XML 32 R20.htm IDEA: XBRL DOCUMENT
v3.24.3

Fair Value Measurements Fair Value Measurements (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Fair Value Measurements [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The table below shows the notional amounts of our financial instruments at September 30, 2024 and December 31, 2023:
Description of Financial Instrument (in thousands) | September 30, 2024 |  | December 31, 2023
Whole loan contracts and related committed IRLCs | $ | 1,305 |  |  | $ | — |
Uncommitted IRLCs | 252,580 |  |  | 174,274 |
FMBSs related to uncommitted IRLCs | 286,000 |  |  | 174,000 |
Whole loan contracts and related mortgage loans held for sale | 17,864 |  |  | 10,398 |
FMBSs related to mortgage loans held for sale | 206,000 |  |  | 152,000 |
Mortgage loans held for sale covered by FMBSs | 221,600 |  |  | 160,547 |
Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block] | The following table sets forth the amount of (loss) gain recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Income, on assets and liabilities measured on a recurring basis for the three and nine months ended September 30, 2024 and 2023:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
Description (in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Mortgage loans held for sale | $ | 3,569 |  |  | $ | (1,710) |  |  | $ | 98 |  |  | $ | (873) |
Forward sales of mortgage-backed securities | (2,896) |  |  | 4,655 |  |  | 5,992 |  |  | 10,522 |
Interest rate lock commitments | 1,709 |  |  | (1,701) |  |  | (470) |  |  | (740) |
Whole loan contracts | 493 |  |  | (397) |  |  | 444 |  |  | (303) |
Total gain (loss) recognized | $ | 2,875 |  |  | $ | 847 |  |  | $ | 6,064 |  |  | $ | 8,606 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following tables set forth the fair value of the Company’s derivative instruments and their location within the Unaudited Condensed Consolidated Balance Sheets for the periods indicated (except for mortgage loans held for sale which are disclosed as a separate line item):
|  | Asset Derivatives |  | Liability Derivatives
|  | September 30, 2024 |  | September 30, 2024
Description of Derivatives |  | Balance Sheet Location |  | Fair Value (in thousands) |  | Balance Sheet Location |  | Fair Value (in thousands)
Forward sales of mortgage-backed securities |  | Other assets |  | $ | — |  |  | Other liabilities |  | $ | 1,228 |
Interest rate lock commitments |  | Other assets |  | 3,143 |  |  | Other liabilities |  | — |
Whole loan contracts |  | Other assets |  | 113 |  |  | Other liabilities |  | — |
Total fair value measurements |  |  |  | $ | 3,256 |  |  |  |  | $ | 1,228 |
|  | Asset Derivatives |  | Liability Derivatives
|  | December 31, 2023 |  | December 31, 2023
Description of Derivatives |  | Balance Sheet Location |  | Fair Value (in thousands) |  | Balance Sheet Location |  | Fair Value (in thousands)
Forward sales of mortgage-backed securities |  | Other assets |  | $ | — |  |  | Other liabilities |  | $ | 7,220 |
Interest rate lock commitments |  | Other assets |  | 3,617 |  |  | Other liabilities |  | — |
Whole loan contracts |  | Other assets |  | — |  |  | Other liabilities |  | 335 |
Total fair value measurements |  |  |  | $ | 3,617 |  |  |  |  | $ | 7,555 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table presents the carrying amounts and fair values of the Company’s financial instruments at September 30, 2024 and December 31, 2023. The objective of the fair value measurement is to estimate the price at which an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions.
|  | September 30, 2024 |  | December 31, 2023
(In thousands) | Fair Value Hierarchy | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Assets: |  |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash | Level 1 | $ | 719,920 |  |  | $ | 719,920 |  |  | $ | 732,804 |  |  | $ | 732,804 |
Mortgage loans held for sale | Level 2 | 242,812 |  |  | 242,812 |  |  | 176,329 |  |  | 176,329 |
Interest rate lock commitments | Level 2 | 3,143 |  |  | 3,143 |  |  | 3,617 |  |  | 3,617 |
Whole loan contracts for committed IRLCs and mortgage loans held for sale | Level 2 | 113 |  |  | 113 |  |  | — |  |  | — |
Liabilities: |  |  |  |  |  |  |  |
Notes payable - financial services operations | Level 2 | 235,441 |  |  | 235,441 |  |  | 165,844 |  |  | 165,844 |
Senior notes due 2028 (a) | Level 2 | 400,000 |  |  | 390,500 |  |  | 400,000 |  |  | 383,500 |
Senior notes due 2030 (a) | Level 2 | 300,000 |  |  | 277,500 |  |  | 300,000 |  |  | 267,375 |
Whole loan contracts for committed IRLCs and mortgage loans held for sale | Level 2 | — |  |  | — |  |  | 335 |  |  | 335 |
Forward sales of mortgage-backed securities | Level 2 | 1,228 |  |  | 1,228 |  |  | 7,220 |  |  | 7,220 |
(a)Our senior notes are stated at the principal amount outstanding which does not include the impact of premiums, discounts, and debt issuance costs that are amortized to interest cost over the respective terms of the notes.

X
- Definition 3. Fair Value Measurements [Abstract] + References No definition available. + Details
Name: | mho_FairValueMeasurementsAbstract
Namespace Prefix: | mho_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration