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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2019	Feb. 14, 2020	Jun. 30, 2019
Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	1-12378
Entity Registrant Name	NVR, Inc.
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1394360
Entity Address, Address Line One	11700 Plaza America Drive, Suite 500
Entity Address, City or Town	Reston,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20190
City Area Code	703
Local Phone Number	956-4000
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	NVR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 11,522,681,000
Entity Common Stock, Shares Outstanding		3,677,676
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0000906163
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Inventory:
Land under development	$ 69,196	$ 38,857
Contract land deposits, net	413,851	396,177
Total assets	3,809,815	3,165,933
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating lease liabilities	85,377
Total liabilities	1,468,571	1,357,371
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both December 31, 2019 and December 31, 2018	206	206
Additional paid-in capital	2,055,407	1,820,223
Deferred compensation trust – 107,295 and 107,340 shares of NVR, Inc. common stock as of December 31, 2019 and December 31, 2018, respectively	(16,912)	(16,937)
Deferred compensation liability	16,912	16,937
Retained earnings	7,909,872	7,031,333
Less treasury stock at cost – 16,922,558 and 16,977,499 shares as of December 31, 2019 and December 31, 2018, respectively	(7,624,241)	(7,043,200)
Total shareholders' equity	2,341,244	1,808,562
Total liabilities and shareholders' equity	3,809,815	3,165,933
Homebuilding:
ASSETS
Cash and cash equivalents	1,110,892	688,783
Restricted cash	17,943	16,982
Receivables	18,278	18,641
Inventory:
Lots and housing units, covered under sales agreements with customers	1,075,420	1,076,904
Unsold lots and housing units	184,352	115,631
Land under development	69,196	38,857
Building materials and other	18,320	21,718
Total Inventory	1,347,288	1,253,110
Contract land deposits, net	413,851	396,177
Property, plant and equipment, net	52,260	42,234
Operating lease right-of-use assets	63,825	0
Reorganization value in excess of amounts allocable to identifiable assets, net	41,580	41,580
Deferred tax assets, net	115,731	112,333
Other assets	60,413	71,671
Total assets	3,242,061	2,641,511
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	262,987	244,496
Accrued expenses and other liabilities	346,035	332,871
Customer deposits	131,886	138,246
Operating lease liabilities	71,095	0
Senior notes	598,301	597,681
Total liabilities	1,410,304	1,313,294
Mortgage Banking:
ASSETS
Cash and cash equivalents	29,412	23,092
Restricted cash	2,276	3,071
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group	492,125	458,324
Inventory:
Property, plant and equipment, net	5,828	6,510
Operating lease right-of-use assets	13,345	0
Reorganization value in excess of amounts allocable to identifiable assets, net	7,347	7,347
Other assets	17,421	26,078
Total assets	567,754	524,422
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating lease liabilities	14,282	0
Accounts payable and other liabilities	43,985	44,077
Total liabilities	$ 58,267	$ 44,077

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	20,555,330	20,555,330
Deferred compensation trust, shares	107,295	107,340
Treasury stock, shares	16,922,558	16,977,499

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues	$ 7,388,664	$ 7,163,674	$ 6,305,840
Interest expense	(25,380)	(25,081)	(24,185)
Income before taxes	1,025,795	959,732	846,911
Income tax expense	(147,256)	(162,535)	(309,390)
Net income	$ 878,539	$ 797,197	$ 537,521
Basic earnings per share	$ 241.31	$ 219.58	$ 144.00
Diluted earnings per share	$ 221.13	$ 194.80	$ 126.77
Basic weighted average shares outstanding	3,641	3,631	3,733
Diluted weighted average shares outstanding	3,973	4,092	4,240
Homebuilding:
Revenues	$ 7,220,844	$ 7,004,304	$ 6,175,521
Other income	24,779	11,839	6,536
Cost of sales	(5,849,862)	(5,692,127)	(4,990,378)
Selling, general and administrative	(447,547)	(428,874)	(392,272)
Operating income	948,214	895,142	799,407
Interest expense	(24,335)	(24,036)	(23,037)
Income before taxes	923,879	871,106	776,370
Mortgage Banking:
Revenues	167,820	159,370	130,319
Interest income	12,142	11,593	7,850
Other income	2,857	2,546	2,048
General and administrative	(79,858)	(83,838)	(68,528)
Interest expense	(1,045)	(1,045)	(1,148)
Income before taxes	$ 101,916	$ 88,626	$ 70,541

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Deferred Compensation Trust	Deferred Compensation Liability
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax	$ 609		$ 1,566	$ (957)
Beginning Balance at Dec. 31, 2016	1,304,441	$ 206	1,515,828	5,695,376	$ (5,906,969)	$ (17,375)	$ 17,375
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	537,521			537,521
Deferred compensation activity, net						(8)	8
Purchase of common stock for treasury	(422,166)				(422,166)
Equity-based compensation	44,562		44,562
Proceeds from stock options exercised	140,525		140,525
Treasury stock issued upon option exercise and restricted share vesting			(58,284)		58,284
Ending Balance at Dec. 31, 2017	1,605,492	206	1,644,197	6,231,940	(6,270,851)	(17,383)	17,383
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax	2,196		0	2,196
Net income	797,197			797,197
Deferred compensation activity, net						446	(446)
Purchase of common stock for treasury	(846,134)				(846,134)
Equity-based compensation	75,701		75,701
Proceeds from stock options exercised	174,110		174,110
Treasury stock issued upon option exercise and restricted share vesting			(73,785)		73,785
Ending Balance at Dec. 31, 2018	1,808,562	206	1,820,223	7,031,333	(7,043,200)	(16,937)	16,937
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	878,539			878,539
Deferred compensation activity, net						25	(25)
Purchase of common stock for treasury	(698,417)				(698,417)
Equity-based compensation	78,532		78,532
Proceeds from stock options exercised	274,028		274,028
Treasury stock issued upon option exercise and restricted share vesting			(117,376)		117,376
Ending Balance at Dec. 31, 2019	$ 2,341,244	$ 206	$ 2,055,407	$ 7,909,872	$ (7,624,241)	$ (16,912)	$ 16,912

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Cash flows from operating activities:
Net income	$ 878,539	$ 797,197	$ 537,521
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20,818	20,168	22,667
Equity-based compensation expense	78,532	75,701	44,562
Contract land deposit (recoveries) impairments, net	(680)	11,760	1,238
Gain on sale of loans, net	(128,642)	(122,755)	(99,132)
Deferred tax (benefit) expense	(4,070)	914	61,290
Mortgage loans closed	(5,169,422)	(4,828,615)	(4,077,372)
Mortgage loans sold and principal payments on mortgage loans held for sale	5,260,600	4,845,999	4,182,220
Distribution of earnings from unconsolidated joint ventures	3,476	4,596	4,788
Net change in assets and liabilities:
Increase in inventory	(94,178)	(6,911)	(154,099)
(Increase) decrease in contract land deposits	(16,994)	(30,863)	8,177
Decrease (increase) in receivables	2,754	(1,008)	(348)
Increase (decrease) in accounts payable and accrued expenses	33,926	(30,713)	10,789
(Decrease) increase in customer deposits	(6,360)	(11,787)	27,797
Other, net	8,236	(557)	256
Net cash provided by operating activities	866,535	723,126	570,354
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(702)	(284)	(3,800)
Distribution of capital from unconsolidated joint ventures	8,247	10,515	8,029
Purchase of property, plant and equipment	(22,699)	(19,665)	(20,269)
Proceeds from the sale of property, plant and equipment	1,870	1,257	847
Net cash used in investing activities	(13,284)	(8,177)	(15,193)
Cash flows from financing activities:
Purchase of treasury stock	(698,417)	(846,134)	(422,166)
Distributions to partner in consolidated variable interest entity	0	(234)	0
Proceeds from the exercise of stock options	274,028	174,110	140,525
Net cash used in financing activities	(424,695)	(672,258)	(281,641)
Net increase in cash, restricted cash, and cash equivalents	428,556	42,691	273,520
Supplemental disclosures of cash flow information:
Interest paid during the year, net of interest capitalized	24,453	24,178	23,251
Income taxes paid during the year, net of refunds	153,915	181,166	260,232
Finance Lease, Principal Payments	(306)	0	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 1,160,804	$ 732,248	$ 689,557

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of NVR, Inc. and its subsidiaries (“NVR”, the “Company”, "we", "us", or "our") and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 3 and 4 herein for additional information). All significant intercompany transactions have been eliminated in consolidation.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management continually evaluates the estimates used to prepare the consolidated financial statements and updates those estimates as necessary. In general, our estimates are based on historical experience, on information from third party professionals, and other various assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ materially from those estimates made by management.

Cash and Cash Equivalents

Cash and cash equivalents include short-term investments with original maturities of three months or less.

Restricted Cash

Homebuilding restricted cash was attributable to customer deposits for certain home sales. Mortgage banking restricted cash includes amounts collected from customers for loans in process and closed mortgage loans held for sale.

At December 31, 2019 and 2018, $281 and $320, respectively, of cash related to a consolidated variable interest entity is included in homebuilding “Other assets” on the accompanying consolidated balance sheet.

Homebuilding Inventory

The carrying value of inventory is stated at the lower of cost or market value. Cost of lots and completed and uncompleted housing units represent the accumulated actual cost of the units. Field construction supervisors’ salaries and related direct overhead expenses are included in inventory costs. Interest costs are not capitalized into inventory, with the exception of land under development and joint venture investments, as applicable (see below). Upon settlement, the cost of the unit is expensed on a specific identification basis. Cost of building materials is determined on a first-in, first-out basis.

Sold inventory is evaluated for impairment based on the contractual sales price compared to the total estimated cost to construct. Unsold inventory is evaluated for impairment by analyzing recent comparable sales prices within the applicable community compared to the costs incurred to date plus the expected costs to complete. Any calculated impairments are recorded immediately.

Contract Land Deposits

We purchase finished lots under fixed price lot purchase agreements (“Lot Purchase Agreements”) that require deposits that may be forfeited if we fail to perform under the contract. The deposits are in the form of cash or letters of credit in varying amounts and represent a percentage of the aggregate purchase price of the finished lots.

We maintain an allowance for losses on contract land deposits that reflects our judgment of the present loss exposure in the existing contract land deposit portfolio at the end of the reporting period. To analyze contract land deposit impairments, we conduct a loss contingency analysis each quarter. In addition to considering market and economic conditions, we assess contract land deposit impairments on a community-by-community basis pursuant to the purchase contract terms, analyzing, as applicable, current sales absorption levels, recent sales’ direct profit, the dollar differential between the contractual purchase price and the current market price for lots, a developer’s performance, a developer’s financial ability or willingness to reduce lot prices to current market prices, if necessary, and the contract’s default status by either us or the developer along with an analysis of the expected outcome of any such default.

Our analysis is focused on whether we can sell houses at an acceptable margin and sales pace in a particular community in the current market with which we are faced. Because we do not own the finished lots on which we have placed a contract land deposit, if the above analysis leads to a determination that we cannot sell homes at an acceptable margin and sales pace at the current contractual lot price, we then determine whether we will elect to default under the contract, forfeit the deposit and terminate the contract, or whether we will attempt to restructure the Lot Purchase Agreement, which may require us to forfeit the deposit to obtain contract concessions from a developer. We also assess whether impairment is present due to collectibility issues resulting from a developer’s non-performance because of financial or other conditions.

For the year ended December 31, 2019 we recognized a net pre-tax recovery of $680 of contract land deposits previously determined to be unrecoverable. For the years ended December 31, 2018 and 2017, we incurred net pre-tax charges of $5,115 and $1,238, respectively, related to impairment of contract land deposits. The contract land deposit assets on the accompanying consolidated balance sheets are shown net of the allowance for losses of $27,572 and $29,216 at December 31, 2019 and 2018, respectively.

Land Under Development

On a limited basis, we directly acquire raw parcels of land already zoned for its intended use to develop into finished lots. Land under development includes the land acquisition costs, direct improvement costs, capitalized interest, where applicable, and real estate taxes.

Land under development, including the land under development held by our unconsolidated joint ventures and the related joint venture investments, is reviewed for potential write-downs when impairment indicators are present. In addition to considering market and economic conditions, we assess land under development impairments on a community-by-community basis, analyzing, as applicable, current sales absorption levels, recent sales’ direct profit, and the dollar differential between the projected fully-developed cost of the lots and the current market price for lots. If indicators of impairment are present for a community, we perform an analysis to determine if the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts, and if so, impairment charges are required to be recorded in an amount by which the carrying amount of the assets exceeds the fair value of such assets. Our determination of fair value is primarily based on discounting the estimated future cash flows at a rate commensurate with the inherent risks associated with the assets and related estimated cash flow streams. See Notes 4 and 5 for further discussion of joint venture investments and land under development, respectively.

Property, Plant, and Equipment

Property, plant, and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is based on the estimated useful lives of the assets using the straight-line method. Model home furniture and fixtures are generally depreciated over a 2-year period, office facilities and other equipment are depreciated over a period of 3 to 10 years and production facilities are depreciated over periods of 5 to 40 years.

Intangible Assets

On December 31, 2012, we acquired substantially all of the assets of Heartland Homes, Inc., which resulted in us recording finite-lived intangible assets and goodwill. We completed our annual assessment for impairment of goodwill and management determined that there was no impairment. As of December 31, 2019 and 2018, finite-lived intangible assets, net of accumulated amortization, totaled $466 and $621, respectively. The remaining finite-lived intangible assets will be amortized on a straight-line basis over 3 years. As of both December 31, 2019 and 2018, the goodwill value was $441. Finite-lived intangible assets and goodwill are included in homebuilding "Other assets" in the accompanying consolidated balance sheets.

Warranty/Product Liability Reserves

We establish warranty and product liability reserves ("Warranty Reserve") to provide for estimated future expenses as a result of construction and product defects, product recalls and litigation incidental to our homebuilding business. Liability estimates are determined based on management’s judgment considering such factors as historical experience, the likely current cost of corrective action, manufacturers’ and subcontractors’ participation in sharing the cost of corrective action, consultations with third party experts such as engineers, and discussions with our general counsel and outside counsel retained to handle specific product liability cases.

Mortgage Repurchase Reserve, Mortgage Loans Held for Sale and Derivatives and Hedging Activities

We originate several different loan products to our customers to finance the purchase of a home through our wholly-owned mortgage subsidiary, NVR Mortgage Finance, Inc. (“NVRM”). NVRM sells all of the loans it originates into the secondary market on a servicing released basis, typically within 30 days from closing. All of the loans that NVRM originates are underwritten to the standards and specifications of the ultimate investor. Those underwriting standards are typically equal to or more stringent than the underwriting standards required by Fannie Mae (“FNMA”), Ginnie Mae (“GNMA”), Freddie Mac ("FHLMC"), the Department of Veterans Affairs (“VA”) and the Federal Housing Administration (“FHA”). Insofar as NVRM underwrites its originated loans to those standards, NVRM bears no increased concentration of credit risk from the issuance of loans, except in certain limited instances where repurchases or early payment default occur. NVRM employs a quality control department to ensure that its underwriting controls are effectively operating, and further assesses the underwriting function as part of its assessment of internal controls over financial reporting. NVRM maintains a reserve for losses on mortgage loans originated that reflects our judgment of the present loss exposure in the loans that NVRM has originated and sold. The reserve is calculated based on an analysis of historical experience and exposure (see Note 16 herein for further information).

Mortgage loans held for sale are recorded at fair value when closed, and thereafter are carried at the lower of cost or fair value, net of deferred origination costs, until sold.

In the normal course of business, NVRM enters into contractual commitments to extend credit to buyers of single-family homes with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within time frames established by NVRM. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the “lock-in” of rates by the borrower and the sale date of the loan to a broker/dealer. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sale contracts to sell whole loans and mortgage-backed securities to broker/dealers. The forward sale contracts lock-in an interest rate and price for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative or trading derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to broker/dealers are undesignated derivatives, and, accordingly, are marked to fair value through earnings. At December 31, 2019, there were contractual commitments to extend credit to borrowers aggregating $581,065, and open forward delivery sale contracts aggregating $986,041, which hedge both the rate lock loan commitments and closed loans held for sale (see Note 15 herein for a description of the Company’s fair value accounting).

Earnings per Share

The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the years ended December 31, 2019, 2018 and 2017:



	Year Ended December 31,
	2019	2018	2017
Weighted average number of shares outstanding used to calculate basic EPS	3,641	3,631	3,733
Dilutive securities:
Stock options and restricted share units	332	461	507
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS	3,973	4,092	4,240

The assumed proceeds used in the treasury method for calculating our diluted earnings per share includes the amount the employee must pay upon exercise and the amount of compensation cost attributed to future services not yet recognized.

The following stock options issued under equity incentive plans were outstanding during the years ended December 31, 2019, 2018 and 2017, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive.



	Year Ended December 31,
	2019	2018	2017
Anti-dilutive securities	319	370	15

Revenues – Homebuilding Operations

We build single-family detached homes, townhomes and condominium buildings, which generally are constructed on a pre-sold basis. Revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers. Our contract liabilities, consisting of deposits received from customers (“Handmoney”) on homes not settled, were $131,886 and $138,246 as of December 31, 2019 and 2018, respectively. Substantially all Handmoney is recognized in revenue within twelve months of being received from customers. Our contract assets, consisting of prepaid sales compensation, totaled approximately $14,600 and $17,000, as of December 31, 2019 and 2018, respectively. These amounts are included in homebuilding “Other assets” on the accompanying consolidated balance sheets.

Mortgage Banking Fees

Mortgage banking fees include income earned by NVRM for originating mortgage loans, servicing mortgage loans held on an interim basis, title fees, gains and losses on the sale of mortgage loans and mortgage servicing and other activities incidental to mortgage banking. Mortgage banking fees are generally recognized after the loan has been sold to an unaffiliated, third party investor.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on the deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. See Note 11 herein for discussion of the impact on the Company's deferred tax asset resulting from the enactment of the Tax Cuts and Jobs Act in December 2017.

ASC 740-10, Income Taxes, provides that a tax benefit from an uncertain tax position may be recognized when it is more-likely-than-not (defined as a likelihood of more than 50%) that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that its filing position is supportable, the benefit of that tax position is not recognized in the statements of income. We recognize interest related to unrecognized tax benefits as a component of income tax expense. Based on our historical experience in dealing with various taxing authorities, we have found that it is the administrative practice of the taxing authorities to not seek penalties from us for the tax positions we have taken on our returns related to our unrecognized tax benefits. Therefore, we do not accrue penalties for the positions in which we have an unrecognized tax benefit. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, by expiration of the applicable statute of limitation, or by determination in accordance with certain states’ administrative practices that the uncertain tax position has been effectively settled (see Note 11 herein for further information).

Financial Instruments

Except as otherwise noted herein, we believe that the carrying value approximates the fair value of our financial instruments (see Note 15 herein for further information).

Equity-Based Compensation

We recognize equity-based compensation expense within its income statement for all share-based payment arrangements, which includes non-qualified stock options to purchase shares of NVR common stock ("Options") and restricted share units ("RSUs"). Compensation expense is based on the grant-date fair value of the Options and RSUs granted, and is recognized on a straight-line basis over the requisite service period for the entire award (from the date of grant through the period of the last separately vesting portion of the grant). Options and RSUs which are subject to a performance condition are treated as a separate award from the “service-only” Options and RSUs, and compensation expense is recognized when it becomes probable that the stated performance target will be achieved. We calculate the fair value of our Options, which are non-publicly traded, using the Black-Scholes option-pricing model. The grant date fair value of the RSUs is the closing price of our common stock on the day immediately preceding the date of grant. The reversal of compensation expense previously recognized for grants forfeited is recorded in the period in which the forfeiture occurs. Our equity-based compensation plans are accounted for as equity-classified awards (see Note 12 herein for further discussion of equity-based compensation plans).

Comprehensive Income

For the years ended December 31, 2019, 2018 and 2017, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying consolidated financial statements.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Leases

On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842), which requires the recognition of our leases on the balance sheet as right-of-use ("ROU") assets and lease liabilities. We elected to adopt Topic 842 using the effective date transition method, which permits us to apply the new standard prospectively and present comparative years under legacy GAAP.

In adoption of the standard, we also elected the following:


•	to apply the package of practical expedients during transition, under which we were not required to reassess as of the date of adoption (i) whether any of our contracts are or contain leases, (ii) the classifications of our leases, and (iii) any initial direct costs related to those leases.


•	to exclude leases with an initial lease term of 12 months or less from the recognition requirements under Topic 842.


•	to utilize the portfolio approach for certain office equipment leases, grouping leases by asset type which have similar lease terms and payment schedules.

Upon adoption, on January 1, 2019 we recorded a lease liability of $85,516 and a ROU asset of $79,345, which was recorded net of previously recognized straight-line operating lease adjustments on existing leases. The adoption of Topic 842 did not have an impact on our recognition of lease expense. See additional lease disclosures in Note 13.

Recently Issued Accounting Pronouncements

In June 2016, FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), which significantly changes the way impairment of financial assets is recognized. The standard will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. The standard’s provisions will be applied as a cumulative-effect adjustment to beginning retained earnings as of the effective date. The standard is effective for us as of January 1, 2020. We do not believe that the adoption of this standard will have a material effect on our consolidated financial statements and related disclosures.

In January 2017, FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment. The standard’s objective is to simplify the subsequent measurement of goodwill by eliminating the second step from the goodwill impairment test. Under the amendments in the standard, an entity would perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, an impairment charge would then be recognized, not to exceed the amount of goodwill allocated to that reporting unit. The standard is effective for us on January 1, 2020. We do not believe that the adoption of this standard will have a material effect on our consolidated financial statements and related disclosures.

Segment Information, Nature of Operations, and Certain Concentrations

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Information, Nature of Operations, and Certain Concentrations

Our homebuilding operations primarily construct and sell single-family detached homes, townhomes and condominium buildings under three trade names: Ryan Homes, NVHomes and Heartland Homes. The Ryan Homes product is marketed primarily to first-time and first-time move-up buyers. Ryan Homes operates in thirty-two metropolitan areas located in Maryland, Virginia, Washington, D.C., West Virginia, Pennsylvania, New York, North Carolina, South Carolina, Florida, Ohio, New Jersey, Delaware, Indiana, Illinois and Tennessee. The NVHomes and Heartland Homes products are marketed primarily to move-up and luxury buyers. NVHomes operates in Delaware and the Washington, D.C., Baltimore, MD and Philadelphia, PA metropolitan areas. Heartland Homes operates in the Pittsburgh, PA metropolitan area. We derived approximately 27% and 11% of our 2019 homebuilding revenues from the Washington, D.C. and Baltimore, MD metropolitan areas, respectively.

Our mortgage banking segment is a regional mortgage banking operation. Substantially all of the mortgage banking segment’s loan closing activity is for our homebuilding customers. Our mortgage banking business generates revenues primarily from origination fees, gains on sales of loans, and title fees. A substantial portion of our mortgage operations is conducted in the Washington, D.C. and Baltimore, MD metropolitan areas.

The following disclosure includes four homebuilding reportable segments that aggregate geographically our homebuilding operating segments, and the mortgage banking operations presented as a single reportable segment. The homebuilding reportable segments are comprised of operating divisions in the following geographic areas:



Mid Atlantic:		Maryland, Virginia, West Virginia, Delaware and Washington, D.C.
North East:		New Jersey and Eastern Pennsylvania
Mid East:		New York, Ohio, Western Pennsylvania, Indiana and Illinois
South East:		North Carolina, South Carolina, Florida and Tennessee

Homebuilding profit before tax includes all revenues and income generated from the sale of homes, less the cost of homes sold, selling, general and administrative expenses, and a corporate capital allocation charge. The corporate capital allocation charge is eliminated in consolidation and is based on the segment’s average net assets employed. The corporate capital allocation charged to the operating segment allows the Chief Operating Decision Maker (“CODM”) to determine whether the operating segment’s results are providing the desired rate of return after covering our cost of capital. In addition, certain assets including goodwill and intangible assets, and consolidation adjustments as discussed further below, are not allocated to the operating segments as those assets are neither included in the operating segment’s corporate capital allocation charge, nor in the CODM’s evaluation of the operating segment’s performance. We record charges on contract land deposits when it is determined that it is probable that recovery of the deposit is impaired. For segment reporting purposes, impairments on contract land deposits are charged to the operating segment upon the termination of a Lot Purchase Agreement with the developer, or the restructuring of a Lot Purchase Agreement resulting in the

forfeiture of the deposit. Mortgage banking profit before tax consists of revenues generated from mortgage financing, title insurance and closing services, less the costs of such services and general and administrative costs. Mortgage banking operations are not charged a corporate capital allocation charge.

In addition to the corporate capital allocation and contract land deposit impairments discussed above, the other reconciling items between segment profit and consolidated profit before tax include unallocated corporate overhead (including all management incentive compensation), equity-based compensation expense, consolidation adjustments and external corporate interest expense. Our overhead functions, such as accounting, treasury and human resources are centrally performed and the costs are not allocated to our operating segments. Consolidation adjustments consist of such items necessary to convert the reportable segments’ results, which are predominantly maintained on a cash basis, to a full accrual basis for external financial statement presentation purposes, and are not allocated to our operating segments. External corporate interest expense primarily consists of interest charges on our 3.95% Senior Notes due 2022 (the “Senior Notes”) and is not charged to the operating segments because the charges are included in the corporate capital allocation discussed above.

Following are tables presenting segment revenues, profit before taxes, assets, interest income, interest expense, depreciation and amortization and expenditures for property and equipment, with reconciliations to the amounts reported for the consolidated enterprise, where applicable:



	Year Ended December 31,
	2019		2018		2017
Revenues:
Homebuilding Mid Atlantic	$	3,901,573	$	3,893,358	$	3,543,687
Homebuilding North East	514,804		580,726		517,141
Homebuilding Mid East	1,501,139		1,455,834		1,250,165
Homebuilding South East	1,303,328		1,074,386		864,528
Mortgage Banking	167,820		159,370		130,319
Consolidated revenues	$	7,388,664	$	7,163,674	$	6,305,840



	Year Ended December 31,
	2019			2018			2017
Profit before taxes:
Homebuilding Mid Atlantic	$	478,537		$	462,178		$	398,494
Homebuilding North East	51,728			69,789			60,218
Homebuilding Mid East	173,374			175,134			149,639
Homebuilding South East	155,144			118,296			95,826
Mortgage Banking	105,292			93,462			73,959
Total segment profit	964,075			918,859			778,136
Reconciling items:
Equity-based compensation expense (1)	(78,532		)	(75,701		)	(44,562		)
Corporate capital allocation (2)	224,468			213,903			198,384
Unallocated corporate overhead	(105,125		)	(89,973		)	(89,514		)
Consolidation adjustments and other	45,130			16,612			27,450
Corporate interest expense	(24,221		)	(23,968		)	(22,983		)
Reconciling items sub-total	61,720			40,873			68,775
Consolidated profit before taxes	$	1,025,795		$	959,732		$	846,911


(1)	The increase in equity-based compensation expense for the year ended December 31, 2018 was primarily attributable to the issuance of Options and RSUs in the second quarter of 2018. See Note 12 for additional discussion of equity-based compensation.


(2)	This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the years presented:



	Year Ended December 31,
	2019		2018		2017
Corporate capital allocation charge:
Homebuilding Mid Atlantic	$	123,130	$	123,855	$	123,028
Homebuilding North East	19,755		17,893		16,115
Homebuilding Mid East	37,263		35,803		29,663
Homebuilding South East	44,320		36,352		29,578
Total corporate capital allocation charge	$	224,468	$	213,903	$	198,384



	As of December 31,
	2019			2018
Assets:
Homebuilding Mid Atlantic	$	1,024,996		$	1,018,953
Homebuilding North East	166,860			144,412
Homebuilding Mid East	293,773			290,815
Homebuilding South East	400,979			332,468
Mortgage Banking	560,407			517,075
Total segment assets	2,447,015			2,303,723
Reconciling items:
Cash and cash equivalents	1,110,892			688,783
Deferred taxes	115,731			112,333
Intangible assets and goodwill	49,834			49,989
Operating lease right-of-use assets	63,825			—
Contract land deposit reserve	(27,572		)	(29,216		)
Consolidation adjustments and other	50,090			40,321
Reconciling items sub-total	1,362,800			862,210
Consolidated assets	$	3,809,815		$	3,165,933



	Year Ended December 31,
	2019		2018		2017
Interest income:
Mortgage Banking	$	12,142	$	11,593	$	7,850
Total segment interest income	12,142		11,593		7,850
Other unallocated interest income	20,635		8,588		4,554
Consolidated interest income	$	32,777	$	20,181	$	12,404



	Year Ended December 31,
	2019			2018			2017
Interest expense:
Homebuilding Mid Atlantic	$	123,178		$	123,908		$	123,075
Homebuilding North East	19,804			17,897			16,117
Homebuilding Mid East	37,266			35,804			29,663
Homebuilding South East	44,334			36,362			29,583
Mortgage Banking	1,045			1,045			1,148
Total segment interest expense	225,627			215,016			199,586
Corporate capital allocation (2)	(224,468		)	(213,903		)	(198,384		)
Senior Notes and other interest	24,221			23,968			22,983
Consolidated interest expense	$	25,380		$	25,081		$	24,185



	Year Ended December 31,
	2019		2018		2017
Depreciation and amortization:
Homebuilding Mid Atlantic	$	7,069	$	7,753	$	8,095
Homebuilding North East	1,411		1,600		2,034
Homebuilding Mid East	4,348		3,481		3,590
Homebuilding South East	3,086		2,523		2,531
Mortgage Banking	1,581		1,489		1,297
Total segment depreciation and amortization	17,495		16,846		17,547
Unallocated corporate	3,323		3,322		5,120
Consolidated depreciation and amortization	$	20,818	$	20,168	$	22,667



	Year Ended December 31,
	2019		2018		2017
Expenditures for property and equipment:
Homebuilding Mid Atlantic	$	9,218	$	6,657	$	9,257
Homebuilding North East	2,000		1,074		1,299
Homebuilding Mid East	5,221		4,302		3,117
Homebuilding South East	3,944		2,732		3,313
Mortgage Banking	899		1,677		2,723
Total segment expenditures for property and equipment	21,282		16,442		19,709
Unallocated corporate	1,417		3,223		560
Consolidated expenditures for property and equipment	$	22,699	$	19,665	$	20,269

Variable Interest Entities

12 Months Ended

Dec. 31, 2019

Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]

Variable Interest Entities

Lot Purchase Agreements

We believe this lot acquisition strategy reduces the financial requirements and risks associated with direct land ownership and land development. We may, at our option, choose for any reason and at any time not to perform under these Lot Purchase Agreements by delivering notice of our intent not to acquire the finished lots under contract. Our sole legal obligation and economic loss for failure to perform under these Lot Purchase Agreements is limited to the amount of the deposit pursuant to the liquidated damage provisions contained within the Lot Purchase Agreements. None of the creditors of any of the development entities with which we enter Lot Purchase Agreements have recourse to our general credit. We generally do not have any specific performance obligations to purchase a

certain number or any of the lots, nor do we guarantee completion of the development by the developer or guarantee any of the developers’ financial or other liabilities.

We are not involved in the design or creation of the development entities from which we purchase lots under Lot Purchase Agreements. The developer’s equity holders have the power to direct 100% of the operating activities of the development entity. We have no voting rights in any of the development entities. The sole purpose of the development entity’s activities is to generate positive cash flow returns for the equity holders. Further, we do not share in any of the profit or loss generated by the project’s development. The profits and losses are passed directly to the developer’s equity holders.

The deposit placed by us pursuant to the Lot Purchase Agreement is deemed to be a variable interest in the respective development entities. Those development entities are deemed to be variable interest entities (“VIE”). Therefore, the development entities with which we enter into Lot Purchase Agreements, including the joint venture limited liability corporations, discussed below, are evaluated for possible consolidation by us. An enterprise must consolidate a VIE when that enterprise has a controlling financial interest in the VIE. An enterprise is deemed to have a controlling financial interest if it has i) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance, and ii) the obligation to absorb losses of the VIE that could be significant to the VIE or the rights to receive benefits from the VIE that could be significant to the VIE.

We believe the activities that most significantly impact a development entity’s economic performance are the operating activities of the entity. Unless and until a development entity completes finished building lots through the development process to be able to sell, the process of which the development entity’s equity investors bear the full risk, the entity does not earn any revenues. The operating development activities are managed solely by the development entity’s equity investors.

The development entities with which we contract to buy finished lots typically select the respective projects, obtain the necessary zoning approvals, obtain the financing required with no support or guarantees from us, select who will purchase the finished lots and at what price, and manage the completion of the infrastructure improvements, all for the purpose of generating a cash flow return to the development entity’s equity holders and all independent of us. We possess no more than limited protective legal rights through the Lot Purchase Agreement in the specific finished lots that we are purchasing, and we possess no participative rights in the development entities. Accordingly, we do not have the power to direct the activities of a developer that most significantly impact the developer’s economic performance. For this reason, we concluded that we are not the primary beneficiary of the development entities with which we enter into Lot Purchase Agreements, and therefore we do not consolidate any of these VIEs.

As of December 31, 2019, we controlled approximately 101,300 lots under Lot Purchase Agreements with third parties through deposits in cash and letters of credit totaling approximately $439,500 and $5,500, respectively. As noted above, our sole legal obligation and economic loss for failure to perform under these Lot Purchase Agreements is limited to the amount of the deposit pursuant to the liquidated damage provisions contained in the Lot Purchase Agreements and, in very limited circumstances, specific performance obligations.

In addition, we have certain properties under contract with land owners that are expected to yield approximately 7,000 lots, which are not included in the number of total lots controlled. Some of these properties may require rezoning or other approvals to achieve the expected yield. These properties are controlled with deposits in cash and letters of credit totaling approximately $1,900 and $100, respectively, as of December 31, 2019, of which approximately $900 is refundable if we do not perform under the contract. We generally expect to assign the raw land contracts to a land developer and simultaneously enter into a Lot Purchase Agreement with the assignee if the project is determined to be feasible.

Our total risk of loss related to contract land deposits as of December 31, 2019 and 2018 was as follows:



	December 31,
	2019			2018
Contract land deposits	$	441,423		$	425,393
Loss reserve on contract land deposits	(27,572		)	(29,216		)
Contract land deposits, net	413,851			396,177
Contingent obligations in the form of letters of credit	5,606			3,923
Contingent specific performance obligations (1)	—			1,505
Total risk of loss	$	419,457		$	401,605

(1)

As of December 31, 2019, we had no specific performance obligations related to purchase of finished lots. As of December 31, 2018, we were committed to purchase 10 finished lots under specific performance obligations.

Joint Ventures	12 Months Ended
Joint Ventures	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Joint Ventures	Joint Ventures On a limited basis, we obtain finished lots using joint venture limited liability corporations (“JVs”). The JVs are typically structured such that we are a non-controlling member and at risk only for the amount we have invested, or committed to invest, in addition to any deposits placed under Lot Purchase Agreements with the joint venture. We are not a borrower, guarantor or obligor on any debt of the JVs, as applicable. We enter into a standard Lot Purchase Agreement to purchase lots from these JVs, and as a result have a variable interest in these JVs. At December 31, 2019, we had an aggregate investment totaling approximately $26,700 in five JVs that are expected to produce approximately 6,300 finished lots, of which approximately 2,950 lots were controlled by us and the remaining approximately 3,350 lots were either under contract with unrelated parties or not currently under contract. In addition, we had additional funding commitments in the aggregate totaling $4,300 to two of the JVs at December 31, 2019. We determined that we are not the primary beneficiary of four of the JVs because we and the other JV partner either share power or the other JV partner has the controlling financial interest. The aggregate investment in unconsolidated JVs was approximately $26,700 and $29,400 at December 31, 2019 and 2018, respectively, and is reported in the “Other assets” line item on the accompanying consolidated balance sheets. For the remaining JV, we concluded that we are the primary beneficiary because we have the controlling financial interest in the JV. As of December 31, 2018, all activities under the consolidated JV had been completed. As of December 31, 2019, we had no remaining investment in the JV and the JV had remaining balances of $281 in cash and $251 in accrued expenses, which are included in homebuilding "Other assets" and "Accrued expenses and other liabilities," respectively, in the accompanying consolidated balance sheets. At December 31, 2018, we had an aggregate investment totaling approximately $29,400 in six JVs that were expected to produce approximately 6,800 finished lots, of which approximately 3,450 lots were controlled by us and the remaining approximately 3,350 lots were either under contract with unrelated parties or not currently under contract. In addition, at December 31, 2018, we had additional funding commitments in the aggregate totaling $5,000 to three of the JVs. During 2018, we recognized an impairment of approximately $7,400, including approximately $760 of capitalized interest, related to one of the JVs. The charge was recorded to homebuilding "Cost of sales" on the accompanying consolidated statements of income. With our adoption of ASU 2016-15 effective January 1, 2018, we made the election to classify distributions received from unconsolidated JVs using the cumulative earnings approach. As a result, distributions received up to the amount of cumulative earnings recognized by us are reported as distributions of earnings and those in excess of that amount are reported as a distribution of capital. These distributions are classified within the accompanying consolidated statements of cash flows as cash flows from operating activities and investing activities, respectively.

Land Under Development	12 Months Ended
Land Under Development	Dec. 31, 2019
Real Estate [Abstract]
Land Under Development	Land Under Development As of December 31, 2019, we directly owned five separate raw parcels of land with a carrying value of $69,196 that we intend to develop into approximately 650 finished lots primarily for use in our homebuilding operations. We also have additional funding commitments of approximately $6,100 under a joint development agreement related to one parcel, a portion of which we expect will be offset by development credits of approximately $2,800. None of the raw parcels had any indicators of impairment as of December 31, 2019. As of December 31, 2018, we directly owned three separate raw parcels of land with a carrying value of $38,857, which were expected to produce approximately 500 finished lots.

Capitalized Interest

12 Months Ended

Dec. 31, 2019

Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Abstract]

Capitalized Interest

We capitalize interest costs to land under development during the active development of finished lots. In addition, we capitalize interest costs to our joint venture investments while the investments are considered qualified assets pursuant to ASC 835-20, Interest. Capitalized interest is transferred to sold or unsold inventory as the development of finished lots is completed, then charged to cost of sales upon our settlement of homes and the respective lots. Interest incurred in excess of the interest capitalizable based on the level of qualified assets is expensed in the period incurred.

Our interest costs incurred, capitalized, expensed and charged to cost of sales during the years ended December 31, 2019, 2018 and 2017 was as follows:



	December 31,
	2019			2018			2017
Interest capitalized, beginning of year	$	4,154		$	5,583		$	5,106
Interest incurred	26,463			26,277			26,384
Interest charged to interest expense	(25,380		)	(25,081		)	(24,185		)
Interest charged to cost of sales	(1,738		)	(2,625		)	(1,722		)
Interest capitalized, end of year	$	3,499		$	4,154		$	5,583

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions During the year ended December 31, 2019, we entered into Lot Purchase Agreements to purchase finished building lots for a total purchase price of approximately $100,600 with Elm Street Development, Inc. (“Elm Street”), which is controlled by one of our directors, William Moran. The independent members of our Board of Directors approved these transactions. During 2019, 2018 and 2017, we purchased developed lots at market prices from Elm Street for approximately $44,600, $36,100 and $37,100, respectively. We also continue to control a parcel of raw land expected to yield approximately 2,200 finished lots through a JV entered into with Elm Street during 2009. We did not make any investments in the JV in 2019 or 2018. During 2017, we and Elm Street each made an additional investment of $2,900 in the JV.

Property, Plant and Equipment ("PP&E")

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment ("PP&E")

Property, Plant and Equipment (“PP&E”)



	December 31,
	2019			2018
Homebuilding:
Office facilities and other	$	39,218		$	37,789
Model home furniture and fixtures	31,352			31,593
Production facilities	71,295			64,667
Finance lease right-of-use assets	7,051			—
Gross Homebuilding PP&E	148,916			134,049
Less: accumulated depreciation	(96,656		)	(91,815		)
Net Homebuilding PP&E	$	52,260		$	42,234

Mortgage Banking:
Office facilities and other	$	14,617		$	13,724
Less: accumulated depreciation	(8,789		)	(7,214		)
Net Mortgage Banking PP&E	$	5,828		$	6,510

Debt	12 Months Ended
Debt	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt Senior Notes On September 10, 2012, we completed an offering for $600,000 of Senior Notes under a shelf registration statement filed on September 5, 2012 with the Securities and Exchange Commission. The Senior Notes were issued at a discount to yield 3.97% and have been reflected net of the unamortized discount in the accompanying consolidated balance sheet. The offering of the Senior Notes resulted in aggregate net proceeds of approximately $593,900, after deducting underwriting discounts and other offering expenses. The Senior Notes mature on September 15, 2022 and bear interest at 3.95%, payable semi-annually in arrears on March 15 and September 15. The Senior Notes have been reflected net of unamortized debt issuance costs of $1,377 and $1,886 as of December 31, 2019 and 2018, respectively. The Senior Notes are senior unsecured obligations and rank equally in right of payment with any of our existing and future unsecured senior indebtedness, will rank senior in right of payment to any of our future indebtedness that is by its terms expressly subordinated to the Senior Notes and will be effectively subordinated to any of our existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. The indenture governing the Senior Notes has, among other items, and subject to certain exceptions, covenants that restrict our ability to create, incur, assume or guarantee secured debt, enter into sale and leaseback transactions and conditions related to mergers and/or the sale of assets. We were in compliance with all covenants under the Senior Notes at December 31, 2019. Credit Agreement On July 15, 2016, we entered into an unsecured Credit Agreement (the “Credit Agreement”) with Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, Merrill Lynch, Pierce, Fenner & Smith Incorporated as Sole Lead Arranger and Sole Book Runner, and the other lenders party thereto, which provides for aggregate revolving loan commitments of $200,000 (the “Facility”). Proceeds of the borrowings under the Facility will be used for working capital and general corporate purposes. Under the Credit Agreement, we may request increases of up to $300,000 to the Facility in the form of revolving loan commitments or term loans to the extent that new or existing lenders agree to provide additional revolving loan or term loan commitments. The Credit Agreement provides for a $100,000 sublimit for the issuance of letters of credit of which approximately $9,700 was outstanding at December 31, 2019, and a $25,000 sublimit for a swing line commitment. Borrowings under the Credit Agreement generally bear interest for Base Rate Loans at a Base Rate equal to the highest of (i) a Federal Funds Rate plus one-half of one percent, (ii) Bank of America’s publicly announced “prime rate,” and (iii) the Eurodollar Rate plus one percent, plus the Applicable Rate which is based on the Company’s debt rating, or for Eurodollar Rate Loans, at the Eurodollar Rate equal to LIBOR plus the Applicable Rate. The Credit Agreement contains various representations and affirmative and negative covenants that are generally customary for credit facilities of this type. Such covenants include, among others, the following financial maintenance covenants: (i) minimum consolidated tangible net worth, (ii) minimum interest coverage ratio or minimum liquidity and (iii) a maximum leverage ratio. The negative covenants include, among others, certain limitations on liens, investments and fundamental changes. The Credit Agreement termination date is July 15, 2021. We were in compliance with all covenants under the Credit Agreement at December 31, 2019. There was no debt outstanding under the Facility at December 31, 2019. Repurchase Agreement On July 24, 2019, NVRM entered into the Eleventh Amendment (the “Amendment”) to its Amended and Restated Master Repurchase Agreement dated August 2, 2011 with U.S. Bank National Association (as amended by the Amendment and ten earlier amendments, the “Repurchase Agreement”). The purpose of the Repurchase Agreement is to finance the origination of mortgage loans by NVRM. The Repurchase Agreement provides for loan purchases up to $150,000, subject to certain sub limits. Advances under the Repurchase Agreement carry a Pricing Rate based on the LIBOR Rate plus the LIBOR Margin, as determined under the Repurchase Agreement, provided that the Pricing Rate shall not be less than 1.85%. The Pricing Rate at December 31, 2019 was 3.663%. There are several restrictions on purchased loans, including that they cannot be sold to others, they cannot be pledged to anyone other than the agent, and they cannot support any other borrowing or repurchase agreement. Amounts outstanding under the Repurchase Agreement are collateralized by our mortgage loans held for sale. At December 31, 2019, there were no borrowing base limitations reducing the amount available under the Repurchase Agreement. As of both December 31, 2019 and 2018, there was no debt outstanding under the Repurchase Agreement. The Repurchase Agreement expires on July 22, 2020. The Repurchase Agreement contains various affirmative and negative covenants. The negative covenants include, among others, certain limitations on transactions involving acquisitions, mergers, the incurrence of debt, sale of assets and creation of liens upon any of its Mortgage Notes. Additional covenants include (i) a tangible net worth requirement, (ii) a minimum liquidity requirement, (iii) a minimum net income requirement, and (iv) a maximum leverage ratio requirement. NVRM was in compliance with all covenants under the Repurchase Agreement at December 31, 2019.

Common Stock

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Common Stock

There were approximately 3,633 and 3,578 common shares outstanding at December 31, 2019 and 2018, respectively. We made the following share repurchases during the years indicated:



	Year Ended December 31,
	2019		2018		2017
Aggregate purchase price	$	698,417	$	846,134	$	422,166
Number of shares repurchased	221		301		167

We issue shares from the treasury account for all equity plan activity. We issued 276, 188 and 165 such shares during 2019, 2018 and 2017, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

The provision for income taxes consists of the following:



	Year Ended December 31,
	2019			2018			2017
Current:
Federal	$	115,610		$	126,358		$	211,641
State	34,586			37,038			37,006
Deferred:
Federal	(2,195		)	138			60,785
State	(745		)	(999		)	(42		)
Income tax expense	$	147,256		$	162,535		$	309,390

Deferred income taxes on our consolidated balance sheets were comprised of the following:



	December 31,
	2019		2018
Deferred tax assets:
Other accrued expenses and contract land deposit reserve	$	52,726	$	51,316
Deferred compensation	4,635		4,693
Equity-based compensation expense	42,043		40,744
Inventory	10,530		9,242
Unrecognized tax benefit	12,355		13,587
Other	8,289		5,113
Total deferred tax assets	130,578		124,695
Less: Deferred tax liabilities	7,902		6,091
Net deferred tax asset	$	122,676	$	118,604

Deferred tax assets arise principally as a result of various accruals required for financial reporting purposes and equity-based compensation expense, which are not currently deductible for tax return purposes.

Management believes that we will have sufficient future taxable income to make it more likely than not that the net deferred tax assets will be realized. Federal taxable income is estimated to be approximately $638,723 for the year ended December 31, 2019, and was $640,195 for the year ended December 31, 2018.

A reconciliation of income taxes computed at the federal statutory rate (21% in 2019 and 2018, 35% in 2017) to income tax expense is as follows:



	Year Ended December 31,
	2019			2018			2017
Income taxes computed at the federal statutory rate	$	215,417		$	201,544		$	296,419
State income taxes, net of federal income tax benefit (1)	45,770			42,944			30,046
Excess tax benefits from equity-based compensation	(101,466		)	(77,478		)	(58,681		)
Remeasurement of net deferred tax assets due to enactment of Tax Cut and Jobs Act	—			(497		)	62,702
Other, net (2)	(12,465		)	(3,978		)	(21,096		)
Income tax expense	$	147,256		$	162,535		$	309,390


(1)	Excludes state excess tax benefits from equity-based compensation included in the line below.

(2)

Primarily attributable to tax benefits from certain energy tax credits for the years ended December 31, 2019 and 2018. In 2019, the energy credit recorded related to homes we settled in both 2018 and 2019 due to the retroactive reinstatement of certain expired energy tax credits under the The Further Consolidated Appropriations Act. In 2018, the energy tax credits resulted from credit adjustments related to 2017 home settlement activity. For the year ended December 31, 2017, the tax benefit resulted primarily from the domestic production activities deduction, which was eliminated effective January 1, 2018, following the enactment of the Tax Cuts and Jobs Act in December 2017.

Our effective tax rate in 2019, 2018 and 2017 was 14.36%, 16.94% and 36.53%, respectively.

We file a consolidated U.S. federal income tax return, as well as state and local tax returns in all jurisdictions where we maintain operations. With few exceptions, we are no longer subject to income tax examinations by tax authorities for years prior to 2016.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:



	Year Ended December 31,
	2019			2018
Balance at beginning of year	$	43,418		$	45,337
Additions based on tax positions related to the current year	2,941			4,340
Reductions for tax positions of prior years	(7,003		)	(6,259		)
Settlements	—			—
Balance at end of year	$	39,356		$	43,418

If recognized, the total amount of unrecognized tax benefits that would affect the effective tax rate (net of the federal tax benefit) is $31,090 as of December 31, 2019.

We recognize interest related to unrecognized tax benefits as a component of income tax expense. For the years ended December 31, 2019, 2018, and 2017, we recognized a net reversal of accrued interest on unrecognized tax benefits in the amount of $1,467, $1,384 and $1,065, respectively. As of December 31, 2019 and 2018, we had a total of $15,724 and $17,191, respectively, of accrued interest on unrecognized tax benefits which are included in “Accrued expenses and other liabilities” on the accompanying consolidated balance sheets.

We believe that within the next 12 months, it is reasonably possible that the unrecognized tax benefits as of December 31, 2019 will be reduced by approximately $6,951 due to statute expiration and effectively settled positions in various state jurisdictions.

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans

12 Months Ended

Dec. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans

Equity-Based Compensation Plans

Our equity-based compensation plans provide for the granting of Options and RSUs to key management employees, including executive officers and members of our Board of Directors ("Directors"). The exercise price of Options granted is equal to the closing price of our common stock on the New York Stock Exchange (the “NYSE”) on the day prior to the date of grant. Options are granted for a 10-year term and typically vest in separate tranches over periods of 3 to 6 years. RSUs generally vest in separate tranches over periods of 2 to 6 years. Grants are generally divided such that vesting for 50% of the grant is contingent solely on continued employment or service as a Director, while vesting for the remaining 50% of the grant is contingent upon both continued employment or service as a Director and the achievement of a performance metric based on our return on capital performance relative to a peer group during a 3-year period specified on the date of grant.

The following table provides a summary of each of our equity-based compensation plans with grants outstanding at December 31, 2019:



Equity-Based Compensation Plans	Shares Authorized	Options/RSUs Outstanding	Shares Available to Issue
2000 Broadly-Based Stock Option Plan	2,000	11	—
2010 Equity Incentive Plan (1)	700	109	6
2014 Equity Incentive Plan (2)	950	514	137
2018 Equity Incentive Plan (3)	275	131	144

(1)

During 2010, our shareholders approved the 2010 Equity Incentive Plan (the “2010 Plan”). The 2010 Plan authorizes us to issue Options and RSUs to key management employees, including executive officers and Directors. Of the 700 aggregate shares authorized to issue, up to 218 were available to grant in the form of RSUs. There were 94 Options and 15 RSUs outstanding as of December 31, 2019. None of the remaining shares available to be issued under the 2010 Plan may be granted as RSUs.


(2)	During 2014, our shareholders approved the 2014 Equity Incentive Plan (the “2014 Plan”). The 2014 Plan authorizes us to issue Options to key management employees, including executive officers and Directors.

(3)

During 2018, our shareholders approved the 2018 Equity Incentive Plan (the "2018 Plan"). The 2018 Plan authorizes us to issue Options and RSUs to key management employees, including executive officers and Directors. Of the 275 aggregate shares authorized to issue, all may be granted in the form of Options and up to 40 may be granted in the form of RSUs. None of the grants outstanding as of December 31, 2019 have been granted in the form of RSUs.

During 2019, we issued 26 Options and 1 RSUs under the following equity-based compensation plans:



	2010 Plan	2014 Plan
Options Granted
Options (4)	13	—
Performance-based Options (5)	12	1
Total Options Granted	25	1

RSUs Granted
RSUs (6)	1	—
Performance-based RSUs	—	—
Total RSUs Granted	1	—

(4) Options granted vest over four years in 25% increments on beginning on either December 31, 2021 or December 31, 2022, based on the date of grant. Vesting for the Options is contingent solely upon continued employment or continued service as a Director.


(5)	Options granted vest over four years in 25% increments beginning on either December 31, 2021 or December 31, 2022, based on the date of grant. Vesting for the performance-based Options is contingent upon both continued employment or

continued service as a Director and our return on capital performance during the three year periods beginning 2019 or 2020, based on the grant's vesting period.

(6) Service-only RSUs granted vest over two years in 50% increments on January 28, 2020 and 2021. Vesting for the RSUs is contingent solely upon continued employment.

The following table provides additional information relative to our equity-based compensation plans for the year ended December 31, 2019:



	Shares		Weighted Avg. Per Share Exercise Price		Weighted Avg. Remaining Contract Life (years)	Aggregate Intrinsic Value
Stock Options
Outstanding at December 31, 2018	1,049		$	1,766.87
Granted	26		2,778.19
Exercised	(271	)	1,010.52
Forfeited	(55	)	2,377.25
Outstanding at December 31, 2019	749		$	2,030.42	6.3	$	1,331,593
Exercisable at December 31, 2019	353		$	1,122.70	4.3	$	946,842

RSUs
Outstanding at December 31, 2018	21
Granted	1
Vested	(5	)
Forfeited	(2	)
Outstanding at December 31, 2019	15					$	58,528
Vested, but not issued at December 31, 2019	—					$	—

To estimate the grant-date fair value of our Options, we use the Black-Scholes option-pricing model (the “Pricing Model”). The Pricing Model estimates the per share fair value of an option on its date of grant based on the following factors: the option’s exercise price; the price of the underlying stock on the date of grant; the estimated dividend yield; a risk-free interest rate; the estimated option term; and the expected volatility. For the risk-free interest rate, we use U.S. Treasury STRIPS which mature at approximately the same time as the option’s expected holding term. For expected volatility, we have concluded that our historical volatility over the option’s expected holding term provides the most reasonable basis for this estimate.

The fair value of the Options granted during 2019, 2018 and 2017 was estimated on the grant date using the Pricing Model, based on the following assumptions:



	2019			2018			2017
Estimated option life (years)	5.55			5.06			5.26
Risk free interest rate (range)	1.51%-2.73%			2.19%-3.13%			1.53%-2.38%
Expected volatility (range)	19.17%-22.01%			16.57%-20.05%			15.09%-17.95%
Expected dividend rate	—		%	—		%	—		%
Weighted average grant-date fair value per share of options granted	$	661.01		$	687.81		$	494.17

The grant date fair value per share of $2,517.06 for the RSUs was the closing price of our common stock on the day immediately preceding the date of grant.

Compensation cost for Options and RSUs is recognized on a straight-line basis over the requisite service period for the entire award (from the date of grant through the period of the last separately vesting portion of the grant). For the recognition of equity-based compensation, the Options and RSUs which are subject to a performance condition are treated as a separate award from the “service-only” Options and RSUs, and compensation expense is recognized when it becomes probable that the stated performance target will be achieved. We currently believe that it is probable that the stated performance condition will be satisfied at the target level and are recognizing compensation expense related to such Options and RSUs accordingly. Compensation cost is recognized within the income statement in the same expense line as the cash compensation paid to the respective employees.

We recognize forfeitures of equity-based awards as a reduction to compensation costs in the period in which they occur. In 2019, 2018 and 2017, we recognized $78,532, $75,701, and $44,562 in equity-based compensation costs, respectively, and approximately $16,800, $17,200, and $17,100 in tax benefit related to equity-based compensation costs, respectively.

As of December 31, 2019, the total unrecognized compensation cost for all outstanding Options and RSUs equaled approximately $209,000. The unrecognized compensation cost will be recognized over each grant’s applicable vesting period with the latest vesting date being December 31, 2025. The weighted-average period over which the unrecognized compensation will be recorded is equal to approximately 2.4 years.

We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. Shares are relieved from the treasury account based on the weighted average cost of treasury shares acquired. During the years ended December 31, 2019, 2018 and 2017, we issued 276, 188 and 165 shares, respectively, from the treasury account for Option exercises and vesting of RSUs. Information with respect to the vested RSUs and exercised Options is as follows:



	Year Ended December 31,
	2019		2018		2017
Aggregate exercise proceeds	$	274,028	$	174,110	$	140,525
Aggregate intrinsic value on exercise dates	$	593,162	$	355,318	$	206,890

Profit Sharing Plans

We have a trustee-administered, profit sharing retirement plan (the “Profit Sharing Plan”) and an Employee Stock Ownership Plan (“ESOP”) covering substantially all employees. The Profit Sharing Plan and the ESOP provide for annual discretionary contributions in amounts as determined by our Directors. The combined plan contribution for the years ended December 31, 2019, 2018 and 2017 was approximately $20,300, $19,500 and $16,700, respectively. The ESOP purchased approximately 5 and 7 shares of our common stock in the open market for the 2019 and 2018 plan year contributions, respectively, using cash contributions provided by the Company. As of December 31, 2019, all shares held by the ESOP had been allocated to participants’ accounts. The 2019 plan year contribution was funded and fully allocated to participants in February 2020.

Deferred Compensation Plans

We have two deferred compensation plans (“Deferred Comp Plans”). The specific purpose of the Deferred Comp Plans is to i) establish a vehicle whereby named executive officers may defer the receipt of salary and bonus that otherwise would be nondeductible for Company tax purposes into a period where we would realize a tax deduction for the amounts paid, and ii) to enable certain employees who are subject to our stock holding requirements to acquire shares of our common stock on a pre-tax basis in order to more quickly meet, and maintain compliance with those stock holding requirements. Amounts deferred into the Deferred Comp Plans are invested in our common stock, held in a rabbi trust account, and are paid out in a fixed number of shares upon expiration of the deferral period.

The rabbi trust account held 107 shares of NVR common stock as of both December 31, 2019 and 2018. Shares held by the Deferred Comp Plans are treated as outstanding shares in our earnings per share calculation for each of the years ended December 31, 2019, 2018 and 2017.

Leases Leases - Footnote (Notes)

12 Months Ended

Dec. 31, 2019

Leases - Footnote [Abstract]

Lessee, Operating Leases [Text Block]

Leases

We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have finance leases for production equipment which are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying consolidated balance sheets. Our leases have remaining lease terms of up to 20 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the lease.

On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842), which requires lessees to recognize most leases on the balance sheet as ROU assets with corresponding lease liabilities. See Note 1 for additional discussion regarding the adoption of Topic 842. The ROU assets and lease liabilities are recognized based on the present value of lease payments over the lease term, discounted using our incremental borrowing rate at the commencement date of the lease. We estimate our incremental borrowing rate based on available published borrowing rates commensurate with our debt rating and the lease term, adjusted to infer collateralization. We recognize operating lease expense on a straight-line basis over the lease term.

We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis.

We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). We elected to exclude these leases from the recognition requirements under Topic 842, and these leases have not been included in our recognized ROU assets and lease liabilities.

The components of lease expense were as follows:



	Year Ended December 31, 2019
Lease expense
Operating lease expense	$	30,991
Finance lease expense:
Amortization of ROU assets	382
Interest on lease liabilities	76
Short-term lease expense	26,843
Total lease expense	$	58,292

For the years ended December 31, 2018 and 2017, total rent expense incurred under operating leases was approximately $52,900 and $49,400, respectively.

Other information related to leases was as follows:



	Year Ended December 31, 2019
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	25,272
Operating cash flows from finance leases	76
Financing cash flows from finance leases	306

ROU assets obtained in exchange for lease obligations:
Operating leases	$	17,078
Finance leases	$	7,434

Weighted-average remaining lease term (in years):
Operating leases	5.1
Finance leases	6.7

Weighted-average discount rate:
Operating leases	3.6		%
Finance leases	2.8		%

We are committed under multiple non-cancelable operating leases involving office space, model homes, production facilities, automobiles and equipment. Future minimum lease payments under these operating leases as of December 31, 2019 are as follows:



Year Ending December 31,	Operating Leases			Finance Leases
2020	$	30,670		$	996
2021	20,865			997
2022	16,640			996
2023	13,082			997
2024	8,016			997
Thereafter	9,911			2,936
Total minimum lease payments	99,184			7,919
Less:
Imputed interest	(7,857		)	(791		)
Short-term lease payments	(5,950		)	—
Total lease liability	$	85,377		$	7,128

Leases of Lessee Disclosure [Text Block]

Leases

The components of lease expense were as follows:



	Year Ended December 31, 2019
Lease expense
Operating lease expense	$	30,991
Finance lease expense:
Amortization of ROU assets	382
Interest on lease liabilities	76
Short-term lease expense	26,843
Total lease expense	$	58,292

For the years ended December 31, 2018 and 2017, total rent expense incurred under operating leases was approximately $52,900 and $49,400, respectively.

Other information related to leases was as follows:



	Year Ended December 31, 2019
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	25,272
Operating cash flows from finance leases	76
Financing cash flows from finance leases	306

ROU assets obtained in exchange for lease obligations:
Operating leases	$	17,078
Finance leases	$	7,434

Weighted-average remaining lease term (in years):
Operating leases	5.1
Finance leases	6.7

Weighted-average discount rate:
Operating leases	3.6		%
Finance leases	2.8		%



Year Ending December 31,	Operating Leases			Finance Leases
2020	$	30,670		$	996
2021	20,865			997
2022	16,640			996
2023	13,082			997
2024	8,016			997
Thereafter	9,911			2,936
Total minimum lease payments	99,184			7,919
Less:
Imputed interest	(7,857		)	(791		)
Short-term lease payments	(5,950		)	—
Total lease liability	$	85,377		$	7,128

As reported under prior GAAP, future minimum lease payments under operating leases as of December 31, 2018 were as follows:



Year Ending December 31,
2019	$	31,564
2020	22,210
2021	17,331
2022	13,667
2023	10,324
Thereafter	12,607
	107,703
Sublease income	(25		)
	$	107,678

Lessee, Finance Leases [Text Block]

Leases

The components of lease expense were as follows:



	Year Ended December 31, 2019
Lease expense
Operating lease expense	$	30,991
Finance lease expense:
Amortization of ROU assets	382
Interest on lease liabilities	76
Short-term lease expense	26,843
Total lease expense	$	58,292

For the years ended December 31, 2018 and 2017, total rent expense incurred under operating leases was approximately $52,900 and $49,400, respectively.

Other information related to leases was as follows:



	Year Ended December 31, 2019
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	25,272
Operating cash flows from finance leases	76
Financing cash flows from finance leases	306

ROU assets obtained in exchange for lease obligations:
Operating leases	$	17,078
Finance leases	$	7,434

Weighted-average remaining lease term (in years):
Operating leases	5.1
Finance leases	6.7

Weighted-average discount rate:
Operating leases	3.6		%
Finance leases	2.8		%



Year Ending December 31,	Operating Leases			Finance Leases
2020	$	30,670		$	996
2021	20,865			997
2022	16,640			996
2023	13,082			997
2024	8,016			997
Thereafter	9,911			2,936
Total minimum lease payments	99,184			7,919
Less:
Imputed interest	(7,857		)	(791		)
Short-term lease payments	(5,950		)	—
Total lease liability	$	85,377		$	7,128

Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

Litigation

We are involved in various litigation arising in the ordinary course of business. In the opinion of management, and based on advice of legal counsel, this litigation is not expected to have a material adverse effect on our financial position, results of operations or cash flows. Legal costs incurred in connection with outstanding litigation are expensed as incurred.

Contract Land Deposits

We generally do not engage in the land development business. Instead, we typically acquire finished building lots at market prices from various development entities under Lot Purchase Agreements. The Lot Purchase Agreements require deposits that may be forfeited if we fail to perform under the agreement. The deposits required under the Lot Purchase Agreements are in the form of cash or letters of credit in varying amounts, and typically range up to 10% of the aggregate purchase price of the finished lots. At December 31, 2019, assuming that contractual development milestones are met and we exercise our option,we expect to place additional forfeitable deposits with land developers under existing Lot Purchase Agreements of approximately $211,500. Additionally, as of December 31, 2019, we had funding commitments totaling approximately $6,100 under a joint development agreement related to our land under development, a portion of which we expect will be offset by development credits of approximately $2,800.

Bonds and Letters of Credit

During the ordinary course of operating the homebuilding and mortgage banking businesses, we are required to enter into bond or letter of credit arrangements with local municipalities, government agencies, or land developers to collateralize our obligations under various contracts. We had approximately $40,600 of contingent obligations under such agreements, including approximately $9,700 for letters of credit issued under the Credit Agreement as of December 31, 2019. We believe we will fulfill our obligations under the related contracts and does not anticipate any material losses under these bonds or letters of credit.

