0000906163-22-000008 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 268	$ 269
Inventory:
Land under development	12,147	62,790
Contract land deposits, net	497,139	387,628
Total assets	5,834,475	5,777,141
LIABILITIES AND SHAREHOLDERS' EQUITY
Accrued expenses and other liabilities	248
Operating Lease, Liability	74,565
Total liabilities	2,832,097	2,674,067
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, 2017 and December 31, 2016	206	206
Additional paid-in capital	2,378,191	2,214,426
Deferred compensation trust – 108,640 shares of NVR, Inc. common stock as of both December 31, 2017 and December 31, 2016	(16,710)	(16,710)
Deferred compensation liability	16,710	16,710
Retained earnings	10,047,839	8,811,120
Less treasury stock at cost – 16,864,324 and 16,862,327 shares as of December 31, 2017 and December 31, 2016, respectively	(9,423,858)	(7,922,678)
Total shareholders' equity	3,002,378	3,103,074
Total liabilities and shareholders' equity	5,834,475	5,777,141
Home Building
ASSETS
Cash and cash equivalents	2,545,069	2,714,720
Restricted cash	60,730	28,912
Receivables	18,552	18,299
Inventory:
Lots and housing units, covered under sales agreements with customers	1,777,862	1,484,936
Unsold lots and housing units	127,434	123,197
Land under development	12,147	62,790
Building materials and other	29,923	38,159
Total Inventory	1,947,366	1,709,082
Contract land deposits, net	497,139	387,628
Property, plant and equipment, net	56,979	57,786
Operating Lease, Right-of-Use Asset	59,010	53,110
Goodwill acquired from business acquisition	41,580	41,580
Deferred tax assets, net	132,894	132,980
Other assets	96,124	70,419
Total assets	5,455,443	5,214,516
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	336,560	339,867
Accrued expenses and other liabilities	435,860	440,671
Contract with Customer, Liability	417,463	240,758
Operating Lease, Liability	64,128	59,357
Senior notes	1,516,255	1,517,395
Total liabilities	2,770,266	2,598,048
Mortgage Banking
ASSETS
Cash and cash equivalents	28,398	63,547
Restricted cash	2,519	2,334
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance	302,192	449,760
Inventory:
Property, plant and equipment, net	3,658	4,544
Operating Lease, Right-of-Use Asset	9,758	12,439
Goodwill acquired from business acquisition	7,347	7,347
Other assets	25,160	22,654
Total assets	379,032	562,625
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating Lease, Liability	10,437	13,299
Accounts payable and other liabilities	51,394	62,720
Total liabilities	$ 61,831	$ 76,019

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
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	106,697	106,697
Treasury stock, shares	17,107,889	16,859,753

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues	$ 8,951,025	$ 7,536,923	$ 7,388,664
Interest expense	(53,117)	(40,872)	(25,380)
Profit before taxes	1,590,403	1,078,033	1,025,795
Income tax expense	(353,684)	(176,785)	(147,256)
Net income	$ 1,236,719	$ 901,248	$ 878,539
Basic earnings per share (USD per share)	$ 345.37	$ 244.11	$ 241.31
Diluted earnings per share (USD per share)	$ 320.48	$ 230.11	$ 221.13
Basic weighted average shares outstanding (in Shares)	3,580,800	3,691,987	3,640,688
Diluted weighted average shares outstanding (in Shares)	3,858,912	3,916,661	3,973,027
Home Building
Revenues	$ 8,701,693	$ 7,328,889	$ 7,220,844
Other income	6,559	16,938	24,779
Cost of sales	(6,763,115)	(5,937,401)	(5,849,862)
Selling, general and administrative	(474,808)	(431,008)	(447,547)
Interest expense	(51,530)	(39,458)	(24,335)
Profit before taxes	1,418,799	937,960	923,879
Operating income	1,470,329	977,418	948,214
Mortgage Banking
Revenues	249,332	208,034	167,820
Interest income	8,725	8,930	12,142
Other income	3,753	3,249	2,857
General and administrative	(88,619)	(78,726)	(79,858)
Interest expense	(1,587)	(1,414)	(1,045)
Profit before taxes	$ 171,604	$ 140,073	$ 101,916

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
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	901,248			901,248
Deferred compensation activity, net						202	(202)
Purchase of common stock for treasury	(371,078)				(371,078)
Equity-based compensation	50,794		50,794
Proceeds from stock options exercised	180,866		180,866
Treasury stock issued upon option exercise and restricted share vesting			(72,641)		72,641
Ending Balance at Dec. 31, 2020	3,103,074	206	2,214,426	8,811,120	(7,922,678)	(16,710)	16,710
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,236,719			1,236,719
Purchase of common stock for treasury	(1,538,019)				(1,538,019)
Equity-based compensation	58,234		58,234
Proceeds from stock options exercised	142,370		142,370
Treasury stock issued upon option exercise and restricted share vesting			(36,839)		36,839
Ending Balance at Dec. 31, 2021	$ 3,002,378	$ 206	$ 2,378,191	$ 10,047,839	$ (9,423,858)	$ (16,710)	$ 16,710

- Definition

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

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 1,236,719	$ 901,248	$ 878,539
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	19,463	21,992	20,818
Equity-based compensation expense	58,234	50,794	78,532
Contract land deposit (recoveries) impairments and other impairments, net	(20,827)	28,079	(680)
Gain on sale of loans, net	(205,582)	(168,720)	(128,642)
Deferred tax (benefit)	(234)	(17,565)	(4,070)
Mortgage loans closed	(6,079,454)	(5,323,932)	(5,169,422)
Mortgage loans sold and principal payments on mortgage loans held for sale	6,424,204	5,536,568	5,260,600
Distribution of earnings from unconsolidated joint ventures	9,500	1,432	3,476
Net change in assets and liabilities:
Increase in inventory	(238,284)	(362,384)	(94,178)
(Increase) decrease in contract land deposits	(87,374)	519	(16,994)
Decrease (increase) in receivables	1,956	(1,675)	2,754
(Decrease) increase in accounts payable and accrued expenses	(19,954)	168,667	33,926
Increase (Decrease) in Contract with Customer, Liability	176,705	108,872	(6,360)
Other, net	(32,679)	(18,626)	8,236
Operating activities	1,242,393	925,269	866,535
Net cash provided by operating activities	1,242,393	925,269	866,535
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(1,282)	(435)	(702)
Distribution of capital from unconsolidated joint ventures	0	11,625	8,247
Purchase of property, plant and equipment	(17,875)	(16,119)	(22,699)
Proceeds from the sale of property, plant and equipment	978	996	1,870
Net Cash Provided by (Used in) Investing Activities	(18,179)	(3,933)	(13,284)
Cash flows from financing activities:
Purchase of treasury stock	(1,538,019)	(371,078)	(698,417)
Proceeds from Issuance of Senior Long-term Debt	0	923,905	0
Payments of Debt Issuance Costs	0	(5,062)	0
Finance Lease, Principal Payments	(1,363)	(989)	(306)
Proceeds from the exercise of stock options	142,370	180,866	274,028
Financing activities	(1,397,012)	727,642	(424,695)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	(172,798)	1,648,978	428,556
Cash, restricted cash, and cash equivalents, beginning of the year	2,809,782	1,160,804	732,248
Cash, restricted cash, and cash equivalents, end of the year	2,636,984	2,809,782	1,160,804
Supplemental disclosures of cash flow information:
Interest paid during the year, net of interest capitalized	53,680	36,805	24,453
Income taxes paid during the year, net of refunds	$ 389,383	$ 163,076	$ 153,915

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

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 maturities at acquisition 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, 2021 and 2020, $268 and $269, 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 in cost of sales.

Contract Land Deposits

We purchase finished lots under fixed price lot purchase agreements (“LPAs”) 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 quantitative and qualitative information including, as applicable, current sales absorption levels, recent sales’ profit margin, 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 profit 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 profit 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 LPA, 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, 2021 we incurred a net pre-tax recovery of approximately $22,100 of contract land deposits previously determined to be unrecoverable. For the year ended December 31, 2020, we incurred a net pre-tax charge of approximately $25,600 related to the impairment of contract land deposits. For the year ended December 31, 2019, we incurred a net pre-tax recovery of approximately $700 of contract land deposits previously determined to be unrecoverable. The contract land deposit assets on the accompanying consolidated balance sheets are shown net of the allowance for losses of $30,041 and $52,205 at December 31, 2021 and 2020, 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’ profit margin, 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.

Leases

We determine if an arrangement is a lease, or contains a lease, at the inception of the arrangement. Once determined that an arrangement is a lease, we then determine if the lease is an operating lease or a finance lease. Both operating and finance leases result in us recording a right-of-use ("ROU") asset and lease liability on our balance sheet. 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 leases term, adjusted to infer collateralization. Specific lease terms may include options to extend or terminate the lease when we believe it is reasonably certain that we will exercise that option.

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"). As is allowed under GAAP, we have elected to exclude Short-term leases from the recognition requirements and they are not included in our recognized ROU assets and lease liabilities. Operating leases are reported in "Operating lease right-of-use assets" and "Operating lease liabilities" and finance leases are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying consolidated balance sheets. See Note 13 herein for further information.

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 an investor. 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 investors. The forward sale contracts lock-in a range of interest rates and prices 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 investors are undesignated derivatives, and, accordingly, are marked to fair value through earnings. At December 31, 2021, there were contractual commitments to extend credit to borrowers aggregating $1,028,451, and open forward delivery sale contracts aggregating $1,184,999, 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, 2021, 2020 and 2019:


	Year Ended December 31,
	2021	2020	2019
Weighted average number of shares outstanding used to calculate basic EPS	3,580,800	3,691,987	3,640,688
Dilutive securities:
Stock options and restricted share units	278,112	224,674	332,339
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS	3,858,912	3,916,661	3,973,027

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, 2021, 2020 and 2019, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive.


	Year Ended December 31,
	2021	2020	2019
Anti-dilutive securities	23,062	31,210	319,210

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 on homes not settled, were $417,463 and $240,758 as of December 31, 2021 and 2020, respectively. Substantially all customer deposits are recognized in revenue within twelve months of being received from customers. Our contract assets, consisting of prepaid sales compensation, totaled approximately $25,200 and $22,500, as of December 31, 2021 and 2020, 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.

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 our 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 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, 2021, 2020 and 2019, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying consolidated financial statements.

Contract Land Deposits

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.

Segment Information, Nature of Operations, and Certain Concentrations

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information, Nature of Operations, and Certain Concentrations

2. 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-four 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 22% of our 2021 homebuilding revenues from the Washington, D.C. metropolitan area.

Our mortgage banking segment is a regional mortgage banking operation. Substantially all of our 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.

Assets not allocated to the operating segments are not included in either the operating segment's corporate capital allocation charge or 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 an LPA with the developer, or the restructuring of an LPA 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 predominately 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 and 3.00% Senior Notes due 2030 (the “Senior Notes”), which are not charged to the operating segments because the charges are included in the corporate capital allocation discussed above.

The following tables present certain segment financial data, with reconciliations to the amounts reported for the consolidated company, where applicable:


	Year Ended December 31,
	2021		2020		2019
Revenues:
Homebuilding Mid Atlantic	$	4,049,871	$	3,668,542	$	3,901,573
Homebuilding North East	767,828		538,772		514,804
Homebuilding Mid East	1,891,729		1,524,667		1,501,139
Homebuilding South East	1,992,265		1,596,908		1,303,328
Mortgage Banking	249,332		208,034		167,820
Consolidated revenues	$	8,951,025	$	7,536,923	$	7,388,664


	Year Ended December 31,
	2021		2020		2019
Profit before taxes:
Homebuilding Mid Atlantic	$	734,941	$	437,849	$	478,537
Homebuilding North East	105,432		50,677		51,728
Homebuilding Mid East	271,756		168,605		173,374
Homebuilding South East	329,982		205,029		155,144
Mortgage Banking	176,251		143,319		105,292
Total segment profit	1,618,362		1,005,479		964,075
Reconciling items:
Contract land deposit reserve adjustment (1)	22,163		(24,633)		1,644
Equity-based compensation expense (2)	(58,234)		(50,794)		(78,532)
Corporate capital allocation (3)	252,787		239,233		224,468
Unallocated corporate overhead	(139,611)		(114,921)		(105,125)
Consolidation adjustments and other (4)	(53,671)		63,025		43,486
Corporate interest expense	(51,393)		(39,356)		(24,221)
Reconciling items sub-total	(27,959)		72,554		61,720
Consolidated profit before taxes	$	1,590,403	$	1,078,033	$	1,025,795

(1)This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of contract land deposit impairment charges in Note 3.

(2)The decrease in equity-based compensation expense in 2020 was primarily attributable to stock options issued in 2014 under the 2014 Equity Incentive Plan becoming fully vested in 2019. In addition, there were higher stock option forfeitures in 2020 compared to 2019.

(3)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,
	2021		2020		2019
Corporate capital allocation charge:
Homebuilding Mid Atlantic	$	124,316	$	124,426	$	123,130
Homebuilding North East	25,431		22,850		19,755
Homebuilding Mid East	43,686		40,256		37,263
Homebuilding South East	59,354		51,701		44,320
Total corporate capital allocation charge	$	252,787	$	239,233	$	224,468

(4) The decrease in consolidation adjustments and other for 2021 compared to 2020 is driven by changes in lumber prices in 2021. Our reportable segments' results include the intercompany profits of our production facilities for home packages delivered to our homebuilding divisions. For homes not yet settled, these intercompany profits are reversed through the consolidation adjustments. Due to the significantly higher lumber prices in the first half of 2021, the previously reversed intercompany profits were recognized in subsequent quarters through the consolidation adjustment as homes were settled, and our consolidated homebuilding margins were negatively impacted by the higher lumber costs.


	As of December 31,
	2021		2020
Assets:
Homebuilding Mid Atlantic	$	1,322,818	$	1,140,910
Homebuilding North East	235,048		202,591
Homebuilding Mid East	438,700		377,448
Homebuilding South East	629,198		494,295
Mortgage Banking	371,685		555,278
Total segment assets	2,997,449		2,770,522
Reconciling items:
Cash and cash equivalents	2,545,069		2,714,720
Deferred taxes	132,894		132,980
Intangible assets and goodwill	49,368		49,678
Operating lease right-of-use assets	59,010		53,110
Finance lease right-of-use assets	14,578		15,772
Contract land deposit reserve	(30,041)		(52,205)
Consolidation adjustments and other	66,148		92,564
Reconciling items sub-total	2,837,026		3,006,619
Consolidated assets	$	5,834,475	$	5,777,141


	Year Ended December 31,
	2021		2020		2019
Interest income:
Mortgage Banking	$	8,725	$	8,930	$	12,142
Total segment interest income	8,725		8,930		12,142
Other unallocated interest income	3,154		8,549		20,635
Consolidated interest income	$	11,879	$	17,479	$	32,777


	Year Ended December 31,
	2021		2020		2019
Interest expense:
Homebuilding Mid Atlantic	$	124,385	$	124,486	$	123,178
Homebuilding North East	25,463		22,859		19,804
Homebuilding Mid East	43,695		40,261		37,266
Homebuilding South East	59,381		51,729		44,334
Mortgage Banking	1,587		1,414		1,045
Total segment interest expense	254,511		240,749		225,627
Corporate capital allocation (3)	(252,787)		(239,233)		(224,468)
Senior Notes and other interest	51,393		39,356		24,221
Consolidated interest expense	$	53,117	$	40,872	$	25,380


	Year Ended December 31,
	2021		2020		2019
Depreciation and amortization:
Homebuilding Mid Atlantic	$	6,183	$	6,806	$	7,069
Homebuilding North East	1,628		1,800		1,411
Homebuilding Mid East	4,259		4,969		4,348
Homebuilding South East	3,325		3,636		3,086
Mortgage Banking	1,283		1,534		1,581
Total segment depreciation and amortization	16,678		18,745		17,495
Unallocated corporate	2,785		3,247		3,323
Consolidated depreciation and amortization	$	19,463	$	21,992	$	20,818


	Year Ended December 31,
	2021		2020		2019
Expenditures for property and equipment:
Homebuilding Mid Atlantic	$	7,073	$	5,712	$	9,218
Homebuilding North East	1,062		1,083		2,000
Homebuilding Mid East	4,813		5,041		5,221
Homebuilding South East	4,142		3,818		3,944
Mortgage Banking	401		265		899
Total segment expenditures for property and equipment	17,491		15,919		21,282
Unallocated corporate	384		200		1,417
Consolidated expenditures for property and equipment	$	17,875	$	16,119	$	22,699

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Variable Interest Entities

12 Months Ended

Dec. 31, 2021

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 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 LPAs 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 LPAs is limited to the amount of the deposit pursuant to the liquidated damage provisions contained within the LPAs. None of the creditors of any of

the development entities with which we enter LPAs 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 LPAs. 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 LPA 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 LPAs, 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 LPA 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 LPAs, and therefore we do not consolidate any of these VIEs.

As of December 31, 2021, we controlled approximately 122,800 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $521,900 and $10,100, respectively. As noted above, our sole legal obligation and economic loss for failure to perform under these LPAs is limited to the amount of the deposit pursuant to the liquidated damage provisions contained in the LPAs and, in very limited circumstances, specific performance obligations. During 2021, we recorded a net reversal of approximately $22,100 related to previously impaired lot deposits as market conditions have improved. Our contract land deposit asset is shown net of a $30,041 and $52,205 impairment reserve at December 31, 2021 and December 31, 2020, respectively.

In addition, we have certain properties under contract with land owners that are expected to yield approximately 15,500 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 totaling approximately $5,300 as of December 31, 2021, of which approximately $3,400 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 an LPA 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, 2021 and 2020 was as follows:


	As of December 31,
	2021		2020
Contract land deposits	$	527,180	$	439,833
Loss reserve on contract land deposits	(30,041)		(52,205)
Contract land deposits, net	497,139		387,628
Contingent obligations in the form of letters of credit	10,145		8,249
Total risk of loss	$	507,284	$	395,877

Joint Ventures	12 Months Ended
Joint Ventures	Dec. 31, 2021
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 LPAs 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 LPA to purchase lots from these JVs, and as a result have a variable interest in these JVs. At December 31, 2021, we had an aggregate investment totaling approximately $20,300 in four JVs that are expected to produce approximately 2,300 finished lots, of which approximately 1,900 lots were controlled by us and the remaining approximately 400 lots were either under contract with unrelated parties or not currently under contract. We had additional funding commitments totaling approximately $2,500 in one of the JVs at December 31, 2021. During the fourth quarter of 2021, we recognized an impairment of approximately $1,300 related to one of the JVs. The charge was recorded to homebuilding "Cost of sales" on the accompanying consolidated statements of income. None of the other JVs had any indicators of impairment during 2021. We determined that we are not the primary beneficiary in three 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 $20,300 and $23,600 at December 31, 2021 and December 31, 2020, 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. All activities under the consolidated JV had been completed and as of December 31, 2021, we had no remaining investment in the JV. The JV had remaining balances of $268 in cash and $248 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, 2020, we had an aggregate investment totaling approximately $23,600 in four JVs that were expected to produce approximately 5,200 finished lots, of which approximately 2,200 lots were controlled by us and the remaining approximately 3,000 lots were either under contract with unrelated parties or not currently under contract. In addition, at December 31, 2020, we had additional funding commitments in the aggregate totaling $3,100 to one of the JVs. During the fourth quarter of 2020, one of the JVs sold a portion of its owned land. As a result of the sale, we received a distribution from the JV of approximately $13,100 and recognized a net gain on the sale of approximately $5,000.

Land Under Development	12 Months Ended
Land Under Development	Dec. 31, 2021
Real Estate [Abstract]
Land Under Development	Land Under Development On a limited basis, we directly acquire raw land parcels 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. During 2021, we had the following significant land under development transactions: –Sold a land parcel to a developer for approximately $45,800, which approximated our carrying value of the property as of the sale date. In conjunction with the sale, we entered into an LPA with the developer for the option to purchase the finished lots expected to be developed from the parcel. –Completed the development of one land parcel and transferred development costs totaling approximately $16,500 to inventory. –Purchased two raw land parcels for a total purchase price of approximately $11,200, which are expected to produce approximately 200 lots. As of December 31, 2021, we owned land with a carrying value of $12,147 that we intend to develop into approximately 200 finished lots primarily for use in our homebuilding operations. We also have additional funding commitments of approximately $2,700 under a joint development agreement related to one project, a portion of which we expect will be offset by development credits of approximately $800. None of our land under development projects had any indicators of impairment as of December 31, 2021. As of December 31, 2020, we directly owned land with a carrying value of $62,790, which was expected to produce approximately 500 finished lots.

Capitalized Interest

12 Months Ended

Dec. 31, 2021

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 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, 2021, 2020 and 2019 was as follows:


	Year Ended December 31,
	2021		2020		2019
Interest capitalized, beginning of year	$	1,025	$	3,499	$	4,154
Interest incurred	53,248		41,327		26,463
Interest charged to interest expense	(53,117)		(40,872)		(25,380)
Interest charged to cost of sales	(563)		(2,929)		(1,738)
Interest capitalized, end of year	$	593	$	1,025	$	3,499

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsDuring the year ended December 31, 2021, we entered into LPAs to purchase finished building lots for a total purchase price of approximately $189,000 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 2021, 2020 and 2019, we purchased developed lots at market prices from Elm Street for approximately $43,700, $60,200 and $44,600, respectively. We also continue to control a parcel of raw land expected to yield approximately 1,600 finished lots through a JV entered into with Elm Street during 2009. We did not make any investments in the JV in 2021, 2020 or 2019.

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

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

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

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


	As of December 31,
	2021		2020
Homebuilding:
Office facilities and other	$	39,826	$	39,647
Model home furniture and fixtures	32,384		32,686
Production facilities	87,379		77,420
Finance lease right-of-use assets	14,578		15,772
Gross Homebuilding PP&E	174,167		165,525
Less: accumulated depreciation	(117,188)		(107,739)
Net Homebuilding PP&E	$	56,979	$	57,786

Mortgage Banking:
Office facilities and other	$	15,090	$	14,716
Less: accumulated depreciation	(11,432)		(10,172)
Net Mortgage Banking PP&E	$	3,658	$	4,544

Debt	12 Months Ended
Debt	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt As of December 31, 2021, we had the following debt instruments outstanding: 3.95% Senior Notes due 2022 ("2022 Senior Notes") On September 10, 2012, we issued $600,000 of the 2022 Senior Notes. The 2022 Senior Notes were issued at a discount to yield 3.97% and have been reflected net of the unamortized discount and unamortized debt issuance costs in the accompanying consolidated balance sheets. The offering of the 2022 Senior Notes resulted in aggregate net proceeds of approximately $593,900, after deducting underwriting discounts and other offering expenses. The 2022 Senior Notes mature on September 15, 2022 and bear interest at 3.95%, payable semi-annually in arrears on March 15 and September 15. As of December 31, 2021 and 2020, the unamortized discount was $87 and $207, respectively, and unamortized debt issuance costs were $359 and $868, respectively. 3.00% Senior Notes due 2030 ("2030 Senior Notes") On May 4, 2020, we issued $600,000 of the 2030 Senior Notes. The 2030 Senior Notes were issued at a discount to yield 3.02% and have been reflected net of the unamortized discount and unamortized debt issuance costs in the accompanying consolidated balance sheet. The offering of the 2030 Senior Notes resulted in aggregate net proceeds of approximately $595,200, after deducting underwriting discount and offering expenses. The 2030 Senior Notes mature on May 15, 2030 and bear interest at 3.00%, payable semi-annually in arrears on May 15 and November 15. As of December 31, 2021 and 2020, the unamortized discount was $975 and $1,075, respectively, and unamortized debt issuance costs were $3,025 and $3,387, respectively. On September 9 and September 17, 2020, we issued an additional $250,000 and $50,000, respectively, of the 2030 Senior Notes (the "2030 Additional Notes" and together with the 2030 Senior Notes and the 2022 Senior Notes, the "Senior Notes"). The 2030 Additional Notes were issued at a premium to yield 2.00% and have been reflected net of the unamortized premium and unamortized debt issuance costs in the accompanying consolidated balance sheet. The offering of the 2030 Additional Notes resulted in aggregate net proceeds of approximately $323,600, including the underwriting premium, less offering expenses. As of December 31, 2021 and 2020, the 2030 Additional Notes unamortized premium was $21,945 and $24,324, respectively, and unamortized debt issuance costs were $1,243 and $1,392, 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, 2021. Credit Agreement On February 12, 2021, we entered into The Amended and Restated Credit Agreement with Bank of America, N.A., as Administrative Agent, BOFA Securities, Inc. as Sole Lead Arranger and Sole Bookrunner, and other lenders party thereto (the "Credit Agreement"). The Credit Agreement provides for aggregate revolving loan commitments of $300,000 (the "Facility"). 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. In addition, the Credit Agreement provides for a $100,000 sublimit for the issuance of letters of credit of which approximately $16,100 was outstanding at December 31, 2021. 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 our 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 February 12, 2026. We were in compliance with all covenants under the Credit Agreement at December 31, 2021. There was no debt outstanding under the Facility at December 31, 2021. Repurchase Agreement In July 2021, NVRM entered into the Thirteenth 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 twelve 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 1.75%. The Pricing Rate at December 31, 2021 was 1.88%. 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, 2021, there were no borrowing base limitations reducing the amount available under the Repurchase Agreement. As of both December 31, 2021 and 2020, there was no debt outstanding under the Repurchase Agreement. The Repurchase Agreement expires on July 20, 2022. 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, 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Common Stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Common Stock

There were 3,447,441 and 3,695,577 common shares outstanding at December 31, 2021 and 2020, respectively. We made the following share repurchases during the years indicated:


	Year Ended December 31,
	2021		2020		2019
Aggregate purchase price	$	1,538,019	$	371,078	$	698,417
Number of shares repurchased	322,038		96,346		220,965

We issue shares from the treasury account for all equity plan activity. We issued 74,027, 159,151 and 275,906 such shares during 2021, 2020 and 2019, respectively.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The provision for income taxes consists of the following:


	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	272,971	$	151,532	$	115,610
State	80,650		42,769		34,586
Deferred:
Federal	873		(13,289)		(2,195)
State	(810)		(4,227)		(745)
Income tax expense	$	353,684	$	176,785	$	147,256

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


	As of December 31,
	2021		2020
Deferred tax assets:
Other accrued expenses and contract land deposit reserve	$	64,123	$	67,520
Deferred compensation	4,682		4,608
Equity-based compensation expense	46,020		41,839
Inventory	13,014		13,118
Unrecognized tax benefit	10,634		11,705
Other	9,876		8,639
Total deferred tax assets	148,349		147,429
Less: Deferred tax liabilities	7,874		7,184
Net deferred tax asset	$	140,475	$	140,245

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 $1,334,100 for the year ended December 31, 2021, and was $770,000 for the year ended December 31, 2020.

A reconciliation of income taxes computed at the federal statutory rate (21% in 2021, 2020, and 2019) to income tax expense is as follows:


	Year Ended December 31,
	2021		2020		2019
Income taxes computed at the federal statutory rate	$	333,985	$	226,387	$	215,417
State income taxes, net of federal income tax benefit (1)	72,082		47,469		45,770
Excess tax benefits from equity-based compensation	(48,369)		(92,234)		(101,466)
Other, net (2)	(4,014)		(4,837)		(12,465)
Income tax expense	$	353,684	$	176,785	$	147,256

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

(2)Primarily attributable to tax benefits from certain energy credits for the years ended December 31, 2021, 2020 and 2019.

Our effective tax rate in 2021, 2020 and 2019 was 22.24%, 16.40% and 14.36%, 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 2018.

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


	Year Ended December 31,
	2021		2020
Balance at beginning of year	$	36,817	$	39,356
Additions based on tax positions related to the current year	3,436		3,155
Reductions for tax positions of prior years	(6,763)		(5,694)
Settlements	—		—
Balance at end of year	$	33,490	$	36,817

If recognized, the total amount of unrecognized tax benefits that would affect the effective tax rate (net of the federal tax benefit) is $26,456 as of December 31, 2021.

We recognize interest related to unrecognized tax benefits as a component of income tax expense. For the years ended December 31, 2021, 2020, and 2019, we recognized a net reversal of accrued interest on unrecognized tax benefits in the amount of $1,455, $420 and $1,467, respectively. As of December 31, 2021 and 2020, we had a total of $13,849 and $15,304, 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, 2021 will be reduced by approximately $6,464 due to statute expiration and effectively settled positions in various state jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
-SubTopic 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [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, 2021. Each of the following plans was approved by our shareholders:


Equity-Based Compensation Plans	Shares Authorized	Options/RSUs Outstanding	Shares Available to Issue
2010 Equity Incentive Plan (1)	700,000	76,903	—
2014 Equity Incentive Plan (2)	950,000	354,876	110,942
2018 Equity Incentive Plan (3)	275,000	119,480	155,270

(1)The 2010 Equity Incentive Plan (the “2010 Plan”) authorizes us to issue Options and RSUs. There were 63,869 Options and 13,034 RSUs outstanding as of December 31, 2021. Shares can no longer be granted from this plan.

(2)The 2014 Equity Incentive Plan (the “2014 Plan”) authorizes us to issue Options only.

(3)The 2018 Equity Incentive Plan (the "2018 Plan") authorizes us to issue Options and RSUs. Of the 275,000 aggregate shares authorized to issue, all may be granted in the form of Options and up to 40,000 may be granted in the form of RSUs. There were 115,950 Options and 3,530 RSUs outstanding as of December 31, 2021. Of the 155,270 shares available to issue, 36,470 may be granted in the form of RSUs.

During 2021, we issued 18,912 Options under the 2014 Plan. These options vest over four years in 25% increments beginning on either December 31, 2023 or December 31, 2024, based on the date of grant. Vesting for half of the Options issued is contingent solely upon continued employment, while vesting for the other half of the Options issued is contingent upon both continued employment and our return on capital performance during the three year periods beginning 2021 or 2022.

In addition, 50 RSUs were granted under the 2018 Plan during 2021. These RSUs vest over two years in 50% increments beginning on December 31, 2023. 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, 2021:


	Shares	Weighted Avg. Per Share Exercise Price		Weighted Avg. Remaining Contract Life (years)	Aggregate Intrinsic Value
Stock Options
Outstanding at December 31, 2020	593,426	$	2,295.11
Granted	18,912	4,719.80
Exercised	(73,749)	1,933.30
Forfeited	(3,894)	3,140.57
Outstanding at December 31, 2021	534,695	$	2,424.62	5.3	$	1,863,010
Exercisable at December 31, 2021	334,634	$	1,993.07	4.3	$	1,310,360

RSUs
Outstanding at December 31, 2020	17,598
Granted	50
Vested	(278)
Forfeited	(806)
Outstanding at December 31, 2021	16,564				$	97,875
Vested, but not issued at December 31, 2021	—				$	—

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 2021, 2020 and 2019 was estimated on the grant date using the Pricing Model, based on the following assumptions:


	2021			2020			2019
Estimated option life (years)	5.31			5.36			5.55
Risk free interest rate (range)	0.30%-1.55%			0.22%-1.94%			1.51%-2.73%
Expected volatility (range)	24.46%-30.80%			18.78%-32.48%			19.17%-22.01%
Expected dividend rate	—		%	—		%	—		%
Weighted average grant-date fair value per share of options granted	$	1,235.91		$	737.19		$	661.01

The weighted average grant date fair value per share of $4,973.30 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 cost 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 for all of our Options and RSUs granted. 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 2021, 2020 and 2019, we recognized $58,234, $50,794, and $78,532 in equity-based compensation costs, respectively, and approximately $12,000, $10,500, and $16,800 in tax benefit related to equity-based compensation costs, respectively.

As of December 31, 2021, the total unrecognized compensation cost for all outstanding Options and RSUs equaled approximately $129,700. The unrecognized compensation cost will be recognized over each grant’s applicable vesting period with the latest vesting date being December 31, 2027. The weighted-average period over which the unrecognized compensation cost will be recorded is equal to approximately 2.1 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, 2021, 2020 and 2019, we issued 74,027, 159,151 and 275,906 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,
	2021		2020		2019
Aggregate exercise proceeds	$	142,370	$	180,866	$	274,028
Aggregate intrinsic value on exercise dates	$	219,219	$	432,772	$	593,162

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, 2021, 2020 and 2019 was approximately $24,700, $22,500 and $20,300, respectively. We purchased approximately 4,500 and 5,000 shares of our common stock in the open market for the 2021 and 2020 plan year contributions to the ESOP. As of December 31, 2021, all shares held by the ESOP had been allocated to participants’ accounts. The 2021 plan year contribution was funded and fully allocated to participants in February 2022.

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 106,697 shares of NVR common stock as of both December 31, 2021 and 2020. 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, 2021, 2020 and 2019.

Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2021

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 land development. Instead, we typically acquire finished building lots from various third party land developers under LPAs. The LPAs require deposits that may be forfeited if we fail to perform under the agreement. The deposits required under the LPAs 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, 2021, assuming that contractual development milestones are met and we exercise our option,we expect to place additional forfeitable deposits with land developers under existing LPAs of approximately $299,800. Additionally, as of December 31, 2021, we had funding commitments totaling approximately $2,700 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 $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 $36,600 of contingent obligations under such agreements, including approximately $16,100 for letters of credit issued under the Credit Agreement as of December 31, 2021. We believe we will fulfill our obligations under the related contracts and do 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,
	2021		2020		2019
Warranty reserve, beginning of year	$	119,638	$	108,053	$	103,700
Provision	94,605		75,288		69,065
Payments	(79,384)		(63,703)		(64,712)
Warranty reserve, end of year	$	134,859	$	119,638	$	108,053

Fair Value

12 Months Ended

Dec. 31, 2021

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 following table presents the estimated fair values and carrying values of our Senior Notes as of December 31, 2021 and December 31, 2020. The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hierarchy.


	As of December 31,
	2021		2020
Estimated Fair Values:
3.95% Senior Notes due 2022	$	610,452	$	630,000
3.00% Senior Notes due 2030	942,192		982,620
Total	$	1,552,644	$	1,612,620
Carrying Values:
3.95% Senior Notes due 2022	$	599,553	$	598,925
3.00% Senior Notes due 2030	916,702		918,470
Total	$	1,516,255	$	1,517,395

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 an investor. 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 investors. The forward sales contracts lock-in a range of interest rates and prices 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 investors are undesignated derivatives and, accordingly, are marked to fair value through earnings. At December 31, 2021, there were contractual commitments to extend credit to borrowers aggregating $1,028,451 and open forward delivery contracts aggregating $1,184,999, 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 investors 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, 2021, the fair value of loans held for sale of $302,192 included on the accompanying consolidated balance sheet were increased by $4,296 from the aggregate principal balance of $297,896. As of December 31, 2020, the fair value of loans held for sale of $449,760 were increased by $10,042 from the aggregate principal balance of $439,718.

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


	As of December 31,
	2021		2020
Rate lock commitments:
Gross assets	$	15,949	$	10,844
Gross liabilities	1,790		87
Net rate lock commitments	$	14,159	$	10,757
Forward sales contracts:
Gross assets	$	708	$	1
Gross liabilities	926		5,217
Net forward sales contracts	$	(218)	$	(5,216)

As of December 31, 2021 and 2020, 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, 2021 was as follows:


	Notional or Principal Amount		Assumed Gain From Loan Sale		Interest Rate Movement Effect		Servicing Rights Value		Security Price Change		Total Fair Value Measurement Gain/(Loss)
Rate lock commitments	$	1,028,451	$	2,583	$	(496)	$	12,072	$	—	$	14,159
Forward sales contracts	$	1,184,999	—		—		—		(218)		(218)
Mortgages held for sale	$	297,896	673		(866)		4,489		—		4,296
Total fair value measurement			$	3,256	$	(1,362)	$	16,561	$	(218)	$	18,237

The total fair value measurement as of December 31, 2020 was $15,583. NVRM recorded a fair value adjustment to income of $2,654 for the year ended December 31, 2021, a fair value adjustment to expense of $1,472 for the year ended December 31, 2020,

and a fair value adjustment to income of $198 for the year ended December 31, 2019. 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, 2021
Mortgage Repurchase Reserve [Abstract]
Mortgage Repurchase Reserve	Mortgage Repurchase ReserveDuring the years ended December 31, 2021, 2020 and 2019, we recognized pre-tax charges for loan losses related to mortgage loans sold of approximately $2,600, $3,200 and $4,200, 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 $21,400 and $20,500 at December 31, 2021 and 2020, respectively.

Leases, Codification Topic 842

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

LeasesWe have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have entered into finance leases for one of our production facilities and certain plant equipment. Our leases have remaining lease terms of up to 18.7 years, some of which include options to extend the leases for up to 20 years, and some of which include options to terminate the lease. See Note 1 herein for additional information regarding leases.

The components of lease expense were as follows:


	Year Ended December 31,
	2021		2020		2019
Lease expense
Operating lease expense	$	31,923	$	31,704	$	30,991
Finance lease expense:
Amortization of ROU assets	1,798		1,313		382
Interest on lease liabilities	429		281		76
Short-term lease expense	24,012		24,361		26,843

Total lease expense	$	58,162	$	57,659	$	58,292

Other information related to leases was as follows:


	Year Ended December 31,
	2021			2020
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	27,849		$	27,953
Operating cash flows from finance leases	$	429		$	281
Financing cash flows from finance leases	$	1,363		$	989

ROU assets obtained in exchange for lease obligations:
Operating leases	$	26,781		$	10,159
Finance leases	$	603		$	10,034

Weighted-average remaining lease term (in years):
Operating leases	6.3			4.7
Finance leases	11.7			12.5

Weighted-average discount rate:
Operating leases	3.0		%	3.4		%
Finance leases	2.8		%	2.8		%

We are committed under multiple non-cancelable operating and finance leases involving office space, model homes, production facilities, automobiles and equipment. Future lease payments under these operating and finance leases as of December 31, 2021 are as follows:


Year Ending December 31,	Operating Leases		Finance Leases
2022	$	29,337	$	1,841
2023	17,851		1,846
2024	12,135		1,851
2025	7,246		1,855
2026	3,876		2,804
Thereafter	18,441		8,166
Total lease payments	88,886		18,363
Less:
Imputed interest	8,499		2,950
Short-term lease payments	5,822		—
Total lease liability	$	74,565	$	15,413

Leases

The components of lease expense were as follows:


	Year Ended December 31,
	2021		2020		2019
Lease expense
Operating lease expense	$	31,923	$	31,704	$	30,991
Finance lease expense:
Amortization of ROU assets	1,798		1,313		382
Interest on lease liabilities	429		281		76
Short-term lease expense	24,012		24,361		26,843

Total lease expense	$	58,162	$	57,659	$	58,292

Other information related to leases was as follows:


	Year Ended December 31,
	2021			2020
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	27,849		$	27,953
Operating cash flows from finance leases	$	429		$	281
Financing cash flows from finance leases	$	1,363		$	989

ROU assets obtained in exchange for lease obligations:
Operating leases	$	26,781		$	10,159
Finance leases	$	603		$	10,034

Weighted-average remaining lease term (in years):
Operating leases	6.3			4.7
Finance leases	11.7			12.5

Weighted-average discount rate:
Operating leases	3.0		%	3.4		%
Finance leases	2.8		%	2.8		%


Year Ending December 31,	Operating Leases		Finance Leases
2022	$	29,337	$	1,841
2023	17,851		1,846
2024	12,135		1,851
2025	7,246		1,855
2026	3,876		2,804
Thereafter	18,441		8,166
Total lease payments	88,886		18,363
Less:
Imputed interest	8,499		2,950
Short-term lease payments	5,822		—
Total lease liability	$	74,565	$	15,413

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

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 maturities at acquisition of three months or less.

Restricted Cash

Homebuilding Inventory

Contract Land Deposits

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.

Land Under Development

Property, Plant, and Equipment

Warranty/Product Liability Reserves

Warranty/Product Liability ReservesWe 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 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, 2021, 2020 and 2019:


	Year Ended December 31,
	2021	2020	2019
Weighted average number of shares outstanding used to calculate basic EPS	3,580,800	3,691,987	3,640,688
Dilutive securities:
Stock options and restricted share units	278,112	224,674	332,339
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS	3,858,912	3,916,661	3,973,027


	Year Ended December 31,
	2021	2020	2019
Anti-dilutive securities	23,062	31,210	319,210

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

Lessee, Leases

Leases

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021, 2020 and 2019:


	Year Ended December 31,
	2021	2020	2019
Weighted average number of shares outstanding used to calculate basic EPS	3,580,800	3,691,987	3,640,688
Dilutive securities:
Stock options and restricted share units	278,112	224,674	332,339
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS	3,858,912	3,916,661	3,973,027

Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Year Ended December 31,
	2021	2020	2019
Anti-dilutive securities	23,062	31,210	319,210

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

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Revenues

The following tables present certain segment financial data, with reconciliations to the amounts reported for the consolidated company, where applicable:


	Year Ended December 31,
	2021		2020		2019
Revenues:
Homebuilding Mid Atlantic	$	4,049,871	$	3,668,542	$	3,901,573
Homebuilding North East	767,828		538,772		514,804
Homebuilding Mid East	1,891,729		1,524,667		1,501,139
Homebuilding South East	1,992,265		1,596,908		1,303,328
Mortgage Banking	249,332		208,034		167,820
Consolidated revenues	$	8,951,025	$	7,536,923	$	7,388,664

Profit before Taxes


	Year Ended December 31,
	2021		2020		2019
Profit before taxes:
Homebuilding Mid Atlantic	$	734,941	$	437,849	$	478,537
Homebuilding North East	105,432		50,677		51,728
Homebuilding Mid East	271,756		168,605		173,374
Homebuilding South East	329,982		205,029		155,144
Mortgage Banking	176,251		143,319		105,292
Total segment profit	1,618,362		1,005,479		964,075
Reconciling items:
Contract land deposit reserve adjustment (1)	22,163		(24,633)		1,644
Equity-based compensation expense (2)	(58,234)		(50,794)		(78,532)
Corporate capital allocation (3)	252,787		239,233		224,468
Unallocated corporate overhead	(139,611)		(114,921)		(105,125)
Consolidation adjustments and other (4)	(53,671)		63,025		43,486
Corporate interest expense	(51,393)		(39,356)		(24,221)
Reconciling items sub-total	(27,959)		72,554		61,720
Consolidated profit before taxes	$	1,590,403	$	1,078,033	$	1,025,795


	Year Ended December 31,
	2021		2020		2019
Corporate capital allocation charge:
Homebuilding Mid Atlantic	$	124,316	$	124,426	$	123,130
Homebuilding North East	25,431		22,850		19,755
Homebuilding Mid East	43,686		40,256		37,263
Homebuilding South East	59,354		51,701		44,320
Total corporate capital allocation charge	$	252,787	$	239,233	$	224,468

Assets


	As of December 31,
	2021		2020
Assets:
Homebuilding Mid Atlantic	$	1,322,818	$	1,140,910
Homebuilding North East	235,048		202,591
Homebuilding Mid East	438,700		377,448
Homebuilding South East	629,198		494,295
Mortgage Banking	371,685		555,278
Total segment assets	2,997,449		2,770,522
Reconciling items:
Cash and cash equivalents	2,545,069		2,714,720
Deferred taxes	132,894		132,980
Intangible assets and goodwill	49,368		49,678
Operating lease right-of-use assets	59,010		53,110
Finance lease right-of-use assets	14,578		15,772
Contract land deposit reserve	(30,041)		(52,205)
Consolidation adjustments and other	66,148		92,564
Reconciling items sub-total	2,837,026		3,006,619
Consolidated assets	$	5,834,475	$	5,777,141

Interest Income


	Year Ended December 31,
	2021		2020		2019
Interest income:
Mortgage Banking	$	8,725	$	8,930	$	12,142
Total segment interest income	8,725		8,930		12,142
Other unallocated interest income	3,154		8,549		20,635
Consolidated interest income	$	11,879	$	17,479	$	32,777

Interest Expense


	Year Ended December 31,
	2021		2020		2019
Interest expense:
Homebuilding Mid Atlantic	$	124,385	$	124,486	$	123,178
Homebuilding North East	25,463		22,859		19,804
Homebuilding Mid East	43,695		40,261		37,266
Homebuilding South East	59,381		51,729		44,334
Mortgage Banking	1,587		1,414		1,045
Total segment interest expense	254,511		240,749		225,627
Corporate capital allocation (3)	(252,787)		(239,233)		(224,468)
Senior Notes and other interest	51,393		39,356		24,221
Consolidated interest expense	$	53,117	$	40,872	$	25,380

Depreciation and Amortization


	Year Ended December 31,
	2021		2020		2019
Depreciation and amortization:
Homebuilding Mid Atlantic	$	6,183	$	6,806	$	7,069
Homebuilding North East	1,628		1,800		1,411
Homebuilding Mid East	4,259		4,969		4,348
Homebuilding South East	3,325		3,636		3,086
Mortgage Banking	1,283		1,534		1,581
Total segment depreciation and amortization	16,678		18,745		17,495
Unallocated corporate	2,785		3,247		3,323
Consolidated depreciation and amortization	$	19,463	$	21,992	$	20,818

Expenditures for Property and Equipment


	Year Ended December 31,
	2021		2020		2019
Expenditures for property and equipment:
Homebuilding Mid Atlantic	$	7,073	$	5,712	$	9,218
Homebuilding North East	1,062		1,083		2,000
Homebuilding Mid East	4,813		5,041		5,221
Homebuilding South East	4,142		3,818		3,944
Mortgage Banking	401		265		899
Total segment expenditures for property and equipment	17,491		15,919		21,282
Unallocated corporate	384		200		1,417
Consolidated expenditures for property and equipment	$	17,875	$	16,119	$	22,699

Corporate Capital Allocation Charge


	Year Ended December 31,
	2021		2020		2019
Corporate capital allocation charge:
Homebuilding Mid Atlantic	$	124,316	$	124,426	$	123,130
Homebuilding North East	25,431		22,850		19,755
Homebuilding Mid East	43,686		40,256		37,263
Homebuilding South East	59,354		51,701		44,320
Total corporate capital allocation charge	$	252,787	$	239,233	$	224,468

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2021

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

Total Risk of Loss Related to Contract Land Deposits

Our total risk of loss related to contract land deposits as of December 31, 2021 and 2020 was as follows:


	As of December 31,
	2021		2020
Contract land deposits	$	527,180	$	439,833
Loss reserve on contract land deposits	(30,041)		(52,205)
Contract land deposits, net	497,139		387,628
Contingent obligations in the form of letters of credit	10,145		8,249
Total risk of loss	$	507,284	$	395,877

- 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, 2021

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, 2021, 2020 and 2019 was as follows:


	Year Ended December 31,
	2021		2020		2019
Interest capitalized, beginning of year	$	1,025	$	3,499	$	4,154
Interest incurred	53,248		41,327		26,463
Interest charged to interest expense	(53,117)		(40,872)		(25,380)
Interest charged to cost of sales	(563)		(2,929)		(1,738)
Interest capitalized, end of year	$	593	$	1,025	$	3,499

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

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

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


	As of December 31,
	2021		2020
Homebuilding:
Office facilities and other	$	39,826	$	39,647
Model home furniture and fixtures	32,384		32,686
Production facilities	87,379		77,420
Finance lease right-of-use assets	14,578		15,772
Gross Homebuilding PP&E	174,167		165,525
Less: accumulated depreciation	(117,188)		(107,739)
Net Homebuilding PP&E	$	56,979	$	57,786

Mortgage Banking:
Office facilities and other	$	15,090	$	14,716
Less: accumulated depreciation	(11,432)		(10,172)
Net Mortgage Banking PP&E	$	3,658	$	4,544

Common Stock (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Share Repurchases of Common Stock

We made the following share repurchases during the years indicated:


	Year Ended December 31,
	2021		2020		2019
Aggregate purchase price	$	1,538,019	$	371,078	$	698,417
Number of shares repurchased	322,038		96,346		220,965

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following:


	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	272,971	$	151,532	$	115,610
State	80,650		42,769		34,586
Deferred:
Federal	873		(13,289)		(2,195)
State	(810)		(4,227)		(745)
Income tax expense	$	353,684	$	176,785	$	147,256

Deferred Income Taxes on Consolidated Balance Sheets

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


	As of December 31,
	2021		2020
Deferred tax assets:
Other accrued expenses and contract land deposit reserve	$	64,123	$	67,520
Deferred compensation	4,682		4,608
Equity-based compensation expense	46,020		41,839
Inventory	13,014		13,118
Unrecognized tax benefit	10,634		11,705
Other	9,876		8,639
Total deferred tax assets	148,349		147,429
Less: Deferred tax liabilities	7,874		7,184
Net deferred tax asset	$	140,475	$	140,245

Income Tax Expense Reconciliation

A reconciliation of income taxes computed at the federal statutory rate (21% in 2021, 2020, and 2019) to income tax expense is as follows:


	Year Ended December 31,
	2021		2020		2019
Income taxes computed at the federal statutory rate	$	333,985	$	226,387	$	215,417
State income taxes, net of federal income tax benefit (1)	72,082		47,469		45,770
Excess tax benefits from equity-based compensation	(48,369)		(92,234)		(101,466)
Other, net (2)	(4,014)		(4,837)		(12,465)
Income tax expense	$	353,684	$	176,785	$	147,256

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

(2)Primarily attributable to tax benefits from certain energy credits for the years ended December 31, 2021, 2020 and 2019.

Reconciliation of Unrecognized Tax Benefits

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


	Year Ended December 31,
	2021		2020
Balance at beginning of year	$	36,817	$	39,356
Additions based on tax positions related to the current year	3,436		3,155
Reductions for tax positions of prior years	(6,763)		(5,694)
Settlements	—		—
Balance at end of year	$	33,490	$	36,817

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

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

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, 2021. Each of the following plans was approved by our shareholders:


Equity-Based Compensation Plans	Shares Authorized	Options/RSUs Outstanding	Shares Available to Issue
2010 Equity Incentive Plan (1)	700,000	76,903	—
2014 Equity Incentive Plan (2)	950,000	354,876	110,942
2018 Equity Incentive Plan (3)	275,000	119,480	155,270

(2)The 2014 Equity Incentive Plan (the “2014 Plan”) authorizes us to issue Options only.

Equity-Based Compensation Plans

The following table provides additional information relative to our equity-based compensation plans for the year ended December 31, 2021:


	Shares	Weighted Avg. Per Share Exercise Price		Weighted Avg. Remaining Contract Life (years)	Aggregate Intrinsic Value
Stock Options
Outstanding at December 31, 2020	593,426	$	2,295.11
Granted	18,912	4,719.80
Exercised	(73,749)	1,933.30
Forfeited	(3,894)	3,140.57
Outstanding at December 31, 2021	534,695	$	2,424.62	5.3	$	1,863,010
Exercisable at December 31, 2021	334,634	$	1,993.07	4.3	$	1,310,360

RSUs
Outstanding at December 31, 2020	17,598
Granted	50
Vested	(278)
Forfeited	(806)
Outstanding at December 31, 2021	16,564				$	97,875
Vested, but not issued at December 31, 2021	—				$	—

Black-Scholes Option-Pricing Model Assumptions

The fair value of the Options granted during 2021, 2020 and 2019 was estimated on the grant date using the Pricing Model, based on the following assumptions:


	2021			2020			2019
Estimated option life (years)	5.31			5.36			5.55
Risk free interest rate (range)	0.30%-1.55%			0.22%-1.94%			1.51%-2.73%
Expected volatility (range)	24.46%-30.80%			18.78%-32.48%			19.17%-22.01%
Expected dividend rate	—		%	—		%	—		%
Weighted average grant-date fair value per share of options granted	$	1,235.91		$	737.19		$	661.01

Exercised Option Proceeds

Information with respect to the vested RSUs and exercised Options is as follows:


	Year Ended December 31,
	2021		2020		2019
Aggregate exercise proceeds	$	142,370	$	180,866	$	274,028
Aggregate intrinsic value on exercise dates	$	219,219	$	432,772	$	593,162

Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
Warranty reserve, beginning of year	$	119,638	$	108,053	$	103,700
Provision	94,605		75,288		69,065
Payments	(79,384)		(63,703)		(64,712)
Warranty reserve, end of year	$	134,859	$	119,638	$	108,053

Fair Value (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Undesignated Derivative Instruments

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


	As of December 31,
	2021		2020
Rate lock commitments:
Gross assets	$	15,949	$	10,844
Gross liabilities	1,790		87
Net rate lock commitments	$	14,159	$	10,757
Forward sales contracts:
Gross assets	$	708	$	1
Gross liabilities	926		5,217
Net forward sales contracts	$	(218)	$	(5,216)

Fair Value Measurement

The fair value measurement as of December 31, 2021 was as follows:


	Notional or Principal Amount		Assumed Gain From Loan Sale		Interest Rate Movement Effect		Servicing Rights Value		Security Price Change		Total Fair Value Measurement Gain/(Loss)
Rate lock commitments	$	1,028,451	$	2,583	$	(496)	$	12,072	$	—	$	14,159
Forward sales contracts	$	1,184,999	—		—		—		(218)		(218)
Mortgages held for sale	$	297,896	673		(866)		4,489		—		4,296
Total fair value measurement			$	3,256	$	(1,362)	$	16,561	$	(218)	$	18,237

Fair Value Measurements, Recurring and Nonrecurring


	As of December 31,
	2021		2020
Estimated Fair Values:
3.95% Senior Notes due 2022	$	610,452	$	630,000
3.00% Senior Notes due 2030	942,192		982,620
Total	$	1,552,644	$	1,612,620
Carrying Values:
3.95% Senior Notes due 2022	$	599,553	$	598,925
3.00% Senior Notes due 2030	916,702		918,470
Total	$	1,516,255	$	1,517,395

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Leases, Codification Topic 842 (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lease, Cost

The components of lease expense were as follows:


	Year Ended December 31,
	2021		2020		2019
Lease expense
Operating lease expense	$	31,923	$	31,704	$	30,991
Finance lease expense:
Amortization of ROU assets	1,798		1,313		382
Interest on lease liabilities	429		281		76
Short-term lease expense	24,012		24,361		26,843

Total lease expense	$	58,162	$	57,659	$	58,292

ScheduleofSupplementalCashFlowInformationRelatedtoLeases

Other information related to leases was as follows:


	Year Ended December 31,
	2021			2020
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	27,849		$	27,953
Operating cash flows from finance leases	$	429		$	281
Financing cash flows from finance leases	$	1,363		$	989

ROU assets obtained in exchange for lease obligations:
Operating leases	$	26,781		$	10,159
Finance leases	$	603		$	10,034

Weighted-average remaining lease term (in years):
Operating leases	6.3			4.7
Finance leases	11.7			12.5

Weighted-average discount rate:
Operating leases	3.0		%	3.4		%
Finance leases	2.8		%	2.8		%

Lessee, Operating and Finance Lease, Liability, Maturity


Year Ending December 31,	Operating Leases		Finance Leases
2022	$	29,337	$	1,841
2023	17,851		1,846
2024	12,135		1,851
2025	7,246		1,855
2026	3,876		2,804
Thereafter	18,441		8,166
Total lease payments	88,886		18,363
Less:
Imputed interest	8,499		2,950
Short-term lease payments	5,822		—
Total lease liability	$	74,565	$	15,413

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant Accounting Policies [Line Items]
Cash	$ 268	$ 269
Loss reserve on contract land deposits	30,041	52,205
Net Contract Land Deposit Impairment Recoveries	$ 22,100	(25,600)	$ 700
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:AccruedLiabilitiesMember
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
Home Building
Significant Accounting Policies [Line Items]
Cash	$ 2,545,069	2,714,720
Goodwill acquired from business acquisition	41,580	41,580
Contract with Customer, Liability	417,463	240,758
Mortgage Banking
Significant Accounting Policies [Line Items]
Cash	28,398	63,547
Goodwill acquired from business acquisition	$ 7,347	7,347
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]
Derivative, Notional Amount	$ 1,028,451
Mortgage Banking \| Level 2 \| Fair Value, Measurements, Recurring \| Forward sales contracts
Significant Accounting Policies [Line Items]
Derivative, Notional Amount	1,184,999
Other Assets
Significant Accounting Policies [Line Items]
Capitalized Contract Cost, Net	$ 25,200	$ 22,500

Summary of Significant Accounting Policies - Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS (in Shares)	3,580,800	3,691,987	3,640,688
Dilutive securities:
Stock options and restricted share units (in Shares)	278,112	224,674	332,339
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS (in Shares)	3,858,912	3,916,661	3,973,027

Summary of Significant Accounting Policies - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Anti-dilutive securities (in Shares)	23,062	31,210	319,210

Segment Information, Nature of Operations, and Certain Concentrations - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021 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	34
Senior Notes due 2022
Segment Reporting Information [Line Items]
Senior notes interest rate	3.95%
Senior Notes Due Two Thousand Thirty [Member]
Segment Reporting Information [Line Items]
Senior notes interest rate	3.00%
Home Building
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 \| Home Building \| District of Columbia \| Revenue Benchmark
Segment Reporting Information [Line Items]
Revenue derived	22.00%

Segment Information, Nature of Operations, and Certain Concentrations - Revenues (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues	$ 8,951,025	$ 7,536,923	$ 7,388,664
Home Building
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues	8,701,693	7,328,889	7,220,844
Home Building \| Mid Atlantic
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues	4,049,871	3,668,542	3,901,573
Home Building \| North East
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues	767,828	538,772	514,804
Home Building \| Mid East
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues	1,891,729	1,524,667	1,501,139
Home Building \| South East
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues	1,992,265	1,596,908	1,303,328
Mortgage Banking
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues	$ 249,332	$ 208,034	$ 167,820

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

Segment Information, Nature of Operations, and Certain Concentrations - Profit before Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	$ 1,590,403	$ 1,078,033	$ 1,025,795
Equity-based compensation expense (2)	(58,234)	(50,794)	(78,532)
Corporate interest expense	(53,117)	(40,872)	(25,380)
Home Building
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	1,418,799	937,960	923,879
Corporate interest expense	(51,530)	(39,458)	(24,335)
Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	171,604	140,073	101,916
Corporate interest expense	(1,587)	(1,414)	(1,045)
Profit before taxes:
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	1,618,362	1,005,479	964,075
Corporate interest expense	(254,511)	(240,749)	(225,627)
Profit before taxes: \| Home Building \| Mid Atlantic
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	734,941	437,849	478,537
Corporate interest expense	(124,385)	(124,486)	(123,178)
Profit before taxes: \| Home Building \| North East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	105,432	50,677	51,728
Corporate interest expense	(25,463)	(22,859)	(19,804)
Profit before taxes: \| Home Building \| Mid East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	271,756	168,605	173,374
Corporate interest expense	(43,695)	(40,261)	(37,266)
Profit before taxes: \| Home Building \| South East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	329,982	205,029	155,144
Corporate interest expense	(59,381)	(51,729)	(44,334)
Profit before taxes: \| Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	176,251	143,319	105,292
Corporate interest expense	(1,587)	(1,414)	(1,045)
Reconciling items:
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	(27,959)	72,554	61,720
Contract land deposit reserve adjustment	22,163	(24,633)	1,644
Equity-based compensation expense (2)	(58,234)	(50,794)	(78,532)
Corporate capital allocation charge	252,787	239,233	224,468
Unallocated corporate overhead	(139,611)	(114,921)	(105,125)
Consolidation adjustments and other (4)	(53,671)	63,025	43,486
Corporate interest expense	$ (51,393)	$ (39,356)	$ (24,221)

Segment Information, Nature of Operations, and Certain Concentrations - Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 5,834,475	$ 5,777,141
Cash and cash equivalents	268	269
Contract land deposit reserve	(30,041)	(52,205)
Home Building
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	5,455,443	5,214,516
Cash and cash equivalents	2,545,069	2,714,720
Deferred taxes	132,894	132,980
Operating Lease, Right-of-Use Asset	59,010	53,110
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	14,578	15,772
Mortgage Banking
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	379,032	562,625
Cash and cash equivalents	28,398	63,547
Operating Lease, Right-of-Use Asset	9,758	12,439
Profit before taxes:
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,997,449	2,770,522
Profit before taxes: \| Home Building \| Mid Atlantic
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,322,818	1,140,910
Profit before taxes: \| Home Building \| North East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	235,048	202,591
Profit before taxes: \| Home Building \| Mid East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	438,700	377,448
Profit before taxes: \| Home Building \| South East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	629,198	494,295
Profit before taxes: \| Mortgage Banking
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	371,685	555,278
Reconciling items:
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,837,026	3,006,619
Cash and cash equivalents	2,545,069	2,714,720
Deferred taxes	132,894	132,980
Intangible assets and goodwill	49,368	49,678
Operating Lease, Right-of-Use Asset	59,010	53,110
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	14,578	15,772
Contract land deposit reserve	(30,041)	(52,205)
Consolidation adjustments and other	$ 66,148	$ 92,564

Segment Information, Nature of Operations, and Certain Concentrations - Interest Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest income	$ 11,879	$ 17,479	$ 32,777
Mortgage Banking
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest income	8,725	8,930	12,142
Profit before taxes:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest income	8,725	8,930	12,142
Other unallocated interest income
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other unallocated interest income	$ 3,154	$ 8,549	$ 20,635

Segment Information, Nature of Operations, and Certain Concentrations - Interest Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	$ 53,117	$ 40,872	$ 25,380
Home Building
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	51,530	39,458	24,335
Mortgage Banking
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	1,587	1,414	1,045
Profit before taxes:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	254,511	240,749	225,627
Profit before taxes: \| Home Building \| Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	124,385	124,486	123,178
Profit before taxes: \| Home Building \| North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	25,463	22,859	19,804
Profit before taxes: \| Home Building \| Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	43,695	40,261	37,266
Profit before taxes: \| Home Building \| South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	59,381	51,729	44,334
Profit before taxes: \| Mortgage Banking
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	1,587	1,414	1,045
Reconciling items:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	51,393	39,356	24,221
Corporate capital allocation charge	$ (252,787)	$ (239,233)	$ (224,468)

Segment Information, Nature of Operations, and Certain Concentrations - Depreciation and Amortization (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	$ 19,463	$ 21,992	$ 20,818
Profit before taxes:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	16,678	18,745	17,495
Profit before taxes: \| Home Building \| Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	6,183	6,806	7,069
Profit before taxes: \| Home Building \| North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	1,628	1,800	1,411
Profit before taxes: \| Home Building \| Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	4,259	4,969	4,348
Profit before taxes: \| Home Building \| South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	3,325	3,636	3,086
Profit before taxes: \| Mortgage Banking
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	1,283	1,534	1,581
Other unallocated interest income
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	$ 2,785	$ 3,247	$ 3,323

Segment Information, Nature of Operations, and Certain Concentrations - Expenditures for Property and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	$ 17,875	$ 16,119	$ 22,699
Profit before taxes:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	17,491	15,919	21,282
Profit before taxes: \| Home Building \| Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	7,073	5,712	9,218
Profit before taxes: \| Home Building \| North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	1,062	1,083	2,000
Profit before taxes: \| Home Building \| Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	4,813	5,041	5,221
Profit before taxes: \| Home Building \| South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	4,142	3,818	3,944
Profit before taxes: \| Mortgage Banking
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	401	265	899
Other unallocated interest income
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	$ 384	$ 200	$ 1,417

Segment Information, Nature of Operations, and Certain Concentrations - Corporate Capital Allocation Charge (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Corporate Reconciling Items And Eliminations [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ (252,787)	$ (239,233)	$ (224,468)
Corporate Reconciling Items And Eliminations [Member] \| Home Building \| Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	(124,316)	(124,426)	(123,130)
Corporate Reconciling Items And Eliminations [Member] \| Home Building \| North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	(25,431)	(22,850)	(19,755)
Corporate Reconciling Items And Eliminations [Member] \| Home Building \| Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	(43,686)	(40,256)	(37,263)
Corporate Reconciling Items And Eliminations [Member] \| Home Building \| South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	(59,354)	(51,701)	(44,320)
Reconciling items:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ (252,787)	$ (239,233)	$ (224,468)

Variable Interest Entities - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) lot	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10.00%
Net Contract Land Deposit Impairment Recoveries	$ 22,100	$ (25,600)	$ 700
Contract Land Deposits	$ 527,180	$ 439,833
Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10.00%
Lots controlled by NVR \| lot	122,800
Contract land deposits in cash under Lot Purchase Agreements	$ 521,900
Letters of credit related to lots	$ 10,100
Contract on Raw Ground with Landowners
Variable Interest Entity [Line Items]
Lots controlled by NVR \| lot	15,500
Refundable deposits	$ 3,400
Contract Land Deposits	$ 5,300

Variable Interest Entities - Total Risk of Loss Related to Contract Land Deposits (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Contract land deposits	$ 527,180	$ 439,833
Loss reserve on contract land deposits	(30,041)	(52,205)
Contract land deposits, net	497,139	387,628
Contingent obligations in the form of letters of credit	10,145	8,249
Total risk of loss	$ 507,284	$ 395,877

Joint Ventures - Additional Information (Detail) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2021 USD ($) lot joint_venture	Dec. 31, 2020 USD ($) lot joint_venture	Dec. 31, 2021 USD ($) lot joint_venture	Dec. 31, 2020 USD ($) lot joint_venture	Dec. 31, 2019 USD ($)
Joint Ventures [Line Items]
Aggregate investment	$ 20,300	$ 23,600	$ 20,300	$ 23,600
Number of joint ventures \| joint_venture	4	4	4	4
Expected production of finished lots \| lot	2,300	5,200	2,300	5,200
Total lots controlled by company under the joint venture \| lot	1,900	2,200	1,900	2,200
Total lots either under contract with unrelated parties or not under the current contract \| lot	400	3,000	400	3,000
Additional funding commitments in the aggregate	$ 2,500	$ 3,100	$ 2,500	$ 3,100
Number of joint ventures with additional funding commitment \| joint_venture		1		1
Equity Method Investment, Realized Gain (Loss) on Disposal		$ 5,000
Distribution of capital from unconsolidated joint ventures			0	$ 11,625	$ 8,247
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsTotalDistribution		13,100
Equity Method Investment, Other than Temporary Impairment	1,300
Other Assets
Joint Ventures [Line Items]
Aggregate investment	$ 20,300	$ 23,600	$ 20,300	$ 23,600

Joint Ventures - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets:
Cash	$ 268	$ 269
Liabilities and equity:
Accrued expenses	248
Equity	3,002,378	3,103,074	$ 2,341,244	$ 1,808,562
Total liabilities and shareholders' equity	$ 5,834,475	$ 5,777,141

- Definition

Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.

+ References + Details

- Definition

+ References

+ Details

Land Under Development - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) lot parcel	Dec. 31, 2020 USD ($) lot
Real Estate [Abstract]
Number of finished lots for use in homebuilding operations \| lot	200	500
Carrying value of raw parcels of land	$ 12,147	$ 62,790
Aggregate additional funding commitments related to raw land property under joint development	2,700
Expected development credits that will offset the aggregate additional funding commitments related to raw land property development	800
SaleOfLandUnderDevelopment	$ 45,800
NumberOfDevelopedLandParcelsTransferredToInventory \| parcel	1
DevelopmentCostsTransferredToInventory	$ 16,500
Payments to Acquire Land	$ 11,200
Number Of Raw Land Parcels Of Land Purchased \| parcel	2
NumberOfFinishedLotsExpectedToBeDevelopedFromRawParcelsOfLand \| lot	200

Capitalized Interest - Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Capitalized Interest Costs Including Allowance for Funds Used During Construction RollForward
Interest capitalized, beginning of year	$ 1,025	$ 3,499	$ 4,154
Interest incurred	53,248	41,327	26,463
Interest expense	(53,117)	(40,872)	(25,380)
Interest charged to cost of sales	(563)	(2,929)	(1,738)
Interest capitalized, end of year	$ 593	$ 1,025	$ 3,499

Related Party Transactions - Additional Information (Detail) - Elm Street $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) lot numberOfRelatedParties	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Related Party Transaction [Line Items]
Related party forward lot purchase agreements purchase price	$ 189,000
Number of related parties for forward lot purchase agreement \| numberOfRelatedParties	1
Market price of developed lots	$ 43,700	$ 60,200	$ 44,600
Expected number of lots from joint venture with Elm Street \| lot	1,600

Property Plant and Equipment ("PP&E") - Summary of Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Home Building
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 174,167	$ 165,525
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	14,578	15,772
Less: accumulated depreciation	(117,188)	(107,739)
Net Homebuilding PP&E	56,979	57,786
Home Building \| Office facilities and other
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	39,826	39,647
Home Building \| Model home furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	32,384	32,686
Home Building \| Production facilities
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	87,379	77,420
Mortgage Banking
Property, Plant and Equipment [Line Items]
Net Homebuilding PP&E	3,658	4,544
Mortgage Banking \| Office facilities and other
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	15,090	14,716
Less: accumulated depreciation	(11,432)	(10,172)
Net Homebuilding PP&E	$ 3,658	$ 4,544

Debt - Additional Information (Detail) - USD ($)	12 Months Ended
Debt - Additional Information (Detail) - USD ($)	Dec. 31, 2021	Feb. 12, 2021	Dec. 31, 2020	Sep. 17, 2020	Sep. 09, 2020	May 04, 2020	Sep. 10, 2012
Debt Instrument [Line Items]
Expiration date	Jul. 20, 2022
Senior Notes due 2022
Debt Instrument [Line Items]
Senior notes principal amount							$ 600,000,000
Senior notes maturity date	Sep. 15, 2022
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	$ 359,000		$ 868,000
Debt Instrument, Unamortized Discount (Premium), Net	$ (87,000)		(207,000)
Repurchase Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Senior notes interest rate	1.88%
Maximum loan borrowing capacity	$ 150,000,000
Borrowing base limitations	0
Debt outstanding	0
Debt outstanding	$ 0
Repurchase Agreement \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Senior notes interest rate	1.75%
Senior Notes Due Two Thousand Thirty [Member]
Debt Instrument [Line Items]
Senior notes principal amount						$ 600,000,000
Senior notes maturity date	May 15, 2030
Senior notes effective interest rate	3.02%
Senior notes proceeds	$ 595,200,000
Senior notes interest rate	3.00%
Frequency of senior notes payment	semi-annually in arrears on May 15 and November 15
Debt issuance cost	$ 3,025,000		3,387,000
Debt Instrument, Unamortized Discount (Premium), Net	$ (975,000)		(1,075,000)
$250M Senior Notes Due Two Thousand Thirty [Member]
Debt Instrument [Line Items]
Senior notes principal amount					$ 250,000,000
$50M Senior Notes Due Two Thousand Thirty [Member]
Debt Instrument [Line Items]
Senior notes principal amount				$ 50,000,000
$300M Senior Notes Due Two Thousand Thirty [Member]
Debt Instrument [Line Items]
Senior notes effective interest rate	2.00%
Senior notes proceeds	$ 323,600,000
Debt issuance cost	1,243,000		1,392,000
Debt Instrument, Unamortized Discount (Premium), Net	21,945,000		$ 24,324,000
Amended Credit Agreement [Member] \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum loan borrowing capacity		$ 300,000,000
Increase in commitment available	300,000,000
Amended Credit Agreement [Member] \| Revolving Credit Facility \| Sublimit for Issuance of Letters of Credit
Debt Instrument [Line Items]
Maximum loan borrowing capacity	$ 100,000,000
Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
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 our debt rating, or for Eurodollar Rate Loans, at the Eurodollar Rate equal to LIBOR plus the Applicable Rate.
Expiration date	Feb. 12, 2026
Debt outstanding	$ 0
Debt outstanding	0
Credit Agreement \| Revolving Credit Facility \| Sublimit for Issuance of Letters of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 16,100,000

Common Stock - Additional Information (Detail) - shares	12 Months Ended
Common Stock - Additional Information (Detail) - shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common shares outstanding (in Shares)	3,447,441	3,695,577
Reissued shares during the period, shares (in Shares)	74,027	159,151	275,906

Common Stock - Share Repurchase of Common Stock (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Aggregate purchase price	$ 1,538,019	$ 371,078	$ 698,417
Number of shares repurchased (in Shares)	322,038	96,346	220,965

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Excess tax benefits from equity-based compensation	$ 48,369	$ 92,234	$ 101,466
Estimated federal taxable income	$ 1,334,100	$ 770,000
Statutory federal income tax rate	21.00%	21.00%	21.00%
Effective tax rate	22.24%	16.40%	14.36%
Unrecognized tax benefits that would affect effective tax rate	$ 26,456
Reversal of accrued interest on unrecognized tax benefits	1,455	$ 420	$ 1,467
Total accrued interest on unrecognized tax benefits	13,849	$ 15,304
Reduction in unrecognized tax benefits	$ 6,464

Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 272,971	$ 151,532	$ 115,610
State	80,650	42,769	34,586
Deferred:
Federal	873	(13,289)	(2,195)
State	(810)	(4,227)	(745)
Total	$ 353,684	$ 176,785	$ 147,256

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Income Tax Benefits in Shareholders' Equity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Tax Benefit from Stock Compensation	$ (48,369)	$ (92,234)	$ (101,466)

Income Taxes - Deferred Income Taxes on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Other accrued expenses and contract land deposit reserve	$ 64,123	$ 67,520
Deferred compensation	4,682	4,608
Equity-based compensation expense	46,020	41,839
Inventory	13,014	13,118
Unrecognized tax benefit	10,634	11,705
Other	9,876	8,639
Total deferred tax assets	148,349	147,429
Less: Deferred tax liabilities	7,874	7,184
Net deferred tax asset	$ 140,475	$ 140,245

Income Taxes - Income Tax Expense Reconciliation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income taxes computed at the federal statutory rate	$ 333,985	$ 226,387	$ 215,417
State income taxes, net of federal income tax benefit	72,082	47,469	45,770
Excess tax benefits from equity-based compensation	48,369	92,234	101,466
Other, net	(4,014)	(4,837)	(12,465)
Total	$ 353,684	$ 176,785	$ 147,256

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 36,817	$ 39,356
Additions based on tax positions related to the current year	3,436	3,155
Reductions for tax positions of prior years	(6,763)	(5,694)
Settlements	0	0
Balance at end of year	$ 33,490	$ 36,817

