Note 21 - Supplemental Guarantor Information (Tables)

6 Months Ended

Jun. 30, 2019

Notes Tables

Condensed Balance Sheet [Table Text Block]

	June 30, 2019
					Non-
			Guarantor		Guarantor		Eliminating			Consolidated
	MDC		Subsidiaries		Subsidiaries		Entries			MDC
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and cash equivalents	$	384,094	$	5,967	$	-	$	-		$	390,061
Restricted cash		-		12,911		-		-			12,911
Trade and other receivables		1,203		53,577		-		-			54,780
Inventories:
Housing completed or under construction		-		1,071,181		-		-			1,071,181
Land and land under development		-		1,156,009		-		-			1,156,009
Total inventories		-		2,227,190		-		-			2,227,190
Intercompany receivables		1,959,457		7,632		-		(1,967,089	)		-
Investment in subsidiaries		331,164		-		-		(331,164	)		-
Property and equipment, net		23,830		39,058		-		-			62,888
Operating lease right-of-use asset		25,333		6,267		-		-			31,600
Deferred tax asset, net		29,765		-		-		(324	)		29,441
Prepaid and other assets		11,678		35,498		-		-			47,176
Total homebuilding assets		2,766,524		2,388,100		-		(2,298,577	)		2,856,047
Financial Services:
Cash and cash equivalents		-		-		56,829		-			56,829
Marketable securities		-		-		48,105		-			48,105
Intercompany receivables		-		-		22,199		(22,199	)		-
Mortgage loans held-for-sale, net		-		-		109,337		-			109,337
Other assets		-		-		15,455		324			15,779
Total financial services assets		-		-		251,925		(21,875	)		230,050
Total Assets	$	2,766,524	$	2,388,100	$	251,925	$	(2,320,452	)	$	3,086,097
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	5	$	58,981	$	-	$	-		$	58,986
Accrued liabilities		46,771		136,774		-		2,955			186,500
Operating lease liabilities		25,973		6,267		-		-			32,240
Advances and notes payable to parent and subsidiaries		28,941		1,950,653		-		(1,979,594	)		-
Revolving credit facility		15,000		-		-		-			15,000
Senior notes, net		988,683		-		-		-			988,683
Total homebuilding liabilities		1,105,373		2,152,675		-		(1,976,639	)		1,281,409
Financial Services:
Accounts payable and other liabilities		-		-		63,453		(2,955	)		60,498
Advances and notes payable to parent and subsidiaries		-		-		9,694		(9,694	)		-
Mortgage repurchase facility		-		-		83,039		-			83,039
Total financial services liabilities		-		-		156,186		(12,649	)		143,537
Total Liabilities		1,105,373		2,152,675		156,186		(1,989,288	)		1,424,946
Equity:
Total Stockholders' Equity		1,661,151		235,425		95,739		(331,164	)		1,661,151
Total Liabilities and Stockholders' Equity	$	2,766,524	$	2,388,100	$	251,925	$	(2,320,452	)	$	3,086,097