Warranty Reserve

The following table reflects the changes in our Warranty Reserve (see Note 1 herein for further discussion of warranty/product liability reserves):



	Year Ended December 31,
	2019			2018			2017
Warranty reserve, beginning of year	$	103,700		$	94,513		$	93,895
Provision	69,065			62,553			44,652
Payments	(64,712		)	(53,366		)	(44,034		)
Warranty reserve, end of year	$	108,053		$	103,700		$	94,513

Fair Value

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value

GAAP assigns a fair value hierarchy to the inputs used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets and liabilities. Level 2 inputs are inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs.

Financial Instruments

The estimated fair values of our Senior Notes as of December 31, 2019 and 2018 were $626,520 and $594,000, respectively. The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hierarchy. The carrying values at December 31, 2019 and 2018 were $598,301 and $597,681, respectively. Except as otherwise noted below, we believe that insignificant differences exist between the carrying value and the fair value of our financial instruments, which consists primarily of cash equivalents, due to their short term nature.

Derivative Instruments and Mortgage Loans Held for Sale

In the normal course of business, NVRM enters into contractual commitments to extend credit to buyers of single-family homes with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within time frames established by NVRM. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the “lock-in” of rates by the borrower and the sale date of the loan to a broker/dealer. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sales contracts to sell whole loans and mortgage-backed securities to broker/dealers. The forward sales contracts lock-in an interest rate and price for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative or trading derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to broker/dealers are undesignated derivatives and, accordingly, are marked to fair value through earnings. At December 31, 2019, there were contractual commitments to extend credit to borrowers aggregating $581,065 and open forward delivery contracts aggregating $986,041, which hedge both the rate lock loan commitments and closed loans held for sale.

The fair value of our rate lock commitments to borrowers and the related input levels includes, as applicable:


i)	the assumed gain/loss of the expected resultant loan sale (Level 2);


ii)	the effects of interest rate movements between the date of the rate lock and the balance sheet date (Level 2); and


iii)	the value of the servicing rights associated with the loan (Level 2).

The assumed gain/loss considers the excess servicing to be received or buydown fees to be paid upon securitization of the loan. The excess servicing and buydown fees are calculated pursuant to contractual terms with investors. To calculate the effects of interest rate movements, NVRM utilizes applicable published mortgage-backed security prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount. NVRM sells all of its loans on a servicing released basis, and receives a servicing released premium upon sale. Thus, the value of the servicing rights is included in the fair value measurement and is based upon contractual terms with investors and varies depending on the loan type. NVRM assumes a fallout rate

when measuring the fair value of rate lock commitments. Fallout is defined as locked loan commitments for which NVRM does not close a mortgage loan and is based on historical experience.

The fair value of NVRM’s forward sales contracts to broker/dealers solely considers the market price movement of the same type of security between the trade date and the balance sheet date (Level 2). The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value.

Mortgage loans held for sale are recorded at fair value when closed, and thereafter are carried at the lower of cost or fair value, net of deferred origination costs, until sold. Fair value is measured using Level 2 inputs. As of December 31, 2019, the fair value of loans held for sale of $492,125 included on the accompanying consolidated balance sheet has been increased by $7,019 from the aggregate principal balance of $485,106. As of December 31, 2018, the fair value of loans held for sale of $458,324 were increased by $10,880 from the aggregate principal balance of $447,444.

The fair value measurement of NVRM's undesignated derivative instruments was as follows:



	As of December 31,
	2019			2018
Rate lock commitments:
Gross assets	$	8,132		$	13,831
Gross liabilities	497			345
Net rate lock commitments	$	7,635		$	13,486
Forward sales contracts:
Gross assets	$	377		$	64
Gross liabilities	920			10,121
Net forward sales contracts	$	(543	)	$	(10,057	)

As of December 31, 2019 and 2018 , the net rate lock commitments are reported in mortgage banking "Other assets" and the net forward sales contracts are reported in mortgage banking "Accrued expenses and other liabilities" on the accompanying consolidated balance sheets.

The fair value measurement as of December 31, 2019 was as follows:



	Notional or Principal Amount		Assumed Gain/(Loss) From Loan Sale		Interest Rate Movement Effect			Servicing Rights Value		Security Price Change			Total Fair Value Measurement Gain/(Loss)
Rate lock commitments	$	581,065	$	1,832	$	405		$	5,398	$	—		$	7,635
Forward sales contracts	$	986,041	—		—			—		(543		)	(543		)
Mortgages held for sale	$	485,106	1,976		(285		)	5,328		—			7,019
Total fair value measurement			$	3,808	$	120		$	10,726	$	(543	)	$	14,111

The total fair value measurement as of December 31, 2018 was $14,309. NVRM recorded a fair value adjustment to expense of $198 for the year ended December 31, 2019, and fair value adjustments to income of $8,485 and $1,638 for the years ended December 31, 2018 and 2017, respectively. Unrealized gains/losses from the change in the fair value measurements are included in earnings as a component of mortgage banking fees in the accompanying consolidated statements of income. The fair value measurement will be impacted in the future by the change in the value of the servicing rights, interest rate movements, security price fluctuations, and the volume and product mix of NVRM’s closed loans and locked loan commitments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Mortgage Repurchase Reserve	12 Months Ended
Mortgage Repurchase Reserve	Dec. 31, 2019
Mortgage Repurchase Reserve [Abstract]
Mortgage Repurchase Reserve	Mortgage Repurchase Reserve During the years ended December 31, 2019, 2018 and 2017, we recognized pre-tax charges for loan losses related to mortgage loans sold of approximately $4,200, $3,200 and $2,900, respectively. Included in the Mortgage Banking segment’s “Accounts payable and other liabilities” line item on the accompanying consolidated balance sheets is a mortgage repurchase reserve equal to approximately $18,500 and $15,600 at December 31, 2019 and 2018, respectively.

Quarterly Results (unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results (unaudited)

The following table sets forth unaudited selected financial data and operating information on a quarterly basis for the years ended December 31, 2019 and 2018.



	Year Ended December 31, 2019
	4th Quarter		3rd Quarter		2nd Quarter		1st Quarter
Homebuilding data:
Revenues	$	1,946,859	$	1,873,331	$	1,757,448	$	1,643,206
Gross profit	$	379,467	$	355,055	$	332,060	$	304,400
Mortgage Banking data:
Mortgage banking fees	$	43,336	$	37,933	$	42,746	$	43,805
Loans closed	$	1,418,742	$	1,373,946	$	1,231,039	$	1,140,999
Consolidated data:
Net income	$	256,137	$	223,787	$	210,209	$	188,406
Diluted earnings per share	$	64.41	$	56.11	$	53.09	$	47.64
Operating data:
New orders (units)	4,392		4,766		5,239		5,139
Settlements (units)	5,331		5,124		4,720		4,493
Backlog (units)	8,233		9,172		9,530		9,011



	Year Ended December 31, 2018
	4th Quarter		3rd Quarter		2nd Quarter		1st Quarter
Homebuilding data:
Revenues	$	1,954,403	$	1,809,345	$	1,750,463	$	1,490,093
Gross profit	$	363,668	$	336,696	$	333,666	$	278,147
Mortgage Banking data:
Mortgage banking fees	$	40,145	$	43,062	$	36,842	$	39,321
Loans closed	$	1,356,430	$	1,249,199	$	1,214,101	$	1,009,673
Consolidated data:
Net income	$	232,158	$	195,816	$	203,174	$	166,049
Diluted earnings per share	$	58.57	$	48.28	$	49.05	$	39.34
Operating data:
New orders (units)	3,841		4,302		4,964		5,174
Settlements (units)	5,186		4,754		4,611		3,896
Backlog (units)	8,365		9,710		10,162		9,809

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Significant Accounting Policies [Line Items]

Principles of Consolidation

Use of Estimates in the Preparation of Financial Statements

Cash and Cash Equivalents

Cash and cash equivalents include short-term investments with original maturities of three months or less.

Restricted Cash

Homebuilding Inventory

Contract Land Deposits

Land Under Development

Property, Plant, and Equipment

Intangible Assets

Warranty/Product Liability Reserves

Mortgage Loans Held for Sale, Derivatives and Hedging Activities

Mortgage Repurchase Reserve, Mortgage Loans Held for Sale and Derivatives and Hedging Activities

Mortgage loans held for sale are recorded at fair value when closed, and thereafter are carried at the lower of cost or fair value, net of deferred origination costs, until sold.

Earnings Per Share

Earnings per Share

The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the years ended December 31, 2019, 2018 and 2017:



	Year Ended December 31,
	2019	2018	2017
Weighted average number of shares outstanding used to calculate basic EPS	3,641	3,631	3,733
Dilutive securities:
Stock options and restricted share units	332	461	507
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS	3,973	4,092	4,240



	Year Ended December 31,
	2019	2018	2017
Anti-dilutive securities	319	370	15

Revenues-Homebuilding Operations

Revenues – Homebuilding Operations

Mortgage Banking Fees

Income Taxes

Financial Instruments

Except as otherwise noted herein, we believe that the carrying value approximates the fair value of our financial instruments (see Note 15 herein for further information).

Equity-Based Compensation

Comprehensive Income

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Leases

In adoption of the standard, we also elected the following:


•	to apply the package of practical expedients during transition, under which we were not required to reassess as of the date of adoption (i) whether any of our contracts are or contain leases, (ii) the classifications of our leases, and (iii) any initial direct costs related to those leases.


•	to exclude leases with an initial lease term of 12 months or less from the recognition requirements under Topic 842.


•	to utilize the portfolio approach for certain office equipment leases, grouping leases by asset type which have similar lease terms and payment schedules.

Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share

The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the years ended December 31, 2019, 2018 and 2017:



	Year Ended December 31,
	2019	2018	2017
Weighted average number of shares outstanding used to calculate basic EPS	3,641	3,631	3,733
Dilutive securities:
Stock options and restricted share units	332	461	507
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS	3,973	4,092	4,240

Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share



	Year Ended December 31,
	2019	2018	2017
Anti-dilutive securities	319	370	15

Segment Information, Nature of Operations, and Certain Concentrations (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Revenues



	Year Ended December 31,
	2019		2018		2017
Revenues:
Homebuilding Mid Atlantic	$	3,901,573	$	3,893,358	$	3,543,687
Homebuilding North East	514,804		580,726		517,141
Homebuilding Mid East	1,501,139		1,455,834		1,250,165
Homebuilding South East	1,303,328		1,074,386		864,528
Mortgage Banking	167,820		159,370		130,319
Consolidated revenues	$	7,388,664	$	7,163,674	$	6,305,840

Profit before Taxes



	Year Ended December 31,
	2019			2018			2017
Profit before taxes:
Homebuilding Mid Atlantic	$	478,537		$	462,178		$	398,494
Homebuilding North East	51,728			69,789			60,218
Homebuilding Mid East	173,374			175,134			149,639
Homebuilding South East	155,144			118,296			95,826
Mortgage Banking	105,292			93,462			73,959
Total segment profit	964,075			918,859			778,136
Reconciling items:
Equity-based compensation expense (1)	(78,532		)	(75,701		)	(44,562		)
Corporate capital allocation (2)	224,468			213,903			198,384
Unallocated corporate overhead	(105,125		)	(89,973		)	(89,514		)
Consolidation adjustments and other	45,130			16,612			27,450
Corporate interest expense	(24,221		)	(23,968		)	(22,983		)
Reconciling items sub-total	61,720			40,873			68,775
Consolidated profit before taxes	$	1,025,795		$	959,732		$	846,911


(1)	The increase in equity-based compensation expense for the year ended December 31, 2018 was primarily attributable to the issuance of Options and RSUs in the second quarter of 2018. See Note 12 for additional discussion of equity-based compensation.

(2)

This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the years presented:

Assets



	As of December 31,
	2019			2018
Assets:
Homebuilding Mid Atlantic	$	1,024,996		$	1,018,953
Homebuilding North East	166,860			144,412
Homebuilding Mid East	293,773			290,815
Homebuilding South East	400,979			332,468
Mortgage Banking	560,407			517,075
Total segment assets	2,447,015			2,303,723
Reconciling items:
Cash and cash equivalents	1,110,892			688,783
Deferred taxes	115,731			112,333
Intangible assets and goodwill	49,834			49,989
Operating lease right-of-use assets	63,825			—
Contract land deposit reserve	(27,572		)	(29,216		)
Consolidation adjustments and other	50,090			40,321
Reconciling items sub-total	1,362,800			862,210
Consolidated assets	$	3,809,815		$	3,165,933

Interest Income



	Year Ended December 31,
	2019		2018		2017
Interest income:
Mortgage Banking	$	12,142	$	11,593	$	7,850
Total segment interest income	12,142		11,593		7,850
Other unallocated interest income	20,635		8,588		4,554
Consolidated interest income	$	32,777	$	20,181	$	12,404

Interest Expense



	Year Ended December 31,
	2019			2018			2017
Interest expense:
Homebuilding Mid Atlantic	$	123,178		$	123,908		$	123,075
Homebuilding North East	19,804			17,897			16,117
Homebuilding Mid East	37,266			35,804			29,663
Homebuilding South East	44,334			36,362			29,583
Mortgage Banking	1,045			1,045			1,148
Total segment interest expense	225,627			215,016			199,586
Corporate capital allocation (2)	(224,468		)	(213,903		)	(198,384		)
Senior Notes and other interest	24,221			23,968			22,983
Consolidated interest expense	$	25,380		$	25,081		$	24,185

Depreciation and Amortization



	Year Ended December 31,
	2019		2018		2017
Depreciation and amortization:
Homebuilding Mid Atlantic	$	7,069	$	7,753	$	8,095
Homebuilding North East	1,411		1,600		2,034
Homebuilding Mid East	4,348		3,481		3,590
Homebuilding South East	3,086		2,523		2,531
Mortgage Banking	1,581		1,489		1,297
Total segment depreciation and amortization	17,495		16,846		17,547
Unallocated corporate	3,323		3,322		5,120
Consolidated depreciation and amortization	$	20,818	$	20,168	$	22,667

Expenditures for Property and Equipment



	Year Ended December 31,
	2019		2018		2017
Expenditures for property and equipment:
Homebuilding Mid Atlantic	$	9,218	$	6,657	$	9,257
Homebuilding North East	2,000		1,074		1,299
Homebuilding Mid East	5,221		4,302		3,117
Homebuilding South East	3,944		2,732		3,313
Mortgage Banking	899		1,677		2,723
Total segment expenditures for property and equipment	21,282		16,442		19,709
Unallocated corporate	1,417		3,223		560
Consolidated expenditures for property and equipment	$	22,699	$	19,665	$	20,269

Corporate Capital Allocation Charge



	Year Ended December 31,
	2019		2018		2017
Corporate capital allocation charge:
Homebuilding Mid Atlantic	$	123,130	$	123,855	$	123,028
Homebuilding North East	19,755		17,893		16,115
Homebuilding Mid East	37,263		35,803		29,663
Homebuilding South East	44,320		36,352		29,578
Total corporate capital allocation charge	$	224,468	$	213,903	$	198,384

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2019

Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]

Total Risk of Loss Related to Contract Land Deposits

total risk of loss related to contract land deposits as of December 31, 2019 and 2018 was as follows:



	December 31,
	2019			2018
Contract land deposits	$	441,423		$	425,393
Loss reserve on contract land deposits	(27,572		)	(29,216		)
Contract land deposits, net	413,851			396,177
Contingent obligations in the form of letters of credit	5,606			3,923
Contingent specific performance obligations (1)	—			1,505
Total risk of loss	$	419,457		$	401,605

(1)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Capitalized Interest (Tables)

12 Months Ended

Dec. 31, 2019

Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Abstract]

Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales

Our interest costs incurred, capitalized, expensed and charged to cost of sales during the years ended December 31, 2019, 2018 and 2017 was as follows:



	December 31,
	2019			2018			2017
Interest capitalized, beginning of year	$	4,154		$	5,583		$	5,106
Interest incurred	26,463			26,277			26,384
Interest charged to interest expense	(25,380		)	(25,081		)	(24,185		)
Interest charged to cost of sales	(1,738		)	(2,625		)	(1,722		)
Interest capitalized, end of year	$	3,499		$	4,154		$	5,583

Property, Plant and Equipment ("PP&E") (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment ("PP&E")



	December 31,
	2019			2018
Homebuilding:
Office facilities and other	$	39,218		$	37,789
Model home furniture and fixtures	31,352			31,593
Production facilities	71,295			64,667
Finance lease right-of-use assets	7,051			—
Gross Homebuilding PP&E	148,916			134,049
Less: accumulated depreciation	(96,656		)	(91,815		)
Net Homebuilding PP&E	$	52,260		$	42,234

Mortgage Banking:
Office facilities and other	$	14,617		$	13,724
Less: accumulated depreciation	(8,789		)	(7,214		)
Net Mortgage Banking PP&E	$	5,828		$	6,510

Common Stock (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Share Repurchases of Common Stock

made the following share repurchases during the years indicated:



	Year Ended December 31,
	2019		2018		2017
Aggregate purchase price	$	698,417	$	846,134	$	422,166
Number of shares repurchased	221		301		167

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following:



	Year Ended December 31,
	2019			2018			2017
Current:
Federal	$	115,610		$	126,358		$	211,641
State	34,586			37,038			37,006
Deferred:
Federal	(2,195		)	138			60,785
State	(745		)	(999		)	(42		)
Income tax expense	$	147,256		$	162,535		$	309,390

Deferred Income Taxes on Consolidated Balance Sheets

Deferred income taxes on our consolidated balance sheets were comprised of the following:



	December 31,
	2019		2018
Deferred tax assets:
Other accrued expenses and contract land deposit reserve	$	52,726	$	51,316
Deferred compensation	4,635		4,693
Equity-based compensation expense	42,043		40,744
Inventory	10,530		9,242
Unrecognized tax benefit	12,355		13,587
Other	8,289		5,113
Total deferred tax assets	130,578		124,695
Less: Deferred tax liabilities	7,902		6,091
Net deferred tax asset	$	122,676	$	118,604

Income Tax Expense Reconciliation

A reconciliation of income taxes computed at the federal statutory rate (21% in 2019 and 2018, 35% in 2017) to income tax expense is as follows:



	Year Ended December 31,
	2019			2018			2017
Income taxes computed at the federal statutory rate	$	215,417		$	201,544		$	296,419
State income taxes, net of federal income tax benefit (1)	45,770			42,944			30,046
Excess tax benefits from equity-based compensation	(101,466		)	(77,478		)	(58,681		)
Remeasurement of net deferred tax assets due to enactment of Tax Cut and Jobs Act	—			(497		)	62,702
Other, net (2)	(12,465		)	(3,978		)	(21,096		)
Income tax expense	$	147,256		$	162,535		$	309,390


(1)	Excludes state excess tax benefits from equity-based compensation included in the line below.

