2019 Q3 Form 10-Q Financial Statement

#000079929219000058 Filed on October 25, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3
Revenue $653.3M $567.8M
YoY Change 15.06% 19.19%
Cost Of Revenue $519.2M $452.0M
YoY Change 14.85% 20.64%
Gross Profit $134.2M $115.8M
YoY Change 15.86% 13.82%
Gross Profit Margin 20.54% 20.4%
Selling, General & Admin $79.53M $71.95M
YoY Change 10.54% 15.17%
% of Gross Profit 59.27% 62.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.400M $3.000M
YoY Change 13.33% 7.14%
% of Gross Profit 2.53% 2.59%
Operating Expenses $79.53M $71.95M
YoY Change 10.54% 15.17%
Operating Profit $54.65M $43.86M
YoY Change 24.59% 11.67%
Interest Expense $4.637M $4.426M
YoY Change 4.77% -5.33%
% of Operating Profit 8.49% 10.09%
Other Income/Expense, Net
YoY Change
Pretax Income $50.06M $39.48M
YoY Change 26.81% 13.86%
Income Tax $12.23M $10.20M
% Of Pretax Income 24.42% 25.83%
Net Earnings $37.84M $29.28M
YoY Change 29.22% 31.15%
Net Earnings / Revenue 5.79% 5.16%
Basic Earnings Per Share $1.35 $1.03
Diluted Earnings Per Share $1.32 $1.01
COMMON SHARES
Basic Shares Outstanding 27.98M shares 28.47M shares
Diluted Shares Outstanding 28.60M shares 28.91M shares

Balance Sheet

Concept 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.50M $36.40M
YoY Change -7.97% -64.86%
Cash & Equivalents $33.45M $36.36M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.827B $1.752B
Prepaid Expenses
Receivables $128.3M $115.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.989B $1.903B
YoY Change 4.51% 15.24%
LONG-TERM ASSETS
Property, Plant & Equipment $27.62M $28.69M
YoY Change -3.73% 13.31%
Goodwill $16.40M $16.40M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $47.56M $24.57M
YoY Change 93.57% 6.91%
Other Assets $12.00M $16.90M
YoY Change -28.99% -42.91%
Total Long-Term Assets $192.7M $155.2M
YoY Change 24.14% 16.46%
TOTAL ASSETS
Total Short-Term Assets $1.989B $1.903B
Total Long-Term Assets $192.7M $155.2M
Total Assets $2.182B $2.058B
YoY Change 5.99% 15.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $169.5M $148.4M
YoY Change 14.22% 23.05%
Accrued Expenses $19.10M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $224.9M $188.8M
YoY Change 19.12% 24.87%
LONG-TERM LIABILITIES
Long-Term Debt $849.7M $879.6M
YoY Change -3.4% 13.61%
Other Long-Term Liabilities $152.4M $154.6M
YoY Change -1.42% 13.34%
Total Long-Term Liabilities $1.002B $1.034B
YoY Change -3.1% 13.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $224.9M $188.8M
Total Long-Term Liabilities $1.002B $1.034B
Total Liabilities $1.227B $1.223B
YoY Change 0.31% 15.2%
SHAREHOLDERS EQUITY
Retained Earnings $666.8M $548.6M
YoY Change 21.55% 19.92%
Common Stock $331.4M $328.8M
YoY Change 0.8% 7.8%
Preferred Stock
YoY Change
Treasury Stock (at cost) $43.59M $42.19M
YoY Change 3.3% 6.86%
Treasury Stock Shares 1.994M shares 2.004M shares
Shareholders Equity $954.6M $835.2M
YoY Change
Total Liabilities & Shareholders Equity $2.182B $2.058B
YoY Change 5.99% 15.33%

Cashflow Statement

Concept 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $37.84M $29.28M
YoY Change 29.22% 31.15%
Depreciation, Depletion And Amortization $3.400M $3.000M
YoY Change 13.33% 7.14%
Cash From Operating Activities -$9.600M -$54.20M
YoY Change -82.29% 103.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M -$1.300M
YoY Change -23.08% -68.29%
Acquisitions
YoY Change
Other Investing Activities -$8.000M -$16.20M
YoY Change -50.62% 800.0%
Cash From Investing Activities -$9.000M -$17.40M
YoY Change -48.28% 185.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 31.70M 40.20M
YoY Change -21.14% -62.22%
NET CHANGE
Cash From Operating Activities -9.600M -54.20M
Cash From Investing Activities -9.000M -17.40M
Cash From Financing Activities 31.70M 40.20M
Net Change In Cash 13.10M -31.40M
YoY Change -141.72% -142.66%
FREE CASH FLOW
Cash From Operating Activities -$9.600M -$54.20M
Capital Expenditures -$1.000M -$1.300M
Free Cash Flow -$8.600M -$52.90M
YoY Change -83.74% 134.07%

Facts In Submission

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Basis of Presentation<div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The accompanying Unaudited Condensed Consolidated Financial Statements (the “financial statements”) of M/I Homes, Inc. and its subsidiaries (the “Company”) and notes thereto have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. The financial statements include the accounts of the Company. All intercompany transactions have been eliminated. Results for the interim period are not necessarily indicative of results for a full year. In the opinion of management, the accompanying financial statements reflect all adjustments (all of which are normal and recurring in nature) necessary for a fair presentation of financial results for the interim periods presented. These financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended </span><span style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2018</span><span style="font-family:inherit;font-size:10pt;"> (the “</span><span style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2018</span><span style="font-family:inherit;font-size:10pt;"> Form 10-K”).</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during that period. Actual results could differ from these estimates and have a significant impact on the financial condition and results of operations and cash flows. With regard to the Company, estimates and assumptions are inherent in calculations relating to valuation of inventory and investment in unconsolidated joint ventures, property and equipment depreciation, valuation of derivative financial instruments, accounts payable on inventory, accruals for costs to complete inventory, accruals for warranty claims, accruals for self-insured general liability claims, litigation, accruals for health care and workers’ compensation, accruals for guaranteed or indemnified loans, stock-based compensation expense, income taxes, and contingencies. Items that could have a significant impact on these estimates and assumptions include the risks and uncertainties listed in “Item 1A. Risk Factors” in Part I of our </span><span style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2018</span><span style="font-family:inherit;font-size:10pt;"> Form 10-K, as the same may be updated from time to time in our subsequent filings with the SEC. </span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">As a result of the Company's change in reportable segments, the Company recast certain prior year amounts in the condensed consolidated financial statements to conform with the 2019 presentation (see </span><a href="#s47571999916A5A99B9A712C98A9A3F85" style="font-family:inherit;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Note 11</span></a><span style="font-family:inherit;font-size:10pt;">). These reclassifications had no impact on the Company's results of operations. </span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Adopted Accounting Standards</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</span><span style="font-family:inherit;font-size:10pt;"> (“ASU 2016-02”), which requires organizations that lease assets - referred to as “lessees” - to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Under ASU 2016-02, a lessee will be required to recognize assets and liabilities for all lease agreements. Lessor accounting remains substantially similar to current GAAP. In addition, disclosures of leasing activities will be expanded to include qualitative and specific quantitative information. For publicly traded companies, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Following the issuance of ASU 2016-02, the FASB issued ASU No. 2018-01, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Land Easement Practical Expedient for Transition to Topic 842</span><span style="font-family:inherit;font-size:10pt;"> (“ASU 2018-01”), ASU No. 2018-10, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Codification Improvements to Topic 842, Leases </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2018-10”), ASU No. 2018-11, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842): Targeted Improvements </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2018-11”), and ASU No. 2018-20, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842): Narrow-Scope Improvements </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2018-20”)</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">.</span><span style="font-family:inherit;font-size:10pt;"> In March 2019, the FASB issued ASU No. 2019-01, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842): Codification Improvements </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2019-01”)</span><span style="font-family:inherit;font-size:10pt;font-style:italic;"> </span><span style="font-family:inherit;font-size:10pt;">which clarifies how to apply certain aspects of the new lease standard as discussed in more detail below. These ASUs do not change the core principle of the guidance stated in ASU 2016-02, but are instead intended to clarify and improve the operability of certain topics addressed by ASU 2016-02 and provide practical expedients for certain aspects of the guidance to aid companies in transition. These additional ASUs have the same effective date and transition requirements as ASU 2016-02.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">We adopted ASU 2016-02 and the subsequently issued ASUs identified above on January 1, 2019 using the additional modified retrospective transition method in accordance with ASU 2018-11, which includes a cumulative catch-up in retained earnings on the initial date of adoption (i.e., the initial date of adoption method). The adoption of the new lease standard did not have any impact on our retained earnings. At January 1, 2019, we recognized Operating Right-of-Use (“ROU”) Assets and Operating Lease Liabilities of </span><span style="font-family:inherit;font-size:10pt;"><span>$20.9 million</span></span><span style="font-family:inherit;font-size:10pt;"> on our Unaudited Condensed Consolidated Balance Sheets. As a result of adopting the standard, we added certain internal controls to our control framework and ensured that these controls were designed and operating as part of </span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">the implementation process. See </span><a href="#sE85C31BE07705F73828C51A8B6A2580F" style="font-family:inherit;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Note 15</span></a><span style="font-family:inherit;font-size:10pt;"> to the Company’s financial statements for the additional expanded disclosures required by the new standard.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In August 2018, the SEC issued SEC Final Rule 33-10532, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Disclosure Update and Simplification</span><span style="font-family:inherit;font-size:10pt;">, which revised or eliminated certain of the SEC’s disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC and or GAAP disclosure requirements. As a result of the final rule’s amendments, the SEC now requires a registrant to reconcile its changes in stockholders' equity for both the current and comparative interim and year-to-date periods, with subtotals. This final rule was effective on November 5, 2018. Our Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2019 and 2018 reflect adoption of this final rule.</span></div><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Impact of New Accounting Standards</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU No. 2016-13, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</span><span style="font-family:inherit;font-size:10pt;"> (“ASU 2016-13”). ASU 2016-13 replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses. ASU 2016-13 is effective for our fiscal year beginning January 1, 2020. Subsequent to the issuance of ASU 2016-13, the FASB issued ASU No. 2018-19, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Codification Improvements to Topic 326, Financial Instruments-Credit Losses</span><span style="font-family:inherit;font-size:10pt;"> (“ASU 2018-19”) in November 2018, ASU No. 2019-04, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2019-04”)</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">, </span><span style="font-family:inherit;font-size:10pt;">in April 2019, and ASU No. 2019-05, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments-Credit Losses (Topic 326) Targeted Transition Relief </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2019-05”) in May 2019. These ASUs do not change the core principle of the guidance in ASU 2016-13. Instead these amendments are intended to clarify and improve operability of certain topics included within the credit losses standard. These ASUs will have the same effective date and transition requirements as ASU 2016-13. We are currently evaluating the impact that the adoption of ASU 2016-13 may have on our consolidated financial statements and disclosures.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU No. 2018-13, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2018-13”)</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">.</span><span style="font-family:inherit;font-size:10pt;"> ASU 2018-13 modifies the disclosure requirements for fair value measurements and removes the requirement to disclose (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels, and (3) the valuation processes for Level 3 fair value measurements. ASU 2018-13 requires disclosure of changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For all entities, ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We are currently evaluating the effect that this guidance will have on our consolidated financial statements and disclosures.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU No. 2018-15, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2018-15”)</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">.</span><span style="font-family:inherit;font-size:10pt;"> ASU 2018-15 requires entities that are customers in cloud computing arrangements to defer implementation costs if they would be capitalized by the entity in software licensing arrangements under the internal-use software guidance. The guidance may be applied retrospectively or prospectively to implementation costs incurred after the date of adoption. For publicly traded companies, ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We are currently evaluating the effect that this guidance will have on our consolidated financial statements and disclosures.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In March 2019, the FASB issued ASU No. 2019-01, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842): Codification Improvements </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2019-01”), which provides clarification on implementation issues associated with adopting ASU 2016-02. The implementation issues noted in ASU 2019-01 include determining the fair value of the underlying asset by lessors that are not manufacturers or dealers, presentation on the statement of cash flows for sales-type and direct financing leases, and transition disclosures related to Topic 250, Accounting Changes and Error Corrections. We applied the guidance on January 1, 2019, the date we adopted ASU 2016-02. The adoption of this ASU did not have a material impact on our financial position, results of operations, cash flows, or presentation thereof.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In July 2019, the FASB issued ASU No. 2019-07, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Codification Updates to SEC Sections - Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization and Miscellaneous Updates (SEC Update) </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2019-07”). ASU 2019-07 clarifies or improves the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations, thereby eliminating redundancies and making the codification easier to apply. This ASU was effective upon issuance and did not have a significant impact on the Company’s consolidated financial statements and disclosures. </span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Significant Accounting Policies</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">We believe that there have been no significant changes to our significant accounting policies during the </span><span style="font-family:inherit;font-size:10pt;">quarter ended September 30, 2019</span><span style="font-family:inherit;font-size:10pt;"> as compared to those disclosed in our </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;"> Form 10-K, other than the changes described above under “Reclassifications” and below.</span></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Leases</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company leases certain office space and model homes under operating leases with remaining terms of one to six years.  The Company sells model homes to investors with the express purpose of leasing the homes back as sales models for a specified period of time.  Under ASC 842, the Company records the sale of the model home and the profit on the sale at the time of the home delivery.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company determines if an arrangement is a lease at inception when the arrangement transfers the right to control the use of an identified asset to the Company. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make payments arising from the lease agreement. The Company has operating leases but does not have any financing leases.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Operating lease ROU assets and operating lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. The lease term may include an option to extend or terminate a lease when it is reasonably certain that the option will be exercised. The exercise of these lease renewal options is generally at our discretion.  The operating lease ROU assets include any lease payments made in advance and exclude any lease incentives. Lease payments include both lease and non-lease components as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. The expense recognition pattern for our leases remained substantially unchanged as a result of the adoption of ASC 842. Variable lease payments consist of non-lease services related to the lease. Variable lease payments are excluded from the ROU assets and lease liabilities and are expensed as incurred. Short-term leases include leases with terms of less than one year without renewal options that are reasonably certain to be exercised and are recognized on a straight-line basis over the lease term. Due to our election of the practical expedient, leases with an initial term of twelve months or less are not recorded on the balance sheet. As the rate implicit in our leases is not readily determinable, the Company uses its estimated incremental borrowing rate at the commencement date in determining the present value of the lease payments. We give consideration to our recent debt issuances as well as to the current rate available under our Credit Facility (defined below) when calculating our incremental borrowing rate. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. See </span><a href="#sE85C31BE07705F73828C51A8B6A2580F" style="font-family:inherit;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Note 15</span></a><span style="font-family:inherit;font-size:10pt;"> to our financial statements for further discussion.</span></div>
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
20900000 USD
