Supplemental Guarantor Information Supplemental Guarantor Information (Tables)
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6 Months Ended |
Jun. 30, 2020 |
Supplemental Guarantor Information [Abstract] |
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Schedule Of Condensed Consolidating Statement Of Operations [Table Text Block] |
| | | | | | | | | | | | | | | | | | | | | UNAUDITED CONDENSED CONSOLIDATING STATEMENTS OF INCOME | | | | | | | | | | | | | | | | Three Months Ended June 30, 2020 | | | | | (In thousands) | | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | | | | | | | | Revenue | | $ | — | | $ | 695,146 | | $ | 19,048 | | $ | — | | $ | 714,194 | | Costs and expenses: | | | | | | | Land and housing | | — | | 557,791 | | — | | — | | 557,791 | | | | | | | | | General and administrative | | — | | 33,177 | | 7,860 | | — | | 41,037 | | Selling | | — | | 41,127 | | — | | — | | 41,127 | | | | | | | | | Equity in income from joint venture arrangements | | — | | — | | (3) | | — | | (3) | | Interest | | — | | 1,895 | | 620 | | — | | 2,515 | | Total costs and expenses | | — | | 633,990 | | 8,477 | | — | | 642,467 | | | | | | | | | Income before income taxes | | — | | 61,156 | | 10,571 | | — | | 71,727 | | | | | | | | | Provision for income taxes | | — | | 15,067 | | 2,152 | | — | | 17,219 | | | | | | | | | Equity in subsidiaries | | 54,508 | | — | | — | | (54,508) | | — | | | | | | | | | Net income | | $ | 54,508 | | $ | 46,089 | | $ | 8,419 | | $ | (54,508) | | $ | 54,508 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2019 | | | | | (In thousands) | | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | | | | | | | | Revenue | | $ | — | | $ | 609,383 | | $ | 14,303 | | $ | — | | $ | 623,686 | | Costs and expenses: | | | | | | | Land and housing | | — | | 503,857 | | — | | — | | 503,857 | | | | | | | | | General and administrative | | — | | 29,315 | | 6,849 | | — | | 36,164 | | Selling | | — | | 37,452 | | — | | — | | 37,452 | | Equity in income from joint venture arrangements | | — | | — | | (187) | | — | | (187) | | Interest | | — | | 4,263 | | 934 | | — | | 5,197 | | Total costs and expenses | | — | | 574,887 | | 7,596 | | — | | 582,483 | | | | | | | | | Income before income taxes | | — | | 34,496 | | 6,707 | | — | | 41,203 | | | | | | | | | Provision for income taxes | | — | | 9,578 | | 1,379 | | — | | 10,957 | | | | | | | | | Equity in subsidiaries | | 30,246 | | — | | — | | (30,246) | | — | | | | | | | | | Net income | | $ | 30,246 | | $ | 24,918 | | $ | 5,328 | | $ | (30,246) | | $ | 30,246 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2020 | | | | | (In thousands) | | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | | | | | | | | Revenue | | $ | — | | $ | 1,259,282 | | $ | 32,515 | | $ | — | | $ | 1,291,797 | | Costs and expenses: | | | | | | | Land and housing | | — | | 1,018,715 | | — | | — | | 1,018,715 | | | | | | | | | General and administrative | | — | | 59,740 | | 15,144 | | — | | 74,884 | | Selling | | — | | 77,955 | | — | | — | | 77,955 | | | | | | | | | Equity in income from joint venture arrangements | | — | | — | | (55) | | — | | (55) | | Interest | | — | | 5,864 | | 1,351 | | — | | 7,215 | | Total costs and expenses | | — | | 1,162,274 | | 16,440 | | — | | 1,178,714 | | | | | | | | | Income before income taxes | | — | | 97,008 | | 16,075 | | — | | 113,083 | | | | | | | | | Provision for income taxes | | — | | 23,648 | | 3,181 | | — | | 26,829 | | | | | | | | | Equity in subsidiaries | | 86,254 | | — | | — | | (86,254) | | — | | | | | | | | | Net income | | $ | 86,254 | | $ | 73,360 | | $ | 12,894 | | $ | (86,254) | | $ | 86,254 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2019 | | | | | (In