(2)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:



	Year Ended December 31,
	2019			2018
Balance at beginning of year	$	43,418		$	45,337
Additions based on tax positions related to the current year	2,941			4,340
Reductions for tax positions of prior years	(7,003		)	(6,259		)
Settlements	—			—
Balance at end of year	$	39,356		$	43,418

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Equity-Based Compensation Plans with Grants Outstanding [Table Text Block]

During 2019, we issued 26 Options and 1 RSUs under the following equity-based compensation plans:



	2010 Plan	2014 Plan
Options Granted
Options (4)	13	—
Performance-based Options (5)	12	1
Total Options Granted	25	1

RSUs Granted
RSUs (6)	1	—
Performance-based RSUs	—	—
Total RSUs Granted	1	—


(5)	Options granted vest over four years in 25% increments beginning on either December 31, 2021 or December 31, 2022, based on the date of grant. Vesting for the performance-based Options is contingent upon both continued employment or

continued service as a Director and our return on capital performance during the three year periods beginning 2019 or 2020, based on the grant's vesting period.

(6) Service-only RSUs granted vest over two years in 50% increments on January 28, 2020 and 2021. Vesting for the RSUs is contingent solely upon continued employment.

Summary of Equity-Based Compensation Plans with Grants Outstanding

The following table provides a summary of each of our equity-based compensation plans with grants outstanding at December 31, 2019:



Equity-Based Compensation Plans	Shares Authorized	Options/RSUs Outstanding	Shares Available to Issue
2000 Broadly-Based Stock Option Plan	2,000	11	—
2010 Equity Incentive Plan (1)	700	109	6
2014 Equity Incentive Plan (2)	950	514	137
2018 Equity Incentive Plan (3)	275	131	144

(1)


(2)	During 2014, our shareholders approved the 2014 Equity Incentive Plan (the “2014 Plan”). The 2014 Plan authorizes us to issue Options to key management employees, including executive officers and Directors.

(3)

Equity-Based Compensation Plans

The following table provides additional information relative to our equity-based compensation plans for the year ended December 31, 2019:



	Shares		Weighted Avg. Per Share Exercise Price		Weighted Avg. Remaining Contract Life (years)	Aggregate Intrinsic Value
Stock Options
Outstanding at December 31, 2018	1,049		$	1,766.87
Granted	26		2,778.19
Exercised	(271	)	1,010.52
Forfeited	(55	)	2,377.25
Outstanding at December 31, 2019	749		$	2,030.42	6.3	$	1,331,593
Exercisable at December 31, 2019	353		$	1,122.70	4.3	$	946,842

RSUs
Outstanding at December 31, 2018	21
Granted	1
Vested	(5	)
Forfeited	(2	)
Outstanding at December 31, 2019	15					$	58,528
Vested, but not issued at December 31, 2019	—					$	—

Black-Scholes Option-Pricing Model Assumptions

The fair value of the Options granted during 2019, 2018 and 2017 was estimated on the grant date using the Pricing Model, based on the following assumptions:



	2019			2018			2017
Estimated option life (years)	5.55			5.06			5.26
Risk free interest rate (range)	1.51%-2.73%			2.19%-3.13%			1.53%-2.38%
Expected volatility (range)	19.17%-22.01%			16.57%-20.05%			15.09%-17.95%
Expected dividend rate	—		%	—		%	—		%
Weighted average grant-date fair value per share of options granted	$	661.01		$	687.81		$	494.17

The grant date fair value per share of $2,517.06 for the RSUs was the closing price of our common stock on the day immediately preceding the date of grant.

Exercised Option Proceeds



	Year Ended December 31,
	2019		2018		2017
Aggregate exercise proceeds	$	274,028	$	174,110	$	140,525
Aggregate intrinsic value on exercise dates	$	593,162	$	355,318	$	206,890

Leases Leases - Table Text Blocks (Tables)

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Lessee, Lease, Description [Line Items]

ScheduleOfSupplementalCashFlowInformationRelatedToLeases [Table Text Block]

Other information related to leases was as follows:



	Year Ended December 31, 2019
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	25,272
Operating cash flows from finance leases	76
Financing cash flows from finance leases	306

ROU assets obtained in exchange for lease obligations:
Operating leases	$	17,078
Finance leases	$	7,434

Weighted-average remaining lease term (in years):
Operating leases	5.1
Finance leases	6.7

Weighted-average discount rate:
Operating leases	3.6		%
Finance leases	2.8		%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]



Year Ending December 31,	Operating Leases			Finance Leases
2020	$	30,670		$	996
2021	20,865			997
2022	16,640			996
2023	13,082			997
2024	8,016			997
Thereafter	9,911			2,936
Total minimum lease payments	99,184			7,919
Less:
Imputed interest	(7,857		)	(791		)
Short-term lease payments	(5,950		)	—
Total lease liability	$	85,377		$	7,128

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

As reported under prior GAAP, future minimum lease payments under operating leases as of December 31, 2018 were as follows:



Year Ending December 31,
2019	$	31,564
2020	22,210
2021	17,331
2022	13,667
2023	10,324
Thereafter	12,607
	107,703
Sublease income	(25		)
	$	107,678

Finance Lease, Liability, Maturity [Table Text Block]



Year Ending December 31,	Operating Leases			Finance Leases
2020	$	30,670		$	996
2021	20,865			997
2022	16,640			996
2023	13,082			997
2024	8,016			997
Thereafter	9,911			2,936
Total minimum lease payments	99,184			7,919
Less:
Imputed interest	(7,857		)	(791		)
Short-term lease payments	(5,950		)	—
Total lease liability	$	85,377		$	7,128

Lease, Cost [Table Text Block]

The components of lease expense were as follows:



	Year Ended December 31, 2019
Lease expense
Operating lease expense	$	30,991
Finance lease expense:
Amortization of ROU assets	382
Interest on lease liabilities	76
Short-term lease expense	26,843
Total lease expense	$	58,292

For the years ended December 31, 2018 and 2017, total rent expense incurred under operating leases was approximately $52,900 and $49,400, respectively.

Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Summary of Changes in Product Warranties Reserve

The following table reflects the changes in our Warranty Reserve (see Note 1 herein for further discussion of warranty/product liability reserves):



	Year Ended December 31,
	2019			2018			2017
Warranty reserve, beginning of year	$	103,700		$	94,513		$	93,895
Provision	69,065			62,553			44,652
Payments	(64,712		)	(53,366		)	(44,034		)
Warranty reserve, end of year	$	108,053		$	103,700		$	94,513

Fair Value (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Undesignated Derivative Instruments

The fair value measurement of NVRM's undesignated derivative instruments was as follows:



	As of December 31,
	2019			2018
Rate lock commitments:
Gross assets	$	8,132		$	13,831
Gross liabilities	497			345
Net rate lock commitments	$	7,635		$	13,486
Forward sales contracts:
Gross assets	$	377		$	64
Gross liabilities	920			10,121
Net forward sales contracts	$	(543	)	$	(10,057	)

Fair Value Measurement

The fair value measurement as of December 31, 2019 was as follows:



	Notional or Principal Amount		Assumed Gain/(Loss) From Loan Sale		Interest Rate Movement Effect			Servicing Rights Value		Security Price Change			Total Fair Value Measurement Gain/(Loss)
Rate lock commitments	$	581,065	$	1,832	$	405		$	5,398	$	—		$	7,635
Forward sales contracts	$	986,041	—		—			—		(543		)	(543		)
Mortgages held for sale	$	485,106	1,976		(285		)	5,328		—			7,019
Total fair value measurement			$	3,808	$	120		$	10,726	$	(543	)	$	14,111

Quarterly Results (unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data and Operating Information

The following table sets forth unaudited selected financial data and operating information on a quarterly basis for the years ended December 31, 2019 and 2018.



	Year Ended December 31, 2019
	4th Quarter		3rd Quarter		2nd Quarter		1st Quarter
Homebuilding data:
Revenues	$	1,946,859	$	1,873,331	$	1,757,448	$	1,643,206
Gross profit	$	379,467	$	355,055	$	332,060	$	304,400
Mortgage Banking data:
Mortgage banking fees	$	43,336	$	37,933	$	42,746	$	43,805
Loans closed	$	1,418,742	$	1,373,946	$	1,231,039	$	1,140,999
Consolidated data:
Net income	$	256,137	$	223,787	$	210,209	$	188,406
Diluted earnings per share	$	64.41	$	56.11	$	53.09	$	47.64
Operating data:
New orders (units)	4,392		4,766		5,239		5,139
Settlements (units)	5,331		5,124		4,720		4,493
Backlog (units)	8,233		9,172		9,530		9,011



	Year Ended December 31, 2018
	4th Quarter		3rd Quarter		2nd Quarter		1st Quarter
Homebuilding data:
Revenues	$	1,954,403	$	1,809,345	$	1,750,463	$	1,490,093
Gross profit	$	363,668	$	336,696	$	333,666	$	278,147
Mortgage Banking data:
Mortgage banking fees	$	40,145	$	43,062	$	36,842	$	39,321
Loans closed	$	1,356,430	$	1,249,199	$	1,214,101	$	1,009,673
Consolidated data:
Net income	$	232,158	$	195,816	$	203,174	$	166,049
Diluted earnings per share	$	58.57	$	48.28	$	49.05	$	39.34
Operating data:
New orders (units)	3,841		4,302		4,964		5,174
Settlements (units)	5,186		4,754		4,611		3,896
Backlog (units)	8,365		9,710		10,162		9,809

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Significant Accounting Policies [Line Items]
Net Contract Land Deposit Impairment Recoveries		$ (5,115,000)
Contract land deposit (recoveries) impairments, net	$ (680,000)	11,760,000	$ 1,238,000
Contract land deposit assets impairment valuation allowances	27,572,000	29,216,000
Excess tax benefits from equity-based compensation	101,466,000	77,478,000	58,681,000
Operating activities	866,535,000	723,126,000	570,354,000
Financing activities	$ (424,695,000)	(672,258,000)	(281,641,000)
Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax			2,196,000	$ 609,000
Retained Earnings
Significant Accounting Policies [Line Items]
Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax			$ 2,196,000	$ (957,000)
Model home furniture and fixtures
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Office facilities and other \| Minimum
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Office facilities and other \| Maximum
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Manufacturing Facilities \| Minimum
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Manufacturing Facilities \| Maximum
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Homebuilding:
Significant Accounting Policies [Line Items]
Customer deposits	$ 131,886,000	138,246,000
Cash	1,110,892,000	688,783,000
Impairment of goodwill	0
Homebuilding: \| Heartland Homes Inc
Significant Accounting Policies [Line Items]
Finite-lived intangibles acquired from business acquisition, net of accumulated amortization	$ 466,000	621,000
Weighted average life of finite-lived intangible assets	3 years
Goodwill acquired from business acquisition	$ 441,000	441,000
Mortgage Banking:
Significant Accounting Policies [Line Items]
Cash	$ 29,412,000	23,092,000
Mortgage Banking: \| Level 2 \| Fair Value, Measurements, Recurring
Significant Accounting Policies [Line Items]
Typical length of days loans sold into secondary market	30 days
Mortgage Banking: \| Level 2 \| Fair Value, Measurements, Recurring \| Rate lock commitments
Significant Accounting Policies [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	$ 581,065,000
Mortgage Banking: \| Level 2 \| Fair Value, Measurements, Recurring \| Forward sales contracts
Significant Accounting Policies [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	986,041,000
Consolidated Joint Venture
Significant Accounting Policies [Line Items]
Cash	281,000	320,000
Other Assets
Significant Accounting Policies [Line Items]
Capitalized Contract Cost, Net	$ 14,600,000	$ 17,000,000

Summary of Significant Accounting Policies - Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS (in Shares)	3,641	3,631	3,733
Dilutive securities:
Stock options and restricted share units (in Shares)	332	461	507
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS (in Shares)	3,973	4,092	4,240

Summary of Significant Accounting Policies - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Anti-dilutive securities (in Shares)	319	370	15

Segment Information, Nature of Operations, and Certain Concentrations - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019 Trade_Names metropolitan_area segment
Segment Reporting Information [Line Items]
Number of trade names \| Trade_Names	3
Number of metropolitan areas Ryan Homes product are sold \| metropolitan_area	32
Senior Notes due 2022
Segment Reporting Information [Line Items]
Senior notes interest rate	3.95%
Homebuilding:
Segment Reporting Information [Line Items]
Number of reportable segments	4
Mortgage Banking:
Segment Reporting Information [Line Items]
Number of reportable segments	1
Geographic Concentration Risk \| Homebuilding: \| District of Columbia
Segment Reporting Information [Line Items]
Revenue derived	27.00%
Geographic Concentration Risk \| Homebuilding: \| Maryland, Baltimore
Segment Reporting Information [Line Items]
Revenue derived	11.00%

Segment Information, Nature of Operations, and Certain Concentrations - Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues									$ 7,388,664	$ 7,163,674	$ 6,305,840
Homebuilding:
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues	$ 1,946,859	$ 1,873,331	$ 1,757,448	$ 1,643,206	$ 1,954,403	$ 1,809,345	$ 1,750,463	$ 1,490,093	7,220,844	7,004,304	6,175,521
Homebuilding: \| Mid Atlantic
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues									3,901,573	3,893,358	3,543,687
Homebuilding: \| North East
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues									514,804	580,726	517,141
Homebuilding: \| Mid East
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues									1,501,139	1,455,834	1,250,165
Homebuilding: \| South East
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues									1,303,328	1,074,386	864,528
Mortgage Banking:
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues	$ 43,336	$ 37,933	$ 42,746	$ 43,805	$ 40,145	$ 43,062	$ 36,842	$ 39,321	$ 167,820	$ 159,370	$ 130,319

