XML 38 R21.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Business Segments | 12 Months Ended
--- | ---
Dec. 31, 2017
Business Segments [Abstract] |
Segment Reporting Disclosure [Text Block] | Business Segments The Company’s chief operating decision makers evaluate the Company’s performance in various ways, including: (1) the results of our 15 individual homebuilding operating segments and the results of our financial services operations; (2) the results of our three homebuilding reportable segments; and (3) our consolidated financial results. In accordance with ASC 280, Segment Reporting (“ASC 280”), we have identified each homebuilding division as an operating segment and have determined our reportable segments are as follows: Midwest homebuilding, Southern homebuilding, Mid-Atlantic homebuilding and financial services operations. The homebuilding operating segments that are included within each reportable segment have been aggregated because they share similar aggregation characteristics as prescribed in ASC 280 in the following regards: (1) long-term economic characteristics; (2) historical and expected future long-term gross margin percentages; (3) housing products, production processes and methods of distribution; and (4) geographical proximity. The homebuilding operating segments that comprise each of our reportable segments are as follows:
Midwest | Southern | Mid-Atlantic
Chicago, Illinois | Orlando, Florida | Charlotte, North Carolina
Cincinnati, Ohio | Sarasota, Florida | Raleigh, North Carolina
Columbus, Ohio | Tampa, Florida | Washington, D.C.
Indianapolis, Indiana | Austin, Texas |
Minneapolis/St. Paul, Minnesota | Dallas/Fort Worth, Texas |
| Houston, Texas |
| San Antonio, Texas |
The following table shows, by segment, revenue, operating income and interest expense for 2017, 2016 and 2015, as well as the Company’s income before income taxes for such periods:
| Year Ended December 31,
(In thousands) | 2017 |  | 2016 |  | 2015
Revenue: |  |  |  |  |
Midwest homebuilding | $ | 742,577 |  |  | $ | 637,894 |  |  | $ | 500,873 |
Southern homebuilding | 730,482 |  |  | 602,273 |  |  | 514,747 |
Mid-Atlantic homebuilding | 439,219 |  |  | 409,149 |  |  | 366,800 |
Financial services (a) | 49,693 |  |  | 42,011 |  |  | 35,975 |
Total revenue | $ | 1,961,971 |  |  | $ | 1,691,327 |  |  | $ | 1,418,395 |
Operating income: |  |  |  |  |
Midwest homebuilding | $ | 81,522 |  |  | $ | 70,446 |  |  | $ | 51,436 |
Southern homebuilding (b) | 36,798 |  |  | 20,398 |  |  | 47,276 |
Mid-Atlantic homebuilding | 35,598 |  |  | 33,450 |  |  | 25,144 |
Financial services (a) | 27,288 |  |  | 23,262 |  |  | 21,032 |
Less: Corporate selling, general and administrative expenses | (42,547 | ) |  | (38,813 | ) |  | (33,094 | )
Total operating income (b) (c) | $ | 138,659 |  |  | $ | 108,743 |  |  | $ | 111,794 |
Interest expense: |  |  |  |  |
Midwest homebuilding | $ | 5,010 |  |  | $ | 3,754 |  |  | $ | 4,005 |
Southern homebuilding | 8,508 |  |  | 8,039 |  |  | 7,244 |
Mid-Atlantic homebuilding | 2,599 |  |  | 3,693 |  |  | 4,656 |
Financial services (a) | 2,757 |  |  | 2,112 |  |  | 1,616 |
Total interest expense | $ | 18,874 |  |  | $ | 17,598 |  |  | $ | 17,521 |
Equity in income of joint venture arrangements | $ | (539 | ) |  | $ | (640 | ) |  | $ | (498 | )
Loss on early extinguishment of debt | — |  |  | — |  |  | 7,842 |
Income before income taxes | $ | 120,324 |  |  | $ | 91,785 |  |  | $ | 86,929 |
Depreciation and amortization: |  |  |  |  |
Midwest homebuilding | $ | 2,069 |  |  | $ | 1,752 |  |  | $ | 1,614 |
Southern homebuilding | 3,014 |  |  | 2,525 |  |  | 2,069 |
Mid-Atlantic homebuilding | 1,565 |  |  | 1,645 |  |  | 1,464 |
Financial services | 1,503 |  |  | 1,948 |  |  | 1,213 |
Corporate | 6,023 |  |  | 5,736 |  |  | 4,568 |
Total depreciation and amortization | $ | 14,174 |  |  | $ | 13,606 |  |  | $ | 10,928 |
(a) | Our financial services operational results should be viewed in connection with our homebuilding business as its operations originate loans and provide title services primarily for our homebuying customers, with the exception of an immaterial amount of mortgage refinancing.
(b) | Includes an $8.5 million and a $19.4 million charge for stucco-related repair costs in certain of our Florida communities (as more fully discussed in Note 8 to our Consolidated Financial Statements) taken during the year ended December 31, 2017 and 2016, respectively.
(c) | For the years ended December 31, 2017, 2016 and 2015, total operating income was reduced by $7.7 million, $4.0 million and $3.6 million, respectively, related to asset impairment charges taken during the period.
The following tables show total assets by segment at December 31, 2017 and 2016:
| December 31, 2017
(In thousands) | Midwest |  | Southern |  | Mid-Atlantic |  | Corporate, Financial Services and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 4,933 |  |  | $ | 20,719 |  |  | $ | 6,904 |  |  | $ | — |  |  | $ | 32,556 |
Inventory (a) | 500,671 |  |  | 636,019 |  |  | 245,328 |  |  | — |  |  | 1,382,018 |
Investments in joint venture arrangements | 4,410 |  |  | 9,677 |  |  | 6,438 |  |  | — |  |  | 20,525 |
Other assets | 13,573 |  |  | 38,784 |  | (b) | 13,311 |  |  | 364,004 |  |  | 429,672 |
Total assets | $ | 523,587 |  |  | $ | 705,199 |  |  | $ | 271,981 |  |  | $ | 364,004 |  |  | $ | 1,864,771 |
| December 31, 2016
(In thousands) | Midwest |  | Southern |  | Mid-Atlantic |  | Corporate, Financial Services and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 3,989 |  |  | $ | 22,607 |  |  | $ | 3,260 |  |  | $ | — |  |  | $ | 29,856 |
Inventory (a) | 399,814 |  |  | 484,038 |  |  | 302,226 |  |  | — |  |  | 1,186,078 |
Investments in joint venture arrangements | 10,155 |  |  | 10,630 |  |  | 7,231 |  |  | — |  |  | 28,016 |
Other assets | 25,747 |  |  | 35,622 |  | (b) | 13,912 |  |  | 229,280 |  |  | 304,561 |
Total assets | $ | 439,705 |  |  | $ | 552,897 |  |  | $ | 326,629 |  |  | $ | 229,280 |  |  | $ | 1,548,511 |
(a) | Inventory includes single-family lots, land and land development costs; land held for sale; homes under construction; model homes and furnishings; community development district infrastructure; and consolidated inventory not owned.
(b) | Includes development reimbursements from local municipalities.

X
- Definition Business Segments [Abstract] + References No definition available. + Details
Name: | mho_BusinessSegmentsAbstract
Namespace Prefix: | mho_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration