0000906163-22-000074 | 10-Q | XBRL Viewer

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2022	Aug. 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-12378
Entity Registrant Name	NVR, Inc.
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1394360
Entity Address, Address Line One	11700 Plaza America Drive
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Reston
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20190
City Area Code	703
Local Phone Number	956-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	NVR
Security Exchange Name	NYSE
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,282,665
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000906163
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Contract land deposits, net	$ 524,398	$ 497,139
Total assets	5,287,699	5,834,475
Inventory:
Land under development	16,274
LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities	2,296,033	2,832,097
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both June 30, 2022 and December 31, 2021	206	206
Additional paid-in capital	2,498,123	2,378,191
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both June 30, 2022 and December 31, 2021	(16,710)	(16,710)
Deferred compensation liability	16,710	16,710
Retained earnings	10,907,253	10,047,839
Less treasury stock at cost – 17,271,177 and 17,107,889 shares as of June 30, 2022 and December 31, 2021, respectively	(10,413,916)	(9,423,858)
Total shareholders' equity	2,991,666	3,002,378
Total liabilities and shareholders' equity	5,287,699	5,834,475
Mortgage Banking
ASSETS
Cash and cash equivalents	16,158	28,398
Restricted cash	3,403	2,519
Mortgage loans held for sale, net	335,624	302,192
Property, plant and equipment, net	3,296	3,658
Operating lease right-of-use assets	13,405	9,758
Goodwill	7,347	7,347
Other assets	30,889	25,160
Total assets	410,122	379,032
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating lease liabilities	14,220	10,437
Accounts payable and other liabilities	47,868	51,394
Total liabilities	62,088	61,831
Home Building Segment
ASSETS
Cash and cash equivalents	1,483,445	2,545,069
Restricted cash	60,695	60,730
Receivables	29,007	18,552
Contract land deposits, net	524,398	497,139
Property, plant and equipment, net	57,397	56,979
Operating lease right-of-use assets	68,323	59,010
Goodwill	41,580	41,580
Other assets	233,987	229,018
Total assets	4,877,577	5,455,443
Inventory:
Lots and housing units, covered under sales agreements with customers	2,138,456	1,777,862
Unsold lots and housing units	177,372	127,434
Land under development	16,274	12,147
Building materials and other	46,643	29,923
Total Inventory	2,378,745	1,947,366
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	417,771	336,560
Accrued expenses and other liabilities	388,179	435,860
Customer deposits	439,119	417,463
Operating lease liabilities	73,075	64,128
Senior notes	915,801	1,516,255
Total liabilities	$ 2,233,945	$ 2,770,266

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	60,000,000	60,000,000
Common stock, shares issued (in shares)	20,555,330	20,555,330
Deferred compensation trust (in shares)	106,697	106,697
Treasury stock (in shares)	17,271,177	17,107,889

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues	$ 2,658,943	$ 2,283,598	$ 5,037,352	$ 4,325,044
Interest expense	(12,257)	(13,270)	(25,423)	(26,667)
Income before taxes	574,012	417,465	1,139,957	729,471
Income tax benefit (expense)	(140,698)	(96,170)	(280,543)	(159,414)
Net income	$ 433,314	$ 321,295	$ 859,414	$ 570,057
Basic earnings per share (USD per share)	$ 131.84	$ 88.69	$ 257.65	$ 156.27
Diluted earnings per share (USD per share)	$ 123.65	$ 82.45	$ 240.05	$ 145.53
Basic weighted average shares outstanding (in shares)	3,286,574	3,622,635	3,335,644	3,647,874
Diluted weighted average shares outstanding (in shares)	3,504,304	3,896,709	3,580,089	3,917,104
Home Building Segment
Revenues	$ 2,610,062	$ 2,224,560	$ 4,919,289	$ 4,188,271
Other income	3,896	1,632	5,235	3,218
Cost of Goods and Services Sold	1,924,727	1,721,673	3,576,092	3,299,126
Selling, general and administrative	(132,432)	(113,406)	(261,942)	(234,825)
Operating income	556,799	391,113	1,086,490	657,538
Interest expense	(11,852)	(12,850)	(24,656)	(25,856)
Income before taxes	544,947	378,263	1,061,834	631,682
Mortgage Banking
Revenues	48,881	59,038	118,063	136,773
Interest income	2,772	2,209	4,846	4,241
Other income	1,303	988	2,375	1,855
General and administrative	(23,486)	(22,613)	(46,394)	(44,269)
Interest expense	(405)	(420)	(767)	(811)
Income before taxes	$ 29,065	$ 39,202	$ 78,123	$ 97,789

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 859,414	$ 570,057
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,991	10,038
Equity-based compensation expense	31,755	27,850
Contract land deposit recoveries, net	(6,342)	(13,355)
Gain on sale of loans, net	(94,813)	(115,152)
Mortgage loans closed	(3,133,046)	(2,981,630)
Mortgage loans sold and principal payments on mortgage loans held for sale	3,195,784	3,194,279
Net change in assets and liabilities:
Increase in inventory	(431,379)	(264,291)
Increase in contract land deposits	(20,917)	(24,318)
Increase in receivables	(16,394)	(4,327)
Increase in accounts payable and accrued expenses	25,716	7,943
Increase in customer deposits	21,656	124,685
Other, net	2,781	(16,259)
Net Cash Provided by (Used in) Operating Activities	447,206	521,020
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(9,222)	(659)
Purchase of property, plant and equipment	(8,751)	(6,620)
Proceeds from the sale of property, plant and equipment	346	657
Net Cash Provided by (Used in) Investing Activities	(17,627)	(6,622)
Cash flows from financing activities:
Purchase of treasury stock	(1,015,703)	(754,366)
Repayments of Senior Debt	(600,000)	0
Principal payments on finance lease liabilities	(723)	(661)
Proceeds from the exercise of stock options	113,822	95,673
Net Cash Provided by (Used in) Financing Activities	(1,502,604)	(659,354)
Net decrease in cash, restricted cash, and cash equivalents	(1,073,025)	(144,956)
Cash, restricted cash, and cash equivalents, beginning of the period	2,636,984	2,809,782
Cash, restricted cash, and cash equivalents, end of the period	1,563,959	2,664,826
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized	32,627	26,875
Income taxes paid during the period, net of refunds	291,721	172,563
Distribution of earnings from unconsolidated joint ventures	$ 4,000	$ 5,500

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesWe 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.

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. (“NVR”, the “Company”, "we", "us" or "our") and its subsidiaries and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 2 and 3 to the accompanying condensed consolidated financial statements). Intercompany accounts and transactions have been eliminated in consolidation. The statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Because the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP, they should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. For the three and six months ended June 30, 2022 and 2021, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying condensed consolidated financial statements. Cash and Cash Equivalents The beginning-of-period and end-of-period cash, restricted cash, and cash equivalent balances presented on the accompanying condensed consolidated statements of cash flows includes cash related to a consolidated joint venture which is included in homebuilding "Other assets" on the accompanying condensed consolidated balance sheets. The cash related to this consolidated joint venture as of June 30, 2022 and December 31, 2021 was $258 and $268, respectively, and as of June 30, 2021 and December 31, 2020 was $273 and $269, respectively. Revenue Recognition Homebuilding revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers. Our contract liabilities, which consist of deposits received from customers on homes not settled, were $439,119 and $417,463 as of June 30, 2022 and December 31, 2021, respectively. We expect that substantially all of the customer deposits held at December 31, 2021 will be recognized in revenue in 2022. Our contract assets consist of prepaid sales compensation and totaled approximately $24,400 and $25,200, as of June 30, 2022 and December 31, 2021, respectively. Prepaid sales compensation is included in homebuilding “Other assets” on the accompanying condensed consolidated balance sheets.

Variable Interest Entities ("VIEs")

6 Months Ended

Jun. 30, 2022

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

Variable Interest Entities ("VIEs")

Fixed Price Finished Lot Purchase Agreements (“LPAs”)

We generally do not engage in the land development business. Instead, we typically acquire finished building lots at market prices from various development entities under LPAs. The LPAs require deposits that may be forfeited if we fail to perform under the LPAs. 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.

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 VIEs. 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. We have 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 June 30, 2022, we controlled approximately 127,700 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $541,400 and $8,100, respectively. 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. For the three and six months ended June 30, 2022, we recorded a net reversal of approximately $400 and $6,300, respectively, related to previously impaired lot deposits based on current market conditions. For the three and six months ended June 30, 2021, we recorded a net reversal of approximately $7,200 and $13,400, respectively, related to previously impaired lot deposits. Our contract land deposit asset is shown net of a $23,516 and $30,041 impairment reserve at June 30, 2022 and December 31, 2021, respectively.

In addition, we have certain properties under contract with land owners that are expected to yield approximately 23,900 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 $6,500 as of June 30, 2022, of which approximately $4,300 is refundable if certain contractual conditions are not met. 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 is limited to the amount of the deposits pursuant to the liquidated damages provision of the LPAs. As of June 30, 2022 and December 31, 2021, our total risk of loss was as follows:


	June 30, 2022		December 31, 2021
Contract land deposits	$	547,914	$	527,180
Loss reserve on contract land deposits	(23,516)		(30,041)
Contract land deposits, net	524,398		497,139
Contingent obligations in the form of letters of credit	8,077		10,145
Total risk of loss	$	532,475	$	507,284

Joint Ventures Joint Ventures	6 Months Ended
Joint Ventures Joint Ventures	Jun. 30, 2022
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 are at risk only for the amount we have invested, or have 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 LPAs to purchase lots from these JVs, and as a result have a variable interest in these JVs. At June 30, 2022, we had an aggregate investment totaling approximately $30,000 in five JVs that are expected to produce approximately 5,400 finished lots, of which approximately 5,050 lots were controlled by us and the remaining approximately 350 lots were either under contract with unrelated parties or not currently under contract. We had additional funding commitments totaling approximately $2,000 to one of the JVs at June 30, 2022. We determined that we are not the primary beneficiary in four of the JVs because we and the other JV partner either share power or the other JV partner has the controlling financial interest. The aggregate investment in unconsolidated JVs was approximately $30,000 and $20,300 at June 30, 2022 and December 31, 2021, respectively, and is reported in the homebuilding “Other assets” line item on the accompanying condensed consolidated balance sheets. None of the unconsolidated JVs had any indicators of impairment as of June 30, 2022. 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 have been completed and we have no remaining investment in the JV. As of June 30, 2022, the JV had remaining balances of $258 in cash and $232 in accrued expenses, which are included in homebuilding "Other assets" and "Accrued expenses and other liabilities," respectively, in the accompanying condensed consolidated balance sheets. We recognize income from the JVs as a reduction to the lot cost of the lots purchased from the respective JVs when the homes are settled, based on the expected total profitability and the total number of lots expected to be produced by the respective JVs. We classify distributions received from unconsolidated JVs using the cumulative earnings approach. As a result, distributions received up to the amount of cumulative earnings recognized by us are reported as distributions of earnings and those in excess of that amount are reported as a distribution of capital. These distributions are classified within the accompanying condensed consolidated statements of cash flows as cash flows from operating activities and investing activities, respectively.

Land Under Development	6 Months Ended
Land Under Development	Jun. 30, 2022
Real Estate [Abstract]
Land Under Development	Land Under DevelopmentOn a limited basis, we directly acquire raw land parcels already zoned for their 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.As of June 30, 2022, we owned land parcels with a carrying value of $16,274 that we intend to develop into approximately 450 finished lots. We have additional funding commitments of approximately $1,800 under a joint development agreement related to one parcel, a portion of which we expect will be offset by development credits of approximately $600. None of the raw parcels had any indicators of impairment as of June 30, 2022

Capitalized Interest

6 Months Ended

Jun. 30, 2022

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 on our JV investments while the investments are considered qualified assets pursuant to ASC Topic 835-20 - Interest. Capitalized interest is transferred to sold or unsold inventory as the development of finished lots is completed, then charged to cost of sales upon our settlement of homes and the respective lots. Interest incurred in excess of the interest capitalizable based on the level of qualified assets is expensed in the period incurred.

The following table reflects the changes in our capitalized interest during the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Interest capitalized, beginning of period	$	640	$	829	$	593	$	1,025
Interest incurred	12,349		13,291		25,603		26,714
Interest charged to interest expense	(12,257)		(13,270)		(25,423)		(26,667)
Interest charged to cost of sales	(52)		(206)		(93)		(428)
Interest capitalized, end of period	$	680	$	644	$	680	$	644

Earnings per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings per Share

The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share ("EPS") for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Weighted average number of shares outstanding used to calculate basic EPS	3,286,574	3,622,635	3,335,644	3,647,874
Dilutive securities:
Stock options and restricted share units	217,730	274,074	244,445	269,230
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS	3,504,304	3,896,709	3,580,089	3,917,104

The following non-qualified stock options ("Options") and restricted stock units ("RSUs") issued under equity incentive plans were outstanding during the three and six months ended June 30, 2022 and 2021, but were not included in the computation of diluted EPS because the effect would have been anti-dilutive.


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Anti-dilutive securities	217,662	18,182	189,988	19,002

Compensation Related Costs, Share Based Payments

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement

Equity-Based Compensation

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 to key management employees are generally divided such that vesting for 50% of the grant is contingent solely on continued employment, while vesting for the remaining 50% of the grant is contingent upon both continued employment 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. Grants to directors generally vest solely on continued service as a Director.

During the second quarter of 2022, we issued 165,456 Options and 16,864 RSUs in a block grant to key management employees and Directors. Block grants are generally made once every four years. Option and RSU grants for the six month period ended June 30, 2022 totaled 168,366 and 17,694, respectively, and were granted under the NVR, Inc. 2014 Equity Incentive Plan (the "2014 Plan") and the NVR, Inc. 2018 Equity Incentive Plan (the "2018 Plan") as follows:


Options Granted	2014 Plan	2018 Plan
Options - service-only (1)	55,415	31,351
Options - performance-based (2)	55,415	26,185
Total Options Granted	110,830	57,536
RSUs Granted
RSUs - service-only (3)	—	8,870
RSUs - performance-based (4)	—	8,824
Total RSUs Granted	—	17,694

(1)Of the 86,766 service-only Options granted, 68,466 Options will vest over four years in 25% increments on December 31, 2024, 2025, 2026, and 2027; 16,090 Options will vest over two years in 50% increments on December 31, 2026 and 2027; and the remaining 2,210 Options will vest over two years in 50% increments on December 31, 2024 and 2025. Vesting for the Options is contingent solely upon continued employment or continued service as a Director.

(2)Of the 81,600 performance-based Options granted, 63,300 will vest over four years in 25% increments on December 31, 2024, 2025, 2026, and 2027; 16,090 Options will vest over two years in 50% increments on December 31, 2026 and 2027; and the remaining 2,210 Options will vest over two years in 50% increments on December 31, 2024 and 2025. Vesting for the performance-based Options is contingent upon both continued employment and the Company's return on capital performance during 2022 through 2024.

(3)Of the 8,870 service-only RSUs granted, 5,109 will vest over two years in 50% increments on December 31, 2024 and 2025; 3,119 RSUs will vest over four years in 25% increments on December 31, 2024, 2025, 2026, and 2027; and the remaining 642 RSUs will vest over two years in 50% increments on December 31, 2026 and 2027. Vesting for the RSUs is contingent solely upon continued employment.

(4)Of the 8,824 performance-based RSUs granted, 5,109 will vest over two years in 50% increments on December 31, 2024 and 2025; 3,119 RSUs will vest over four years in 25% increments on December 31, 2024, 2025, 2026, and 2027; and the remaining 596 RSUs will vest over two years in 50% increments on December 31, 2026 and 2027. Vesting for the performance-based RSUs is contingent upon both continued employment and the Company's return on capital performance during 2022 through 2024.

All Options were granted at an exercise price equal to the closing price of the Company’s common stock on the day prior to the date of grant, and expire ten years from the date of grant.

The following table provides additional information relative to our equity-based compensation plans for the six months ended June 30, 2022:


	Shares	Weighted Avg. Per Share Exercise Price		Weighted Avg. Remaining Contract Life (years)	Aggregate Intrinsic Value
Stock Options
Outstanding at December 31, 2021	534,695	$	2,424.62
Granted	168,366	4,487.97
Exercised	(43,719)	2,598.73
Forfeited	(11,450)	3,406.42
Outstanding at June 30, 2022	647,892	$	2,931.72	6.1	$	788,955
Exercisable at June 30, 2022	297,665	$	1,927.47	3.6	$	618,152

RSUs
Outstanding at December 31, 2021	16,564
Granted	17,694
Vested	—
Forfeited	(1,314)
Outstanding at June 30, 2022	32,944				$	131,912
Vested, but not issued at June 30, 2022	—				$	—

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 the first six months of 2022 was estimated on the grant date using the Pricing Model, based on the following assumptions:



Estimated option life (years)	5.60
Risk free interest rate (range)	1.17%-3.07%
Expected volatility (range)	24.93%-30.52%
Expected dividend rate	—%
Weighted average grant-date fair value per share of options granted	$	1,434.57

The weighted average grant date fair value per share of $4,509.67 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 that 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. During the three and six months ended June 30, 2022, we recognized $20,087 and $31,755 in equity-based compensation costs, respectively. During the three and six months ended June 30, 2021, we recognized $13,379 and $27,850 in equity-based compensation costs, respectively.

As of June 30, 2022, the total unrecognized compensation cost for all outstanding Options and RSUs equaled approximately $406,545. 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 2.8 years.

Shareholders' Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

A summary of changes in shareholders’ equity for the three months ended June 30, 2022 is presented below:


	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, March 31, 2022	$	206	$	2,416,660	$	10,473,939	$	(10,165,206)	$	(16,710)	$	16,710	$	2,725,599

Net income	—		—		433,314		—		—		—		433,314

Purchase of common stock for treasury	—		—		—		(266,915)		—		—		(266,915)
Equity-based compensation	—		20,087		—		—		—		—		20,087
Proceeds from Options exercised	—		79,581		—		—		—		—		79,581
Treasury stock issued upon Option exercise	—		(18,205)		—		18,205		—		—		—
Balance, June 30, 2022	$	206	$	2,498,123	$	10,907,253	$	(10,413,916)	$	(16,710)	$	16,710	$	2,991,666

A summary of changes in shareholders’ equity for the six months ended June 30, 2022 is presented below:


	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, December 31, 2021	$	206	$	2,378,191	$	10,047,839	$	(9,423,858)	$	(16,710)	$	16,710	$	3,002,378

Net income	—		—		859,414		—		—		—		859,414

Purchase of common stock for treasury	—		—		—		(1,015,703)		—		—		(1,015,703)
Equity-based compensation	—		31,755		—		—		—		—		31,755
Proceeds from Options exercised	—		113,822		—		—		—		—		113,822
Treasury stock issued upon Option exercise	—		(25,645)		—		25,645		—		—		—
Balance, June 30, 2022	$	206	$	2,498,123	$	10,907,253	$	(10,413,916)	$	(16,710)	$	16,710	$	2,991,666

We repurchased 61,078 and 207,132 shares of our outstanding common stock during the three and six months ended June 30, 2022, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. We issued 30,396 and 43,719 shares from the treasury account during the three and six months ended June 30, 2022, respectively, in settlement of Option exercises. Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares.

A summary of changes in shareholders’ equity for the three months ended June 30, 2021 is presented below:


	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, March 31, 2021	$	206	$	2,272,006	$	9,059,882	$	(8,285,587)	$	(16,710)	$	16,710	$	3,046,507


Net income	—		—		321,295		—		—		—		321,295

Purchase of common stock for treasury	—		—		—		(376,941)		—		—		(376,941)
Equity-based compensation	—		13,379		—		—		—		—		13,379
Proceeds from Options exercised	—		38,048		—		—		—		—		38,048
Treasury stock issued upon Option exercise and RSU vesting	—		(8,869)		—		8,869		—		—		—
Balance, June 30, 2021	$	206	$	2,314,564	$	9,381,177	$	(8,653,659)	$	(16,710)	$	16,710	$	3,042,288

A summary of changes in shareholders’ equity for the six months ended June 30, 2021 is presented below:


	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, December 31, 2020	$	206	$	2,214,426	$	8,811,120	$	(7,922,678)	$	(16,710)	$	16,710	$	3,103,074


Net income	—		—		570,057		—		—		—		570,057

Purchase of common stock for treasury	—		—		—		(754,366)		—		—		(754,366)
Equity-based compensation	—		27,850		—		—		—		—		27,850
Proceeds from Options exercised	—		95,673		—		—		—		—		95,673
Treasury stock issued upon Option exercise and RSU vesting	—		(23,385)		—		23,385		—		—		—
Balance, June 30, 2021	$	206	$	2,314,564	$	9,381,177	$	(8,653,659)	$	(16,710)	$	16,710	$	3,042,288

We repurchased 78,452 and 164,975 shares of our outstanding common stock during the three and six months ended June 30, 2021, respectively. We issued 18,033 and 48,588 shares from the treasury account during the three and six months ended June 30, 2021, respectively, in settlement of Option exercises and vesting of RSUs.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-Subparagraph (b)
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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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+ Details

Product Warranties

6 Months Ended

Jun. 30, 2022

Product Warranties Disclosures [Abstract]

Product Warranties

Product WarrantiesWe 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 estimated 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.The following table reflects the changes in our Warranty Reserve during the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Warranty reserve, beginning of period	$	135,341	$	124,836	$	134,859	$	119,638
Provision	24,551		21,760		42,518		44,089
Payments	(21,652)		(19,094)		(39,137)		(36,225)
Warranty reserve, end of period	$	138,240	$	127,502	$	138,240	$	127,502

Segment Disclosures

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Disclosures

Our homebuilding operations are aggregated geographically into four homebuilding reportable segments and our mortgage banking operations are presented as one 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 generally 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 these costs are not allocated to our operating segments. Consolidation adjustments consist of such items necessary to convert the reportable segments’ results, which are predominantly maintained on a cash basis, to a full accrual basis for external financial statement presentation purposes, and are not allocated to our operating segments. External corporate interest expense primarily consists of interest charges on our 3.95% Senior Notes due 2022 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 segment revenues, profit and assets with reconciliations to the amounts reported for the consolidated enterprise, where applicable:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenues:
Homebuilding Mid Atlantic	$	1,208,312	$	1,048,416	$	2,350,020	$	1,984,556
Homebuilding North East	237,394		193,245		412,945		355,438
Homebuilding Mid East	521,038		478,179		982,442		903,132
Homebuilding South East	643,318		504,720		1,173,882		945,145
Mortgage Banking	48,881		59,038		118,063		136,773
Total consolidated revenues	$	2,658,943	$	2,283,598	$	5,037,352	$	4,325,044


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Income before taxes:
Homebuilding Mid Atlantic	$	251,739	$	174,481	$	501,520	$	303,548
Homebuilding North East	41,297		21,510		67,225		36,737
Homebuilding Mid East	82,512		59,887		153,695		108,828
Homebuilding South East	150,822		78,919		264,276		135,584
Mortgage Banking	28,800		40,372		78,906		99,934
Total segment profit before taxes	555,170		375,169		1,065,622		684,631
Reconciling items:
Contract land deposit recoveries (1)	419		7,178		6,345		13,374
Equity-based compensation expense (2)	(20,087)		(13,379)		(31,755)		(27,850)
Corporate capital allocation (3)	77,512		63,032		147,256		124,583
Unallocated corporate overhead	(32,282)		(33,668)		(77,543)		(73,804)
Consolidation adjustments and other (4)	5,096		31,944		54,603		34,330
Corporate interest expense	(11,816)		(12,811)		(24,571)		(25,793)
Reconciling items sub-total	18,842		42,296		74,335		44,840
Consolidated income before taxes	$	574,012	$	417,465	$	1,139,957	$	729,471

(1)This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2.

(2)The increase in equity-based compensation expense for the three and six months ended June 30, 2022 was primarily attributable to a four year block grant of Options and RSUs in May 2022. See additional discussion of equity-based compensation in Note 7.

(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 periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Corporate capital allocation charge:
Homebuilding Mid Atlantic	$	37,121	$	31,135	$	71,208	$	61,731
Homebuilding North East	8,158		6,457		15,245		12,495
Homebuilding Mid East	12,875		11,066		24,292		21,690
Homebuilding South East	19,358		14,374		36,511		28,667
Total	$	77,512	$	63,032	$	147,256	$	124,583

(4)The change in consolidation adjustments and other for the three and six month periods of 2022 compared to the respective 2021 periods was primarily driven by changes in lumber prices in the respective periods. Our reportable segments' results include the intercompany profits of our production facilities for home packages delivered to our homebuilding divisions. Costs related to homes not yet settled are reversed through the consolidation adjustment and recorded in inventory. These costs are subsequently recorded through the consolidation adjustment when the respective homes are settled. The decrease in the three month period ended June 30, 2022 compared to the same period in 2021 was primarily due to lower lumber prices quarter over quarter. The increase for the six month period ended June 30, 2022 compared to the same period in 2021 was primarily attributable to the overall higher lumber costs year over year driven by higher lumber costs in the first quarter of 2022 compared to the first quarter of 2021.


	June 30, 2022		December 31, 2021
Assets:
Homebuilding Mid Atlantic	$	1,408,484	$	1,322,818
Homebuilding North East	286,776		235,048
Homebuilding Mid East	538,877		438,700
Homebuilding South East	780,118		629,198
Mortgage Banking	402,775		371,685
Total segment assets	3,417,030		2,997,449
Reconciling items:
Cash and cash equivalents	1,483,445		2,545,069
Deferred taxes	139,263		132,894
Intangible assets and goodwill	49,368		49,368
Operating lease right-of-use assets	68,323		59,010
Finance lease right-of-use assets	14,364		14,578
Contract land deposit reserve	(23,516)		(30,041)
Consolidation adjustments and other	139,422		66,148
Reconciling items sub-total	1,870,669		2,837,026
Consolidated assets	$	5,287,699	$	5,834,475

- 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
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

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+ Details

Fair Value

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021. See Note 12 for a description of the redemption of our 3.95% Senior Noted due 2022. The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hirarchy.


	June 30, 2022		December 31, 2021
Estimated Fair Values:
3.95% Senior Notes due 2022	$	—	$	610,452
3.00% Senior Notes due 2030	774,531		942,192
Total	$	774,531	$	1,552,644
Carrying Values:
3.95% Senior Notes due 2022	$	—	$	599,553
3.00% Senior Notes due 2030	915,801		916,702
Total	$	915,801	$	1,516,255

Except as otherwise noted below, we believe that insignificant differences exist between the carrying value and the fair value of our financial instruments, which consist primarily of cash equivalents, due to their short term nature.

Derivative Instruments and Mortgage Loans Held for Sale

In the normal course of business, our wholly-owned mortgage subsidiary, NVR Mortgage Finance, Inc. (“NVRM”), enters into contractual commitments to extend credit to our homebuyers with fixed expiration dates. The commitments become effective when the borrowers "lock-in" a specified interest rate within time frames established by NVRM. All mortgagors are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the "lock-in" of rates by the borrower and the sale date of the loan to a broker/dealer. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sale contracts to sell whole loans and mortgage-backed securities to broker/dealers. The forward sales contracts lock in an interest rate and price for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative or trading derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to broker/dealers are undesignated derivatives and, accordingly, are marked to fair value through earnings. At June 30, 2022, there were rate lock commitments to extend credit to borrowers aggregating $2,670,889 and open forward delivery contracts aggregating $2,766,048, which hedge both the rate lock commitments and closed loans held for sale.

The fair value of NVRM’s rate lock commitments to borrowers and the related input levels include, as applicable:

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

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

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

The assumed gain/loss considers the excess servicing to be received or buydown fees to be paid upon securitization of the loan. The excess servicing and buydown fees are calculated pursuant to contractual terms with investors. To calculate the effects of interest rate movements, NVRM utilizes applicable published mortgage-backed security prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount. NVRM sells all of its loans on a servicing released basis, and receives a servicing released premium upon sale. Thus, the value of the servicing rights is included in the fair value measurement and is based upon contractual terms with investors and varies depending on the loan type. NVRM assumes a fallout rate when measuring the fair value of rate lock commitments. Fallout is defined as locked loan commitments for which NVRM does not close a mortgage loan and is based on historical experience.

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

Mortgage loans held for sale are recorded at fair value when closed, and thereafter are carried at the lower of cost or fair value, net of deferred origination costs, until sold. Fair value is measured using Level 2 inputs. As of June 30, 2022, the fair value of loans held for sale of $335,624 included on the accompanying condensed consolidated balance sheet was decreased by $11,777 from the aggregate principal balance of $347,401. As of

December 31, 2021, the fair value of loans held for sale of $302,192 was increased by $4,296 from the aggregate principal balance of $297,896.

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


	June 30, 2022		December 31, 2021
Rate lock commitments:
Gross assets	$	48,491	$	15,949
Gross liabilities	38,064		1,790
Net rate lock commitments	$	10,427	$	14,159
Forward sales contracts:
Gross assets	$	14,323	$	708
Gross liabilities	12,166		926
Net forward sales contracts	$	2,157	$	(218)

As of June 30, 2022, the net rate lock commitments and the net forward sales contracts are reported in mortgage banking "Other assets" on the accompanying condensed consolidated balance sheets. As of December 31, 2021, 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".

The fair value measurement as of June 30, 2022 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
Rate lock commitments	$	2,670,889	$	8,756	$	(30,908)	$	32,579	$	—	$	10,427
Forward sales contracts	$	2,766,048	—		—		—		2,157		2,157
Mortgages held for sale	$	347,401	1,336		(17,686)		4,573		—		(11,777)
Total fair value measurement			$	10,092	$	(48,594)	$	37,152	$	2,157	$	807

The total fair value measurement as of December 31, 2021 was $18,237. NVRM recorded a fair value adjustment to expense of $27,540 and $17,430 for the three and six months ended June 30, 2022, respectively. NVRM recorded a fair value adjustment to income of $1,692 and $2,240 for the three and six months ended June 30, 2021, respectively. Unrealized gains/losses from the change in the fair value measurements are included in earnings as a component of mortgage banking fees in the accompanying condensed 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

Debt	6 Months Ended
Debt	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt During the second quarter of 2022, we redeemed the outstanding $600,000 principal amount of 3.95% Senior Notes due September 15, 2022, at par, plus accrued interest. As of June 30, 2022, we had the following debt instruments outstanding: 3.00% Senior Notes due 2030 ("2030 Senior Notes") The 2030 Senior Notes have an aggregate principal balance of $900,000 and mature on May 15, 2030. The 2030 Senior Notes bear interest at 3.00%, payable semi-annually in arrears on May 15 and November 15. The 2030 Senior Notes were issued in three separate issuances, $600,000 issued at a discount to yield 3.02%, and the two additional issuances totaling $300,000 issued at a premium to yield 2.00%. The 2030 Senior Notes have been reflected net of the unamortized discount or premium, as applicable, and the unamortized debt issuance costs in the accompanying condensed consolidated balance sheet. Credit Agreement We have an unsecured Credit Agreement (the “Credit Agreement”), which 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. The Credit Agreement provides for a $100,000 sublimit for the issuance of letters of credit, of which approximately $14,200 was outstanding at June 30, 2022. The Credit Agreement termination date is February 12, 2026. There was no debt outstanding under the Facility at June 30, 2022. Repurchase Agreement NVRM provides for its mortgage origination and other operating activities using cash generated from its operations, borrowings from its parent company, NVR, as well as a revolving mortgage repurchase agreement (the “Repurchase Agreement”), which is non-recourse to NVR. The Repurchase Agreement provides for loan purchases up to $150,000, subject to certain sub-limits. Amounts outstanding under the Repurchase Agreement are collateralized by the Company’s mortgage loans held for sale. At June 30, 2022, there were no borrowing base limitations reducing the amount available under the Repurchase Agreement. There was no debt outstanding under the Repurchase Agreement at June 30, 2022. Effective July 20, 2022, NVRM entered into The Second Amended and Restated Master Repurchase Agreement with U.S. Bank National Association, as Agent and a Buyer (the "Amended MRA"), which replaced the Repurchase Agreement in its entirety. The Amended MRA provides for loan purchases up to $150,000, subject to certain sub-limits. Advances under the Amended MRA bear interest at the secured overnight financing rate published by the Board of Governors of the Federal Reserve System ("SOFR") plus the SOFR Margin of 1.70%, per annum. All other terms and conditions of the Amended MRA are materially consistent with the Repurchase Agreement. The Amended MRA expires on July 19, 2023

- 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.

+ References

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-Name Accounting Standards Codification
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+ Details

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have finance leases for certain plant equipment and one of our production facilities which are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. Our finance lease ROU assets and finance lease liabilities were $14,364 and $15,413, respectively, as of June 30, 2022, and $14,578 and $15,413, respectively, as of December 31, 2021. Our leases have remaining lease terms of up to 18.2 years, some of which include options to extend the lease for up to 20 years, and some of which include options to terminate the lease.

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

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

The components of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Lease expense
Operating lease expense	$	8,529	$	7,911	$	16,630	$	15,488
Finance lease expense:
Amortization of ROU assets	473		445		937		888
Interest on lease liabilities	103		108		207		217
Short-term lease expense	6,491		5,861		12,823		11,751

Total lease expense	$	15,596	$	14,325	$	30,597	$	28,344

Other information related to leases was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022			2021
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,935	$	6,878	$	14,104		$	13,688
Operating cash flows from finance leases	103		108		207			217
Financing cash flows from finance leases	367		331		723			661

ROU assets obtained in exchange for lease obligations:
Operating leases	$	18,073	$	16,558	$	23,886		$	19,571
Finance leases	$	451	$	—	$	723		$	89


					June 30, 2022			December 31, 2021
Weighted-average remaining lease term (in years):
Operating leases					6.2			6.3
Finance leases					11.2			11.7

Weighted-average discount rate:
Operating leases					3.1		%	3.0		%
Finance leases					2.8		%	2.8		%

Leases

The components of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Lease expense
Operating lease expense	$	8,529	$	7,911	$	16,630	$	15,488
Finance lease expense:
Amortization of ROU assets	473		445		937		888
Interest on lease liabilities	103		108		207		217
Short-term lease expense	6,491		5,861		12,823		11,751

Total lease expense	$	15,596	$	14,325	$	30,597	$	28,344

Other information related to leases was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022			2021
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,935	$	6,878	$	14,104		$	13,688
Operating cash flows from finance leases	103		108		207			217
Financing cash flows from finance leases	367		331		723			661

ROU assets obtained in exchange for lease obligations:
Operating leases	$	18,073	$	16,558	$	23,886		$	19,571
Finance leases	$	451	$	—	$	723		$	89


					June 30, 2022			December 31, 2021
Weighted-average remaining lease term (in years):
Operating leases					6.2			6.3
Finance leases					11.2			11.7

Weighted-average discount rate:
Operating leases					3.1		%	3.0		%
Finance leases					2.8		%	2.8		%

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	15. Income Taxes Our effective tax rate for the three and six months ended June 30, 2022 was 24.5% and 24.6%, respectively, compared to 23.0% and 21.9% for the three and six months ended June 30, 2021, respectively. The increase in the effective tax rate in the three and six month periods of 2022 compared to the same periods in 2021 was primarily attributable to a lower income tax benefit recognized for excess tax benefits from stock option exercises, which totaled $8,744 and $17,190 for the three and six months ended June 30, 2022, respectively, and $11,213 and $28,590 for the three and six months ended June 30, 2021, respectively.

- 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
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+ Details

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. (“NVR”, the “Company”, "we", "us" or "our") and its subsidiaries and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 2 and 3 to the accompanying condensed consolidated financial statements). Intercompany accounts and transactions have been eliminated in consolidation. The statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Because the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP, they should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Revenue from Contract with Customer	Revenue RecognitionHomebuilding revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Variable Interest Entities ("VIEs") (Tables)

6 Months Ended

Jun. 30, 2022

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

Total Risk of Loss Related to Contract Land Deposits


	June 30, 2022		December 31, 2021
Contract land deposits	$	547,914	$	527,180
Loss reserve on contract land deposits	(23,516)		(30,041)
Contract land deposits, net	524,398		497,139
Contingent obligations in the form of letters of credit	8,077		10,145
Total risk of loss	$	532,475	$	507,284

- 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)

6 Months Ended

Jun. 30, 2022

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

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

The following table reflects the changes in our capitalized interest during the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Interest capitalized, beginning of period	$	640	$	829	$	593	$	1,025
Interest incurred	12,349		13,291		25,603		26,714
Interest charged to interest expense	(12,257)		(13,270)		(25,423)		(26,667)
Interest charged to cost of sales	(52)		(206)		(93)		(428)
Interest capitalized, end of period	$	680	$	644	$	680	$	644

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [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 ("EPS") for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Weighted average number of shares outstanding used to calculate basic EPS	3,286,574	3,622,635	3,335,644	3,647,874
Dilutive securities:
Stock options and restricted share units	217,730	274,074	244,445	269,230
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS	3,504,304	3,896,709	3,580,089	3,917,104

Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Anti-dilutive securities	217,662	18,182	189,988	19,002

Compensation Related Costs, Share Based Payments (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary of Equity-Based Compensation Plans with Grants Outstanding


Options Granted	2014 Plan	2018 Plan
Options - service-only (1)	55,415	31,351
Options - performance-based (2)	55,415	26,185
Total Options Granted	110,830	57,536
RSUs Granted
RSUs - service-only (3)	—	8,870
RSUs - performance-based (4)	—	8,824
Total RSUs Granted	—	17,694

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The following table provides additional information relative to our equity-based compensation plans for the six months ended June 30, 2022:


	Shares	Weighted Avg. Per Share Exercise Price		Weighted Avg. Remaining Contract Life (years)	Aggregate Intrinsic Value
Stock Options
Outstanding at December 31, 2021	534,695	$	2,424.62
Granted	168,366	4,487.97
Exercised	(43,719)	2,598.73
Forfeited	(11,450)	3,406.42
Outstanding at June 30, 2022	647,892	$	2,931.72	6.1	$	788,955
Exercisable at June 30, 2022	297,665	$	1,927.47	3.6	$	618,152

RSUs
Outstanding at December 31, 2021	16,564
Granted	17,694
Vested	—
Forfeited	(1,314)
Outstanding at June 30, 2022	32,944				$	131,912
Vested, but not issued at June 30, 2022	—				$	—

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The fair value of the Options granted during the first six months of 2022 was estimated on the grant date using the Pricing Model, based on the following assumptions:



Estimated option life (years)	5.60
Risk free interest rate (range)	1.17%-3.07%
Expected volatility (range)	24.93%-30.52%
Expected dividend rate	—%
Weighted average grant-date fair value per share of options granted	$	1,434.57

Shareholders' Equity (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Equity [Abstract]

Summary of Changes in Shareholders' Equity

A summary of changes in shareholders’ equity for the three months ended June 30, 2022 is presented below:


	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, March 31, 2022	$	206	$	2,416,660	$	10,473,939	$	(10,165,206)	$	(16,710)	$	16,710	$	2,725,599

Net income	—		—		433,314		—		—		—		433,314

Purchase of common stock for treasury	—		—		—		(266,915)		—		—		(266,915)
Equity-based compensation	—		20,087		—		—		—		—		20,087
Proceeds from Options exercised	—		79,581		—		—		—		—		79,581
Treasury stock issued upon Option exercise	—		(18,205)		—		18,205		—		—		—
Balance, June 30, 2022	$	206	$	2,498,123	$	10,907,253	$	(10,413,916)	$	(16,710)	$	16,710	$	2,991,666

A summary of changes in shareholders’ equity for the three months ended June 30, 2021 is presented below:


	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, March 31, 2021	$	206	$	2,272,006	$	9,059,882	$	(8,285,587)	$	(16,710)	$	16,710	$	3,046,507


Net income	—		—		321,295		—		—		—		321,295

Purchase of common stock for treasury	—		—		—		(376,941)		—		—		(376,941)
Equity-based compensation	—		13,379		—		—		—		—		13,379
Proceeds from Options exercised	—		38,048		—		—		—		—		38,048
Treasury stock issued upon Option exercise and RSU vesting	—		(8,869)		—		8,869		—		—		—
Balance, June 30, 2021	$	206	$	2,314,564	$	9,381,177	$	(8,653,659)	$	(16,710)	$	16,710	$	3,042,288

A summary of changes in shareholders’ equity for the six months ended June 30, 2022 is presented below:


	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, December 31, 2021	$	206	$	2,378,191	$	10,047,839	$	(9,423,858)	$	(16,710)	$	16,710	$	3,002,378

Net income	—		—		859,414		—		—		—		859,414

Purchase of common stock for treasury	—		—		—		(1,015,703)		—		—		(1,015,703)
Equity-based compensation	—		31,755		—		—		—		—		31,755
Proceeds from Options exercised	—		113,822		—		—		—		—		113,822
Treasury stock issued upon Option exercise	—		(25,645)		—		25,645		—		—		—
Balance, June 30, 2022	$	206	$	2,498,123	$	10,907,253	$	(10,413,916)	$	(16,710)	$	16,710	$	2,991,666

A summary of changes in shareholders’ equity for the six months ended June 30, 2021 is presented below:


	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, December 31, 2020	$	206	$	2,214,426	$	8,811,120	$	(7,922,678)	$	(16,710)	$	16,710	$	3,103,074


Net income	—		—		570,057		—		—		—		570,057

Purchase of common stock for treasury	—		—		—		(754,366)		—		—		(754,366)
Equity-based compensation	—		27,850		—		—		—		—		27,850
Proceeds from Options exercised	—		95,673		—		—		—		—		95,673
Treasury stock issued upon Option exercise and RSU vesting	—		(23,385)		—		23,385		—		—		—
Balance, June 30, 2021	$	206	$	2,314,564	$	9,381,177	$	(8,653,659)	$	(16,710)	$	16,710	$	3,042,288

Product Warranties (Tables)

6 Months Ended

Jun. 30, 2022

Product Warranties Disclosures [Abstract]

Summary of Changes in Product Warranties Reserve

The following table reflects the changes in our Warranty Reserve during the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Warranty reserve, beginning of period	$	135,341	$	124,836	$	134,859	$	119,638
Provision	24,551		21,760		42,518		44,089
Payments	(21,652)		(19,094)		(39,137)		(36,225)
Warranty reserve, end of period	$	138,240	$	127,502	$	138,240	$	127,502

Segment Disclosures (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Revenues

The following tables present segment revenues, profit and assets with reconciliations to the amounts reported for the consolidated enterprise, where applicable:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenues:
Homebuilding Mid Atlantic	$	1,208,312	$	1,048,416	$	2,350,020	$	1,984,556
Homebuilding North East	237,394		193,245		412,945		355,438
Homebuilding Mid East	521,038		478,179		982,442		903,132
Homebuilding South East	643,318		504,720		1,173,882		945,145
Mortgage Banking	48,881		59,038		118,063		136,773
Total consolidated revenues	$	2,658,943	$	2,283,598	$	5,037,352	$	4,325,044

Profit before Taxes


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Income before taxes:
Homebuilding Mid Atlantic	$	251,739	$	174,481	$	501,520	$	303,548
Homebuilding North East	41,297		21,510		67,225		36,737
Homebuilding Mid East	82,512		59,887		153,695		108,828
Homebuilding South East	150,822		78,919		264,276		135,584
Mortgage Banking	28,800		40,372		78,906		99,934
Total segment profit before taxes	555,170		375,169		1,065,622		684,631
Reconciling items:
Contract land deposit recoveries (1)	419		7,178		6,345		13,374
Equity-based compensation expense (2)	(20,087)		(13,379)		(31,755)		(27,850)
Corporate capital allocation (3)	77,512		63,032		147,256		124,583
Unallocated corporate overhead	(32,282)		(33,668)		(77,543)		(73,804)
Consolidation adjustments and other (4)	5,096		31,944		54,603		34,330
Corporate interest expense	(11,816)		(12,811)		(24,571)		(25,793)
Reconciling items sub-total	18,842		42,296		74,335		44,840
Consolidated income before taxes	$	574,012	$	417,465	$	1,139,957	$	729,471


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Corporate capital allocation charge:
Homebuilding Mid Atlantic	$	37,121	$	31,135	$	71,208	$	61,731
Homebuilding North East	8,158		6,457		15,245		12,495
Homebuilding Mid East	12,875		11,066		24,292		21,690
Homebuilding South East	19,358		14,374		36,511		28,667
Total	$	77,512	$	63,032	$	147,256	$	124,583

Assets


	June 30, 2022		December 31, 2021
Assets:
Homebuilding Mid Atlantic	$	1,408,484	$	1,322,818
Homebuilding North East	286,776		235,048
Homebuilding Mid East	538,877		438,700
Homebuilding South East	780,118		629,198
Mortgage Banking	402,775		371,685
Total segment assets	3,417,030		2,997,449
Reconciling items:
Cash and cash equivalents	1,483,445		2,545,069
Deferred taxes	139,263		132,894
Intangible assets and goodwill	49,368		49,368
Operating lease right-of-use assets	68,323		59,010
Finance lease right-of-use assets	14,364		14,578
Contract land deposit reserve	(23,516)		(30,041)
Consolidation adjustments and other	139,422		66,148
Reconciling items sub-total	1,870,669		2,837,026
Consolidated assets	$	5,287,699	$	5,834,475

Fair Value (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Undesignated Derivative Instruments

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


	June 30, 2022		December 31, 2021
Rate lock commitments:
Gross assets	$	48,491	$	15,949
Gross liabilities	38,064		1,790
Net rate lock commitments	$	10,427	$	14,159
Forward sales contracts:
Gross assets	$	14,323	$	708
Gross liabilities	12,166		926
Net forward sales contracts	$	2,157	$	(218)

Fair Value Measurement

The fair value measurement as of June 30, 2022 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
Rate lock commitments	$	2,670,889	$	8,756	$	(30,908)	$	32,579	$	—	$	10,427
Forward sales contracts	$	2,766,048	—		—		—		2,157		2,157
Mortgages held for sale	$	347,401	1,336		(17,686)		4,573		—		(11,777)
Total fair value measurement			$	10,092	$	(48,594)	$	37,152	$	2,157	$	807

Fair Value Measurements, Recurring and Nonrecurring


	June 30, 2022		December 31, 2021
Estimated Fair Values:
3.95% Senior Notes due 2022	$	—	$	610,452
3.00% Senior Notes due 2030	774,531		942,192
Total	$	774,531	$	1,552,644
Carrying Values:
3.95% Senior Notes due 2022	$	—	$	599,553
3.00% Senior Notes due 2030	915,801		916,702
Total	$	915,801	$	1,516,255

- 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 (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Components of Lease Expense and Other Information related to Leases

The components of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Lease expense
Operating lease expense	$	8,529	$	7,911	$	16,630	$	15,488
Finance lease expense:
Amortization of ROU assets	473		445		937		888
Interest on lease liabilities	103		108		207		217
Short-term lease expense	6,491		5,861		12,823		11,751

Total lease expense	$	15,596	$	14,325	$	30,597	$	28,344

ScheduleofSupplementalCashFlowInformationRelatedtoLeases

Other information related to leases was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022			2021
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,935	$	6,878	$	14,104		$	13,688
Operating cash flows from finance leases	103		108		207			217
Financing cash flows from finance leases	367		331		723			661

ROU assets obtained in exchange for lease obligations:
Operating leases	$	18,073	$	16,558	$	23,886		$	19,571
Finance leases	$	451	$	—	$	723		$	89


					June 30, 2022			December 31, 2021
Weighted-average remaining lease term (in years):
Operating leases					6.2			6.3
Finance leases					11.2			11.7

Weighted-average discount rate:
Operating leases					3.1		%	3.0		%
Finance leases					2.8		%	2.8		%

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract cost	$ 24,400	$ 25,200
Home Building Segment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash and cash equivalents	60,695	60,730
Contract liabilities for customer deposits	439,119	417,463
Consolidated Joint Venture \| Home Building Segment \| Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash and cash equivalents	$ 258	$ 268	$ 273	$ 269

Variable Interest Entities ("VIEs") - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) lot	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) lot	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Variable Interest Entity [Line Items]
Letters of credit related to lots	$ 8,077		$ 8,077
Net Contract Land Deposit Impairment Recoveries	400	$ 7,200	6,300	$ 13,400
Loss reserve on contract land deposits	23,516		23,516		$ 30,041
Contract land deposits in cash	$ 547,914		$ 547,914		$ 527,180
Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10.00%		10.00%
Lots controlled by NVR \| lot	127,700		127,700
Contract land deposits in cash under lot purchase Agreements	$ 541,400		$ 541,400
Letters of credit related to lots	$ 8,100		$ 8,100
Contract on Raw Ground with Landowners
Variable Interest Entity [Line Items]
Lots controlled by NVR \| lot	23,900		23,900
Contract land deposits in cash	$ 6,500		$ 6,500
Refundable deposits and letters of credit	$ 4,300		$ 4,300

Variable Interest Entities ("VIEs") - Total Risk of Loss Related to Contract Land Deposits (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Contract land deposits	$ 547,914	$ 527,180
Loss reserve on contract land deposits	(23,516)	(30,041)
Contract land deposits, net	524,398	497,139
Contingent obligations in the form of letters of credit		10,145
Total risk of loss	532,475	$ 507,284
Letters of credit related to lots	$ 8,077

Joint Ventures - Additional Information (Detail) $ in Thousands	Jun. 30, 2022 USD ($) lot joint_venture	Dec. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Joint Ventures [Line Items]
Aggregate investment	$ 30,000
Number of joint ventures \| joint_venture	5
Expected production of finished lots \| lot	5,400
Total lots controlled by company under the joint venture \| lot	5,050
Total lots either under contract with unrelated parties or not under the current contract \| lot	350
Additional funding commitments in the aggregate	$ 2,000
Number of joint ventures NVR is not primary beneficiary \| joint_venture	4
Other Assets
Joint Ventures [Line Items]
Aggregate investment	$ 30,000	$ 20,300
Home Building Segment
Joint Ventures [Line Items]
Restricted cash and cash equivalents	60,695	60,730
Accrued expenses and other liabilities	388,179	435,860
Consolidated Joint Venture \| Home Building Segment \| Other Assets
Joint Ventures [Line Items]
Restricted cash and cash equivalents	258	$ 268	$ 273	$ 269
Consolidated Joint Venture \| Home Building Segment \| Accounts Payable and Accrued Liabilities
Joint Ventures [Line Items]
Accrued expenses and other liabilities	$ 232

Land Under Development - Additional Information (Detail) $ in Thousands	Jun. 30, 2022 USD ($) lot
Real Estate [Abstract]
Carrying value of raw parcels of land	$ 16,274
Number of finished lots expected to be developed from raw parcels of land \| lot	450
Aggregate additional funding commitments related to raw land property under joint development	$ 1,800
Expected development credits that will offset the aggregate additional funding commitments related to raw land property development	$ 600

Capitalized Interest - Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Roll Forward]
Interest capitalized, beginning of period	$ 640	$ 829	$ 593	$ 1,025
Interest incurred	12,349	13,291	25,603	26,714
Interest expense	(12,257)	(13,270)	(25,423)	(26,667)
Interest charged to cost of sales	(52)	(206)	(93)	(428)
Interest capitalized, end of period	$ 680	$ 644	$ 680	$ 644

Earnings Per Share - Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS (in shares)	3,286,574	3,622,635	3,335,644	3,647,874
Dilutive securities:
Stock options and restricted share units (in shares)	217,730	274,074	244,445	269,230
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS (in shares)	3,504,304	3,896,709	3,580,089	3,917,104

Earnings Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Anti-dilutive securities (in shares)	217,662	18,182	189,988	19,002

Compensation Related Costs, Share Based Payments (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
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, Vested in Period			0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			(1,314)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	647,892		647,892
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number	32,944		32,944
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			5 years 7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum			1.17%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum			3.07%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum			24.93%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum			30.52%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate			0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 1,434.57
Equity-based compensation expense	$ 20,087	$ 13,379	$ 31,755	$ 27,850
Equity-based compensation expense	$ 20,087	$ 13,379	$ 31,755	$ 27,850
Two Thousand Fourteen, Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			110,830
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			0
Two Thousand Eighteen, Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			57,536
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			17,694
Employee Performance Based Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			81,600
Employee Performance Based Stock Option \| Share-based Payment Arrangement, Tranche One
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			63,300
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			4 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
Employee Performance Based Stock Option \| Share-based Payment Arrangement, Tranche Two
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			16,090
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
Employee Performance Based Stock Option \| Share-based Payment Arrangement, Tranche Three
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			2,210
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			2 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
Employee Performance Based Stock Option \| Two Thousand Fourteen, Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			55,415
Employee Performance Based Stock Option \| Two Thousand Eighteen, Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			26,185
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			168,366
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			(43,719)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period			(11,450)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number					534,695
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	297,665		297,665
Employee Stock \| Share-based Payment Arrangement, Tranche One
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			68,466
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			4 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
Employee Stock \| Share-based Payment Arrangement, Tranche Two
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			16,090
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			2 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
Employee Stock \| Share-based Payment Arrangement, Tranche Three
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			2,210
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
Employee Stock \| Two Thousand Fourteen, Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			55,415
Employee Stock \| Two Thousand Eighteen, Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			31,351
Restricted Stock Units (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	16,864		17,694
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number					16,564
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			2 years 9 months 18 days
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 406,545		$ 406,545
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 4,509.67
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 4,509.67
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	406,545		$ 406,545
Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			6 years
Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			2 years
Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Tranche One
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
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			5,109
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			2 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Tranche Two
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
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			3,119
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			4 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Tranche Three
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
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			642
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			2 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
Restricted Stock Units (RSUs) \| Two Thousand Fourteen, Equity Plan
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			0
Restricted Stock Units (RSUs) \| Two Thousand Eighteen, Equity Plan
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			8,870
Restricted Stock Units (RSUs) \| Two Thousand Ten, Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	131,912		$ 131,912
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested Outstanding Number Aggregate Intrinsic Value	$ 0		$ 0
Performance Based Restricted Stock Unit
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			8,824
Performance Based Restricted Stock Unit \| Share-based Payment Arrangement, Tranche One
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
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			5,109
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			2 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
Performance Based Restricted Stock Unit \| Share-based Payment Arrangement, Tranche Two
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			3,119
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			4 years
Performance Based Restricted Stock Unit \| Share-based Payment Arrangement, Tranche Three
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
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			596
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
Performance Based Restricted Stock Unit \| Two Thousand Fourteen, Equity Plan
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			0
Performance Based Restricted Stock Unit \| Two Thousand Eighteen, Equity Plan
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			8,824
Share-based Payment Arrangement, Option
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	165,456		168,366
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 2,931.72		$ 2,931.72		$ 2,424.62
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price			4,487.97
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price			2,598.73
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price			3,406.42
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 1,927.47		$ 1,927.47
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term			6 years 1 month 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term			3 years 7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 788,955		$ 788,955
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 618,152		$ 618,152
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	165,456		168,366
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
Share-based Payment Arrangement, Option \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			6 years
Share-based Payment Arrangement, Option \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Share-based Payment Arrangement, Option \| Share-based Payment Arrangement, Tranche Three
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
Restricted Stock
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 Outstanding, Number	0		0
Share-based Payment Arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			86,766

Shareholders' Equity - Summary of Changes in Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 2,725,599	$ 3,046,507	$ 3,002,378	$ 3,103,074
Net income	433,314	321,295	859,414	570,057
Purchase of common stock for treasury	(266,915)	(376,941)	(1,015,703)	(754,366)
Equity-based compensation	20,087	13,379	31,755	27,850
Proceeds from Options exercised	79,581	38,048	113,822	95,673
Ending Balance	$ 2,991,666	$ 3,042,288	$ 2,991,666	$ 3,042,288
Common stock repurchased (in shares)	61,078	78,452	207,132	164,975
Reissued shares during the period, shares (in shares)	30,396	18,033	43,719	48,588
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 206	$ 206	$ 206	$ 206
Ending Balance	206	206	206	206
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	2,416,660	2,272,006	2,378,191	2,214,426
Equity-based compensation	20,087	13,379	31,755	27,850
Proceeds from Options exercised	79,581	38,048	113,822	95,673
Treasury stock issued upon Option exercise	(18,205)	(8,869)	(25,645)	(23,385)
Ending Balance	2,498,123	2,314,564	2,498,123	2,314,564
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	10,473,939	9,059,882	10,047,839	8,811,120
Net income	433,314	321,295	859,414	570,057
Ending Balance	10,907,253	9,381,177	10,907,253	9,381,177
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(10,165,206)	(8,285,587)	(9,423,858)	(7,922,678)
Purchase of common stock for treasury	(266,915)	(376,941)	(1,015,703)	(754,366)
Treasury stock issued upon Option exercise	18,205	8,869	25,645	23,385
Ending Balance	(10,413,916)	(8,653,659)	(10,413,916)	(8,653,659)
Deferred Compensation Trust
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(16,710)	(16,710)	(16,710)	(16,710)
Ending Balance	(16,710)	(16,710)	(16,710)	(16,710)
Deferred Compensation Liability
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	16,710	16,710	16,710	16,710
Ending Balance	$ 16,710	$ 16,710	$ 16,710	$ 16,710

Shareholders' Equity - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Equity [Abstract]
Common stock repurchased (in shares)	61,078	78,452	207,132	164,975
Reissued shares during the period, shares (in shares)	30,396	18,033	43,719	48,588

Product Warranties Product Warranties - Schedule of Product Warranties Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Warranty reserve, beginning of period	$ 135,341	$ 124,836	$ 134,859	$ 119,638
Provision	24,551	21,760	42,518	44,089
Payments	(21,652)	(19,094)	(39,137)	(36,225)
Warranty reserve, end of period	$ 138,240	$ 127,502	$ 138,240	$ 127,502

Segment Disclosures - Additional Information (Detail)	6 Months Ended
Segment Disclosures - Additional Information (Detail)	Jun. 30, 2022 segment
Senior Notes due 2022
Segment Reporting Information [Line Items]
Senior notes interest rate	3.95%
3.00% Senior Notes due 2030
Segment Reporting Information [Line Items]
Senior notes interest rate	3.00%
Home Building Segment
Segment Reporting Information [Line Items]
Number of reportable segments	4
Mortgage Banking
Segment Reporting Information [Line Items]
Number of reportable segments	1

Segment Disclosures - Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 2,658,943	$ 2,283,598	$ 5,037,352	$ 4,325,044
Home Building Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,610,062	2,224,560	4,919,289	4,188,271
Home Building Segment \| Mid Atlantic
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,208,312	1,048,416	2,350,020	1,984,556
Home Building Segment \| North East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	237,394	193,245	412,945	355,438
Home Building Segment \| Mid East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	521,038	478,179	982,442	903,132
Home Building Segment \| South East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	643,318	504,720	1,173,882	945,145
Mortgage Banking
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 48,881	$ 59,038	$ 118,063	$ 136,773

- 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
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-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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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Disclosures - Income before Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	$ 574,012	$ 417,465	$ 1,139,957	$ 729,471
Equity-based compensation expense	(20,087)	(13,379)	(31,755)	(27,850)
Corporate interest expense	(12,257)	(13,270)	(25,423)	(26,667)
Home Building Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	544,947	378,263	1,061,834	631,682
Corporate interest expense	(11,852)	(12,850)	(24,656)	(25,856)
Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	29,065	39,202	78,123	97,789
Corporate interest expense	(405)	(420)	(767)	(811)
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	555,170	375,169	1,065,622	684,631
Operating Segments \| Home Building Segment \| Mid Atlantic
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	251,739	174,481	501,520	303,548
Operating Segments \| Home Building Segment \| North East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	41,297	21,510	67,225	36,737
Operating Segments \| Home Building Segment \| Mid East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	82,512	59,887	153,695	108,828
Operating Segments \| Home Building Segment \| South East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	150,822	78,919	264,276	135,584
Operating Segments \| Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	28,800	40,372	78,906	99,934
Corporate and Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	18,842	42,296	74,335	44,840
Contract land deposit reserve adjustment	419	7,178	6,345	13,374
Equity-based compensation expense	(20,087)	(13,379)	(31,755)	(27,850)
Corporate capital allocation	77,512	63,032	147,256	124,583
Unallocated corporate overhead	(32,282)	(33,668)	(77,543)	(73,804)
Consolidation adjustments and other (4)	5,096	31,944	54,603	34,330
Corporate interest expense	(11,816)	(12,811)	(24,571)	(25,793)
Corporate and Reconciling Items \| Home Building Segment \| Mid Atlantic
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	37,121	31,135	71,208	61,731
Corporate and Reconciling Items \| Home Building Segment \| North East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	8,158	6,457	15,245	12,495
Corporate and Reconciling Items \| Home Building Segment \| Mid East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	12,875	11,066	24,292	21,690
Corporate and Reconciling Items \| Home Building Segment \| South East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	$ 19,358	$ 14,374	$ 36,511	$ 28,667

Segment Disclosures - Corporate Capital Allocation Charge (Detail) - Corporate and Reconciling Items - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 77,512	$ 63,032	$ 147,256	$ 124,583
Home Building Segment \| Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	37,121	31,135	71,208	61,731
Home Building Segment \| North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	8,158	6,457	15,245	12,495
Home Building Segment \| Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	12,875	11,066	24,292	21,690
Home Building Segment \| South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 19,358	$ 14,374	$ 36,511	$ 28,667

Segment Disclosures - Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 5,287,699	$ 5,834,475
Finance Lease, Right-of-Use Asset	14,364	14,578
Contract land deposit reserve	(23,516)	(30,041)
Home Building Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	4,877,577	5,455,443
Cash and cash equivalents	1,483,445	2,545,069
Operating lease right-of-use assets	68,323	59,010
Mortgage Banking
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	410,122	379,032
Cash and cash equivalents	16,158	28,398
Operating lease right-of-use assets	13,405	9,758
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	3,417,030	2,997,449
Operating Segments \| Home Building Segment \| Mid Atlantic
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,408,484	1,322,818
Operating Segments \| Home Building Segment \| North East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	286,776	235,048
Operating Segments \| Home Building Segment \| Mid East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	538,877	438,700
Operating Segments \| Home Building Segment \| South East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	780,118	629,198
Operating Segments \| Mortgage Banking
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	402,775	371,685
Corporate and Reconciling Items
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,870,669	2,837,026
Cash and cash equivalents	1,483,445	2,545,069
Deferred taxes	139,263	132,894
Intangible assets and goodwill	49,368	49,368
Operating lease right-of-use assets	68,323	59,010
Finance Lease, Right-of-Use Asset	14,364	14,578
Contract land deposit reserve	(23,516)	(30,041)
Consolidation adjustments and other	$ 139,422	$ 66,148

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)			$ 807		$ 18,237
Home Building Segment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	$ 915,801		915,801		1,516,255
Home Building Segment \| Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	0		0		599,553
Home Building Segment \| 3.00% Senior Notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	915,801		915,801		916,702
Home Building Segment \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	915,801		915,801		1,516,255
Home Building Segment \| Level 2 \| Fair Value, Recurring \| Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	0		0		610,452
Home Building Segment \| Level 2 \| Fair Value, Recurring \| 3.00% Senior Notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	774,531		774,531		942,192
Home Building Segment \| Level 2 \| Fair Value, Recurring \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	774,531		774,531		1,552,644
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)	(27,540)	$ 1,692	(17,430)	$ 2,240
Mortgage Banking \| Level 2 \| Fair Value, Recurring \| Rate Lock Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	2,670,889		2,670,889
Total fair value measurement gain/(loss)			10,427
Mortgage Banking \| Level 2 \| Fair Value, Recurring \| Forward Sales Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	2,766,048		2,766,048
Total fair value measurement gain/(loss)			2,157
Mortgage Banking \| Level 2 \| Fair Value, Recurring \| Mortgages Held for Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trade and loans receivables held-for-sale, net, not part of disposal group	335,624		335,624		$ 302,192
Fair Value, principal amount, loans held for sale	$ 347,401	$ 297,896	347,401	297,896
Fair value, option, changes in fair value, gain (loss)			$ (11,777)	$ 4,296

Fair Value - Undesignated Derivative Instruments (Detail) - Mortgage Banking - Level 2 - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Other Assets \| Rate Lock Commitments
Derivatives, Fair Value [Line Items]
Gross assets	$ 48,491	$ 15,949
Gross liabilities	38,064	1,790
Net rate lock commitments and forward sales contracts	10,427	14,159
Accrued Liabilities \| Forward Sales Contracts
Derivatives, Fair Value [Line Items]
Gross assets	14,323	708
Gross liabilities	12,166	926
Net rate lock commitments and forward sales contracts	$ 2,157	$ (218)

Fair Value - Fair Value Measurement (Detail) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain From Loan Sale	$ 10,092
Interest Rate Movement Effect	(48,594)
Servicing Rights Value	37,152
Security Price Change	2,157
Total Fair Value Measurement	807		$ 18,237
Mortgage Banking \| Level 2 \| Fair Value, Recurring \| Rate Lock Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	2,670,889
Assumed Gain From Loan Sale	8,756
Interest Rate Movement Effect	(30,908)
Servicing Rights Value	32,579
Total Fair Value Measurement	10,427
Mortgage Banking \| Level 2 \| Fair Value, Recurring \| Forward Sales Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	2,766,048
Security Price Change	2,157
Total Fair Value Measurement	2,157
Mortgage Banking \| Level 2 \| Fair Value, Recurring \| Mortgages Held for Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain From Loan Sale	1,336
Interest Rate Movement Effect	(17,686)
Servicing Rights Value	4,573
Fair value, option, changes in fair value, gain (loss)	(11,777)	$ 4,296
Fair Value, principal amount, loans held for sale	$ 347,401	$ 297,896

Debt - Additional Information (Detail)	6 Months Ended
Debt - Additional Information (Detail)	Jun. 30, 2022 USD ($)
Senior Notes due 2022
Debt Instrument [Line Items]
Senior notes principal amount	$ 600,000,000
Senior notes interest rate	3.95%
Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum loan borrowing capacity	$ 300,000,000
Increase in commitment available	300,000,000
Debt outstanding	0
Credit Agreement \| Revolving Credit Facility \| Sublimit for Issuance of Letters of Credit
Debt Instrument [Line Items]
Maximum loan borrowing capacity	100,000,000
Letters of credit outstanding	14,200,000
Repurchase Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum loan borrowing capacity	150,000,000
Borrowing base limitations	0
Debt outstanding	0
3.00% Senior Notes due 2030
Debt Instrument [Line Items]
Senior notes principal amount	$ 900,000,000
Senior notes interest rate	3.00%
Frequency of senior notes payment	semi-annually in arrears on May 15 and November 15
$600M Senior Notes Due Two Thousand Thirty
Debt Instrument [Line Items]
Senior notes principal amount	$ 600,000,000
Senior notes effective interest rate	3.02%
Additional Senior Notes Due Two Thousand Thirty
Debt Instrument [Line Items]
Senior notes principal amount	$ 300,000,000
Senior notes effective interest rate	2.00%

Leases - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease, term	18 years 2 months 12 days
Operating lease, option to extend	20
Finance Lease, Right-of-Use Asset	$ 14,364	$ 14,578
Finance Lease, Liability	$ 15,413	$ 15,413

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating Lease, Expense	$ 8,529	$ 7,911	$ 16,630	$ 15,488
Finance Lease, Right-of-Use Asset, Amortization	473	445	937	888
Finance Lease, Interest Expense	103	108	207	217
Short-term Lease Payments	6,491	5,861	12,823	11,751
Lease, Cost	$ 15,596	$ 14,325	$ 30,597	$ 28,344

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Supplemental Cash Flows Information:
Operating cash flows from operating leases	$ 6,935	$ 6,878	$ 14,104	$ 13,688
Operating cash flows from finance leases	103	108	207	217
Financing cash flows from finance leases	367	331	723	661
ROU assets obtained in exchange for lease obligations:
Operating leases	18,073	16,558	23,886	19,571
Finance leases	$ 451	$ 0	$ 723	$ 89
Weighted-average remaining lease term (in years):
Operating leases	6 years 2 months 12 days		6 years 2 months 12 days		6 years 3 months 18 days
Finance leases	11 years 2 months 12 days		11 years 2 months 12 days		11 years 8 months 12 days
Weighted-average discount rate:
Operating leases	3.10%		3.10%		3.00%
Finance leases	2.80%		2.80%		2.80%

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	24.50%	23.00%	24.60%	21.90%
Excess tax benefit recognized	$ 8,744	$ 11,213	$ 17,190	$ 28,590