NVR (NVR) 10-K 12 Feb 21 2020 FY Annual report Financial data

Cover

Cover - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Feb. 08, 2021	Jun. 30, 2020
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Annual Report	true
Document Transition Report	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity File Number	1-12378
Trading Symbol	NVR
Title of 12(b) Security	Common stock, par value $0.01 per share
Entity Central Index Key	0000906163
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		3,681,181
Entity Public Float			$ 11,374,674
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Registrant Name	NVR, Inc.
Local Phone Number	956-4000
Entity Address, Postal Zip Code	20190
Entity Address, City or Town	Reston,
Entity Address, Address Line One	11700 Plaza America Drive, Suite 500
Entity Address, State or Province	VA
Entity Tax Identification Number	54-1394360
ICFR Auditor Attestation Flag	true
City Area Code	703
Entity Incorporation, State or Country Code	VA
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 2,809,782	$ 1,160,804
Inventory:
Land under development	62,790	69,196
Contract land deposits, net	387,628	413,851
Total assets	5,777,141	3,809,815
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating Lease, Liability	72,656
Total liabilities	2,674,067	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 December 31, 2017 and December 31, 2016	206	206
Additional paid-in capital	2,214,426	2,055,407
Deferred compensation trust – 108,640 shares of NVR, Inc. common stock as of both December 31, 2017 and December 31, 2016	(16,710)	(16,912)
Deferred compensation liability	16,710	16,912
Retained earnings	8,811,120	7,909,872
Less treasury stock at cost – 16,864,324 and 16,862,327 shares as of December 31, 2017 and December 31, 2016, respectively	(7,922,678)	(7,624,241)
Total shareholders' equity	3,103,074	2,341,244
Total liabilities and shareholders' equity	5,777,141	3,809,815
Home Building
ASSETS
Cash and cash equivalents	2,714,720	1,110,892
Restricted cash	28,912	17,943
Receivables	18,299	18,278
Inventory:
Lots and housing units, covered under sales agreements with customers	1,484,936	1,075,420
Unsold lots and housing units	123,197	184,352
Land under development	62,790	69,196
Building materials and other	38,159	18,320
Total Inventory	1,709,082	1,347,288
Contract land deposits, net	387,628	413,851
Property, plant and equipment, net	57,786	52,260
Operating Lease, Right-of-Use Asset	53,110	63,825
Goodwill acquired from business acquisition	41,580	41,580
Deferred tax assets, net	132,980	115,731
Other assets	70,419	60,413
Total assets	5,214,516	3,242,061
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	339,867	262,987
Accrued expenses and other liabilities	440,671	346,035
Contract with Customer, Liability	240,758	131,886
Operating Lease, Liability	59,357	71,095
Senior notes	1,517,395	598,301
Total liabilities	2,598,048	1,410,304
Mortgage Banking
ASSETS
Cash and cash equivalents	63,547	29,412
Restricted cash	2,334	2,276
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance	449,760	492,125
Inventory:
Property, plant and equipment, net	4,544	5,828
Operating Lease, Right-of-Use Asset	12,439	13,345
Goodwill acquired from business acquisition	7,347	7,347
Other assets	22,654	17,421
Total assets	562,625	567,754
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating Lease, Liability	13,299	14,282
Accounts payable and other liabilities	62,720	43,985
Total liabilities	$ 76,019	$ 58,267

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	106,697	107,295
Treasury stock, shares	16,859,753	16,922,558

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Mortgage banking fees	$ 7,536,923	$ 7,388,664	$ 7,163,674
Interest expense	(40,872)	(25,380)	(25,081)
Profit before taxes	1,078,033	1,025,795	959,732
Income tax expense	(176,785)	(147,256)	(162,535)
Net income	$ 901,248	$ 878,539	$ 797,197
Basic earnings per share (USD per share)	$ 244.11	$ 241.31	$ 219.58
Diluted earnings per share (USD per share)	$ 230.11	$ 221.13	$ 194.80
Basic weighted average shares outstanding (in Shares)	3,692	3,641	3,631
Diluted weighted average shares outstanding (in Shares)	3,917	3,973	4,092
Home Building
Mortgage banking fees	$ 7,328,889	$ 7,220,844	$ 7,004,304
Other income	16,938	24,779	11,839
Cost of sales	(5,937,401)	(5,849,862)	(5,692,127)
Selling, general and administrative	(431,008)	(447,547)	(428,874)
Interest expense	(39,458)	(24,335)	(24,036)
Profit before taxes	937,960	923,879	871,106
Operating income	977,418	948,214	895,142
Mortgage Banking
Mortgage banking fees	208,034	167,820	159,370
Interest income	8,930	12,142	11,593
Other income	3,249	2,857	2,546
General and administrative	(78,726)	(79,858)	(83,838)
Interest expense	(1,414)	(1,045)	(1,045)
Profit before taxes	$ 140,073	$ 101,916	$ 88,626

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Deferred Compensation Trust	Deferred Compensation Liability
Beginning Balance at Dec. 31, 2017	$ 1,605,492	$ 206	$ 1,644,197	$ 6,231,940	$ (6,270,851)	$ (17,383)	$ 17,383
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	797,197			797,197
Deferred compensation activity, net						446	(446)
Purchase of common stock for treasury	(846,134)				(846,134)
Equity-based compensation	75,701		75,701
Proceeds from stock options exercised	174,110		174,110
Treasury stock issued upon option exercise and restricted share vesting			(73,785)		73,785
Ending Balance at Dec. 31, 2018	1,808,562	206	1,820,223	7,031,333	(7,043,200)	(16,937)	16,937
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax	2,196			2,196
Net income	878,539			878,539
Deferred compensation activity, net						25	(25)
Purchase of common stock for treasury	(698,417)				(698,417)
Equity-based compensation	78,532		78,532
Proceeds from stock options exercised	274,028		274,028
Treasury stock issued upon option exercise and restricted share vesting			(117,376)		117,376
Ending Balance at Dec. 31, 2019	2,341,244	206	2,055,407	7,909,872	(7,624,241)	(16,912)	16,912
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	901,248			901,248
Deferred compensation activity, net						202	(202)
Purchase of common stock for treasury	(371,078)				(371,078)
Equity-based compensation	50,794		50,794
Proceeds from stock options exercised	180,866		180,866
Treasury stock issued upon option exercise and restricted share vesting			(72,641)		72,641
Ending Balance at Dec. 31, 2020	$ 3,103,074	$ 206	$ 2,214,426	$ 8,811,120	$ (7,922,678)	$ (16,710)	$ 16,710

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 901,248	$ 878,539	$ 797,197
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,992	20,818	20,168
Equity-based compensation expense	50,794	78,532	75,701
Contract land deposit impairments (recoveries), net	28,079	(680)	11,760
Gain on sale of loans, net	(168,720)	(128,642)	(122,755)
Deferred tax (benefit) expense	(17,565)	(4,070)	914
Mortgage loans closed	(5,323,932)	(5,169,422)	(4,828,615)
Mortgage loans sold and principal payments on mortgage loans held for sale	5,536,568	5,260,600	4,845,999
Distribution of earnings from unconsolidated joint ventures	1,432	3,476	4,596
Net change in assets and liabilities:
Increase in inventory	(362,384)	(94,178)	(6,911)
Decrease (increase) in contract land deposits	519	(16,994)	(30,863)
(Increase) decrease in receivables	(1,675)	2,754	(1,008)
Increase (decrease) in accounts payable and accrued expenses	168,667	33,926	(30,713)
Increase (Decrease) in Contract with Customer, Liability	108,872	(6,360)	(11,787)
Other, net	(18,626)	8,236	(557)
Operating activities	925,269	866,535	723,126
Net cash provided by operating activities	925,269	866,535	723,126
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(435)	(702)	(284)
Distribution of capital from unconsolidated joint ventures	11,625	8,247	10,515
Purchase of property, plant and equipment	(16,119)	(22,699)	(19,665)
Proceeds from the sale of property, plant and equipment	996	1,870	1,257
Net Cash Provided by (Used in) Investing Activities	(3,933)	(13,284)	(8,177)
Cash flows from financing activities:
Purchase of treasury stock	(371,078)	(698,417)	(846,134)
Proceeds from Issuance of Senior Long-term Debt	923,905	0	0
Payments of Debt Issuance Costs	(5,062)	0	0
Finance Lease, Principal Payments	(989)	(306)	0
Distributions to partner in consolidated variable interest entity	0	0	(234)
Proceeds from the exercise of stock options	180,866	274,028	174,110
Financing activities	727,642	(424,695)	(672,258)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	1,648,978	428,556	42,691
Financing activities	727,642	(424,695)	(672,258)
Cash, restricted cash, and cash equivalents, beginning of the year	1,160,804	732,248	689,557
Cash, restricted cash, and cash equivalents, end of the year	2,809,782	1,160,804	732,248
Supplemental disclosures of cash flow information:
Interest paid during the year, net of interest capitalized	36,805	24,453	24,178
Income taxes paid during the year, net of refunds	$ 163,076	$ 153,915	$ 181,166

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of NVR, Inc. and its subsidiaries (“NVR”, the “Company”, "we", "us", or "our") and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 3 and 4 herein for additional information). All significant intercompany transactions have been eliminated in consolidation. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management continually evaluates the estimates used to prepare the consolidated financial statements and updates those estimates as necessary. In general, our estimates are based on historical experience, on information from third party professionals, and other various assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ materially from those estimates made by management. Cash and Cash Equivalents Cash and cash equivalents include short-term investments with maturities at acquisition of three months or less. Restricted Cash Homebuilding restricted cash was attributable to customer deposits for certain home sales. Mortgage banking restricted cash includes amounts collected from customers for loans in process and closed mortgage loans held for sale. At December 31, 2020 and 2019, $269 and $281, respectively, of cash related to a consolidated variable interest entity is included in homebuilding “Other assets” on the accompanying consolidated balance sheet. Homebuilding Inventory The carrying value of inventory is stated at the lower of cost or market value. Cost of lots and completed and uncompleted housing units represent the accumulated actual cost of the units. Field construction supervisors’ salaries and related direct overhead expenses are included in inventory costs. Interest costs are not capitalized into inventory, with the exception of land under development and joint venture investments, as applicable (see below). Upon settlement, the cost of the unit is expensed on a specific identification basis. Cost of building materials is determined on a first-in, first-out basis. Sold inventory is evaluated for impairment based on the contractual sales price compared to the total estimated cost to construct. Unsold inventory is evaluated for impairment by analyzing recent comparable sales prices within the applicable community compared to the costs incurred to date plus the expected costs to complete. Any calculated impairments are recorded immediately. Contract Land Deposits We purchase finished lots under fixed price lot purchase agreements (“LPAs”) that require deposits that may be forfeited if we fail to perform under the contract. The deposits are in the form of cash or letters of credit in varying amounts and represent a percentage of the aggregate purchase price of the finished lots. We maintain an allowance for losses on contract land deposits that reflects our judgment of the present loss exposure in the existing contract land deposit portfolio at the end of the reporting period. To analyze contract land deposit impairments, we conduct a loss contingency analysis each quarter. In addition to considering market and economic conditions, we assess contract land deposit impairments on a community-by-community basis pursuant to the purchase contract terms, analyzing quantitative and qualitative information including, as applicable, current sales absorption levels, recent sales’ profit margin, the dollar differential between the contractual purchase price and the current market price for lots, a developer’s performance, a developer’s financial ability or willingness to reduce lot prices to current market prices, if necessary, and the contract’s default status by either us or the developer along with an analysis of the expected outcome of any such default. Our analysis is focused on whether we can sell houses at an acceptable margin and sales pace in a particular community in the current market with which we are faced. Because we do not own the finished lots on which we have placed a contract land deposit, if the above analysis leads to a determination that we cannot sell homes at an acceptable margin and sales pace at the current contractual lot price, we then determine whether we will elect to default under the contract, forfeit the deposit and terminate the contract, or whether we will attempt to restructure the LPA, which may require us to forfeit the deposit to obtain contract concessions from a developer. We also assess whether impairment is present due to collectibility issues resulting from a developer’s non-performance because of financial or other conditions. For the year ended December 31, 2020 we incurred a net pre-tax charge of approximately $25,600 related to the impairment of contract land deposits. For the year ended December 31, 2019, we incurred a net pre-tax recovery of approximately $700 of contract land deposits previously determined to be unrecoverable. For the year ended December 31, 2018, we incurred a net pre-tax charge of approximately $5,100 related to the impairment of contract land deposits.The contract land deposit assets on the accompanying consolidated balance sheets are shown net of the allowance for losses of $52,205 and $27,572 at December 31, 2020 and 2019, respectively. Land Under Development On a limited basis, we directly acquire raw parcels of land already zoned for its intended use to develop into finished lots. Land under development includes the land acquisition costs, direct improvement costs, capitalized interest, where applicable, and real estate taxes. Land under development, including the land under development held by our unconsolidated joint ventures and the related joint venture investments, is reviewed for potential write-downs when impairment indicators are present. In addition to considering market and economic conditions, we assess land under development impairments on a community-by-community basis, analyzing, as applicable, current sales absorption levels, recent sales’ profit margin, and the dollar differential between the projected fully-developed cost of the lots and the current market price for lots. If indicators of impairment are present for a community, we perform an analysis to determine if the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts, and if so, impairment charges are required to be recorded in an amount by which the carrying amount of the assets exceeds the fair value of such assets. Our determination of fair value is primarily based on discounting the estimated future cash flows at a rate commensurate with the inherent risks associated with the assets and related estimated cash flow streams. See Notes 4 and 5 for further discussion of joint venture investments and land under development, respectively. Property, Plant, and Equipment Property, plant, and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is based on the estimated useful lives of the assets using the straight-line method. Model home furniture and fixtures are generally depreciated over a 2-year period, office facilities and other equipment are depreciated over a period of 3 to 10 years and production facilities are depreciated over periods of 5 to 40 years. Leases We determine if an arrangement is a lease, or contains a lease, at the inception of the arrangement. Once determined that an arrangement is a lease, we then determine if the lease is an operating lease or a finance lease. Both operating and finance leases result in us recording a right-of-use ("ROU") asset and lease liability on our balance sheet. The ROU assets and lease liabilities are recognized based on the present value of lease payments over the lease term, discounted using our incremental borrowing rate at the commencement date of the lease. We estimate our incremental borrowing rate based on available published borrowing rates commensurate with our debt rating and the leases term, adjusted to infer collateralization. Specific lease terms may include options to extend or terminate the lease when we believe it is reasonably certain that we will exercise that option. We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis. We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). As is allowed under GAAP, we have elected to exclude Short-term leases from the recognition requirements and they are not included in our recognized ROU assets and lease liabilities. Operating leases are reported in "Operating lease right-of-use assets" and "Operating lease liabilities" and finance leases are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying consolidated balance sheets. See Note 13 herein for further information. Warranty/Product Liability Reserves We establish warranty and product liability reserves ("Warranty Reserve") to provide for estimated future expenses as a result of construction and product defects, product recalls and litigation incidental to our homebuilding business. Liability estimates are determined based on management’s judgment considering such factors as historical experience, the likely current cost of corrective action, manufacturers’ and subcontractors’ participation in sharing the cost of corrective action, consultations with third party experts such as engineers, and discussions with our general counsel and outside counsel retained to handle specific product liability cases. Mortgage Repurchase Reserve, Mortgage Loans Held for Sale and Derivatives and Hedging Activities We originate several different loan products to our customers to finance the purchase of a home through our wholly-owned mortgage subsidiary, NVR Mortgage Finance, Inc. (“NVRM”). NVRM sells all of the loans it originates into the secondary market on a servicing released basis, typically within 30 days from closing. All of the loans that NVRM originates are underwritten to the standards and specifications of the ultimate investor. Those underwriting standards are typically equal to or more stringent than the underwriting standards required by Fannie Mae (“FNMA”), Ginnie Mae (“GNMA”), Freddie Mac ("FHLMC"), the Department of Veterans Affairs (“VA”) and the Federal Housing Administration (“FHA”). Insofar as NVRM underwrites its originated loans to those standards, NVRM bears no increased concentration of credit risk from the issuance of loans, except in certain limited instances where repurchases or early payment default occur. NVRM employs a quality control department to ensure that its underwriting controls are effectively operating, and further assesses the underwriting function as part of its assessment of internal controls over financial reporting. NVRM maintains a reserve for losses on mortgage loans originated that reflects our judgment of the present loss exposure in the loans that NVRM has originated and sold. The reserve is calculated based on an analysis of historical experience and exposure (see Note 16 herein for further information). Mortgage loans held for sale are recorded at fair value when closed, and thereafter are carried at the lower of cost or fair value, net of deferred origination costs, until sold. In the normal course of business, NVRM enters into contractual commitments to extend credit to buyers of single-family homes with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within time frames established by NVRM. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the “lock-in” of rates by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sale contracts to sell whole loans and mortgage-backed securities to investors. The forward sale contracts lock-in a range of interest rates and prices for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative or trading derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to investors are undesignated derivatives, and, accordingly, are marked to fair value through earnings. At December 31, 2020, there were contractual commitments to extend credit to borrowers aggregating $617,308, and open forward delivery sale contracts aggregating $916,588, which hedge both the rate lock loan commitments and closed loans held for sale (see Note 15 herein for a description of the Company’s fair value accounting). Earnings per Share The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Weighted average number of shares outstanding used to 3,692 3,641 3,631 Dilutive securities: Stock options and restricted share units 225 332 461 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,917 3,973 4,092 The assumed proceeds used in the treasury method for calculating our diluted earnings per share includes the amount the employee must pay upon exercise and the amount of compensation cost attributed to future services not yet recognized. The following stock options issued under equity incentive plans were outstanding during the years ended December 31, 2020, 2019 and 2018, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Year Ended December 31, 2020 2019 2018 Anti-dilutive securities 31 319 370 Revenues – Homebuilding Operations We build single-family detached homes, townhomes and condominium buildings, which generally are constructed on a pre-sold basis. Revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers. Our contract liabilities, consisting of deposits received from customers (“Handmoney”) on homes not settled, were $240,758 and $131,886 as of December 31, 2020 and 2019, respectively. Substantially all Handmoney is recognized in revenue within twelve months of being received from customers. Our contract assets, consisting of prepaid sales compensation, totaled approximately $22,500 and $14,600, as of December 31, 2020 and 2019, respectively. These amounts are included in homebuilding “Other assets” on the accompanying consolidated balance sheets. Mortgage Banking Fees Mortgage banking fees include income earned by NVRM for originating mortgage loans, servicing mortgage loans held on an interim basis, title fees, gains and losses on the sale of mortgage loans and mortgage servicing and other activities incidental to mortgage banking. Mortgage banking fees are generally recognized after the loan has been sold to an unaffiliated, third party investor. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on the deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. See Note 11 herein for discussion of the impact on the Company's deferred tax asset resulting from the enactment of the Tax Cuts and Jobs Act in December 2017. ASC 740-10, Income Taxes , provides that a tax benefit from an uncertain tax position may be recognized when it is more-likely-than-not (defined as a likelihood of more than 50%) that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that its filing position is supportable, the benefit of that tax position is not recognized in the statements of income. We recognize interest related to unrecognized tax benefits as a component of income tax expense. Based on our historical experience in dealing with various taxing authorities, we have found that it is the administrative practice of the taxing authorities to not seek penalties from us for the tax positions we have taken on our returns related to our unrecognized tax benefits. Therefore, we do not accrue penalties for the positions in which we have an unrecognized tax benefit. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, by expiration of the applicable statute of limitation, or by determination in accordance with certain states’ administrative practices that the uncertain tax position has been effectively settled (see Note 11 herein for further information). Financial Instruments Except as otherwise noted herein, we believe that the carrying value approximates the fair value of our financial instruments (see Note 15 herein for further information). Equity-Based Compensation We recognize equity-based compensation expense within the income statement for all share-based payment arrangements, which includes non-qualified stock options to purchase shares of NVR common stock ("Options") and restricted share units ("RSUs"). Compensation expense is based on grant-date fair value and is recognized on a straight-line basis over the requisite service period for the entire award (from the date of grant through the period of the last separately vesting portion of the grant). Options and RSUs which are subject to a performance condition are treated as a separate award from the “service-only” Options and RSUs, and compensation expense is recognized when it becomes probable that the stated performance target will be achieved. We calculate the fair value of our Options, which are non-publicly traded, using the Black-Scholes option-pricing model. The grant date fair value of the RSUs is the closing price of our common stock on the day immediately preceding the date of grant. The reversal of compensation expense previously recognized for grants forfeited is recorded in the period in which the forfeiture occurs. Our equity-based compensation plans are accounted for as equity-classified awards (see Note 12 herein for further discussion of equity-based compensation plans). Comprehensive Income For the years ended December 31, 2020, 2019 and 2018, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying consolidated financial statements. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements 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.
Contract Land Deposits	Contract Land Deposits We purchase finished lots under fixed price lot purchase agreements (“LPAs”) that require deposits that may be forfeited if we fail to perform under the contract. The deposits are in the form of cash or letters of credit in varying amounts and represent a percentage of the aggregate purchase price of the finished lots. We maintain an allowance for losses on contract land deposits that reflects our judgment of the present loss exposure in the existing contract land deposit portfolio at the end of the reporting period. To analyze contract land deposit impairments, we conduct a loss contingency analysis each quarter. In addition to considering market and economic conditions, we assess contract land deposit impairments on a community-by-community basis pursuant to the purchase contract terms, analyzing quantitative and qualitative information including, as applicable, current sales absorption levels, recent sales’ profit margin, the dollar differential between the contractual purchase price and the current market price for lots, a developer’s performance, a developer’s financial ability or willingness to reduce lot prices to current market prices, if necessary, and the contract’s default status by either us or the developer along with an analysis of the expected outcome of any such default. Our analysis is focused on whether we can sell houses at an acceptable margin and sales pace in a particular community in the current market with which we are faced. Because we do not own the finished lots on which we have placed a contract land deposit, if the above analysis leads to a determination that we cannot sell homes at an acceptable margin and sales pace at the current contractual lot price, we then determine whether we will elect to default under the contract, forfeit the deposit and terminate the contract, or whether we will attempt to restructure the LPA, which may require us to forfeit the deposit to obtain contract concessions from a developer. We also assess whether impairment is present due to collectibility issues resulting from a developer’s non-performance because of financial or other conditions.

