Note 25 - Supplemental Guarantor Information (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Condensed Balance Sheet [Table Text Block]

	December 31, 2019
					Non-
			Guarantor		Guarantor		Eliminating			Consolidated
	MDC		Subsidiaries		Subsidiaries		Entries			MDC
	Dollars in thousands
ASSETS
Homebuilding:
Cash and cash equivalents	$	418,822	$	5,364	$	-	$	-		$	424,186
Marketable securities		-		-		-		-			-
Restricted cash		-		14,279		-		-			14,279
Trade and other receivables		624		65,205		-		-			65,829
Inventories:
Housing completed or under construction		-		1,036,191		-		-			1,036,191
Land and land under development		-		1,330,384		-		-			1,330,384
Total inventories		-		2,366,575		-		-			2,366,575
Intercompany receivables		1,936,075		6,370		-		(1,942,445	)		-
Investment in subsidiaries		488,993		-		-		(488,993	)		-
Property and equipment, net		23,192		37,222		-		-			60,414
Deferred tax assets, net		22,508		-		-		(740	)		21,768
Other assets		34,728		43,630		-		-			78,358
Total Homebuilding Assets		2,924,942		2,538,645		-		(2,432,178	)		3,031,409
Financial Services:
Cash and cash equivalents		-		-		35,747		-			35,747
Marketable securities		-		-		56,747		-			56,747
Intercompany receivables		-		-		47,753		(47,753	)		-
Mortgage loans held-for-sale, net		-		-		197,021		-			197,021
Other assets		-		-		16,692		740			17,432
Total Financial Services Assets		-		-		353,960		(47,013	)		306,947
Total Assets	$	2,924,942	$	2,538,645	$	353,960	$	(2,479,191	)	$	3,338,356
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	289	$	87,075	$	-	$	-		$	87,364
Accrued and other liabilities		84,088		156,652		-		5,200			245,940
Advances and notes payable to parent and subsidiaries		53,658		1,912,969		-		(1,966,627	)		-
Revolving credit facility		15,000		-		-		-			15,000
Senior notes, net		989,422		-		-		-			989,422
Total Homebuilding Liabilities		1,142,457		2,156,696		-		(1,961,427	)		1,337,726
Financial Services:
Accounts payable and accrued liabilities		-		-		73,729		(5,200	)		68,529
Advances and notes payable to parent and subsidiaries		-		-		23,571		(23,571	)		-
Mortgage repurchase facility		-		-		149,616		-			149,616
Total Financial Services Liabilities		-		-		246,916		(28,771	)		218,145
Total Liabilities		1,142,457		2,156,696		246,916		(1,990,198	)		1,555,871
Equity:
Total Stockholders' Equity		1,782,485		381,949		107,044		(488,993	)		1,782,485
Total Liabilities and Stockholders' Equity	$	2,924,942	$	2,538,645	$	353,960	$	(2,479,191	)	$	3,338,356

	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
Marketable securities		-		-		-		-			-
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, net		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, net		-		-		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 and other 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]

	Year Ended December 31, 2019
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	3,205,248		$	-		$	-		$	3,205,248
Cost of Sales		-			(2,600,196	)		-			-			(2,600,196	)
Inventory impairments		-			(935	)		-			-			(935	)
Gross margin		-			604,117			-			-			604,117
Selling, general, and administrative expenses		(71,720	)		(290,507	)		-			(563	)		(362,790	)
Equity income of subsidiaries		286,606			-			-			(286,606	)		-
Interest and other income		8,996			1,242			-			(1,168	)		9,070
Other expense		30			(5,665	)		-			-			(5,635	)
Homebuilding pretax income (loss)		223,912			309,187			-			(288,337	)		244,762
Financial Services:
Financial services pretax income		-			-			58,496			1,731			60,227
Income before income taxes		223,912			309,187			58,496			(286,606	)		304,989
Provision for income taxes		14,400			(67,595	)		(13,482	)		-			(66,677	)
Net income	$	238,312		$	241,592		$	45,014		$	(286,606	)	$	238,312
Other comprehensive income related to available-for-sale securities, net of tax		-			-			-			-			-
Comprehensive income	$	238,312		$	241,592		$	45,014		$	(286,606	)	$	238,312

	Year Ended December 31, 2018
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	2,981,811		$	-		$	-		$	2,981,811
Cost of Sales		-			(2,415,139	)		-			-			(2,415,139	)
Inventory impairments		-			(21,850	)		-			-			(21,850	)
Gross margin		-			544,822			-			-			544,822
Selling, general, and administrative expenses		(64,824	)		(264,475	)		-			(502	)		(329,801	)
Equity income of subsidiaries		254,723			-			-			(254,723	)		-
Interest and other income		7,843			1,029			4			(1,158	)		7,718
Other expense		30			(5,275	)		-			-			(5,245	)
Homebuilding pretax income (loss)		197,772			276,101			4			(256,383	)		217,494
Financial Services:
Financial services pretax income		-			-			44,700			1,660			46,360
Income before income taxes		197,772			276,101			44,704			(254,723	)		263,854
Provision for income taxes		13,008			(55,539	)		(10,543	)		-			(53,074	)
Net income	$	210,780		$	220,562		$	34,161		$	(254,723	)	$	210,780
Other comprehensive income related to available-for-sale securities, net of tax		-			-			-			-			-
Comprehensive income	$	210,780		$	220,562		$	34,161		$	(254,723	)	$	210,780

	Year Ended December 31, 2017
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	2,503,242		$	-		$	-		$	2,503,242
Cost of Sales		-			(2,078,371	)		98			-			(2,078,273	)
Inventory impairments		-			(10,010	)		-			-			(10,010	)
Gross margin		-			414,861			98			-			414,959
Selling, general, and administrative expenses		(52,252	)		(234,430	)		-			(806	)		(287,488	)
Equity income of subsidiaries		144,190			-			-			(144,190	)		-
Interest and other income		59,042			2,834			6			(546	)		61,336
Other expense		(30	)		(2,838	)		-			-			(2,868	)
Homebuilding pretax income (loss)		150,950			180,427			104			(145,542	)		185,939
Financial Services:
Financial services pretax income		-			-			42,441			1,352			43,793
Income before income taxes		150,950			180,427			42,545			(144,190	)		229,732
Provision for income taxes		(9,115	)		(64,051	)		(14,731	)		-			(87,897	)
Net income	$	141,835		$	116,376		$	27,814		$	(144,190	)	$	141,835
Other comprehensive income related to available-for-sale securities, net of tax		(18,079	)		-			3,382			(3,382	)		(18,079	)
Comprehensive income	$	123,756		$	116,376		$	31,196		$	(147,572	)	$	123,756

Condensed Cash Flow Statement [Table Text Block]

	Year Ended December 31, 2019
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	(9,997	)	$	74,134		$	(6,304	)	$	-		$	57,833
Net cash provided by (used in) investing activities		76,468			(23,833	)		(4,149	)		(77,271	)		(28,785	)
Financing activities:
Payments from (advances to) subsidiaries		-			(41,618	)		(35,653	)		77,271			-
Advances on mortgage repurchase facility, net		-			-			32,801			-			32,801
Dividend payments		(73,117	)		-			-			-			(73,117	)
Issuance of shares under stock-based compensation programs, net		15,341			-			-			-			15,341
Net cash provided by (used in) financing activities		(57,776	)		(41,618	)		(2,852	)		77,271			(24,975	)
Net increase (decrease) in cash and cash equivalents		8,695			8,683			(13,305	)		-			4,073
Cash and cash equivalents:
Beginning of period		410,127			10,960			49,052			-			470,139
End of period	$	418,822		$	19,643		$	35,747		$	-		$	474,212

	Year Ended December 31, 2018
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	10,925		$	(47,132	)	$	28,301		$	-		$	(7,906	)
Net cash provided by (used in) investing activities		(8,632	)		(25,415	)		(2,639	)		56,900			20,214
Financing activities:
Payments from (advances to) subsidiaries		-			70,456			(13,556	)		(56,900	)		-
Advances on mortgage repurchase facility, net		-			-			4,475			-			4,475
Dividend payments		(67,718	)		-			-			-			(67,718	)
Payments of deferred financing costs		(3,026	)		-			-			-			(3,026	)
Issuance of shares under stock-based compensation programs, net		9,860			-			-			-			9,860
Net cash provided by (used in) financing activities		(60,884	)		70,456			(9,081	)		(56,900	)		(56,409	)
Net increase (decrease) in cash and cash equivalents		(58,591	)		(2,091	)		16,581			-			(44,101	)
Cash and cash equivalents:
Beginning of period		468,718			13,051			32,471			-			514,240
End of period	$	410,127		$	10,960		$	49,052		$	-		$	470,139

	Year Ended December 31, 2017
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Net cash provided by operating activities	$	30,815		$	8,991		$	30,700		$	-		$	70,506
Net cash provided by (used in) investing activities		80,822			(454	)		(253	)		(22,325	)		57,790
Financing activities:
Payments from (advances to) subsidiaries		-			(2,672	)		(19,653	)		22,325			-
Advances on mortgage repurchase facility, net		-			-			(2,145	)		-			(2,145	)
Proceeds from the issuance of senior notes		146,463			-			-			-			146,463
Dividend payments		(51,897	)		-			-			-			(51,897	)
Excess tax benefit from share-based awards		(2,665	)		-			-			-			(2,665	)
Issuance of shares under stock-based compensation programs, net		9,501			-			-			-			9,501
Net cash provided by (used in) financing activities		101,402			(2,672	)		(21,798	)		22,325			99,257
Net increase in cash and cash equivalents		213,039			5,865			8,649			-			227,553
Cash and cash equivalents:
Beginning of period		255,679			7,186			23,822			-			286,687
End of period	$	468,718		$	13,051		$	32,471		$	-		$	514,240