Note 21 - Supplemental Guarantor Information (Tables)

9 Months Ended

Sep. 30, 2018

Condensed Balance Sheet [Table Text Block]

	September 30, 2018
					Non-
			Guarantor		Guarantor		Eliminating			Consolidated
	MDC		Subsidiaries		Subsidiaries		Entries			MDC
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and cash equivalents	$	356,353	$	4,594	$	-	$	-		$	360,947
Marketable securities		-		-		-		-			-
Restricted cash		-		7,866		-		-			7,866
Trade and other receivables		530		55,939		-		-			56,469
Inventories:
Housing completed or under construction		-		1,073,909		-		-			1,073,909
Land and land under development		-		1,034,025		-		-			1,034,025
Total inventories		-		2,107,934		-		-			2,107,934

Intercompany receivables		1,794,096		9,960		-		(1,804,056	)		-
Investment in subsidiaries		383,876		-		-		(383,876	)		-
Property and equipment, net		23,506		33,187		-		-			56,693
Deferred tax asset, net		38,126		-		-		(1,311	)		36,815
Prepaid and other assets		10,534		42,454		-		-			52,988
Total homebuilding assets		2,607,021		2,261,934		-		(2,189,243	)		2,679,712

Financial Services:
Cash and cash equivalents		-		-		49,979		-			49,979
Marketable securities		-		-		49,006		-			49,006
Intercompany receivables		-		-		17,020		(17,020	)		-
Mortgage loans held-for-sale, net		-		-		114,836		-			114,836
Other assets		-		-		13,326		1,311			14,637
Total financial services assets		-		-		244,167		(15,709	)		228,458
Total Assets	$	2,607,021	$	2,261,934	$	244,167	$	(2,204,952	)	$	2,908,170

LIABILITIES AND EQUITY

Homebuilding:
Accounts payable	$	-	$	52,070	$	-	$	-		$	52,070
Accrued liabilities		44,682		127,332		-		3,096			175,110
Advances and notes payable to parent and subsidiaries		26,980		1,786,840		296		(1,814,116	)		-
Revolving credit facility		15,000		-		-		-			15,000
Senior notes, net		987,617		-		-		-			987,617
Total homebuilding liabilities		1,074,279		1,966,242		296		(1,811,020	)		1,229,797

Financial Services:
Accounts payable and other liabilities		-		-		57,943		(3,096	)		54,847
Advances and notes payable to parent and subsidiaries		-		-		6,960		(6,960	)		-
Mortgage repurchase facility		-		-		90,784		-			90,784
Total financial services liabilities		-		-		155,687		(10,056	)		145,631
Total Liabilities		1,074,279		1,966,242		155,983		(1,821,076	)		1,375,428

Equity:
Total Stockholders' Equity		1,532,742		295,692		88,184		(383,876	)		1,532,742
Total Liabilities and Stockholders' Equity	$	2,607,021	$	2,261,934	$	244,167	$	(2,204,952	)	$	2,908,170

	December 31, 2017
					Non-
			Guarantor		Guarantor		Eliminating			Consolidated
	MDC		Subsidiaries		Subsidiaries		Entries			MDC
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and cash equivalents	$	468,718	$	4,239	$	-	$	-		$	472,957
Marketable securities		49,634		-		-		-			49,634
Restricted cash		-		8,812		-		-			8,812
Trade and other receivables		8,200		47,422		-		(2,260	)		53,362
Inventories:
Housing completed or under construction		-		936,685		-		-			936,685
Land and land under development		-		893,051		-		-			893,051
Total inventories		-		1,829,736		-		-			1,829,736

Intercompany receivables		1,578,830		2,803		5,291		(1,586,924	)		-
Investment in subsidiaries		317,400		-		-		(317,400	)		-
Property and equipment, net		24,557		1,882		-		-			26,439
Deferred tax assets, net		42,862		-		-		(1,382	)		41,480
Other assets		7,260		68,406		-		-			75,666
Total Homebuilding Assets		2,497,461		1,963,300		5,291		(1,907,966	)		2,558,086

Financial Services:
Cash and cash equivalents		-		-		32,471		-			32,471
Marketable securities		-		-		42,004		-			42,004
Intercompany receivables		-		-		40,139		(40,139	)		-
Mortgage loans held-for-sale, net		-		-		138,114		-			138,114
Other assets		-		-		8,235		1,382			9,617
Total Financial Services Assets		-		-		260,963		(38,757	)		222,206
Total Assets	$	2,497,461	$	1,963,300	$	266,254	$	(1,946,723	)	$	2,780,292

