766,777 
Total liabilities and owners’ equity$1,623,085 $1,134,740 
 Year ended December 31,
 202420232022
Revenues$305,057 $158,174 $168,695 
Costs and expenses(288,473)(135,007)(163,488)
Net income from unconsolidated entities$16,584 $23,166 $5,207 
TMHC’s share in net income/(loss) of unconsolidated entities(1)
$6,347 $8,757 $(14,184)
Distributions to TMHC from unconsolidated entities$42,627 $10,054 $130,545 
(1)TMHC’s share in net loss from unconsolidated entities in 2022 relates to a $14.7 million impairment charge to our investment in one of our unconsolidated joint ventures.
v3.25.0.1
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Summary of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following (in thousands):
 As of December 31,
 20242023
Real estate development costs to complete$44,046 $46,114 
Compensation and employee benefits174,509 149,095 
Self-insurance and warranty reserves214,105 184,448 
Interest payable32,288 31,042 
Property and sales taxes payable
36,575 30,887 
Other accruals130,727 107,488 
Total accrued expenses and other liabilities$632,250 $549,074 
Summary of Changes in Reserves A summary of the changes in reserves are as follows (in thousands):
 Year Ended
December 31,
 202420232022
Reserve - beginning of period$184,448 $161,675 $141,839 
Additions to reserves82,376 83,226 76,643 
Cost of claims incurred(85,454)(80,646)(76,994)
Changes in estimates to pre-existing reserves32,735 20,193 20,187 
Reserve - end of period
$214,105 $184,448 $161,675 
v3.25.0.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Senior Notes and Other Borrowings
Total debt consists of the following (in thousands):
 As of December 31,
 20242023
 Principal
Unamortized
Debt Issuance (Costs)/
Premium
Carrying
Value
Principal
Unamortized
Debt Issuance (Costs)/
Premium
Carrying
Value
5.875% Senior Notes due 2027
500,000 (1,890)498,110 500,000 (2,672)497,328 
6.625% Senior Notes due 2027(1)
27,070 733 27,803 27,070 1,022 28,092 
5.75% Senior Notes due 2028
450,000 (1,920)448,080 450,000 (2,551)447,449 
5.125% Senior Notes due 2030
500,000 (3,539)496,461 500,000 (4,174)495,826 
Senior Notes subtotal$1,477,070 $(6,616)$1,470,454 $1,477,070 $(8,375)$1,468,695 
Loans payable and other borrowings475,569 — 475,569 394,943 — 394,943 
$1 Billion Revolving Credit Facility(2)
— — — — — — 
$100 Million Revolving Credit Facility
— — — — — — 
Mortgage warehouse borrowings174,460 — 174,460 153,464 — 153,464 
Total debt$2,127,099 $(6,616)$2,120,483 $2,025,477 $(8,375)$2,017,102 

(1)Unamortized debt issuance premium is reflective of fair value adjustments as a result of purchase accounting.
(2)Unamortized debt issuance costs are included in Prepaid expenses and other assets, net on the Consolidated balance sheets.
Summary of TMHF Mortgage Warehouse Borrowings
The following is a summary of our TMHF mortgage warehouse borrowings:
 As of December 31, 2024
Facility
Amount
Drawn
Facility
Amount
Interest
Rate
Expiration
Date
Collateral (1)
Warehouse A(2)
$— $— 
Term SOFR + 1.70%
on demandMortgage loans
Warehouse C69,008 125,000 
Term SOFR + 1.50%
on demandMortgage loans
Warehouse D60,176 125,000 
Daily SOFR + 1.50%
September 3, 2025(3)
Mortgage loans
Warehouse E43,153 100,000 
Term SOFR + 1.60%
on demandMortgage loans
Warehouse F(2)
2,123 60,000 
Term SOFR + 1.70%
on demandMortgage loans
Total$174,460 $410,000    
 As of December 31, 2023
Facility
Amount
Drawn
Facility
Amount
Interest
Rate
Expiration
Date
Collateral (1)
Warehouse A$13,477 $60,000 
Daily SOFR + 1.70%
on demandMortgage loans
Warehouse C25,567 100,000 
Term SOFR + 1.65%
on demandMortgage loans
Warehouse D56,745 100,000 
Daily SOFR + 1.50%
September 4, 2024Mortgage loans
Warehouse E57,675 100,000 
Term SOFR + 1.60%
on demandMortgage loans
Total$153,464 $360,000    
(1)The mortgage warehouse borrowings outstanding as of December 31, 2024 and 2023, are collateralized by $207.9 million and $193.3 million, respectively, of mortgage loans held for sale.

(2)During December 2024, Warehouse A's bank was purchased by Warehouse F's bank and created a new facility referred to as Warehouse F. As a result, there was no availability under Warehouse A as of December 31, 2024.

(3)The Company has the intent and ability to renew Warehouse D's borrowing's upon expiration.
Principal Maturities of Total Debt
Principal maturities of total debt for the year ended December 31, 2024 are as follows (in thousands):
(Dollars in thousands)Year Ended
December 31,
2025$307,646 
2026184,994 
2027609,923 
2028480,364 
202923,152 
Thereafter521,020 
Total debt$2,127,099 
v3.25.0.1
FAIR VALUE DISCLOSURES (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Carrying Value and Fair Value of Financial Instruments
The carrying value and fair value of our financial instruments are as follows:
  As of December 31, 2024As Of December 31, 2023
(Dollars in thousands)
Level in Fair
Value Hierarchy
Carrying
Value
Estimated
Fair Value
Carrying
Value
Estimated
Fair Value
Description:
Mortgage loans held for sale2$207,936 $207,936 $193,344 $193,344 
IRLCs3(5,917)(5,917)1,489 1,489 
MBSs24,174 4,174 (5,055)(5,055)
Mortgage warehouse borrowings2174,460 174,460 153,464 153,464 
Loans payable and other borrowings2475,569 475,569 394,943 394,943 
5.875% Senior Notes due 2027 (1)
2498,110 501,770 497,328 502,500 
6.625% Senior Notes due 2027 (1)
227,803 26,804 28,092 26,529 
5.75% Senior Notes due 2028 (1)
2448,080 446,679 447,449 451,571 
5.125% Senior Notes due 2030 (1)
2496,461 478,455 495,826 483,690 
Equity security1201 201 460 460 
(1)Carrying value for Senior Notes, as presented, includes unamortized debt issuance costs or bond premium. Debt issuance costs are not factored into the fair value calculation for the Senior Notes.
v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
The provision for income taxes for the years ended December 31, 2024, 2023 and 2022 consisted of the following:
 Year Ended December 31,
(Dollars in thousands)202420232022
Current:
Federal$231,758 $196,464 $203,119 
State46,902 51,009 48,134 
Current tax provision$278,660 $247,473 $251,253 
Deferred:
Federal$(8,951)$(1,003)$66,667 
State(161)1,627 18,508 
Deferred tax provision$(9,112)$624 $85,175 
Total income tax provision$269,548 $248,097 $336,428 
Schedule of Reconciliation of Provision (Benefit) for Income Taxes
A reconciliation of the provision for income taxes and the amount computed by applying the federal statutory income tax rate of 21% to income before provision for income taxes is as follows:
 Year Ended December 31,
 202420232022
Tax at federal statutory rate21.0 %21.0 %21.0 %
State income taxes (net of federal benefit)3.6 4.1 3.9 
Non-controlling interest— (0.3)(0.1)
Energy tax credits(0.7)(0.4)(1.3)
Disallowed compensation expense0.6 0.6 0.4 
Excess stock compensation benefit(0.6)(0.5)— 
Other(0.6)(0.1)0.3 
Effective Rate23.3 %24.4 %24.2 %
Summary of Components of Deferred Tax Assets and Liabilities A summary of these components for the years ending December 31, 2024 and 2023 is as follows:
 Year Ended December 31,
(Dollars in thousands)20242023
Deferred tax assets:
Real estate inventory$26,483 $41,660 
Accruals and reserves73,418 58,864 
Net operating losses (1)
48,996 54,845 
Total deferred tax assets$148,897 $155,369 
Deferred tax liabilities:
Real estate inventory, intangibles, other$(6,223)$(8,414)
Other(5,512)(2,274)
Deferred income(55,186)(76,856)
Total Deferred Tax Liabilities$(66,921)$(87,544)
Valuation allowance(5,728)— 
Total net deferred tax assets$76,248 $67,825 
(1)A portion of our net operating losses is limited by Section 382 of the Internal Revenue Code, stemming from three business acquisitions: 1) the 2011 acquisition of the Company by our former principal equity holders, 2) the 2018 acquisition of AV Homes and 3) the 2021 acquisition of William Lyon Homes. All three acquisitions were deemed to be a change in control as defined by Section 382.
v3.25.0.1
STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Accelerated Share Repurchases
The following table summarizes share repurchase activity for the program for the years ended December 31, 2024 and 2023:
(Number of Shares)
2024 2023
Number of shares repurchased with ASR(1)
2,977,494 — 
Other share repurchases(2)
2,630,3582,814,956
Total amount repurchased
5,607,852  2,814,956 
(1) Subsequent to December 31, 2024 the fourth ASR settled a total of 184,214 shares which are not included in the table above.
(2) Amount represents shares repurchased under our existing share repurchase program which are not part of ASRs.
Stock Repurchases
The following table summarizes our spend on share repurchases for the years ended December 31, 2024 and 2023:
(Dollars in thousands)20242023
Amount available for repurchase — beginning of period$494,489 $279,138 
Amount cancelled from expired or unused authorizations(236,799)(156,690)
Additional amount authorized for repurchase1,000,000 500,000 
Amount repurchased
(347,597)(127,959)
Amount available for repurchase — end of period$910,093 $494,489 
v3.25.0.1
STOCK BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-Based Compensation Expense
The following table provides information regarding the amount and components of stock-based compensation expense, which is included in General and administrative expenses in the Consolidated statement of operations (in thousands):
 Year Ended December 31,
 202420232022
Restricted stock (1)
$17,837 $21,977 $22,464 
Stock options4,624 4,118 4,437 
Total stock compensation$22,461 $26,095 $26,901 
(1) Includes compensation expense related to time-based RSUs and PRSUs.
Summary of Stock Option Activity
The following tables summarize stock option activity for the Plan for each year presented:
 Year Ended December 31,
 202420232022
 
Number Of
Options
Weighted Average Exercise/ Grant
Price
Number Of
Options
Weighted Average Exercise/ Grant
Price
Number Of
Options
Weighted Average Exercise/ Grant
Price
Outstanding, beginning2,254,142$26.84 3,273,258$23.35 3,165,612$22.02 
Granted(1)
127,51356.48 359,76835.18 519,79929.30 
Exercised(414,629)25.75 (1,252,516)21.07 (323,625)20.69 
Cancelled/forfeited(1)
(10,330)31.74 (126,368)28.29 (88,528)24.64 
Balance, ending1,956,696$28.98 2,254,142$26.84 3,273,258$23.35 
Options exercisable, at December 31,1,231,352$24.85 1,133,734$23.48 1,775,881$20.50 
(1)Excludes the number of options granted and canceled in the same period.
 As of December 31,
(Dollars in thousands)202420232022
Unamortized value of unvested stock options (net of estimated forfeitures)$6,999 $7,861 $7,712 
Weighted-average period (in years) expense expected to be recognized
2.42.52.5
Weighted-average remaining contractual life (in years) for options outstanding
5.76.46.6
Weighted-average remaining contractual life (in years) for options exercisable
4.54.85.2
Summary of Weighted-average Assumptions and Fair Value Used for Stock Options Grants
The following table summarizes the weighted-average assumptions and fair value used for stock options grants:
 Year Ended December 31,
 202420232022
Expected dividend yield— %— %— %
Expected volatility(1)
51.60 %50.87 %30.46 %
Risk-free interest rate(1)
4.24 %3.90 %1.91 %
Expected term (in years)(1)
6.256.256.25
Weighted average fair value of options granted during the period$31.02 $14.50 $9.94 
(1)Expected volatilities and expected term are based on the historical information of comparable publicly traded homebuilders. Due to the limited number and homogeneous nature of option holders, the expected term was evaluated using a single group. The risk-free rate is based on the U.S. Treasury yield curve for periods equivalent to the expected term of the options on the grant date.
Summary of Aggregate Intrinsic Value of Options Outstanding and Exercisable
The following table provides information pertaining to the aggregate intrinsic value of options outstanding and exercisable at December 31, 2024, 2023 and 2022:
 As of December 31,
(Dollars in thousands)202420232022
Aggregate intrinsic value of options outstanding$63,069 $59,758 $21,439 
Aggregate intrinsic value of options exercisable$44,766 $33,861 $15,385 
Summary of Activity of Stock Units
The following table summarizes the activity of our PRSUs:
 Year Ended December 31,
 202420232022
Balance, beginning724,123802,379926,193
Granted140,070229,164272,716
Vested(244,781)(245,306)(380,632)
Forfeited(1,588)(62,114)(15,898)
Balance, ending617,824724,123802,379
 Year Ended December 31,
(Dollars in thousands):202420232022
PRSU expense recognized$7,058 $12,619 $12,642 
Unamortized value of PRSUs$8,755 $8,122 $8,911 
Weighted-average period expense is expected to be recognized (in years)1.81.81.8
The following tables summarize the activity of our RSUs:
 Year Ended December 31,
 202420232022
 
Number Of
RSUs
Weighted Average Grant Date Fair
Value
Number Of
RSUs (1)
Weighted Average Grant Date Fair
Value
Number Of
RSUs
Weighted Average Grant Date Fair
Value
Outstanding, beginning767,216$29.87 814,834$26.74 804,465$24.73 
Granted251,43557.52 297,31735.96 359,99329.04 
Vested(305,702)31.30 (301,359)27.52 (319,595)24.32 
Forfeited(6,360)49.37 (43,576)29.81 (30,029)26.90 
Balance, ending706,589$38.90 767,216$29.87 814,834$26.74 
 Year Ended December 31,
(Dollars in thousands):202420232022
RSU expense recognized$10,779 $9,357 $9,822 
Unamortized value of RSUs$13,456 $10,496 $10,486 
Weighted-average period expense is expected to be recognized (in years)2.21.71.7
v3.25.0.1
OPERATING AND REPORTING SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Summary of Reporting Segments
Our reporting segments are as follows:
EastAtlanta, Charlotte, Jacksonville, Naples, Orlando, Raleigh, Sarasota, and Tampa
Central
Austin, Dallas, Denver, Houston, and Indianapolis
WestBay Area, Las Vegas, Phoenix, Portland, Sacramento, Seattle, and Southern California
Financial ServicesTaylor Morrison Home Funding, Inspired Title Services, and Taylor Morrison Insurance Services
Summary of Segment Information The segment information is consistent with the metrics reviewed in the CODMs package and is as follows (in thousands):
 Year Ended December 31, 2024
 
East
Central
West
Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$2,826,628 $1,969,381 $2,959,210 $— $7,755,219 $— $7,755,219 
All other revenue52,908 24,514 27,607 199,459 304,488 108,429 $412,917 
Total revenue
2,879,536 1,993,895 2,986,817 199,459 8,059,707 108,429 8,168,136 
Cost of home closings2,065,218 1,485,968 2,312,557 — 5,863,743 — $5,863,743 
All other cost of sales43,604 20,825 34,569 108,592 207,590 112,591 $320,181 
Total cost of sales
2,108,822 1,506,793 2,347,126 108,592 6,071,333 112,591 6,183,924 
Home closings gross margin761,410 483,413 646,653 — 1,891,476 — $1,891,476 
Total gross margin770,714 487,102 639,691 90,867 1,988,374 (4,162)$1,984,212 
Sales, commissions and other marketing costs(2)
(169,270)(131,997)(146,909)— (448,176)(7,916)$(456,092)
General and administrative expenses(47,888)(34,501)(46,514)— (128,903)(185,503)$(314,406)
Net (loss)/income from unconsolidated entities
— (51)(28)8,915 8,836 (2,489)$6,347 
Interest and other (expense)/income, net(3)
(771)(16,087)(6,646)2,112 (21,392)(42,551)$(63,943)
Income before income taxes
$552,785 $304,466 $439,594 $101,894 $1,398,739 $(242,621)$1,156,118 
(1)Includes the activity from our Build-To-Rent and Urban Form operations
(2)Includes corporate marketing expense allocations
(3)Interest and other (expense)/income, net includes pre-acquisition write-offs of terminated projects.
 Year Ended December 31, 2023
 
East
Central
West
Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$2,619,322 $1,935,500 $2,604,035 $— $7,158,857 $— $7,158,857 
All other revenue55,308 28,765 1,414 160,312 245,799 13,175 258,974 
Total revenue
2,674,630 1,964,265 2,605,449 160,312 7,404,656 13,175 7,417,831 
Cost of home closings1,900,833 1,443,490 2,107,078 — 5,451,401 — 5,451,401 
All other cost of sales52,478 24,846 2,053 93,989 173,366 9,991 183,357 
Total cost of sales
1,953,311 1,468,336 2,109,131 93,989 5,624,767 9,991 5,634,758 
Home closings gross margin718,489 492,010 496,957 — 1,707,456 — 1,707,456 
Total gross margin721,319 495,929 496,318 66,323 1,779,889 3,184 1,783,073 
Sales, commissions and other marketing costs(2)
(145,943)(128,914)(136,522)— (411,379)(6,755)(418,134)
General and administrative expenses(39,381)(29,893)(42,306)— (111,580)(168,993)(280,573)
Net (loss)/income from unconsolidated entities— (98)(217)9,148 8,833 (76)8,757 
Interest and other (expense)/income, net(3)
(73,205)(7,608)3,981 — (76,832)1,842 (74,990)
Loss on extinguishment of debt
— — — — — (295)(295)
Income before income taxes
$462,790 $329,416 $321,254 $75,471 $1,188,931 $(171,093)$1,017,838 
(1)Includes the assets from our Build-To-Rent and Urban Form operations
(2)Includes corporate marketing expense allocations
(3)Interest and other (expense)/income, net includes pre-acquisition write-offs of terminated projects.
 Year Ended December 31, 2022
 
East
Central
West
Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$2,673,951 $2,014,869 $3,200,551 $— $7,889,371 $— $7,889,371 
All other revenue65,808 9,861 28,302 135,491 $239,462 96,084 335,546 
Total revenue
2,739,759 2,024,730 3,228,853 135,491 8,128,833 96,084 8,224,917 
Cost of home closings1,963,177 1,522,353 2,418,928 — 5,904,458 — 5,904,458 
All other cost of sales58,359 9,371 17,981 83,960 169,671 58,422 228,093 
Total cost of sales
2,021,536 1,531,724 2,436,909 83,960 6,074,129 58,422 6,132,551 
Home closings gross margin710,774 492,516 781,623 — 1,984,913 — 1,984,913 
Total gross margin718,223 493,006 791,944 51,531 2,054,704 37,662 2,092,366 
Sales, commissions and other marketing costs(2)
(141,729)(112,701)(128,339)— (382,769)(15,305)(398,074)
General and administrative expenses(38,448)(25,123)(39,412)— (102,983)(142,155)(245,138)
Net (loss)/income from unconsolidated entities— (55)(18,445)5,271 (13,229)(955)(14,184)
Interest and other expense, net(3)
(6,725)(10,364)(23,881)— (40,970)(15,201)(56,171)
Gain on extinguishment of debt— — — — — 13,876 13,876 
Income before income taxes
$531,321 $— $344,763 $— $581,867 $— $56,802 $— $1,514,753 $(122,078)$— $1,392,675 
(1)Includes the assets from our Build-To-Rent and Urban Form operations
(2)Includes corporate marketing expense allocations
(3)Interest and other (expense)/income, net includes pre-acquisition write-offs of terminated projects
Summary of Assets by Segment
 As of December 31, 2024
 EastCentralWestFinancial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Real estate inventory and land deposits$2,389,791 $1,296,272 $2,847,689 $— $6,533,752 $— $6,533,752 
Investments in unconsolidated entities86,378 164,434 94,864 5,483 351,159 88,562 439,721 
Other assets173,489 225,846 610,212 297,107 1,306,654 1,017,004 2,323,658 
Total assets$2,649,658 $1,686,552 $— $3,552,765 $— $302,590 $— $8,191,565 $1,105,566 $9,297,131 
(1)Includes the assets from our Build-To-Rent and Urban Form operations.
 As of December 31, 2023
 EastCentralWest
Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Real estate inventory and land deposits$1,909,084 $1,181,014 $2,658,565 $— $5,748,663 $— $5,748,663 
Investments in unconsolidated entities63,628 125,610 88,219 5,483 282,940 63,252 346,192 
Other assets177,739 214,685 616,210 298,451 1,307,085 1,270,147 2,577,232 
Total assets$2,150,451 $1,521,309 $3,362,994 $303,934 $7,338,688 $1,333,399 $8,672,087 
(1)Includes the assets from our Build-To-Rent and Urban Form operations.
 As of December 31, 2022
 EastCentralWest
Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Real estate inventory and land deposits$1,820,765 $1,359,805 $2,453,662 $— $5,634,232 $— $5,634,232 
Investments in unconsolidated entities46,629 104,070 80,310 5,283 236,292 46,608 282,900 
Other assets216,816 251,727 613,029 431,535 1,513,107 1,040,485 2,553,592 
Total assets$2,084,210 $1,715,602 $3,147,001 $436,818 $7,383,631 $1,087,093 $8,470,724 
(1)Includes the assets from our Build-To-Rent and Urban Form operations
v3.25.0.1
MORTGAGE HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summaries of Derivative Instruments
The following summarizes derivative instruments as of the periods presented:
 As of
 December 31, 2024December 31, 2023
(Dollars in thousands)
Fair Value
Notional Amount (1)
Fair Value
Notional Amount (1)
IRLCs$(5,917)$233,881 $1,489 $219,129 
MBSs4,174 405,000 (5,055)285,000 
Total$(1,743) $(3,566) 
(1)The notional amounts in the table above include mandatory and best effort mortgages, that have been locked and approved.
v3.25.0.1
BUSINESS (Details)
 12 Months Ended
Dec. 31, 2024
Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 4
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Detail)
 12 Months Ended
Dec. 31, 2024
USD ($)
lot
asset
Dec. 31, 2023
USD ($)
lot
Dec. 31, 2022
USD ($)
Significant Accounting Policies [Line Items]      
Real estate impairment charges $ 29,637,000 $ 11,791,000 $ 24,870,000
Total controlled lots | lot 49,435 38,285  
Purchase price $ 1,200,000,000 $ 822,100,000  
Asset, held-for-sale, not part of disposal group, current 89,700,000 0 0
Total real estate inventory 6,234,084,000 5,545,446,000  
Impairment charges on unconsolidated entities 0 14,700,000 0
Depreciation expense 11,500,000 9,000,000.0 7,600,000
Impairment of goodwill $ 0 0 0
Insurance coverage period 10 years    
Warranty coverage period, workmanship or materials 1 year    
Warranty coverage period, systems 2 years    
Warranty coverage period, structural defects 10 years    
Contribution made to consolidated defined contribution plan $ 14,400,000 13,200,000 13,600,000
Advertising costs 33,800,000 28,700,000 33,900,000
Land under purchase options, recorded $ 154,800,000 $ 129,200,000  
Minimum      
Significant Accounting Policies [Line Items]      
Life cycle of communities (in years) 2 years    
Derivative term 30 days    
Maximum      
Significant Accounting Policies [Line Items]      
Life cycle of communities (in years) 5 years    
Derivative term 60 days    
Controlled Lots, Land Banking Arrangements      
Significant Accounting Policies [Line Items]      
Total controlled lots | lot 6,895 5,818  
Operating Segments      
Significant Accounting Policies [Line Items]      
Impairment charges on unconsolidated entities   $ 5,300,000  
Model and sales office improvements      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, useful life 3 years    
Buildings | Minimum      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, useful life 20 years    
Buildings | Maximum      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, useful life 40 years    
Building and Leasehold Improvements      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, useful life 10 years    
Furniture, fixtures and computer equipment | Minimum      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, useful life 5 years    
Furniture, fixtures and computer equipment | Maximum      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, useful life 7 years    
Employer Matching Contribution Tranche One      
Significant Accounting Policies [Line Items]      
Defined contribution plan employee matching contribution 100.00%    
Percentage of contribution based on participant's age and ranges 4.00%    
Employer Matching Contribution Tranche Two      
Significant Accounting Policies [Line Items]      
Defined contribution plan employee matching contribution 50.00%    
Percentage of contribution based on participant's age and ranges 4.00% 5.00%  
West      
Significant Accounting Policies [Line Items]      
Asset, held-for-sale, not part of disposal group, number of assets | asset 1    
West | Continuing Operations      
Significant Accounting Policies [Line Items]      
Real estate impairment charges $ 5,000,000.0 $ 11,800,000 $ 24,900,000
West      
Significant Accounting Policies [Line Items]      
Real estate impairment charges 12,500,000    
West | Operating Segments      
Significant Accounting Policies [Line Items]      
Land inventory held for sale impairments $ 6,800,000    
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Lease Details (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Leases      
Weighted average discount rate 5.80% 5.90% 5.90%
Weighted average remaining lease term (in years) 4 years 10 months 24 days 3 years 9 months 18 days 4 years 1 month 6 days
Payments on lease liabilities $ 21,400 $ 28,100 $ 29,200
Recorded lease expense $ 18,300 $ 22,800 $ 25,400
Finance Leases      
Weighted average discount rate 7.30% 7.30% 7.30%
Weighted average remaining lease term (in years) 83 years 1 month 6 days 85 years 1 month 6 days 86 years
Payments on lease liabilities $ 1,404 $ 1,316 $ 1,344
Recorded lease expense $ 2,100 $ 2,000 $ 2,000
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Future Lease Payments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating Lease Payments    
2025 $ 17,766  
2026 13,170  
2027 10,314  
2028 6,370  
2029 5,516  
Thereafter 9,242  
Total lease payments 62,378  
Less: Interest 8,390  
Present value of future lease payments 53,988  
Finance Lease Payments    
2025 1,385  
2026 1,385  
2027 1,385  
2028 1,385  
2029 1,574  
Thereafter 255,826  
Total lease payments 262,940  
Less: Interest 237,930  
Present value of future lease payments 25,010  
Total Lease Payments    
2025 19,151  
2026 14,555  
2027 11,699  
2028 7,755  
2029 7,090  
Thereafter 265,068  
Total lease payments 325,318  
Less: Interest 246,320  
Present value of future lease payments $ 78,998 $ 84,999
Operating lease, liability, statement of financial position [Extensible List] Present value of future lease payments Present value of future lease payments
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Present value of future lease payments Present value of future lease payments
Land lease term 90 years  
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Prepaid Expenses and Other Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]    
Prepaid expenses $ 41,254 $ 41,310
Other assets 86,422 104,210
Build-to-Rent assets 242,966 145,405
Total prepaid expenses and other assets, net $ 370,642 $ 290,925
v3.25.0.1
EARNINGS PER SHARE - Schedule of Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator:      
Net income $ 883,309 $ 768,929 $ 1,052,800
Denominator:      
Weighted average shares - basic 104,813 108,424 114,982
Weighted average shares - diluted 106,846 110,145 116,221
Earnings per common share — basic:      
Net income (in dollars per share) $ 8.43 $ 7.09 $ 9.16
Earnings per common share — diluted:      
Net income (in dollars per share) $ 8.27 $ 6.98 $ 9.06
Restricted stock      
Denominator:      
Stock options 986 925 707
Stock options      
Denominator:      
Stock options 1,047 796 532
v3.25.0.1
EARNINGS PER SHARE - Narrative (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accelerated Share Repurchase (ASRs)      
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Shares excluded from the calculation of earnings per share 176,725 0  
Stock Options And RSUs      
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Shares excluded from the calculation of earnings per share 120,255 303,033 1,485,064
v3.25.0.1
REAL ESTATE INVENTORY - Schedule of Inventory (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Real Estate [Abstract]        
Real estate developed and under development $ 4,455,623 $ 3,855,534    
Real estate held for development or held for sale 26,301 29,317    
Total land inventory 4,481,924 3,884,851    
Operating communities 1,524,352 1,414,528    
Capitalized interest 156,613 174,449 $ 190,123 $ 168,670
Total owned inventory 6,162,889 5,473,828    
Consolidated real estate not owned 71,195 71,618    
Total real estate inventory $ 6,234,084 $ 5,545,446    
v3.25.0.1
REAL ESTATE INVENTORY - Schedule of Development Status of Land Inventory (Details)
Dec. 31, 2024
lot
home
Dec. 31, 2023
lot
home
Inventory [Line Items]    
Total owned lots 36,718 34,077
Total controlled lots 49,435 38,285
Total owned and controlled lots 86,153 72,362
Homes in inventory | home 7,698 7,867
Owned Lots, Undeveloped    
Inventory [Line Items]    
Total owned lots 16,345 13,418
Owned Lots, Under Development    
Inventory [Line Items]    
Total owned lots 8,774 8,848
Owned Lots, Finished    
Inventory [Line Items]    
Total owned lots 11,599 11,811
Controlled Lots, Land Option Purchase Contracts    
Inventory [Line Items]    
Total controlled lots 9,529 8,621
Controlled Lots, Land Banking Arrangements    
Inventory [Line Items]    
Total controlled lots 6,895 5,818
Controlled Lots, Other Controlled Lots    
Inventory [Line Items]    
Total controlled lots 33,011 23,846
v3.25.0.1
REAL ESTATE INVENTORY - Schedule of Interest Capitalized, Incurred, Expensed and Amortized (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Capitalized Interest Costs [Roll Forward]      
Interest capitalized - beginning of period $ 174,449 $ 190,123 $ 168,670
Interest capitalized 96,363 119,196 159,913
Interest amortized to cost of home closings (114,199) (134,870) (138,460)
Interest capitalized - end of period $ 156,613 $ 174,449 $ 190,123
v3.25.0.1
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]      
Gain on land transfers $ 0 $ 0 $ 14,508
Assets 9,297,131 8,672,087 $ 8,470,724
Cash and cash equivalents 487,151 798,568  
Owned real estate inventory 4,481,924 3,884,851  
Fixed assets 232,709 295,121  
Liabilities 3,418,951 3,339,801  
Variable Interest Entity, Primary Beneficiary      
Variable Interest Entity [Line Items]      
Assets 98,600 265,200  
Cash and cash equivalents 18,100 29,800  
Owned real estate inventory 79,100 70,200  
Fixed assets   121,300  
Liabilities 48,400 $ 133,800  
Increase (Decrease) Assets $ 4,400    
v3.25.0.1
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES - Summarized Balance Sheets of Unconsolidated Entities Accounted by Equity Method (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets:      
Real estate inventory $ 4,481,924 $ 3,884,851  
Other assets 2,323,658 2,577,232 $ 2,553,592
Total assets 9,297,131 8,672,087 $ 8,470,724
Liabilities:      
Debt 2,120,483 2,017,102  
Total liabilities 3,418,951 3,339,801  
Owners’ equity:      
Total liabilities and owners’ equity 9,297,131 8,672,087  
Equity Method Investment, Nonconsolidated Investee or Group of Investees      
Assets:      
Real estate inventory 1,396,887 952,223  
Other assets 226,198 182,517  
Total assets 1,623,085 1,134,740  
Liabilities:      
Debt 576,753 317,224  
Other liabilities 69,706 50,739  
Total liabilities 646,459 367,963  
Owners’ equity:      
TMHC 439,721 346,192  
Others 536,905 420,585  
Total owners’ equity 976,626 766,777  
Total liabilities and owners’ equity $ 1,623,085 $ 1,134,740  
v3.25.0.1
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES - Summarized Statements of Operations of Unconsolidated Entities Accounted by Equity Method (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]      
Revenues $ 8,168,136,000 $ 7,417,831,000 $ 8,224,917,000
Costs and expenses (6,183,924,000) (5,634,758,000) (6,132,551,000)
Net income from unconsolidated entities 883,309,000 768,929,000 1,052,800,000
Net income from unconsolidated entities 6,347,000 8,757,000 (14,184,000)
Distributions to TMHC from unconsolidated entities 12,929,000 9,230,000 5,270,000
Impairment charges on unconsolidated entities 0 14,700,000 0
Equity Method Investment, Nonconsolidated Investee or Group of Investees      
Schedule of Equity Method Investments [Line Items]      
Revenues 305,057,000 158,174,000 168,695,000
Costs and expenses (288,473,000) (135,007,000) (163,488,000)
Net income from unconsolidated entities 16,584,000 23,166,000 5,207,000
Impairment charges on unconsolidated entities     14,700,000
Taylor Morrison Home Corporation      
Schedule of Equity Method Investments [Line Items]      
Net income from unconsolidated entities 6,347,000 8,757,000 (14,184,000)
Distributions to TMHC from unconsolidated entities $ 42,627,000 $ 10,054,000 $ 130,545,000
v3.25.0.1
ACCRUED EXPENSES AND OTHER LIABILITIES - Summary of Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Payables and Accruals [Abstract]        
Real estate development costs to complete $ 44,046 $ 46,114    
Compensation and employee benefits 174,509 149,095    
Self-insurance and warranty reserves 214,105 184,448 $ 161,675 $ 141,839
Interest payable 32,288 31,042    
Property and sales taxes payable 36,575 30,887    
Other accruals 130,727 107,488    
Total accrued expenses and other liabilities $ 632,250 $ 549,074    
v3.25.0.1
ACCRUED EXPENSES AND OTHER LIABILITIES - Summary of Changes in Reserves (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Summary of changes in warranty reserves      
Reserve - beginning of period $ 184,448 $ 161,675 $ 141,839
Additions to reserves 82,376 83,226 76,643
Cost of claims incurred (85,454) (80,646) (76,994)
Changes in estimates to pre-existing reserves 32,735 20,193 20,187
Reserves — end of period $ 214,105 $ 184,448 $ 161,675
v3.25.0.1