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Impact of New Accounting Standards</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU No. 2016-13, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</span><span style="font-family:inherit;font-size:10pt;"> (“ASU 2016-13”). ASU 2016-13 replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses. ASU 2016-13 is effective for our fiscal year beginning January 1, 2020. Subsequent to the issuance of ASU 2016-13, the FASB issued ASU No. 2018-19, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Codification Improvements to Topic 326, Financial Instruments-Credit Losses</span><span style="font-family:inherit;font-size:10pt;"> (“ASU 2018-19”) in November 2018, ASU No. 2019-04, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2019-04”)</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">, </span><span style="font-family:inherit;font-size:10pt;">in April 2019, and ASU No. 2019-05, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments-Credit Losses (Topic 326) Targeted Transition Relief </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2019-05”) in May 2019. These ASUs do not change the core principle of the guidance in ASU 2016-13. Instead these amendments are intended to clarify and improve operability of certain topics included within the credit losses standard. These ASUs will have the same effective date and transition requirements as ASU 2016-13. We are currently evaluating the impact that the adoption of ASU 2016-13 may have on our consolidated financial statements and disclosures.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU No. 2018-13, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2018-13”)</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">.</span><span style="font-family:inherit;font-size:10pt;"> ASU 2018-13 modifies the disclosure requirements for fair value measurements and removes the requirement to disclose (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels, and (3) the valuation processes for Level 3 fair value measurements. ASU 2018-13 requires disclosure of changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For all entities, ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We are currently evaluating the effect that this guidance will have on our consolidated financial statements and disclosures.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU No. 2018-15, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2018-15”)</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">.</span><span style="font-family:inherit;font-size:10pt;"> ASU 2018-15 requires entities that are customers in cloud computing arrangements to defer implementation costs if they would be capitalized by the entity in software licensing arrangements under the internal-use software guidance. The guidance may be applied retrospectively or prospectively to implementation costs incurred after the date of adoption. For publicly traded companies, ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We are currently evaluating the effect that this guidance will have on our consolidated financial statements and disclosures.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In March 2019, the FASB issued ASU No. 2019-01, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842): Codification Improvements </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2019-01”), which provides clarification on implementation issues associated with adopting ASU 2016-02. The implementation issues noted in ASU 2019-01 include determining the fair value of the underlying asset by lessors that are not manufacturers or dealers, presentation on the statement of cash flows for sales-type and direct financing leases, and transition disclosures related to Topic 250, Accounting Changes and Error Corrections. We applied the guidance on January 1, 2019, the date we adopted ASU 2016-02. The adoption of this ASU did not have a material impact on our financial position, results of operations, cash flows, or presentation thereof.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In July 2019, the FASB issued ASU No. 2019-07, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Codification Updates to SEC Sections - Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization and Miscellaneous Updates (SEC Update) </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2019-07”). ASU 2019-07 clarifies or improves the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations, thereby eliminating redundancies and making the codification easier to apply. This ASU was effective upon issuance and did not have a significant impact on the Company’s consolidated financial statements and disclosures. </span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Significant Accounting Policies</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">We believe that there have been no significant changes to our significant accounting policies during the </span><span style="font-family:inherit;font-size:10pt;">quarter ended September 30, 2019</span><span style="font-family:inherit;font-size:10pt;"> as compared to those disclosed in our </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;"> Form 10-K, other than the changes described above under “Reclassifications” and below.</span></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Leases</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company leases certain office space and model homes under operating leases with remaining terms of one to six years.  The Company sells model homes to investors with the express purpose of leasing the homes back as sales models for a specified period of time.  Under ASC 842, the Company records the sale of the model home and the profit on the sale at the time of the home delivery.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company determines if an arrangement is a lease at inception when the arrangement transfers the right to control the use of an identified asset to the Company. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make payments arising from the lease agreement. The Company has operating leases but does not have any financing leases.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Operating lease ROU assets and operating lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. The lease term may include an option to extend or terminate a lease when it is reasonably certain that the option will be exercised. The exercise of these lease renewal options is generally at our discretion.  The operating lease ROU assets include any lease payments made in advance and exclude any lease incentives. Lease payments include both lease and non-lease components as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. The expense recognition pattern for our leases remained substantially unchanged as a result of the adoption of ASC 842. Variable lease payments consist of non-lease services related to the lease. Variable lease payments are excluded from the ROU assets and lease liabilities and are expensed as incurred. Short-term leases include leases with terms of less than one year without renewal options that are reasonably certain to be exercised and are recognized on a straight-line basis over the lease term. Due to our election of the practical expedient, leases with an initial term of twelve months or less are not recorded on the balance sheet. As the rate implicit in our leases is not readily determinable, the Company uses its estimated incremental borrowing rate at the commencement date in determining the present value of the lease payments. We give consideration to our recent debt issuances as well as to the current rate available under our Credit Facility (defined below) when calculating our incremental borrowing rate. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. See </span><a href="#sE85C31BE07705F73828C51A8B6A2580F" style="font-family:inherit;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Note 15</span></a><span style="font-family:inherit;font-size:10pt;"> to our financial statements for further discussion.</span></div>
CY2019Q3 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
824835000 USD
CY2018Q4 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
778943000 USD
CY2019Q3 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
8465000 USD
CY2018Q4 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
12633000 USD
CY2019Q3 us-gaap Inventory Homes Under Construction
InventoryHomesUnderConstruction
848302000 USD
CY2018Q4 us-gaap Inventory Homes Under Construction
InventoryHomesUnderConstruction
730390000 USD
CY2019Q3 mho Inventory Model Homes And Furnishings
InventoryModelHomesAndFurnishings
96060000 USD
CY2018Q4 mho Inventory Model Homes And Furnishings
InventoryModelHomesAndFurnishings
87132000 USD
CY2019Q3 mho Community Development District
CommunityDevelopmentDistrict
14328000 USD
CY2018Q4 mho Community Development District
CommunityDevelopmentDistrict
12392000 USD
CY2019Q3 mho Land Purchase Deposits
LandPurchaseDeposits
28391000 USD
CY2018Q4 mho Land Purchase Deposits
LandPurchaseDeposits
33662000 USD
CY2019Q3 us-gaap Land Under Purchase Options Recorded
LandUnderPurchaseOptionsRecorded
6687000 USD
CY2018Q4 us-gaap Land Under Purchase Options Recorded
LandUnderPurchaseOptionsRecorded
19308000 USD
CY2019Q3 us-gaap Inventory Real Estate
InventoryRealEstate
1827068000 USD
CY2018Q4 us-gaap Inventory Real Estate
InventoryRealEstate
1674460000 USD
CY2019Q3 mho Number Of Speculative Homes
NumberOfSpeculativeHomes
1513 homes
CY2019Q3 mho Speculative Homes Carrying Value
SpeculativeHomesCarryingValue
295600000 USD
CY2018Q4 mho Number Of Speculative Homes
NumberOfSpeculativeHomes
1443
CY2018Q4 mho Speculative Homes Carrying Value
SpeculativeHomesCarryingValue
311000000.0 USD
CY2019Q3 mho Community Development District
CommunityDevelopmentDistrict
14300000 USD
CY2018Q4 mho Community Development District
CommunityDevelopmentDistrict
12400000 USD
CY2019Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22162000 USD
CY2018Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
19252000 USD
CY2018Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
20765000 USD
CY2017Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
17169000 USD
CY2019Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
8291000 USD
CY2018Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
8047000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
22461000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
21197000 USD
CY2019Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
-7836000 USD
CY2018Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
-6278000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
-20609000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
-17345000 USD
CY2019Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22617000 USD
CY2018Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
21021000 USD
CY2019Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22617000 USD
CY2018Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
21021000 USD
CY2019Q3 us-gaap Interest Costs Incurred
InterestCostsIncurred
12928000 USD
CY2018Q3 us-gaap Interest Costs Incurred
InterestCostsIncurred
12473000 USD
us-gaap Interest Costs Incurred
InterestCostsIncurred
39087000 USD
us-gaap Interest Costs Incurred
InterestCostsIncurred
36389000 USD
mho Increase In Investment In Llcs And Other Joint Agreements
IncreaseInInvestmentInLlcsAndOtherJointAgreements
11700000 USD
CY2018Q4 us-gaap Equity Method Investments
EquityMethodInvestments
35900000 USD
CY2019Q3 us-gaap Equity Method Investments
EquityMethodInvestments
47600000 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
23500000 USD
mho Distribution Of Single Family Lots From Unconsolidated Llcs
DistributionOfSingleFamilyLotsFromUnconsolidatedLlcs
11500000 USD
CY2019Q3 us-gaap Equity Method Investments
EquityMethodInvestments
47600000 USD
CY2019Q3 mho Notional Amount Of Best Effort Contracts And Related Committed Interest Rate Lock Commitments
NotionalAmountOfBestEffortContractsAndRelatedCommittedInterestRateLockCommitments
1813000 USD
CY2018Q4 mho Notional Amount Of Best Effort Contracts And Related Committed Interest Rate Lock Commitments
NotionalAmountOfBestEffortContractsAndRelatedCommittedInterestRateLockCommitments
5823000 USD
CY2019Q3 mho Notional Amount Of Uncommitted Interest Rate Lock Commitments
NotionalAmountOfUncommittedInterestRateLockCommitments
134484000 USD
CY2018Q4 mho Notional Amount Of Uncommitted Interest Rate Lock Commitments
NotionalAmountOfUncommittedInterestRateLockCommitments
76117000 USD
CY2019Q3 mho Forward Sales Of Mortgage Backed Securities Related To Uncommitted Interest Rate Lock Commitments
ForwardSalesOfMortgageBackedSecuritiesRelatedToUncommittedInterestRateLockCommitments
133000000 USD
CY2018Q4 mho Forward Sales Of Mortgage Backed Securities Related To Uncommitted Interest Rate Lock Commitments
ForwardSalesOfMortgageBackedSecuritiesRelatedToUncommittedInterestRateLockCommitments
83000000 USD
CY2019Q3 mho Gain Loss On Assets And Liabilities Measured On Recurring Basis
GainLossOnAssetsAndLiabilitiesMeasuredOnRecurringBasis
-230000 USD
CY2019Q3 mho Best Effort Contracts And Related Mortgage Loans Held For Sale
BestEffortContractsAndRelatedMortgageLoansHeldForSale
8344000 USD
CY2018Q4 mho Best Effort Contracts And Related Mortgage Loans Held For Sale
BestEffortContractsAndRelatedMortgageLoansHeldForSale
14285000 USD
CY2019Q3 mho Forward Sales Of Mortgage Backed Securities Related To Mortgage Loans Held For Sale
ForwardSalesOfMortgageBackedSecuritiesRelatedToMortgageLoansHeldForSale
118000000 USD
CY2018Q4 mho Forward Sales Of Mortgage Backed Securities Related To Mortgage Loans Held For Sale
