Note 20 - Supplemental Guarantor Information (Tables)

3 Months Ended

Mar. 31, 2020

Notes Tables

Condensed Balance Sheet [Table Text Block]

	March 31, 2020
					Non-
			Guarantor		Guarantor		Eliminating			Consolidated
	MDC		Subsidiaries		Subsidiaries		Entries			MDC
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and cash equivalents	$	380,318	$	6,386	$	-	$	-		$	386,704
Restricted cash		-		15,762		-		-			15,762
Trade and other receivables		694		68,607		-		-			69,301
Inventories:
Housing completed or under construction		-		1,215,214		-		-			1,215,214
Land and land under development		-		1,301,433		-		-			1,301,433
Total inventories		-		2,516,647		-		-			2,516,647
Intercompany receivables		2,265,553		5,919		-		(2,271,472	)		-
Investment in subsidiaries		279,593		-		-		(279,593	)		-
Property and equipment, net		23,033		39,283		-		-			62,316
Deferred tax asset, net		18,962		-		-		1,698			20,660
Prepaid and other assets		32,961		45,041		-		-			78,002
Total homebuilding assets		3,001,114		2,697,645		-		(2,549,367	)		3,149,392
Financial Services:
Cash and cash equivalents		-		-		22,159		-			22,159
Marketable securities		-		-		43,985		-			43,985
Intercompany receivables		-		-		64,666		(64,666	)		-
Mortgage loans held-for-sale, net		-		-		133,921		-			133,921
Other assets		-		-		25,953		(1,698	)		24,255
Total financial services assets		-		-		290,684		(66,364	)		224,320
Total Assets	$	3,001,114	$	2,697,645	$	290,684	$	(2,615,731	)	$	3,373,712
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	515	$	97,465	$	-	$	-		$	97,980
Accrued and other liabilities		67,874		162,742		-		2,418			233,034
Advances and notes payable to parent and subsidiaries		69,748		2,254,742		-		(2,324,490	)		-
Revolving credit facility		15,000		-		-		-			15,000
Senior notes, net		1,036,900		-		-		-			1,036,900
Total homebuilding liabilities		1,190,037		2,514,949		-		(2,322,072	)		1,382,914
Financial Services:
Accounts payable and other liabilities		-		-		73,395		(2,418	)		70,977
Advances and notes payable to parent and subsidiaries		-		-		11,648		(11,648	)		-
Mortgage repurchase facility		-		-		108,744		-			108,744
Total financial services liabilities		-		-		193,787		(14,066	)		179,721
Total Liabilities		1,190,037		2,514,949		193,787		(2,336,138	)		1,562,635
Equity:
Total Stockholders' Equity		1,811,077		182,696		96,897		(279,593	)		1,811,077
Total Liabilities and Stockholders' Equity	$	3,001,114	$	2,697,645	$	290,684	$	(2,615,731	)	$	3,373,712

	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
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

Condensed Income Statement [Table Text Block]

	Three Months Ended March 31, 2020
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
Homebuilding:	(Dollars in thousands)
Revenues	$	-		$	697,085		$	-		$	-		$	697,085
Cost of sales		-			(558,647	)		-			-			(558,647	)
Inventory impairments		-			-			-			-			-
Gross profit		-			138,438			-			-			138,438
Selling, general, and administrative expenses		(10,782	)		(78,408	)		-			(131	)		(89,321	)
Equity income of subsidiaries		43,236			-			-			(43,236	)		-
Interest and other income		1,783			291			-			(185	)		1,889
Other expense		8			(1,345	)		-			-			(1,337	)
Homebuilding pretax income (loss)		34,245			58,976			-			(43,552	)		49,669
Financial Services:
Financial services pretax income		-			-			(1,423	)		316			(1,107	)
Income before income taxes		34,245			58,976			(1,423	)		(43,236	)		48,562
(Provision) benefit for income taxes		2,515			(14,333	)		16			-			(11,802	)
Net income	$	36,760		$	44,643		$	(1,407	)	$	(43,236	)	$	36,760
Other comprehensive income related to available-for-sale securities, net of tax		-			-			-			-			-
Comprehensive income	$	36,760		$	44,643		$	(1,407	)	$	(43,236	)	$	36,760

	Three Months Ended March 31, 2019
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
Homebuilding:	(Dollars in thousands)
Revenues	$	-		$	647,278		$	-		$	-		$	647,278
Cost of sales		-			(524,552	)		-			-			(524,552	)
Inventory impairments		-			(610	)		-			-			(610	)
Gross profit		-			122,116			-			-			122,116
Selling, general, and administrative expenses		(17,438	)		(64,701	)		-			(122	)		(82,261	)
Equity income of subsidiaries		52,165			-			-			(52,165	)		-
Interest and other income		2,409			155			-			(173	)		2,391
Other expense		7			(1,198	)		-			-			(1,191	)
Homebuilding pretax income (loss)		37,143			56,372			-			(52,460	)		41,055
Financial Services:
Financial services pretax income		-			-			14,256			295			14,551
Income before income taxes		37,143			56,372			14,256			(52,165	)		55,606
(Provision) benefit for income taxes		3,407			(15,264	)		(3,199	)		-			(15,056	)
Net income	$	40,550		$	41,108		$	11,057		$	(52,165	)	$	40,550
Other comprehensive income related to available-for-sale securities, net of tax		-			-			-			-			-
Comprehensive income	$	40,550		$	41,108		$	11,057		$	(52,165	)	$	40,550

Condensed Cash Flow Statement [Table Text Block]

	Three Months Ended March 31, 2020
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	(13,287	)	$	(89,277	)	$	65,391		$	-		$	(37,173	)
Net cash provided by (used in) investing activities		(60,693	)		(6,384	)		(506	)		60,565			(7,018	)
Financing activities:
Payments from (advances to) subsidiaries		-			98,166			(37,601	)		(60,565	)		-
Mortgage repurchase facility		-			-			(40,872	)		-			(40,872	)
Proceeds from issuance of senior notes		298,050			-			-			-			298,050
Repayment of senior notes		(250,000	)		-			-			-			(250,000	)
Dividend payments		(20,768	)		-			-			-			(20,768	)
Issuance of shares under stock-based compensation programs, net		8,194			-			-			-			8,194
Net cash provided by (used in) financing activities		35,476			98,166			(78,473	)		(60,565	)		(5,396	)
Net increase (decrease) in cash and cash equivalents		(38,504	)		2,505			(13,588	)		-			(49,587	)
Cash and cash equivalents:
Beginning of period		418,822			19,643			35,747			-			474,212
End of period	$	380,318		$	22,148		$	22,159		$	-		$	424,625

	Three Months Ended March 31, 2019
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	(18,145	)	$	31,508		$	40,985		$	-		$	54,348
Net cash provided by (used in) investing activities		29,796			(6,094	)		(93	)		(30,043	)		(6,434	)
Financing activities:
Payments from (advances to) subsidiaries		-			(23,614	)		(6,429	)		30,043			-
Mortgage repurchase facility		-			-			(31,959	)		-			(31,959	)
Dividend payments		(17,115	)		-			-			-			(17,115	)
Issuance of shares under stock-based compensation programs, net		7,087			-			-			-			7,087
Net cash provided by (used in) financing activities		(10,028	)		(23,614	)		(38,388	)		30,043			(41,987	)
Net increase (decrease) in cash and cash equivalents		1,623			1,800			2,504			-			5,927
Cash and cash equivalents:
Beginning of period		410,127			10,960			49,052			-			470,139
End of period	$	411,750		$	12,760		$	51,556		$	-		$	476,066