Segment Information, Nature of

Segment Information, Nature of Operations, and Certain Concentrations	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Information, Nature of Operations, and Certain Concentrations	2. Segment Information, Nature of Operations, and Certain Concentrations Our homebuilding operations primarily construct and sell single-family detached homes, townhomes and condominium buildings under three trade names: Ryan Homes, NVHomes and Heartland Homes. The Ryan Homes product is marketed primarily to first-time and first-time move-up buyers. Ryan Homes operates in thirty-three metropolitan areas located in Maryland, Virginia, Washington, D.C., West Virginia, Pennsylvania, New York, North Carolina, South Carolina, Florida, Ohio, New Jersey, Delaware, Indiana, Illinois and Tennessee. The NVHomes and Heartland Homes products are marketed primarily to move-up and luxury buyers. NVHomes operates in Delaware and the Washington, D.C., Baltimore, MD and Philadelphia, PA metropolitan areas. Heartland Homes operates in the Pittsburgh, PA metropolitan area. We derived approximately 24% and 10% of our 2020 homebuilding revenues from the Washington, D.C. and Baltimore, MD metropolitan areas, respectively. Our mortgage banking segment is a regional mortgage banking operation. Substantially all of our loan closing activity is for our homebuilding customers. Our mortgage banking business generates revenues primarily from origination fees, gains on sales of loans, and title fees. A substantial portion of our mortgage operations is conducted in the Washington, D.C. and Baltimore, MD metropolitan areas. The following disclosure includes four homebuilding reportable segments that aggregate geographically our homebuilding operating segments, and the mortgage banking operations presented as a single reportable segment. The homebuilding reportable segments are comprised of operating divisions in the following geographic areas: Mid Atlantic: Maryland, Virginia, West Virginia, Delaware and Washington, D.C. North East: New Jersey and Eastern Pennsylvania Mid East: New York, Ohio, Western Pennsylvania, Indiana and Illinois South East: North Carolina, South Carolina, Florida and Tennessee Homebuilding profit before tax includes all revenues and income generated from the sale of homes, less the cost of homes sold, selling, general and administrative expenses, and a corporate capital allocation charge. The corporate capital allocation charge is eliminated in consolidation and is based on the segment’s average net assets employed. The corporate capital allocation charged to the operating segment allows the Chief Operating Decision Maker (“CODM”) to determine whether the operating segment’s results are providing the desired rate of return after covering our cost of capital. Assets not allocated to the operating segments are not included in either the operating segment's corporate capital allocation charge or the CODM's evaluation of the operating segment's performance. We record charges on contract land deposits when it is determined that it is probable that recovery of the deposit is impaired. For segment reporting purposes, impairments on contract land deposits are charged to the operating segment upon the termination of an LPA with the developer, or the restructuring of an LPA resulting in the forfeiture of the deposit. Mortgage banking profit before tax consists of revenues generated from mortgage financing, title insurance and closing services, less the costs of such services and general and administrative costs. Mortgage banking operations are not charged a corporate capital allocation charge. In addition to the corporate capital allocation and contract land deposit impairments discussed above, the other reconciling items between segment profit and consolidated profit before tax include unallocated corporate overhead (including all management incentive compensation), equity-based compensation expense, consolidation adjustments and external corporate interest expense. Our overhead functions, such as accounting, treasury and human resources are centrally performed and the costs are not allocated to our operating segments. Consolidation adjustments consist of such items necessary to convert the reportable segments’ results, which are predominately maintained on a cash basis, to a full accrual basis for external financial statement presentation purposes, and are not allocated to our operating segments. External corporate interest expense primarily consists of interest charges on our 3.95% Senior Notes due 2022 and 3.00% Senior Notes due 2030 (the “Senior Notes”), which are not charged to the operating segments because the charges are included in the corporate capital allocation discussed above. The following tables present certain segment financial data, with reconciliations to the amounts reported for the consolidated company, where applicable: Year Ended December 31, 2020 2019 2018 Revenues: Homebuilding Mid Atlantic $ 3,668,542 $ 3,901,573 $ 3,893,358 Homebuilding North East 538,772 514,804 580,726 Homebuilding Mid East 1,524,667 1,501,139 1,455,834 Homebuilding South East 1,596,908 1,303,328 1,074,386 Mortgage Banking 208,034 167,820 159,370 Consolidated revenues $ 7,536,923 $ 7,388,664 $ 7,163,674 Year Ended December 31, 2020 2019 2018 Profit before taxes: Homebuilding Mid Atlantic $ 437,849 $ 478,537 $ 462,178 Homebuilding North East 50,677 51,728 69,789 Homebuilding Mid East 168,605 173,374 175,134 Homebuilding South East 205,029 155,144 118,296 Mortgage Banking 143,319 105,292 93,462 Total segment profit 1,005,479 964,075 918,859 Reconciling items: Contract land deposit reserve adjustment (1) (24,633) 1,644 783 Equity-based compensation expense (2) (50,794) (78,532) (75,701) Corporate capital allocation (4) 239,233 224,468 213,903 Unallocated corporate overhead (114,921) (105,125) (89,973) Consolidation adjustments and other (3) 63,025 43,486 15,829 Corporate interest expense (39,356) (24,221) (23,968) Reconciling items sub-total 72,554 61,720 40,873 Consolidated profit before taxes $ 1,078,033 $ 1,025,795 $ 959,732 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of contract land deposit impairment charges in Note 3. (2) The decrease in equity-based compensation expense in 2020 was primarily attributable to stock options issued in 2014 under the 2014 Equity Incentive Plan becoming fully vested in 2019. In addition, there were higher stock option forfeitures in 2020 compared to 2019. (3) The increase in 2020 relates primarily to the significant increase in lumber prices during the second half of 2020. Our reportable segments' results include intercompany profits of our production facilities, which were negatively impacted by the increase in lumber costs. The increase in lumber costs related to homes not yet settled is eliminated through the consolidation adjustment. As these homes currently in inventory are settled in subsequent quarters, our consolidated homebuilding margins will be negatively impacted by the higher lumber costs. (4) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the years presented: Year Ended December 31, 2020 2019 2018 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 124,426 $ 123,130 $ 123,855 Homebuilding North East 22,850 19,755 17,893 Homebuilding Mid East 40,256 37,263 35,803 Homebuilding South East 51,701 44,320 36,352 Total corporate capital allocation charge $ 239,233 $ 224,468 $ 213,903 As of December 31, 2020 2019 Assets: Homebuilding Mid Atlantic $ 1,140,910 $ 1,024,996 Homebuilding North East 202,591 166,860 Homebuilding Mid East 377,448 293,773 Homebuilding South East 494,295 400,979 Mortgage Banking 555,278 560,407 Total segment assets 2,770,522 2,447,015 Reconciling items: Cash and cash equivalents 2,714,720 1,110,892 Deferred taxes 132,980 115,731 Intangible assets and goodwill 49,678 49,834 Operating lease right-of-use assets 53,110 63,825 Finance lease right-of-use assets 15,772 7,052 Contract land deposit reserve (52,205) (27,572) Consolidation adjustments and other 92,564 43,038 Reconciling items sub-total 3,006,619 1,362,800 Consolidated assets $ 5,777,141 $ 3,809,815 Year Ended December 31, 2020 2019 2018 Interest income: Mortgage Banking $ 8,930 $ 12,142 $ 11,593 Total segment interest income 8,930 12,142 11,593 Other unallocated interest income 8,549 20,635 8,588 Consolidated interest income $ 17,479 $ 32,777 $ 20,181 Year Ended December 31, 2020 2019 2018 Interest expense: Homebuilding Mid Atlantic $ 124,486 $ 123,178 $ 123,908 Homebuilding North East 22,859 19,804 17,897 Homebuilding Mid East 40,261 37,266 35,804 Homebuilding South East 51,729 44,334 36,362 Mortgage Banking 1,414 1,045 1,045 Total segment interest expense 240,749 225,627 215,016 Corporate capital allocation (4) (239,233) (224,468) (213,903) Senior Notes and other interest 39,356 24,221 23,968 Consolidated interest expense $ 40,872 $ 25,380 $ 25,081 Year Ended December 31, 2020 2019 2018 Depreciation and amortization: Homebuilding Mid Atlantic $ 6,806 $ 7,069 $ 7,753 Homebuilding North East 1,800 1,411 1,600 Homebuilding Mid East 4,969 4,348 3,481 Homebuilding South East 3,636 3,086 2,523 Mortgage Banking 1,534 1,581 1,489 Total segment depreciation and amortization 18,745 17,495 16,846 Unallocated corporate 3,247 3,323 3,322 Consolidated depreciation and amortization $ 21,992 $ 20,818 $ 20,168 Year Ended December 31, 2020 2019 2018 Expenditures for property and equipment: Homebuilding Mid Atlantic $ 5,712 $ 9,218 $ 6,657 Homebuilding North East 1,083 2,000 1,074 Homebuilding Mid East 5,041 5,221 4,302 Homebuilding South East 3,818 3,944 2,732 Mortgage Banking 265 899 1,677 Total segment expenditures for property and equipment 15,919 21,282 16,442 Unallocated corporate 200 1,417 3,223 Consolidated expenditures for property and equipment $ 16,119 $ 22,699 $ 19,665

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2020
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Variable Interest Entities	Variable Interest Entities Lot Purchase Agreements We generally do not engage in land development. Instead, we typically acquire finished building lots from various third party land developers under LPAs. The LPAs require deposits that may be forfeited if we fail to perform under the LPAs. The deposits required under the LPAs are in the form of cash or letters of credit in varying amounts, and typically range up to 10% of the aggregate purchase price of the finished lots. We believe this lot acquisition strategy reduces the financial risks associated with direct land ownership and land development. We may, at our option, choose for any reason and at any time not to perform under these LPAs by delivering notice of our intent not to acquire the finished lots under contract. Our sole legal obligation and economic loss for failure to perform under these LPAs is limited to the amount of the deposit pursuant to the liquidated damage provisions contained within the LPAs. None of the creditors of any of the development entities with which we enter LPAs have recourse to our general credit. We generally do not have any specific performance obligations to purchase a certain number or any of the lots, nor do we guarantee completion of the development by the developer or guarantee any of the developers’ financial or other liabilities. We are not involved in the design or creation of the development entities from which we purchase lots under LPAs. The developer’s equity holders have the power to direct 100% of the operating activities of the development entity. We have no voting rights in any of the development entities. The sole purpose of the development entity’s activities is to generate positive cash flow returns for the equity holders. Further, we do not share in any of the profit or loss generated by the project’s development. The profits and losses are passed directly to the developer’s equity holders. The deposit placed by us pursuant to the LPA is deemed to be a variable interest in the respective development entities. Those development entities are deemed to be variable interest entities (“VIE”). Therefore, the development entities with which we enter into LPAs, including the joint venture limited liability corporations, discussed below, are evaluated for possible consolidation by us. An enterprise must consolidate a VIE when that enterprise has a controlling financial interest in the VIE. An enterprise is deemed to have a controlling financial interest if it has i) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance, and ii) the obligation to absorb losses of the VIE that could be significant to the VIE or the rights to receive benefits from the VIE that could be significant to the VIE. We believe the activities that most significantly impact a development entity’s economic performance are the operating activities of the entity. Unless and until a development entity completes finished building lots through the development process to be able to sell, the process of which the development entity’s equity investors bear the full risk, the entity does not earn any revenues. The operating development activities are managed solely by the development entity’s equity investors. The development entities with which we contract to buy finished lots typically select the respective projects, obtain the necessary zoning approvals, obtain the financing required with no support or guarantees from us, select who will purchase the finished lots and at what price, and manage the completion of the infrastructure improvements, all for the purpose of generating a cash flow return to the development entity’s equity holders and all independent of us. We possess no more than limited protective legal rights through the LPA in the specific finished lots that we are purchasing, and we possess no participative rights in the development entities. Accordingly, we do not have the power to direct the activities of a developer that most significantly impact the developer’s economic performance. For this reason, we concluded that we are not the primary beneficiary of the development entities with which we enter into LPAs, and therefore we do not consolidate any of these VIEs. As of December 31, 2020, we controlled approximately 103,000 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $438,500 and $8,100, respectively. As noted above, our sole legal obligation and economic loss for failure to perform under these LPAs is limited to the amount of the deposit pursuant to the liquidated damage provisions contained in the LPAs and, in very limited circumstances, specific performance obligations. During 2020, we incurred net pre-tax charges of approximately $25,600 related to the impairment of deposits under LPAs ("lot deposits") due primarily to deteriorating market conditions in the first quarter of 2020 in certain of our markets related to the COVID-19 pandemic. Impairment charges, net of impairment reversals are recorded in cost of sales on the accompanying consolidated statements of income. Our contract land deposit asset is shown net of a $52,205 and $27,572 impairment reserve at December 31, 2020 and December 31, 2019, respectively. In addition, we have certain properties under contract with land owners that are expected to yield approximately 6,100 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 $1,300 and $100, respectively, as of December 31, 2020, of which approximately $1,000 is refundable if we do not perform under the contract. We generally expect to assign the raw land contracts to a land developer and simultaneously enter into an LPA with the assignee if the project is determined to be feasible. Our total risk of loss related to contract land deposits as of December 31, 2020 and 2019 was as follows: December 31, 2020 2019 Contract land deposits $ 439,833 $ 441,423 Loss reserve on contract land deposits (52,205) (27,572) Contract land deposits, net 387,628 413,851 Contingent obligations in the form of letters of credit 8,249 5,606 Total risk of loss $ 395,877 $ 419,457

Joint Ventures

Joint Ventures	12 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Joint Ventures	Joint Ventures On a limited basis, we obtain finished lots using joint venture limited liability corporations (“JVs”). The JVs are typically structured such that we are a non-controlling member and at risk only for the amount we have invested, or committed to invest, in addition to any deposits placed under LPAs with the joint venture. We are not a borrower, guarantor or obligor on any debt of the JVs, as applicable. We enter into a standard LPA to purchase lots from these JVs, and as a result have a variable interest in these JVs. At December 31, 2020, we had an aggregate investment totaling approximately $23,600 in four JVs that are expected to produce approximately 5,200 finished lots, of which approximately 2,200 lots were controlled by us and the remaining approximately 3,000 lots were either under contract with unrelated parties or not currently under contract. We had additional funding commitments totaling approximately $3,100 in one of the JVs at December 31, 2020. During the fourth quarter of 2020, one of the JVs sold a portion of its owned land. As a result of the sale, we received a distribution from the JV of approximately $13,100 and recognized a net gain on the sale of approximately $5,000. We determined that we are not the primary beneficiary in three of the JVs because we and the other JV partner either share power or the other JV partner has the controlling financial interest. The aggregate investment in unconsolidated JVs was approximately $23,600 and $26,700 at December 31, 2020 and December 31, 2019, respectively, and is reported in the “Other assets” line item on the accompanying consolidated balance sheets. For the remaining JV, we concluded that we are the primary beneficiary because we have the controlling financial interest in the JV. As of December 31, 2019, all activities under the consolidated JV had been completed. As of December 31, 2020, we had no remaining investment in the JV and the JV had remaining balances of $269 in cash and $244 in accrued expenses, which are included in homebuilding "Other assets" and "Accrued expenses and other liabilities," respectively, in the accompanying consolidated balance sheets.

Land Under Development

Land Under Development	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Land Under Development	Land Under Development As of December 31, 2020, we directly owned three separate raw parcels of land with a carrying value of $62,790 that we intend to develop into approximately 500 finished lots primarily for use in our homebuilding operations. We also have additional funding commitments of approximately $5,100 under a joint development agreement related to one parcel, a portion of which we expect will be offset by development credits of approximately $2,600. None of the raw parcels had any indicators of impairment as of December 31, 2020. As of December 31, 2019, we directly owned five separate raw parcels of land with a carrying value of $69,196, which were expected to produce approximately 650 finished lots.

Capitalized Interest

Capitalized Interest	12 Months Ended
	Dec. 31, 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 to our joint venture investments while the investments are considered qualified assets pursuant to ASC 835-20, Interest . Capitalized interest is transferred to inventory as the development of finished lots is completed, then charged to cost of sales upon our settlement of homes and the respective lots. Interest incurred in excess of the interest capitalizable based on the level of qualified assets is expensed in the period incurred. Our interest costs incurred, capitalized, expensed and charged to cost of sales during the years ended December 31, 2020, 2019 and 2018 was as follows: December 31, 2020 2019 2018 Interest capitalized, beginning of year $ 3,499 $ 4,154 $ 5,583 Interest incurred 41,327 26,463 26,277 Interest charged to interest expense (40,872) (25,380) (25,081) Interest charged to cost of sales (2,929) (1,738) (2,625) Interest capitalized, end of year $ 1,025 $ 3,499 $ 4,154

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsDuring the year ended December 31, 2020, we entered into LPAs to purchase finished building lots for a total purchase price of approximately $138,100 with Elm Street Development, Inc. (“Elm Street”), which is controlled by one of our directors, William Moran. The independent members of our Board of Directors approved these transactions. During 2020, 2019 and 2018, we purchased developed lots at market prices from Elm Street for approximately $60,200, $44,600 and $36,100, respectively. We also continue to control a parcel of raw land expected to yield approximately 1,900 finished lots through a JV entered into with Elm Street during 2009. We did not make any investments in the JV in 2020, 2019 or 2018.

Property, Plant and Equipment (

Property, Plant and Equipment ("PP&E")	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment ("PP&E")	Property, Plant and Equipment (“PP&E”) December 31, 2020 2019 Homebuilding: Office facilities and other $ 39,647 $ 39,218 Model home furniture and fixtures 32,686 31,352 Production facilities 77,420 71,295 Finance lease right-of-use assets 15,772 7,051 Gross Homebuilding PP&E 165,525 148,916 Less: accumulated depreciation (107,739) (96,656) Net Homebuilding PP&E $ 57,786 $ 52,260 Mortgage Banking: Office facilities and other $ 14,716 $ 14,617 Less: accumulated depreciation (10,172) (8,789) Net Mortgage Banking PP&E $ 4,544 $ 5,828

Debt

Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt As of December 31, 2020, we had the following debt instruments outstanding: 3.95% Senior Notes due 2022 ("2022 Senior Notes") On September 10, 2012, we issued $600,000 of the 2022 Senior Notes. The 2022 Senior Notes were issued at a discount to yield 3.97% and have been reflected net of the unamortized discount and unamortized debt issuance costs in the accompanying consolidated balance sheets. The offering of the 2022 Senior Notes resulted in aggregate net proceeds of approximately $593,900, after deducting underwriting discounts and other offering expenses. The 2022 Senior Notes mature on September 15, 2022 and bear interest at 3.95%, payable semi-annually in arrears on March 15 and September 15. As of December 31, 2020 and 2019, the unamortized discount was $207 and $322, respectively, and unamortized debt issuance costs were $868 and $1,377, respectively. 3.00% Senior Notes due 2030 ("2030 Senior Notes") On May 4, 2020, we issued $600,000 of the 2030 Senior Notes. The 2030 Senior Notes were issued at a discount to yield 3.02% and have been reflected net of the unamortized discount and unamortized debt issuance costs in the accompanying consolidated balance sheet. The offering of the 2030 Senior Notes resulted in aggregate net proceeds of approximately $595,200, after deducting underwriting discount and offering expenses. The 2030 Senior Notes mature on May 15, 2030 and bear interest at 3.00%, payable semi-annually in arrears on May 15 and November 15. As of December 31, 2020 the amortized discount was $1,075 and unamortized debt issuance costs were $3,387 as of December 31, 2020. On September 9 and September 17, 2020, we issued an additional $250,000 and $50,000, respectively, of the 2030 Senior Notes (the "2030 Additional Notes" and together with the 2030 Senior Notes and the 2022 Senior Notes, the "Senior Notes"). The 2030 Additional Notes were issued at a premium to yield 2.00% and have been reflected net of the unamortized premium and unamortized debt issuance costs in the accompanying consolidated balance sheet. The offering of the 2030 Additional Notes resulted in aggregate net proceeds of approximately $323,600, including the underwriting premium, less offering expenses. As of December 31, 2020, the 2030 Additional Notes unamortized premium was $24,324 and unamortized debt issuance costs were $1,392. The Senior Notes are senior unsecured obligations and rank equally in right of payment with any of our existing and future unsecured senior indebtedness, will rank senior in right of payment to any of our future indebtedness that is by its terms expressly subordinated to the Senior Notes and will be effectively subordinated to any of our existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. The indenture governing the Senior Notes has, among other items, and subject to certain exceptions, covenants that restrict our ability to create, incur, assume or guarantee secured debt, enter into sale and leaseback transactions and conditions related to mergers and/or the sale of assets. We were in compliance with all covenants under the Senior Notes at December 31, 2020. Credit Agreement On July 15, 2016, we entered into an unsecured Credit Agreement (the “Credit Agreement”) with Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, Merrill Lynch, Pierce, Fenner & Smith Incorporated as Sole Lead Arranger and Sole Book Runner, and the other lenders party thereto, which provides for aggregate revolving loan commitments of $200,000 (the “Facility”). Proceeds of the borrowings under the Facility will be used for working capital and general corporate purposes. Under the Credit Agreement, we may request increases of up to $300,000 to the Facility in the form of revolving loan commitments or term loans to the extent that new or existing lenders agree to provide additional revolving loan or term loan commitments. The Credit Agreement provides for a $100,000 sublimit for the issuance of letters of credit of which approximately $12,800 was outstanding at December 31, 2020, and a $25,000 sublimit for a swing line commitment. Borrowings under the Credit Agreement generally bear interest for Base Rate Loans at a Base Rate equal to the highest of (i) a Federal Funds Rate plus one-half of one percent, (ii) Bank of America’s publicly announced “prime rate,” and (iii) the Eurodollar Rate plus one percent, plus the Applicable Rate which is based on our debt rating, or for Eurodollar Rate Loans, at the Eurodollar Rate equal to LIBOR plus the Applicable Rate. The Credit Agreement contains various representations and affirmative and negative covenants that are generally customary for credit facilities of this type. Such covenants include, among others, the following financial maintenance covenants: (i) minimum consolidated tangible net worth; (ii) minimum interest coverage ratio or minimum liquidity and (iii) a maximum leverage ratio. The negative covenants include, among others, certain limitations on liens, investments and fundamental changes. The Credit Agreement termination date is July 15, 2021. We were in compliance with all covenants under the Credit Agreement at December 31, 2020. There was no debt outstanding under the Facility at December 31, 2020. On February 12, 2021, we entered into The Amended and Restated Credit Agreement with Bank of America, N.A., as Administrative Agent, BOFA Securities, Inc. as Sole Lead Arranger and Sole Bookrunner, and other lenders party thereto (the "Amended Credit Agreement"). The Amended Credit Agreement amends and restates the Credit Agreement, discussed above, which was scheduled to expire on July 15, 2021. The Amended Credit Agreement provides for aggregate revolving loan commitments of $300,000 (the "New Facility") and terminates on February 12, 2026. Under the Amended Credit Agreement, we may request increases of up to $300,000 to the New Facility in the form of revolving loan commitments or term loans to the extent that new or existing lenders agree to provide additional revolving loan or term loan commitments. In addition, the Amended Credit Agreement provides for a $100,000 sublimit for the issuance of letters of credit. All other terms of the Amended Credit Agreement, including interest on borrowings and affirmative and negative covenants, are materially consistent with the Credit Agreement it replaces. The Amended Credit Agreement is filed as Exhibit 10.48 in this Form 10-K. The above summary of the material terms of the Amended Credit Agreement is qualified in its entirety by reference to Exhibit 10.48. Repurchase Agreement In July 2020, NVRM entered into the Twelfth Amendment (the “Amendment”) to its Amended and Restated Master Repurchase Agreement dated August 2, 2011 with U.S. Bank National Association (as amended by the Amendment and ten earlier amendments, the “Repurchase Agreement”). The purpose of the Repurchase Agreement is to finance the origination of mortgage loans by NVRM. The Repurchase Agreement provides for loan purchases up to $150,000, subject to certain sub limits. Advances under the Repurchase Agreement carry a Pricing Rate based on the LIBOR Rate plus the LIBOR Margin, as determined under the Repurchase Agreement, provided that the Pricing Rate shall not be less than 1.75%. The Pricing Rate at December 31, 2020 was 1.94%. There are several restrictions on purchased loans, including that they cannot be sold to others, they cannot be pledged to anyone other than the agent, and they cannot support any other borrowing or repurchase agreement. Amounts outstanding under the Repurchase Agreement are collateralized by our mortgage loans held for sale. At December 31, 2020, there were no borrowing base limitations reducing the amount available under the Repurchase Agreement. As of both December 31, 2020 and 2019, there was no debt outstanding under the Repurchase Agreement. The Repurchase Agreement expires on July 15, 2021. The Repurchase Agreement contains various affirmative and negative covenants. The negative covenants include, among others, certain limitations on transactions involving acquisitions, mergers, the incurrence of debt, sale of assets and creation of liens upon any of its Mortgage Notes. Additional covenants include (i) a tangible net worth requirement, (ii) a minimum liquidity requirement, (iii) a minimum net income requirement, and (iv) a maximum leverage ratio requirement. NVRM was in compliance with all covenants under the Repurchase Agreement at December 31, 2020.

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Common Stock	Common Stock There were approximately 3,696 and 3,633 common shares outstanding at December 31, 2020 and 2019, respectively. We made the following share repurchases during the years indicated: Year Ended December 31, 2020 2019 2018 Aggregate purchase price $ 371,078 $ 698,417 $ 846,134 Number of shares repurchased 96 221 301 We issue shares from the treasury account for all equity plan activity. We issued 159, 276 and 188 such shares during 2020, 2019 and 2018, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes consists of the following: Year Ended December 31, 2020 2019 2018 Current: Federal $ 151,532 $ 115,610 $ 126,358 State 42,769 34,586 37,038 Deferred: Federal (13,289) (2,195) 138 State (4,227) (745) (999) Income tax expense $ 176,785 $ 147,256 $ 162,535 Deferred income taxes on our consolidated balance sheets were comprised of the following: December 31, 2020 2019 Deferred tax assets: Other accrued expenses and contract land deposit reserve $ 67,520 $ 52,726 Deferred compensation 4,608 4,635 Equity-based compensation expense 41,839 42,043 Inventory 13,118 10,530 Unrecognized tax benefit 11,705 12,355 Other 8,639 8,289 Total deferred tax assets 147,429 130,578 Less: Deferred tax liabilities 7,184 7,902 Net deferred tax asset $ 140,245 $ 122,676 Deferred tax assets arise principally as a result of various accruals required for financial reporting purposes and equity-based compensation expense, which are not currently deductible for tax return purposes. Management believes that we will have sufficient future taxable income to make it more likely than not that the net deferred tax assets will be realized. Federal taxable income is estimated to be approximately $768,700 for the year ended December 31, 2020, and was $640,243 for the year ended December 31, 2019. A reconciliation of income taxes computed at the federal statutory rate (21%) to income tax expense is as follows: Year Ended December 31, 2020 2019 2018 Income taxes computed at the federal statutory rate $ 226,387 $ 215,417 $ 201,544 State income taxes, net of federal income tax benefit (1) 47,469 45,770 42,944 Excess tax benefits from equity-based compensation (92,234) (101,466) (77,478) Remeasurement of net deferred tax assets due to enactment of Tax Cut and Jobs Act — — (497) Other, net (2) (4,837) (12,465) (3,978) Income tax expense $ 176,785 $ 147,256 $ 162,535 (1) Excludes state excess tax benefits from equity-based compensation included in the line below. (2) Primarily attributable to tax benefits from certain energy credits for the years ended December 31, 2020 and 2019. Our effective tax rate in 2020, 2019 and 2018 was 16.40%, 14.36% and 16.94%, respectively. We file a consolidated U.S. federal income tax return, as well as state and local tax returns in all jurisdictions where we maintain operations. With few exceptions, we are no longer subject to income tax examinations by tax authorities for years prior to 2017. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, 2020 2019 Balance at beginning of year $ 39,356 $ 43,418 Additions based on tax positions related to the current year 3,155 2,941 Reductions for tax positions of prior years (5,694) (7,003) Settlements — — Balance at end of year $ 36,817 $ 39,356 If recognized, the total amount of unrecognized tax benefits that would affect the effective tax rate (net of the federal tax benefit) is $29,085 as of December 31, 2020.

Equity-Based Compensation, Prof

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans	Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans Equity-Based Compensation Plans Our equity-based compensation plans provide for the granting of Options and RSUs to key management employees, including executive officers and members of our Board of Directors ("Directors"). The exercise price of Options granted is equal to the closing price of our common stock on the New York Stock Exchange (the “NYSE”) on the day prior to the date of grant. Options are granted for a 10-year term and typically vest in separate tranches over periods of 3 to 6 years. RSUs generally vest in separate tranches over periods of 2 to 6 years. Grants are generally divided such that vesting for 50% of the grant is contingent solely on continued employment or service as a Director, while vesting for the remaining 50% of the grant is contingent upon both continued employment or service as a Director and the achievement of a performance metric based on our return on capital performance relative to a peer group during a 3-year period specified on the date of grant. The following table provides a summary of each of our equity-based compensation plans with grants outstanding at December 31, 2020. Each of the following plans was approved by our shareholders: Equity-Based Compensation Plans Shares Options/RSUs Shares 2010 Equity Incentive Plan (1) 700 88 — 2014 Equity Incentive Plan (2) 950 404 126 2018 Equity Incentive Plan (3) 275 120 155 (1) The 2010 Equity Incentive Plan (the “2010 Plan”) authorizes us to issue Options and RSUs. There were 74 Options and 14 RSUs outstanding as of December 31, 2020. Shares can no longer be granted from this plan. (2) The 2014 Equity Incentive Plan (the “2014 Plan”) authorizes us to issue Options only. (3) The 2018 Equity Incentive Plan (the "2018 Plan") authorizes us to issue Options and RSUs. Of the 275 aggregate shares authorized to issue, all may be granted in the form of Options and up to 40 may be granted in the form of RSUs. There were 116 Options and 4 RSUs outstanding as of December 31, 2020. Of the 155 shares available to issue, 36 may be granted in the form of RSUs. During 2020, we issued 43 Options and 4 RSUs under the following equity-based compensation plans: 2010 Plan 2014 Plan 2018 Plan Options Granted Options (4) 4 17 1 Performance-based Options (5) 4 17 — Total Options Granted 8 34 1 RSUs Granted RSUs (6) — — 2 Performance-based RSUs (7) — — 2 Total RSUs Granted — — 4 (4) Options granted vest over four years in 25% increments beginning on either December 31, 2022 or December 31, 2023, based on the date of grant. Vesting for the Options is contingent solely upon continued employment or continued service as a Director. (5) Options granted vest over four years in 25% increments beginning on either December 31, 2022 or December 31, 2023, based on the date of grant. Vesting for the performance-based Options is contingent upon both continued employment or continued service as a Director and our return on capital performance during the three year periods beginning 2020 or 2021, based on the grant's vesting period. (6) RSUs granted predominately vest over three years in 33% increments beginning on December 31, 2025. Vesting for the RSUs is contingent solely upon continued employment. (7) RSUs granted predominately vest over three years in 33% increments beginning on December 31, 2025. Vesting for the RSUs is contingent upon continued employment and our return on capital performance during the three year period beginning 2020. The following table provides additional information relative to our equity-based compensation plans for the year ended December 31, 2020: Shares Weighted Avg. Per Share Weighted Avg. Remaining Aggregate Stock Options Outstanding at December 31, 2019 749 $ 2,030.42 Granted 43 3,126.53 Exercised (159) 1,136.44 Forfeited (40) 2,830.82 Outstanding at December 31, 2020 593 $ 2,295.11 6.1 $ 1,059,114 Exercisable at December 31, 2020 303 $ 1,696.32 4.6 $ 722,610 RSUs Outstanding at December 31, 2019 15 Granted 4 Vested — Forfeited (1) Outstanding at December 31, 2020 18 $ 71,797 Vested, but not issued at December 31, 2020 — $ — To estimate the grant-date fair value of our Options, we use the Black-Scholes option-pricing model (the “Pricing Model”). The Pricing Model estimates the per share fair value of an option on its date of grant based on the following factors: the option’s exercise price; the price of the underlying stock on the date of grant; the estimated dividend yield; a risk-free interest rate; the estimated option term; and the expected volatility. For the risk-free interest rate, we use U.S. Treasury STRIPS which mature at approximately the same time as the option’s expected holding term. For expected volatility, we have concluded that our historical volatility over the option’s expected holding term provides the most reasonable basis for this estimate. The fair value of the Options granted during 2020, 2019 and 2018 was estimated on the grant date using the Pricing Model, based on the following assumptions: 2020 2019 2018 Estimated option life (years) 5.36 5.55 5.06 Risk free interest rate (range) 0.22%-1.94% 1.51%-2.73% 2.19%-3.13% Expected volatility (range) 18.78%-32.48% 19.17%-22.01% 16.57%-20.05% Expected dividend rate — % — % — % Weighted average grant-date fair value per share of options granted $ 737.19 $ 661.01 $ 687.81 The weighted average grant date fair value per share of $2,584.37 for the RSUs was the closing price of our common stock on the day immediately preceding the date of grant. Compensation cost for Options and RSUs is recognized on a straight-line basis over the requisite service period for the entire award (from the date of grant through the period of the last separately vesting portion of the grant). For the recognition of equity-based compensation, the Options and RSUs which are subject to a performance condition are treated as a separate award from the “service-only” Options and RSUs, and compensation cost is recognized when it becomes probable that the stated performance target will be achieved. We currently believe that it is probable that the stated performance condition will be satisfied at the target level for all of our Options and RSUs granted. Compensation cost is recognized within the income statement in the same expense line as the cash compensation paid to the respective employees. We recognize forfeitures of equity-based awards as a reduction to compensation costs in the period in which they occur. In 2020, 2019 and 2018, we recognized $50,794, $78,532, and $75,701 in equity-based compensation costs, respectively, and approximately $10,500, $16,800, and $17,200 in tax benefit related to equity-based compensation costs, respectively. As of December 31, 2020, the total unrecognized compensation cost for all outstanding Options and RSUs equaled approximately $169,500. The unrecognized compensation cost will be recognized over each grant’s applicable vesting period with the latest vesting date being December 31, 2027. The weighted-average period over which the unrecognized compensation cost will be recorded is equal to approximately 2.2 years. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. Shares are relieved from the treasury account based on the weighted average cost of treasury shares acquired. During the years ended December 31, 2020, 2019 and 2018, we issued 159, 276 and 188 shares, respectively, from the treasury account for Option exercises and vesting of RSUs. Information with respect to the vested RSUs and exercised Options is as follows: Year Ended December 31, 2020 2019 2018 Aggregate exercise proceeds $ 180,866 $ 274,028 $ 174,110 Aggregate intrinsic value on exercise dates $ 432,772 $ 593,162 $ 355,318 Profit Sharing Plans We have a trustee-administered, profit sharing retirement plan (the “Profit Sharing Plan”) and an Employee Stock Ownership Plan (“ESOP”) covering substantially all employees. The Profit Sharing Plan and the ESOP provide for annual discretionary contributions in amounts as determined by our Directors. The combined plan contribution for the years ended December 31, 2020, 2019 and 2018 was approximately $22,500, $20,300 and $19,500, respectively. We purchased approximately 5 shares of our common stock in the open market for each of the 2020 and 2019 plan year contributions to the ESOP. As of December 31, 2020, all shares held by the ESOP had been allocated to participants’ accounts. The 2020 plan year contribution was funded and fully allocated to participants in February 2021. Deferred Compensation Plans We have two deferred compensation plans (“Deferred Comp Plans”). The specific purpose of the Deferred Comp Plans is to i) establish a vehicle whereby named executive officers may defer the receipt of salary and bonus that otherwise would be nondeductible for Company tax purposes into a period where we would realize a tax deduction for the amounts paid, and ii) to enable certain employees who are subject to our stock holding requirements to acquire shares of our common stock on a pre-tax basis in order to more quickly meet, and maintain compliance with those stock holding requirements. Amounts deferred into the Deferred Comp Plans are invested in our common stock, held in a rabbi trust account, and are paid out in a fixed number of shares upon expiration of the deferral period.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities Litigation We are involved in various litigation arising in the ordinary course of business. In the opinion of management, and based on advice of legal counsel, this litigation is not expected to have a material adverse effect on our financial position, results of operations or cash flows. Legal costs incurred in connection with outstanding litigation are expensed as incurred. Contract Land Deposits We generally do not engage in land development. Instead, we typically acquire finished building lots from various third party land developers under LPAs. The LPAs require deposits that may be forfeited if we fail to perform under the agreement. The deposits required under the LPAs are in the form of cash or letters of credit in varying amounts, and typically range up to 10% of the aggregate purchase price of the finished lots. At December 31, 2020, assuming that contractual development milestones are met and we exercise our option,we expect to place additional forfeitable deposits with land developers under existing LPAs of approximately $215,000. Additionally, as of December 31, 2020, we had funding commitments totaling approximately $5,100 under a joint development agreement related to our land under development, a portion of which we expect will be offset by development credits of approximately $2,600. Bonds and Letters of Credit During the ordinary course of operating the homebuilding and mortgage banking businesses, we are required to enter into bond or letter of credit arrangements with local municipalities, government agencies, or land developers to collateralize our obligations under various contracts. We had approximately $40,600 of contingent obligations under such agreements, including approximately $12,800 for letters of credit issued under the Credit Agreement as of December 31, 2020. We believe we will fulfill our obligations under the related contracts and does not anticipate any material losses under these bonds or letters of credit. Warranty Reserve The following table reflects the changes in our warranty reserve (see Note 1 herein for further discussion of warranty/product liability reserves): Year Ended December 31, 2020 2019 2018 Warranty reserve, beginning of year $ 108,053 $ 103,700 $ 94,513 Provision 75,288 69,065 62,553 Payments (63,703) (64,712) (53,366) Warranty reserve, end of year $ 119,638 $ 108,053 $ 103,700

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2020
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 December 31, 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. December 31, 2020 December 31, 2019 Estimated Fair Values: 3.95% Senior Notes due 2022 $ 630,000 $ 626,520 3.00% Senior Notes due 2030 982,620 — Total $ 1,612,620 $ 626,520 Carrying Values: 3.95% Senior Notes due 2022 $ 598,925 $ 598,301 3.00% Senior Notes due 2030 918,470 — Total $ 1,517,395 $ 598,301 Except as otherwise noted below, we believe that insignificant differences exist between the carrying value and the fair value of our financial instruments, which consists primarily of cash equivalents, due to their short term nature. Derivative Instruments and Mortgage Loans Held for Sale In the normal course of business, NVRM enters into contractual commitments to extend credit to buyers of single-family homes with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within time frames established by NVRM. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the “lock-in” of rates by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sales contracts to sell whole loans and mortgage-backed securities to investors. The forward sales contracts lock-in a range of interest rates and prices for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative or trading derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to investors are undesignated derivatives and, accordingly, are marked to fair value through earnings. At December 31, 2020, there were contractual commitments to extend credit to borrowers aggregating $617,308 and open forward delivery contracts aggregating $916,588, which hedge both the rate lock loan commitments and closed loans held for sale. The fair value of our rate lock commitments to borrowers and the related input levels includes, as applicable: i) the assumed gain/loss of the expected resultant loan sale (Level 2); ii) the effects of interest rate movements between the date of the rate lock and the balance sheet date (Level 2); and iii) the value of the servicing rights associated with the loan (Level 2). The assumed gain/loss considers the excess servicing to be received or buydown fees to be paid upon securitization of the loan. The excess servicing and buydown fees are calculated pursuant to contractual terms with investors. To calculate the effects of interest rate movements, NVRM utilizes applicable published mortgage-backed security prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount. NVRM sells all of its loans on a servicing released basis, and receives a servicing released premium upon sale. Thus, the value of the servicing rights is included in the fair value measurement and is based upon contractual terms with investors and varies depending on the loan type. NVRM assumes a fallout rate when measuring the fair value of rate lock commitments. Fallout is defined as locked loan commitments for which NVRM does not close a mortgage loan and is based on historical experience. The fair value of NVRM’s forward sales contracts to investors solely considers the market price movement of the same type of security between the trade date and the balance sheet date (Level 2). The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value. Mortgage loans held for sale are recorded at fair value when closed, and thereafter are carried at the lower of cost or fair value, net of deferred origination costs, until sold. Fair value is measured using Level 2 inputs. As of December 31, 2020, the fair value of loans held for sale of $449,760 included on the accompanying consolidated balance sheet were increased by $10,042 from the aggregate principal balance of $439,718. 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: As of December 31, 2020 2019 Rate lock commitments: Gross assets $ 10,844 $ 8,132 Gross liabilities 87 497 Net rate lock commitments $ 10,757 $ 7,635 Forward sales contracts: Gross assets $ 1 $ 377 Gross liabilities 5,217 920 Net forward sales contracts $ (5,216) $ (543) As of December 31, 2020 and 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 consolidated balance sheets. The fair value measurement as of December 31, 2020 was as follows: Notional or Assumed Interest Servicing Security Total Fair Rate lock commitments $ 617,308 $ 3,227 $ 3,263 $ 4,267 $ — $ 10,757 Forward sales contracts $ 916,588 — — — (5,216) (5,216) Mortgages held for sale $ 439,718 3,359 2,817 3,866 — 10,042 Total fair value measurement $ 6,586 $ 6,080 $ 8,133 $ (5,216) $ 15,583 The total fair value measurement as of December 31, 2019 was $14,111. NVRM recorded a fair value adjustment to income of $1,472 for the year ended December 31, 2020, a fair value adjustment to expense of $198 for the year ended December 31, 2019, and a fair value adjustment to income of $8,485 for the year ended December 31, 2018. Unrealized gains/losses from the change in the fair value measurements are included in earnings as a component of mortgage banking fees in the accompanying consolidated statements of income. The fair value measurement will be impacted in the future by the change in the value of the servicing rights, interest rate movements, security price fluctuations, and the volume and product mix of NVRM’s closed loans and locked loan commitments.

Mortgage Repurchase Reserve

Mortgage Repurchase Reserve	12 Months Ended
	Dec. 31, 2020
Mortgage Repurchase Reserve [Abstract]
Mortgage Repurchase Reserve	Mortgage Repurchase ReserveDuring the years ended December 31, 2020, 2019 and 2018, we recognized pre-tax charges for loan losses related to mortgage loans sold of approximately $3,200, $4,200 and $3,200, respectively. Included in the Mortgage Banking segment’s “Accounts payable and other liabilities” line item on the accompanying consolidated balance sheets is a mortgage repurchase reserve equal to approximately $20,500 and $18,500 at December 31, 2020 and 2019, respectively.

Quarterly Results (unaudited)

Quarterly Results (unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (unaudited)	Quarterly Results (unaudited) The following table sets forth unaudited selected financial data and operating information on a quarterly basis for the years ended December 31, 2020 and 2019. Year Ended December 31, 2020 4th 3rd 2nd 1st Homebuilding data: Revenues $ 2,263,673 $ 1,920,751 $ 1,588,758 $ 1,555,707 Gross profit $ 441,552 $ 384,707 $ 304,265 $ 260,964 Mortgage Banking data: Mortgage banking fees $ 80,342 $ 69,261 $ 31,610 $ 26,821 Loans closed $ 1,659,219 $ 1,382,060 $ 1,144,428 $ 1,132,104 Consolidated data: Net income $ 305,004 $ 256,466 $ 164,075 $ 175,703 Diluted earnings per share $ 76.93 $ 65.11 $ 42.50 $ 44.96 Operating data: New orders (units) 5,485 6,681 5,901 5,015 Settlements (units) 6,060 5,180 4,296 4,230 Backlog (units) 11,549 12,124 10,623 9,018 Year Ended December 31, 2019 4th 3rd 2nd 1st Homebuilding data: Revenues $ 1,946,859 $ 1,873,331 $ 1,757,448 $ 1,643,206 Gross profit $ 379,467 $ 355,055 $ 332,060 $ 304,400 Mortgage Banking data: Mortgage banking fees $ 43,336 $ 37,933 $ 42,746 $ 43,805 Loans closed $ 1,418,742 $ 1,373,946 $ 1,231,039 $ 1,140,999 Consolidated data: Net income $ 256,137 $ 223,787 $ 210,209 $ 188,406 Diluted earnings per share $ 64.41 $ 56.11 $ 53.09 $ 47.64 Operating data: New orders (units) 4,392 4,766 5,239 5,139 Settlements (units) 5,331 5,124 4,720 4,493 Backlog (units) 8,233 9,172 9,530 9,011

Leases, Codification Topic 842

Leases, Codification Topic 842	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases of Lessee Disclosure	Leases We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have entered into finance leases for one of our production facilities and certain plant equipment. Our leases have remaining lease terms of up to 19.7 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. See Note 1 herein for additional information regarding leases. The components of lease expense were as follows: Year Ended Year Ended Lease expense Operating lease expense $ 31,704 $ 30,991 Finance lease expense: Amortization of ROU assets 1,313 382 Interest on lease liabilities 281 76 Short-term lease expense 24,361 26,843 Total lease expense $ 57,659 $ 58,292 For the year ended December 31, 2018, total rent expense incurred under operating leases was approximately $52,900. Other information related to leases was as follows: Year Ended Year Ended Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 27,953 $ 25,272 Operating cash flows from finance leases $ 281 $ 76 Financing cash flows from finance leases $ 989 $ 306 ROU assets obtained in exchange for lease obligations: Operating leases $ 10,159 $ 17,078 Finance leases $ 10,034 $ 7,434 Weighted-average remaining lease term (in years): Operating leases 4.7 5.1 Finance leases 12.5 6.7 Weighted-average discount rate: Operating leases 3.4 % 3.6 % Finance leases 2.8 % 2.8 % We are committed under multiple non-cancelable operating leases involving office space, model homes, production facilities, automobiles and equipment. Future lease payments under these operating leases as of December 31, 2020 are as follows: Year Ending December 31, Operating Leases Finance Leases 2021 $ 30,111 $ 1,744 2022 19,500 1,749 2023 14,918 1,754 2024 8,825 1,759 2025 4,970 1,764 Thereafter 6,641 10,742 Total lease payments 84,965 19,512 Less: Imputed interest 5,544 3,339 Short-term lease payments 6,765 — Total lease liability $ 72,656 $ 16,173

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Significant Accounting Policies [Line Items]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of NVR, Inc. and its subsidiaries (“NVR”, the “Company”, "we", "us", or "our") and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 3 and 4 herein for additional information). All significant intercompany transactions have been eliminated in consolidation.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management continually evaluates the estimates used to prepare the consolidated financial statements and updates those estimates as necessary. In general, our estimates are based on historical experience, on information from third party professionals, and other various assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ materially from those estimates made by management.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include short-term investments with maturities at acquisition of three months or less. Restricted Cash Homebuilding restricted cash was attributable to customer deposits for certain home sales. Mortgage banking restricted cash includes amounts collected from customers for loans in process and closed mortgage loans held for sale. At December 31, 2020 and 2019, $269 and $281, respectively, of cash related to a consolidated variable interest entity is included in homebuilding “Other assets” on the accompanying consolidated balance sheet.
Homebuilding Inventory	Homebuilding Inventory The carrying value of inventory is stated at the lower of cost or market value. Cost of lots and completed and uncompleted housing units represent the accumulated actual cost of the units. Field construction supervisors’ salaries and related direct overhead expenses are included in inventory costs. Interest costs are not capitalized into inventory, with the exception of land under development and joint venture investments, as applicable (see below). Upon settlement, the cost of the unit is expensed on a specific identification basis. Cost of building materials is determined on a first-in, first-out basis. Sold inventory is evaluated for impairment based on the contractual sales price compared to the total estimated cost to construct. Unsold inventory is evaluated for impairment by analyzing recent comparable sales prices within the applicable community compared to the costs incurred to date plus the expected costs to complete. Any calculated impairments are recorded immediately.
Contract Land Deposits	Contract Land Deposits We purchase finished lots under fixed price lot purchase agreements (“LPAs”) that require deposits that may be forfeited if we fail to perform under the contract. The deposits are in the form of cash or letters of credit in varying amounts and represent a percentage of the aggregate purchase price of the finished lots. We maintain an allowance for losses on contract land deposits that reflects our judgment of the present loss exposure in the existing contract land deposit portfolio at the end of the reporting period. To analyze contract land deposit impairments, we conduct a loss contingency analysis each quarter. In addition to considering market and economic conditions, we assess contract land deposit impairments on a community-by-community basis pursuant to the purchase contract terms, analyzing quantitative and qualitative information including, as applicable, current sales absorption levels, recent sales’ profit margin, the dollar differential between the contractual purchase price and the current market price for lots, a developer’s performance, a developer’s financial ability or willingness to reduce lot prices to current market prices, if necessary, and the contract’s default status by either us or the developer along with an analysis of the expected outcome of any such default. Our analysis is focused on whether we can sell houses at an acceptable margin and sales pace in a particular community in the current market with which we are faced. Because we do not own the finished lots on which we have placed a contract land deposit, if the above analysis leads to a determination that we cannot sell homes at an acceptable margin and sales pace at the current contractual lot price, we then determine whether we will elect to default under the contract, forfeit the deposit and terminate the contract, or whether we will attempt to restructure the LPA, which may require us to forfeit the deposit to obtain contract concessions from a developer. We also assess whether impairment is present due to collectibility issues resulting from a developer’s non-performance because of financial or other conditions.
Land Under Development	Land Under Development On a limited basis, we directly acquire raw parcels of land already zoned for its intended use to develop into finished lots. Land under development includes the land acquisition costs, direct improvement costs, capitalized interest, where applicable, and real estate taxes.
Property, Plant, and Equipment	Property, Plant, and Equipment Property, plant, and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is based on the estimated useful lives of the assets using the straight-line method. Model home furniture and fixtures are generally depreciated over a 2-year period, office facilities and other equipment are depreciated over a period of 3 to 10 years and production facilities are depreciated over periods of 5 to 40 years.
Warranty/Product Liability Reserves	Warranty/Product Liability ReservesWe establish warranty and product liability reserves ("Warranty Reserve") to provide for estimated future expenses as a result of construction and product defects, product recalls and litigation incidental to our homebuilding business. Liability estimates are determined based on management’s judgment considering such factors as historical experience, the likely current cost of corrective action, manufacturers’ and subcontractors’ participation in sharing the cost of corrective action, consultations with third party experts such as engineers, and discussions with our general counsel and outside counsel retained to handle specific product liability cases.
Mortgage Loans Held for Sale, Derivatives and Hedging Activities	Mortgage Repurchase Reserve, Mortgage Loans Held for Sale and Derivatives and Hedging Activities We originate several different loan products to our customers to finance the purchase of a home through our wholly-owned mortgage subsidiary, NVR Mortgage Finance, Inc. (“NVRM”). NVRM sells all of the loans it originates into the secondary market on a servicing released basis, typically within 30 days from closing. All of the loans that NVRM originates are underwritten to the standards and specifications of the ultimate investor. Those underwriting standards are typically equal to or more stringent than the underwriting standards required by Fannie Mae (“FNMA”), Ginnie Mae (“GNMA”), Freddie Mac ("FHLMC"), the Department of Veterans Affairs (“VA”) and the Federal Housing Administration (“FHA”). Insofar as NVRM underwrites its originated loans to those standards, NVRM bears no increased concentration of credit risk from the issuance of loans, except in certain limited instances where repurchases or early payment default occur. NVRM employs a quality control department to ensure that its underwriting controls are effectively operating, and further assesses the underwriting function as part of its assessment of internal controls over financial reporting. NVRM maintains a reserve for losses on mortgage loans originated that reflects our judgment of the present loss exposure in the loans that NVRM has originated and sold. The reserve is calculated based on an analysis of historical experience and exposure (see Note 16 herein for further information). Mortgage loans held for sale are recorded at fair value when closed, and thereafter are carried at the lower of cost or fair value, net of deferred origination costs, until sold. In the normal course of business, NVRM enters into contractual commitments to extend credit to buyers of single-family homes with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within time frames established by NVRM. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the “lock-in” of rates by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sale contracts to sell whole loans and mortgage-backed securities to investors. The forward sale contracts lock-in a range of interest rates and prices for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative or trading derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to investors are undesignated derivatives, and, accordingly, are marked to fair value through earnings. At December 31, 2020, there were contractual commitments to extend credit to borrowers aggregating $617,308, and open forward delivery sale contracts aggregating $916,588, which hedge both the rate lock loan commitments and closed loans held for sale (see Note 15 herein for a description of the Company’s fair value accounting).
Earnings Per Share	Earnings per Share The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Weighted average number of shares outstanding used to 3,692 3,641 3,631 Dilutive securities: Stock options and restricted share units 225 332 461 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,917 3,973 4,092 The assumed proceeds used in the treasury method for calculating our diluted earnings per share includes the amount the employee must pay upon exercise and the amount of compensation cost attributed to future services not yet recognized. The following stock options issued under equity incentive plans were outstanding during the years ended December 31, 2020, 2019 and 2018, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Year Ended December 31, 2020 2019 2018 Anti-dilutive securities 31 319 370
Revenues-Homebuilding Operations	Revenues – Homebuilding Operations We build single-family detached homes, townhomes and condominium buildings, which generally are constructed on a pre-sold basis. Revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers. Our contract liabilities, consisting of deposits received from customers (“Handmoney”) on homes not settled, were $240,758 and $131,886 as of December 31, 2020 and 2019, respectively. Substantially all Handmoney is recognized in revenue within twelve months of being received from customers. Our contract assets, consisting of prepaid sales compensation, totaled approximately $22,500 and $14,600, as of December 31, 2020 and 2019, respectively. These amounts are included in homebuilding “Other assets” on the accompanying consolidated balance sheets.
Mortgage Banking Fees	Mortgage Banking Fees Mortgage banking fees include income earned by NVRM for originating mortgage loans, servicing mortgage loans held on an interim basis, title fees, gains and losses on the sale of mortgage loans and mortgage servicing and other activities incidental to mortgage banking. Mortgage banking fees are generally recognized after the loan has been sold to an unaffiliated, third party investor.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on the deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. See Note 11 herein for discussion of the impact on the Company's deferred tax asset resulting from the enactment of the Tax Cuts and Jobs Act in December 2017. ASC 740-10, Income Taxes , provides that a tax benefit from an uncertain tax position may be recognized when it is more-likely-than-not (defined as a likelihood of more than 50%) that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that its filing position is supportable, the benefit of that tax position is not recognized in the statements of income. We recognize interest related to unrecognized tax benefits as a component of income tax expense. Based on our historical experience in dealing with various taxing authorities, we have found that it is the administrative practice of the taxing authorities to not seek penalties from us for the tax positions we have taken on our returns related to our unrecognized tax benefits. Therefore, we do not accrue penalties for the positions in which we have an unrecognized tax benefit. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, by expiration of the applicable statute of limitation, or by determination in accordance with certain states’ administrative practices that the uncertain tax position has been effectively settled (see Note 11 herein for further information).
Financial Instruments	Financial Instruments Except as otherwise noted herein, we believe that the carrying value approximates the fair value of our financial instruments (see Note 15 herein for further information).
Equity-Based Compensation	Equity-Based Compensation We recognize equity-based compensation expense within the income statement for all share-based payment arrangements, which includes non-qualified stock options to purchase shares of NVR common stock ("Options") and restricted share units ("RSUs"). Compensation expense is based on grant-date fair value and is recognized on a straight-line basis over the requisite service period for the entire award (from the date of grant through the period of the last separately vesting portion of the grant). Options and RSUs which are subject to a performance condition are treated as a separate award from the “service-only” Options and RSUs, and compensation expense is recognized when it becomes probable that the stated performance target will be achieved. We calculate the fair value of our Options, which are non-publicly traded, using the Black-Scholes option-pricing model. The grant date fair value of the RSUs is the closing price of our common stock on the day immediately preceding the date of grant. The reversal of compensation expense previously recognized for grants forfeited is recorded in the period in which the forfeiture occurs. Our equity-based compensation plans are accounted for as equity-classified awards (see Note 12 herein for further discussion of equity-based compensation plans).
Comprehensive Income	Comprehensive Income For the years ended December 31, 2020, 2019 and 2018, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying consolidated financial statements.
Recent Accounting Pronouncements	Recent 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.
Lessee, Leases	Leases We determine if an arrangement is a lease, or contains a lease, at the inception of the arrangement. Once determined that an arrangement is a lease, we then determine if the lease is an operating lease or a finance lease. Both operating and finance leases result in us recording a right-of-use ("ROU") asset and lease liability on our balance sheet. The ROU assets and lease liabilities are recognized based on the present value of lease payments over the lease term, discounted using our incremental borrowing rate at the commencement date of the lease. We estimate our incremental borrowing rate based on available published borrowing rates commensurate with our debt rating and the leases term, adjusted to infer collateralization. Specific lease terms may include options to extend or terminate the lease when we believe it is reasonably certain that we will exercise that option. We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis. We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). As is allowed under GAAP, we have elected to exclude Short-term leases from the recognition requirements and they are not included in our recognized ROU assets and lease liabilities. Operating leases are reported in "Operating lease right-of-use assets" and "Operating lease liabilities" and finance leases are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying consolidated balance sheets. See Note 13 herein for further information.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share	The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Weighted average number of shares outstanding used to 3,692 3,641 3,631 Dilutive securities: Stock options and restricted share units 225 332 461 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,917 3,973 4,092
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following stock options issued under equity incentive plans were outstanding during the years ended December 31, 2020, 2019 and 2018, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Year Ended December 31, 2020 2019 2018 Anti-dilutive securities 31 319 370

Segment Information, Nature o_2

Segment Information, Nature of Operations, and Certain Concentrations (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Revenues	The following tables present certain segment financial data, with reconciliations to the amounts reported for the consolidated company, where applicable: Year Ended December 31, 2020 2019 2018 Revenues: Homebuilding Mid Atlantic $ 3,668,542 $ 3,901,573 $ 3,893,358 Homebuilding North East 538,772 514,804 580,726 Homebuilding Mid East 1,524,667 1,501,139 1,455,834 Homebuilding South East 1,596,908 1,303,328 1,074,386 Mortgage Banking 208,034 167,820 159,370 Consolidated revenues $ 7,536,923 $ 7,388,664 $ 7,163,674
Profit before Taxes	Year Ended December 31, 2020 2019 2018 Profit before taxes: Homebuilding Mid Atlantic $ 437,849 $ 478,537 $ 462,178 Homebuilding North East 50,677 51,728 69,789 Homebuilding Mid East 168,605 173,374 175,134 Homebuilding South East 205,029 155,144 118,296 Mortgage Banking 143,319 105,292 93,462 Total segment profit 1,005,479 964,075 918,859 Reconciling items: Contract land deposit reserve adjustment (1) (24,633) 1,644 783 Equity-based compensation expense (2) (50,794) (78,532) (75,701) Corporate capital allocation (4) 239,233 224,468 213,903 Unallocated corporate overhead (114,921) (105,125) (89,973) Consolidation adjustments and other (3) 63,025 43,486 15,829 Corporate interest expense (39,356) (24,221) (23,968) Reconciling items sub-total 72,554 61,720 40,873 Consolidated profit before taxes $ 1,078,033 $ 1,025,795 $ 959,732 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of contract land deposit impairment charges in Note 3. (2) The decrease in equity-based compensation expense in 2020 was primarily attributable to stock options issued in 2014 under the 2014 Equity Incentive Plan becoming fully vested in 2019. In addition, there were higher stock option forfeitures in 2020 compared to 2019. (3) The increase in 2020 relates primarily to the significant increase in lumber prices during the second half of 2020. Our reportable segments' results include intercompany profits of our production facilities, which were negatively impacted by the increase in lumber costs. The increase in lumber costs related to homes not yet settled is eliminated through the consolidation adjustment. As these homes currently in inventory are settled in subsequent quarters, our consolidated homebuilding margins will be negatively impacted by the higher lumber costs. (4) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the years presented:
Assets	As of December 31, 2020 2019 Assets: Homebuilding Mid Atlantic $ 1,140,910 $ 1,024,996 Homebuilding North East 202,591 166,860 Homebuilding Mid East 377,448 293,773 Homebuilding South East 494,295 400,979 Mortgage Banking 555,278 560,407 Total segment assets 2,770,522 2,447,015 Reconciling items: Cash and cash equivalents 2,714,720 1,110,892 Deferred taxes 132,980 115,731 Intangible assets and goodwill 49,678 49,834 Operating lease right-of-use assets 53,110 63,825 Finance lease right-of-use assets 15,772 7,052 Contract land deposit reserve (52,205) (27,572) Consolidation adjustments and other 92,564 43,038 Reconciling items sub-total 3,006,619 1,362,800 Consolidated assets $ 5,777,141 $ 3,809,815
Interest Income	Year Ended December 31, 2020 2019 2018 Interest income: Mortgage Banking $ 8,930 $ 12,142 $ 11,593 Total segment interest income 8,930 12,142 11,593 Other unallocated interest income 8,549 20,635 8,588 Consolidated interest income $ 17,479 $ 32,777 $ 20,181
Interest Expense	Year Ended December 31, 2020 2019 2018 Interest expense: Homebuilding Mid Atlantic $ 124,486 $ 123,178 $ 123,908 Homebuilding North East 22,859 19,804 17,897 Homebuilding Mid East 40,261 37,266 35,804 Homebuilding South East 51,729 44,334 36,362 Mortgage Banking 1,414 1,045 1,045 Total segment interest expense 240,749 225,627 215,016 Corporate capital allocation (4) (239,233) (224,468) (213,903) Senior Notes and other interest 39,356 24,221 23,968 Consolidated interest expense $ 40,872 $ 25,380 $ 25,081
Depreciation and Amortization	Year Ended December 31, 2020 2019 2018 Depreciation and amortization: Homebuilding Mid Atlantic $ 6,806 $ 7,069 $ 7,753 Homebuilding North East 1,800 1,411 1,600 Homebuilding Mid East 4,969 4,348 3,481 Homebuilding South East 3,636 3,086 2,523 Mortgage Banking 1,534 1,581 1,489 Total segment depreciation and amortization 18,745 17,495 16,846 Unallocated corporate 3,247 3,323 3,322 Consolidated depreciation and amortization $ 21,992 $ 20,818 $ 20,168
Expenditures for Property and Equipment	Year Ended December 31, 2020 2019 2018 Expenditures for property and equipment: Homebuilding Mid Atlantic $ 5,712 $ 9,218 $ 6,657 Homebuilding North East 1,083 2,000 1,074 Homebuilding Mid East 5,041 5,221 4,302 Homebuilding South East 3,818 3,944 2,732 Mortgage Banking 265 899 1,677 Total segment expenditures for property and equipment 15,919 21,282 16,442 Unallocated corporate 200 1,417 3,223 Consolidated expenditures for property and equipment $ 16,119 $ 22,699 $ 19,665
Corporate Capital Allocation Charge	Year Ended December 31, 2020 2019 2018 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 124,426 $ 123,130 $ 123,855 Homebuilding North East 22,850 19,755 17,893 Homebuilding Mid East 40,256 37,263 35,803 Homebuilding South East 51,701 44,320 36,352 Total corporate capital allocation charge $ 239,233 $ 224,468 $ 213,903

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2020 and 2019 was as follows: December 31, 2020 2019 Contract land deposits $ 439,833 $ 441,423 Loss reserve on contract land deposits (52,205) (27,572) Contract land deposits, net 387,628 413,851 Contingent obligations in the form of letters of credit 8,249 5,606 Total risk of loss $ 395,877 $ 419,457

Capitalized Interest (Tables)

Capitalized Interest (Tables)	12 Months Ended
	Dec. 31, 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	Our interest costs incurred, capitalized, expensed and charged to cost of sales during the years ended December 31, 2020, 2019 and 2018 was as follows: December 31, 2020 2019 2018 Interest capitalized, beginning of year $ 3,499 $ 4,154 $ 5,583 Interest incurred 41,327 26,463 26,277 Interest charged to interest expense (40,872) (25,380) (25,081) Interest charged to cost of sales (2,929) (1,738) (2,625) Interest capitalized, end of year $ 1,025 $ 3,499 $ 4,154

Property, Plant and Equipment_2

Property, Plant and Equipment ("PP&E") (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment ("PP&E")	December 31, 2020 2019 Homebuilding: Office facilities and other $ 39,647 $ 39,218 Model home furniture and fixtures 32,686 31,352 Production facilities 77,420 71,295 Finance lease right-of-use assets 15,772 7,051 Gross Homebuilding PP&E 165,525 148,916 Less: accumulated depreciation (107,739) (96,656) Net Homebuilding PP&E $ 57,786 $ 52,260 Mortgage Banking: Office facilities and other $ 14,716 $ 14,617 Less: accumulated depreciation (10,172) (8,789) Net Mortgage Banking PP&E $ 4,544 $ 5,828

Common Stock (Tables)

Common Stock (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Share Repurchases of Common Stock	made the following share repurchases during the years indicated: Year Ended December 31, 2020 2019 2018 Aggregate purchase price $ 371,078 $ 698,417 $ 846,134 Number of shares repurchased 96 221 301

Income Taxes (Tables)

Income Taxes (Tables) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Provision for Income Taxes	The provision for income taxes consists of the following: Year Ended December 31, 2020 2019 2018 Current: Federal $ 151,532 $ 115,610 $ 126,358 State 42,769 34,586 37,038 Deferred: Federal (13,289) (2,195) 138 State (4,227) (745) (999) Income tax expense $ 176,785 $ 147,256 $ 162,535
Tax Cuts and Jobs Act, Change in Tax Rate, Deferred Tax Asset, Income Tax Expense	$ 0	$ 0	$ (497)
Deferred Income Taxes on Consolidated Balance Sheets	Deferred income taxes on our consolidated balance sheets were comprised of the following: December 31, 2020 2019 Deferred tax assets: Other accrued expenses and contract land deposit reserve $ 67,520 $ 52,726 Deferred compensation 4,608 4,635 Equity-based compensation expense 41,839 42,043 Inventory 13,118 10,530 Unrecognized tax benefit 11,705 12,355 Other 8,639 8,289 Total deferred tax assets 147,429 130,578 Less: Deferred tax liabilities 7,184 7,902 Net deferred tax asset $ 140,245 $ 122,676
Income Tax Expense Reconciliation	A reconciliation of income taxes computed at the federal statutory rate (21%) to income tax expense is as follows: Year Ended December 31, 2020 2019 2018 Income taxes computed at the federal statutory rate $ 226,387 $ 215,417 $ 201,544 State income taxes, net of federal income tax benefit (1) 47,469 45,770 42,944 Excess tax benefits from equity-based compensation (92,234) (101,466) (77,478) Remeasurement of net deferred tax assets due to enactment of Tax Cut and Jobs Act — — (497) Other, net (2) (4,837) (12,465) (3,978) Income tax expense $ 176,785 $ 147,256 $ 162,535 (1) Excludes state excess tax benefits from equity-based compensation included in the line below. (2) Primarily attributable to tax benefits from certain energy credits for the years ended December 31, 2020 and 2019.
Reconciliation of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, 2020 2019 Balance at beginning of year $ 39,356 $ 43,418 Additions based on tax positions related to the current year 3,155 2,941 Reductions for tax positions of prior years (5,694) (7,003) Settlements — — Balance at end of year $ 36,817 $ 39,356

Equity-Based Compensation, Pr_2

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of Equity-Based Compensation Plans with Grants Outstanding [Table Text Block]	During 2020, we issued 43 Options and 4 RSUs under the following equity-based compensation plans: 2010 Plan 2014 Plan 2018 Plan Options Granted Options (4) 4 17 1 Performance-based Options (5) 4 17 — Total Options Granted 8 34 1 RSUs Granted RSUs (6) — — 2 Performance-based RSUs (7) — — 2 Total RSUs Granted — — 4 (4) Options granted vest over four years in 25% increments beginning on either December 31, 2022 or December 31, 2023, based on the date of grant. Vesting for the Options is contingent solely upon continued employment or continued service as a Director. (5) Options granted vest over four years in 25% increments beginning on either December 31, 2022 or December 31, 2023, based on the date of grant. Vesting for the performance-based Options is contingent upon both continued employment or continued service as a Director and our return on capital performance during the three year periods beginning 2020 or 2021, based on the grant's vesting period. (6) RSUs granted predominately vest over three years in 33% increments beginning on December 31, 2025. Vesting for the RSUs is contingent solely upon continued employment.
Summary of Equity-Based Compensation Plans with Grants Outstanding	The following table provides a summary of each of our equity-based compensation plans with grants outstanding at December 31, 2020. Each of the following plans was approved by our shareholders: Equity-Based Compensation Plans Shares Options/RSUs Shares 2010 Equity Incentive Plan (1) 700 88 — 2014 Equity Incentive Plan (2) 950 404 126 2018 Equity Incentive Plan (3) 275 120 155 (1) The 2010 Equity Incentive Plan (the “2010 Plan”) authorizes us to issue Options and RSUs. There were 74 Options and 14 RSUs outstanding as of December 31, 2020. Shares can no longer be granted from this plan. (2) The 2014 Equity Incentive Plan (the “2014 Plan”) authorizes us to issue Options only. (3) The 2018 Equity Incentive Plan (the "2018 Plan") authorizes us to issue Options and RSUs. Of the 275 aggregate shares authorized to issue, all may be granted in the form of Options and up to 40 may be granted in the form of RSUs. There were 116 Options and 4 RSUs outstanding as of December 31, 2020. Of the 155 shares available to issue, 36 may be granted in the form of RSUs.
Equity-Based Compensation Plans	The following table provides additional information relative to our equity-based compensation plans for the year ended December 31, 2020: Shares Weighted Avg. Per Share Weighted Avg. Remaining Aggregate Stock Options Outstanding at December 31, 2019 749 $ 2,030.42 Granted 43 3,126.53 Exercised (159) 1,136.44 Forfeited (40) 2,830.82 Outstanding at December 31, 2020 593 $ 2,295.11 6.1 $ 1,059,114 Exercisable at December 31, 2020 303 $ 1,696.32 4.6 $ 722,610 RSUs Outstanding at December 31, 2019 15 Granted 4 Vested — Forfeited (1) Outstanding at December 31, 2020 18 $ 71,797 Vested, but not issued at December 31, 2020 — $ —
Black-Scholes Option-Pricing Model Assumptions	The fair value of the Options granted during 2020, 2019 and 2018 was estimated on the grant date using the Pricing Model, based on the following assumptions: 2020 2019 2018 Estimated option life (years) 5.36 5.55 5.06 Risk free interest rate (range) 0.22%-1.94% 1.51%-2.73% 2.19%-3.13% Expected volatility (range) 18.78%-32.48% 19.17%-22.01% 16.57%-20.05% Expected dividend rate — % — % — % Weighted average grant-date fair value per share of options granted $ 737.19 $ 661.01 $ 687.81
Exercised Option Proceeds	Information with respect to the vested RSUs and exercised Options is as follows: Year Ended December 31, 2020 2019 2018 Aggregate exercise proceeds $ 180,866 $ 274,028 $ 174,110 Aggregate intrinsic value on exercise dates $ 432,772 $ 593,162 $ 355,318

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Summary of Changes in Product Warranties Reserve	The following table reflects the changes in our warranty reserve (see Note 1 herein for further discussion of warranty/product liability reserves): Year Ended December 31, 2020 2019 2018 Warranty reserve, beginning of year $ 108,053 $ 103,700 $ 94,513 Provision 75,288 69,065 62,553 Payments (63,703) (64,712) (53,366) Warranty reserve, end of year $ 119,638 $ 108,053 $ 103,700

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Undesignated Derivative Instruments	The fair value measurement of NVRM's undesignated derivative instruments was as follows: As of December 31, 2020 2019 Rate lock commitments: Gross assets $ 10,844 $ 8,132 Gross liabilities 87 497 Net rate lock commitments $ 10,757 $ 7,635 Forward sales contracts: Gross assets $ 1 $ 377 Gross liabilities 5,217 920 Net forward sales contracts $ (5,216) $ (543)
Fair Value Measurement	The fair value measurement as of December 31, 2020 was as follows: Notional or Assumed Interest Servicing Security Total Fair Rate lock commitments $ 617,308 $ 3,227 $ 3,263 $ 4,267 $ — $ 10,757 Forward sales contracts $ 916,588 — — — (5,216) (5,216) Mortgages held for sale $ 439,718 3,359 2,817 3,866 — 10,042 Total fair value measurement $ 6,586 $ 6,080 $ 8,133 $ (5,216) $ 15,583
Fair Value Measurements, Recurring and Nonrecurring	The following table presents the estimated fair values and carrying values of our Senior Notes as of December 31, 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. December 31, 2020 December 31, 2019 Estimated Fair Values: 3.95% Senior Notes due 2022 $ 630,000 $ 626,520 3.00% Senior Notes due 2030 982,620 — Total $ 1,612,620 $ 626,520 Carrying Values: 3.95% Senior Notes due 2022 $ 598,925 $ 598,301 3.00% Senior Notes due 2030 918,470 — Total $ 1,517,395 $ 598,301

Quarterly Results (unaudited) (

Quarterly Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data and Operating Information	The following table sets forth unaudited selected financial data and operating information on a quarterly basis for the years ended December 31, 2020 and 2019. Year Ended December 31, 2020 4th 3rd 2nd 1st Homebuilding data: Revenues $ 2,263,673 $ 1,920,751 $ 1,588,758 $ 1,555,707 Gross profit $ 441,552 $ 384,707 $ 304,265 $ 260,964 Mortgage Banking data: Mortgage banking fees $ 80,342 $ 69,261 $ 31,610 $ 26,821 Loans closed $ 1,659,219 $ 1,382,060 $ 1,144,428 $ 1,132,104 Consolidated data: Net income $ 305,004 $ 256,466 $ 164,075 $ 175,703 Diluted earnings per share $ 76.93 $ 65.11 $ 42.50 $ 44.96 Operating data: New orders (units) 5,485 6,681 5,901 5,015 Settlements (units) 6,060 5,180 4,296 4,230 Backlog (units) 11,549 12,124 10,623 9,018 Year Ended December 31, 2019 4th 3rd 2nd 1st Homebuilding data: Revenues $ 1,946,859 $ 1,873,331 $ 1,757,448 $ 1,643,206 Gross profit $ 379,467 $ 355,055 $ 332,060 $ 304,400 Mortgage Banking data: Mortgage banking fees $ 43,336 $ 37,933 $ 42,746 $ 43,805 Loans closed $ 1,418,742 $ 1,373,946 $ 1,231,039 $ 1,140,999 Consolidated data: Net income $ 256,137 $ 223,787 $ 210,209 $ 188,406 Diluted earnings per share $ 64.41 $ 56.11 $ 53.09 $ 47.64 Operating data: New orders (units) 4,392 4,766 5,239 5,139 Settlements (units) 5,331 5,124 4,720 4,493 Backlog (units) 8,233 9,172 9,530 9,011

