NVR (NVR) 10-Q 3 Aug 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Jul. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	1-12378
Entity Registrant Name	NVR, Inc.
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1394360
Entity Address, Address Line One	11700 Plaza America Drive
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Reston
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20190
City Area Code	703
Local Phone Number	956-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	NVR
Security Exchange Name	NYSE
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,702,385
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000906163
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventory:
Land under development	$ 69,323
Contract land deposits, net	360,978	$ 413,851
Total assets	4,730,020	3,809,815
LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities	2,117,608	1,468,571
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both June 30, 2020 and December 31, 2019	206	206
Additional paid-in capital	2,151,623	2,055,407
Deferred compensation trust – 106,697 and 107,295 shares of NVR, Inc. common stock as of June 30, 2020 and December 31, 2019, respectively	(16,710)	(16,912)
Deferred compensation liability	16,710	16,912
Retained earnings	8,249,650	7,909,872
Less treasury stock at cost – 16,866,242 and 16,922,558 shares as of June 30, 2020 and December 31, 2019, respectively	(7,789,067)	(7,624,241)
Total shareholders' equity	2,612,412	2,341,244
Total liabilities and shareholders' equity	4,730,020	3,809,815
Home Building [Member]
ASSETS
Cash and cash equivalents	1,982,890	1,110,892
Restricted cash	24,650	17,943
Receivables	20,801	18,278
Inventory:
Lots and housing units, covered under sales agreements with customers	1,340,444	1,075,420
Unsold lots and housing units	172,394	184,352
Land under development	69,323	69,196
Building materials and other	20,379	18,320
Total Inventory	1,602,540	1,347,288
Contract land deposits, net	360,978	413,851
Property, plant and equipment, net	50,459	52,260
Operating lease right-of-use assets	57,701	63,825
Reorganization value in excess of amounts allocable to identifiable assets, net	41,580	41,580
Other assets	196,498	176,144
Total assets	4,338,097	3,242,061
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	294,254	262,987
Accrued expenses and other liabilities	349,113	346,035
Customer deposits	158,016	131,886
Operating lease liabilities	64,540	71,095
Senior notes	1,193,962	598,301
Total liabilities	2,059,885	1,410,304
Mortgage Banking [Member]
ASSETS
Cash and cash equivalents	17,986	29,412
Restricted cash	2,199	2,276
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group	325,208	492,125
Inventory:
Property, plant and equipment, net	5,258	5,828
Operating lease right-of-use assets	14,226	13,345
Reorganization value in excess of amounts allocable to identifiable assets, net	7,347	7,347
Other assets	19,699	17,421
Total assets	391,923	567,754
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating lease liabilities	15,223	14,282
Accounts payable and other liabilities	42,500	43,985
Total liabilities	$ 57,723	$ 58,267

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	20,555,330	20,555,330
Deferred compensation trust, shares	107,295	107,295
Treasury stock, shares	16,881,636	16,922,558

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues	$ 1,620,368	$ 1,800,194	$ 3,202,896	$ 3,487,205
Interest expense	(9,525)	(6,301)	(16,011)	(12,516)
Income before taxes	209,831	244,712	371,206	463,319
Income tax expense	(45,756)	(34,503)	(31,428)	(64,704)
Net income	$ 164,075	$ 210,209	$ 339,778	$ 398,615
Basic earnings per share (USD per share)	$ 44.56	$ 58.20	$ 92.52	$ 110.43
Diluted earnings per share (USD per share)	$ 42.50	$ 53.09	$ 87.56	$ 100.61
Basic weighted average shares outstanding (in shares)	3,682	3,612	3,673	3,610
Diluted weighted average shares outstanding (in shares)	3,861	3,959	3,881	3,962
Home Building [Member]
Revenues	$ 1,588,758	$ 1,757,448	$ 3,144,465	$ 3,400,654
Other income	2,408	5,833	7,744	11,570
Cost of Goods and Services Sold	1,284,493	1,425,388	2,579,236	2,764,194
Selling, general and administrative	(102,702)	(112,210)	(212,869)	(227,944)
Operating income	203,971	225,683	360,104	420,086
Interest expense	(9,166)	(6,033)	(15,380)	(12,026)
Income before taxes	194,805	219,650	344,724	408,060
Mortgage Banking [Member]
Revenues	31,610	42,746	58,431	86,551
Interest income	1,854	2,737	4,323	5,570
Other income	679	681	1,328	1,220
General and administrative	(18,758)	(20,834)	(36,969)	(37,592)
Interest expense	(359)	(268)	(631)	(490)
Income before taxes	$ 15,026	$ 25,062	$ 26,482	$ 55,259

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Finance Lease, Principal Payments	$ (412)	$ (12)
Cash flows from operating activities:
Net income	339,778	398,615
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,254	10,146
Equity-based compensation expense	21,926	37,910
Contract land deposit and other impairments (recoveries), net	37,453	(23)
Gain on sale of loans, net	(41,574)	(67,919)
Mortgage loans closed	(2,280,199)	(2,373,748)
Mortgage loans sold and principal payments on mortgage loans held for sale	2,491,119	2,428,410
Distribution of earnings from unconsolidated joint ventures	0	2,156
Net change in assets and liabilities:
Increase in inventory	(255,852)	(144,618)
Decrease (increase) in contract land deposits	16,020	(13,554)
Increase in receivables	(2,825)	(9,597)
Increase in accounts payable and accrued expenses	26,512	32,771
Increase in customer deposits	26,130	7,961
Other, net	(19,073)	(5,891)
Net Cash Provided by (Used in) Operating Activities	370,669	302,619
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(38)	(335)
Distribution of capital from unconsolidated joint ventures	0	7,167
Purchase of property, plant and equipment	(8,217)	(10,699)
Proceeds from the sale of property, plant and equipment	449	1,069
Net Cash Provided by (Used in) Investing Activities	(7,806)	(2,798)
Cash flows from financing activities:
Purchase of treasury stock	(216,582)	(304,479)
Proceeds from the exercise of stock options	126,046	178,831
Net Cash Provided by (Used in) Financing Activities	504,330	(125,660)
Net increase in cash, restricted cash, and cash equivalents	867,193	174,161
Cash, restricted cash, and cash equivalents, beginning of the period	1,160,804	732,248
Cash, restricted cash, and cash equivalents, end of the period	2,027,997	906,409
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized	12,593	12,052
Income taxes paid during the period, net of refunds	11,740	71,486
Proceeds from Issuance of Senior Long-term Debt	598,860	0
Payments of Debt Issuance Costs	$ (3,582)	$ 0

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesWe are involved in various litigation arising in the ordinary course of business. In the opinion of management, and based on advice of legal counsel, this litigation is not expected to have a material adverse effect on our financial position, results of operations or cash flows. Legal costs incurred in connection with outstanding litigation are expensed as incurred.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. (“NVR”, the “Company”, "we", "us" or "our") and its subsidiaries and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 2 and 3 to the accompanying condensed consolidated financial statements). Intercompany accounts and transactions have been eliminated in consolidation. The statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Because the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP, they should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. For the three and six months ended June 30, 2020 and 2019, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying condensed consolidated financial statements. Cash and Cash Equivalents The beginning-of-period and end-of-period cash, restricted cash, and cash equivalent balances presented on the accompanying condensed consolidated statements of cash flows includes cash related to a consolidated joint venture which is included in homebuilding "Other assets" on the accompanying condensed consolidated balance sheets. The cash related to this consolidated joint venture as of June 30, 2020 and December 31, 2019 was $272 and $281, respectively, and as of June 30, 2019 and December 31, 2018 was $294 and $320, respectively. Revenue Recognition Homebuilding revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers. Our contract liabilities, which consist of deposits received from customers (“Handmoney”) on homes not settled, were $158,016 and $131,886 as of June 30, 2020 and December 31, 2019, respectively. We expect that substantially all of the December 31, 2019 Handmoney balance will be recognized in revenue in 2020. Our prepaid sales compensation totaled approximately $23,300 and $14,600, as of June 30, 2020 and December 31, 2019, respectively. Prepaid sales compensation is included in homebuilding “Other assets” on the accompanying condensed consolidated balance sheets. Recently Adopted Accounting Pronouncements Effective January 1, 2020, we adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326), which changed the impairment recognition of financial assets from an as incurred recognition methodology to requiring immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets. Our adoption of this standard did not have a material effect on our consolidated financial statements and related disclosures. Effective January 1, 2020, we adopted ASU 2017-04, Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment . Under the standard, an impairment charge to goodwill is recorded in the amount that the carrying amount of a reporting unit's goodwill exceeds its fair value, not to exceed the amount of goodwill allocated to that reporting unit. Our adoption of this standard had no impact on our consolidated financial statements and related disclosures.

