0000906163-24-000033 | 10-K | XBRL Viewer

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Common Stock - Additional Information (Detail) - shares	12 Months Ended
Common Stock - Additional Information (Detail) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common shares outstanding (in Shares)	3,194,876	3,218,933
Reissued shares during the period, shares (in Shares)	158,022	95,069	74,027

Commitments and Contingent Liabilities - Summary of Changes in Product Warranty/Liability Reserve (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement in Warranty Reserve [Roll Forward]
Warranty reserve, beginning of year	$ 144,006	$ 134,859	$ 119,638
Provision	95,193	96,577	94,605
Payments	(92,916)	(87,430)	(79,384)
Warranty reserve, end of year	$ 146,283	$ 144,006	$ 134,859

Options and RSUs granted during the year (Detail) - Employee Stock	12 Months Ended
	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (Shares)	4,100
Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	50.00%
Option Grant Solely Contingent upon Continued Employment or Continued Service as a Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	25.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Leases, Codification Topic 842 (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease, Cost

The components of lease expense were as follows:


	Year Ended December 31,
	2023		2022		2021
Lease expense
Operating lease expense	$	37,262	$	34,467	$	31,923
Finance lease expense:
Amortization of ROU assets	2,059		1,916		1,798
Interest on lease liabilities	421		417		429
Short-term lease expense	30,607		27,584		24,012

Total lease expense	$	70,349	$	64,384	$	58,162

ScheduleofSupplementalCashFlowInformationRelatedtoLeases

Other information related to leases was as follows:


	Year Ended December 31,
	2023			2022
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	29,044		$	28,837
Operating cash flows from finance leases	$	421		$	417
Financing cash flows from finance leases	$	1,661		$	1,495

ROU assets obtained in exchange for lease obligations:
Operating leases	$	34,100		$	44,782
Finance leases	$	1,624		$	1,083

Weighted-average remaining lease term (in years):
Operating leases	5.8			6.0
Finance leases	9.9			10.8

Weighted-average discount rate:
Operating leases	4.2		%	3.6		%
Finance leases	3.1		%	2.9		%

Lessee, Operating and Finance Lease, Liability, Maturity

We are committed under multiple non-cancelable operating and finance leases involving office space, model homes, production facilities, automobiles and equipment. Future lease payments under these operating and finance leases as of December 31, 2023 are as follows:


Year Ending December 31,	Operating Leases		Finance Leases
2024	$	36,636	$	2,303
2025	22,974		2,308
2026	17,354		3,256
2027	13,069		1,683
2028	10,076		1,010
Thereafter	22,449		6,975
Total lease payments	122,558		17,535
Less:
Imputed interest	13,039		2,570
Short-term lease payments	8,247		—
Total lease liability	$	101,272	$	14,965

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The provision for income taxes consists of the following:


	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	261,481	$	412,036	$	272,971
State	79,023		126,686		80,650
Deferred:
Federal	(3,986)		(6,753)		873
State	244		(4,350)		(810)
Income tax expense	$	336,762	$	527,619	$	353,684

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


	As of December 31,
	2023		2022
Deferred tax assets:
Other accrued expenses and contract land deposit reserve	$	71,466	$	73,555
Deferred compensation	4,347		4,728
Equity-based compensation expense	48,088		47,605
Inventory	18,181		13,981
Unrecognized tax benefit	8,049		8,849
Other	14,703		11,364
Total deferred tax assets	164,834		160,082
Less: Deferred tax liabilities	9,515		8,505
Net deferred tax asset	$	155,319	$	151,577

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

Deferred tax assets include $3,293 of Federal Alternative Minimum Tax Credits (CAMT) for the year ended December 31, 2023 that may be carried forward indefinitely.

Management believes that we will have sufficient future taxable income to make it more likely than not that the net deferred tax assets will be realized. Federal taxable income is estimated to be approximately $1,302,200 for the year ended December 31, 2023, and was $2,001,717 for the year ended December 31, 2022.

A reconciliation of income taxes computed at the federal statutory rate (21% in 2023, 2022, and 2021) to income tax expense is as follows:


	Year Ended December 31,
	2023		2022		2021
Income taxes computed at the federal statutory rate	$	404,958	$	473,171	$	333,985
State income taxes, net of federal income tax benefit (1)	92,163		105,867		72,082
Excess tax benefits from equity-based compensation	(153,554)		(50,324)		(48,369)
Other, net (2)	(6,805)		(1,095)		(4,014)
Income tax expense	$	336,762	$	527,619	$	353,684

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

(2)Primarily attributable to tax benefits from certain energy credits for the years ended December 31, 2023, 2022 and 2021.

Our effective tax rate in 2023, 2022 and 2021 was 17.46%, 23.42% and 22.24%, respectively.

We file a consolidated U.S. federal income tax return, as well as state and local tax returns in all jurisdictions where we maintain operations. With few exceptions, we are no longer subject to income tax examinations by tax authorities for years prior to 2020.

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


	Year Ended December 31,
	2023		2022
Balance at beginning of year	$	29,526	$	33,490
Additions based on tax positions related to the current year	782		1,326
Reductions for tax positions of prior years	(4,720)		(5,290)
Settlements	—		—
Balance at end of year	$	25,588	$	29,526

If recognized, the total amount of unrecognized tax benefits that would affect the effective tax rate (net of the federal tax benefit) is $20,215 as of December 31, 2023.

We recognize interest related to unrecognized tax benefits as a component of income tax expense. For the year ended December 31, 2023, we recognized a net addition of accrued interest on unrecognized tax benefits in the amount of $106. For the years ended December 31, 2022, and 2021, we recognized a net reversal of accrued interest on unrecognized tax benefits in the amount of $3,662 and $1,455, respectively. As of December 31, 2023 and 2022, we had a total of $10,292 and $10,186, respectively, of accrued interest on unrecognized tax benefits which are included in “Accrued expenses and other liabilities” on the accompanying consolidated balance sheets.

We believe that within the next 12 months, it is reasonably possible that the unrecognized tax benefits, excluding interest, as of December 31, 2023 will be reduced by approximately $4,150 due to statute expiration and effectively settled positions in various state jurisdictions.

- Definition

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

+ References

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+ Details

Debt - Additional Information (Detail) - USD ($)	12 Months Ended
Debt - Additional Information (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Sep. 17, 2020	Sep. 09, 2020	May 04, 2020
Debt Instrument [Line Items]
Expiration date	Jul. 17, 2024
Repurchase Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum loan borrowing capacity	$ 150,000,000
Debt outstanding	$ 0	$ 0
Senior notes interest rate	7.05%
Repurchase Agreement \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, marginal interest rate	1.70%
Repurchase Agreement \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, marginal interest rate	1.70%
Senior Notes Due Two Thousand Thirty [Member]
Debt Instrument [Line Items]
Senior notes principal amount					$ 600,000,000
Senior notes effective interest rate	3.02%
Senior notes proceeds	$ 595,200,000
Senior notes maturity date	May 15, 2030
Frequency of senior notes payment	semi-annually in arrears on May 15 and November 15
Debt Instrument, Unamortized Discount (Premium), Net	$ 764,000	871,000
Debt issuance cost	$ 2,303,000	2,664,000
Senior notes interest rate	3.00%
$250M Senior Notes Due Two Thousand Thirty [Member]
Debt Instrument [Line Items]
Senior notes principal amount				$ 250,000,000
$50M Senior Notes Due Two Thousand Thirty [Member]
Debt Instrument [Line Items]
Senior notes principal amount			$ 50,000,000
$300M Senior Notes Due Two Thousand Thirty [Member]
Debt Instrument [Line Items]
Senior notes effective interest rate	2.00%
Senior notes proceeds	$ 323,600,000
Debt Instrument, Unamortized Discount (Premium), Net	(17,040,000)	(19,518,000)
Debt issuance cost	947,000	$ 1,095,000
Amended Credit Agreement [Member] \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum loan borrowing capacity	300,000,000
Amended Credit Agreement [Member] \| Revolving Credit Facility \| Sublimit for Issuance of Letters of Credit
Debt Instrument [Line Items]
Maximum loan borrowing capacity	100,000,000
Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding	$ 0
Line of credit facility, interest rate description	Borrowings under the Amended Credit Agreement generally bear interest for Base Rate Loans at a Base Rate equal to the highest of (a) the Federal Funds Rate plus one-half of one percent, (b) Bank of America’s publicly announced “prime rate,” (c) one percent or (d) Term SOFR plus 100 basis points.
Expiration date	Feb. 12, 2026
Credit Agreement \| Revolving Credit Facility \| Sublimit for Issuance of Letters of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 13,000,000

Grants Outstanding (Detail) - shares	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized	60,000,000	60,000,000
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized	700,000
Share Based Compensation Arrangement By Share Based Payment Award Options And Restricted Share Units Outstanding Number	23,681
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	0
Options outstanding	18,211
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number	5,470
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized	950,000
Share Based Compensation Arrangement By Share Based Payment Award Options And Restricted Share Units Outstanding Number	273,143
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	1,778
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized	275,000
Share Based Compensation Arrangement By Share Based Payment Award Options And Restricted Share Units Outstanding Number	163,248
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	90,322
Options outstanding	141,236
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number	22,012
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 Outstanding, Number	27,482	33,320
RSUs \| 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	17,808
Common stock, shares authorized	40,000

Summary of Significant Accounting Policies - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Anti-dilutive securities (in Shares)	14,444	194,884	23,062

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans

Equity-Based Compensation Plans

Our equity-based compensation plans provide for the granting of Options and RSUs to key management employees, including executive officers and members of our Board of Directors ("Directors"). The exercise price of Options granted is equal to the closing price of our common stock on the New York Stock Exchange (the “NYSE”) on the day prior to the date of grant, and are granted for a 10-year term. Both Option and RSU grants typically vest in separate tranches over periods of 3 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 based on continued service as a Director.

The following table provides a summary of each of our equity-based compensation plans with grants outstanding at December 31, 2023. Each of the following plans was approved by our shareholders:


Equity-Based Compensation Plans	Shares Authorized	Options/RSUs Outstanding	Shares Available to Issue
2010 Equity Incentive Plan (1)	700,000	23,681	—
2014 Equity Incentive Plan (2)	950,000	273,143	1,778
2018 Equity Incentive Plan (3)	275,000	163,248	90,322

(1)The 2010 Equity Incentive Plan (the “2010 Plan”) authorized us to issue Options and RSUs. There were 18,211 Options and 5,470 RSUs outstanding as of December 31, 2023. Shares can no longer be granted from this plan.

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

(3)The 2018 Equity Incentive Plan (the "2018 Plan") authorizes us to issue Options and RSUs. Of the 275,000 aggregate shares authorized to issue, all may be granted in the form of Options and up to 40,000 may be granted in the form of RSUs. There were 141,236 Options and 22,012 RSUs outstanding as of December 31, 2023. Of the 90,322 shares available to issue, 17,808 may be granted in the form of RSUs.

During 2023, we issued 4,100 Options under the 2014 Plan. Approximately half of the Options issued vest over four years in 25% increments beginning on December 31, 2025, while the remaining Options issued vest over two years in 50% increments beginning on December 31, 2027. Vesting for half of the Options issued is contingent solely upon continued employment, while vesting for the other half of the Options is contingent upon both continued employment and our return on capital performance during the three year periods beginning 2023.

In addition, we granted 1,904 RSUs under the 2018 Plan during 2023. Of the RSUs granted, 1,214 RSUs will vest over four years in 25% increments beginning on either December 31, 2025 or December 31, 2026, and 690 RSUs will vest over two years in 50% increments beginning on December 31, 2025. Vesting for half of the RSUs issued is contingent solely upon continued employment, while vesting for the other half of the RSUs issued is contingent upon both continued employment and our return on capital performance during the three year periods beginning on either 2023 or 2024, based on the RSU's initial vesting date.

The following table provides additional information relative to our equity-based compensation plans for the year ended December 31, 2023:


	Shares	Weighted Avg. Per Share Exercise Price		Weighted Avg. Remaining Contract Life (years)	Aggregate Intrinsic Value
Stock Options
Outstanding at December 31, 2022	590,554	$	3,060.71
Granted	4,100	5,424.19
Exercised	(152,086)	1,660.69
Forfeited	(9,978)	3,820.80
Outstanding at December 31, 2023	432,590	$	3,557.78	6.0	$	1,489,264
Exercisable at December 31, 2023	227,684	$	2,827.99	4.1	$	950,003

RSUs
Outstanding at December 31, 2022	33,320
Granted	1,904
Vested	(5,936)
Forfeited	(1,806)
Outstanding at December 31, 2023	27,482				$	192,386
Vested, but not issued at December 31, 2023	5,461				$	38,229

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 2023, 2022 and 2021 was estimated on the grant date using the Pricing Model, based on the following assumptions:


	2023			2022			2021
Estimated option life (years)	6.05			5.61			5.31
Risk free interest rate (range)	3.53%-4.69%			1.17%-4.36%			0.30%-1.55%
Expected volatility (range)	26.75%-30.01%			24.93%-30.89%			24.46%-30.80%
Expected dividend rate	—		%	—		%	—		%
Weighted average grant-date fair value per share of options granted	$	1,936.08		$	1,437.93		$	1,235.91

The weighted average grant date fair value per share of $5,758.02 for the RSUs was the closing price of our common stock on the day immediately preceding the date of grant.

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

We recognize forfeitures of equity-based awards as a reduction to compensation costs in the period in which they occur. In 2023, 2022 and 2021, we recognized $99,507, $82,537, and $58,234 in equity-based compensation costs, respectively, and approximately $19,900, $16,700, and $12,000 in tax benefit related to equity-based compensation costs, respectively.

As of December 31, 2023, the total unrecognized compensation cost for all outstanding Options and RSUs equaled approximately $259,300. The unrecognized compensation cost will be recognized over each grant’s applicable vesting period with the latest vesting date being December 31, 2029. The weighted-average period over which the unrecognized compensation cost will be recorded is equal to approximately 2.4 years.

We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. Shares are relieved from the treasury account based on the weighted average cost of treasury shares acquired. During the years ended December 31, 2023, 2022 and 2021, we issued 158,022, 95,069 and 74,027 shares, respectively, from the treasury account for Option exercises and vesting of RSUs. Information with respect to the vested RSUs and exercised Options is as follows:


	Year Ended December 31,
	2023		2022		2021
Aggregate exercise proceeds	$	250,509	$	196,717	$	142,370
Aggregate intrinsic value on exercise dates	$	635,709	$	234,732	$	219,219

Profit Sharing Plans

We have a trustee-administered, profit sharing retirement plan (the “Profit Sharing Plan”) and an Employee Stock Ownership Plan (“ESOP”) covering substantially all employees. The Profit Sharing Plan and the ESOP provide for annual discretionary contributions in amounts as determined by our Board of Directors. The combined plan contribution for the years ended December 31, 2023, 2022 and 2021 was approximately $26,200, $26,800 and $24,700, respectively. We purchased approximately 3,640 and 5,180 shares of our common stock in the open market for the 2023 and 2022 plan year contributions to the ESOP, respectively. As of December 31, 2023, all shares held by the ESOP had been allocated to participants’ accounts. The 2023 plan year contribution was funded and fully allocated to participants in February 2024.

Deferred Compensation Plans

We have two deferred compensation plans (“Deferred Comp Plans”). The specific purpose of the Deferred Comp Plans is to i) establish a vehicle whereby named executive officers may defer the receipt of salary and bonus that otherwise would be nondeductible for Company tax purposes into a period where we would realize a tax deduction for the amounts paid, and ii) to enable certain employees who are subject to our stock holding requirements to acquire shares of our common stock on a pre-tax basis in order to

more quickly meet, and maintain compliance with those stock holding requirements. Amounts deferred into the Deferred Comp Plans are invested in our common stock, held in a rabbi trust account, and are paid out in a fixed number of shares upon expiration of the deferral period.

The rabbi trust account held 106,697 shares of NVR common stock as of both December 31, 2023 and 2022. Shares held by the Deferred Comp Plans are treated as outstanding shares in our earnings per share calculation for each of the years ended December 31, 2023, 2022 and 2021.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies [Line Items]

Principles of Consolidation

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

Use of Estimates in the Preparation of Financial Statements

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

Cash and Cash Equivalents

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

Restricted Cash

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

Homebuilding Inventory

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

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

Contract Land Deposits

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

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

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

For the year ended December 31, 2023 we recognized a net pre-tax recovery of approximately $2,900 of contract land deposits previously determined to be unrecoverable. For the year ended December 31, 2022, we incurred a net pre-tax charge of approximately $27,500 related to the impairment of contract land deposits. For the year ended December 31, 2021, we recognized a net pre-tax recovery of approximately $22,100 of contract land deposits previously determined to be unrecoverable. The contract land deposit assets on the accompanying consolidated balance sheets are shown net of the allowance for losses of $53,397 and $57,060 at December 31, 2023 and 2022, respectively.

Land Under Development

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

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

Property, Plant, and Equipment

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

Warranty/Product Liability Reserves

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

Mortgage Loans Held for Sale, Derivatives and Hedging Activities

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

We originate several different loan products to our customers to finance the purchase of a home through our wholly-owned mortgage subsidiary, NVR Mortgage Finance, Inc. (“NVRM”). NVRM sells almost all of the loans it originates into the secondary

market on a servicing released basis, typically within 30 days from closing. All of the loans that NVRM originates are underwritten to the standards and specifications of the ultimate investor. Those underwriting standards are typically equal to or more stringent than the underwriting standards required by Fannie Mae (“FNMA”), Ginnie Mae (“GNMA”), Freddie Mac ("FHLMC"), the Department of Veterans Affairs (“VA”) and the Federal Housing Administration (“FHA”). Insofar as NVRM underwrites its originated loans to those standards, NVRM bears no increased concentration of credit risk from the issuance of loans, except in certain limited instances where repurchases or early payment defaults occur. NVRM employs a quality control department to ensure that its underwriting controls are effectively operating, and further assesses the underwriting function as part of its assessment of internal controls over financial reporting. NVRM maintains a reserve for losses on mortgage loans originated that reflects our judgment of the present loss exposure in the loans that NVRM has originated and sold. The reserve is calculated based on an analysis of historical experience and exposure (see Note 15 herein for further information).

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

In the normal course of business, NVRM enters into contractual commitments to extend credit to buyers of single-family homes with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within time frames established by NVRM. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the “lock-in” of rates by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sale contracts to sell whole loans and mortgage-backed securities to investors. The forward sale contracts lock-in a range of interest rates and prices for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to investors are undesignated derivatives, and, accordingly, are marked to fair value through earnings. At December 31, 2023, there were contractual commitments to extend credit to borrowers aggregating $2,110,217, and open forward delivery sale contracts aggregating $1,856,541, which hedge both the rate lock loan commitments and closed loans held for sale (see Note 14 herein for a description of the Company’s fair value accounting).

Earnings Per Share

Earnings per Share

The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023	2022	2021
Weighted average number of shares outstanding used to calculate basic EPS	3,238,161	3,285,562	3,580,800
Dilutive securities:
Stock options and restricted share units	197,133	222,962	278,112
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS	3,435,294	3,508,524	3,858,912

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

The following stock options and restricted share units issued under equity incentive plans were outstanding during the years ended December 31, 2023, 2022 and 2021, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive.


	Year Ended December 31,
	2023	2022	2021
Anti-dilutive securities	14,444	194,884	23,062

Revenues-Homebuilding Operations

Revenues – Homebuilding Operations

We build single-family detached homes, townhomes and condominium buildings, which generally are constructed on a pre-sold basis. Revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers. Our contract liabilities, consisting of deposits received from customers on homes not settled, were $334,441 and $313,804 as of December 31, 2023 and 2022, respectively. Substantially all customer deposits are recognized in revenue within twelve months of being received from customers. Our contract assets, consisting of prepaid sales compensation, totaled approximately $17,900 and $15,300 as of December 31, 2023 and 2022, respectively. These amounts are included in homebuilding “Other assets” on the accompanying consolidated balance sheets.

Mortgage Banking Fees

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

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on the deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

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

Financial Instruments

Except as otherwise noted herein, we believe that the carrying value approximates the fair value of our financial instruments (see Note 14 herein for further information).

Equity-Based Compensation

We recognize equity-based compensation expense within our income statement for all share-based payment arrangements, which includes non-qualified stock options to purchase shares of NVR common stock ("Options") and restricted share units ("RSUs"). Compensation expense is based on grant-date fair value of the Options and RSUs granted, and is recognized on a straight-line basis over the requisite service period for the entire award (from the date of grant through the period of the last separately vesting portion of the grant). Options and RSUs which are subject to a performance condition are treated as a separate award from the “service-only” Options and RSUs, and compensation expense is recognized when it becomes probable that the stated performance target will be achieved. We calculate the fair value of our Options, which are not publicly traded, using the Black-Scholes option-pricing model. The grant date fair value of the RSUs is the closing price of our common stock on the day immediately preceding the date of grant. The reversal of compensation expense previously recognized for grants forfeited is recorded in the period in which the forfeiture occurs. Our equity-based compensation plans are accounted for as equity-classified awards (see Note 11 herein for further discussion of equity-based compensation plans).

Comprehensive Income

omprehensive Income

For the years ended December 31, 2023, 2022 and 2021, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying consolidated financial statements.

Lessee, Leases

Leases

We determine if an arrangement is a lease, or contains a lease, at the inception of the arrangement. Once determined that an arrangement is a lease, we then determine if the lease is an operating lease or a finance lease. Both operating and finance leases result in us recording a right-of-use ("ROU") asset and lease liability on our balance sheet. The ROU assets and lease liabilities are recognized based on the present value of lease payments over the lease term, discounted using our incremental borrowing rate at the commencement date of the lease. We estimate our incremental borrowing rate based on available published borrowing rates commensurate with our debt rating and the leases term, adjusted to infer collateralization. Specific lease terms may include options to extend or terminate the lease when we believe it is reasonably certain that we will exercise that option.

We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis. We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). As is allowed under GAAP, we have elected to exclude Short-term leases from the recognition requirements and they are not included in our recognized ROU assets and lease liabilities. Operating leases are reported in "Operating lease right-of-use assets" and "Operating lease liabilities" and finance leases are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying consolidated balance sheets. See Note 12 herein for further information.

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, "Income Taxes - Improvements to Income Tax Disclosures." The amendments in the ASU requires disclosure of specific categories in the rate reconciliation and for the entity to provide additional information for reconciling items that meet a quantitative threshold. The ASU will be effective for our fiscal year ending December 31, 2025. The amendments in the ASU are to be applied on a prospective basis and early adoption is permitted. We are currently evaluating the impact that the adoption of ASU 2023-09 will have on our consolidated financial statements and related disclosures.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting - Improvements to Reportable Segment Disclosures." The amendments in the ASU are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The amendments also expand interim segment disclosure requirements. The ASU will be effective for our fiscal year ending December 31, 2024 and for interim periods starting in the first quarter of fiscal year 2025. The amendments in this ASU are required to be applied on a retrospective basis and early adoption is permitted. We are currently evaluating the impact that the adoption of ASU 2023-07 will have on our consolidated financial statements and related disclosures.

Segment Information, Nature of Operations, and Certain Concentrations - Depreciation and Amortization (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	$ 16,916	$ 17,396	$ 19,463
Profit before taxes:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	15,277	15,315	16,678
Profit before taxes: \| Home Building \| Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	5,914	5,923	6,183
Profit before taxes: \| Home Building \| North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	1,125	1,216	1,628
Profit before taxes: \| Home Building \| Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	3,724	3,948	4,259
Profit before taxes: \| Home Building \| South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	3,218	3,093	3,325
Profit before taxes: \| Mortgage Banking
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	1,296	1,135	1,283
Other unallocated interest income
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	$ 1,639	$ 2,081	$ 2,785

Commitments and Contingent Liabilities - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Commitments And Contingencies [Line Items]
Maximum range of deposits required under the purchase agreements	10.00%
Contingent forfeitable deposits with land developers	$ 391,300
Aggregate additional funding commitments related to raw land property development	1,600
Expected development credit offset amount	900
Contingent obligations under bonds or letters of credit arrangements	33,200
Credit Agreement
Commitments And Contingencies [Line Items]
Contingent obligations under letters of credit arrangements	$ 13,000

Segment Information, Nature of Operations, and Certain Concentrations - Profit before Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	$ 1,928,373	$ 2,253,194	$ 1,590,403
Equity-based compensation expense (2)	(99,507)	(82,537)	(58,234)
Corporate interest expense	(27,740)	(39,524)	(53,117)
Home Building
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	1,795,580	2,131,044	1,418,799
Corporate interest expense	(26,875)	(38,140)	(51,530)
Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	132,793	122,150	171,604
Corporate interest expense	(865)	(1,384)	(1,587)
Profit before taxes:
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	1,751,051	2,197,382	1,618,362
Corporate interest expense	(289,796)	(304,433)	(254,511)
Profit before taxes: \| Home Building \| Mid Atlantic
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	745,323	994,027	734,941
Corporate interest expense	(135,679)	(143,322)	(124,385)
Profit before taxes: \| Home Building \| North East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	169,012	157,333	105,432
Corporate interest expense	(33,310)	(30,658)	(25,463)
Profit before taxes: \| Home Building \| Mid East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	257,865	343,236	271,756
Corporate interest expense	(39,021)	(51,384)	(43,695)
Profit before taxes: \| Home Building \| South East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	440,538	577,030	329,982
Corporate interest expense	(80,921)	(77,685)	(59,381)
Profit before taxes: \| Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	138,313	125,756	176,251
Corporate interest expense	(865)	(1,384)	(1,587)
Reconciling items:
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	177,322	55,812	(27,959)
Contract land deposit reserve adjustment	3,279	(27,300)	22,163
Equity-based compensation expense (2)	(99,507)	(82,537)	(58,234)
Corporate capital allocation charge	288,805	302,904	252,787
Unallocated corporate overhead	(175,208)	(129,998)	(139,611)
Consolidation adjustments and other (4)	44,619	(1,719)	(56,511)
Corporate interest income	142,083	32,457	2,840
Corporate interest expense	$ (26,749)	$ (37,995)	$ (51,393)

Equity-Based Compensation Rollforward (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
RSUs
Remaining Contractual Life and Aggregate Intrinsic Value
Outstanding at end of period (Aggregate Intrinsic Value) \| $	$ 192,386
Vested, but not issued at end of period (Aggregate Intrinsic Value) \| $	$ 38,229
Employee Stock
Stock Option, Shares
Outstanding at beginning of period (Shares) \| shares	590,554
Granted (Shares) \| shares	4,100
Exercised (Shares) \| shares	(152,086)
Forfeited (Shares) \| shares	(9,978)
Outstanding at end of period (Shares) \| shares	432,590
Exercisable at end of period (Shares) \| shares	227,684
Weighted Average Per Share Exercise Price
Outstanding at beginning of period (Weighted Average Exercise Price) \| $ / shares	$ 3,060.71
Granted (Weighted Average Exercise Price) \| $ / shares	5,424.19
Exercised (Weighted Average Exercise Price) \| $ / shares	1,660.69
Forfeited (Weighted Average Exercise Price) \| $ / shares	3,820.8
Outstanding at end of period (Weighted Average Exercise Price) \| $ / shares	3,557.78
Exercisable at end of period (Weighted Average Exercise Price) \| $ / shares	$ 2,827.99
Remaining Contractual Life and Aggregate Intrinsic Value
Outstanding at end of period (Weighted Average Remaining Contract Life (Years)	6 years
Exercisable at end of period (Weighted Average Remaining Contract Life (Years)	4 years 1 month 6 days
Outstanding at end of period (Aggregate Intrinsic Value) \| $	$ 1,489,264
Exercisable at end of period (Aggregate Intrinsic Value) \| $	$ 950,003

Variable Interest Entities - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) lot	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10.00%
Net Contract Land Deposit Impairment Recoveries	$ (2,900)	$ 27,500	$ (22,100)
Contract Land Deposits	$ 629,948	$ 553,140
Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10.00%
Lots controlled by NVR \| lot	134,900
Contract land deposits in cash under Lot Purchase Agreements	$ 617,000
Letters of credit related to lots	$ 7,700
Contract on Raw Ground with Landowners
Variable Interest Entity [Line Items]
Lots controlled by NVR \| lot	22,700
Refundable deposits	$ 3,800
Contract Land Deposits	$ 13,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 1,591,611	$ 1,725,575	$ 1,236,719
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,916	17,396	19,463
Equity-based compensation expense	99,507	82,537	58,234
Contract land deposit (recoveries) impairments and other impairments, net	(2,908)	28,466	(20,827)
Gain on sale of loans, net	(163,322)	(152,668)	(205,582)
Deferred tax benefit	(3,743)	(11,101)	(234)
Mortgage loans closed	(5,740,199)	(6,314,514)	(6,079,454)
Mortgage loans sold and principal payments on mortgage loans held for sale	5,949,657	6,471,270	6,424,204
Distribution of earnings from unconsolidated joint ventures	2,000	9,000	9,500
Net change in assets and liabilities:
(Increase) decrease in inventory	(161,875)	159,091	(238,284)
Increase in contract land deposits	(77,563)	(26,407)	(87,374)
(Increase) decrease in receivables	(59,653)	(27,384)	1,956
Increase (decrease) in accounts payable and accrued expenses	49,105	(13,777)	(19,954)
Increase (Decrease) in Contract with Customer, Liability	20,637	(103,659)	176,705
Other, net	(22,177)	26,276	(32,679)
Operating activities	1,497,993	1,870,101	1,242,393
Net cash provided by operating activities	1,497,993	1,870,101	1,242,393
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(1,776)	(9,735)	(1,282)
Distribution of capital from unconsolidated joint ventures	180	0	0
Purchase of property, plant and equipment	(24,877)	(18,428)	(17,875)
Proceeds from the sale of property, plant and equipment	2,373	732	978
Net Cash Provided by (Used in) Investing Activities	(24,100)	(27,431)	(18,179)
Cash flows from financing activities:
Purchase of treasury stock	(1,081,815)	(1,500,358)	(1,538,019)
Redemption of senior notes	0	(600,000)	0
Principal payments on finance lease liabilities	(1,661)	(1,495)	(1,363)
Proceeds from the exercise of stock options	250,509	196,717	142,370
Net cash used in financing activities	(832,967)	(1,905,136)	(1,397,012)
Net increase (decrease) in cash, restricted cash, and cash equivalents	640,926	(62,466)	(172,798)
Cash, restricted cash, and cash equivalents, beginning of the year	2,574,518	2,636,984	2,809,782
Cash, restricted cash, and cash equivalents, end of the year	3,215,444	2,574,518	2,636,984
Supplemental disclosures of cash flow information:
Interest paid during the year, net of interest capitalized	29,202	47,502	53,680
Income taxes paid during the year, net of refunds	$ 407,185	$ 529,820	$ 389,383

Segment Information, Nature of Operations, and Certain Concentrations - Interest Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	$ 27,740	$ 39,524	$ 53,117
Home Building
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	26,875	38,140	51,530
Mortgage Banking
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	865	1,384	1,587
Profit before taxes:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	289,796	304,433	254,511
Profit before taxes: \| Home Building \| Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	135,679	143,322	124,385
Profit before taxes: \| Home Building \| North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	33,310	30,658	25,463
Profit before taxes: \| Home Building \| Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	39,021	51,384	43,695
Profit before taxes: \| Home Building \| South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	80,921	77,685	59,381
Profit before taxes: \| Mortgage Banking
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	865	1,384	1,587
Reconciling items:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	26,749	37,995	51,393
Corporate capital allocation charge	$ (288,805)	$ (302,904)	$ (252,787)

Debt	12 Months Ended
Debt	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt As of December 31, 2023, we had the following debt instruments outstanding: Senior Notes On May 4, 2020, we issued $600,000 of the 2030 Senior Notes. The 2030 Senior Notes were issued at a discount to yield 3.02% and have been reflected net of the unamortized discount and unamortized debt issuance costs in the accompanying consolidated balance sheet. The offering of the 2030 Senior Notes resulted in aggregate net proceeds of approximately $595,200, after deducting underwriting discount and offering expenses. The 2030 Senior Notes mature on May 15, 2030 and bear interest at 3.00%, payable semi-annually in arrears on May 15 and November 15. As of December 31, 2023 and 2022, the unamortized discount was $764 and $871, respectively, and unamortized debt issuance costs were $2,303 and $2,664, respectively. On September 9 and September 17, 2020, we issued an additional $250,000 and $50,000, respectively, of the 2030 Senior Notes (the "2030 Additional Notes" and together with the 2030 Senior Notes, the "Senior Notes"). The 2030 Additional Notes were issued at a premium to yield 2.00% and have been reflected net of the unamortized premium and unamortized debt issuance costs in the accompanying consolidated balance sheet. The offering of the 2030 Additional Notes resulted in aggregate net proceeds of approximately $323,600, including the underwriting premium, less offering expenses. As of December 31, 2023 and 2022, the 2030 Additional Notes unamortized premium was $17,040 and $19,518, respectively, and unamortized debt issuance costs were $947 and $1,095, respectively. The Senior Notes are senior unsecured obligations and rank equally in right of payment with any of our existing and future unsecured senior indebtedness, will rank senior in right of payment to any of our future indebtedness that is by its terms expressly subordinated to the Senior Notes and will be effectively subordinated to any of our existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. The indenture governing the Senior Notes has, among other items, and subject to certain exceptions, covenants that restrict our ability to create, incur, assume or guarantee secured debt, enter into sale and leaseback transactions and conditions related to mergers and/or the sale of assets. We were in compliance with all covenants under the Senior Notes at December 31, 2023. Credit Agreement On February 12, 2021, we entered into The Amended and Restated Credit Agreement with Bank of America, N.A., as Administrative Agent, BOFA Securities, Inc. as Sole Lead Arranger and Sole Bookrunner, and other lenders party thereto (the "Credit Agreement"). The Credit Agreement provides for aggregate revolving loan commitments of $300,000 (the "Facility"). Under the Credit Agreement, we may request increases of up to $300,000 to the Facility in the form of revolving loan commitments or term loans to the extent that new or existing lenders agree to provide additional revolving loan or term loan commitments. In addition, the Credit Agreement provides for a $100,000 sublimit for the issuance of letters of credit of which approximately $13,000 was outstanding at December 31, 2023. Effective December 9, 2022, we entered into the First Amendment to Amended and Restated Credit Agreement (the "Amended Credit Agreement") which primarily replaces LIBOR based borrowing rates with the secured overnight financing rate published by the Board of Governors of the Federal Reserve System ("SOFR") as defined in the amendment. Borrowings under the Amended Credit Agreement generally bear interest for Base Rate Loans at a Base Rate equal to the highest of (a) the Federal Funds Rate plus one-half of one percent, (b) Bank of America’s publicly announced “prime rate,” (c) one percent or (d) Term SOFR plus 100 basis points. The Amended Credit Agreement contains various representations and affirmative and negative covenants that are generally customary for credit facilities of this type. Such covenants include, among others, the following financial maintenance covenants: (i) minimum consolidated tangible net worth; (ii) minimum interest coverage ratio or minimum liquidity and (iii) a maximum leverage ratio. The negative covenants include, among others, certain limitations on liens, investments and fundamental changes. The Amended Credit Agreement termination date is February 12, 2026. We were in compliance with all covenants under the Amended Credit Agreement at December 31, 2023. There was no debt outstanding under the Facility at December 31, 2023. 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. Advances under the Repurchase Agreement bear interest at SOFR plus the SOFR Margin of 1.70%, per annum, provided that the Pricing Rate shall not be less than 1.70%. The Pricing Rate at December 31, 2023 was 7.05%. There are several restrictions on purchased loans, including that they cannot be sold to others, they cannot be pledged to anyone other than the agent, and they cannot support any other borrowing or repurchase agreement. Amounts outstanding under the Repurchase Agreement are collateralized by our mortgage loans held for sale. At December 31, 2023, there were no borrowing base limitations reducing the amount available under the Repurchase Agreement. As of both December 31, 2023 and 2022, there was no debt outstanding under the Repurchase Agreement. The Repurchase Agreement expires on July 17, 2024. The Repurchase Agreement contains various affirmative and negative covenants. The negative covenants include, among others, certain limitations on transactions involving acquisitions, mergers, the incurrence of debt, sale of assets and creation of liens upon any of its Mortgage Notes. Additional covenants include (i) a tangible net worth requirement, (ii) a minimum liquidity requirement, (iii) a minimum net income requirement, and (iv) a maximum leverage ratio requirement. NVRM was in compliance with all covenants under the Repurchase Agreement at December 31, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Segment Information, Nature of Operations, and Certain Concentrations - Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 6,601,757	$ 5,660,973
Contract land deposit reserve	(53,397)	(57,060)
Home Building
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	6,142,087	5,247,170
Cash and cash equivalents	3,126,472	2,503,424
Deferred taxes	148,005	143,585
Operating Lease, Right-of-Use Asset	70,384	71,081
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	13,310	13,745
Mortgage Banking
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	459,670	413,803
Cash and cash equivalents	36,422	19,415
Operating Lease, Right-of-Use Asset	23,541	16,011
Profit before taxes:
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	3,184,246	2,885,777
Profit before taxes: \| Home Building \| Mid Atlantic
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,252,360	1,152,564
Profit before taxes: \| Home Building \| North East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	314,904	250,001
Profit before taxes: \| Home Building \| Mid East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	368,154	378,833
Profit before taxes: \| Home Building \| South East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	796,505	697,923
Profit before taxes: \| Mortgage Banking
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	452,323	406,456
Reconciling items:
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	3,417,511	2,775,196
Cash and cash equivalents	3,126,472	2,503,424
Deferred taxes	148,005	143,585
Intangible assets and goodwill	49,368	49,368
Operating Lease, Right-of-Use Asset	70,384	71,081
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	13,310	13,745
Contract land deposit reserve	(53,397)	(57,060)
Consolidation adjustments and other	$ 63,369	$ 51,053

Mortgage Loan Losses Allowance - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Mortgage Repurchase Reserve [Abstract]
Pre-tax charges for loan losses related to mortgage loans sold	$ (1,900)	$ 2,500	$ 2,600
Mortgage repurchase reserve	$ 18,600	$ 21,800

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segment Information, Nature of Operations, and Certain Concentrations - Corporate Capital Allocation Charge (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Corporate Reconciling Items And Eliminations [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ (288,805)	$ (302,904)	$ (252,787)
Corporate Reconciling Items And Eliminations [Member] \| Home Building \| Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	(135,618)	(143,251)	(124,316)
Corporate Reconciling Items And Eliminations [Member] \| Home Building \| North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	(33,269)	(30,623)	(25,431)
Corporate Reconciling Items And Eliminations [Member] \| Home Building \| Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	(39,005)	(51,376)	(43,686)
Corporate Reconciling Items And Eliminations [Member] \| Home Building \| South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	(80,913)	(77,654)	(59,354)
Reconciling items:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ (288,805)	$ (302,904)	$ (252,787)

Capitalized Interest

12 Months Ended

Dec. 31, 2023

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

Capitalized Interest

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

Our interest costs incurred, capitalized, expensed and charged to cost of sales during the years ended December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
Interest capitalized, beginning of year	$	570	$	593	$	1,025
Interest incurred	27,540		39,626		53,248
Interest charged to interest expense	(27,740)		(39,524)		(53,117)
Interest charged to cost of sales	(219)		(125)		(563)
Interest capitalized, end of year	$	151	$	570	$	593

Common Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Common Stock

There were 3,194,876 and 3,218,933 common shares outstanding at December 31, 2023 and 2022, respectively. We made the following share repurchases during the years indicated:


	Year Ended December 31,
	2023		2022		2021
Aggregate purchase price	$	1,081,815	$	1,500,358	$	1,538,019
Number of shares repurchased	181,499		323,652		322,038

We issue shares from the treasury account for all equity plan activity. We issued 158,022, 95,069 and 74,027 such shares during 2023, 2022 and 2021, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Segment Information, Nature of Operations, and Certain Concentrations - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 Trade_Names metropolitan_area segment
Segment Reporting Information [Line Items]
Number of trade names \| Trade_Names	3
Number of metropolitan areas Ryan Homes product are sold \| metropolitan_area	36
Senior Notes Due Two Thousand Thirty [Member]
Segment Reporting Information [Line Items]
Senior notes interest rate	3.00%
Home Building
Segment Reporting Information [Line Items]
Number of reportable segments	4
Mortgage Banking
Segment Reporting Information [Line Items]
Number of reportable segments	1

Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Changes in Product Warranties Reserve

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


	Year Ended December 31,
	2023		2022		2021
Warranty reserve, beginning of year	$	144,006	$	134,859	$	119,638
Provision	95,193		96,577		94,605
Payments	(92,916)		(87,430)		(79,384)
Warranty reserve, end of year	$	146,283	$	144,006	$	134,859

Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

Litigation

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

Contract Land Deposits

We generally do not engage in land development. Instead, we typically acquire finished building lots from various third party land developers under LPAs. The LPAs require deposits that may be forfeited if we fail to perform under the agreement. The deposits required under the LPAs are in the form of cash or letters of credit in varying amounts, and typically range up to 10% of the aggregate purchase price of the finished lots. At December 31, 2023, assuming that contractual development milestones are met and we exercise our option, we expect to place additional forfeitable deposits with land developers under existing LPAs of approximately $391,300. Additionally, as of December 31, 2023, we had funding commitments totaling approximately $1,600 under a joint development agreement related to our land under development, a portion of which we expect will be offset by development credits of approximately $900.

Bonds and Letters of Credit

During the ordinary course of operating the homebuilding and mortgage banking businesses, we are required to enter into bond or letter of credit arrangements with local municipalities, government agencies, or land developers to collateralize our obligations under various contracts. We had approximately $33,200 of contingent obligations under such agreements, including approximately $13,000 for letters of credit issued under the Credit Agreement as of December 31, 2023. We believe we will fulfill our obligations under the related contracts and do not anticipate any material losses under these bonds or letters of credit.

Warranty Reserve

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


	Year Ended December 31,
	2023		2022		2021
Warranty reserve, beginning of year	$	144,006	$	134,859	$	119,638
Provision	95,193		96,577		94,605
Payments	(92,916)		(87,430)		(79,384)
Warranty reserve, end of year	$	146,283	$	144,006	$	134,859

Segment Information, Nature of Operations, and Certain Concentrations

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information, Nature of Operations, and Certain Concentrations

2. Segment Information, Nature of Operations, and Certain Concentrations

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

Our mortgage banking operations primarily operate in the markets where we have homebuilding operations, as substantially all of our loan closing activity is for our homebuilding customers. Our mortgage banking business generates revenues primarily from origination fees, gains on sales of loans, and title fees.

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


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

Homebuilding profit before tax includes all revenues and income generated from the sale of homes, less the cost of homes sold, selling, general and administrative expenses, and a corporate capital allocation charge. The corporate capital allocation charge is eliminated in consolidation and is based on the segment’s average net assets employed. The corporate capital allocation charged to the operating segment allows the Chief Operating Decision Maker (“CODM”) to determine whether the operating segment’s results are providing the desired rate of return after covering our cost of capital.

Assets not allocated to the operating segments are not included in either the operating segment's corporate capital allocation charge or the CODM's evaluation of the operating segment's performance. We record charges on contract land deposits when it is determined that it is probable that recovery of the deposit is impaired. For segment reporting purposes, impairments on contract land deposits are charged to the operating segment upon the termination of an LPA with the developer, or the restructuring of an LPA resulting in the forfeiture of the deposit.

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

In addition to the corporate capital allocation and contract land deposit impairments discussed above, the other reconciling items between segment profit and consolidated profit before tax include unallocated corporate overhead (including all management incentive compensation), equity-based compensation expense, consolidation adjustments and external corporate interest income and expense. Our overhead functions, such as accounting, treasury and human resources are centrally performed and the costs are not

allocated to our operating segments. Consolidation adjustments consist of such items necessary to convert the reportable segments’ results, which are predominantly maintained on a cash basis, to a full accrual basis for external financial statement presentation purposes, and are not allocated to our operating segments. External corporate interest expense primarily consists of interest charges on our 3.00% Senior Notes due 2030 (the “Senior Notes”), which are not charged to the operating segments because the charges are included in the corporate capital allocation discussed above.

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


	Year Ended December 31,
	2023		2022		2021
Revenues:
Homebuilding Mid Atlantic	$	4,189,957	$	4,766,329	$	4,049,871
Homebuilding North East	948,289		892,543		767,828
Homebuilding Mid East	1,723,514		2,147,262		1,891,729
Homebuilding South East	2,452,845		2,520,636		1,992,265
Mortgage Banking	203,597		199,664		249,332
Consolidated revenues	$	9,518,202	$	10,526,434	$	8,951,025


	Year Ended December 31,
	2023		2022		2021
Profit before taxes:
Homebuilding Mid Atlantic	$	745,323	$	994,027	$	734,941
Homebuilding North East	169,012		157,333		105,432
Homebuilding Mid East	257,865		343,236		271,756
Homebuilding South East	440,538		577,030		329,982
Mortgage Banking	138,313		125,756		176,251
Total segment profit	1,751,051		2,197,382		1,618,362
Reconciling items:
Contract land deposit reserve adjustment (1)	3,279		(27,300)		22,163
Equity-based compensation expense (2)	(99,507)		(82,537)		(58,234)
Corporate capital allocation (3)	288,805		302,904		252,787
Unallocated corporate overhead	(175,208)		(129,998)		(139,611)
Consolidation adjustments and other (4)	44,619		(1,719)		(56,511)
Corporate interest income	142,083		32,457		2,840
Corporate interest expense	(26,749)		(37,995)		(51,393)
Reconciling items sub-total	177,322		55,812		(27,959)
Consolidated profit before taxes	$	1,928,373	$	2,253,194	$	1,590,403

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

(2)The increase in equity-based compensation expense in both 2023 and 2022 was primarily attributable to a four year block grant of Options and RSUs in May 2022. See Note 11 for additional discussion of equity-based compensation.

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


	Year Ended December 31,
	2023		2022		2021
Corporate capital allocation charge:
Homebuilding Mid Atlantic	$	135,618	$	143,251	$	124,316
Homebuilding North East	33,269		30,623		25,431
Homebuilding Mid East	39,005		51,376		43,686
Homebuilding South East	80,913		77,654		59,354
Total corporate capital allocation charge	$	288,805	$	302,904	$	252,787

(4) The consolidation adjustments and other in each period are primarily driven by changes in units under construction as well as significant fluctuations in lumber prices year over year. 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 consolidation adjustment in 2021 was negatively impacted by a higher number of units under construction as of the end of the year compared to the prior year end, resulting in an increase in the reversal of intercompany profits year over year through the consolidation adjustment. In 2022, the consolidation adjustment was favorably impacted by a reduction in the number of units and value of the units under construction, resulting in a decrease in intercompany profits deferred. The consolidation adjustment in 2023 was favorably impacted by a reduction in the value of units under construction, resulting in a decrease in intercompany profits deferred. This favorable impact was offset partially by the recognition of previously deferred home package costs that included higher priced lumber.


	As of December 31,
	2023		2022
Assets:
Homebuilding Mid Atlantic	$	1,252,360	$	1,152,564
Homebuilding North East	314,904		250,001
Homebuilding Mid East	368,154		378,833
Homebuilding South East	796,505		697,923
Mortgage Banking	452,323		406,456
Total segment assets	3,184,246		2,885,777
Reconciling items:
Cash and cash equivalents	3,126,472		2,503,424
Deferred taxes	148,005		143,585
Intangible assets and goodwill	49,368		49,368
Operating lease right-of-use assets	70,384		71,081
Finance lease right-of-use assets	13,310		13,745
Contract land deposit reserve	(53,397)		(57,060)
Consolidation adjustments and other	63,369		51,053
Reconciling items sub-total	3,417,511		2,775,196
Consolidated assets	$	6,601,757	$	5,660,973


	Year Ended December 31,
	2023		2022		2021
Interest income:
Mortgage Banking	$	16,687	$	11,853	$	8,725
Total segment interest income	16,687		11,853		8,725
Other unallocated interest income	142,087		32,458		3,154
Consolidated interest income	$	158,774	$	44,311	$	11,879


	Year Ended December 31,
	2023		2022		2021
Interest expense:
Homebuilding Mid Atlantic	$	135,679	$	143,322	$	124,385
Homebuilding North East	33,310		30,658		25,463
Homebuilding Mid East	39,021		51,384		43,695
Homebuilding South East	80,921		77,685		59,381
Mortgage Banking	865		1,384		1,587
Total segment interest expense	289,796		304,433		254,511
Corporate capital allocation (3)	(288,805)		(302,904)		(252,787)
Senior Notes and other interest	26,749		37,995		51,393
Consolidated interest expense	$	27,740	$	39,524	$	53,117


	Year Ended December 31,
	2023		2022		2021
Depreciation and amortization:
Homebuilding Mid Atlantic	$	5,914	$	5,923	$	6,183
Homebuilding North East	1,125		1,216		1,628
Homebuilding Mid East	3,724		3,948		4,259
Homebuilding South East	3,218		3,093		3,325
Mortgage Banking	1,296		1,135		1,283
Total segment depreciation and amortization	15,277		15,315		16,678
Unallocated corporate	1,639		2,081		2,785
Consolidated depreciation and amortization	$	16,916	$	17,396	$	19,463

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Exercised Option Proceeds (Detail) - USD ($) $ in Thousands	12 Months Ended
Exercised Option Proceeds (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Aggregate exercise proceeds	$ 250,509	$ 196,717	$ 142,370
Aggregate intrinsic value on exercise dates	$ 635,709	$ 234,732	$ 219,219

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 USD ($) compensation_plan $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense \| $	$ 99,507,000	$ 82,537,000	$ 58,234,000
Tax benefit related to equity-based compensation costs \| $	$ 19,900,000	$ 16,700,000	$ 12,000,000
Options exercised (in shares)	158,022	95,069	74,027
Combined plan contribution \| $	$ 26,200,000	$ 26,800,000	$ 24,700,000
Shares contributed to the Employee Stock Ownership Plan (in Shares)	3,640	5,180
Number of deferred compensation plans \| compensation_plan	2
Common stock, shares held in rabbi trust, shares (in shares)	106,697	106,697
Revolving Credit Facility \| Amended Credit Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum loan borrowing capacity \| $	$ 300,000,000
Increase in commitment available \| $	300,000,000
Revolving Credit Facility \| Amended Credit Agreement [Member] \| Sublimit for Issuance of Letters of Credit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum loan borrowing capacity \| $	$ 100,000,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units grants during period	1,904
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(5,936)
Total unrecognized compensation cost for all outstanding Options and RSUs \| $	$ 259,300,000
Weighted-average period over which the unrecognized compensation will be recorded	2 years 4 months 24 days
Vested, but not issued at end of period (Aggregate Intrinsic Value) \| $	$ 38,229,000
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number	27,482	33,320
Vested, but not issued at end of period (Shares)	5,461
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(1,806)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares	$ 5,758.02
RSUs \| Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units grants during period	690
RSUs \| Option Grant Solely Contingent upon Continued Employment or Continued Service as a Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units grants during period	1,214
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years for options granted	10 years
Options issued under the plan (in Shares)	4,100
Options \| Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	50.00%
Employee Performance Based Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	50.00%
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	432,590	590,554
Granted (Shares)	4,100
Employee Stock \| Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	50.00%
Employee Stock \| Option Grant Solely Contingent upon Continued Employment or Continued Service as a Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	25.00%
Minimum \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	3 years
Maximum \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	6 years
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	141,236
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number	22,012
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	90,322
Share Based Compensation Arrangement By Share Based Payment Award Options And Restricted Share Units Outstanding Number	163,248
2018 Plan \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	17,808
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	1,778
Share Based Compensation Arrangement By Share Based Payment Award Options And Restricted Share Units Outstanding Number	273,143
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	18,211
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number	5,470
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	0
Share Based Compensation Arrangement By Share Based Payment Award Options And Restricted Share Units Outstanding Number	23,681

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 1,591,611	$ 1,725,575	$ 1,236,719

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Variable Interest Entities

12 Months Ended

Dec. 31, 2023

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

Variable Interest Entities

Lot Purchase Agreements

We believe this lot acquisition strategy reduces the financial risks associated with direct land ownership and land development. We may, at our option, choose for any reason and at any time not to perform under these LPAs by delivering notice of our intent not to acquire the finished lots under contract. Our sole legal obligation and economic loss for failure to perform under these LPAs is limited to the amount of the deposit pursuant to the liquidated damage provisions contained within the LPAs. None of the creditors of any of the development entities with which we enter LPAs have recourse to our general credit. We generally do not have any specific performance obligations to purchase a certain number or any of the lots, nor do we guarantee completion of the development by the developer or guarantee any of the developers’ financial or other liabilities.

We are not involved in the design or creation of the development entities from which we purchase lots under LPAs. The developer’s equity holders have the power to direct 100% of the operating activities of the development entity. We have no voting rights in any of the development entities. The sole purpose of the development entity’s activities is to generate positive cash flow

returns for the equity holders. Further, we do not share in any of the profit or loss generated by the project’s development. The profits and losses are passed directly to the developer’s equity holders.

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

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

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

As of December 31, 2023, we controlled approximately 134,900 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $617,000 and $7,700, respectively. As noted above, our sole legal obligation and economic loss for failure to perform under these LPAs is limited to the amount of the deposit pursuant to the liquidated damage provisions contained in the LPAs and, in very limited circumstances, specific performance obligations. During 2023, we recorded a net reversal of approximately $2,900 related to previously impaired lot deposits based on current market conditions. Our contract land deposit asset is shown net of a $53,397 and $57,060 impairment reserve at December 31, 2023 and December 31, 2022, respectively.

In addition, we have certain properties under contract with land owners that are expected to yield approximately 22,700 lots, which are not included in the number of total lots controlled. Some of these properties may require rezoning or other approvals to achieve the expected yield. These properties are controlled with deposits in cash and lettters of credit totaling approximately $13,000 and $100, respectively, as of December 31, 2023, of which approximately $3,800 is refundable if we do not perform under the contract. We generally expect to assign the raw land contracts to a land developer and simultaneously enter into an LPA with the assignee if the project is determined to be feasible.

Our total risk of loss related to contract land deposits as of December 31, 2023 and 2022 was as follows:


	As of December 31,
	2023		2022
Contract land deposits	$	629,948	$	553,140
Loss reserve on contract land deposits	(53,397)		(57,060)
Contract land deposits, net	576,551		496,080
Contingent obligations in the form of letters of credit	7,769		6,896
Total risk of loss	$	584,320	$	502,976

Leases, Codification Topic 842

12 Months Ended

Dec. 31, 2023

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 entered into finance leases for one of our production facilities and certain plant equipment. Our leases have remaining lease terms of up to 16.7 years, some of which include options to extend the leases for up to 20 years, and some of which include options to terminate the lease. See Note 1 herein for additional information regarding leases.

The components of lease expense were as follows:


	Year Ended December 31,
	2023		2022		2021
Lease expense
Operating lease expense	$	37,262	$	34,467	$	31,923
Finance lease expense:
Amortization of ROU assets	2,059		1,916		1,798
Interest on lease liabilities	421		417		429
Short-term lease expense	30,607		27,584		24,012

Total lease expense	$	70,349	$	64,384	$	58,162

Other information related to leases was as follows:


	Year Ended December 31,
	2023			2022
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	29,044		$	28,837
Operating cash flows from finance leases	$	421		$	417
Financing cash flows from finance leases	$	1,661		$	1,495

ROU assets obtained in exchange for lease obligations:
Operating leases	$	34,100		$	44,782
Finance leases	$	1,624		$	1,083

Weighted-average remaining lease term (in years):
Operating leases	5.8			6.0
Finance leases	9.9			10.8

Weighted-average discount rate:
Operating leases	4.2		%	3.6		%
Finance leases	3.1		%	2.9		%


Year Ending December 31,	Operating Leases		Finance Leases
2024	$	36,636	$	2,303
2025	22,974		2,308
2026	17,354		3,256
2027	13,069		1,683
2028	10,076		1,010
Thereafter	22,449		6,975
Total lease payments	122,558		17,535
Less:
Imputed interest	13,039		2,570
Short-term lease payments	8,247		—
Total lease liability	$	101,272	$	14,965

Leases

The components of lease expense were as follows:


	Year Ended December 31,
	2023		2022		2021
Lease expense
Operating lease expense	$	37,262	$	34,467	$	31,923
Finance lease expense:
Amortization of ROU assets	2,059		1,916		1,798
Interest on lease liabilities	421		417		429
Short-term lease expense	30,607		27,584		24,012

Total lease expense	$	70,349	$	64,384	$	58,162

Other information related to leases was as follows:


	Year Ended December 31,
	2023			2022
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	29,044		$	28,837
Operating cash flows from finance leases	$	421		$	417
Financing cash flows from finance leases	$	1,661		$	1,495

ROU assets obtained in exchange for lease obligations:
Operating leases	$	34,100		$	44,782
Finance leases	$	1,624		$	1,083

Weighted-average remaining lease term (in years):
Operating leases	5.8			6.0
Finance leases	9.9			10.8

Weighted-average discount rate:
Operating leases	4.2		%	3.6		%
Finance leases	3.1		%	2.9		%


Year Ending December 31,	Operating Leases		Finance Leases
2024	$	36,636	$	2,303
2025	22,974		2,308
2026	17,354		3,256
2027	13,069		1,683
2028	10,076		1,010
Thereafter	22,449		6,975
Total lease payments	122,558		17,535
Less:
Imputed interest	13,039		2,570
Short-term lease payments	8,247		—
Total lease liability	$	101,272	$	14,965

Common Stock (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Share Repurchases of Common Stock

We made the following share repurchases during the years indicated:


	Year Ended December 31,
	2023		2022		2021
Aggregate purchase price	$	1,081,815	$	1,500,358	$	1,538,019
Number of shares repurchased	181,499		323,652		322,038

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

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Revenues

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


	Year Ended December 31,
	2023		2022		2021
Revenues:
Homebuilding Mid Atlantic	$	4,189,957	$	4,766,329	$	4,049,871
Homebuilding North East	948,289		892,543		767,828
Homebuilding Mid East	1,723,514		2,147,262		1,891,729
Homebuilding South East	2,452,845		2,520,636		1,992,265
Mortgage Banking	203,597		199,664		249,332
Consolidated revenues	$	9,518,202	$	10,526,434	$	8,951,025

Profit before Taxes


	Year Ended December 31,
	2023		2022		2021
Profit before taxes:
Homebuilding Mid Atlantic	$	745,323	$	994,027	$	734,941
Homebuilding North East	169,012		157,333		105,432
Homebuilding Mid East	257,865		343,236		271,756
Homebuilding South East	440,538		577,030		329,982
Mortgage Banking	138,313		125,756		176,251
Total segment profit	1,751,051		2,197,382		1,618,362
Reconciling items:
Contract land deposit reserve adjustment (1)	3,279		(27,300)		22,163
Equity-based compensation expense (2)	(99,507)		(82,537)		(58,234)
Corporate capital allocation (3)	288,805		302,904		252,787
Unallocated corporate overhead	(175,208)		(129,998)		(139,611)
Consolidation adjustments and other (4)	44,619		(1,719)		(56,511)
Corporate interest income	142,083		32,457		2,840
Corporate interest expense	(26,749)		(37,995)		(51,393)
Reconciling items sub-total	177,322		55,812		(27,959)
Consolidated profit before taxes	$	1,928,373	$	2,253,194	$	1,590,403


	Year Ended December 31,
	2023		2022		2021
Corporate capital allocation charge:
Homebuilding Mid Atlantic	$	135,618	$	143,251	$	124,316
Homebuilding North East	33,269		30,623		25,431
Homebuilding Mid East	39,005		51,376		43,686
Homebuilding South East	80,913		77,654		59,354
Total corporate capital allocation charge	$	288,805	$	302,904	$	252,787

Assets


	As of December 31,
	2023		2022
Assets:
Homebuilding Mid Atlantic	$	1,252,360	$	1,152,564
Homebuilding North East	314,904		250,001
Homebuilding Mid East	368,154		378,833
Homebuilding South East	796,505		697,923
Mortgage Banking	452,323		406,456
Total segment assets	3,184,246		2,885,777
Reconciling items:
Cash and cash equivalents	3,126,472		2,503,424
Deferred taxes	148,005		143,585
Intangible assets and goodwill	49,368		49,368
Operating lease right-of-use assets	70,384		71,081
Finance lease right-of-use assets	13,310		13,745
Contract land deposit reserve	(53,397)		(57,060)
Consolidation adjustments and other	63,369		51,053
Reconciling items sub-total	3,417,511		2,775,196
Consolidated assets	$	6,601,757	$	5,660,973

Interest Income


	Year Ended December 31,
	2023		2022		2021
Interest income:
Mortgage Banking	$	16,687	$	11,853	$	8,725
Total segment interest income	16,687		11,853		8,725
Other unallocated interest income	142,087		32,458		3,154
Consolidated interest income	$	158,774	$	44,311	$	11,879

Interest Expense


	Year Ended December 31,
	2023		2022		2021
Interest expense:
Homebuilding Mid Atlantic	$	135,679	$	143,322	$	124,385
Homebuilding North East	33,310		30,658		25,463
Homebuilding Mid East	39,021		51,384		43,695
Homebuilding South East	80,921		77,685		59,381
Mortgage Banking	865		1,384		1,587
Total segment interest expense	289,796		304,433		254,511
Corporate capital allocation (3)	(288,805)		(302,904)		(252,787)
Senior Notes and other interest	26,749		37,995		51,393
Consolidated interest expense	$	27,740	$	39,524	$	53,117

Depreciation and Amortization


	Year Ended December 31,
	2023		2022		2021
Depreciation and amortization:
Homebuilding Mid Atlantic	$	5,914	$	5,923	$	6,183
Homebuilding North East	1,125		1,216		1,628
Homebuilding Mid East	3,724		3,948		4,259
Homebuilding South East	3,218		3,093		3,325
Mortgage Banking	1,296		1,135		1,283
Total segment depreciation and amortization	15,277		15,315		16,678
Unallocated corporate	1,639		2,081		2,785
Consolidated depreciation and amortization	$	16,916	$	17,396	$	19,463

Corporate Capital Allocation Charge


	Year Ended December 31,
	2023		2022		2021
Corporate capital allocation charge:
Homebuilding Mid Atlantic	$	135,618	$	143,251	$	124,316
Homebuilding North East	33,269		30,623		25,431
Homebuilding Mid East	39,005		51,376		43,686
Homebuilding South East	80,913		77,654		59,354
Total corporate capital allocation charge	$	288,805	$	302,904	$	252,787

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

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

The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023	2022	2021
Weighted average number of shares outstanding used to calculate basic EPS	3,238,161	3,285,562	3,580,800
Dilutive securities:
Stock options and restricted share units	197,133	222,962	278,112
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS	3,435,294	3,508,524	3,858,912

Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Year Ended December 31,
	2023	2022	2021
Anti-dilutive securities	14,444	194,884	23,062

Capitalized Interest - Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capitalized Interest Costs Including Allowance for Funds Used During Construction RollForward
Interest capitalized, beginning of year	$ 570	$ 593	$ 1,025
Interest incurred	27,540	39,626	53,248
Interest expense	(27,740)	(39,524)	(53,117)
Interest charged to cost of sales	(219)	(125)	(563)
Interest capitalized, end of year	$ 151	$ 570	$ 593

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Joint Ventures - Additional Information (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) lot joint_venture	Dec. 31, 2023 USD ($) lot joint_venture	Dec. 31, 2022 USD ($) lot joint_venture	Dec. 31, 2021 USD ($)
Joint Ventures [Line Items]
Aggregate investment	$ 27,200	$ 29,200	$ 27,200
Number of joint ventures \| joint_venture	5	4	5
Expected production of finished lots \| lot	5,300	5,200	5,300
Total lots controlled by company under the joint venture \| lot	4,900	4,850	4,900
Total lots either under contract with unrelated parties or not under the current contract \| lot	400	350	400
Additional funding commitments in the aggregate	$ 13,000	$ 11,500	$ 13,000
Number of joint ventures with additional funding commitment \| joint_venture	1		1
Distribution of capital from unconsolidated joint ventures		$ 180	$ 0	$ 0
Equity Method Investment, Other than Temporary Impairment	$ 1,000

Joint Ventures	12 Months Ended
Joint Ventures	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Joint Ventures	Joint Ventures On a limited basis, we obtain finished lots using joint venture limited liability corporations (“JVs”). The JVs are typically structured such that we are a non-controlling member and at risk only for the amount we have invested, or committed to invest, in addition to any deposits placed under LPAs with the joint venture. We are not a borrower, guarantor or obligor on any debt of the JVs, as applicable. We enter into LPAs to purchase lots from these JVs, and as a result have a variable interest in these JVs. We determined that we are not the primary beneficiary in any of the JVs because we and the JV partner either share power or the JV partner has the controlling financial interest. At December 31, 2023, we had an aggregate investment totaling approximately $29,200 in four JVs that are expected to produce approximately 5,200 lots, of which approximately 4,850 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 $11,500 in one of the JVs at December 31, 2023. The investment in JVs is reported in the “Other assets” line item on the accompanying consolidated balance sheets. None of the JVs had any indicators of impairment as of December 31, 2023. At December 31, 2022, we had an aggregate investment totaling approximately $27,200 in five JVs that were expected to produce approximately 5,300 finished lots, of which approximately 4,900 lots were controlled by us and the remaining approximately 400 lots were either under contract with unrelated parties or not currently under contract. In addition, at December 31, 2022, we had additional funding commitments in the aggregate totaling approximately $13,000 in one of the JVs. During 2022, we recognized an impairment of approximately $1,000 related to one of the JVs. The charge was recorded to homebuilding "Cost of sales" on the accompanying consolidated statements of income. None of the other JVs had any indicators of impairment during 2022.

Cover - USD ($) $ in Thousands	12 Months Ended
Cover - USD ($) $ in Thousands	Dec. 31, 2023	Feb. 12, 2024	Jun. 30, 2023
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Annual Report	true
Document Transition Report	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity File Number	1-12378
Trading Symbol	NVR
Title of 12(b) Security	Common stock, par value $0.01 per share
Entity Central Index Key	0000906163
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		3,186,147
Entity Public Float			$ 19,859,813
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Registrant Name	NVR, Inc.
Local Phone Number	956-4000
Entity Address, Postal Zip Code	20190
Entity Address, City or Town	Reston,
Entity Address, Address Line One	11700 Plaza America Drive, Suite 500
Entity Address, State or Province	VA
Entity Tax Identification Number	54-1394360
ICFR Auditor Attestation Flag	true
City Area Code	703
Entity Incorporation, State or Country Code	VA
Security Exchange Name	NYSE
Document Financial Statement Error Correction [Flag]	false

Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 261,481	$ 412,036	$ 272,971
State	79,023	126,686	80,650
Deferred:
Federal	(3,986)	(6,753)	873
State	244	(4,350)	(810)
Total	$ 336,762	$ 527,619	$ 353,684

- Definition

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

+ References + Details

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Deferred Compensation Trust	Deferred Compensation Liability
Beginning Balance at Dec. 31, 2020	$ 3,103,074	$ 206	$ 2,214,426	$ 8,811,120	$ (7,922,678)	$ (16,710)	$ 16,710
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,236,719			1,236,719
Purchase of common stock for treasury	(1,538,019)				(1,538,019)
Equity-based compensation	58,234		58,234
Proceeds from stock options exercised	142,370		142,370
Treasury stock issued upon option exercise and restricted share vesting			(36,839)		36,839
Ending Balance at Dec. 31, 2021	3,002,378	206	2,378,191	10,047,839	(9,423,858)	(16,710)	16,710
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,725,575			1,725,575
Purchase of common stock for treasury	(1,500,358)				(1,500,358)
Equity-based compensation	82,537		82,537
Proceeds from stock options exercised	196,717		196,717
Treasury stock issued upon option exercise and restricted share vesting			(57,431)		57,431
Ending Balance at Dec. 31, 2022	3,506,849	206	2,600,014	11,773,414	(10,866,785)	(16,710)	16,710
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,591,611			1,591,611
Purchase of common stock for treasury	(1,083,751)				(1,083,751)
Equity-based compensation	99,507		99,507
Proceeds from stock options exercised	250,509		250,509
Treasury stock issued upon option exercise and restricted share vesting			(101,502)		101,502
Ending Balance at Dec. 31, 2023	$ 4,364,725	$ 206	$ 2,848,528	$ 13,365,025	$ (11,849,034)	$ (16,710)	$ 16,710

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Leases, Codification Topic 842 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Lessee, Operating Lease, Term of Contract	16 years 8 months 12 days
Lessee, Operating Lease, Option to Extend	20
Operating Lease, Expense	$ 37,262	$ 34,467	$ 31,923
Finance Lease, Right-of-Use Asset, Amortization	2,059	1,916	1,798
Finance Lease, Interest Expense	421	417	429
Short-term Lease, Cost	30,607	27,584	24,012
Lease, Cost	70,349	64,384	58,162
Operating Lease, Payments	29,044	28,837
Finance Lease, Interest Payment on Liability	421	417
Finance Lease, Principal Payments	1,661	1,495	$ 1,363
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	34,100	44,782
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 1,624	$ 1,083
Operating Lease, Weighted Average Remaining Lease Term	5 years 9 months 18 days	6 years
Finance Lease, Weighted Average Remaining Lease Term	9 years 10 months 24 days	10 years 9 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	4.20%	3.60%
Finance Lease, Weighted Average Discount Rate, Percent	3.10%	2.90%
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months	$ 36,636
Finance Lease, Liability, Payments, Due in Next Rolling Twelve Months	2,303
Finance Lease, Liability, Payments, Due in Rolling Year Two	2,308
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two	22,974
Finance Lease, Liability, Payments, Due in Rolling Year Three	3,256
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three	17,354
Finance Lease, Liability, Payments, Due in Rolling Year Four	1,683
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four	13,069
Finance Lease, Liability, Payments, Due in Rolling Year Five	1,010
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five	10,076
Finance Lease, Liability, Payments, Due in Rolling after Year Five	6,975
Lessee, Operating Lease, Liability, Payments, Due after Rolling Year Five	22,449
Finance Lease, Liability, Payment, Due	17,535
Lessee, Operating Lease, Liability, to be Paid	122,558
Finance Lease, Liability, Undiscounted Excess Amount	2,570
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	13,039
Finance Lease, Short-term Lease Payments	0
Operating Lease, Short-term Lease Payments	8,247
Finance Lease, Liability	14,965
Operating Lease, Liability	$ 101,272

Land Under Development	12 Months Ended
Land Under Development	Dec. 31, 2023
Real Estate [Abstract]
Land Under Development	Land Under Development On a limited basis, we directly acquire raw land parcels already zoned for its intended use to develop into finished lots. Land under development includes the land acquisition costs, direct improvement costs, capitalized interest, where applicable, and real estate taxes. During 2023, we had the following significant land under development transactions: –Purchased a raw land parcel for approximately $19,600, which is expected to produce approximately 500 lots. –Sold a land parcel to a developer for approximately $5,600, which approximated our carry value of the property as of the sale date. In conjunction with the sale, we entered into an LPA with the developer for the option to purchase the finished lots expected to be developed from the parcel. –Completed the development of a land parcel and transferred development costs totaling approximately $5,200 to finished lots which is reported in "Unsold lots and housing units" in the accompanying condensed consolidated balance sheet as of December 31, 2023. As of December 31, 2023, we owned land with a carrying value of $36,895 that we intend to develop into approximately 1,750 finished lots primarily for use in our homebuilding operations. We also have additional funding commitments of approximately $1,600 under a joint development agreement related to one project, a portion of which we expect will be offset by development credits of approximately $900. None of our land under development projects had any indicators of impairment as of December 31, 2023. As of December 31, 2022, we directly owned land with a carrying value of $27,100, which was expected to produce approximately 1,900 finished lots.

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 29,526	$ 33,490
Additions based on tax positions related to the current year	782	1,326
Reductions for tax positions of prior years	(4,720)	(5,290)
Settlements	0	0
Balance at end of year	$ 25,588	$ 29,526

Income Taxes - Deferred Income Taxes on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Other accrued expenses and contract land deposit reserve	$ 71,466	$ 73,555
Deferred compensation	4,347	4,728
Equity-based compensation expense	48,088	47,605
Inventory	18,181	13,981
Unrecognized tax benefit	8,049	8,849
Other	14,703	11,364
Total deferred tax assets	164,834	160,082
Less: Deferred tax liabilities	9,515	8,505
Net deferred tax asset	$ 155,319	$ 151,577

Income Taxes - Income Tax Expense Reconciliation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income taxes computed at the federal statutory rate	$ 404,958	$ 473,171	$ 333,985
State income taxes, net of federal income tax benefit	92,163	105,867	72,082
Excess tax benefits from equity-based compensation	153,554	50,324	48,369
Other, net	(6,805)	(1,095)	(4,014)
Total	$ 336,762	$ 527,619	$ 353,684

- Definition

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

+ References + Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	20,555,330	20,555,330
Deferred compensation trust, shares	106,697	106,697
Treasury stock, shares	17,360,454	17,336,397

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Excess tax benefits from equity-based compensation	$ 153,554	$ 50,324	$ 48,369
Estimated federal taxable income	$ 1,302,200	$ 2,001,717
Statutory federal income tax rate	21.00%	21.00%	21.00%
Effective tax rate	17.46%	23.42%	22.24%
Unrecognized tax benefits that would affect effective tax rate	$ 20,215
Reversal of accrued interest on unrecognized tax benefits	106	$ 3,662	$ 1,455
Total accrued interest on unrecognized tax benefits	10,292	$ 10,186
Reduction in unrecognized tax benefits	4,150
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax	$ 3,293

Mortgage Repurchase Reserve	12 Months Ended
Mortgage Repurchase Reserve	Dec. 31, 2023
Mortgage Repurchase Reserve [Abstract]
Mortgage Repurchase Reserve	Mortgage Repurchase Reserve During the year ended December 31, 2023, we recognized a pre-tax recovery for loan losses related to mortgage loans sold of approximately $1,900. During the years ended December 31, 2022 and 2021, we recognized pre-tax charges for loan losses related to mortgage loans sold of approximately $2,500 and $2,600, respectively. Included in NVRM’s “Accounts payable and other liabilities” line item on the accompanying consolidated balance sheets is a mortgage repurchase reserve equal to approximately $18,600 and $21,800 at December 31, 2023 and 2022, respectively.

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies [Line Items]
Loss reserve on contract land deposits	$ 53,397	$ 57,060
Net Contract Land Deposit Impairment Recoveries	$ 2,900	(27,500)	$ 22,100
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities [Member]
Office facilities and other \| Minimum
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Office facilities and other \| Maximum
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Manufacturing Facilities \| Minimum
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Manufacturing Facilities \| Maximum
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Home Building
Significant Accounting Policies [Line Items]
Cash	$ 3,126,472	2,503,424
Goodwill acquired from business acquisition	41,580	41,580
Contract with Customer, Liability	334,441	313,804
Mortgage Banking
Significant Accounting Policies [Line Items]
Cash	36,422	19,415
Goodwill acquired from business acquisition	$ 7,347	7,347
Mortgage Banking \| Level 2 \| Fair Value, Measurements, Recurring
Significant Accounting Policies [Line Items]
Typical length of days loans sold into secondary market	30 days
Mortgage Banking \| Level 2 \| Fair Value, Measurements, Recurring \| Rate lock commitments
Significant Accounting Policies [Line Items]
Derivative, Notional Amount	$ 2,110,217
Mortgage Banking \| Level 2 \| Fair Value, Measurements, Recurring \| Forward sales contracts
Significant Accounting Policies [Line Items]
Derivative, Notional Amount	1,856,541
Other Assets
Significant Accounting Policies [Line Items]
Capitalized Contract Cost, Net	$ 17,900	$ 15,300

Fair Value - Undesignated Derivative Instruments (Detail) - Mortgage Banking - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Rate lock commitments
Derivatives, Fair Value [Line Items]
Gross assets	$ 61,150	$ 32,246
Gross liabilities	168	20,946
Net commitments	(60,982)	(11,300)
Forward sales contracts
Derivatives, Fair Value [Line Items]
Gross assets	8	4,843
Gross liabilities	18,305	20,903
Net commitments	$ (18,297)	$ (16,060)

Capitalized Interest (Tables)

12 Months Ended

Dec. 31, 2023

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

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

Our interest costs incurred, capitalized, expensed and charged to cost of sales during the years ended December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
Interest capitalized, beginning of year	$	570	$	593	$	1,025
Interest incurred	27,540		39,626		53,248
Interest charged to interest expense	(27,740)		(39,524)		(53,117)
Interest charged to cost of sales	(219)		(125)		(563)
Interest capitalized, end of year	$	151	$	570	$	593

Variable Interest Entities - Total Risk of Loss Related to Contract Land Deposits (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Contract land deposits	$ 629,948	$ 553,140
Loss reserve on contract land deposits	(53,397)	(57,060)
Contract land deposits, net	576,551	496,080
Contingent obligations in the form of letters of credit	7,769	6,896
Total risk of loss	$ 584,320	$ 502,976

Income Taxes - Income Tax Benefits in Shareholders' Equity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Tax Benefit from Stock Compensation	$ (153,554)	$ (50,324)	$ (48,369)

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues	$ 9,518,202	$ 10,526,434	$ 8,951,025
Interest expense	(27,740)	(39,524)	(53,117)
Profit before taxes	1,928,373	2,253,194	1,590,403
Income tax expense	(336,762)	(527,619)	(353,684)
Net income	$ 1,591,611	$ 1,725,575	$ 1,236,719
Basic earnings per share (USD per share)	$ 491.52	$ 525.20	$ 345.37
Diluted earnings per share (USD per share)	$ 463.31	$ 491.82	$ 320.48
Basic weighted average shares outstanding (in Shares)	3,238,161	3,285,562	3,580,800
Diluted weighted average shares outstanding (in Shares)	3,435,294	3,508,524	3,858,912
Home Building
Revenues	$ 9,314,605	$ 10,326,770	$ 8,701,693
Other income	148,010	37,038	6,559
Cost of sales	(7,051,198)	(7,662,271)	(6,763,115)
Selling, general and administrative	(588,962)	(532,353)	(474,808)
Interest expense	(26,875)	(38,140)	(51,530)
Profit before taxes	1,795,580	2,131,044	1,418,799
Operating income	1,822,455	2,169,184	1,470,329
Mortgage Banking
Revenues	203,597	199,664	249,332
Interest income	16,687	11,853	8,725
Other income	4,449	4,963	3,753
General and administrative	(91,075)	(92,946)	(88,619)
Interest expense	(865)	(1,384)	(1,587)
Profit before taxes	$ 132,793	$ 122,150	$ 171,604

Land Under Development - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) lot	Dec. 31, 2022 USD ($) lot
Real Estate [Abstract]
Number of finished lots for use in homebuilding operations \| lot	1,750	1,900
Carrying value of raw parcels of land	$ 36,895	$ 27,100
Payments to Acquire Land	$ 19,600
NumberOfFinishedLotsExpectedToBeDevelopedFromRawParcelsOfLand \| lot	500
SaleOfLandUnderDevelopment	$ 5,600
DevelopmentCostsTransferredToInventory	$ 5,200

Property Plant and Equipment ("PP&E") - Summary of Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Home Building
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 200,662	$ 186,551
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	13,310	13,745
Less: accumulated depreciation	(136,946)	(128,601)
Net Homebuilding PP&E	63,716	57,950
Home Building \| Office facilities and other
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	45,707	40,604
Home Building \| Model home furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	35,418	35,152
Home Building \| Production facilities
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	106,227	97,050
Mortgage Banking
Property, Plant and Equipment [Line Items]
Net Homebuilding PP&E	6,348	3,559
Mortgage Banking \| Office facilities and other
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	17,572	15,964
Less: accumulated depreciation	(11,224)	(12,405)
Net Homebuilding PP&E	$ 6,348	$ 3,559

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2023

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

Total Risk of Loss Related to Contract Land Deposits

Our total risk of loss related to contract land deposits as of December 31, 2023 and 2022 was as follows:


	As of December 31,
	2023		2022
Contract land deposits	$	629,948	$	553,140
Loss reserve on contract land deposits	(53,397)		(57,060)
Contract land deposits, net	576,551		496,080
Contingent obligations in the form of letters of credit	7,769		6,896
Total risk of loss	$	584,320	$	502,976

- 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

Common Stock - Share Repurchase of Common Stock (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Aggregate purchase price	$ 1,081,815	$ 1,500,358	$ 1,538,019
Number of shares repurchased (in Shares)	181,499	323,652	322,038

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

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

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


	As of December 31,
	2023		2022
Homebuilding:
Office facilities and other	$	45,707	$	40,604
Model home furniture and fixtures	35,418		35,152
Production facilities	106,227		97,050
Finance lease right-of-use assets	13,310		13,745
Gross Homebuilding PP&E	200,662		186,551
Less: accumulated depreciation	(136,946)		(128,601)
Net Homebuilding PP&E	$	63,716	$	57,950

Mortgage Banking:
Office facilities and other	$	17,572	$	15,964
Less: accumulated depreciation	(11,224)		(12,405)
Net Mortgage Banking PP&E	$	6,348	$	3,559

Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Undesignated Derivative Instruments

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


	As of December 31,
	2023		2022
Rate lock commitments:
Gross assets	$	61,150	$	32,246
Gross liabilities	168		20,946
Net rate lock commitments	$	60,982	$	11,300
Forward sales contracts:
Gross assets	$	8	$	4,843
Gross liabilities	18,305		20,903
Net forward sales contracts	$	(18,297)	$	(16,060)

Fair Value Measurement

The fair value measurement as of December 31, 2023 was as follows:


	Notional or Principal Amount		Assumed Gain From Loan Sale		Interest Rate Movement Effect		Servicing Rights Value		Security Price Change		Total Fair Value Measurement Gain/(Loss)
Rate lock commitments	$	2,110,217	$	5,839	$	31,548	$	23,595	$	—	$	60,982
Forward sales contracts	$	1,856,541	—		—		—		(18,297)		(18,297)
Mortgages held for sale	$	216,211	865		2,521		2,963		—		6,349
Total fair value measurement			$	6,704	$	34,069	$	26,558	$	(18,297)	$	49,034

Fair Value Measurements, Recurring and Nonrecurring

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

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Equity-Based Compensation Plans with Grants Outstanding

The following table provides a summary of each of our equity-based compensation plans with grants outstanding at December 31, 2023. Each of the following plans was approved by our shareholders:


Equity-Based Compensation Plans	Shares Authorized	Options/RSUs Outstanding	Shares Available to Issue
2010 Equity Incentive Plan (1)	700,000	23,681	—
2014 Equity Incentive Plan (2)	950,000	273,143	1,778
2018 Equity Incentive Plan (3)	275,000	163,248	90,322

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

Summary of Options and RSUs granted during the year

Equity-Based Compensation Plans

The following table provides additional information relative to our equity-based compensation plans for the year ended December 31, 2023:


	Shares	Weighted Avg. Per Share Exercise Price		Weighted Avg. Remaining Contract Life (years)	Aggregate Intrinsic Value
Stock Options
Outstanding at December 31, 2022	590,554	$	3,060.71
Granted	4,100	5,424.19
Exercised	(152,086)	1,660.69
Forfeited	(9,978)	3,820.80
Outstanding at December 31, 2023	432,590	$	3,557.78	6.0	$	1,489,264
Exercisable at December 31, 2023	227,684	$	2,827.99	4.1	$	950,003

RSUs
Outstanding at December 31, 2022	33,320
Granted	1,904
Vested	(5,936)
Forfeited	(1,806)
Outstanding at December 31, 2023	27,482				$	192,386
Vested, but not issued at December 31, 2023	5,461				$	38,229

Black-Scholes Option-Pricing Model Assumptions

The fair value of the Options granted during 2023, 2022 and 2021 was estimated on the grant date using the Pricing Model, based on the following assumptions:


	2023			2022			2021
Estimated option life (years)	6.05			5.61			5.31
Risk free interest rate (range)	3.53%-4.69%			1.17%-4.36%			0.30%-1.55%
Expected volatility (range)	26.75%-30.01%			24.93%-30.89%			24.46%-30.80%
Expected dividend rate	—		%	—		%	—		%
Weighted average grant-date fair value per share of options granted	$	1,936.08		$	1,437.93		$	1,235.91

Exercised Option Proceeds

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


	Year Ended December 31,
	2023		2022		2021
Aggregate exercise proceeds	$	250,509	$	196,717	$	142,370
Aggregate intrinsic value on exercise dates	$	635,709	$	234,732	$	219,219

Segment Information, Nature of Operations, and Certain Concentrations - Revenues (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues	$ 9,518,202	$ 10,526,434	$ 8,951,025
Home Building
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues	9,314,605	10,326,770	8,701,693
Home Building \| Mid Atlantic
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues	4,189,957	4,766,329	4,049,871
Home Building \| North East
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues	948,289	892,543	767,828
Home Building \| Mid East
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues	1,723,514	2,147,262	1,891,729
Home Building \| South East
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues	2,452,845	2,520,636	1,992,265
Mortgage Banking
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues	$ 203,597	$ 199,664	$ 249,332

- 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

+ Details

Fair Value

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value

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

Financial Instruments

The estimated fair values of our Senior Notes as of December 31, 2023 and 2022 were $803,646 and $788,166, respectively. The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hierarchy. The carrying values at December 31, 2023 and 2022 were $913,027 and $914,888, respectively. Except as otherwise noted below, we believe that insignificant differences exist between the carrying value and the fair value of our financial instruments, which consists primarily of cash equivalents, due to their short term nature.

Derivative Instruments and Mortgage Loans Held for Sale

In the normal course of business, NVRM enters into contractual commitments to extend credit to buyers of single-family homes with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within time frames established by NVRM. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the “lock-in” of rates by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sales contracts to sell whole loans and mortgage-backed securities to investors. The forward sales contracts lock-in a range of interest rates and prices for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to investors are undesignated derivatives and, accordingly, are marked to fair value through earnings. At December 31, 2023, there were contractual commitments to extend credit to borrowers aggregating $2,110,217 and open forward delivery contracts aggregating $1,856,541, which hedge both the rate lock loan commitments and closed loans held for sale.

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

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

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

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

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

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

Mortgage loans held for sale are recorded at fair value when closed, and thereafter are carried at the lower of cost or fair value, net of deferred origination costs, until sold. Fair value is measured using Level 2 inputs. As of December 31, 2023, the fair value of loans held for sale of $222,560 included on the accompanying consolidated balance sheets was increased by $6,349 from the aggregate principal balance of $216,211. As of December 31, 2022, the fair value of loans held for sale of $316,806 was reduced by $2,675 from the aggregate principal balance of $319,481.

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


	As of December 31,
	2023		2022
Rate lock commitments:
Gross assets	$	61,150	$	32,246
Gross liabilities	168		20,946
Net rate lock commitments	$	60,982	$	11,300
Forward sales contracts:
Gross assets	$	8	$	4,843
Gross liabilities	18,305		20,903
Net forward sales contracts	$	(18,297)	$	(16,060)

As of December 31, 2023 and 2022, the net rate lock commitments are reported in mortgage banking "Other assets" and the net forward sales contracts are reported in mortgage banking "Accrued expenses and other liabilities" on the accompanying consolidated balance sheets.

The fair value measurement as of December 31, 2023 was as follows:


	Notional or Principal Amount		Assumed Gain From Loan Sale		Interest Rate Movement Effect		Servicing Rights Value		Security Price Change		Total Fair Value Measurement Gain/(Loss)
Rate lock commitments	$	2,110,217	$	5,839	$	31,548	$	23,595	$	—	$	60,982
Forward sales contracts	$	1,856,541	—		—		—		(18,297)		(18,297)
Mortgages held for sale	$	216,211	865		2,521		2,963		—		6,349
Total fair value measurement			$	6,704	$	34,069	$	26,558	$	(18,297)	$	49,034

The total fair value measurement as of December 31, 2022 was a net loss of $7,435. NVRM recorded a fair value adjustment to income of $56,469 for the year ended December 31, 2023, a fair value adjustment to expense of $25,673 for the year ended December 31, 2022, and a fair value adjustment to income of $2,654 for the year ended December 31, 2021. Unrealized gains/losses from the change in the fair value measurements are included in earnings as a component of mortgage banking fees in the accompanying consolidated statements of income. The fair value measurement will be impacted in the future by the change in the value of the servicing rights, interest rate movements, security price fluctuations, and the volume and product mix of NVRM’s closed loans and locked loan commitments.

- Definition

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

+ References + Details

Fair Value - Fair Value Measurement (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain From Loan Sale	$ 6,704
Interest Rate Movement Effect	34,069
Servicing Rights Value	26,558
Security Price Change	(18,297)
Total Fair Value Measurement Gain/(Loss)	49,034	$ (7,435)
Senior Notes Due Two Thousand Thirty [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	913,027	914,888
Level 2 \| Fair Value, Measurements, Recurring \| Senior Notes Due Two Thousand Thirty [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	803,646	788,166
Home Building
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	913,027	914,888
Mortgage Banking \| Level 2 \| Fair Value, Measurements, Recurring \| Rate lock commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain From Loan Sale	5,839
Interest Rate Movement Effect	31,548
Servicing Rights Value	23,595
Security Price Change	0
Total Fair Value Measurement Gain/(Loss)	60,982
Derivative, Notional Amount	2,110,217
Mortgage Banking \| Level 2 \| Fair Value, Measurements, Recurring \| Forward sales contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain From Loan Sale	0
Interest Rate Movement Effect	0
Servicing Rights Value	0
Security Price Change	(18,297)
Total Fair Value Measurement Gain/(Loss)	(18,297)
Derivative, Notional Amount	1,856,541
Mortgage Banking \| Level 2 \| Fair Value, Measurements, Recurring \| Mortgages held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain From Loan Sale	865
Interest Rate Movement Effect	2,521
Servicing Rights Value	2,963
Security Price Change	0
Total Fair Value Measurement Gain/(Loss)	6,349	(2,675)
Derivative, Notional Amount	$ 216,211	$ 319,481

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory:
Land under development	$ 36,895	$ 27,100
Contract land deposits, net	576,551	496,080
Total assets	6,601,757	5,660,973
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating Lease, Liability	101,272
Total liabilities	2,237,032	2,154,124
Commitments and contingencies
Common stock, shares authorized	60,000,000	60,000,000
Common stock, par value	$ 0.01	$ 0.01
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both December 31, 2017 and December 31, 2016	$ 206	$ 206
Additional paid-in capital	2,848,528	2,600,014
Deferred compensation trust – 108,640 shares of NVR, Inc. common stock as of both December 31, 2017 and December 31, 2016	(16,710)	(16,710)
Deferred compensation liability	16,710	16,710
Retained earnings	13,365,025	11,773,414
Less treasury stock at cost – 16,864,324 and 16,862,327 shares as of December 31, 2017 and December 31, 2016, respectively	(11,849,034)	(10,866,785)
Total shareholders' equity	4,364,725	3,506,849
Total liabilities and shareholders' equity	$ 6,601,757	$ 5,660,973
Common stock, shares issued	20,555,330	20,555,330
Deferred compensation trust, shares	106,697	106,697
Home Building
ASSETS
Cash and cash equivalents	$ 3,126,472	$ 2,503,424
Restricted cash	41,483	48,455
Receivables	29,000	20,842
Inventory:
Lots and housing units, covered under sales agreements with customers	1,674,686	1,554,955
Unsold lots and housing units	214,666	181,952
Land under development	36,895	27,100
Building materials and other	23,903	24,268
Total Inventory	1,950,150	1,788,275
Contract land deposits, net	576,551	496,080
Property, plant and equipment, net	63,716	57,950
Operating Lease, Right-of-Use Asset	70,384	71,081
Goodwill acquired from business acquisition	41,580	41,580
Deferred tax assets, net	148,005	143,585
Other assets	94,746	75,898
Total assets	6,142,087	5,247,170
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	347,738	334,016
Accrued expenses and other liabilities	413,043	437,234
Contract with Customer, Liability	334,441	313,804
Operating Lease, Liability	75,797	75,818
Senior notes	913,027	914,888
Total liabilities	2,084,046	2,075,760
Mortgage Banking
ASSETS
Cash and cash equivalents	36,422	19,415
Restricted cash	11,067	2,974
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance	222,560	316,806
Inventory:
Property, plant and equipment, net	6,348	3,559
Operating Lease, Right-of-Use Asset	23,541	16,011
Goodwill acquired from business acquisition	7,347	7,347
Other assets	152,385	47,691
Total assets	459,670	413,803
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating Lease, Liability	25,475	16,968
Accounts payable and other liabilities	127,511	61,396
Total liabilities	$ 152,986	$ 78,364

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)	$ 49,034	$ (7,435)
Home Building
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	913,027	914,888
Mortgage Banking
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance	222,560	316,806
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance	222,560	316,806
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)	56,469	(25,673)	$ 2,654
Mortgage Banking \| Level 2 \| Fair Value, Measurements, Recurring \| Rate lock commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)	60,982
Derivative, Notional Amount	2,110,217
Derivative, Notional Amount	2,110,217
Mortgage Banking \| Level 2 \| Fair Value, Measurements, Recurring \| Forward sales contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)	(18,297)
Derivative, Notional Amount	1,856,541
Derivative, Notional Amount	1,856,541
Mortgage Banking \| Level 2 \| Fair Value, Measurements, Recurring \| Mortgages held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)	6,349	(2,675)
Derivative, Notional Amount	216,211	319,481
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance	222,560	316,806
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance	222,560	316,806
Derivative, Notional Amount	$ 216,211	$ 319,481

Segment Information, Nature of Operations, and Certain Concentrations - Interest Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest income	$ 158,774	$ 44,311	$ 11,879
Mortgage Banking
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest income	16,687	11,853	8,725
Profit before taxes:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest income	16,687	11,853	8,725
Other unallocated interest income
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other unallocated interest income	$ 142,087	$ 32,458	$ 3,154

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References + Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of Consolidation

Use of Estimates in the Preparation of Financial Statements

Cash and Cash Equivalents

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

Restricted Cash

Homebuilding Inventory

Contract Land Deposits

Land Under Development

Property, Plant, and Equipment

Leases

Warranty/Product Liability Reserves

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

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

Earnings per Share

The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023	2022	2021
Weighted average number of shares outstanding used to calculate basic EPS	3,238,161	3,285,562	3,580,800
Dilutive securities:
Stock options and restricted share units	197,133	222,962	278,112
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS	3,435,294	3,508,524	3,858,912


	Year Ended December 31,
	2023	2022	2021
Anti-dilutive securities	14,444	194,884	23,062

Revenues – Homebuilding Operations

Mortgage Banking Fees

Income Taxes

Financial Instruments

Except as otherwise noted herein, we believe that the carrying value approximates the fair value of our financial instruments (see Note 14 herein for further information).

Equity-Based Compensation

Comprehensive Income

Recently Issued Accounting Pronouncements

Contract Land Deposits

Summary of Significant Accounting Policies - Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS (in Shares)	3,238,161	3,285,562	3,580,800
Dilutive securities:
Stock options and restricted share units (in Shares)	197,133	222,962	278,112
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS (in Shares)	3,435,294	3,508,524	3,858,912

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	McLean, Virginia
Auditor Firm ID	185

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following:


	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	261,481	$	412,036	$	272,971
State	79,023		126,686		80,650
Deferred:
Federal	(3,986)		(6,753)		873
State	244		(4,350)		(810)
Income tax expense	$	336,762	$	527,619	$	353,684

Deferred Income Taxes on Consolidated Balance Sheets

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


	As of December 31,
	2023		2022
Deferred tax assets:
Other accrued expenses and contract land deposit reserve	$	71,466	$	73,555
Deferred compensation	4,347		4,728
Equity-based compensation expense	48,088		47,605
Inventory	18,181		13,981
Unrecognized tax benefit	8,049		8,849
Other	14,703		11,364
Total deferred tax assets	164,834		160,082
Less: Deferred tax liabilities	9,515		8,505
Net deferred tax asset	$	155,319	$	151,577

Income Tax Expense Reconciliation

A reconciliation of income taxes computed at the federal statutory rate (21% in 2023, 2022, and 2021) to income tax expense is as follows:


	Year Ended December 31,
	2023		2022		2021
Income taxes computed at the federal statutory rate	$	404,958	$	473,171	$	333,985
State income taxes, net of federal income tax benefit (1)	92,163		105,867		72,082
Excess tax benefits from equity-based compensation	(153,554)		(50,324)		(48,369)
Other, net (2)	(6,805)		(1,095)		(4,014)
Income tax expense	$	336,762	$	527,619	$	353,684

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

(2)Primarily attributable to tax benefits from certain energy credits for the years ended December 31, 2023, 2022 and 2021.

Reconciliation of Unrecognized Tax Benefits

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


	Year Ended December 31,
	2023		2022
Balance at beginning of year	$	29,526	$	33,490
Additions based on tax positions related to the current year	782		1,326
Reductions for tax positions of prior years	(4,720)		(5,290)
Settlements	—		—
Balance at end of year	$	25,588	$	29,526

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

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

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

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


	As of December 31,
	2023		2022
Homebuilding:
Office facilities and other	$	45,707	$	40,604
Model home furniture and fixtures	35,418		35,152
Production facilities	106,227		97,050
Finance lease right-of-use assets	13,310		13,745
Gross Homebuilding PP&E	200,662		186,551
Less: accumulated depreciation	(136,946)		(128,601)
Net Homebuilding PP&E	$	63,716	$	57,950

Mortgage Banking:
Office facilities and other	$	17,572	$	15,964
Less: accumulated depreciation	(11,224)		(12,405)
Net Mortgage Banking PP&E	$	6,348	$	3,559

Black-Scholes Option-Pricing Model Assumptions (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Estimated option life	6 years 18 days	5 years 7 months 9 days	5 years 3 months 21 days
Risk free interest rate (range), minimum	3.53%	1.17%	0.30%
Risk free interest rate (range), maximum	4.69%	4.36%	1.55%
Expected volatility (range), minimum	26.75%	24.93%	24.46%
Expected volatility (range), maximum	30.01%	30.89%	30.80%
Expected dividend rate	0.00%	0.00%	0.00%
Weighted average grant-date fair value per share of options granted	$ 1,936.08	$ 1,437.93	$ 1,235.91

Joint Ventures - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liabilities and equity:
Equity	$ 4,364,725	$ 3,506,849	$ 3,002,378	$ 3,103,074
Total liabilities and shareholders' equity	$ 6,601,757	$ 5,660,973

- Definition

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

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details