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021 USD ($) compensation_plan shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Feb. 12, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense \| $	$ 58,234,000	$ 50,794,000	$ 78,532,000
Tax benefit related to equity-based compensation costs \| $	$ 12,000,000	$ 10,500,000	$ 16,800,000
Options exercised (in shares)	74,027	159,151	275,906
Combined plan contribution \| $	$ 24,700,000	$ 22,500,000	$ 20,300,000
Shares contributed to the Employee Stock Ownership Plan (in Shares)	4,500	5,000
Number of deferred compensation plans \| compensation_plan	2
Common stock, shares held in rabbi trust, shares (in shares)	106,697	106,697
Revolving Credit Facility \| Amended Credit Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum loan borrowing capacity \| $				$ 300,000,000
Increase in commitment available \| $	$ 300,000,000
Revolving Credit Facility \| Amended Credit Agreement [Member] \| Sublimit for Issuance of Letters of Credit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum loan borrowing capacity \| $	100,000,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost for all outstanding Options and RSUs \| $	$ 129,700,000
Weighted-average period over which the unrecognized compensation will be recorded	2 years 1 month 6 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)	18,912
Options outstanding	534,695	593,426
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
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 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	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
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	63,869
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number	13,034
Shares Available to Issue	0
Options/RSUs Outstanding	76,903
2010 Plan \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units grants during period	50
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(278)
Vested, but not issued at end of period (Aggregate Intrinsic Value) \| $	$ 0
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number	16,564	17,598
Vested, but not issued at end of period (Shares)	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(806)
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	115,950
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number	3,530
Shares Available to Issue	155,270
Options/RSUs Outstanding	119,480
2018 Plan \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units grants during period	50
Shares Available to Issue	36,470

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, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized	60,000,000	60,000,000
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized	700,000
Options/RSUs Outstanding	76,903
Shares Available to Issue	0
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized	950,000
Options/RSUs Outstanding	354,876
Shares Available to Issue	110,942
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized	275,000
Options/RSUs Outstanding	119,480
Shares Available to Issue	155,270
RSUs \| 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized	40,000
Shares Available to Issue	36,470
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under the plan (in Shares)	18,912
Granted (Shares)	18,912
Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric \| 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
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, 2021	Dec. 31, 2020
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	$ 4,973.3
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	534,695	593,426
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%
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
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	700,000
Options outstanding	63,869
Restricted share units outstanding	13,034
Shares Available to Issue	0
2010 Plan \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units outstanding	16,564	17,598
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	950,000
Shares Available to Issue	110,942
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	275,000
Options outstanding	115,950
Restricted share units outstanding	3,530
Shares Available to Issue	155,270
2018 Plan \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Available to Issue	36,470
Common stock, shares authorized	40,000

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Equity-Based Compensation Plans (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Stock Options
Stock Option, Shares
Outstanding at beginning of period (Shares)	593,426
Granted (Shares)	18,912
Exercised (Shares)	(73,749)
Forfeited (Shares)	(3,894)
Outstanding at end of period (Shares)	534,695
Exercisable at end of period (Shares)	334,634
Weighted Average Per Share Exercise Price
Outstanding at beginning of period (Weighted Average Exercise Price) \| $ / shares	$ 2,295.11
Granted (Weighted Average Exercise Price) \| $ / shares	4,719.8
Exercised (Weighted Average Exercise Price) \| $ / shares	1,933.3
Forfeited (Weighted Average Exercise Price) \| $ / shares	3,140.57
Outstanding at end of period (Weighted Average Exercise Price) \| $ / shares	2,424.62
Exercisable at end of period (Weighted Average Exercise Price) \| $ / shares	$ 1,993.07
Remaining Contractual Life and Aggregate Intrinsic Value
Outstanding at end of period (Weighted Average Remaining Contract Life (Years)	5 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) \| $	$ 1,863,010
Exercisable at end of period (Aggregate Intrinsic Value) \| $	$ 1,310,360
2010 Plan
Stock Option, Shares
Outstanding at end of period (Shares)	63,869
2010 Plan \| RSUs
Remaining Contractual Life and Aggregate Intrinsic Value
Outstanding at end of period (Aggregate Intrinsic Value) \| $	$ 97,875
Vested, but not issued at end of period (Aggregate Intrinsic Value) \| $	$ 0
2018 Plan
Stock Option, Shares
Outstanding at end of period (Shares)	115,950

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Black-Scholes Option-Pricing Model Assumptions (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Estimated option life	5 years 3 months 21 days	5 years 4 months 9 days	5 years 6 months 18 days
Risk free interest rate (range), minimum	0.30%	0.22%	1.51%
Risk free interest rate (range), maximum	1.55%	1.94%	2.73%
Expected volatility (range), minimum	24.46%	18.78%	19.17%
Expected volatility (range), maximum	30.80%	32.48%	22.01%
Expected dividend rate	0.00%	0.00%	0.00%
Weighted average grant-date fair value per share of options granted	$ 1,235.91	$ 737.19	$ 661.01

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Exercised Option Proceeds (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Aggregate exercise proceeds	$ 142,370	$ 180,866	$ 274,028
Aggregate intrinsic value on exercise dates	$ 219,219	$ 432,772	$ 593,162

Commitments and Contingent Liabilities - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Commitments And Contingencies [Line Items]
Maximum range of deposits required under the purchase agreements	10.00%
Contingent forfeitable deposits with land developers	$ 299,800
Aggregate additional funding commitments related to raw land property development	2,700
Expected development credit offset amount	800
Contingent obligations under bonds or letters of credit arrangements	36,600
Credit Agreement
Commitments And Contingencies [Line Items]
Contingent obligations under letters of credit arrangements	$ 16,100

Commitments and Contingent Liabilities - Summary of Changes in Product Warranty/Liability Reserve (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Movement in Warranty Reserve [Roll Forward]
Warranty reserve, beginning of year	$ 119,638	$ 108,053	$ 103,700
Provision	94,605	75,288	69,065
Payments	(79,384)	(63,703)	(64,712)
Warranty reserve, end of year	$ 134,859	$ 119,638	$ 108,053

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)	$ 18,237	$ 15,583
Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	599,553	598,925
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	610,452	630,000
Home Building
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	1,516,255	1,517,395
Mortgage Banking
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance	302,192	449,760
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance	302,192	449,760
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)	2,654	(1,472)	$ 198
Mortgage Banking \| Level 2 \| Fair Value, Measurements, Recurring \| Rate lock commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)	14,159
Derivative, Notional Amount	1,028,451
Derivative, Notional Amount	1,028,451
Mortgage Banking \| Level 2 \| Fair Value, Measurements, Recurring \| Forward sales contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)	(218)
Derivative, Notional Amount	1,184,999
Derivative, Notional Amount	1,184,999
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]
Total fair value measurement gain/(loss)	4,296	10,042
Derivative, Notional Amount	297,896	439,718
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance	302,192	449,760
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance	302,192	449,760
Derivative, Notional Amount	$ 297,896	$ 439,718

Fair Value - Undesignated Derivative Instruments (Detail) - Mortgage Banking - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Rate lock commitments
Derivatives, Fair Value [Line Items]
Gross assets	$ 15,949	$ 10,844
Gross liabilities	1,790	87
Net commitments	(14,159)	(10,757)
Forward sales contracts
Derivatives, Fair Value [Line Items]
Gross assets	708	1
Gross liabilities	926	5,217
Net commitments	$ (218)	$ (5,216)

Fair Value - Fair Value Measurement (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain From Loan Sale	$ 3,256
Interest Rate Movement Effect	(1,362)
Servicing Rights Value	16,561
Security Price Change	(218)
Total Fair Value Measurement Gain/(Loss)	18,237	$ 15,583
Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	599,553	598,925
Senior Notes Due Two Thousand Thirty [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	916,702	918,470
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	1,516,255	1,517,395
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	610,452	630,000
Level 2 \| Fair Value, Measurements, Recurring \| Senior Notes Due Two Thousand Thirty [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	942,192	982,620
Level 2 \| Fair Value, Measurements, Recurring \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	1,552,644	1,612,620
Home Building
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	1,516,255	1,517,395
Mortgage Banking \| Level 2 \| Fair Value, Measurements, Recurring \| Rate lock commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain From Loan Sale	2,583
Interest Rate Movement Effect	(496)
Servicing Rights Value	12,072
Security Price Change	0
Total Fair Value Measurement Gain/(Loss)	14,159
Derivative, Notional Amount	1,028,451
Mortgage Banking \| Level 2 \| Fair Value, Measurements, Recurring \| Forward sales contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain From Loan Sale	0
Interest Rate Movement Effect	0
Servicing Rights Value	0
Security Price Change	(218)
Total Fair Value Measurement Gain/(Loss)	(218)
Derivative, Notional Amount	1,184,999
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]
Assumed Gain From Loan Sale	673
Interest Rate Movement Effect	(866)
Servicing Rights Value	4,489
Security Price Change	0
Total Fair Value Measurement Gain/(Loss)	4,296	10,042
Derivative, Notional Amount	$ 297,896	$ 439,718

Mortgage Loan Losses Allowance - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Mortgage Repurchase Reserve [Abstract]
Pre-tax charges for loan losses related to mortgage loans sold	$ 2,600	$ 3,200	$ 4,200
Mortgage repurchase reserve	$ 21,400	$ 20,500

Leases, Codification Topic 842 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Lessee, Operating Lease, Term of Contract	18 years 8 months 12 days
Lessee, Operating Lease, Option to Extend	20
Operating Lease, Expense	$ 31,923	$ 31,704	$ 30,991
Finance Lease, Right-of-Use Asset, Amortization	1,798	1,313	382
Finance Lease, Interest Expense	429	281	76
Short-term Lease, Cost	24,012	24,361	26,843
Lease, Cost	58,162	57,659	58,292
Operating Lease, Payments	27,849	27,953
Finance Lease, Interest Payment on Liability	429	281
Finance Lease, Principal Payments	1,363	989	$ 306
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	26,781	10,159
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 603	$ 10,034
Operating Lease, Weighted Average Remaining Lease Term	6 years 3 months 18 days	4 years 8 months 12 days
Finance Lease, Weighted Average Remaining Lease Term	11 years 8 months 12 days	12 years 6 months
Operating Lease, Weighted Average Discount Rate, Percent	3.00%	3.40%
Finance Lease, Weighted Average Discount Rate, Percent	2.80%	2.80%
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months	$ 29,337
Finance Lease, Liability, Payments, Due in Next Rolling Twelve Months	1,841
Finance Lease, Liability, Payments, Due in Rolling Year Two	1,846
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two	17,851
Finance Lease, Liability, Payments, Due in Rolling Year Three	1,851
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three	12,135
Finance Lease, Liability, Payments, Due in Rolling Year Four	1,855
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four	7,246
Finance Lease, Liability, Payments, Due in Rolling Year Five	2,804
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five	3,876
Finance Lease, Liability, Payments, Due in Rolling after Year Five	8,166
Lessee, Operating Lease, Liability, Payments, Due after Rolling Year Five	18,441
Finance Lease, Liability, Payment, Due	18,363
Lessee, Operating Lease, Liability, to be Paid	88,886
Finance Lease, Liability, Undiscounted Excess Amount	2,950
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	8,499
Finance Lease, Short-term Lease Payments	0
Operating Lease, Short-term Lease Payments	5,822
Finance Lease, Liability	15,413
Operating Lease, Liability	$ 74,565