Segment Information, Nature of Operations, and Certain Concentrations - Profit before Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Equity-based compensation expense (1)	$ (78,532)	$ (75,701)	$ (44,562)
Corporate interest expense	(25,380)	(25,081)	(24,185)
Consolidated profit before taxes	1,025,795	959,732	846,911
Homebuilding:
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate interest expense	(24,335)	(24,036)	(23,037)
Consolidated profit before taxes	923,879	871,106	776,370
Mortgage Banking:
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate interest expense	(1,045)	(1,045)	(1,148)
Consolidated profit before taxes	101,916	88,626	70,541
Profit before taxes:
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate interest expense	(225,627)	(215,016)	(199,586)
Consolidated profit before taxes	964,075	918,859	778,136
Profit before taxes: \| Homebuilding: \| Mid Atlantic
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate interest expense	(123,178)	(123,908)	(123,075)
Consolidated profit before taxes	478,537	462,178	398,494
Profit before taxes: \| Homebuilding: \| North East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate interest expense	(19,804)	(17,897)	(16,117)
Consolidated profit before taxes	51,728	69,789	60,218
Profit before taxes: \| Homebuilding: \| Mid East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate interest expense	(37,266)	(35,804)	(29,663)
Consolidated profit before taxes	173,374	175,134	149,639
Profit before taxes: \| Homebuilding: \| South East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate interest expense	(44,334)	(36,362)	(29,583)
Consolidated profit before taxes	155,144	118,296	95,826
Profit before taxes: \| Mortgage Banking:
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate interest expense	(1,045)	(1,045)	(1,148)
Consolidated profit before taxes	105,292	93,462	73,959
Reconciling items:
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Equity-based compensation expense (1)	(78,532)	(75,701)	(44,562)
Corporate capital allocation (2)	224,468	213,903	198,384
Unallocated corporate overhead	(105,125)	(89,973)	(89,514)
Consolidation adjustments and other	45,130	16,612	27,450
Corporate interest expense	(24,221)	(23,968)	(22,983)
Consolidated profit before taxes	$ 61,720	$ 40,873	$ 68,775

Segment Information, Nature of Operations, and Certain Concentrations - Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 3,809,815		$ 3,165,933
Operating lease right-of-use assets		$ 79,345
Contract land deposit reserve	(27,572)		(29,216)
Homebuilding:
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	3,242,061		2,641,511
Cash and cash equivalents	1,110,892		688,783
Deferred taxes	115,731		112,333
Operating lease right-of-use assets	63,825		0
Mortgage Banking:
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	567,754		524,422
Cash and cash equivalents	29,412		23,092
Operating lease right-of-use assets	13,345		0
Profit before taxes:
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,447,015		2,303,723
Profit before taxes: \| Homebuilding: \| Mid Atlantic
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,024,996		1,018,953
Profit before taxes: \| Homebuilding: \| North East
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	166,860		144,412
Profit before taxes: \| Homebuilding: \| Mid East
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	293,773		290,815
Profit before taxes: \| Homebuilding: \| South East
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	400,979		332,468
Profit before taxes: \| Mortgage Banking:
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	560,407		517,075
Reconciling items:
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,362,800		862,210
Cash and cash equivalents	1,110,892		688,783
Deferred taxes	115,731		112,333
Intangible assets and goodwill	49,834		49,989
Operating lease right-of-use assets	63,825		0
Contract land deposit reserve	(27,572)		(29,216)
Consolidation adjustments and other	$ 50,090		$ 40,321

Segment Information, Nature of Operations, and Certain Concentrations - Interest Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest income	$ 32,777	$ 20,181	$ 12,404
Mortgage Banking:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest income	12,142	11,593	7,850
Profit before taxes:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest income	12,142	11,593	7,850
Other unallocated interest income
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other unallocated interest income	$ 20,635	$ 8,588	$ 4,554

Segment Information, Nature of Operations, and Certain Concentrations - Interest Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	$ 25,380	$ 25,081	$ 24,185
Homebuilding:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	24,335	24,036	23,037
Mortgage Banking:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	1,045	1,045	1,148
Profit before taxes:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	225,627	215,016	199,586
Profit before taxes: \| Homebuilding: \| Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	123,178	123,908	123,075
Profit before taxes: \| Homebuilding: \| North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	19,804	17,897	16,117
Profit before taxes: \| Homebuilding: \| Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	37,266	35,804	29,663
Profit before taxes: \| Homebuilding: \| South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	44,334	36,362	29,583
Profit before taxes: \| Mortgage Banking:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	1,045	1,045	1,148
Reconciling items:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	$ 24,221	$ 23,968	$ 22,983

Segment Information, Nature of Operations, and Certain Concentrations - Depreciation and Amortization (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	$ 20,818	$ 20,168	$ 22,667
Profit before taxes:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	17,495	16,846	17,547
Profit before taxes: \| Homebuilding: \| Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	7,069	7,753	8,095
Profit before taxes: \| Homebuilding: \| North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	1,411	1,600	2,034
Profit before taxes: \| Homebuilding: \| Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	4,348	3,481	3,590
Profit before taxes: \| Homebuilding: \| South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	3,086	2,523	2,531
Profit before taxes: \| Mortgage Banking:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	1,581	1,489	1,297
Other unallocated interest income
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	$ 3,323	$ 3,322	$ 5,120

Segment Information, Nature of Operations, and Certain Concentrations - Expenditures for Property and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	$ 22,699	$ 19,665	$ 20,269
Profit before taxes:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	21,282	16,442	19,709
Profit before taxes: \| Homebuilding: \| Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	9,218	6,657	9,257
Profit before taxes: \| Homebuilding: \| North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	2,000	1,074	1,299
Profit before taxes: \| Homebuilding: \| Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	5,221	4,302	3,117
Profit before taxes: \| Homebuilding: \| South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	3,944	2,732	3,313
Profit before taxes: \| Mortgage Banking:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	899	1,677	2,723
Other unallocated interest income
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	$ 1,417	$ 3,223	$ 560

Segment Information, Nature of Operations, and Certain Concentrations - Corporate Capital Allocation Charge (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Corporate Reconciling Items And Eliminations [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation (2)	$ (224,468)	$ (213,903)	$ (198,384)
Corporate Reconciling Items And Eliminations [Member] \| Homebuilding: \| Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation (2)	(123,130)	(123,855)	(123,028)
Corporate Reconciling Items And Eliminations [Member] \| Homebuilding: \| North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation (2)	(19,755)	(17,893)	(16,115)
Corporate Reconciling Items And Eliminations [Member] \| Homebuilding: \| Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation (2)	(37,263)	(35,803)	(29,663)
Corporate Reconciling Items And Eliminations [Member] \| Homebuilding: \| South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation (2)	(44,320)	(36,352)	(29,578)
Reconciling items:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation (2)	$ 224,468	$ 213,903	$ 198,384

Variable Interest Entities - Additional Information (Detail) $ in Thousands	Dec. 31, 2019 USD ($) lot	Dec. 31, 2018 USD ($)
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10.00%
Contract land deposits in cash	$ 441,423	$ 425,393
Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10.00%
Lots controlled by NVR \| lot	101,300
Contract land deposits in cash under Lot Purchase Agreements	$ 439,500
Letters of credit related to lots	$ 5,500
Contract on Raw Ground with Landowners
Variable Interest Entity [Line Items]
Lots controlled by NVR \| lot	7,000
Contract land deposits in cash	$ 1,900
Letters of credit on raw land contracts	100
Refundable deposits	$ 900

Variable Interest Entities - Total Risk of Loss Related to Contract Land Deposits (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Contract land deposits	$ 441,423	$ 425,393
Loss reserve on contract land deposits	(27,572)	(29,216)
Contract land deposits, net	413,851	396,177
Contingent obligations in the form of letters of credit	5,606	3,923
Contingent specific performance obligations (1)	0	1,505
Total risk of loss	$ 419,457	$ 401,605

Variable Interest Entities - Total Risk of Loss Related to Contract Land Deposits (Textual) (Detail)	Dec. 31, 2018 lot
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Finished lots committed to purchase under specific performance obligations	10

Joint Ventures - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) lot joint_venture	Dec. 31, 2018 USD ($) lot joint_venture
Joint Ventures [Line Items]
Aggregate investment	$ 26,700	$ 29,400
Number of joint ventures \| joint_venture	5	6
Expected production of finished lots \| lot	6,300	6,800
Total lots controlled by company under the joint venture \| lot	2,950	3,450
Total lots either under contract with unrelated parties or not under the current contract \| lot	3,350	3,350
Additional funding commitments in the aggregate	$ 4,300	$ 5,000
Number of joint ventures with additional funding commitment \| joint_venture	2	3
Number of joint ventures NVR is not primary beneficiary \| joint_venture	4
Other Assets
Joint Ventures [Line Items]
Aggregate investment	$ 26,700	$ 29,400
Cost of Sales
Joint Ventures [Line Items]
Equity Method Investment, Other than Temporary Impairment	7,400
EquityMethodInvestmentOtherThanTemporaryImpairmentCapitalizedInterestPortion	760
Consolidated Joint Venture
Joint Ventures [Line Items]
Accrued expenses and other liabilities	251
Cash and cash equivalents	$ 281	$ 320

Joint Ventures - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Liabilities and equity:
Equity	$ 2,341,244	$ 1,808,562	$ 1,605,492	$ 1,304,441
Total liabilities and shareholders' equity	3,809,815	3,165,933
Consolidated Joint Venture
Assets:
Cash	281	$ 320
Liabilities and equity:
Accrued expenses	$ 251

Land Under Development - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) lot parcel	Dec. 31, 2018 USD ($) lot parcel
Real Estate [Abstract]
Number of finished lots for use in homebuilding operations \| lot	650	500
Number of raw parcels of land owned \| parcel	5	3
Carrying value of raw parcels of land	$ 69,196	$ 38,857
Aggregate additional funding commitments related to raw land property under joint development	6,100
Expected development credits that will offset the aggregate additional funding commitments related to raw land property development	$ 2,800

Capitalized Interest - Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Capitalized Interest Costs Including Allowance for Funds Used During Construction RollForward
Interest capitalized, beginning of year	$ 4,154	$ 5,583	$ 5,106
Interest incurred	26,463	26,277	26,384
Interest expense	(25,380)	(25,081)	(24,185)
Interest charged to cost of sales	(1,738)	(2,625)	(1,722)
Interest capitalized, end of year	$ 3,499	$ 4,154	$ 5,583

Related Party Transactions - Additional Information (Detail) - Elm Street	12 Months Ended
	Dec. 31, 2019 USD ($) lot	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Related Party Transaction [Line Items]
Related party forward lot purchase agreements purchase price	$ 100,600,000
Number of related parties for forward lot purchase agreement \| lot	1
Market price of developed lots	$ 44,600,000	$ 36,100,000	$ 37,100,000
Expected number of lots from joint venture with Elm Street \| lot	2,200
Additional funding to joint venture by NVR and Elm Street			$ 2,900,000
Development costs to manage property under related party transactions	$ 0	$ 0

Property Plant and Equipment ("PP&E") - Summary of Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Homebuilding:
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 148,916	$ 134,049
Finance lease right-of-use assets	7,051	0
Less: accumulated depreciation	(96,656)	(91,815)
Net Homebuilding PP&E	52,260	42,234
Homebuilding: \| Office facilities and other
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	39,218	37,789
Homebuilding: \| Model home furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	31,352	31,593
Homebuilding: \| Production facilities
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	71,295	64,667
Mortgage Banking:
Property, Plant and Equipment [Line Items]
Net Homebuilding PP&E	5,828	6,510
Mortgage Banking: \| Office facilities and other
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	14,617	13,724
Less: accumulated depreciation	(8,789)	(7,214)
Net Homebuilding PP&E	$ 5,828	$ 6,510

Debt - Additional Information (Detail) - USD ($)	12 Months Ended
Debt - Additional Information (Detail) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Senior Notes due 2022
Debt Instrument [Line Items]
Senior notes principal amount	$ 600,000,000
Senior notes effective interest rate	3.97%
Senior notes proceeds	$ 593,900,000
Senior notes interest rate	3.95%
Frequency of senior notes payment	semi-annually in arrears on March 15 and September 15
Debt issuance cost	$ 1,377,000	$ 1,886,000
Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum loan borrowing capacity	200,000,000
Increase in commitment available	$ 300,000,000
Line of credit facility, interest rate description	Borrowings under the Credit Agreement generally bear interest for Base Rate Loans at a Base Rate equal to the highest of (i) a Federal Funds Rate plus one-half of one percent, (ii) Bank of America’s publicly announced “prime rate,” and (iii) the Eurodollar Rate plus one percent, plus the Applicable Rate which is based on the Company’s debt rating, or for Eurodollar Rate Loans, at the Eurodollar Rate equal to LIBOR plus the Applicable Rate.
Debt outstanding	$ 0
Credit Agreement \| Revolving Credit Facility \| Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument, marginal interest rate	0.50%
Credit Agreement \| Revolving Credit Facility \| Eurodollar Rate
Debt Instrument [Line Items]
Debt instrument, marginal interest rate	1.00%
Credit Agreement \| Revolving Credit Facility \| Sublimit for Issuance of Letters of Credit
Debt Instrument [Line Items]
Maximum loan borrowing capacity	$ 100,000,000
Letters of credit outstanding	9,700,000
Credit Agreement \| Revolving Credit Facility \| Sublimit for Swing Line Commitment
Debt Instrument [Line Items]
Maximum loan borrowing capacity	$ 25,000,000
Repurchase Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Senior notes interest rate	3.663%
Maximum loan borrowing capacity	$ 150,000,000
Debt outstanding	0	$ 0
Borrowing base limitations	$ 0
Repurchase Agreement \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Senior notes interest rate	1.85%

Common Stock - Additional Information (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Common shares outstanding (in Shares)	3,633	3,578
Reissued shares during the period, shares (in Shares)	276	188	165

Common Stock - Share Repurchase of Common Stock (Detail) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Aggregate purchase price	$ 698,417	$ 846,134	$ 422,166
Number of shares repurchased (in Shares)	221	301	167

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Remeasurement of net deferred tax assets due to enactment of Tax Cut and Jobs Act	$ 0	$ (497)	$ 62,702
Excess tax benefits from equity-based compensation	101,466	77,478	$ 58,681
Estimated federal taxable income	$ 638,723	$ 640,195
Statutory federal income tax rate	21.00%	35.00%	35.00%
Effective tax rate	14.36%	16.94%	36.53%
Unrecognized tax benefits that would affect effective tax rate	$ 31,090
Reversal of accrued interest on unrecognized tax benefits	1,467	$ 1,384	$ 1,065
Total accrued interest on unrecognized tax benefits	15,724	$ 17,191
Reduction in unrecognized tax benefits	$ 6,951

Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
Federal	$ 115,610	$ 126,358	$ 211,641
State	34,586	37,038	37,006
Deferred:
Federal	(2,195)	138	60,785
State	(745)	(999)	(42)
Total	$ 147,256	$ 162,535	$ 309,390

Income Taxes - Income Tax Benefits in Shareholders' Equity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Tax Benefit from Stock Compensation	$ (101,466)	$ (77,478)	$ (58,681)

Income Taxes - Deferred Income Taxes on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Other accrued expenses and contract land deposit reserve	$ 52,726	$ 51,316
Deferred compensation	4,635	4,693
Equity-based compensation expense	42,043	40,744
Inventory	10,530	9,242
Unrecognized tax benefit	12,355	13,587
Other	8,289	5,113
Total deferred tax assets	130,578	124,695
Less: Deferred tax liabilities	7,902	6,091
Net deferred tax asset	$ 122,676	$ 118,604

Income Taxes - Income Tax Expense Reconciliation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income taxes computed at the federal statutory rate	$ 215,417	$ 201,544	$ 296,419
State income taxes, net of federal income tax benefit	45,770	42,944	30,046
Excess tax benefits from equity-based compensation	101,466	77,478	58,681
Remeasurement of net deferred tax assets due to enactment of Tax Cut and Jobs Act	0	(497)	62,702
Other, net	(12,465)	(3,978)	(21,096)
Total	$ 147,256	$ 162,535	$ 309,390

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 43,418	$ 45,337
Additions based on tax positions related to the current year	2,941	4,340
Reductions for tax positions of prior years	(7,003)	(6,259)
Settlements	0	0
Balance at end of year	$ 39,356	$ 43,418