thousands) | | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | | | | | | | | Revenue | | $ | — | | $ | 1,078,709 | | $ | 26,086 | | $ | — | | $ | 1,104,795 | | Costs and expenses: | | | | | | | Land and housing | | — | | 892,324 | | — | | — | | 892,324 | | | | | | | | | General and administrative | | — | | 53,748 | | 13,115 | | — | | 66,863 | | Selling | | — | | 69,003 | | — | | — | | 69,003 | | | | | | | | | Equity in income from joint venture arrangements | | — | | — | | (66) | | — | | (66) | | Interest | | — | | 10,312 | | 1,677 | | — | | 11,989 | | Total costs and expenses | | — | | 1,025,387 | | 14,726 | | — | | 1,040,113 | | | | | | | | | Income before income taxes | | — | | 53,322 | | 11,360 | | — | | 64,682 | | | | | | | | | Provision for income taxes | | — | | 14,333 | | 2,380 | | — | | 16,713 | | | | | | | | | Equity in subsidiaries | | 47,969 | | — | | — | | (47,969) | | — | | | | | | | | | Net income | | $ | 47,969 | | $ | 38,989 | | $ | 8,980 | | $ | (47,969) | | $ | 47,969 | | | | | | | | |
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Schedule Of Condensed Consolidating Balance Sheet [Table Text Block] |
| | | | | | | | | | | | | | | | | | | | | UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET | | | | | | | | | | | | | | | | June 30, 2020 | | | | | (In thousands) | | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | | | | | | | | ASSETS: | | | | | | | Cash, cash equivalents and restricted cash | | $ | — | | $ | 78,979 | | $ | 15,044 | | $ | — | | $ | 94,023 | | Mortgage loans held for sale | | — | | — | | 163,536 | | — | | 163,536 | | Inventory | | — | | 1,830,810 | | — | | — | | 1,830,810 | | Property and equipment - net | | — | | 20,126 | | 878 | | — | | 21,004 | | Investment in joint venture arrangements | | — | | 42,854 | | 2,290 | | — | | 45,144 | | Operating lease right-of-use assets | | — | | 40,766 | | 10,427 | | — | | 51,193 | | Deferred income tax asset | | — | | 9,378 | | — | | — | | 9,378 | | Investment in subsidiaries | | 1,013,097 | | — | | — | | (1,013,097) | | — | | Intercompany assets | | 719,685 | | — | | — | | (719,685) | | — | | Goodwill | | — | | 16,400 | | — | | — | | 16,400 | | | | | | | | | Other assets | | 3,150 | | 77,904 | | 15,166 | | — | | 96,220 | | TOTAL ASSETS | | $ | 1,735,932 | | $ | 2,117,217 | | $ | 207,341 | | $ | (1,732,782) | | $ | 2,327,708 | | | | | | | | | LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | LIABILITIES: | | | | | | | Accounts payable | | $ | — | | $ | 168,291 | | $ | 797 | | $ | — | | $ | 169,088 | | Customer deposits | | — | | 49,529 | | — | | — | | 49,529 | | Operating lease liabilities | | — | | 40,766 | | 10,427 | | — | | 51,193 | | Intercompany liabilities | | — | | 714,549 | | 5,136 | | (719,685) | | — | | Other liabilities | | — | | 150,286 | | 7,860 | | — | | 158,146 | | Community development district obligations | | — | | 11,560 | | — | | — | | 11,560 | | Obligation for consolidated inventory not owned | | — | | 11,035 | | — | | — | | 11,035 | | Notes payable bank - homebuilding operations | | — | | — | | — | | — | | — | | Notes payable bank - financial services operations | | — | | — | | 134,184 | | — | | 134,184 | | Notes payable - other | | — | | 7,041 | | — | | — | | 7,041 | | Senior notes due 2025 - net | | 247,353 | | — | | — | | — | | 247,353 | | Senior notes due 2028 - net | | 394,174 | | — | | — | | — | | 394,174 | | TOTAL LIABILITIES | | 641,527 | | 1,153,057 | | 158,404 | | (719,685) | | 1,233,303 | | | | | | | | | SHAREHOLDERS’ EQUITY | | 1,094,405 | | 964,160 | | 48,937 | | (1,013,097) | | 1,094,405 | | | | | | | | | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | $ | 1,735,932 | | $ | 2,117,217 | | $ | 207,341 | | $ | (1,732,782) | | $ | 2,327,708 | |
| | | | | | | | | | | | | | | | | | | | | CONDENSED CONSOLIDATING BALANCE SHEET | | | | | | | | | | | | | | | | December 31, 2019 | | | | | (In thousands) | | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | | | | | | | | ASSETS: | | | | | | | Cash, cash equivalents and restricted cash | | $ | — | | $ | 219 | | $ | 11,589 | | $ | (5,725) | | $ | 6,083 | | Mortgage loans held for sale | | — | | — | | 155,244 | | — | | 155,244 | | Inventory | | — | | 1,769,507 | | — | | — | | 1,769,507 | | Property and equipment - net | | — | | 21,372 | | 746 | | — | | 22,118 | | Investment in joint venture arrangements | | — | | 35,391 | | 2,494 | | — | | 37,885 | | Operating lease right-of-use assets | | — | | 15,689 | | 2,726 | | — | | 18,415 | | Deferred income tax asset | | — | | 9,631 | | — | | — | | 9,631 | | Investment in subsidiaries | | 928,942 | | — | | — | | (928,942) | | — | | Intercompany assets | | 619,204 | | — | | — | | (619,204) | | — | | Goodwill | | — | | 16,400 | | — | | — | | 16,400 | | Other assets | | 1,411 | | 56,134 | | 12,766 | | — | | 70,311 | | TOTAL ASSETS | | $ | 1,549,557 | | $ | 1,924,343 | | $ | 185,565 | | $ | (1,553,871) | | $ | 2,105,594 | | | | | | | | | LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | LIABILITIES: | | | | | | | Accounts payable | | $ | — | | $ | 130,136 | | $ | 615 | | $ | (5,725) | | $ | 125,026 | | Customer deposits | | — | | 34,462 | | — | | — | | 34,462 | | Intercompany liabilities | | — | | 618,946 | | 258 | | (619,204) | | — | | Operating lease liabilities | | — | | 15,691 | | 2,724 | | — | | 18,415 | | Other liabilities | | — | | 141,015 | | 6,922 | | — | | 147,937 | | Community development district obligations | | — | | 13,531 | | — | | — | | 13,531 | | Obligation for consolidated inventory not owned | | — | | 7,934 | | — | | — | | 7,934 | | Notes payable bank - homebuilding operations | | — | | 66,000 | | — | | — | | 66,000 | | Notes payable bank - financial services operations | | — | | — | | 136,904 | | — | | 136,904 | | Notes payable - other | | — | | 5,828 | | — | | — | | 5,828 | | Senior notes due 2021 - net | | 298,988 | | — | | — | | — | | 298,988 | | Senior notes due 2025 - net | | 247,092 | | — | | — | | — | | 247,092 | | TOTAL LIABILITIES | | 546,080 | | 1,033,543 | | 147,423 | | (624,929) | | 1,102,117 | | | | | | | | | SHAREHOLDERS’ EQUITY | | 1,003,477 | | 890,800 | | 38,142 | | (928,942) | | 1,003,477 | | | | | | | | | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | $ | 1,549,557 | | $ | 1,924,343 | | $ | 185,565 | | $ | (1,553,871) | | $ | 2,105,594 | |
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Schedule Of Condensed Consolidating Statement Of Cash Flows [Table Text Block] |
| | | | | | | | | | | | | | | | | | UNAUDITED CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | | | | | | | | | | | | | Six Months Ended June 30, 2020 | | | | | (In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | | | | | | | CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | Net cash provided by (used in) operating activities | $ | 3,050 | | $ | 78,373 | | $ | 3,503 | | $ | (2,100) | | $ | 82,826 | | | | | | | | CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | Purchase of property and equipment | — | | (1,662) | | (314) | | — | | (1,976) | | Return of capital from unconsolidated joint ventures | — | | — | | 363 | | — | | 363 | | | | | | | | Intercompany investing | (98,610) | | — | | — | | 98,610 | | — | | Investments in and advances to joint venture arrangements | — | | (19,082) | | (7) | | — | | (19,089) | | | | | | | | | | | | | | | | | | | | Net cash (used in) provided by investing activities | (98,610) | | (20,744) | | 42 | | 98,610 | | (20,702) | | | | | | | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | Repayment