LIABILITIES AND EQUITY

Homebuilding:
Accounts payable	$	-	$	39,655	$	-	$	-		$	39,655
Accrued liabilities		40,344		122,544		37		3,387			166,312
Advances and notes payable to parent and subsidiaries		48,233		1,547,593		27,015		(1,622,841	)		-
Revolving credit facility		15,000		-		-		-			15,000
Senior notes, net		986,597		-		-		-			986,597
Total Homebuilding Liabilities		1,090,174		1,709,792		27,052		(1,619,454	)		1,207,564

Financial Services:
Accounts payable and accrued liabilities		-		-		58,748		(5,647	)		53,101
Advances and notes payable to parent and subsidiaries		-		-		4,222		(4,222	)		-
Mortgage repurchase facility		-		-		112,340		-			112,340
Total Financial Services Liabilities		-		-		175,310		(9,869	)		165,441
Total Liabilities		1,090,174		1,709,792		202,362		(1,629,323	)		1,373,005

Equity:
Total Stockholders' Equity		1,407,287		253,508		63,892		(317,400	)		1,407,287
Total Liabilities and Stockholders' Equity	$	2,497,461	$	1,963,300	$	266,254	$	(1,946,723	)	$	2,780,292

Condensed Income Statement [Table Text Block]

	Three Months Ended September 30, 2018
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	766,027		$	-		$	-		$	766,027
Cost of sales		-			(619,248	)		-			-			(619,248	)
Inventory impairments		-			(11,098	)		-			-			(11,098	)
Gross margin		-			135,681			-			-			135,681
Selling, general, and administrative expenses		(16,172	)		(67,406	)		-			55			(83,523	)
Equity income of subsidiaries		64,345			-			-			(64,345	)		-
Interest and other income		2,013			261			-			(321	)		1,953
Other expense		7			(1,135	)		-			-			(1,128	)
Homebuilding pretax income (loss)		50,193			67,401			-			(64,611	)		52,983
Financial Services:
Financial services pretax income		-			-			14,171			266			14,437
Income before income taxes		50,193			67,401			14,171			(64,345	)		67,420
(Provision) benefit for income taxes		3,199			(14,039	)		(3,188	)		-			(14,028	)
Net income	$	53,392		$	53,362		$	10,983		$	(64,345	)	$	53,392
Other comprehensive income related to available-for-sale securities, net of tax		-			-			-			-			-
Comprehensive income	$	53,392		$	53,362		$	10,983		$	(64,345	)	$	53,392

	Three Months Ended September 30, 2017
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	586,287		$	-		$	-		$	586,287
Cost of sales		-			(486,406	)		-			-			(486,406	)
Inventory impairments		-			(4,540	)		-			-			(4,540	)
Gross margin		-			95,341			-			-			95,341
Selling, general, and administrative expenses		(11,911	)		(56,983	)		-			(208	)		(69,102	)
Equity income of subsidiaries		33,329			-			-			(33,329	)		-
Interest and other income		53,740			941			1			(134	)		54,548
Other expense		7			(625	)		-			-			(618	)
Other-than-temporary impairment of marketable securities		-			-			-			-			-
Homebuilding pretax income (loss)		75,165			38,674			1			(33,671	)		80,169
Financial Services:
Financial services pretax income		-			-			9,169			342			9,511
Income before income taxes		75,165			38,674			9,170			(33,329	)		89,680
(Provision) benefit for income taxes		(14,002	)		(11,168	)		(3,347	)		-			(28,517	)
Net income	$	61,163		$	27,506		$	5,823		$	(33,329	)	$	61,163
Other comprehensive income (loss) related to available-for-sale securities, net of tax		(23,175	)		-			927			(927	)		(23,175	)
Comprehensive income	$	37,988		$	27,506		$	6,750		$	(34,256	)	$	37,988

