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v3.19.1

Supplemental Guarantor Information Supplemental Guarantor Information (Tables) | 3 Months Ended
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Mar. 31, 2019
Supplemental Guarantor Information [Abstract] |
Schedule Of Condensed Consolidating Statement Of Operations [Table Text Block] |
UNAUDITED CONDENSED CONSOLIDATING STATEMENTS OF INCOME
|  | Three Months Ended March 31, 2019
(In thousands) |  | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated
Revenue |  | $ | — |  | $ | 469,326 |  | $ | 11,783 |  | $ | — |  | $ | 481,109 |
Costs and expenses: |  |  |  |  |  |
Land and housing |  | — |  | 388,467 |  | — |  | — |  | 388,467 |
General and administrative |  | — |  | 24,433 |  | 6,266 |  | — |  | 30,699 |
Selling |  | — |  | 31,551 |  | — |  | — |  | 31,551 |
Equity in loss from joint venture arrangements |  | — |  | — |  | 121 |  | — |  | 121 |
Interest |  | — |  | 6,049 |  | 743 |  | — |  | 6,792 |
Total costs and expenses |  | — |  | 450,500 |  | 7,130 |  | — |  | 457,630 |
Income before income taxes |  | — |  | 18,826 |  | 4,653 |  | — |  | 23,479 |
Provision for income taxes |  | — |  | 4,755 |  | 1,001 |  | — |  | 5,756 |
Equity in subsidiaries |  | 17,723 |  | — |  | — |  | (17,723 | ) | — |
Net income |  | $ | 17,723 |  | $ | 14,071 |  | $ | 3,652 |  | $ | (17,723 | ) | $ | 17,723 |
|  | Three Months Ended March 31, 2018
(In thousands) |  | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated
Revenue |  | $ | — |  | $ | 422,831 |  | $ | 15,026 |  | $ | — |  | $ | 437,857 |
Costs and expenses: |  |  |  |  |  |
Land and housing |  | — |  | 348,702 |  | — |  | — |  | 348,702 |
General and administrative |  | — |  | 22,171 |  | 5,780 |  | — |  | 27,951 |
Selling |  | — |  | 30,063 |  | — |  | — |  | 30,063 |
Acquisition and integration costs |  | — |  | 1,700 |  | — |  | — |  | 1,700 |
Equity in income from joint venture arrangements |  | — |  | — |  | (310 | ) | — |  | (310 | )
Interest |  | — |  | 5,108 |  | 770 |  | — |  | 5,878 |
Total costs and expenses |  | — |  | 407,744 |  | 6,240 |  | — |  | 413,984 |
Income before income taxes |  | — |  | 15,087 |  | 8,786 |  | — |  | 23,873 |
Provision for income taxes |  | — |  | 3,906 |  | 1,904 |  | — |  | 5,810 |
Equity in subsidiaries |  | 18,063 |  | — |  | — |  | (18,063 | ) | — |
Net income |  | $ | 18,063 |  | $ | 11,181 |  | $ | 6,882 |  | $ | (18,063 | ) | $ | 18,063 |
Schedule Of Condensed Consolidating Balance Sheet [Table Text Block] |
UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET
|  | March 31, 2019
(In thousands) |  | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated
ASSETS: |  |  |  |  |  |
Cash, cash equivalents and restricted cash |  | $ | — |  | $ | 26,882 |  | $ | 15,049 |  | $ | — |  | $ | 41,931 |
Mortgage loans held for sale |  | — |  | — |  | 119,665 |  | — |  | 119,665 |
Inventory |  | — |  | 1,730,788 |  | — |  | — |  | 1,730,788 |
Property and equipment - net |  | — |  | 27,536 |  | 856 |  | — |  | 28,392 |
Investment in joint venture arrangements |  | — |  | 38,209 |  | 2,527 |  | — |  | 40,736 |
Operating lease right-of-use assets |  | — |  | 17,174 |  | 3,429 |  | — |  | 20,603 |
Deferred income tax asset |  | — |  | 13,146 |  | — |  | — |  | 13,146 |
Investment in subsidiaries |  | 831,528 |  | — |  | — |  | (831,528 | ) | — |
Intercompany assets |  | 582,698 |  | — |  | — |  | (582,698 | ) | — |
Goodwill |  | — |  | 16,400 |  | — |  | — |  | 16,400 |
Other assets |  | 2,098 |  | 47,521 |  | 10,498 |  | — |  | 60,117 |
TOTAL ASSETS |  | $ | 1,416,324 |  | $ | 1,917,656 |  | $ | 152,024 |  | $ | (1,414,226 | ) | $ | 2,071,778 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |
LIABILITIES: |  |  |  |  |  |
Accounts payable |  | $ | — |  | $ | 132,645 |  | $ | 290 |  | $ | — |  | $ | 132,935 |
Customer deposits |  | — |  | 36,336 |  | — |  | — |  | 36,336 |
Operating lease liabilities |  | — |  | 17,174 |  | 3,429 |  | — |  | 20,603 |
Intercompany liabilities |  | — |  | 579,402 |  | 3,296 |  | (582,698 | ) | — |
Other liabilities |  | — |  | 103,768 |  | 5,401 |  | — |  | 109,169 |
Community development district obligations |  | — |  | 11,728 |  | — |  | — |  | 11,728 |
Obligation for consolidated inventory not owned |  | — |  | 15,920 |  | — |  | — |  | 15,920 |
Notes payable bank - homebuilding operations |  | — |  | 218,800 |  | — |  | — |  | 218,800 |
Notes payable bank - financial services operations |  | — |  | — |  | 104,026 |  | — |  | 104,026 |
Notes payable - other |  | — |  | 5,937 |  | — |  | — |  | 5,937 |
Senior notes due 2021 - net |  | 298,160 |  | — |  | — |  | — |  | 298,160 |
Senior notes due 2025 - net |  | 246,702 |  | — |  | — |  | — |  | 246,702 |
TOTAL LIABILITIES |  | 544,862 |  | 1,121,710 |  | 116,442 |  | (582,698 | ) | 1,200,316 |
SHAREHOLDERS’ EQUITY |  | 871,462 |  | 795,946 |  | 35,582 |  | (831,528 | ) | 871,462 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $ | 1,416,324 |  | $ | 1,917,656 |  | $ | 152,024 |  | $ | (1,414,226 | ) | $ | 2,071,778 |
CONDENSED CONSOLIDATING BALANCE SHEET
|  | December 31, 2018
(In thousands) |  | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated
ASSETS: |  |  |  |  |  |
Cash, cash equivalents and restricted cash |  | $ | — |  | $ | 5,554 |  | $ | 15,975 |  | $ | — |  | $ | 21,529 |
Mortgage loans held for sale |  | — |  | — |  | 169,651 |  | — |  | 169,651 |
Inventory |  | — |  | 1,674,460 |  | — |  | — |  | 1,674,460 |
Property and equipment - net |  | — |  | 28,485 |  | 910 |  | — |  | 29,395 |
Investment in joint venture arrangements |  | — |  | 33,297 |  | 2,573 |  | — |  | 35,870 |
Deferred income tax asset |  | — |  | 13,482 |  | — |  | — |  | 13,482 |
Investment in subsidiaries |  | 817,986 |  | — |  | — |  | (817,986 | ) | — |
Intercompany assets |  | 579,447 |  | — |  | — |  | (579,447 | ) | — |
Goodwill |  | — |  | 16,400 |  | — |  | — |  | 16,400 |
Other assets |  | 2,325 |  | 47,738 |  | 10,731 |  | — |  | 60,794 |
TOTAL ASSETS |  | $ | 1,399,758 |  | $ | 1,819,416 |  | $ | 199,840 |  | $ | (1,397,433 | ) | $ | 2,021,581 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |
LIABILITIES: |  |  |  |  |  |
Accounts payable |  | $ | — |  | $ | 131,089 |  | $ | 422 |  | $ | — |  | $ | 131,511 |
Customer deposits |  | — |  | 32,055 |  | — |  | — |  | 32,055 |
Intercompany liabilities |  | — |  | 578,498 |  | 949 |  | (579,447 | ) | — |
Other liabilities |  | — |  | 140,860 |  | 9,191 |  | — |  | 150,051 |
Community development district obligations |  | — |  | 12,392 |  | — |  | — |  | 12,392 |
Obligation for consolidated inventory not owned |  | — |  | 19,308 |  | — |  | — |  | 19,308 |
Notes payable bank - homebuilding operations |  | — |  | 117,400 |  | — |  | — |  | 117,400 |
Notes payable bank - financial services operations |  | — |  | — |  | 153,168 |  | — |  | 153,168 |
Notes payable - other |  | — |  | 5,938 |  | — |  | — |  | 5,938 |
Senior notes due 2021 - net |  | 297,884 |  | — |  | — |  | — |  | 297,884 |
Senior notes due 2025 - net |  | 246,571 |  | — |  | — |  | — |  | 246,571 |
TOTAL LIABILITIES |  | 544,455 |  | 1,037,540 |  | 163,730 |  | (579,447 | ) | 1,166,278 |
SHAREHOLDERS’ EQUITY |  | 855,303 |  | 781,876 |  | 36,110 |  | (817,986 | ) | 855,303 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $ | 1,399,758 |  | $ | 1,819,416 |  | $ | 199,840 |  | $ | (1,397,433 | ) | $ | 2,021,581 |
Schedule Of Condensed Consolidating Statement Of Cash Flows [Table Text Block] |
UNAUDITED CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
| Three Months Ended March 31, 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 | $ | 4,180 |  | $ | (72,925 | ) | $ | 50,292 |  | $ | (4,180 | ) | $ | (22,633 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |
Purchase of property and equipment | — |  | (427 | ) | (33 | ) | — |  | (460 | )
Intercompany investing | (1,458 | ) | — |  | — |  | 1,458 |  | — |
Investments in and advances to joint venture arrangements | — |  | (5,928 | ) | (113 | ) | — |  | (6,041 | )
Net cash (used in) provided by investing activities | (1,458 | ) | (6,355 | ) | (146 | ) | 1,458 |  | (6,501 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |
Proceeds from bank borrowings - homebuilding operations | — |  | 218,100 |  | — |  | — |  | 218,100 |
Principal repayments of bank borrowings - homebuilding operations | — |  | (116,700 | ) | — |  | — |  | (116,700 | )
Net repayments of bank borrowings - financial services operations | — |  | — |  | (49,142 | ) | — |  | (49,142 | )
Proceeds from exercise of stock options | 2,428 |  | — |  | — |  | — |  | 2,428 |
Intercompany financing | — |  | (792 | ) | 2,250 |  | (1,458 | ) | — |
Repurchase of common shares | (5,150 | ) | — |  | — |  | — |  | (5,150 | )
Dividends paid | — |  | — |  | (4,180 | ) | 4,180 |  | — |
Net cash (used in) provided by financing activities | (2,722 | ) | 100,608 |  | (51,072 | ) | 2,722 |  | 49,536 |
Net increase (decrease) in cash, cash equivalents and restricted cash | — |  | 21,328 |  | (926 | ) | — |  | 20,402 |
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 | $ | — |  | $ | 26,882 |  | $ | 15,049 |  | $ | — |  | $ | 41,931 |
| Three Months Ended March 31, 2018
(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 | $ | 2,750 |  | $ | (96,116 | ) | $ | 63,702 |  | $ | (2,750 | ) | $ | (32,414 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |
Purchase of property and equipment | — |  | (95 | ) | (35 | ) | — |  | (130 | )
Acquisition, net of cash acquired | — |  | (100,763 | ) | — |  | — |  | (100,763 | )
Intercompany Investing | (3,176 | ) | — |  | — |  | 3,176 |  | — |
Investments in and advances to joint venture arrangements | — |  | (1,327 | ) | (563 | ) | — |  | (1,890 | )
Proceeds from the sale of mortgage servicing rights | — |  | — |  | 6,335 |  | — |  | 6,335 |
Net cash (used in) provided by investing activities | (3,176 | ) | (102,185 | ) | 5,737 |  | 3,176 |  | (96,448 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |
Repayment of convertible senior subordinated notes due 2018 | — |  | (65,941 | ) | — |  | — |  | (65,941 | )
Proceeds from bank borrowings - homebuilding operations | — |  | 233,500 |  | — |  | — |  | 233,500 |
Principal repayments of bank borrowings - homebuilding operations | — |  | (71,200 | ) | — |  | — |  | (71,200 | )
Net repayments of bank borrowings - financial services operations | — |  | — |  | (65,484 | ) | — |  | (65,484 | )
Principal repayments of notes payable - other and CDD bond obligations | — |  | (565 | ) | — |  | — |  | (565 | )
Intercompany financing | — |  | 1,401 |  | 1,775 |  | (3,176 | ) | — |
Dividends paid | — |  | — |  | (2,750 | ) | 2,750 |  | — |
Proceeds from exercise of stock options | 426 |  | — |  | — |  | — |  | 426 |
Net cash provided by (used in) financing activities | 426 |  | 97,195 |  | (66,459 | ) | (426 | ) | 30,736 |
Net (decrease) increase in cash, cash equivalents and restricted cash | — |  | (101,106 | ) | 2,980 |  | — |  | (98,126 | )
Cash, cash equivalents and restricted cash balance at beginning of period | — |  | 131,522 |  | 20,181 |  | — |  | 151,703 |
Cash, cash equivalents and restricted cash balance at end of period | $ | — |  | $ | 30,416 |  | $ | 23,161 |  | $ | — |  | $ | 53,577 |

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