ForwardSalesOfMortgageBackedSecuritiesRelatedToMortgageLoansHeldForSale
150000000 USD
CY2019Q3 mho Mortgage Loans Held For Sale Covered By Forward Sales Of Mortgage Backed Securities
MortgageLoansHeldForSaleCoveredByForwardSalesOfMortgageBackedSecurities
118082000 USD
CY2018Q4 mho Mortgage Loans Held For Sale Covered By Forward Sales Of Mortgage Backed Securities
MortgageLoansHeldForSaleCoveredByForwardSalesOfMortgageBackedSecurities
149980000 USD
CY2018Q3 mho Gain Loss On Assets And Liabilities Measured On Recurring Basis
GainLossOnAssetsAndLiabilitiesMeasuredOnRecurringBasis
513000 USD
mho Gain Loss On Assets And Liabilities Measured On Recurring Basis
GainLossOnAssetsAndLiabilitiesMeasuredOnRecurringBasis
566000 USD
mho Gain Loss On Assets And Liabilities Measured On Recurring Basis
GainLossOnAssetsAndLiabilitiesMeasuredOnRecurringBasis
1569000 USD
CY2019Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 USD
CY2019Q3 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
0 USD
CY2019Q3 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
5600000 USD
CY2019Q3 us-gaap Impairment Charge On Reclassified Assets
ImpairmentChargeOnReclassifiedAssets
0 USD
CY2019Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
65600000 USD
CY2018Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
52700000 USD
CY2019Q3 mho Total Of Loans Covered By Guarantees
TotalOfLoansCoveredByGuarantees
46000000.0 USD
CY2018Q4 mho Total Of Loans Covered By Guarantees
TotalOfLoansCoveredByGuarantees
63600000 USD
CY2019Q3 mho Total Of Guaranteed Loans Inquired About
TotalOfGuaranteedLoansInquiredAbout
600000 USD
CY2019Q3 mho Total Loans Indemnified
TotalLoansIndemnified
1000000.0 USD
CY2019Q3 mho Loan Repurchase Guarantee Liability
LoanRepurchaseGuaranteeLiability
600000 USD
CY2019Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
25474000 USD
CY2018Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
23279000 USD
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
26459000 USD
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
26133000 USD
CY2019Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
3851000 USD
CY2018Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
3353000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
10332000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
9195000 USD
CY2019Q3 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
255000 USD
CY2018Q3 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
417000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
990000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
882000 USD
CY2019Q3 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
0 USD
CY2018Q3 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
0 USD
us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
0 USD
us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
0 USD
CY2019Q3 us-gaap Product Warranty Accrual Payments
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CY2018Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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CY2019Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
25536000 USD
CY2018Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
22541000 USD
CY2019Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
25536000 USD
CY2018Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
22541000 USD
CY2019Q3 mho Estimated Repair Costsfor Affected Homes
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5000000.0 USD
CY2019Q3 mho Letters Of Credit And Bonds
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248800000 USD
CY2019Q3 mho Outstanding Performance Bonds
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CY2019Q3 mho Performance Letters Of Credit Outstanding
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CY2019Q3 mho Financial Letters Of Credit
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10300000 USD
CY2019Q3 mho Outstanding Letters Of Credit In Lieu Of Cash Deposits Under Certain Land Option Contracts
OutstandingLettersOfCreditInLieuOfCashDepositsUnderCertainLandOptionContracts
9800000 USD
CY2019Q3 mho Financial Bonds
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7300000 USD
CY2019Q3 us-gaap Purchase Options Land
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CY2019Q3 us-gaap Loss Contingency Accrual At Carrying Value
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500000 USD
CY2018Q4 us-gaap Loss Contingency Accrual At Carrying Value
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400000 USD
CY2019Q3 us-gaap Debt Instrument Unused Borrowing Capacity Amount
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us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2019Q3 us-gaap Line Of Credit
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CY2019Q3 mho Letters Of Credit Outstanding Under Credit Facility
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65600000 USD
CY2019Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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244500000 USD
CY2019Q3 mho Maximum Borrowing Availability Under All Credit Lines
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210000000.0 USD
CY2018Q4 mho Maximum Borrowing Availability Under All Credit Lines
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225000000.0 USD
CY2019Q3 us-gaap Warehouse Agreement Borrowings
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108600000 USD
CY2018Q4 us-gaap Warehouse Agreement Borrowings
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153200000 USD
CY2019Q3 us-gaap Equity Restrictions
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246300000 USD
CY2018Q4 us-gaap Equity Restrictions
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215200000 USD
CY2019Q3 us-gaap Other Notes Payable
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5500000 USD
CY2018Q4 us-gaap Other Notes Payable
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5900000 USD
CY2019Q3 us-gaap Profit Loss
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37838000 USD
CY2018Q3 us-gaap Profit Loss
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29282000 USD
us-gaap Profit Loss
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85807000 USD
us-gaap Profit Loss
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75256000 USD
CY2019Q3 us-gaap Interest On Convertible Debt Net Of Tax
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0 USD
CY2018Q3 us-gaap Interest On Convertible Debt Net Of Tax
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0 USD
us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
0 USD
us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
408000 USD
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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37838000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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29282000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
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85807000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
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75664000 USD
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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27695000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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28389000 shares
CY2019Q3 mho Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
403000 shares
CY2018Q3 mho Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
220000 shares
mho Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
338000 shares
mho Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
346000 shares
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
214000 shares
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
217000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
205000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
202000 shares
CY2019Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
CY2018Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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0 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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28598000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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28906000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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28238000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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29511000 shares
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1.35
CY2018Q3 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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3.10
us-gaap Earnings Per Share Basic
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2.65
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1.32
CY2018Q3 us-gaap Earnings Per Share Diluted
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1.01
us-gaap Earnings Per Share Diluted
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3.04
us-gaap Earnings Per Share Diluted
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2.56
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
437000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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412000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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363000 shares
CY2013Q1 us-gaap Convertible Subordinated Debt
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20300000 USD
CY2018Q1 us-gaap Debt Conversion Converted Instrument Shares Issued1
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629000 shares
CY2013Q1 us-gaap Debt Instrument Convertible Conversion Price1
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32.31
CY2018Q1 us-gaap Repayments Of Convertible Debt
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CY2019Q3 us-gaap Income Tax Expense Benefit
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12200000 USD
CY2018Q3 us-gaap Income Tax Expense Benefit
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10200000 USD
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CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
28900000 USD
us-gaap Income Tax Expense Benefit
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0.252 Rate
us-gaap Effective Income Tax Rate Continuing Operations
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CY2019Q3 us-gaap Revenues
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CY2018Q3 us-gaap Revenues
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567842000 USD
us-gaap Revenues
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us-gaap Revenues
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2018Q3 us-gaap Interest Expense
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us-gaap Interest Expense
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us-gaap Interest Expense
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15192000 USD
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52000 USD
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us-gaap Income Loss From Equity Method Investments
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118000 USD
us-gaap Income Loss From Equity Method Investments
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268000 USD
CY2019Q3 us-gaap Business Combination Acquisition Related Costs
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CY2018Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
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us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
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us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1700000 USD
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50064000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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39480000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2019Q3 us-gaap Advances On Inventory Purchases
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CY2019Q3 mho Inventory Segments
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CY2019Q3 us-gaap Assets
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CY2018Q4 us-gaap Advances On Inventory Purchases
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CY2018Q4 us-gaap Assets
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CY2019Q3 us-gaap Assets Held For Sale Not Part Of Disposal Group
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CY2019Q3 us-gaap Operating Lease Right Of Use Asset
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CY2019Q3 us-gaap Revenues
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CY2019Q3 us-gaap Cost Of Goods And Services Sold
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CY2019Q3 us-gaap Interest Expense
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CY2019Q3 us-gaap Income Tax Expense Benefit
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CY2018Q3 us-gaap General And Administrative Expense
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CY2018Q3 us-gaap Selling Expense
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CY2018Q3 us-gaap Interest Expense
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CY2018Q3 us-gaap Costs And Expenses