ESTIMATED DEVELOPEMENT LIABILITIES - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Real Estate Liabilities Associated with Assets Held for Development and Sale [Abstract]    
Changes in estimated future development costs $ 23.1 $ 14.8
Reduction in diluted share $ 0.17 $ 0.10
v3.25.0.1
DEBT - Senior Notes and Other Borrowings (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Aug. 01, 2019
Jun. 05, 2019
Debt Instrument [Line Items]        
Principal $ 2,127,099 $ 2,025,477    
Unamortized Debt Issuance (Costs)/ Premium (6,616) (8,375)    
Carrying Value 2,120,483 2,017,102    
Loans payable and other borrowings        
Debt Instrument [Line Items]        
Principal 475,569 394,943    
Unamortized Debt Issuance (Costs)/ Premium 0 0    
Carrying Value 475,569 394,943    
Mortgage warehouse borrowings        
Debt Instrument [Line Items]        
Principal 174,460 153,464    
Unamortized Debt Issuance (Costs)/ Premium 0 0    
Carrying Value 174,460 153,464    
Senior Notes        
Debt Instrument [Line Items]        
Principal 1,477,070 1,477,070    
Unamortized Debt Issuance (Costs)/ Premium (6,616) (8,375)    
Carrying Value $ 1,470,454 $ 1,468,695    
Senior Notes | 5.875% Senior Notes due 2027        
Debt Instrument [Line Items]        
Stated interest rate of senior notes 5.875% 5.875%   5.875%
Principal $ 500,000 $ 500,000    
Unamortized Debt Issuance (Costs)/ Premium (1,890) (2,672)    
Carrying Value $ 498,110 $ 497,328    
Senior Notes | 6.625% Senior Notes Due 2027        
Debt Instrument [Line Items]        
Stated interest rate of senior notes 6.625% 6.625%    
Principal $ 27,070 $ 27,070    
Unamortized Debt Issuance (Costs)/ Premium 733 1,022    
Carrying Value $ 27,803 $ 28,092    
Senior Notes | 5.75% Senior Notes due 2028        
Debt Instrument [Line Items]        
Stated interest rate of senior notes 5.75% 5.75% 5.75%  
Principal $ 450,000 $ 450,000    
Unamortized Debt Issuance (Costs)/ Premium (1,920) (2,551)    
Carrying Value $ 448,080 $ 447,449    
Senior Notes | 5.125% Senior Notes due 2030        
Debt Instrument [Line Items]        
Stated interest rate of senior notes 5.125% 5.125%    
Principal $ 500,000 $ 500,000    
Unamortized Debt Issuance (Costs)/ Premium (3,539) (4,174)    
Carrying Value 496,461 495,826    
Line of Credit | $1 Billion Revolving Credit Facility | Revolving Credit Facility        
Debt Instrument [Line Items]        
Principal 0 0    
Unamortized Debt Issuance (Costs)/ Premium 0 0    
Carrying Value 0 0    
Maximum borrowing capacity on line of credit 1,000,000 1,000,000    
Line of Credit | $100 Million Revolving Credit Facility | Revolving Credit Facility        
Debt Instrument [Line Items]        
Principal 0 0    
Unamortized Debt Issuance (Costs)/ Premium 0 0    
Carrying Value 0 0    
Maximum borrowing capacity on line of credit $ 100,000 $ 100,000    
v3.25.0.1
DEBT - 2024 Senior Notes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Gain on extinguishment of debt, net $ 0 $ (295) $ 13,876
v3.25.0.1
DEBT - 2027 Senior Notes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 03, 2022
Jun. 13, 2022
Jun. 05, 2019
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Feb. 10, 2020
Debt Instrument [Line Items]              
Aggregate principal amount outstanding       $ 1,470,454 $ 1,468,695    
Gain on extinguishment of debt, net       $ 0 $ (295) $ 13,876  
Senior Notes | 5.875% Senior Notes due 2027              
Debt Instrument [Line Items]              
Stated interest rate of senior notes     5.875% 5.875% 5.875%    
Senior Notes issued amount     $ 500,000        
Redemption price percentage     101.00%        
Senior Notes | 6.625% Senior Notes Due 2027              
Debt Instrument [Line Items]              
Stated interest rate of senior notes       6.625% 6.625%    
Senior Notes | 6.625% Senior Notes Due 2027 | Tranche One              
Debt Instrument [Line Items]              
Redemption price percentage       100.00%      
Debt instrument, repurchase amount   $ 264,100          
Senior Notes | 6.625% Senior Notes Due 2027 | Tranche Two              
Debt Instrument [Line Items]              
Redemption price percentage       97.00%      
Debt instrument, repurchase amount   900          
Senior Notes | 6.625% Senior Notes Due 2027 | Debt Instrument, Redemption, Period Four              
Debt Instrument [Line Items]              
Redemption price percentage       101.104%      
Senior Notes | 6.625% Senior Notes Due 2027 | Debt Instrument, Redemption, Period Five              
Debt Instrument [Line Items]              
Redemption price percentage       100.00%      
Senior Notes | 6.625% Senior Notes Due 2027 issued by TM Communities              
Debt Instrument [Line Items]              
Stated interest rate of senior notes       6.625%      
Aggregate principal amount outstanding   265,000         $ 290,400
Gain on extinguishment of debt, net   $ 13,600          
Senior Notes | 6.625% Senior Notes Due 2027 Issued By WLH              
Debt Instrument [Line Items]              
Aggregate principal amount outstanding             $ 9,600
Debt instrument, repurchase amount $ 8,000            
Gain on extinguishment of debt, net $ 1,100            
Senior Notes | 6.625% Senior Notes Due 2027 Issued By WLH | Debt Instrument, Redemption, Period One              
Debt Instrument [Line Items]              
Redemption price percentage 91.25%            
v3.25.0.1
DEBT - 2028 Senior Notes (Details) - Senior Notes - 5.75% Notes Due 2028 - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Aug. 01, 2019
Debt Instrument [Line Items]      
Stated interest rate of senior notes 5.75% 5.75% 5.75%
Senior Notes issued amount     $ 450.0
Redemption price percentage 100.00%    
v3.25.0.1
DEBT - 2030 Senior Notes (Details) - 5.125% Senior Notes Due 2030 - Senior Notes - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Jul. 31, 2020
Jul. 22, 2020
Debt Instrument [Line Items]      
Long term debt interest rate   5.125% 5.125%
Senior Notes issued amount     $ 500.0
Redemption price percentage 100.00%    
v3.25.0.1
DEBT - Revolving Credit Facility (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
d
Fiscalquarter
Equitycureright
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]    
Revolving credit facility borrowings $ 0 $ 0
Letters of credit utilized 1,400,000,000 1,300,000,000
Revolving Credit Facility | $800 Million Revolving Credit Facility | Line of Credit    
Debt Instrument [Line Items]    
Maximum borrowing capacity on line of credit 1,000,000,000  
Revolving Credit Facility | $1 Billion Revolving Credit Facility | Line of Credit    
Debt Instrument [Line Items]    
Maximum borrowing capacity on line of credit $ 1,000,000,000 1,000,000,000
Maturity date Mar. 11, 2027  
Repayments of long-term debt $ 100,000,000  
Proceeds from issuance of long-term debt 100,000,000  
Revolving credit facility borrowings 0 0
Unamortized debt issuance costs 2,000,000.0 2,900,000
Letters of credit utilized 52,900,000 61,200,000
Availability under revolving credit facility $ 947,100,000 938,800,000
Maximum capitalization ratio 60.00%  
Minimum consolidated tangible net worth requirement $ 3,800,000,000  
Debt instrument, covenant in effect, number of days outstanding for loans | d 5  
Undrawn letters of credit covenant $ 40,000,000.0  
Maximum consecutive days for financial covenant 5 days  
Number of consecutive fiscal quarters in which equity cure right can be used twice (in fiscal quarter) | Fiscalquarter 4  
Maximum number of times company can use equity cure right | Equitycureright 5  
Revolving Credit Facility | $100 Million Revolving Credit Facility | Line of Credit    
Debt Instrument [Line Items]    
Maximum borrowing capacity on line of credit $ 100,000,000 $ 100,000,000
Maturity date Sep. 17, 2024  
v3.25.0.1
Debt - Summary of TMHF Mortgage Warehouse Borrowings (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Line of Credit Facility [Line Items]    
Amount Drawn $ 174,460,000 $ 153,464,000
Secured Debt    
Line of Credit Facility [Line Items]    
Amount Drawn 174,460,000 153,464,000
Facility Amount 410,000,000 360,000,000
Secured Debt | Warehouse A    
Line of Credit Facility [Line Items]    
Amount Drawn 0 13,477,000
Facility Amount $ 0 $ 60,000,000
Interest Rate 1.70% 1.70%
Collateral Mortgage loans Mortgage loans
Secured Debt | Warehouse C    
Line of Credit Facility [Line Items]    
Amount Drawn $ 69,008,000 $ 25,567,000
Facility Amount $ 125,000,000 $ 100,000,000
Interest Rate 1.50% 1.65%
Collateral Mortgage loans Mortgage loans
Secured Debt | Warehouse D    
Line of Credit Facility [Line Items]    
Amount Drawn $ 60,176,000 $ 56,745,000
Facility Amount $ 125,000,000 $ 100,000,000
Interest Rate 1.50% 1.50%
Collateral Mortgage loans Mortgage loans
Secured Debt | Warehouse E    
Line of Credit Facility [Line Items]    
Amount Drawn $ 43,153,000 $ 57,675,000