of senior notes due 2021 | (300,000) | | — | | — | | — | | (300,000) | | Proceeds from issuance of senior notes due 2028 | 400,000 | | — | | — | | — | | 400,000 | | Proceeds from bank borrowings - homebuilding operations | — | | 306,800 | | — | | — | | 306,800 | | Principal repayments of bank borrowings - homebuilding operations | — | | (372,800) | | — | | — | | (372,800) | | Net repayments of bank borrowings - financial services operations | — | | — | | (2,720) | | — | | (2,720) | | Proceeds from notes payable - other and CDD bond obligations | — | | 1,213 | | — | | — | | 1,213 | | | | | | | | | | | | | | | | | | | | Intercompany financing | — | | 88,115 | | 4,770 | | (92,885) | | — | | Repurchase of common shares | (1,912) | | — | | — | | — | | (1,912) | | Dividends paid | — | | — | | (2,100) | | 2,100 | | — | | Debt issue costs | (6,173) | | (2,197) | | (40) | | — | | (8,410) | | Proceeds from exercise of stock options | 3,645 | | — | | — | | — | | 3,645 | | Net cash provided by (used in) financing activities | 95,560 | | 21,131 | | (90) | | (90,785) | | 25,816 | | | | | | | | Net increase in cash, cash equivalents and restricted cash | — | | 78,760 | | 3,455 | | 5,725 | | 87,940 | | Cash, cash equivalents and restricted cash balance at beginning of period | — | | 219 | | 11,589 | | (5,725) | | 6,083 | | Cash, cash equivalents and restricted cash balance at end of period | $ | — | | $ | 78,979 | | $ | 15,044 | | $ | — | | $ | 94,023 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2019 | | | | | (In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | | | | | | | CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | Net cash provided by (used in) operating activities | $ | 5,130 | | $ | (41,562) | | $ | 52,179 | | $ | (5,130) | | $ | 10,617 | | | | | | | | CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | Purchase of property and equipment | — | | (1,411) | | (188) | | — | | (1,599) | | Return of capital from unconsolidated joint ventures | — | | — | | 150 | | — | | 150 | | | | | | | | Intercompany Investing | (3,257) | | — | | — | | 3,257 | | — | | Investments in and advances to joint venture arrangements | — | | (15,119) | | (162) | | — | | (15,281) | | | | | | | | | | | | | | Net cash (used in) provided by investing activities | (3,257) | | (16,530) | | (200) | | 3,257 | | (16,730) | | | | | | | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | Proceeds from bank borrowings - homebuilding operations | — | | 374,500 | | — | | — | | 374,500 | | Principal repayments of bank borrowings - homebuilding operations | — | | (317,600) | | — | | — | | (317,600) | | Net repayments of bank borrowings - financial services operations | — | | — | | (49,165) | | — | | (49,165) | | Principal repayments of notes payable - other and CDD bond obligations | — | | (845) | | — | | — | | (845) | | Intercompany financing | — | | (44) | | 3,301 | | (3,257) | | — | | Repurchase of common shares | (5,150) | | — | | — | | — | | (5,150) | | Dividends paid | — | | — | | (5,130) | | 5,130 | | — | | Debt issue costs | — | | — | | (40) | | — | | (40) | | Proceeds from exercise of stock options | 3,277 | | — | | — | | — | | 3,277 | | | | | | | | Net cash (used in) provided by financing activities | (1,873) | | 56,011 | | (51,034) | | 1,873 | | 4,977 | | | | | | | | Net (decrease) increase in cash, cash equivalents and restricted cash | — | | (2,081) | | 945 | | — | | (1,136) | | Cash, cash equivalents and restricted cash balance at beginning of period | — | | 5,554 | | 15,975 | | — | | 21,529 | | Cash, cash equivalents and restricted cash balance at end of period | $ | — | | $ | 3,473 | | $ | 16,920 | | $ | — | | $ | 20,393 | |
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