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) compensation_plan shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense \| $	$ 78,532	$ 75,701	$ 44,562
Tax benefit related to equity-based compensation costs \| $	$ 16,800	$ 17,200	$ 17,100
Options exercised (in shares)	276,000	188,000	165,000
Combined plan contribution \| $	$ 20,300	$ 19,500	$ 16,700
Shares contributed to the Employee Stock Ownership Plan (in Shares)	5,000	7,000
Number of deferred compensation plans \| compensation_plan	2
Common stock, shares held in rabbi trust, shares (in shares)	107,295	107,340
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under the plan (in Shares)	1,000
Total unrecognized compensation cost for all outstanding Options and RSUs \| $	$ 209,000
Weighted-average period over which the unrecognized compensation will be recorded	2 years 4 months 24 days
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years for options granted	10 years
Options issued under the plan (in Shares)	26,000
Options \| Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	25.00%
Options \| Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	50.00%
Employee Performance Based Stock Option [Member] \| Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	4 years
Percentage of options vesting rights	25.00%
Employee Performance Based Stock Option [Member] \| Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	50.00%
Performance Based Restricted Stock Unit [Member] \| Option Grant Solely Contingent upon Continued Employment or Continued Service as a Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	2 years
Percentage of options vesting rights	50.00%
Minimum \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	2 years
Minimum \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	3 years
Maximum \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	6 years
Maximum \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	6 years
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units grants during period	0
2014 Plan \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units grants during period	0
2014 Plan \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance metric period	3 years
2014 Plan \| Performance Based Restricted Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units grants during period	0

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Summary of Equity-Based Compensation Plans with Grants Outstanding (Detail) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized	60,000,000	60,000,000
2000 Broadly-Based Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized	2,000,000
Options/RSUs Outstanding	11,000
Shares Available to Issue	0
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized	700,000
Options/RSUs Outstanding	109,000
Shares Available to Issue	6,000
Granted (Shares)	25,000
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized	950,000
Options/RSUs Outstanding	514,000
Shares Available to Issue	137,000
Granted (Shares)	1,000
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized	275,000
Options/RSUs Outstanding	131,000
Shares Available to Issue	144,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under the plan (in Shares)	1,000
RSUs \| 2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized	218,000
RSUs \| 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized	40,000
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under the plan (in Shares)	26,000
Granted (Shares)	26,000
Options \| 2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (Shares)	13,000
Options \| 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (Shares)	0
Employee Performance Based Stock Option [Member] \| 2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (Shares)	12,000
Employee Performance Based Stock Option [Member] \| 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (Shares)	1,000
Option Grant Solely Contingent upon Continued Employment or Continued Service as a Director \| Performance Based Restricted Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	2 years
Percentage of options vesting rights	50.00%
Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	25.00%
Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric \| Employee Performance Based Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	4 years
Percentage of options vesting rights	25.00%
Share-based Compensation Award, Tranche Three [Member] \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	50.00%
Share-based Compensation Award, Tranche Three [Member] \| Employee Performance Based Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	50.00%

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Summary of Equity-Based Compensation Plans with Grants Outstanding (Textual) (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized	60,000,000	60,000,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 2,517.06
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	749,000	1,049,000
Options \| Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	25.00%
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	700,000
Shares Available to Issue	6,000
2010 Plan \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	218,000
Restricted share units outstanding	15,000	21,000
2010 Plan \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	94,000
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	950,000
Shares Available to Issue	137,000
2014 Plan \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance metric period	3 years
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	275,000
Shares Available to Issue	144,000
2018 Plan \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized	40,000

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Equity-Based Compensation Plans (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) $ / shares shares
Stock Options
Stock Option, Shares
Outstanding at beginning of period (Shares)	1,049
Granted (Shares)	26
Exercised (Shares)	(271)
Forfeited (Shares)	(55)
Outstanding at end of period (Shares)	749
Exercisable at end of period (Shares)	353
Weighted Average Per Share Exercise Price
Outstanding at beginning of period (Weighted Average Exercise Price) \| $ / shares	$ 1,766.87
Granted (Weighted Average Exercise Price) \| $ / shares	2,778.19
Exercised (Weighted Average Exercise Price) \| $ / shares	1,010.52
Forfeited (Weighted Average Exercise Price) \| $ / shares	2,377.25
Outstanding at end of period (Weighted Average Exercise Price) \| $ / shares	2,030.42
Exercisable at end of period (Weighted Average Exercise Price) \| $ / shares	$ 1,122.70
Remaining Contractual Life and Aggregate Intrinsic Value
Outstanding at end of period (Weighted Average Remaining Contract Life (Years)	6 years 3 months 18 days
Exercisable at end of period (Weighted Average Remaining Contract Life (Years)	4 years 3 months 18 days
Outstanding at end of period (Aggregate Intrinsic Value) \| $	$ 1,331,593
Exercisable at end of period (Aggregate Intrinsic Value) \| $	$ 946,842
2010 Plan
Stock Option, Shares
Granted (Shares)	25
RSU, Shares
Granted (Shares)	1
2010 Plan \| Stock Options
Stock Option, Shares
Granted (Shares)	13
Outstanding at end of period (Shares)	94
2010 Plan \| RSUs
RSU, Shares
Outstanding at beginning of period (Shares)	21
Granted (Shares)	1
Vested (Shares)	(5)
Forfeited (Shares)	(2)
Outstanding at end of period (Shares)	15
Vested, but not issued at end of period (Shares)	0
Remaining Contractual Life and Aggregate Intrinsic Value
Outstanding at end of period (Aggregate Intrinsic Value) \| $	$ 58,528
Vested, but not issued at end of period (Aggregate Intrinsic Value) \| $	$ 0
2010 Plan \| Employee Performance Based Stock Option [Member]
Stock Option, Shares
Granted (Shares)	12
2010 Plan \| Time Based Restricted Stock Unit [Member]
RSU, Shares
Granted (Shares)	1
2010 Plan \| Performance Based Restricted Stock Unit [Member]
RSU, Shares
Granted (Shares)	0
2014 Plan
Stock Option, Shares
Granted (Shares)	1
RSU, Shares
Granted (Shares)	0
2014 Plan \| Stock Options
Stock Option, Shares
Granted (Shares)	0
2014 Plan \| RSUs
RSU, Shares
Granted (Shares)	0
2014 Plan \| Employee Performance Based Stock Option [Member]
Stock Option, Shares
Granted (Shares)	1
2014 Plan \| Performance Based Restricted Stock Unit [Member]
RSU, Shares
Granted (Shares)	0

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Black-Scholes Option-Pricing Model Assumptions (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Estimated option life	5 years 6 months 18 days	5 years 21 days	5 years 3 months 3 days
Risk free interest rate (range), minimum	1.51%	2.19%	1.53%
Risk free interest rate (range), maximum	2.73%	3.13%	2.38%
Expected volatility (range), minimum	19.17%	16.57%	15.09%
Expected volatility (range), maximum	22.01%	20.05%	17.95%
Expected dividend rate	0.00%	0.00%	0.00%
Weighted average grant-date fair value per share of options granted	$ 661.01	$ 687.81	$ 494.17

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Exercised Option Proceeds (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Aggregate exercise proceeds	$ 274,028	$ 174,110	$ 140,525
Aggregate intrinsic value on exercise dates	$ 593,162	$ 355,318	$ 206,890

Leases Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Leases - Additional Information [Abstract]
Lessee, Operating Lease, Term of Contract	20 years
Lessee, Operating Lease, Option to Extend	P10Y
Rent expense under operating leases		$ 52,900	$ 49,400

Leases Leases - Components of Lease Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 30,991
Amortization of ROU assets	382
Interest on lease liabilities	76
Short-term lease expense	26,843
Total lease expense	$ 58,292

Leases Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Lessee, Lease, Description [Line Items]
Operating cash flows from operating leases	$ 25,272
Operating cash flows from finance leases	76
Financing cash flows from finance leases	306	$ 0	$ 0
Operating leases	17,078
Finance leases	$ 7,434
Operating leases	5 years 1 month 6 days
Finance leases	6 years 8 months 12 days
Operating leases	3.60%
Finance leases	2.80%

Leases Leases - Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Finance Lease, Liability, Payments, Due Next Twelve Months	$ 996
Finance Lease, Liability, Payments, Due Year Two	997
Finance Lease, Liability, Payments, Due Year Three	996
Finance Lease, Liability, Payments, Due Year Four	997
Finance Lease, Liability, Payments, Due Year Five	997
Finance Lease, Liability, Payments, Due after Year Five	2,936
Finance Lease, Liability, Payments, Due	7,919
Imputed interest	7,857
Finance Lease, Liability, Undiscounted Excess Amount	791
Operating lease liabilities	85,377	$ 85,516
Finance Lease, Liability	7,128
Operating Lease Liabilities, Payments Due [Abstract]
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months	30,670
Lessee, Operating Lease, Liability, Payments, Due Year Two	20,865
Lessee, Operating Lease, Liability, Payments, Due Year Three	16,640
Lessee, Operating Lease, Liability, Payments, Due Year Four	13,082
Lessee, Operating Lease, Liability, Payments, Due Year Five	8,016
Lessee, Operating Lease, Liability, Payments, Due after Year Five	9,911
Lessee, Operating Lease, Liability, Payments, Due	99,184
Operating Leases [Member]
Lessee, Lease, Description [Line Items]
Short-term Lease Commitment, Amount	5,950
Finance Leases [Member]
Lessee, Lease, Description [Line Items]
Short-term Lease Commitment, Amount	$ 0

Leases Leases - ASC 840 Disclosure (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Lessee, Lease, Description [Line Items]
Operating Leases, Future Minimum Payments Due	$ 107,703
Operating Leases, Future Minimum Payments, Due in Two Years	22,210
Operating Leases, Future Minimum Payments, Due in Three Years	17,331
Operating Leases, Future Minimum Payments Receivable, in Four Years	13,667
Operating Leases, Future Minimum Payments, Due in Five Years	10,324
Operating Leases, Future Minimum Payments, Due Thereafter	12,607
Operating Leases, Future Minimum Payments Due, Next Twelve Months	31,564
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals	(25)
Operating Leases Future Minimum Payments Due Less Sublease Rentals	$ 107,678

Commitments and Contingent Liabilities - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) lot	Dec. 31, 2017 USD ($)
Commitments And Contingencies [Line Items]
Rent expense under operating leases		$ 52,900	$ 49,400
Maximum range of deposits required under the purchase agreements	10.00%
Contingent forfeitable deposits with land developers	$ 211,500
Finished lots committed to purchase under specific performance obligations \| lot		10
Purchase price of finished lots committed to purchase under specific performance obligations	0	$ 1,505
Aggregate additional funding commitments related to raw land property development	6,100
Expected development credit offset amount	2,800
Contingent obligations under bonds or letters of credit arrangements	40,600
Credit Agreement
Commitments And Contingencies [Line Items]
Contingent obligations under letters of credit arrangements	$ 9,700

Commitments and Contingent Liabilities - Summary of Changes in Product Warranty/Liability Reserve (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Movement in Warranty Reserve [Roll Forward]
Warranty reserve, beginning of year	$ 103,700	$ 94,513	$ 93,895
Provision	69,065	62,553	44,652
Payments	(64,712)	(53,366)	(44,034)
Warranty reserve, end of year	$ 108,053	$ 103,700	$ 94,513

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)	$ 14,111	$ 14,309
Homebuilding:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	598,301	597,681
Homebuilding: \| Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	598,301	597,681
Homebuilding: \| Level 2 \| Fair Value, Measurements, Recurring \| Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	626,520	594,000
Mortgage Banking:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group	492,125	458,324
Mortgage Banking: \| Level 2 \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment income (expense)	198	(8,485)	$ (1,638)
Mortgage Banking: \| Level 2 \| Fair Value, Measurements, Recurring \| Rate lock commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	581,065
Total fair value measurement gain/(loss)	7,635
Mortgage Banking: \| Level 2 \| Fair Value, Measurements, Recurring \| Forward sales contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	986,041
Total fair value measurement gain/(loss)	(543)
Mortgage Banking: \| Level 2 \| Fair Value, Measurements, Recurring \| Mortgages held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group	492,125	458,324
Fair Value, Option, Changes in Fair Value, Gain (Loss)	7,019	10,880
Fair Value Principal Amount Loans Held for Sale	485,106	$ 447,444
Total fair value measurement gain/(loss)	$ 7,019

Fair Value - Undesignated Derivative Instruments (Detail) - Mortgage Banking: - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Rate lock commitments
Derivatives, Fair Value [Line Items]
Gross assets	$ 8,132	$ 13,831
Gross liabilities	497	345
Net commitments	7,635	13,486
Forward sales contracts
Derivatives, Fair Value [Line Items]
Gross assets	377	64
Gross liabilities	920	10,121
Net commitments	$ (543)	$ (10,057)

Fair Value - Fair Value Measurement (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain/(Loss) From Loan Sale	$ 3,808
Interest Rate Movement Effect	120
Servicing Rights Value	10,726
Security Price Change	(543)
Total Fair Value Measurement Gain/(Loss)	14,111	$ 14,309
Mortgage Banking: \| Level 2 \| Fair Value, Measurements, Recurring \| Rate lock commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	581,065
Assumed Gain/(Loss) From Loan Sale	1,832
Interest Rate Movement Effect	405
Servicing Rights Value	5,398
Security Price Change	0
Total Fair Value Measurement Gain/(Loss)	7,635
Mortgage Banking: \| Level 2 \| Fair Value, Measurements, Recurring \| Forward sales contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	986,041
Assumed Gain/(Loss) From Loan Sale	0
Interest Rate Movement Effect	0
Servicing Rights Value	0
Security Price Change	(543)
Total Fair Value Measurement Gain/(Loss)	(543)
Mortgage Banking: \| Level 2 \| Fair Value, Measurements, Recurring \| Mortgages held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional or Principal Amount	485,106	$ 447,444
Assumed Gain/(Loss) From Loan Sale	1,976
Interest Rate Movement Effect	(285)
Servicing Rights Value	5,328
Security Price Change	0
Total Fair Value Measurement Gain/(Loss)	$ 7,019

Mortgage Loan Losses Allowance - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Mortgage Repurchase Reserve [Abstract]
Pre-tax charges for loan losses related to mortgage loans sold	$ 4,200	$ 3,200	$ 2,900
Mortgage repurchase reserve	$ 18,500	$ 15,600

Quarterly Results (unaudited) - Quarterly Financial Data and Operating Information (Detail) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019 USD ($) Settlements Backlog order $ / shares	Sep. 30, 2019 USD ($) Settlements Backlog order $ / shares	Jun. 30, 2019 USD ($) Settlements Backlog order $ / shares	Mar. 31, 2019 USD ($) Settlements Backlog order $ / shares	Dec. 31, 2018 USD ($) Settlements Backlog order $ / shares	Sep. 30, 2018 USD ($) Settlements Backlog order $ / shares	Jun. 30, 2018 USD ($) Settlements Backlog order $ / shares	Mar. 31, 2018 USD ($) Settlements Backlog order $ / shares	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 USD ($) $ / shares	Dec. 31, 2017 USD ($) $ / shares
Quarterly Financial Information [Line Items]
Revenues									$ 7,388,664	$ 7,163,674	$ 6,305,840
Loans closed	$ 1,418,742	$ 1,373,946	$ 1,231,039	$ 1,140,999	$ 1,356,430	$ 1,249,199	$ 1,214,101	$ 1,009,673
Net income	$ 256,137	$ 223,787	$ 210,209	$ 188,406	$ 232,158	$ 195,816	$ 203,174	$ 166,049	$ 878,539	$ 797,197	$ 537,521
Diluted earnings per share \| $ / shares	$ 64.41	$ 56.11	$ 53.09	$ 47.64	$ 58.57	$ 48.28	$ 49.05	$ 39.34	$ 221.13	$ 194.80	$ 126.77
New orders (units) \| order	4,392	4,766	5,239	5,139	3,841	4,302	4,964	5,174
Settlements (units) \| Settlements	5,331	5,124	4,720	4,493	5,186	4,754	4,611	3,896
Backlog (units) \| Backlog	8,233	9,172	9,530	9,011	8,365	9,710	10,162	9,809
Homebuilding:
Quarterly Financial Information [Line Items]
Gross profit	$ 379,467	$ 355,055	$ 332,060	$ 304,400	$ 363,668	$ 336,696	$ 333,666	$ 278,147
Revenues	1,946,859	1,873,331	1,757,448	1,643,206	1,954,403	1,809,345	1,750,463	1,490,093	$ 7,220,844	$ 7,004,304	$ 6,175,521
Mortgage Banking:
Quarterly Financial Information [Line Items]
Revenues	$ 43,336	$ 37,933	$ 42,746	$ 43,805	$ 40,145	$ 43,062	$ 36,842	$ 39,321	$ 167,820	$ 159,370	$ 130,319

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 416,037,000