Leases, Codification Topic 842

Leases, Codification Topic 842 (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Lease, Cost	The components of lease expense were as follows: Year Ended Year Ended Lease expense Operating lease expense $ 31,704 $ 30,991 Finance lease expense: Amortization of ROU assets 1,313 382 Interest on lease liabilities 281 76 Short-term lease expense 24,361 26,843 Total lease expense $ 57,659 $ 58,292
ScheduleofSupplementalCashFlowInformationRelatedtoLeases	Other information related to leases was as follows: Year Ended Year Ended Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 27,953 $ 25,272 Operating cash flows from finance leases $ 281 $ 76 Financing cash flows from finance leases $ 989 $ 306 ROU assets obtained in exchange for lease obligations: Operating leases $ 10,159 $ 17,078 Finance leases $ 10,034 $ 7,434 Weighted-average remaining lease term (in years): Operating leases 4.7 5.1 Finance leases 12.5 6.7 Weighted-average discount rate: Operating leases 3.4 % 3.6 % Finance leases 2.8 % 2.8 %
Lessee, Operating and Finance Lease, Liability, Maturity	We are committed under multiple non-cancelable operating leases involving office space, model homes, production facilities, automobiles and equipment. Future lease payments under these operating leases as of December 31, 2020 are as follows: Year Ending December 31, Operating Leases Finance Leases 2021 $ 30,111 $ 1,744 2022 19,500 1,749 2023 14,918 1,754 2024 8,825 1,759 2025 4,970 1,764 Thereafter 6,641 10,742 Total lease payments 84,965 19,512 Less: Imputed interest 5,544 3,339 Short-term lease payments 6,765 — Total lease liability $ 72,656 $ 16,173

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Significant Accounting Policies [Line Items]
Cash	$ 2,809,782	$ 1,160,804	$ 732,248	$ 689,557
Contract land deposit assets impairment valuation allowances	52,205	27,572
Net Contract Land Deposit Impairment Recoveries	$ 25,600	(700)	$ 5,100
Office facilities and other | Maximum
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Manufacturing Facilities | Maximum
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Home Building
Significant Accounting Policies [Line Items]
Cash	$ 2,714,720	1,110,892
Goodwill acquired from business acquisition	41,580	41,580
Contract with Customer, Liability	240,758	131,886
Mortgage Banking
Significant Accounting Policies [Line Items]
Cash	63,547	29,412
Goodwill acquired from business acquisition	$ 7,347	7,347
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring
Significant Accounting Policies [Line Items]
Typical length of days loans sold into secondary market	30 days
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Rate lock commitments
Significant Accounting Policies [Line Items]
Derivative, Notional Amount	$ 617,308
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Forward sales contracts
Significant Accounting Policies [Line Items]
Derivative, Notional Amount	916,588
Consolidated Joint Venture
Significant Accounting Policies [Line Items]
Cash	269	281
Other Assets
Significant Accounting Policies [Line Items]
Capitalized Contract Cost, Net	$ 22,500	$ 14,600

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS (in Shares)	3,692	3,641	3,631
Dilutive securities:
Stock options and restricted share units (in Shares)	225	332	461
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS (in Shares)	3,917	3,973	4,092

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Anti-dilutive securities (in Shares)	31	319	370

Segment Information, Nature o_3

Segment Information, Nature of Operations, and Certain Concentrations - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2020Trade_Namesmetropolitan_areasegment
Segment Reporting Information [Line Items]
Number of trade names | Trade_Names	3
Number of metropolitan areas Ryan Homes product are sold | metropolitan_area	33
Senior Notes due 2022
Segment Reporting Information [Line Items]
Senior notes interest rate	3.95%
Senior Notes Due Two Thousand Thirty [Member]
Segment Reporting Information [Line Items]
Senior notes interest rate	3.00%
Home Building
Segment Reporting Information [Line Items]
Number of reportable segments	4
Mortgage Banking
Segment Reporting Information [Line Items]
Number of reportable segments	1
Geographic Concentration Risk | Home Building | District of Columbia
Segment Reporting Information [Line Items]
Revenue derived	24.00%
Geographic Concentration Risk | Home Building | Maryland, Baltimore
Segment Reporting Information [Line Items]
Revenue derived	10.00%

Segment Information, Nature o_4

Segment Information, Nature of Operations, and Certain Concentrations - Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues									$ 7,536,923	$ 7,388,664	$ 7,163,674
Home Building
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues	$ 2,263,673	$ 1,920,751	$ 1,588,758	$ 1,555,707	$ 1,946,859	$ 1,873,331	$ 1,757,448	$ 1,643,206	7,328,889	7,220,844	7,004,304
Home Building | Mid Atlantic
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues									3,668,542	3,901,573	3,893,358
Home Building | North East
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues									538,772	514,804	580,726
Home Building | Mid East
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues									1,524,667	1,501,139	1,455,834
Home Building | South East
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues									1,596,908	1,303,328	1,074,386
Mortgage Banking
Segment Reporting, Revenue Reconciling Item [Line Items]
Consolidated revenues	$ 80,342	$ 69,261	$ 31,610	$ 26,821	$ 43,336	$ 37,933	$ 42,746	$ 43,805	$ 208,034	$ 167,820	$ 159,370

Segment Information, Nature o_5

Segment Information, Nature of Operations, and Certain Concentrations - Profit before Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	$ 1,078,033	$ 1,025,795	$ 959,732
Equity-based compensation expense (2)	(50,794)	(78,532)	(75,701)
Corporate interest expense	(40,872)	(25,380)	(25,081)
Home Building
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	937,960	923,879	871,106
Corporate interest expense	(39,458)	(24,335)	(24,036)
Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	140,073	101,916	88,626
Corporate interest expense	(1,414)	(1,045)	(1,045)
Profit before taxes:
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	1,005,479	964,075	918,859
Corporate interest expense	(240,749)	(225,627)	(215,016)
Profit before taxes: | Home Building | Mid Atlantic
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	437,849	478,537	462,178
Corporate interest expense	(124,486)	(123,178)	(123,908)
Profit before taxes: | Home Building | North East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	50,677	51,728	69,789
Corporate interest expense	(22,859)	(19,804)	(17,897)
Profit before taxes: | Home Building | Mid East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	168,605	173,374	175,134
Corporate interest expense	(40,261)	(37,266)	(35,804)
Profit before taxes: | Home Building | South East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	205,029	155,144	118,296
Corporate interest expense	(51,729)	(44,334)	(36,362)
Profit before taxes: | Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	143,319	105,292	93,462
Corporate interest expense	(1,414)	(1,045)	(1,045)
Reconciling items:
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	72,554	61,720	40,873
Contract land deposit reserve adjustment	(24,633)	1,644	783
Equity-based compensation expense (2)	(50,794)	(78,532)	(75,701)
Corporate capital allocation charge	239,233	224,468	213,903
Unallocated corporate overhead	(114,921)	(105,125)	(89,973)
Consolidation adjustments and other (3)	63,025	43,486	15,829
Corporate interest expense	$ (39,356)	$ (24,221)	$ (23,968)

Segment Information, Nature o_6

Segment Information, Nature of Operations, and Certain Concentrations - Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 5,777,141	$ 3,809,815
Cash and cash equivalents	2,809,782	1,160,804	$ 732,248	$ 689,557
Contract land deposit reserve	(52,205)	(27,572)
Home Building
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	5,214,516	3,242,061
Cash and cash equivalents	2,714,720	1,110,892
Deferred taxes	132,980	115,731
Operating Lease, Right-of-Use Asset	53,110	63,825
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	15,772	7,051
Mortgage Banking
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	562,625	567,754
Cash and cash equivalents	63,547	29,412
Operating Lease, Right-of-Use Asset	12,439	13,345
Profit before taxes:
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,770,522	2,447,015
Profit before taxes: | Home Building | Mid Atlantic
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,140,910	1,024,996
Profit before taxes: | Home Building | North East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	202,591	166,860
Profit before taxes: | Home Building | Mid East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	377,448	293,773
Profit before taxes: | Home Building | South East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	494,295	400,979
Profit before taxes: | Mortgage Banking
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	555,278	560,407
Reconciling items:
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	3,006,619	1,362,800
Cash and cash equivalents	2,714,720	1,110,892
Deferred taxes	132,980	115,731
Intangible assets and goodwill	49,678	49,834
Operating Lease, Right-of-Use Asset	53,110	63,825
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	15,772	7,052
Contract land deposit reserve	(52,205)	(27,572)
Consolidation adjustments and other	$ 92,564	$ 43,038

Segment Information, Nature o_7

Segment Information, Nature of Operations, and Certain Concentrations - Interest Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest income	$ 17,479	$ 32,777	$ 20,181
Mortgage Banking
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest income	8,930	12,142	11,593
Profit before taxes:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest income	8,930	12,142	11,593
Other unallocated interest income
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other unallocated interest income	$ 8,549	$ 20,635	$ 8,588

Segment Information, Nature o_8

Segment Information, Nature of Operations, and Certain Concentrations - Interest Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	$ 40,872	$ 25,380	$ 25,081
Home Building
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	39,458	24,335	24,036
Mortgage Banking
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	1,414	1,045	1,045
Profit before taxes:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	240,749	225,627	215,016
Profit before taxes: | Home Building | Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	124,486	123,178	123,908
Profit before taxes: | Home Building | North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	22,859	19,804	17,897
Profit before taxes: | Home Building | Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	40,261	37,266	35,804
Profit before taxes: | Home Building | South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	51,729	44,334	36,362
Profit before taxes: | Mortgage Banking
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	1,414	1,045	1,045
Reconciling items:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated interest expense	39,356	24,221	23,968
Corporate capital allocation charge	$ (239,233)	$ (224,468)	$ (213,903)

Segment Information, Nature o_9

Segment Information, Nature of Operations, and Certain Concentrations - Depreciation and Amortization (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	$ 21,992	$ 20,818	$ 20,168
Profit before taxes:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	18,745	17,495	16,846
Profit before taxes: | Home Building | Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	6,806	7,069	7,753
Profit before taxes: | Home Building | North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	1,800	1,411	1,600
Profit before taxes: | Home Building | Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	4,969	4,348	3,481
Profit before taxes: | Home Building | South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	3,636	3,086	2,523
Profit before taxes: | Mortgage Banking
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	1,534	1,581	1,489
Other unallocated interest income
Segment Reporting, Other Significant Reconciling Item [Line Items]
Consolidated depreciation and amortization	$ 3,247	$ 3,323	$ 3,322

Segment Information, Nature _10

Segment Information, Nature of Operations, and Certain Concentrations - Expenditures for Property and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	$ 16,119	$ 22,699	$ 19,665
Profit before taxes:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	15,919	21,282	16,442
Profit before taxes: | Home Building | Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	5,712	9,218	6,657
Profit before taxes: | Home Building | North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	1,083	2,000	1,074
Profit before taxes: | Home Building | Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	5,041	5,221	4,302
Profit before taxes: | Home Building | South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	3,818	3,944	2,732
Profit before taxes: | Mortgage Banking
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	265	899	1,677
Other unallocated interest income
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenditures for property and equipment:	$ 200	$ 1,417	$ 3,223

Segment Information, Nature _11

Segment Information, Nature of Operations, and Certain Concentrations - Corporate Capital Allocation Charge (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Corporate Reconciling Items And Eliminations [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ (239,233)	$ (224,468)	$ (213,903)
Corporate Reconciling Items And Eliminations [Member] | Home Building | Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	(124,426)	(123,130)	(123,855)
Corporate Reconciling Items And Eliminations [Member] | Home Building | North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	(22,850)	(19,755)	(17,893)
Corporate Reconciling Items And Eliminations [Member] | Home Building | Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	(40,256)	(37,263)	(35,803)
Corporate Reconciling Items And Eliminations [Member] | Home Building | South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	(51,701)	(44,320)	(36,352)
Reconciling items:
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ (239,233)	$ (224,468)	$ (213,903)

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)lot	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10.00%
Net Contract Land Deposit Impairment Recoveries	$ 25,600	$ (700)	$ 5,100
Contract Land Deposits	$ 439,833	$ 441,423
Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10.00%
Lots controlled by NVR | lot	103,000
Contract land deposits in cash under Lot Purchase Agreements	$ 438,500
Letters of credit related to lots	$ 8,100
Contract on Raw Ground with Landowners
Variable Interest Entity [Line Items]
Lots controlled by NVR | lot	6,100
Letters of credit on raw land contracts	$ 100
Refundable deposits	1,000
Contract Land Deposits	$ 1,300

Variable Interest Entities - To

Variable Interest Entities - Total Risk of Loss Related to Contract Land Deposits (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Contract land deposits	$ 439,833	$ 441,423
Loss reserve on contract land deposits	(52,205)	(27,572)
Contract land deposits, net	387,628	413,851
Contingent obligations in the form of letters of credit	8,249	5,606
Total risk of loss	$ 395,877	$ 419,457

Joint Ventures - Additional Inf

Joint Ventures - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)lotjoint_venture	Dec. 31, 2019USD ($)lotjoint_venture	Dec. 31, 2018USD ($)
Joint Ventures [Line Items]
Aggregate investment	$ 23,600	$ 26,700
Number of joint ventures | joint_venture	4	5
Expected production of finished lots | lot	5,200	6,300
Total lots controlled by company under the joint venture | lot	2,200	2,950
Total lots either under contract with unrelated parties or not under the current contract | lot	3,000	3,350
Additional funding commitments in the aggregate	$ 3,100	$ 4,300
Number of joint ventures with additional funding commitment | joint_venture		2
Equity Method Investment, Realized Gain (Loss) on Disposal	5,000
Distribution of capital from unconsolidated joint ventures	11,625	$ 8,247	$ 10,515
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsTotalDistribution	13,100
Other Assets
Joint Ventures [Line Items]
Aggregate investment	$ 23,600	$ 26,700

Joint Ventures - Condensed Bala

Joint Ventures - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets:
Cash	$ 2,809,782	$ 1,160,804	$ 732,248	$ 689,557
Liabilities and equity:
Equity	3,103,074	2,341,244	$ 1,808,562	$ 1,605,492
Total liabilities and shareholders' equity	5,777,141	3,809,815
Consolidated Joint Venture
Assets:
Cash	269	$ 281
Liabilities and equity:
Accrued expenses	$ 244

Land Under Development - Additi

Land Under Development - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)parcellot	Dec. 31, 2019USD ($)lotparcel
Real Estate [Abstract]
Number of finished lots for use in homebuilding operations | lot	500	650
Number of raw parcels of land owned | parcel	3	5
Carrying value of raw parcels of land	$ 62,790	$ 69,196
Aggregate additional funding commitments related to raw land property under joint development	5,100
Expected development credits that will offset the aggregate additional funding commitments related to raw land property development	$ 2,600

Capitalized Interest - Summary

Capitalized Interest - Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Capitalized Interest Costs Including Allowance for Funds Used During Construction RollForward
Interest capitalized, beginning of year	$ 3,499	$ 4,154	$ 5,583
Interest incurred	41,327	26,463	26,277
Interest expense	(40,872)	(25,380)	(25,081)
Interest charged to cost of sales	(2,929)	(1,738)	(2,625)
Interest capitalized, end of year	$ 1,025	$ 3,499	$ 4,154

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - Elm Street $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)lot	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Related party forward lot purchase agreements purchase price | $	$ 138,100
Number of related parties for forward lot purchase agreement | lot	1
Market price of developed lots | $	$ 60,200	$ 44,600	$ 36,100
Expected number of lots from joint venture with Elm Street | lot	1,900

Property Plant and Equipment ("

Property Plant and Equipment ("PP&E") - Summary of Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Home Building
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 165,525	$ 148,916
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	15,772	7,051
Less: accumulated depreciation	(107,739)	(96,656)
Net Homebuilding PP&E	57,786	52,260
Home Building | Office facilities and other
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	39,647	39,218
Home Building | Model home furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	32,686	31,352
Home Building | Production facilities
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	77,420	71,295
Mortgage Banking
Property, Plant and Equipment [Line Items]
Net Homebuilding PP&E	4,544	5,828
Mortgage Banking | Office facilities and other
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	14,716	14,617
Less: accumulated depreciation	(10,172)	(8,789)
Net Homebuilding PP&E	$ 4,544	$ 5,828