Facility Amount $ 100,000,000 $ 100,000,000
Interest Rate 1.60% 1.60%
Collateral Mortgage loans Mortgage loans
Secured Debt | Warehouse F    
Line of Credit Facility [Line Items]    
Amount Drawn $ 2,123,000  
Facility Amount $ 60,000,000  
Interest Rate 1.70%  
Collateral Mortgage loans  
Revolving Credit Facility | $1 Billion Revolving Credit Facility | Line of Credit    
Line of Credit Facility [Line Items]    
Facility Amount $ 1,000,000,000 $ 1,000,000,000
Proceeds from issuance of long-term debt 100,000,000  
Mortgage loans    
Line of Credit Facility [Line Items]    
Mortgage loans held for sale $ 207,900,000 $ 193,300,000
v3.25.0.1
DEBT - Loans Payable and Other Borrowings (Details) - Loans Payable and Other Borrowings
Dec. 31, 2024
Dec. 31, 2023
Minimum    
Debt Instrument [Line Items]    
Long term debt interest rate 0.00% 0.00%
Maximum    
Debt Instrument [Line Items]    
Long term debt interest rate 11.00% 9.00%
v3.25.0.1
DEBT - Future Minimum Principal Payments on Total Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]    
2025 $ 307,646  
2026 184,994  
2027 609,923  
2028 480,364  
2029 23,152  
Thereafter 521,020  
Total debt $ 2,127,099 $ 2,025,477
v3.25.0.1
FAIR VALUE DISCLOSURES - Summary of Carrying Value and Fair Value of Financial Instruments (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Jun. 05, 2019
Senior Notes | 5.875% Senior Notes due 2027      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Stated interest rate of senior notes 5.875% 5.875% 5.875%
Senior Notes | 6.625% Senior Notes Due 2027      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Stated interest rate of senior notes 6.625% 6.625%  
Senior Notes | 5.75% Senior Notes due 2028      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Stated interest rate of senior notes 5.75% 5.75%  
Senior Notes | 5.125% Senior Notes due 2030      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Stated interest rate of senior notes 5.125% 5.125%  
Carrying Value | 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Mortgage loans held for sale $ 207,936 $ 193,344  
Carrying Value | 2 | MBSs      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
IRLCs   (5,055)  
Derivative liabilities 4,174    
Carrying Value | 2 | Mortgage warehouse borrowings      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt 174,460 153,464  
Carrying Value | 2 | Loans payable and other borrowings      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt 475,569 394,943  
Carrying Value | 2 | Senior Notes | 5.875% Senior Notes due 2027      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt 498,110 497,328  
Carrying Value | 2 | Senior Notes | 6.625% Senior Notes Due 2027      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt 27,803 28,092  
Carrying Value | 2 | Senior Notes | 5.75% Senior Notes due 2028      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt 448,080 447,449  
Carrying Value | 2 | Senior Notes | 5.125% Senior Notes due 2030      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt 496,461 495,826  
Carrying Value | 3 | IRLCs      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
IRLCs (5,917) 1,489  
Carrying Value | 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity security 201 460  
Fair Value | 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Mortgage loans held for sale 207,936 193,344  
Fair Value | 2 | MBSs      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
IRLCs   (5,055)  
Derivative liabilities 4,174    
Fair Value | 2 | Mortgage warehouse borrowings      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt 174,460 153,464  
Fair Value | 2 | Loans payable and other borrowings      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt 475,569 394,943  
Fair Value | 2 | Senior Notes | 5.875% Senior Notes due 2027      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt 501,770 502,500  
Fair Value | 2 | Senior Notes | 6.625% Senior Notes Due 2027      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt 26,804 26,529  
Fair Value | 2 | Senior Notes | 5.75% Senior Notes due 2028      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt 446,679 451,571  
Fair Value | 2 | Senior Notes | 5.125% Senior Notes due 2030      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt 478,455 483,690  
Fair Value | 3 | IRLCs      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
IRLCs (5,917) 1,489  
Fair Value | 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity security $ 201 $ 460  
v3.25.0.1
FAIR VALUE DISCLOSURES - Summary of Assets Measure on a Nonrecurring Basis (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Nonrecurring | 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Inventories $ 10.6 $ 7.0
v3.25.0.1
INCOME TAXES - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ 231,758 $ 196,464 $ 203,119
State 46,902 51,009 48,134
Current tax provision 278,660 247,473 251,253
Deferred:      
Federal (8,951) (1,003) 66,667
State (161) 1,627 18,508
Deferred tax provision (9,112) 624 85,175
Total income tax provision $ 269,548 $ 248,097 $ 336,428
v3.25.0.1
INCOME TAXES - Schedule of Reconciliation of Provision (Benefit) for Income Taxes (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2024
$ / $
Dec. 31, 2023
Dec. 31, 2023
$ / $
Dec. 31, 2022
$ / $
Income Tax Disclosure [Abstract]          
Tax at federal statutory rate 21.00%   21.00%   21.00%
State income taxes (net of federal benefit) 3.60%   4.10%   3.90%
Non-controlling interest 0.00%   (0.30%)   (0.10%)
Energy tax credits (0.70%)   (0.40%)   (1.30%)
Disallowed compensation expense 0.60%   0.60%   0.40%
Excess stock compensation benefit (0.60%)   (0.50%)   0.00%
Other (0.60%)   (0.10%)   0.30%
Effective Rate 23.30% 23.30% 24.40% 24.40% 24.20%
v3.25.0.1
INCOME TAXES - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Income Tax [Line Items]            
Effective rate   23.30% 23.30% 24.40% 24.40% 24.20%
Deferred tax assets, valuation allowance $ 5,728,000 $ 5,728,000 $ 5,728,000 $ 0 $ 0  
Unrecognized tax benefits 0 0 0 $ 0 $ 0 $ 0
Federal NOL Carryforwards            
Income Tax [Line Items]            
NOL carryforwards $ 163,200,000 $ 163,200,000 $ 163,200,000      
Future taxable income offset period 20 years          
Future taxable income offset period expiration year 2029          
State NOL Carry Forwards            
Income Tax [Line Items]            
Future taxable income offset period 20 years          
Future taxable income offset period expiration year 2026          
v3.25.0.1
INCOME TAXES - Summary of Components of Deferred Tax Assets and Liabilities (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
businessAcquisition
Dec. 31, 2023
USD ($)
Deferred tax assets:    
Real estate inventory $ 26,483 $ 41,660
Accruals and reserves 73,418 58,864
Net operating losses 48,996 54,845
Total deferred tax assets 148,897 155,369
Deferred tax liabilities:    
Real estate inventory, intangibles, other (6,223) (8,414)
Other (5,512) (2,274)
Deferred income (55,186) (76,856)
Total Deferred Tax Liabilities (66,921) (87,544)
Valuation allowance (5,728) 0
Total net deferred tax assets $ 76,248 $ 67,825
Net Operating Loss Carryforward, Limitation Following Change In Control, Number Of Related Acquisitions | businessAcquisition 3  
v3.25.0.1
STOCKHOLDERS' EQUITY - Narrative (Details)
 12 Months Ended
Aug. 16, 2022
Dec. 31, 2024
USD ($)
agreement
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
Oct. 23, 2024
USD ($)
Dec. 15, 2023
USD ($)
Equity, Class of Treasury Stock [Line Items]            
Common stock, shares authorized (in shares) | shares   400,000,000 400,000,000      
Common stock, par value (in dollars per share) | $ / shares   $ 0.00001 $ 0.00001      
Preferred stock, shares authorized (in shares) | shares   50,000,000        
Preferred stock, par value (in dollars per share) | $ / shares   $ 0.00001        
Stock repurchase program, authorized amount         $ 1,000,000,000.0 $ 500,000,000.0
Number of agreements | agreement   4        
Repurchase of common stock   $ 351,073,000 [1] $ 127,959,000 $ 376,275,000    
Percentage of execise tax on net repurchase of stock 1.00%          
Number Of Agreements Settled | agreement   3        
ASR Agreement            
Equity, Class of Treasury Stock [Line Items]            
Repurchase of common stock   $ 50,000,000.0        
Stock repurchase program, initial common stock received, percentage   0.80        
Stock repurchase program, final settlement common stock, percentage   0.20        
[1] Dollar amount includes $200.0 million of Accelerated Share Repurchases and $3.5 million for the the 1% excise tax on share repurchases
v3.25.0.1
STOCKHOLDERS' EQUITY - Share Repurchase Activity (Details) - shares
 2 Months Ended 12 Months Ended
Feb. 19, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity, Class of Treasury Stock [Line Items]      
Repurchase of common stock (in shares)   5,607,852 2,814,956
ASR Agreement      
Equity, Class of Treasury Stock [Line Items]      
Repurchase of common stock (in shares)   2,977,494 0
ASR Agreement | Subsequent Event      
Equity, Class of Treasury Stock [Line Items]      
Repurchase of common stock (in shares) 184,214    
Other share repurchases      
Equity, Class of Treasury Stock [Line Items]      
Repurchase of common stock (in shares)   2,630,358 2,814,956
v3.25.0.1
STOCKHOLDERS' EQUITY - Treasury Stock (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Stock Repurchase Program, Increase (Decrease) [Roll Forward]    
Amount available for repurchase — beginning of period $ 494,489 $ 279,138
Amount cancelled from expired or unused authorizations (236,799) (156,690)
Additional amount authorized for repurchase 1,000,000 500,000
Repurchase of common stock (347,597) (127,959)
Amount available for repurchase — end of period $ 910,093 $ 494,489
v3.25.0.1
STOCK BASED COMPENSATION - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Aggregate unamortized outstanding stock based compensation $ 29.2 $ 26.5 $ 27.1
Aggregate intrinsic value exercised based on market price (in dollars per share) $ 61.21    
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Performance Shares | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Performance Shares | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 4 years    
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration period 10 years    
2013 Omnibus Equity Award Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares available for future grant (in shares) 4,889,987    
v3.25.0.1
STOCK BASED COMPENSATION - Summary of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock compensation $ 22,461 $ 26,095 $ 26,901
Stock options      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock compensation 4,624 4,118 4,437
Restricted Stock      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock compensation $ 17,837 $ 21,977 $ 22,464
v3.25.0.1
STOCK BASED COMPENSATION - Summary of Stock Option Plan (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Outstanding, Beginning balance (in shares) 2,254,142 3,273,258 3,165,612
Granted (in shares) 127,513 359,768 519,799
Exercised (in shares) (414,629) (1,252,516) (323,625)
Cancelled (in shares) (10,330) (126,368) (88,528)
Outstanding, Ending balance (in shares) 1,956,696 2,254,142 3,273,258
Options exercisable (in shares) 1,231,352 1,133,734 1,775,881
Outstanding, Beginning balance (in dollars per share) $ 26.84 $ 23.35 $ 22.02
Granted (in dollars per share) 56.48 35.18 29.30
Exercised (in dollars per share) 25.75 21.07 20.69
Cancelled (in dollars per share) 31.74 28.29 24.64
Outstanding, Ending balance (in dollars per share) 28.98 26.84 23.35
Weighted Average Exercise Price, options exercisable (in dollars per share) $ 24.85 $ 23.48 $ 20.50
Unamortized value of unvested stock options (net of estimated forfeitures) (in dollars per share) $ 6,999 $ 7,861 $ 7,712
Weighted-average period (in years) expense expected to be recognized 2 years 4 months 24 days 2 years 6 months 2 years 6 months
Weighted-average remaining contractual (in years) life for options outstanding 5 years 8 months 12 days 6 years 4 months 24 days 6 years 7 months 6 days
Weighted-average remaining contractual life (in years) for options exercisable 4 years 6 months 4 years 9 months 18 days 5 years 2 months 12 days
v3.25.0.1
STOCK BASED COMPENSATION - Summary of Weighted-average Assumptions and Fair Value Used for Stock Options Grants (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Expected dividend yield 0.00% 0.00% 0.00%
Expected volatility 51.60% 50.87% 30.46%
Risk-free interest rate 4.24% 3.90% 1.91%
Expected term (in years) 6 years 3 months 6 years 3 months 6 years 3 months
Weighted average fair value of options granted during the period (in dollars per share) $ 31.02 $ 14.50 $ 9.94
v3.25.0.1
STOCK BASED COMPENSATION - Summary of Aggregate Intrinsic Value of Options Outstanding and Exercisable (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Aggregate intrinsic value of options outstanding $ 63,069 $ 59,758 $ 21,439
Aggregate intrinsic value of options exercisable $ 44,766 $ 33,861 $ 15,385
v3.25.0.1
STOCK BASED COMPENSATION - Summary of Activity of Performance Restricted Stock Units (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
PRSU Activity, Number of Awards      
Beginning balance (in shares) 724,123 802,379  
Ending balance (in shares) 617,824 724,123 802,379
Weighted-average period expense is expected to be recognized (in years) 2 years 4 months 24 days 2 years 6 months 2 years 6 months
Performance Restricted Stock Units      
PRSU Activity, Number of Awards      
Beginning balance (in shares) 724,123 802,379 926,193
Granted (in shares) 140,070 229,164 272,716
Vested (in shares) (244,781) (245,306) (380,632)
Forfeited (in shares) (1,588) (62,114) (15,898)
Ending balance (in shares)   724,123 802,379
PRSU expense recognized $ 7,058 $ 12,619 $ 12,642
Unamortized value of PRSUs $ 8,755 $ 8,122 $ 8,911
Weighted-average period expense is expected to be recognized (in years) 1 year 9 months 18 days 1 year 9 months 18 days 1 year 9 months 18 days
v3.25.0.1
STOCK BASED COMPENSATION - Summary of Activity of Restricted Stock Units (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
RSU Activity, Number of Awards      
Beginning balance (in shares) 724,123 802,379  
Ending balance (in shares) 617,824 724,123 802,379
RSU Activity, Weighted Average Grant Date Fair Value      
Weighted-average period expense is expected to be recognized (in years) 2 years 4 months 24 days 2 years 6 months 2 years 6 months
Restricted stock      
RSU Activity, Number of Awards      
Beginning balance (in shares) 767,216 814,834 804,465
Granted (in shares) 251,435 297,317 359,993
Vested (in shares) (305,702) (301,359) (319,595)
Forfeited (in shares) (6,360) (43,576) (30,029)
Ending balance (in shares) 706,589 767,216 814,834
RSU Activity, Weighted Average Grant Date Fair Value      
Outstanding, Beginning balance (in dollars per share) $ 29.87 $ 26.74 $ 24.73
Granted (in dollars per share) 57.52 35.96 29.04
Vested (in dollars per share) 31.30 27.52 24.32
Forfeited (in dollars per share) 49.37 29.81 26.90
Outstanding, Ending balance (in dollars per share) $ 38.90 $ 29.87 $ 26.74
RSU expense recognized $ 10,779 $ 9,357 $ 9,822
Unamortized value of RSUs $ 13,456 $ 10,496 $ 10,486
Weighted-average period expense is expected to be recognized (in years) 2 years 2 months 12 days 1 year 8 months 12 days 1 year 8 months 12 days
v3.25.0.1
OPERATING AND REPORTING SEGMENTS - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
Segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.0.1
OPERATING AND REPORTING SEGMENTS - Segment Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue $ 8,168,136 $ 7,417,831 $ 8,224,917
Total cost of revenue 6,183,924 5,634,758 6,132,551
Gross Profit 1,984,212 1,783,073 2,092,366
Sales, commissions and other marketing costs (456,092) (418,134) (398,074)
General and administrative expenses (314,406) (280,573) (245,138)
Net (loss)/income from unconsolidated entities 6,347 8,757 (14,184)
Interest and other expense, net (63,943) (74,990) (56,171)
Gain on extinguishment of debt 0 (295) 13,876
Income before income taxes 1,156,118 1,017,838 1,392,675
Home closings revenue, net      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 7,755,219 7,158,857 7,889,371
Total cost of revenue 5,863,743 5,451,401 5,904,458
Gross Profit 1,891,476 1,707,456 1,984,913
Other Revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 412,917 258,974 335,546
Other Cost Of Revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total cost of revenue 320,181 183,357 228,093
Operating Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 8,059,707 7,404,656 8,128,833
Total cost of revenue 6,071,333 5,624,767 6,074,129
Gross Profit 1,988,374 1,779,889 2,054,704
Sales, commissions and other marketing costs (448,176) (411,379) (382,769)
General and administrative expenses (128,903) (111,580) (102,983)
Net (loss)/income from unconsolidated entities 8,836 8,833 (13,229)
Interest and other expense, net (21,392) (76,832) (40,970)
Gain on extinguishment of debt   0 0
Income before income taxes 1,398,739 1,188,931 1,514,753
Operating Segments | Home closings revenue, net      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 7,755,219 7,158,857 7,889,371
Total cost of revenue 5,863,743 5,451,401 5,904,458
Gross Profit 1,891,476 1,707,456 1,984,913
Operating Segments | Other Revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 304,488 245,799 239,462