	December 31, 2018
					Non-
			Guarantor		Guarantor		Eliminating			Consolidated
	MDC		Subsidiaries		Subsidiaries		Entries			MDC
	Dollars in thousands
ASSETS
Homebuilding:
Cash and cash equivalents	$	410,127	$	4,597	$	-	$	-		$	414,724
Restricted cash		-		6,363		-		-			6,363
Trade and other receivables		758		52,224		-		-			52,982
Inventories:
Housing completed or under construction		-		952,436		-		-			952,436
Land and land under development		-		1,180,558		-		-			1,180,558
Total inventories		-		2,132,994		-		-			2,132,994
Intercompany receivables		1,735,342		7,369		-		(1,742,711	)		-
Investment in subsidiaries		455,848		-		-		(455,848	)		-
Property and equipment, net		23,896		34,271		-		-			58,167
Deferred tax assets, net		36,168		-		-		1,010			37,178
Metropolitan district bond securities (related party)		-		-		-		-			-
Other assets		12,234		33,560		-		-			45,794
Total Homebuilding Assets		2,674,373		2,271,378		-		(2,197,549	)		2,748,202
Financial Services:
Cash and cash equivalents		-		-		49,052		-			49,052
Marketable securities		-		-		40,879		-			40,879
Intercompany receivables		-		-		22,346		(22,346	)		-
Mortgage loans held-for-sale, net		-		-		149,211		-			149,211
Other assets		-		-		14,743		(1,010	)		13,733
Total Financial Services Assets		-		-		276,231		(23,356	)		252,875
Total Assets	$	2,674,373	$	2,271,378	$	276,231	$	(2,220,905	)	$	3,001,077
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	-	$	50,505	$	-	$	-		$	50,505
Accrued liabilities		65,691		125,387		-		5,169			196,247
Advances and notes payable to parent and subsidiaries		29,715		1,727,248		295		(1,757,258	)		-
Revolving credit facility		15,000		-		-		-			15,000
Senior notes, net		987,967		-		-		-			987,967
Total Homebuilding Liabilities		1,098,373		1,903,140		295		(1,752,089	)		1,249,719
Financial Services:
Accounts payable and accrued liabilities		-		-		63,712		(5,169	)		58,543
Advances and notes payable to parent and subsidiaries		-		-		7,799		(7,799	)		-
Mortgage repurchase facility		-		-		116,815		-			116,815
Total Financial Services Liabilities		-		-		188,326		(12,968	)		175,358
Total Liabilities		1,098,373		1,903,140		188,621		(1,765,057	)		1,425,077
Equity:
Total Stockholders' Equity		1,576,000		368,238		87,610		(455,848	)		1,576,000
Total Liabilities and Stockholders' Equity	$	2,674,373	$	2,271,378	$	276,231	$	(2,220,905	)	$	3,001,077

Condensed Income Statement [Table Text Block]

	Three Months Ended June 30, 2019
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	732,844		$	-		$	-		$	732,844
Cost of sales		-			(590,172	)		-			-			(590,172	)
Inventory impairments		-			-			-			-			-
Gross margin		-			142,672			-			-			142,672
Selling, general, and administrative expenses		(14,128	)		(68,459	)		-			(125	)		(82,712	)
Equity income of subsidiaries		63,399			-			-			(63,399	)		-
Interest and other income		2,719			366			-			(321	)		2,764
Other expense		8			(1,118	)		-			-			(1,110	)
Homebuilding pretax income (loss)		51,998			73,461			-			(63,845	)		61,614
Financial Services:
Financial services pretax income		-			-			12,271			446			12,717
Income before income taxes		51,998			73,461			12,271			(63,399	)		74,331
(Provision) benefit for income taxes		2,595			(19,502	)		(2,831	)		-			(19,738	)
Net income	$	54,593		$	53,959		$	9,440		$	(63,399	)	$	54,593
Other comprehensive income related to available-for-sale securities, net of tax		-			-			-			-			-
Comprehensive income	$	54,593		$	53,959		$	9,440		$	(63,399	)	$	54,593

	Three Months Ended June 30, 2018
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	749,608		$	-		$	-		$	749,608
Cost of sales		-			(606,403	)		-			-			(606,403	)
Inventory impairments		-			(200	)		-			-			(200	)
Gross margin		-			143,005			-			-			143,005
Selling, general, and administrative expenses		(16,619	)		(64,729	)		-			(223	)		(81,571	)
Equity income of subsidiaries		75,341			-			-			(75,341	)		-
Interest and other income		1,783			292			2			(303	)		1,774
Other expense		8			(879	)		-			-			(871	)
Homebuilding pretax income (loss)		60,513			77,689			2			(75,867	)		62,337
Financial Services:
Financial services pretax income		-			-			13,753			526			14,279
Income before income taxes		60,513			77,689			13,755			(75,341	)		76,616
(Provision) benefit for income taxes		3,386			(12,867	)		(3,236	)		-			(12,717	)
Net income	$	63,899		$	64,822		$	10,519		$	(75,341	)	$	63,899
Other comprehensive income related to available-for-sale securities, net of tax		-			-			-			-			-
Comprehensive income	$	63,899		$	64,822		$	10,519		$	(75,341	)	$	63,899

	Six Months Ended June 30, 2019
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	1,380,122		$	-		$	-		$	1,380,122
Home and land cost of sales		-			(1,114,724	)		-			-			(1,114,724	)
Inventory impairments		-			(610	)		-			-			(610	)
Gross margin		-			264,788			-			-			264,788
Selling, general, and administrative expenses		(31,566	)		(133,160	)		-			(247	)		(164,973	)
Equity income of subsidiaries		115,564			-			-			(115,564	)		-
Interest and other income		5,128			521			-			(494	)		5,155
Other expense		15			(2,316	)		-			-			(2,301	)
Homebuilding pretax income (loss)		89,141			129,833			-			(116,305	)		102,669
Financial Services:
Financial services pretax income		-			-			26,527			741			27,268
Income before income taxes		89,141			129,833			26,527			(115,564	)		129,937
(Provision) benefit for income taxes		6,002			(34,766	)		(6,030	)		-			(34,794	)
Net income	$	95,143		$	95,067		$	20,497		$	(115,564	)	$	95,143
Other comprehensive income related to available for sale securities, net of tax		-			-			-			-			-
Comprehensive income	$	95,143		$	95,067		$	20,497		$	(115,564	)	$	95,143

	Six Months Ended June 30, 2018
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	1,357,296		$	-		$	-		$	1,357,296
Home and land cost of sales		-			(1,103,035	)		-			-			(1,103,035	)
Inventory impairments		-			(750	)		-			-			(750	)
Gross margin		-			253,511			-			-			253,511
Selling, general, and administrative expenses		(29,427	)		(123,058	)		-			(427	)		(152,912	)
Equity income of subsidiaries		122,510			-			-			(122,510	)		-
Interest and other income		3,556			610			4			(537	)		3,633
Other expense		15			(1,449	)		-			-			(1,434	)
Other-than-temporary impairment of marketable securities		-			-			-			-			-
Homebuilding pretax income (loss)		96,654			129,614			4			(123,474	)		102,798
Financial Services:
Financial services pretax income		-			-			23,386			964			24,350
Income before income taxes		96,654			129,614			23,390			(122,510	)		127,148
(Provision) benefit for income taxes		6,009			(24,959	)		(5,535	)		-			(24,485	)
Net income	$	102,663		$	104,655		$	17,855		$	(122,510	)	$	102,663
Other comprehensive income related to available for sale securities, net of tax		-			-			-			-			-
Comprehensive income	$	102,663		$	104,655		$	17,855		$	(122,510	)	$	102,663

Condensed Cash Flow Statement [Table Text Block]

	Six Months Ended June 30, 2019
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	(22,861	)	$	26,173		$	52,353		$	-		$	55,665
Net cash provided by (used in) investing activities		15,136			(13,363	)		(120	)		(15,572	)		(13,919	)
Financing activities:
Payments from (advances to) subsidiaries		-			(4,892	)		(10,680	)		15,572			-
Mortgage repurchase facility		-			-			(33,776	)		-			(33,776	)
Dividend payments		(35,636	)		-			-			-			(35,636	)
Proceeds from exercise of stock options		17,328			-			-			-			17,328
Net cash provided by (used in) financing activities		(18,308	)		(4,892	)		(44,456	)		15,572			(52,084	)
Net increase (decrease) in cash and cash equivalents		(26,033	)		7,918			7,777			-			(10,338	)
Cash and cash equivalents:
Beginning of period		410,127			10,960			49,052			-			470,139
End of period	$	384,094		$	18,878		$	56,829		$	-		$	459,801

	Six Months Ended June 30, 2018
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	(3,430	)	$	(96,911	)	$	44,153		$	-		$	(56,188	)
Net cash provided by (used in) investing activities		(63,986	)		(12,786	)		(2,218	)		113,740			34,750
Financing activities:
Payments from (advances to) subsidiaries		-			108,964			4,776			(113,740	)		-
Mortgage repurchase facility		-			-			(31,521	)		-			(31,521	)
Dividend payments		(33,793	)		-			-			-			(33,793	)
Proceeds from the exercise of stock options		5,835			-			-			-			5,835
Net cash provided by (used in) financing activities		(27,958	)		108,964			(26,745	)		(113,740	)		(59,479	)
Net increase (decrease) in cash and cash equivalents		(95,374	)		(733	)		15,190			-			(80,917	)
Cash and cash equivalents:
Beginning of period		468,718			13,051			32,471			-			514,240
End of period	$	373,344		$	12,318		$	47,661		$	-		$	433,323