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CY2018Q3 us-gaap Income Tax Expense Benefit
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us-gaap Revenues
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us-gaap Cost Of Goods And Services Sold
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us-gaap General And Administrative Expense
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us-gaap Interest Expense
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us-gaap Costs And Expenses
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us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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us-gaap Revenues
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us-gaap Cost Of Goods And Services Sold
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us-gaap Business Combination Acquisition Related Costs
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us-gaap Income Tax Expense Benefit
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CY2019Q3 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group
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CY2019Q3 us-gaap Assets
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CY2019Q3 us-gaap Operating Lease Liability
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CY2019Q3 mho Obligation For Consolidated Inventory Not Owned
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CY2019Q3 us-gaap Line Of Credit
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CY2019Q3 mho Seniornotesdue2021
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CY2019Q3 mho Seniornotesdue2025
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CY2018Q4 us-gaap Goodwill
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CY2018Q4 us-gaap Assets
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12392000 USD
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CY2018Q4 us-gaap Line Of Credit
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CY2018Q4 mho Seniornotesdue2025
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438000 USD
mho Intercompany Investing
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us-gaap Proceeds From Bank Debt
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us-gaap Repayments Of Bank Debt
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mho Intercompany Financing
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CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Net Cash Provided By Used In Operating Activities
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676000 USD
us-gaap Payments To Acquire Businesses Gross
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mho Intercompany Investing
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us-gaap Proceeds From Sale Of Mortgage Servicing Rights Msr
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mho Intercompany Financing
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us-gaap Payments For Repurchase Of Common Stock
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11085000 USD
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PaymentsOfDebtIssuanceCosts
115000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
426000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
80078000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-115343000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
151703000 USD
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
36360000 USD
CY2019Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000 USD
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
-200000 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
5200000 USD
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
-1300000 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
30900000 USD
CY2019Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
19100000 USD
CY2019Q3 us-gaap Revenues
Revenues
653345000 USD
CY2018Q3 us-gaap Revenues
Revenues
567842000 USD
us-gaap Revenues
Revenues
1758140000 USD
us-gaap Revenues
Revenues
1563797000 USD
CY2019Q3 us-gaap Gain Loss On Oil And Gas Hedging Activity
GainLossOnOilAndGasHedgingActivity
-4700000 USD
CY2018Q3 us-gaap Gain Loss On Oil And Gas Hedging Activity
GainLossOnOilAndGasHedgingActivity
-200000 USD
us-gaap Gain Loss On Oil And Gas Hedging Activity
GainLossOnOilAndGasHedgingActivity
-10700000 USD
us-gaap Gain Loss On Oil And Gas Hedging Activity
GainLossOnOilAndGasHedgingActivity
3000000.0 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
20900000 USD
mho Leasesnotyetcommenced
Leasesnotyetcommenced
25000000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
-1800000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
3900000 USD
mho Increasein Operatingleasesduetonewleases
IncreaseinOperatingleasesduetonewleases
2100000 USD
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
19100000 USD
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1534000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
4626000 USD
CY2019Q3 us-gaap Variable Lease Payment
VariableLeasePayment
427000 USD
us-gaap Variable Lease Payment
VariableLeasePayment
1305000 USD
CY2019Q3 us-gaap Short Term Lease Payments
ShortTermLeasePayments
429000 USD
us-gaap Short Term Lease Payments
ShortTermLeasePayments
1306000 USD
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
-2390000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
-7237000 USD
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y2M12D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.050 Rate
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1520000 USD
CY2019Q3 mho Lessee Operating Lease Liability Payments Due Year One
LesseeOperatingLeaseLiabilityPaymentsDueYearOne
5457000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4778000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4171000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3170000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1733000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
387000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
21216000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
-2157000 USD
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
19059000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
22500000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
5500000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4400000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4100000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3800000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2800000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1900000 USD

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