Variable Interest Entities ("VI

Variable Interest Entities ("VIEs")	6 Months Ended
	Jun. 30, 2020
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Variable Interest Entities	Variable Interest Entities ("VIEs") Fixed Price Finished Lot Purchase Agreements (“Lot Purchase Agreements”) We generally do not engage in the land development business. Instead, we typically acquire finished building lots at market prices from various development entities under Lot Purchase Agreements. The Lot Purchase Agreements require deposits that may be forfeited if we fail to perform under the Lot Purchase Agreements. The deposits required under the Lot Purchase Agreements are in the form of cash or letters of credit in varying amounts, and typically range up to 10% of the aggregate purchase price of the finished lots. We believe this lot acquisition strategy reduces the financial requirements and risks associated with direct land ownership and land development. We may, at our option, choose for any reason and at any time not to perform under these Lot Purchase Agreements by delivering notice of our intent not to acquire the finished lots under contract. Our sole legal obligation and economic loss for failure to perform under these Lot Purchase Agreements is limited to the amount of the deposit pursuant to the liquidated damage provisions contained within the Lot Purchase Agreements. None of the creditors of any of the development entities with which we enter Lot Purchase Agreements have recourse to our general credit. We generally do not have any specific performance obligations to purchase a certain number or any of the lots, nor do we guarantee completion of the development by the developer or guarantee any of the developers’ financial or other liabilities. We are not involved in the design or creation of the development entities from which we purchase lots under Lot Purchase Agreements. The developer’s equity holders have the power to direct 100% of the operating activities of the development entity. We have no voting rights in any of the development entities. The sole purpose of the development entity’s activities is to generate positive cash flow returns for the equity holders. Further, we do not share in any of the profit or loss generated by the project’s development. The profits and losses are passed directly to the developer’s equity holders. The deposit placed by us pursuant to the Lot Purchase Agreement is deemed to be a variable interest in the respective development entities. Those development entities are deemed to be VIEs. Therefore, the development entities with which we enter into Lot Purchase Agreements, including the joint venture limited liability corporations discussed below, are evaluated for possible consolidation by us. An enterprise must consolidate a VIE when that enterprise has a controlling financial interest in the VIE. An enterprise is deemed to have a controlling financial interest if it has (i) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance, and (ii) the obligation to absorb losses of the VIE that could be significant to the VIE or the rights to receive benefits from the VIE that could be significant to the VIE. We believe the activities that most significantly impact a development entity’s economic performance are the operating activities of the entity. The development entity’s equity investors bear the full risk during the development process. Unless and until a development entity completes finished building lots through the development process, the entity does not earn any revenues. The operating development activities are managed solely by the development entity’s equity investors. The development entities with which we contract to buy finished lots typically select the respective projects, obtain the necessary zoning approvals, obtain the financing required with no support or guarantees from us, select who will purchase the finished lots and at what price, and manage the completion of the infrastructure improvements, all for the purpose of generating a cash flow return to the development entity’s equity holders and all independent of us. We possess no more than limited protective legal rights through the Lot Purchase Agreement in the specific finished lots that we are purchasing, and we possess no participative rights in the development entities. Accordingly, we do not have the power to direct the activities of a developer that most significantly impact the developer’s economic performance. For this reason, we have concluded that we are not the primary beneficiary of the development entities with which we enter into Lot Purchase Agreements, and therefore, we do not consolidate any of these VIEs. As of June 30, 2020, we controlled approximately 98,600 lots under Lot Purchase Agreements with third parties through deposits in cash and letters of credit totaling approximately $423,600 and $6,400, respectively. As noted above, our sole legal obligation and economic loss for failure to perform under these Lot Purchase Agreements is limited to the amount of the deposit pursuant to the liquidated damage provisions contained in the Lot Purchase Agreements. During the three and six month periods ended June 30, 2020, we incurred pre-tax charges of approximately $900 and $37,300, respectively, related to the impairment of deposits under Lot Purchase Agreements due primarily to deteriorating market conditions in certain of our markets related to the COVID-19 pandemic. The impairment charges were recorded in cost of sales on the accompanying condensed consolidated statements of income. Our contract land deposit is shown net of a $63,647 and $27,572 impairment reserve at June 30, 2020 and December 31, 2019, respectively. In addition, we have certain properties under contract with land owners that are expected to yield approximately 6,300 lots, which are not included in the number of total lots controlled. Some of these properties may require rezoning or other approvals to achieve the expected yield. These properties are controlled with deposits in cash and letters of credit totaling approximately $1,000 and $100, respectively, as of June 30, 2020, of which approximately $600 is refundable if certain contractual conditions are not met. We generally expect to assign the raw land contracts to a land developer and simultaneously enter into a Lot Purchase Agreement with the assignee if the project is determined to be feasible. Our total risk of loss related to contract land deposits as of June 30, 2020 and December 31, 2019 was as follows: June 30, 2020 December 31, 2019 Contract land deposits $ 424,625 $ 441,423 Loss reserve on contract land deposits (63,647) (27,572) Contract land deposits, net 360,978 413,851 Contingent obligations in the form of letters of credit 6,539 5,606 Total risk of loss $ 367,517 $ 419,457

Joint Ventures Joint Ventures

Joint Ventures Joint Ventures	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Joint Ventures Disclosure [Text Block]	Joint Ventures On a limited basis, we obtain finished lots using joint venture limited liability corporations (“JVs”). The JVs are typically structured such that we are a non-controlling member and are at risk only for the amount we have invested, or have committed to invest, in addition to any deposits placed under Lot Purchase Agreements with the joint venture. We are not a borrower, guarantor or obligor on any debt of the JVs, as applicable. We enter into Lot Purchase Agreements to purchase lots from these JVs, and as a result have a variable interest in these JVs. At June 30, 2020, we had an aggregate investment totaling approximately $28,400 in four JVs that are expected to produce approximately 6,150 finished lots, of which approximately 2,800 lots were controlled by us and the remaining approximately 3,350 lots were either under contract with unrelated parties or not currently under contract. In addition, we had additional funding commitments totaling approximately $4,200 to one of the JVs at June 30, 2020. We have determined that we are not the primary beneficiary of three of the JVs because we either share power with the other JV partner or the other JV partner has the controlling financial interest. The aggregate investment in unconsolidated JVs was approximately $28,400 and $26,700 at June 30, 2020 and December 31, 2019, respectively, and is reported in the “Other assets” line item on the accompanying condensed consolidated balance sheets. None of the unconsolidated JVs had any indicators of impairment as of June 30, 2020. For the remaining JV, we have concluded that we are the primary beneficiary because we have the controlling financial interest in the JV. As of December 31, 2019, all activities under the consolidated JV had been completed. As of June 30, 2020, we had no investment remaining in the JV and the JV had remaining balances of $272 in cash and $248 in accrued expenses, which are included in homebuilding "Other assets" and "Accrued expenses and other liabilities," respectively, in the accompanying condensed consolidated balance sheets. We recognize income from the JVs as a reduction to the lot cost of the lots purchased from the respective JVs when the homes are settled, based on the expected total profitability and the total number of lots expected to be produced by the respective JVs. We classify distributions received from unconsolidated JVs using the cumulative earnings approach. As a result, distributions received up to the amount of cumulative earnings recognized by us are reported as distributions of earnings and those in excess of that amount are reported as a distribution of capital. These distributions are classified within the accompanying condensed consolidated statements of cash flows as cash flows from operating activities and investing activities, respectively.

Land Under Development

Land Under Development	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Land Under Development	Land Under DevelopmentOn a limited basis, we directly acquire raw land parcels already zoned for their intended use to develop into finished lots.  Land under development includes the land acquisition costs, direct improvement costs, capitalized interest, where applicable, and real estate taxes.As of June 30, 2020, we directly owned a total of five separate raw land parcels with a carrying value of $69,323 that are expected to produce approximately 600 finished lots. We also had additional funding commitments of approximately $5,200 under a joint development agreement related to one parcel, a portion of which we expect will be offset by development credits of approximately $2,900. None of the raw parcels had any indicators of impairment as of June 30, 2020.

Capitalized Interest

Capitalized Interest	6 Months Ended
	Jun. 30, 2020
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Abstract]
Capitalized Interest	Capitalized Interest We capitalize interest costs to land under development during the active development of finished lots. In addition, we capitalize interest costs on our JV investments while the investments are considered qualified assets pursuant to ASC Topic 835-20 - Interest . Capitalized interest is transferred to sold or unsold inventory as the development of finished lots is completed, then charged to cost of sales upon our settlement of homes and the respective lots. Interest incurred in excess of the interest capitalizable based on the level of qualified assets is expensed in the period incurred. The following table reflects the changes in our capitalized interest during the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest capitalized, beginning of period $ 3,034 $ 4,140 $ 3,499 $ 4,154 Interest incurred 9,665 6,607 16,300 13,106 Interest charged to interest expense (9,525) (6,301) (16,011) (12,516) Interest charged to cost of sales (501) (592) (1,115) (890) Interest capitalized, end of period $ 2,673 $ 3,854 $ 2,673 $ 3,854

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
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 three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Weighted average number of shares outstanding used to calculate basic EPS 3,682 3,612 3,673 3,610 Dilutive securities: Stock options and restricted share units 179 347 208 352 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,861 3,959 3,881 3,962 The following non-qualified stock options ("Options") issued under equity incentive plans were outstanding during the three and six months ended June 30, 2020 and 2019, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Anti-dilutive securities 330 318 244 345

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity A summary of changes in shareholders’ equity for the three months ended June 30, 2020 is presented below: Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Deferred Compensation Trust Deferred Compensation Liability Total Balance, March 31, 2020 $ 206 $ 2,127,315 $ 8,085,575 $ (7,796,177) $ (16,912) $ 16,912 $ 2,416,919 Net income — — 164,075 — — — 164,075 Deferred compensation activity, net — — — — 202 (202) — Equity-based compensation — 14,434 — — — — 14,434 Proceeds from Options exercised — 16,984 — — — — 16,984 Treasury stock issued upon option exercise and restricted share vesting — (7,110) — 7,110 — — — Balance, June 30, 2020 $ 206 $ 2,151,623 $ 8,249,650 $ (7,789,067) $ (16,710) $ 16,710 $ 2,612,412 A summary of changes in shareholders’ equity for the six months ended June 30, 2020 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2019 $ 206 $ 2,055,407 $ 7,909,872 $ (7,624,241) $ (16,912) $ 16,912 $ 2,341,244 Net income — — 339,778 — — — 339,778 Deferred compensation activity, net — — — — 202 (202) — Purchase of common stock for treasury — — — (216,582) — — (216,582) Equity-based compensation — 21,926 — — — — 21,926 Proceeds from Options exercised — 126,046 — — — — 126,046 Treasury stock issued upon option exercise and restricted share vesting — (51,756) — 51,756 — — — Balance, June 30, 2020 $ 206 $ 2,151,623 $ 8,249,650 $ (7,789,067) $ (16,710) $ 16,710 $ 2,612,412 We repurchased approximately 58 shares of our common stock during the six months ended June 30, 2020, all of which were repurchased in the first quarter. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. Approximately 15 and 114 shares were issued from the treasury account during the three and six months ended June 30, 2020, respectively, in settlement of Option exercises and vesting of RSUs. Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares. A summary of changes in shareholders’ equity for the three months ended June 30, 2019 is presented below: Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Deferred Compensation Trust Deferred Compensation Liability Total Balance, March 31, 2019 $ 206 $ 1,899,100 $ 7,219,739 $ (7,220,269) $ (16,912) $ 16,912 $ 1,898,776 Net income — — 210,209 — — — 210,209 Purchase of common stock for treasury — — — (87,980) — — (87,980) Equity-based compensation — 18,577 — — — — 18,577 Proceeds from Options exercised — 79,857 — — — — 79,857 Treasury stock issued upon option exercise and restricted share vesting — (35,378) — 35,378 — — — Balance, June 30, 2019 $ 206 $ 1,962,156 $ 7,429,948 $ (7,272,871) $ (16,912) $ 16,912 $ 2,119,439 A summary of changes in shareholders’ equity for the six months ended June 30, 2019 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2018 $ 206 $ 1,820,223 $ 7,031,333 $ (7,043,200) $ (16,937) $ 16,937 $ 1,808,562 Net income — — 398,615 — — — 398,615 Deferred compensation activity, net — — — — 25 (25) — Purchase of common stock for treasury — — — (304,479) — — (304,479) Equity-based compensation — 37,910 — — — — 37,910 Proceeds from Options exercised — 178,831 — — — — 178,831 Treasury stock issued upon option exercise and restricted share vesting — (74,808) — 74,808 — — — Balance, June 30, 2019 $ 206 $ 1,962,156 $ 7,429,948 $ (7,272,871) $ (16,912) $ 16,912 $ 2,119,439

Product Warranties

Product Warranties	6 Months Ended
	Jun. 30, 2020
Product Warranties Disclosures [Abstract]
Product Warranties	Product Warranties 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 estimated current cost of corrective action, manufacturers’ and subcontractors’ participation in sharing the cost of corrective action, consultations with third party experts such as engineers, and discussions with our general counsel and outside counsel retained to handle specific product liability cases. The following table reflects the changes in our Warranty Reserve during the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Warranty reserve, beginning of period $ 107,032 $ 102,852 $ 108,053 $ 103,700 Provision 15,677 16,446 28,098 28,269 Payments (11,490) (18,639) (24,932) (31,310) Warranty reserve, end of period $ 111,219 $ 100,659 $ 111,219 $ 100,659

Segment Disclosures

Segment Disclosures	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Disclosures	Segment Disclosures We disclose four homebuilding reportable segments that aggregate geographically our homebuilding operating segments, and our mortgage banking operations presented as one reportable segment. The homebuilding reportable segments are comprised of operating divisions in the following geographic areas: Mid Atlantic: Maryland, Virginia, West Virginia, Delaware and Washington, D.C. North East: New Jersey and Eastern Pennsylvania Mid East: New York, Ohio, Western Pennsylvania, Indiana and Illinois South East: North Carolina, South Carolina, Florida and Tennessee Homebuilding profit before tax includes all revenues and income generated from the sale of homes, less the cost of homes sold, selling, general and administrative expenses and a corporate capital allocation charge. The corporate capital allocation charge is eliminated in consolidation and is based on the segment’s average net assets employed. The corporate capital allocation charged to the operating segment allows the Chief Operating Decision Maker (“CODM”) to determine whether the operating segment’s results are providing the desired rate of return after covering our cost of capital. Assets not allocated to the operating segments are not included in either the operating segment’s corporate capital allocation charge or the CODM’s evaluation of the operating segment’s performance. We record charges on contract land deposits when it is determined that it is probable that recovery of the deposit is impaired. For segment reporting purposes, impairments on contract land deposits are generally charged to the operating segment upon the termination of a Lot Purchase Agreement with the developer, or the restructuring of a Lot Purchase Agreement resulting in the forfeiture of the deposit. Mortgage banking profit before tax consists of revenues generated from mortgage financing, title insurance and closing services, less the costs of such services and general and administrative costs. Mortgage banking operations are not charged a corporate capital allocation charge. In addition to the corporate capital allocation and contract land deposit impairments discussed above, the other reconciling items between segment profit and consolidated profit before tax include unallocated corporate overhead (including all management incentive compensation), equity-based compensation expense, consolidation adjustments and external corporate interest expense. Overhead functions such as accounting, treasury and human resources are centrally performed and these costs are not allocated to our operating segments. Consolidation adjustments consist of such items necessary to convert the reportable segments’ results, which are predominantly maintained on a cash basis, to a full accrual basis for external financial statement presentation purposes, and are not allocated to our operating segments. Our external corporate interest expense primarily consists of interest charges on our 3.95% Senior Notes due 2022 and 3.00% Senior Notes due 2030 and is not charged to the operating segments because the charges are included in the corporate capital allocation discussed above. The f ollowing tables present segment revenues, profit and assets with reconciliations to the amounts reported for the consolidated enterprise, where applicable: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenues: Homebuilding Mid Atlantic $ 839,845 $ 982,032 $ 1,613,903 $ 1,863,356 Homebuilding North East 98,219 121,804 204,355 244,431 Homebuilding Mid East 299,955 359,908 620,650 698,457 Homebuilding South East 350,739 293,704 705,557 594,410 Mortgage Banking 31,610 42,746 58,431 86,551 Total consolidated revenues $ 1,620,368 $ 1,800,194 $ 3,202,896 $ 3,487,205 Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Income before taxes: Homebuilding Mid Atlantic $ 98,067 $ 123,802 $ 179,740 $ 223,166 Homebuilding North East 6,658 11,563 16,809 23,023 Homebuilding Mid East 27,302 40,291 58,466 75,766 Homebuilding South East 42,765 30,825 89,909 65,861 Mortgage Banking 15,692 26,173 27,571 55,731 Total segment profit before taxes 190,484 232,654 372,495 443,547 Reconciling items: Contract land deposit reserve adjustment (1) (460) 374 (36,075) 1,324 Equity-based compensation expense (2) (14,434) (18,577) (21,926) (37,910) Corporate capital allocation (3) 59,870 56,177 116,521 110,735 Unallocated corporate overhead (23,288) (29,354) (60,927) (61,089) Consolidation adjustments and other 6,803 9,462 16,456 18,710 Corporate interest expense (9,144) (6,024) (15,338) (11,998) Reconciling items sub-total 19,347 12,058 (1,289) 19,772 Consolidated income before taxes $ 209,831 $ 244,712 $ 371,206 $ 463,319 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2. (2) The decrease in equity-based compensation expense for the three and six-month periods ended June 30, 2020 was primarily attributable to stock options issued in 2014 under the 2014 Equity Incentive Plan becoming fully vested in 2019. In addition, stock compensation expense for the six-month period ended June 30, 2020 was favorably impacted by higher stock option forfeitures during 2020. (3) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 31,581 $ 31,378 $ 61,336 $ 61,794 Homebuilding North East 5,790 4,626 11,349 9,353 Homebuilding Mid East 9,687 9,497 19,050 18,512 Homebuilding South East 12,812 10,676 24,786 21,076 Total $ 59,870 $ 56,177 $ 116,521 $ 110,735 June 30, 2020 December 31, 2019 Assets: Homebuilding Mid Atlantic $ 1,148,688 $ 1,024,996 Homebuilding North East 189,076 166,860 Homebuilding Mid East 346,232 293,773 Homebuilding South East 444,593 400,979 Mortgage Banking 384,576 560,407 Total segment assets 2,513,165 2,447,015 Reconciling items: Cash and cash equivalents 1,982,890 1,110,892 Deferred taxes 121,526 115,731 Intangible assets and goodwill 49,756 49,834 Operating lease right-of-use assets 57,701 63,825 Contract land deposit reserve (63,647) (27,572) Consolidation adjustments and other 68,629 50,090 Reconciling items sub-total 2,216,855 1,362,800 Consolidated assets $ 4,730,020 $ 3,809,815

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value	Fair Value GAAP assigns a fair value hierarchy to the inputs used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets and liabilities. Level 2 inputs are inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs. Financial Instruments The following table presents the estimated fair values and carrying values of our Senior Notes as of June 30, 2020 and December 31, 2019. The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hierarchy. June 30, 2020 December 31, 2019 Estimated Fair Values: 3.95% Senior Notes due 2022 $ 637,500 $ 626,520 3.00% Senior Notes due 2030 623,070 — Total $ 1,260,570 $ 626,520 Carrying Values: 3.95% Senior Notes due 2022 $ 598,612 $ 598,301 3.00% Senior Notes due 2030 595,350 — Total $ 1,193,962 $ 598,301 Except as otherwise noted below, we believe that insignificant differences exist between the carrying values and the fair values of our financial instruments, which consist primarily of cash equivalents, due to their short term nature. Derivative Instruments and Mortgage Loans Held for Sale In the normal course of business, our wholly-owned mortgage subsidiary, NVR Mortgage Finance, Inc. (“NVRM”), enters into contractual commitments to extend credit to our homebuyers with fixed expiration dates. The commitments become effective when the borrowers "lock-in" a specified interest rate within time frames established by NVRM. All mortgagors are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the "lock-in" of rates by the borrower and the sale date of the loan to a broker/dealer. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sale contracts to sell whole loans and mortgage-backed securities to broker/dealers. The forward sales contracts lock in an interest rate and price for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative or trading derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to broker/dealers are undesignated derivatives and, accordingly, are marked to fair value through earnings. At June 30, 2020, there were rate lock commitments to extend credit to borrowers aggregating $736,509 and open forward delivery contracts aggregating $896,225, which hedge both the rate lock commitments and closed loans held for sale. The fair value of NVRM’s rate lock commitments to borrowers and the related input levels include, as applicable: i) the assumed gain/loss of the expected resultant loan sale (Level 2); ii) the effects of interest rate movements between the date of the rate lock and the balance sheet date (Level 2); and iii) the value of the servicing rights associated with the loan (Level 2). The assumed gain/loss considers the excess servicing to be received or buydown fees to be paid upon securitization of the loan. The excess servicing and buydown fees are calculated pursuant to contractual terms with investors. To calculate the effects of interest rate movements, NVRM utilizes applicable published mortgage-backed security prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount. NVRM sells all of its loans on a servicing released basis, and receives a servicing released premium upon sale. Thus, the value of the servicing rights is included in the fair value measurement and is based upon contractual terms with investors and varies depending on the loan type. NVRM assumes a fallout rate when measuring the fair value of rate lock commitments. Fallout is defined as locked loan commitments for which NVRM does not close a mortgage loan and is based on historical experience. The fair value of NVRM’s forward sales contracts to broker/dealers solely considers the market price movement of the same type of security between the trade date and the balance sheet date (Level 2). The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value. Mortgage loans held for sale are recorded at fair value when closed, and thereafter are carried at the lower of cost or fair value, net of deferred origination costs, until sold. Fair value is measured using Level 2 inputs. As of June 30, 2020, the fair value of loans held for sale of $325,208 included on the accompanying condensed consolidated balance sheet has been increased by $5,746 from the aggregate principal balance of $319,462. As of December 31, 2019, the fair value of loans held for sale of $492,125 were increased by $7,019 from the aggregate principal balance of $485,106. The fair value measurement of NVRM's undesignated derivative instruments was as follows: June 30, 2020 December 31, 2019 Rate lock commitments: Gross assets $ 9,241 $ 8,132 Gross liabilities 347 497 Net rate lock commitments $ 8,894 $ 7,635 Forward sales contracts: Gross assets $ 180 $ 377 Gross liabilities 4,412 920 Net forward sales contracts $ (4,232) $ (543) As of both June 30, 2020 and December 31, 2019, 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 condensed consolidated balance sheets. The fair value measurement adjustment as of June 30, 2020 was as follows: Notional or Assumed Interest Servicing Security Total Fair Rate lock commitments $ 736,509 $ 1,989 $ 3,746 $ 3,159 $ — $ 8,894 Forward sales contracts $ 896,225 — — — (4,232) (4,232) Mortgages held for sale $ 319,462 1,516 2,624 1,606 — 5,746 Total fair value measurement $ 3,505 $ 6,370 $ 4,765 $ (4,232) $ 10,408 The total fair value measurement adjustment as of December 31, 2019 was $14,111. NVRM recorded a fair value adjustment to income of $7,018 for the three months ended June 30, 2020 and a fair value adjustment to expense of $3,703 for the six months ended June 30, 2020. NVRM recorded a fair value adjustment to income of $2,644 and $11,553 for the three and six months ended June 30, 2019, respectively. Unrealized gains/losses from the change in the fair value measurements are included in earnings as a component of mortgage banking fees in the accompanying condensed consolidated statements of income. The fair value measurement will be impacted in the future by the change in the value of the servicing rights, interest rate movements, security price fluctuations, and the volume and product mix of NVRM’s closed loans and locked loan commitments.

Debt

Debt	3 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt As of June 30, 2020, we had the following debt instruments outstanding: 3.95% Senior Notes due 2022 ("2022 Senior Notes") The 2022 Senior Notes have a principal balance of $600,000. The 2022 Senior Notes mature on September 15, 2022 and bear interest at 3.95%, payable semi-annually in arrears on March 15 and September 15. The 2022 Senior Notes were issued at a discount to yield 3.97% and have been reflected net of the unamortized discount and unamortized debt issuance costs in the accompanying condensed consolidated balance sheet. 3.00% Senior Notes due 2030 ("2030 Senior Notes") On May 4, 2020, the Company issued $600,000 of 3.00% Senior Notes due 2030. The 2030 Senior Notes were issued at a discount to yield 3.02% and have been reflected net of the unamortized discount in the accompanying condensed consolidated balance sheet. The offering of the 2030 Senior Notes resulted in aggregate net proceeds of approximately $595,300, after deducting underwriting discounts and offering expenses. The 2030 Senior Notes mature on May 31, 2030 and bear interest at 3.00%, payable semi-annually in arrears on May 15 and November 15. The 2030 Senior Notes are senior unsecured obligations and rank equal in right of payment to all of our existing and future unsecured senior indebtedness and other obligations that are not, by their terms, expressly subordinated in right of payment to the Senior Notes. Credit Agreement We have an unsecured Credit Agreement (the “Credit Agreement”), which provides for aggregate revolving loan commitments of $200,000 (the “Facility”). Under the Credit Agreement, we may request increases of up to $300,000 to the Facility in the form of revolving loan commitments or term loans to the extent that new or existing lenders agree to provide additional revolving loan or term loan commitments. The Credit Agreement provides for a $100,000 sublimit for the issuance of letters of credit, of which approximately $11,200 was outstanding at June 30, 2020, and a $25,000 sublimit for a swing line commitment. The Credit Agreement termination date is July 15, 2021. There was no debt outstanding under the Facility at June 30, 2020. 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. In July 2020, NVRM entered into the Twelfth Amendment to the Repurchase Agreement, which extended the term of the Repurchase Agreement through July 21, 2021. All other terms and conditions under the amended Repurchase Agreement remained materially consistent. At June 30, 2020, there were no borrowing base limitations reducing the amount available under the Repurchase Agreement. There was no debt outstanding under the Repurchase Agreement at June 30, 2020.

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	Leases We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have finance leases for production equipment which are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. Our leases have remaining lease terms of up to 19 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the lease. We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis. We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). We elected to exclude these leases from the recognition requirements under Topic 842, and these leases have not been included in our recognized ROU assets and lease liabilities. The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Lease expense Operating lease expense $ 7,942 $ 8,387 $ 15,853 $ 15,947 Finance lease expense: Amortization of ROU assets 281 21 547 21 Interest on lease liabilities 51 5 100 5 Short-term lease expense 6,185 5,640 12,611 11,245 Total lease expense $ 14,459 $ 14,053 $ 29,111 $ 27,218 Other information related to leases was as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,676 $ 6,314 $ 13,394 $ 12,877 Operating cash flows from finance leases 51 5 100 5 Financing cash flows from finance leases 212 12 412 12 ROU assets obtained in exchange for lease obligations: Operating leases $ 1,901 $ 3,571 $ 5,685 $ 9,551 Finance leases $ — $ 4,692 $ 440 $ 5,227 June 30, 2020 December 31, 2019 Weighted-average remaining lease term (in years): Operating leases 5.0 5.1 Finance leases 6.2 6.6 Weighted-average discount rate: Operating leases 3.5 % 3.6 % Finance leases 2.8 % 2.8 %
Leases	Leases We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have finance leases for production equipment which are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. Our leases have remaining lease terms of up to 19 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the lease. We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis. We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). We elected to exclude these leases from the recognition requirements under Topic 842, and these leases have not been included in our recognized ROU assets and lease liabilities. The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Lease expense Operating lease expense $ 7,942 $ 8,387 $ 15,853 $ 15,947 Finance lease expense: Amortization of ROU assets 281 21 547 21 Interest on lease liabilities 51 5 100 5 Short-term lease expense 6,185 5,640 12,611 11,245 Total lease expense $ 14,459 $ 14,053 $ 29,111 $ 27,218 Other information related to leases was as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,676 $ 6,314 $ 13,394 $ 12,877 Operating cash flows from finance leases 51 5 100 5 Financing cash flows from finance leases 212 12 412 12 ROU assets obtained in exchange for lease obligations: Operating leases $ 1,901 $ 3,571 $ 5,685 $ 9,551 Finance leases $ — $ 4,692 $ 440 $ 5,227 June 30, 2020 December 31, 2019 Weighted-average remaining lease term (in years): Operating leases 5.0 5.1 Finance leases 6.2 6.6 Weighted-average discount rate: Operating leases 3.5 % 3.6 % Finance leases 2.8 % 2.8 %

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	14. Income TaxesOur effective tax rate for the three and six months ended June 30, 2020 was 21.8% and 8.5%, respectively, compared to 14.1% and 14.0% for the three and six months ended June 30, 2019, respectively. The effective tax rate in each period was favorably impacted by the recognition of an income tax benefit related to excess tax benefits from stock option exercises totaling $6,854 and $62,509 for the three and six months ended June 30, 2020, respectively, and $30,727 and $59,205 for the three and six months ended June 30, 2019, respectively.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. (“NVR”, the “Company”, "we", "us" or "our") and its subsidiaries and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 2 and 3 to the accompanying condensed consolidated financial statements). Intercompany accounts and transactions have been eliminated in consolidation. The statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Because the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP, they should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.
Revenue from Contract with Customer	Revenue RecognitionHomebuilding revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Effective January 1, 2020, we adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326), which changed the impairment recognition of financial assets from an as incurred recognition methodology to requiring immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets. Our adoption of this standard did not have a material effect on our consolidated financial statements and related disclosures. Effective January 1, 2020, we adopted ASU 2017-04, Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment . Under the standard, an impairment charge to goodwill is recorded in the amount that the carrying amount of a reporting unit's goodwill exceeds its fair value, not to exceed the amount of goodwill allocated to that reporting unit. Our adoption of this standard had no impact on our consolidated financial statements and related disclosures.

Variable Interest Entities ("_2

Variable Interest Entities ("VIEs") (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 was as follows: June 30, 2020 December 31, 2019 Contract land deposits $ 424,625 $ 441,423 Loss reserve on contract land deposits (63,647) (27,572) Contract land deposits, net 360,978 413,851 Contingent obligations in the form of letters of credit 6,539 5,606 Total risk of loss $ 367,517 $ 419,457

Capitalized Interest (Tables)

Capitalized Interest (Tables)	6 Months Ended
	Jun. 30, 2020
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Abstract]
Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales	The following table reflects the changes in our capitalized interest during the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest capitalized, beginning of period $ 3,034 $ 4,140 $ 3,499 $ 4,154 Interest incurred 9,665 6,607 16,300 13,106 Interest charged to interest expense (9,525) (6,301) (16,011) (12,516) Interest charged to cost of sales (501) (592) (1,115) (890) Interest capitalized, end of period $ 2,673 $ 3,854 $ 2,673 $ 3,854

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share	The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Weighted average number of shares outstanding used to calculate basic EPS 3,682 3,612 3,673 3,610 Dilutive securities: Stock options and restricted share units 179 347 208 352 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,861 3,959 3,881 3,962
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following non-qualified stock options ("Options") issued under equity incentive plans were outstanding during the three and six months ended June 30, 2020 and 2019, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Anti-dilutive securities 330 318 244 345

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Equity [Abstract]
Shareholders' Equity			Shareholders’ Equity A summary of changes in shareholders’ equity for the three months ended June 30, 2020 is presented below: Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Deferred Compensation Trust Deferred Compensation Liability Total Balance, March 31, 2020 $ 206 $ 2,127,315 $ 8,085,575 $ (7,796,177) $ (16,912) $ 16,912 $ 2,416,919 Net income — — 164,075 — — — 164,075 Deferred compensation activity, net — — — — 202 (202) — Equity-based compensation — 14,434 — — — — 14,434 Proceeds from Options exercised — 16,984 — — — — 16,984 Treasury stock issued upon option exercise and restricted share vesting — (7,110) — 7,110 — — — Balance, June 30, 2020 $ 206 $ 2,151,623 $ 8,249,650 $ (7,789,067) $ (16,710) $ 16,710 $ 2,612,412 A summary of changes in shareholders’ equity for the six months ended June 30, 2020 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2019 $ 206 $ 2,055,407 $ 7,909,872 $ (7,624,241) $ (16,912) $ 16,912 $ 2,341,244 Net income — — 339,778 — — — 339,778 Deferred compensation activity, net — — — — 202 (202) — Purchase of common stock for treasury — — — (216,582) — — (216,582) Equity-based compensation — 21,926 — — — — 21,926 Proceeds from Options exercised — 126,046 — — — — 126,046 Treasury stock issued upon option exercise and restricted share vesting — (51,756) — 51,756 — — — Balance, June 30, 2020 $ 206 $ 2,151,623 $ 8,249,650 $ (7,789,067) $ (16,710) $ 16,710 $ 2,612,412 We repurchased approximately 58 shares of our common stock during the six months ended June 30, 2020, all of which were repurchased in the first quarter. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. Approximately 15 and 114 shares were issued from the treasury account during the three and six months ended June 30, 2020, respectively, in settlement of Option exercises and vesting of RSUs. Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares. A summary of changes in shareholders’ equity for the three months ended June 30, 2019 is presented below: Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Deferred Compensation Trust Deferred Compensation Liability Total Balance, March 31, 2019 $ 206 $ 1,899,100 $ 7,219,739 $ (7,220,269) $ (16,912) $ 16,912 $ 1,898,776 Net income — — 210,209 — — — 210,209 Purchase of common stock for treasury — — — (87,980) — — (87,980) Equity-based compensation — 18,577 — — — — 18,577 Proceeds from Options exercised — 79,857 — — — — 79,857 Treasury stock issued upon option exercise and restricted share vesting — (35,378) — 35,378 — — — Balance, June 30, 2019 $ 206 $ 1,962,156 $ 7,429,948 $ (7,272,871) $ (16,912) $ 16,912 $ 2,119,439 A summary of changes in shareholders’ equity for the six months ended June 30, 2019 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2018 $ 206 $ 1,820,223 $ 7,031,333 $ (7,043,200) $ (16,937) $ 16,937 $ 1,808,562 Net income — — 398,615 — — — 398,615 Deferred compensation activity, net — — — — 25 (25) — Purchase of common stock for treasury — — — (304,479) — — (304,479) Equity-based compensation — 37,910 — — — — 37,910 Proceeds from Options exercised — 178,831 — — — — 178,831 Treasury stock issued upon option exercise and restricted share vesting — (74,808) — 74,808 — — — Balance, June 30, 2019 $ 206 $ 1,962,156 $ 7,429,948 $ (7,272,871) $ (16,912) $ 16,912 $ 2,119,439
Summary of Changes in Shareholders' Equity	A summary of changes in shareholders’ equity for the three months ended June 30, 2020 is presented below: Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Deferred Compensation Trust Deferred Compensation Liability Total Balance, March 31, 2020 $ 206 $ 2,127,315 $ 8,085,575 $ (7,796,177) $ (16,912) $ 16,912 $ 2,416,919 Net income — — 164,075 — — — 164,075 Deferred compensation activity, net — — — — 202 (202) — Equity-based compensation — 14,434 — — — — 14,434 Proceeds from Options exercised — 16,984 — — — — 16,984 Treasury stock issued upon option exercise and restricted share vesting — (7,110) — 7,110 — — — Balance, June 30, 2020 $ 206 $ 2,151,623 $ 8,249,650 $ (7,789,067) $ (16,710) $ 16,710 $ 2,612,412	A summary of changes in shareholders’ equity for the three months ended June 30, 2019 is presented below: Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Deferred Compensation Trust Deferred Compensation Liability Total Balance, March 31, 2019 $ 206 $ 1,899,100 $ 7,219,739 $ (7,220,269) $ (16,912) $ 16,912 $ 1,898,776 Net income — — 210,209 — — — 210,209 Purchase of common stock for treasury — — — (87,980) — — (87,980) Equity-based compensation — 18,577 — — — — 18,577 Proceeds from Options exercised — 79,857 — — — — 79,857 Treasury stock issued upon option exercise and restricted share vesting — (35,378) — 35,378 — — — Balance, June 30, 2019 $ 206 $ 1,962,156 $ 7,429,948 $ (7,272,871) $ (16,912) $ 16,912 $ 2,119,439	A summary of changes in shareholders’ equity for the six months ended June 30, 2020 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2019 $ 206 $ 2,055,407 $ 7,909,872 $ (7,624,241) $ (16,912) $ 16,912 $ 2,341,244 Net income — — 339,778 — — — 339,778 Deferred compensation activity, net — — — — 202 (202) — Purchase of common stock for treasury — — — (216,582) — — (216,582) Equity-based compensation — 21,926 — — — — 21,926 Proceeds from Options exercised — 126,046 — — — — 126,046 Treasury stock issued upon option exercise and restricted share vesting — (51,756) — 51,756 — — — Balance, June 30, 2020 $ 206 $ 2,151,623 $ 8,249,650 $ (7,789,067) $ (16,710) $ 16,710 $ 2,612,412	A summary of changes in shareholders’ equity for the six months ended June 30, 2019 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2018 $ 206 $ 1,820,223 $ 7,031,333 $ (7,043,200) $ (16,937) $ 16,937 $ 1,808,562 Net income — — 398,615 — — — 398,615 Deferred compensation activity, net — — — — 25 (25) — Purchase of common stock for treasury — — — (304,479) — — (304,479) Equity-based compensation — 37,910 — — — — 37,910 Proceeds from Options exercised — 178,831 — — — — 178,831 Treasury stock issued upon option exercise and restricted share vesting — (74,808) — 74,808 — — — Balance, June 30, 2019 $ 206 $ 1,962,156 $ 7,429,948 $ (7,272,871) $ (16,912) $ 16,912 $ 2,119,439

Product Warranties (Tables)

Product Warranties (Tables)	6 Months Ended
	Jun. 30, 2020
Product Warranties Disclosures [Abstract]
Summary of Changes in Product Warranties Reserve	The following table reflects the changes in our Warranty Reserve during the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Warranty reserve, beginning of period $ 107,032 $ 102,852 $ 108,053 $ 103,700 Provision 15,677 16,446 28,098 28,269 Payments (11,490) (18,639) (24,932) (31,310) Warranty reserve, end of period $ 111,219 $ 100,659 $ 111,219 $ 100,659

Segment Disclosures (Tables)

Segment Disclosures (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Revenues	The f ollowing tables present segment revenues, profit and assets with reconciliations to the amounts reported for the consolidated enterprise, where applicable: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenues: Homebuilding Mid Atlantic $ 839,845 $ 982,032 $ 1,613,903 $ 1,863,356 Homebuilding North East 98,219 121,804 204,355 244,431 Homebuilding Mid East 299,955 359,908 620,650 698,457 Homebuilding South East 350,739 293,704 705,557 594,410 Mortgage Banking 31,610 42,746 58,431 86,551 Total consolidated revenues $ 1,620,368 $ 1,800,194 $ 3,202,896 $ 3,487,205
Profit before Taxes	Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Income before taxes: Homebuilding Mid Atlantic $ 98,067 $ 123,802 $ 179,740 $ 223,166 Homebuilding North East 6,658 11,563 16,809 23,023 Homebuilding Mid East 27,302 40,291 58,466 75,766 Homebuilding South East 42,765 30,825 89,909 65,861 Mortgage Banking 15,692 26,173 27,571 55,731 Total segment profit before taxes 190,484 232,654 372,495 443,547 Reconciling items: Contract land deposit reserve adjustment (1) (460) 374 (36,075) 1,324 Equity-based compensation expense (2) (14,434) (18,577) (21,926) (37,910) Corporate capital allocation (3) 59,870 56,177 116,521 110,735 Unallocated corporate overhead (23,288) (29,354) (60,927) (61,089) Consolidation adjustments and other 6,803 9,462 16,456 18,710 Corporate interest expense (9,144) (6,024) (15,338) (11,998) Reconciling items sub-total 19,347 12,058 (1,289) 19,772 Consolidated income before taxes $ 209,831 $ 244,712 $ 371,206 $ 463,319 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2. (2) The decrease in equity-based compensation expense for the three and six-month periods ended June 30, 2020 was primarily attributable to stock options issued in 2014 under the 2014 Equity Incentive Plan becoming fully vested in 2019. In addition, stock compensation expense for the six-month period ended June 30, 2020 was favorably impacted by higher stock option forfeitures during 2020. (3) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 31,581 $ 31,378 $ 61,336 $ 61,794 Homebuilding North East 5,790 4,626 11,349 9,353 Homebuilding Mid East 9,687 9,497 19,050 18,512 Homebuilding South East 12,812 10,676 24,786 21,076 Total $ 59,870 $ 56,177 $ 116,521 $ 110,735
Assets	June 30, 2020 December 31, 2019 Assets: Homebuilding Mid Atlantic $ 1,148,688 $ 1,024,996 Homebuilding North East 189,076 166,860 Homebuilding Mid East 346,232 293,773 Homebuilding South East 444,593 400,979 Mortgage Banking 384,576 560,407 Total segment assets 2,513,165 2,447,015 Reconciling items: Cash and cash equivalents 1,982,890 1,110,892 Deferred taxes 121,526 115,731 Intangible assets and goodwill 49,756 49,834 Operating lease right-of-use assets 57,701 63,825 Contract land deposit reserve (63,647) (27,572) Consolidation adjustments and other 68,629 50,090 Reconciling items sub-total 2,216,855 1,362,800 Consolidated assets $ 4,730,020 $ 3,809,815

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Undesignated Derivative Instruments	The fair value measurement of NVRM's undesignated derivative instruments was as follows: June 30, 2020 December 31, 2019 Rate lock commitments: Gross assets $ 9,241 $ 8,132 Gross liabilities 347 497 Net rate lock commitments $ 8,894 $ 7,635 Forward sales contracts: Gross assets $ 180 $ 377 Gross liabilities 4,412 920 Net forward sales contracts $ (4,232) $ (543)
Fair Value Measurement	The fair value measurement adjustment as of June 30, 2020 was as follows: Notional or Assumed Interest Servicing Security Total Fair Rate lock commitments $ 736,509 $ 1,989 $ 3,746 $ 3,159 $ — $ 8,894 Forward sales contracts $ 896,225 — — — (4,232) (4,232) Mortgages held for sale $ 319,462 1,516 2,624 1,606 — 5,746 Total fair value measurement $ 3,505 $ 6,370 $ 4,765 $ (4,232) $ 10,408
Fair Value Measurements, Recurring and Nonrecurring	The following table presents the estimated fair values and carrying values of our Senior Notes as of June 30, 2020 and December 31, 2019. The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hierarchy. June 30, 2020 December 31, 2019 Estimated Fair Values: 3.95% Senior Notes due 2022 $ 637,500 $ 626,520 3.00% Senior Notes due 2030 623,070 — Total $ 1,260,570 $ 626,520 Carrying Values: 3.95% Senior Notes due 2022 $ 598,612 $ 598,301 3.00% Senior Notes due 2030 595,350 — Total $ 1,193,962 $ 598,301

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Components of Lease Expense and Other Information related to Leases	The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Lease expense Operating lease expense $ 7,942 $ 8,387 $ 15,853 $ 15,947 Finance lease expense: Amortization of ROU assets 281 21 547 21 Interest on lease liabilities 51 5 100 5 Short-term lease expense 6,185 5,640 12,611 11,245 Total lease expense $ 14,459 $ 14,053 $ 29,111 $ 27,218
ScheduleofSupplementalCashFlowInformationRelatedtoLeases	Other information related to leases was as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,676 $ 6,314 $ 13,394 $ 12,877 Operating cash flows from finance leases 51 5 100 5 Financing cash flows from finance leases 212 12 412 12 ROU assets obtained in exchange for lease obligations: Operating leases $ 1,901 $ 3,571 $ 5,685 $ 9,551 Finance leases $ — $ 4,692 $ 440 $ 5,227 June 30, 2020 December 31, 2019 Weighted-average remaining lease term (in years): Operating leases 5.0 5.1 Finance leases 6.2 6.6 Weighted-average discount rate: Operating leases 3.5 % 3.6 % Finance leases 2.8 % 2.8 %

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Other Assets [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract cost	$ 23,300	$ 14,600
Home Building [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash and cash equivalents	24,650	17,943
Contract liabilities for customer deposits	158,016	131,886
Consolidated Joint Venture [Member] | Home Building [Member] | Other Assets [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash and cash equivalents	$ 272	$ 281	$ 294	$ 320

Variable Interest Entities ("_3

Variable Interest Entities ("VIEs") - Additional Information (Detail) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)lot	Jun. 30, 2020USD ($)lot	Dec. 31, 2019USD ($)
Variable Interest Entity [Line Items]
Contract land deposits in cash	$ 424,625	$ 424,625	$ 441,423
Contract land deposit reserve adjustment	900	37,300
Loss Reserve On Contract Land Deposits	$ 63,647	$ 63,647	$ 27,572
Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10.00%	10.00%
Power of developers equity holders to direct operating activities of development entity	100.00%	100.00%
Lots controlled by NVR | lot	98,600	98,600
Contract land deposits in cash under lot purchase Agreements	$ 423,600	$ 423,600
Letters of credit related to lots	$ 6,400	$ 6,400
Contract on Raw Ground with Landowners [Member]
Variable Interest Entity [Line Items]
Lots controlled by NVR | lot	6,300	6,300
Contract land deposits in cash	$ 1,000	$ 1,000
Letters of credit related to land contract	100	100
Refundable deposits and letters of credit	$ 600	$ 600

Variable Interest Entities ("_4

Variable Interest Entities ("VIEs") - Total Risk of Loss Related to Contract Land Deposits (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Contract land deposits	$ 424,625	$ 441,423
Loss reserve on contract land deposits	(63,647)	(27,572)
Contract land deposits, net	360,978	413,851
Contingent obligations in the form of letters of credit	6,539	5,606
Total risk of loss	$ 367,517	$ 419,457

Joint Ventures - Additional Inf

Joint Ventures - Additional Information (Detail) $ in Thousands	Jun. 30, 2020USD ($)lotjoint_venture	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Joint Ventures [Line Items]
Aggregate investment	$ 28,400
Number of joint ventures | joint_venture	4
Expected production of finished lots | lot	6,150
Total lots controlled by company under the joint venture | lot	2,800
Total lots either under contract with unrelated parties or not under the current contract | lot	3,350
Additional funding commitments in the aggregate	$ 4,200
Number of joint ventures with additional funding commitment | joint_venture	1
Number of joint ventures NVR is not primary beneficiary | joint_venture	3
Other Assets [Member]
Joint Ventures [Line Items]
Aggregate investment	$ 28,400	$ 26,700
Home Building [Member]
Joint Ventures [Line Items]
Restricted cash and cash equivalents	24,650	17,943
Accrued expenses and other liabilities	349,113	346,035
Consolidated Joint Venture [Member] | Home Building [Member] | Other Assets [Member]
Joint Ventures [Line Items]
Restricted cash and cash equivalents	272	$ 281	$ 294	$ 320
Consolidated Joint Venture [Member] | Home Building [Member] | Accounts Payable and Accrued Liabilities [Member]
Joint Ventures [Line Items]
Accrued expenses and other liabilities	$ 248

Land Under Development - Additi

Land Under Development - Additional Information (Detail) $ in Thousands	Jun. 30, 2020USD ($)parcellot
Real Estate [Abstract]
Number of raw parcels of land owned | parcel	5
Carrying value of raw parcels of land	$ 69,323
Number of finished lots expected to be developed from raw parcels of land | lot	600
Aggregate additional funding commitments related to raw land property under joint development	$ 5,200
Expected development credits that will offset the aggregate additional funding commitments related to raw land property development	$ 2,900

Capitalized Interest - Summary

Capitalized Interest - Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Roll Forward]
Interest capitalized, beginning of period	$ 3,034	$ 4,140	$ 3,499	$ 4,154
Interest incurred	9,665	6,607	16,300	13,106
Interest expense	(9,525)	(6,301)	(16,011)	(12,516)
Interest charged to cost of sales	(501)	(592)	(1,115)	(890)
Interest capitalized, end of period	$ 2,673	$ 3,854	$ 2,673	$ 3,854

Earnings Per Share - Weighted A

Earnings Per Share - Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS (in shares)	3,682	3,612	3,673	3,610
Dilutive securities:
Stock options and restricted share units (in shares)	179	347	208	352
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS (in shares)	3,861	3,959	3,881	3,962

Earnings Per Share - Summary of

Earnings Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Anti-dilutive securities (in shares)	330	318	244	345

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Changes in Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 2,416,919	$ 1,898,776	$ 2,341,244	$ 1,808,562
Net income	164,075	210,209	339,778	398,615
Deferred Compensation Activity Adjustments	0		0	0
Treasury Stock, Value, Acquired, Cost Method		(87,980)	(216,582)	(304,479)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition		18,577	21,926	37,910
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition	14,434
APIC, Share-based Payment Arrangement, Recognition and Exercise	16,984	79,857	126,046	178,831
Stock Issued During Period, Value, Stock Options Exercised	0	0	0	0
Ending Balance	2,612,412	2,119,439	2,612,412	2,119,439
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	206	206	206	206
Ending Balance	206	206	206	206
Additional Paid-In-Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	2,127,315	1,899,100	2,055,407	1,820,223
APIC, Share-based Payment Arrangement, Increase for Cost Recognition		18,577	21,926	37,910
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition	14,434
APIC, Share-based Payment Arrangement, Recognition and Exercise	16,984	79,857	126,046	178,831
Stock Issued During Period, Value, Stock Options Exercised	(7,110)	(35,378)	(51,756)	(74,808)
Ending Balance	2,151,623	1,962,156	2,151,623	1,962,156
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	8,085,575	7,219,739	7,909,872	7,031,333
Net income	164,075	210,209	339,778	398,615
Ending Balance	8,249,650	7,429,948	8,249,650	7,429,948
Treasury Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(7,796,177)	(7,220,269)	(7,624,241)	(7,043,200)
Treasury Stock, Value, Acquired, Cost Method		(87,980)	(216,582)	(304,479)
Stock Issued During Period, Value, Stock Options Exercised	7,110	35,378	51,756	74,808
Ending Balance	(7,789,067)	(7,272,871)	(7,789,067)	(7,272,871)
Deferred Compensation Trust [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(16,912)	(16,912)	(16,912)	(16,937)
Deferred Compensation Activity Adjustments	202		202	25
Ending Balance	(16,710)	(16,912)	(16,710)	(16,912)
Deferred Compensation Liability [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	16,912	16,912	16,912	16,937
Deferred Compensation Activity Adjustments	(202)		(202)	(25)
Ending Balance	$ 16,710	$ 16,912	$ 16,710	$ 16,912

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Equity [Abstract]
Common stock repurchased (in shares)		30	58	112
Reissued shares during the period, shares (in shares)	15	82	114	177

Product Warranties Product Warr

Product Warranties Product Warranties - Schedule of Product Warranties Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Warranty reserve, beginning of period	$ 107,032	$ 102,852	$ 108,053	$ 103,700
Provision	15,677	16,446	28,098	28,269
Payments	(11,490)	(18,639)	(24,932)	(31,310)
Warranty reserve, end of period	$ 111,219	$ 100,659	$ 111,219	$ 100,659

Segment Disclosures - Additiona

Segment Disclosures - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2020segment
Senior Notes due 2022 [Member]
Segment Reporting Information [Line Items]
Senior notes interest rate	3.95%
Home Building [Member]
Segment Reporting Information [Line Items]
Number of reportable segments	4
Mortgage Banking [Member]
Segment Reporting Information [Line Items]
Number of reportable segments	1

Segment Disclosures - Revenues

Segment Disclosures - Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 1,620,368	$ 1,800,194	$ 3,202,896	$ 3,487,205
Home Building [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,588,758	1,757,448	3,144,465	3,400,654
Home Building [Member] | Mid Atlantic [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	839,845	982,032	1,613,903	1,863,356
Home Building [Member] | North East [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	98,219	121,804	204,355	244,431
Home Building [Member] | Mid East [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	299,955	359,908	620,650	698,457
Home Building [Member] | South East [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	350,739	293,704	705,557	594,410
Mortgage Banking [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 31,610	$ 42,746	$ 58,431	$ 86,551

Segment Disclosures - Income be

Segment Disclosures - Income before Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	$ 209,831	$ 244,712	$ 371,206	$ 463,319
Contract land deposit reserve adjustment	900		37,300
Equity-based compensation expense (2)			(21,926)	(37,910)
Corporate interest expense	(9,525)	(6,301)	(16,011)	(12,516)
Home Building [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	194,805	219,650	344,724	408,060
Corporate interest expense	(9,166)	(6,033)	(15,380)	(12,026)
Mortgage Banking [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	15,026	25,062	26,482	55,259
Corporate interest expense	(359)	(268)	(631)	(490)
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	190,484	232,654	372,495	443,547
Operating Segments [Member] | Home Building [Member] | Mid Atlantic [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	98,067	123,802	179,740	223,166
Operating Segments [Member] | Home Building [Member] | North East [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	6,658	11,563	16,809	23,023
Operating Segments [Member] | Home Building [Member] | Mid East [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	27,302	40,291	58,466	75,766
Operating Segments [Member] | Home Building [Member] | South East [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	42,765	30,825	89,909	65,861
Operating Segments [Member] | Mortgage Banking [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	15,692	26,173	27,571	55,731
Corporate and Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	19,347	12,058	(1,289)	19,772
Contract land deposit reserve adjustment	(460)	374	(36,075)	1,324
Equity-based compensation expense (2)	(14,434)	(18,577)	(21,926)	(37,910)
Corporate capital allocation	59,870	56,177	116,521	110,735
Unallocated corporate overhead	(23,288)	(29,354)	(60,927)	(61,089)
Consolidation adjustments and other	6,803	9,462	16,456	18,710
Corporate interest expense	(9,144)	(6,024)	(15,338)	(11,998)
Corporate and Reconciling Items [Member] | Home Building [Member] | Mid Atlantic [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	31,581	31,378	61,336	61,794
Corporate and Reconciling Items [Member] | Home Building [Member] | North East [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	5,790	4,626	11,349	9,353
Corporate and Reconciling Items [Member] | Home Building [Member] | Mid East [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	9,687	9,497	19,050	18,512
Corporate and Reconciling Items [Member] | Home Building [Member] | South East [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	$ 12,812	$ 10,676	$ 24,786	$ 21,076

Segment Disclosures - Corporate

Segment Disclosures - Corporate Capital Allocation Charge (Detail) - Corporate and Reconciling Items [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 59,870	$ 56,177	$ 116,521	$ 110,735
Home Building [Member] | Mid Atlantic [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	31,581	31,378	61,336	61,794
Home Building [Member] | North East [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	5,790	4,626	11,349	9,353
Home Building [Member] | Mid East [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	9,687	9,497	19,050	18,512
Home Building [Member] | South East [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 12,812	$ 10,676	$ 24,786	$ 21,076

Segment Disclosures - Assets (D

Segment Disclosures - Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 4,730,020	$ 3,809,815
Contract land deposit reserve	(63,647)	(27,572)
Home Building [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	4,338,097	3,242,061
Cash and cash equivalents	1,982,890	1,110,892
Operating lease right-of-use assets	57,701	63,825
Mortgage Banking [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	391,923	567,754
Cash and cash equivalents	17,986	29,412
Operating lease right-of-use assets	14,226	13,345
Operating Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,513,165	2,447,015
Operating Segments [Member] | Home Building [Member] | Mid Atlantic [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,148,688	1,024,996
Operating Segments [Member] | Home Building [Member] | North East [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	189,076	166,860
Operating Segments [Member] | Home Building [Member] | Mid East [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	346,232	293,773
Operating Segments [Member] | Home Building [Member] | South East [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	444,593	400,979
Operating Segments [Member] | Mortgage Banking [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	384,576	560,407
Corporate and Reconciling Items [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,216,855	1,362,800
Cash and cash equivalents	1,982,890	1,110,892
Deferred taxes	121,526	115,731
Intangible assets and goodwill	49,756	49,834
Operating lease right-of-use assets	57,701	63,825
Contract land deposit reserve	(63,647)	(27,572)
Consolidation adjustments and other	$ 68,629	$ 50,090

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)			$ 10,408		$ 14,111
Home Building [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	$ 1,193,962		1,193,962		598,301
Home Building [Member] | Senior Notes due 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	598,612		598,612		598,301
Home Building [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | Senior Notes due 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	637,500		637,500		626,520
Mortgage Banking [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group	325,208		325,208		492,125
Mortgage Banking [Member] | Level 2 [Member] | Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment income (expense)	7,018	$ 2,644	(3,703)	$ 11,553
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	736,509		736,509
Total fair value measurement gain/(loss)			8,894
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | Forward Sales Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	896,225		896,225
Total fair value measurement gain/(loss)			(4,232)
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | Mortgages Held for Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group	325,208		325,208		492,125
Fair Value, Option, Changes in Fair Value, Gain (Loss)			5,746		7,019
Fair Value, Principal Amount, Loans Held for Sale	$ 319,462		$ 319,462		$ 485,106