	Nine Months Ended September 30, 2018
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	2,123,323		$	-		$	-		$	2,123,323
Home and land cost of sales		-			(1,722,283	)		-			-			(1,722,283	)
Inventory impairments		-			(11,848	)		-			-			(11,848	)
Gross margin		-			389,192			-			-			389,192
Selling, general, and administrative expenses		(45,599	)		(190,464	)		-			(372	)		(236,435	)
Equity income of subsidiaries		186,855			-			-			(186,855	)		-
Interest and other income		5,569			871			4			(858	)		5,586
Other expense		22			(2,584	)		-			-			(2,562	)
Homebuilding pretax income (loss)		146,847			197,015			4			(188,085	)		155,781
Financial Services:
Financial services pretax income		-			-			37,557			1,230			38,787
Income before income taxes		146,847			197,015			37,561			(186,855	)		194,568
(Provision) benefit for income taxes		9,208			(38,998	)		(8,723	)		-			(38,513	)
Net income	$	156,055		$	158,017		$	28,838		$	(186,855	)	$	156,055
Other comprehensive income related to available for sale securities, net of tax		-			-			-			-			-
Comprehensive income	$	156,055		$	158,017		$	28,838		$	(186,855	)	$	156,055

	Nine Months Ended September 30, 2017
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	1,798,984		$	-		$	-		$	1,798,984
Home and land cost of sales		-			(1,495,838	)		-			-			(1,495,838	)
Inventory impairments		-			(9,390	)		-			-			(9,390	)
Gross margin		-			293,756			-			-			293,756
Selling, general, and administrative expenses		(36,539	)		(168,988	)		-			(582	)		(206,109	)
Equity income of subsidiaries		102,469			-			-			(102,469	)		-
Interest and other income		57,748			2,281			5			(312	)		59,722
Other expense		23			(1,658	)		-			-			(1,635	)
Other-than-temporary impairment of marketable securities		(51	)		-			-			-			(51	)
Homebuilding pretax income (loss)		123,650			125,391			5			(103,363	)		145,683
Financial Services:
Financial services pretax income		-			-			31,357			894			32,251
Income before income taxes		123,650			125,391			31,362			(102,469	)		177,934
(Provision) benefit for income taxes		(6,367	)		(42,742	)		(11,542	)		-			(60,651	)
Net income	$	117,283		$	82,649		$	19,820		$	(102,469	)	$	117,283
Other comprehensive income (loss) related to available for sale securities, net of tax		(19,245	)		-			2,217			(2,217	)		(19,245	)
Comprehensive income	$	98,038		$	82,649		$	22,037		$	(104,686	)	$	98,038

Condensed Cash Flow Statement [Table Text Block]

	Nine Months Ended September 30, 2018
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	(6,232	)	$	(99,100	)	$	46,086		$	-		$	(59,246	)
Net cash provided by (used in) investing activities		(65,259	)		(19,135	)		(3,892	)		114,514			26,228
Financing activities:
Payments from (advances to) subsidiaries		-			117,644			(3,130	)		(114,514	)		-
Mortgage repurchase facility		-			-			(21,556	)		-			(21,556	)
Dividend payments		(50,733	)		-			-			-			(50,733	)
Proceeds from exercise of stock options		9,859			-			-			-			9,859
Net cash provided by (used in) financing activities		(40,874	)		117,644			(24,686	)		(114,514	)		(62,430	)

Net increase (decrease) in cash and cash equivalents		(112,365	)		(591	)		17,508			-			(95,448	)
Cash and cash equivalents:
Beginning of period		468,718			13,051			32,471			-			514,240
End of period	$	356,353		$	12,460		$	49,979		$	-		$	418,792

	Nine Months Ended September 30, 2017
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	26,918		$	(16,078	)	$	63,269		$	-		$	74,109
Net cash provided by (used in) investing activities		97,540			(198	)		(254	)		10,959			108,047
Financing activities:
Payments from (advances to) subsidiaries		-			21,995			(11,036	)		(10,959	)		-
Mortgage repurchase facility		-			-			(49,382	)		-			(49,382	)
Dividend payments		(38,793	)		-			-			-			(38,793	)
Payments of deferred financing costs		(2,630	)		-			-			-			(2,630	)
Proceeds from the exercise of stock options		8,503			-			-			-			8,503
Net cash provided by (used in) financing activities		(32,920	)		21,995			(60,418	)		(10,959	)		(82,302	)

Net increase (decrease) in cash and cash equivalents		91,538			5,719			2,597			-			99,854
Cash and cash equivalents:
Beginning of period		255,679			7,186			23,822			-			286,687
End of period	$	347,217		$	12,905		$	26,419		$	-		$	386,541