Note 21 - Supplemental Guarantor Information (Tables)

9 Months Ended

Sep. 30, 2019

Notes Tables

Condensed Balance Sheet [Table Text Block]

	September 30, 2019
					Non-
			Guarantor		Guarantor		Eliminating			Consolidated
	MDC		Subsidiaries		Subsidiaries		Entries			MDC
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and cash equivalents	$	279,346	$	5,992	$	-	$	-		$	285,338
Restricted cash		-		16,325		-		-			16,325
Trade and other receivables		4,444		54,084		-		-			58,528
Inventories:
Housing completed or under construction		-		1,204,641		-		-			1,204,641
Land and land under development		-		1,191,036		-		-			1,191,036
Total inventories		-		2,395,677		-		-			2,395,677
Intercompany receivables		2,050,173		4,159		-		(2,054,332	)		-
Investment in subsidiaries		390,631		-		-		(390,631	)		-
Property and equipment, net		23,583		40,090		-		-			63,673
Operating lease right-of-use asset		24,970		6,281		-		-			31,251
Deferred tax asset, net		28,080		-		-		(368	)		27,712
Prepaid and other assets		12,682		33,713		-		-			46,395
Total homebuilding assets		2,813,909		2,556,321		-		(2,445,331	)		2,924,899
Financial Services:
Cash and cash equivalents		-		-		46,790		-			46,790
Marketable securities		-		-		52,876		-			52,876
Intercompany receivables		-		-		33,122		(33,122	)		-
Mortgage loans held-for-sale, net		-		-		117,020		-			117,020
Other assets		-		-		16,626		368			16,994
Total financial services assets		-		-		266,434		(32,754	)		233,680
Total Assets	$	2,813,909	$	2,556,321	$	266,434	$	(2,478,085	)	$	3,158,579
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	31	$	79,012	$	-	$	-		$	79,043
Accrued liabilities		45,525		139,717		-		4,054			189,296
Operating lease liabilities		25,606		6,281		-		-			31,887
Advances and notes payable to parent and subsidiaries		36,896		2,041,070		-		(2,077,966	)		-
Revolving credit facility		15,000		-		-		-			15,000
Senior notes, net		989,050		-		-		-			989,050
Total homebuilding liabilities		1,112,108		2,266,080		-		(2,073,912	)		1,304,276
Financial Services:
Accounts payable and other liabilities		-		-		66,085		(4,054	)		62,031
Advances and notes payable to parent and subsidiaries		-		-		9,488		(9,488	)		-
Mortgage repurchase facility		-		-		90,471		-			90,471
Total financial services liabilities		-		-		166,044		(13,542	)		152,502
Total Liabilities		1,112,108		2,266,080		166,044		(2,087,454	)		1,456,778
Equity:
Total Stockholders' Equity		1,701,801		290,241		100,390		(390,631	)		1,701,801
Total Liabilities and Stockholders' Equity	$	2,813,909	$	2,556,321	$	266,434	$	(2,478,085	)	$	3,158,579

	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
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 September 30, 2019
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	750,274		$	-		$	-		$	750,274
Cost of sales		-			(609,316	)		-			-			(609,316	)
Inventory impairments		-			-			-			-			-
Gross profit		-			140,958			-			-			140,958
Selling, general, and administrative expenses		(21,476	)		(71,111	)		-			(129	)		(92,716	)
Equity income of subsidiaries		65,311			-			-			(65,311	)		-
Interest and other income		2,173			460			-			(297	)		2,336
Other expense		7			(1,894	)		-			-			(1,887	)
Homebuilding pretax income (loss)		46,015			68,413			-			(65,737	)		48,691
Financial Services:
Financial services pretax income		-			-			13,689			426			14,115
Income before income taxes		46,015			68,413			13,689			(65,311	)		62,806
(Provision) benefit for income taxes		4,565			(13,596	)		(3,195	)		-			(12,226	)
Net income	$	50,580		$	54,817		$	10,494		$	(65,311	)	$	50,580
Other comprehensive income related to available-for-sale securities, net of tax		-			-			-			-			-
Comprehensive income	$	50,580		$	54,817		$	10,494		$	(65,311	)	$	50,580

	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 profit		-			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

	Nine Months Ended September 30, 2019
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	2,130,396		$	-		$	-		$	2,130,396
Home and land cost of sales		-			(1,724,040	)		-			-			(1,724,040	)
Inventory impairments		-			(610	)		-			-			(610	)
Gross profit		-			405,746			-			-			405,746
Selling, general, and administrative expenses		(53,042	)		(204,271	)		-			(376	)		(257,689	)
Equity income of subsidiaries		180,875			-			-			(180,875	)		-
Interest and other income		7,301			981			-			(791	)		7,491
Other expense		22			(4,210	)		-			-			(4,188	)
Homebuilding pretax income (loss)		135,156			198,246			-			(182,042	)		151,360
Financial Services:
Financial services pretax income		-			-			40,216			1,167			41,383
Income before income taxes		135,156			198,246			40,216			(180,875	)		192,743
(Provision) benefit for income taxes		10,567			(48,362	)		(9,225	)		-			(47,020	)
Net income	$	145,723		$	149,884		$	30,991		$	(180,875	)	$	145,723
Other comprehensive income related to available for sale securities, net of tax		-			-			-			-			-
Comprehensive income	$	145,723		$	149,884		$	30,991		$	(180,875	)	$	145,723

	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 profit		-			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

Condensed Cash Flow Statement [Table Text Block]

	Nine Months Ended September 30, 2019
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	(30,842	)	$	(58,179	)	$	55,903		$	-		$	(33,118	)
Net cash provided by (used in) investing activities		(61,906	)		(19,333	)		(4,137	)		61,185			(24,191	)
Financing activities:
Payments from (advances to) subsidiaries		-			88,869			(27,684	)		(61,185	)		-
Mortgage repurchase facility		-			-			(26,344	)		-			(26,344	)
Dividend payments		(54,337	)		-			-			-			(54,337	)
Issuance of shares under stock-based compensation programs, net		16,304			-			-			-			16,304
Net cash provided by (used in) financing activities		(38,033	)		88,869			(54,028	)		(61,185	)		(64,377	)
Net increase (decrease) in cash and cash equivalents		(130,781	)		11,357			(2,262	)		-			(121,686	)
Cash and cash equivalents:
Beginning of period		410,127			10,960			49,052			-			470,139
End of period	$	279,346		$	22,317		$	46,790		$	-		$	348,453

	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	)
Issuance of shares under stock-based compensation programs, net		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