Fair Value - Undesignated Deriv

Fair Value - Undesignated Derivative Instruments (Detail) - Mortgage Banking [Member] - Level 2 [Member] - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Rate Lock Commitments [Member]
Derivatives, Fair Value [Line Items]
Net rate lock commitments and forward sales contracts	$ (8,894)
Other Assets [Member] | Rate Lock Commitments [Member]
Derivatives, Fair Value [Line Items]
Gross assets	9,241	$ 8,132
Gross liabilities	347	497
Net rate lock commitments and forward sales contracts		(7,635)
Other Assets [Member] | Forward Sales Contracts [Member]
Derivatives, Fair Value [Line Items]
Gross assets	180	377
Gross liabilities	4,412	920
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	$ (4,232)	$ (543)

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurement (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain/(Loss) From Loan Sale			$ 3,505
Interest Rate Movement Effect			6,370
Servicing Rights Value			4,765
Security Price Change			(4,232)
Total Fair Value Measurement Gain/(Loss)			10,408		$ 14,111
Mortgage Banking [Member] | Level 2 [Member] | Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment income (expense)	$ 7,018	$ 2,644	(3,703)	$ 11,553
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	736,509		736,509
Assumed Gain/(Loss) From Loan Sale			1,989
Interest Rate Movement Effect			3,746
Servicing Rights Value			3,159
Total Fair Value Measurement Gain/(Loss)			8,894
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | Forward Sales Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	896,225		896,225
Security Price Change			(4,232)
Total Fair Value Measurement Gain/(Loss)			(4,232)
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | Mortgages Held for Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain/(Loss) From Loan Sale			1,516
Interest Rate Movement Effect			2,624
Servicing Rights Value			1,606
Fair Value, Option, Changes in Fair Value, Gain (Loss)			5,746		7,019
Fair Value, Principal Amount, Loans Held for Sale	319,462		319,462		485,106
Home Building [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	1,193,962		1,193,962		598,301
Senior notes	1,193,962		1,193,962		598,301
Home Building [Member] | Senior Notes Due Two Thousand Thirty [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	595,350		595,350		0
Senior notes	595,350		595,350		0
Home Building [Member] | Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	1,193,962		1,193,962		598,301
Senior notes	1,193,962		1,193,962		598,301
Home Building [Member] | Senior Notes due 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	598,612		598,612		598,301
Senior notes	598,612		598,612		598,301
Home Building [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | Senior Notes Due Two Thousand Thirty [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	623,070		623,070		0
Senior Notes fair value	623,070		623,070		0
Home Building [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	1,260,570		1,260,570		626,520
Senior Notes fair value	1,260,570		1,260,570		626,520
Home Building [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | Senior Notes due 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	637,500		637,500		626,520
Senior Notes fair value	$ 637,500		$ 637,500		$ 626,520

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Operating Lease, Expense	$ 7,942,000	$ 8,387,000	$ 15,853,000	$ 15,947,000
Finance Lease, Right-of-Use Asset, Amortization	281,000	21,000	547,000	21,000
Finance Lease, Interest Expense	51,000	5,000	100,000	5,000
Short-term Lease Payments	6,185,000	5,640,000	12,611,000	11,245,000
Stockholders' Equity Attributable to Parent	2,612,412,000	2,119,439,000	2,612,412,000	2,119,439,000	$ 2,416,919,000	$ 2,341,244,000	$ 1,898,776,000	$ 1,808,562,000
Net income	164,075,000	210,209,000	339,778,000	398,615,000
Treasury Stock, Value, Acquired, Cost Method		(87,980,000)	(216,582,000)	(304,479,000)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition		18,577,000	21,926,000	37,910,000
APIC, Share-based Payment Arrangement, Recognition and Exercise	16,984,000	79,857,000	126,046,000	178,831,000
Stock Issued During Period, Value, Stock Options Exercised	0	0	0	0
Lease, Cost	14,459,000	14,053,000	29,111,000	27,218,000
Operating cash flows from operating leases	6,676,000	6,314,000	13,394,000	12,877,000
Operating cash flows from finance leases	51,000	5,000	100,000	5,000
Financing cash flows from finance leases	212,000	12,000	412,000	12,000
Operating leases	1,901,000	3,571,000	5,685,000	9,551,000
Finance leases	0	4,692,000	440,000	5,227,000
Deferred Compensation Activity Adjustments	0		0	0
Common Stock [Member]
Debt Instrument [Line Items]
Stockholders' Equity Attributable to Parent	206,000	206,000	206,000	206,000	206,000	206,000	206,000	206,000
Additional Paid-In-Capital [Member]
Debt Instrument [Line Items]
Stockholders' Equity Attributable to Parent	2,151,623,000	1,962,156,000	2,151,623,000	1,962,156,000	2,127,315,000	2,055,407,000	1,899,100,000	1,820,223,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition		18,577,000	21,926,000	37,910,000
APIC, Share-based Payment Arrangement, Recognition and Exercise	16,984,000	79,857,000	126,046,000	178,831,000
Stock Issued During Period, Value, Stock Options Exercised	(7,110,000)	(35,378,000)	(51,756,000)	(74,808,000)
Retained Earnings [Member]
Debt Instrument [Line Items]
Stockholders' Equity Attributable to Parent	8,249,650,000	7,429,948,000	8,249,650,000	7,429,948,000	8,085,575,000	7,909,872,000	7,219,739,000	7,031,333,000
Net income	164,075,000	210,209,000	339,778,000	398,615,000
Treasury Stock [Member]
Debt Instrument [Line Items]
Stockholders' Equity Attributable to Parent	(7,789,067,000)	(7,272,871,000)	(7,789,067,000)	(7,272,871,000)	(7,796,177,000)	(7,624,241,000)	(7,220,269,000)	(7,043,200,000)
Treasury Stock, Value, Acquired, Cost Method		(87,980,000)	(216,582,000)	(304,479,000)
Stock Issued During Period, Value, Stock Options Exercised	7,110,000	35,378,000	51,756,000	74,808,000
Deferred Compensation Trust [Member]
Debt Instrument [Line Items]
Stockholders' Equity Attributable to Parent	(16,710,000)	(16,912,000)	(16,710,000)	(16,912,000)	(16,912,000)	(16,912,000)	(16,912,000)	(16,937,000)
Deferred Compensation Activity Adjustments	202,000		202,000	25,000
Deferred Compensation Liability [Member]
Debt Instrument [Line Items]
Stockholders' Equity Attributable to Parent	16,710,000	$ 16,912,000	16,710,000	16,912,000	$ 16,912,000	$ 16,912,000	$ 16,912,000	$ 16,937,000
Deferred Compensation Activity Adjustments	(202,000)		(202,000)	$ (25,000)
Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Senior notes principal amount	$ 600,000,000		$ 600,000,000
Senior notes interest rate	3.95%		3.95%
Frequency of senior notes payment			semi-annually in arrears on March 15 and September 15
Senior notes effective interest rate	3.97%		3.97%
Credit Agreement [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum loan borrowing capacity	$ 200,000,000		$ 200,000,000
Increase in commitment available			300,000,000
Debt outstanding	0		0
Credit Agreement [Member] | Revolving Credit Facility [Member] | Sublimit for Issuance of Letters of Credit [Member]
Debt Instrument [Line Items]
Maximum loan borrowing capacity	100,000,000		100,000,000
Letters of credit outstanding	11,200,000		11,200,000
Credit Agreement [Member] | Revolving Credit Facility [Member] | Sublimit for Swing Line Commitment [Member]
Debt Instrument [Line Items]
Maximum loan borrowing capacity	25,000,000		25,000,000
Repurchase Agreement [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum loan borrowing capacity	150,000,000		150,000,000
Debt outstanding	0		0
Senior Notes Due Two Thousand Thirty [Member]
Debt Instrument [Line Items]
Senior notes principal amount	$ 600,000,000		$ 600,000,000
Senior notes interest rate	3.00%		3.00%
Frequency of senior notes payment			semi-annually in arrears on May 15 and November 15
Senior notes effective interest rate	3.02%		3.02%
Proceeds from Debt, Net of Issuance Costs			$ 595,300,000
Proceeds from Debt, Net of Issuance Costs			$ 595,300,000

Leases - Narrative (Details)

Leases - Narrative (Details)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Operating lease, term	19 years
Operating lease, option to extend	10

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating Lease, Expense	$ 7,942	$ 8,387	$ 15,853	$ 15,947
Finance Lease, Right-of-Use Asset, Amortization	281	21	547	21
Finance Lease, Interest Expense	51	5	100	5
Short-term Lease Payments	6,185	5,640	12,611	11,245
Lease, Cost	$ 14,459	$ 14,053	$ 29,111	$ 27,218

Leases - Supplemental Informati

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Supplemental cash flows information:
Operating cash flows from operating leases	$ 6,676	$ 6,314	$ 13,394	$ 12,877
Operating cash flows from finance leases	51	5	100	5
Financing cash flows from finance leases	212	12	412	12
ROU assets obtained in exchange for lease obligations:
Operating leases	1,901	3,571	5,685	9,551
Finance leases	$ 0	$ 4,692	$ 440	$ 5,227
Weighted-average remaining lease term (in years):
Operating leases	5 years		5 years		5 years 1 month 6 days
Finance leases	6 years 2 months 12 days		6 years 2 months 12 days		6 years 7 months 6 days
Weighted-average discount rate:
Operating leases	3.50%		3.50%		3.60%
Finance leases	2.80%		2.80%		2.80%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax [Line Items]
Effective tax rate	21.80%	14.10%	8.50%	14.00%
Income tax expense (benefit)	$ 45,756	$ 34,503	$ 31,428	$ 64,704
Excess tax benefit recognized	$ 6,854	$ 30,727	$ 62,509	$ 59,205