Operating Segments | Other Cost Of Revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total cost of revenue 207,590 173,366 169,671
Segment Reporting, Reconciling Item, Corporate Nonsegment      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 108,429 13,175 96,084
Total cost of revenue 112,591 9,991 58,422
Gross Profit (4,162) 3,184 37,662
Sales, commissions and other marketing costs (7,916) (6,755) (15,305)
General and administrative expenses (185,503) (168,993) (142,155)
Net (loss)/income from unconsolidated entities (2,489) (76) (955)
Interest and other expense, net (42,551) 1,842 (15,201)
Gain on extinguishment of debt   (295) 13,876
Income before income taxes (242,621) (171,093) (122,078)
Segment Reporting, Reconciling Item, Corporate Nonsegment | Home closings revenue, net      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 0 0 0
Total cost of revenue 0 0 0
Gross Profit 0 0 0
Segment Reporting, Reconciling Item, Corporate Nonsegment | Other Revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 108,429 13,175 96,084
Segment Reporting, Reconciling Item, Corporate Nonsegment | Other Cost Of Revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total cost of revenue 112,591 9,991 58,422
East | Operating Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 2,879,536 2,674,630 2,739,759
Total cost of revenue 2,108,822 1,953,311 2,021,536
Gross Profit 770,714 721,319 718,223
Sales, commissions and other marketing costs (169,270) (145,943) (141,729)
General and administrative expenses (47,888) (39,381) (38,448)
Net (loss)/income from unconsolidated entities 0 0 0
Interest and other expense, net (771) (73,205) (6,725)
Gain on extinguishment of debt   0 0
Income before income taxes 552,785 462,790 531,321
East | Operating Segments | Home closings revenue, net      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 2,826,628 2,619,322 2,673,951
Total cost of revenue 2,065,218 1,900,833 1,963,177
Gross Profit 761,410 718,489 710,774
East | Operating Segments | Other Revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 52,908 55,308 65,808
East | Operating Segments | Other Cost Of Revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total cost of revenue 43,604 52,478 58,359
Central | Operating Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 1,993,895 1,964,265 2,024,730
Total cost of revenue 1,506,793 1,468,336 1,531,724
Gross Profit 487,102 495,929 493,006
Sales, commissions and other marketing costs (131,997) (128,914) (112,701)
General and administrative expenses (34,501) (29,893) (25,123)
Net (loss)/income from unconsolidated entities (51) (98) (55)
Interest and other expense, net (16,087) (7,608) (10,364)
Gain on extinguishment of debt   0 0
Income before income taxes 304,466 329,416 344,763
Central | Operating Segments | Home closings revenue, net      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 1,969,381 1,935,500 2,014,869
Total cost of revenue 1,485,968 1,443,490 1,522,353
Gross Profit 483,413 492,010 492,516
Central | Operating Segments | Other Revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 24,514 28,765 9,861
Central | Operating Segments | Other Cost Of Revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total cost of revenue 20,825 24,846 9,371
West | Operating Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 2,986,817 2,605,449 3,228,853
Total cost of revenue 2,347,126 2,109,131 2,436,909
Gross Profit 639,691 496,318 791,944
Sales, commissions and other marketing costs (146,909) (136,522) (128,339)
General and administrative expenses (46,514) (42,306) (39,412)
Net (loss)/income from unconsolidated entities (28) (217) (18,445)
Interest and other expense, net (6,646) 3,981 (23,881)
Gain on extinguishment of debt   0 0
Income before income taxes 439,594 321,254 581,867
West | Operating Segments | Home closings revenue, net      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 2,959,210 2,604,035 3,200,551
Total cost of revenue 2,312,557 2,107,078 2,418,928
Gross Profit 646,653 496,957 781,623
West | Operating Segments | Other Revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 27,607 1,414 28,302
West | Operating Segments | Other Cost Of Revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total cost of revenue 34,569 2,053 17,981
Financial Services | Operating Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 199,459 160,312 135,491
Total cost of revenue 108,592 93,989 83,960
Gross Profit 90,867 66,323 51,531
Sales, commissions and other marketing costs 0 0 0
General and administrative expenses 0 0 0
Net (loss)/income from unconsolidated entities 8,915 9,148 5,271
Interest and other expense, net 2,112 0 0
Gain on extinguishment of debt   0 0
Income before income taxes 101,894 75,471 56,802
Financial Services | Operating Segments | Home closings revenue, net      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 0 0 0
Total cost of revenue 0 0 0
Gross Profit 0 0 0
Financial Services | Operating Segments | Other Revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 199,459 160,312 135,491
Financial Services | Operating Segments | Other Cost Of Revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total cost of revenue $ 108,592 $ 93,989 $ 83,960
v3.25.0.1
OPERATING AND REPORTING SEGMENTS - Assets from Segment (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]      
Real estate inventory and land deposits $ 6,533,752 $ 5,748,663 $ 5,634,232
Investments in unconsolidated entities 439,721 346,192 282,900
Other assets 2,323,658 2,577,232 2,553,592
Total assets 9,297,131 8,672,087 8,470,724
Operating Segments      
Segment Reporting, Asset Reconciling Item [Line Items]      
Real estate inventory and land deposits 6,533,752 5,748,663 5,634,232
Investments in unconsolidated entities 351,159 282,940 236,292
Other assets 1,306,654 1,307,085 1,513,107
Total assets 8,191,565 7,338,688 7,383,631
Segment Reporting, Reconciling Item, Corporate Nonsegment      
Segment Reporting, Asset Reconciling Item [Line Items]      
Real estate inventory and land deposits 0 0 0
Investments in unconsolidated entities 88,562 63,252 46,608
Other assets 1,017,004 1,270,147 1,040,485
Total assets 1,105,566 1,333,399 1,087,093
East | Operating Segments      
Segment Reporting, Asset Reconciling Item [Line Items]      
Real estate inventory and land deposits 2,389,791 1,909,084 1,820,765
Investments in unconsolidated entities 86,378 63,628 46,629
Other assets 173,489 177,739 216,816
Total assets 2,649,658 2,150,451 2,084,210
Central | Operating Segments      
Segment Reporting, Asset Reconciling Item [Line Items]      
Real estate inventory and land deposits 1,296,272 1,181,014 1,359,805
Investments in unconsolidated entities 164,434 125,610 104,070
Other assets 225,846 214,685 251,727
Total assets 1,686,552 1,521,309 1,715,602
West | Operating Segments      
Segment Reporting, Asset Reconciling Item [Line Items]      
Real estate inventory and land deposits 2,847,689 2,658,565 2,453,662
Investments in unconsolidated entities 94,864 88,219 80,310
Other assets 610,212 616,210 613,029
Total assets 3,552,765 3,362,994 3,147,001
Financial Services | Operating Segments      
Segment Reporting, Asset Reconciling Item [Line Items]      
Real estate inventory and land deposits 0 0 0
Investments in unconsolidated entities 5,483 5,483 5,283
Other assets 297,107 298,451 431,535
Total assets $ 302,590 $ 303,934 $ 436,818
v3.25.0.1
COMMITMENTS AND CONTINGENCIES - Narrative (Detail)
$ in Millions
 3 Months Ended
Nov. 04, 2024
USD ($)
Jun. 23, 2023
opinion
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Nov. 02, 2021
USD ($)
Loss Contingencies [Line Items]          
Outstanding letters of credit     $ 1,400.0 $ 1,300.0  
Purchase price     1,200.0 822.1  
Legal accruals     49.1 26.2  
Loss Contingency, Claims Settled, Split Decision, Number Of Separate Opinions | opinion   3      
Plaintiffs          
Loss Contingencies [Line Items]          
Payment for legal judgment     64.7    
Loss contingency, damages sought, attorney fees, amount $ 22.5        
Loss contingency, damages sought, pre-judgement interest, amount 0.6        
Loss contingency, damages sought, reimbursement of taxable costs, amount $ 0.6        
Land Option Purchase Contracts And Land Banking Arrangements          
Loss Contingencies [Line Items]          
Purchase price     $ 1,900.0 $ 1,500.0  
Maximum          
Loss Contingencies [Line Items]          
Loss contingency         $ 35.0
v3.25.0.1
MORTGAGE HEDGING ACTIVITIES (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Fair Value $ (1,743) $ (3,566)
Total commitments to originate loans 246,100 242,600
IRLCs    
Derivative [Line Items]    
Fair Value   1,489
Fair Value (5,917)  
Notional Amount 233,881 219,129
MBSs    
Derivative [Line Items]    
Fair Value 4,174  
Fair Value   (5,055)
Notional Amount $ 405,000 $ 285,000