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	May 15, 2030	Feb. 12, 2026	Sep. 15, 2022	Jul. 15, 2021	Dec. 31, 2020	Feb. 12, 2021	Sep. 17, 2020	Sep. 09, 2020	May 04, 2020	Dec. 31, 2019	Sep. 10, 2012
Debt Instrument [Line Items]
Expiration date					Jul. 15, 2021
Senior Notes due 2022
Debt Instrument [Line Items]
Senior notes principal amount											$ 600,000,000
Senior notes maturity date			Sep. 15, 2022
Senior notes effective interest rate											3.97%
Senior notes proceeds					$ 593,900,000
Senior notes interest rate					3.95%
Frequency of senior notes payment					semi-annually in arrears on March 15 and September 15
Debt issuance cost					$ 868,000					$ 1,377,000
Debt Instrument, Unamortized Discount (Premium), Net					(207,000)					(322,000)
Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum loan borrowing capacity					200,000,000
Increase in commitment available					$ 300,000,000
Line of credit facility, interest rate description					Borrowings under the Credit Agreement generally bear interest for Base Rate Loans at a Base Rate equal to the highest of (i) a Federal Funds Rate plus one-half of one percent, (ii) Bank of America’s publicly announced “prime rate,” and (iii) the Eurodollar Rate plus one percent, plus the Applicable Rate which is based on our debt rating, or for Eurodollar Rate Loans, at the Eurodollar Rate equal to LIBOR plus the Applicable Rate.
Expiration date				Jul. 15, 2021
Debt outstanding					$ 0
Credit Agreement | Revolving Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument, marginal interest rate					0.50%
Credit Agreement | Revolving Credit Facility | Eurodollar Rate
Debt Instrument [Line Items]
Debt instrument, marginal interest rate					1.00%
Credit Agreement | Revolving Credit Facility | Sublimit for Issuance of Letters of Credit
Debt Instrument [Line Items]
Maximum loan borrowing capacity					$ 100,000,000
Letters of credit outstanding					12,800,000
Credit Agreement | Revolving Credit Facility | Sublimit for Swing Line Commitment
Debt Instrument [Line Items]
Maximum loan borrowing capacity					$ 25,000,000
Repurchase Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Senior notes interest rate					1.94%
Maximum loan borrowing capacity					$ 150,000,000
Debt outstanding					0					$ 0
Borrowing base limitations					$ 0
Repurchase Agreement | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Senior notes interest rate					1.75%
Senior Notes Due Two Thousand Thirty [Member]
Debt Instrument [Line Items]
Senior notes principal amount									$ 600,000,000
Senior notes maturity date	May 15, 2030
Senior notes effective interest rate					3.02%
Senior notes proceeds					$ 595,200,000
Senior notes interest rate					3.00%
Frequency of senior notes payment					semi-annually in arrears on May 15 and November 15
Debt issuance cost					$ 3,387,000
Debt Instrument, Unamortized Discount (Premium), Net					$ (1,075,000)
$250M Senior Notes Due Two Thousand Thirty [Member]
Debt Instrument [Line Items]
Senior notes principal amount								$ 250,000,000
$50M Senior Notes Due Two Thousand Thirty [Member]
Debt Instrument [Line Items]
Senior notes principal amount							$ 50,000,000
$300M Senior Notes Due Two Thousand Thirty [Member]
Debt Instrument [Line Items]
Senior notes effective interest rate					2.00%
Senior notes proceeds					$ 323,600,000
Debt issuance cost					1,392,000
Debt Instrument, Unamortized Discount (Premium), Net					24,324,000
Amended Credit Agreement [Member] | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum loan borrowing capacity						$ 300,000,000
Increase in commitment available					300,000,000
Expiration date		Feb. 12, 2026
Amended Credit Agreement [Member] | Revolving Credit Facility | Sublimit for Issuance of Letters of Credit
Debt Instrument [Line Items]
Maximum loan borrowing capacity					$ 100,000,000

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Common shares outstanding (in Shares)	3,696	3,633
Reissued shares during the period, shares (in Shares)	159	276	188

Common Stock - Share Repurchase

Common Stock - Share Repurchase of Common Stock (Detail) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Aggregate purchase price	$ 371,078	$ 698,417	$ 846,134
Number of shares repurchased (in Shares)	96	221	301

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Excess tax benefits from equity-based compensation	$ 92,234	$ 101,466	$ 77,478
Estimated federal taxable income	$ 768,700	$ 640,243
Statutory federal income tax rate	21.00%		35.00%
Effective tax rate	16.40%	14.36%	16.94%
Unrecognized tax benefits that would affect effective tax rate	$ 29,085
Reversal of accrued interest on unrecognized tax benefits	420	$ 1,467	$ 1,384
Total accrued interest on unrecognized tax benefits	15,304	$ 15,724
Reduction in unrecognized tax benefits	$ 7,700

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 151,532	$ 115,610	$ 126,358
State	42,769	34,586	37,038
Deferred:
Federal	(13,289)	(2,195)	138
State	(4,227)	(745)	(999)
Total	$ 176,785	$ 147,256	$ 162,535

Income Taxes - Income Tax Benef

Income Taxes - Income Tax Benefits in Shareholders' Equity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Tax Benefit from Stock Compensation	$ (92,234)	$ (101,466)	$ (77,478)

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Other accrued expenses and contract land deposit reserve	$ 67,520	$ 52,726
Deferred compensation	4,608	4,635
Equity-based compensation expense	41,839	42,043
Inventory	13,118	10,530
Unrecognized tax benefit	11,705	12,355
Other	8,639	8,289
Total deferred tax assets	147,429	130,578
Less: Deferred tax liabilities	7,184	7,902
Net deferred tax asset	$ 140,245	$ 122,676

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense Reconciliation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income taxes computed at the federal statutory rate	$ 226,387	$ 215,417	$ 201,544
State income taxes, net of federal income tax benefit	47,469	45,770	42,944
Excess tax benefits from equity-based compensation	92,234	101,466	77,478
Other, net	(4,837)	(12,465)	(3,978)
Total	176,785	147,256	162,535
Tax Cuts and Jobs Act, Change in Tax Rate, Deferred Tax Asset, Income Tax Expense	$ 0	$ 0	$ (497)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 39,356	$ 43,418
Additions based on tax positions related to the current year	3,155	2,941
Reductions for tax positions of prior years	(5,694)	(7,003)
Settlements	0	0
Balance at end of year	$ 36,817	$ 39,356

Equity-Based Compensation, Pr_3

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2020USD ($)compensation_planshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Feb. 12, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense | $	$ 50,794,000	$ 78,532,000	$ 75,701,000
Tax benefit related to equity-based compensation costs | $	$ 10,500,000	$ 16,800,000	$ 17,200,000
Options exercised (in shares)	159,000	276,000	188,000
Combined plan contribution | $	$ 22,500,000	$ 20,300,000	$ 19,500,000
Shares contributed to the Employee Stock Ownership Plan (in Shares)	5,000	5,000
Number of deferred compensation plans | compensation_plan	2
Common stock, shares held in rabbi trust, shares (in shares)	106,697	107,295
Revolving Credit Facility | Amended Credit Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum loan borrowing capacity | $				$ 300,000,000
Increase in commitment available | $	$ 300,000,000
Revolving Credit Facility | Amended Credit Agreement [Member] | Sublimit for Issuance of Letters of Credit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum loan borrowing capacity | $	$ 100,000,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under the plan (in Shares)	4,000
Total unrecognized compensation cost for all outstanding Options and RSUs | $	$ 169,500,000
Weighted-average period over which the unrecognized compensation will be recorded	2 years 2 months 12 days
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under the plan (in Shares)	43,000
Options outstanding	593,000	749,000
Options | Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	25.00%
Options | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	50.00%
Employee Performance Based Stock Option [Member] | Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	4 years
Percentage of options vesting rights	25.00%
Employee Performance Based Stock Option [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	50.00%
Performance Based Restricted Stock Unit [Member] | Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	3 years
Percentage of options vesting rights	33.00%
Maximum | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	6 years
Maximum | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	6 years
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units grants during period	0
Options outstanding	74,000
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number	14,000
Shares Available to Issue	0
Options/RSUs Outstanding	88,000
2010 Plan | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units grants during period	4,000
Vested, but not issued at end of period (Aggregate Intrinsic Value) | $	$ 0
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number	18,000	15,000
2010 Plan | Performance Based Restricted Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units grants during period	0
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units grants during period	4,000
Options outstanding	116,000
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number	4,000
Shares Available to Issue	155,000
Options/RSUs Outstanding	120,000
2018 Plan | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units grants during period	2,000
Shares Available to Issue	36,000
2018 Plan | Performance Based Restricted Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units grants during period	2,000

Equity-Based Compensation, Pr_4

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Summary of Equity-Based Compensation Plans with Grants Outstanding (Detail) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized	60,000,000	60,000,000
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized	700,000
Options/RSUs Outstanding	88,000
Shares Available to Issue	0
Granted (Shares)	8,000
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized	950,000
Options/RSUs Outstanding	404,000
Shares Available to Issue	126,000
Granted (Shares)	34,000
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized	275,000
Options/RSUs Outstanding	120,000
Shares Available to Issue	155,000
Granted (Shares)	1,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under the plan (in Shares)	4,000
RSUs | 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized	40,000
Shares Available to Issue	36,000
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued under the plan (in Shares)	43,000
Granted (Shares)	43,000
Options | 2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (Shares)	4,000
Options | 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (Shares)	17,000
Options | 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (Shares)	1,000
Employee Performance Based Stock Option [Member] | 2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (Shares)	4,000
Employee Performance Based Stock Option [Member] | 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (Shares)	17,000
Employee Performance Based Stock Option [Member] | 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (Shares)	0
Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric | Performance Based Restricted Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	3 years
Percentage of options vesting rights	33.00%
Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	25.00%
Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric | Employee Performance Based Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	4 years
Percentage of options vesting rights	25.00%
Share-based Compensation Award, Tranche Three [Member] | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	50.00%
Share-based Compensation Award, Tranche Three [Member] | Employee Performance Based Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	50.00%

Equity-Based Compensation, Pr_5

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Summary of Equity-Based Compensation Plans with Grants Outstanding (Textual) (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized	60,000,000	60,000,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 2,584.37
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	593,000	749,000
Options | Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	25.00%
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	700,000
Options outstanding	74,000
Restricted share units outstanding	14,000
Shares Available to Issue	0
2010 Plan | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units outstanding	18,000	15,000
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	950,000
Shares Available to Issue	126,000
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	275,000
Options outstanding	116,000
Restricted share units outstanding	4,000
Shares Available to Issue	155,000
2018 Plan | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Available to Issue	36,000
Common stock, shares authorized	40,000

Equity-Based Compensation, Pr_6

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Equity-Based Compensation Plans (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Stock Options
Stock Option, Shares
Outstanding at beginning of period (Shares)	749
Granted (Shares)	43
Exercised (Shares)	(159)
Forfeited (Shares)	(40)
Outstanding at end of period (Shares)	593
Exercisable at end of period (Shares)	303
Weighted Average Per Share Exercise Price
Outstanding at beginning of period (Weighted Average Exercise Price) | $ / shares	$ 2,030.42
Granted (Weighted Average Exercise Price) | $ / shares	3,126.53
Exercised (Weighted Average Exercise Price) | $ / shares	1,136.44
Forfeited (Weighted Average Exercise Price) | $ / shares	2,830.82
Outstanding at end of period (Weighted Average Exercise Price) | $ / shares	2,295.11
Exercisable at end of period (Weighted Average Exercise Price) | $ / shares	$ 1,696.32
Remaining Contractual Life and Aggregate Intrinsic Value
Outstanding at end of period (Weighted Average Remaining Contract Life (Years)	6 years 1 month 6 days
Exercisable at end of period (Weighted Average Remaining Contract Life (Years)	4 years 7 months 6 days
Outstanding at end of period (Aggregate Intrinsic Value) | $	$ 1,059,114
Exercisable at end of period (Aggregate Intrinsic Value) | $	$ 722,610
2010 Plan
Stock Option, Shares
Granted (Shares)	8
Outstanding at end of period (Shares)	74
RSU, Shares
Granted (Shares)	0
Outstanding at end of period (Shares)	14
2010 Plan | Stock Options
Stock Option, Shares
Granted (Shares)	4
2010 Plan | RSUs
RSU, Shares
Outstanding at beginning of period (Shares)	15
Granted (Shares)	4
Vested (Shares)	0
Forfeited (Shares)	(1)
Outstanding at end of period (Shares)	18
Vested, but not issued at end of period (Shares)	0
Remaining Contractual Life and Aggregate Intrinsic Value
Outstanding at end of period (Aggregate Intrinsic Value) | $	$ 71,797
Vested, but not issued at end of period (Aggregate Intrinsic Value) | $	$ 0
2010 Plan | Employee Performance Based Stock Option [Member]
Stock Option, Shares
Granted (Shares)	4
2010 Plan | Time Based Restricted Stock Unit [Member]
RSU, Shares
Granted (Shares)	0
2010 Plan | Performance Based Restricted Stock Unit [Member]
RSU, Shares
Granted (Shares)	0
2014 Plan
Stock Option, Shares
Granted (Shares)	34
RSU, Shares
Granted (Shares)	0
2014 Plan | Stock Options
Stock Option, Shares
Granted (Shares)	17
2014 Plan | RSUs
RSU, Shares
Granted (Shares)	0
2014 Plan | Employee Performance Based Stock Option [Member]
Stock Option, Shares
Granted (Shares)	17
2014 Plan | Performance Based Restricted Stock Unit [Member]
RSU, Shares
Granted (Shares)	0
2018 Plan
Stock Option, Shares
Granted (Shares)	1
Outstanding at end of period (Shares)	116
RSU, Shares
Granted (Shares)	4
Outstanding at end of period (Shares)	4
2018 Plan | Stock Options
Stock Option, Shares
Granted (Shares)	1
2018 Plan | RSUs
RSU, Shares
Granted (Shares)	2
2018 Plan | Employee Performance Based Stock Option [Member]
Stock Option, Shares
Granted (Shares)	0
2018 Plan | Performance Based Restricted Stock Unit [Member]
RSU, Shares
Granted (Shares)	2

Equity-Based Compensation, Pr_7

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Black-Scholes Option-Pricing Model Assumptions (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Estimated option life	5 years 4 months 9 days	5 years 6 months 18 days	5 years 21 days
Risk free interest rate (range), minimum	1.51%	2.19%	1.53%
Risk free interest rate (range), maximum	2.73%	3.13%	2.38%
Expected volatility (range), minimum	19.17%	16.57%	15.09%
Expected volatility (range), maximum	22.01%	20.05%	17.95%
Expected dividend rate	0.00%	0.00%	0.00%
Weighted average grant-date fair value per share of options granted	$ 737.19	$ 661.01	$ 687.81

Equity-Based Compensation, Pr_8

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Exercised Option Proceeds (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Aggregate exercise proceeds	$ 180,866	$ 274,028	$ 174,110
Aggregate intrinsic value on exercise dates	$ 432,772	$ 593,162	$ 355,318

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2018
Commitments And Contingencies [Line Items]
Rent expense under operating leases		$ 52,900
Maximum range of deposits required under the purchase agreements	10.00%
Contingent forfeitable deposits with land developers	$ 215,000
Aggregate additional funding commitments related to raw land property development	5,100
Expected development credit offset amount	2,600
Contingent obligations under bonds or letters of credit arrangements	40,600
Credit Agreement
Commitments And Contingencies [Line Items]
Contingent obligations under letters of credit arrangements	$ 12,800

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - Summary of Changes in Product Warranty/Liability Reserve (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Movement in Warranty Reserve [Roll Forward]
Warranty reserve, beginning of year	$ 108,053	$ 103,700	$ 94,513
Provision	75,288	69,065	62,553
Payments	(63,703)	(64,712)	(53,366)
Warranty reserve, end of year	$ 119,638	$ 108,053	$ 103,700

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)	$ 15,583	$ 14,111
Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	598,925	598,301
Level 2 | Fair Value, Measurements, Recurring | Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	630,000	626,520
Home Building
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	1,517,395	598,301
Mortgage Banking
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance	449,760	492,125
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance	449,760	492,125
Mortgage Banking | Level 2 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment income (expense)	1,472	(198)	$ 8,485
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Rate lock commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)	10,757
Derivative, Notional Amount	617,308
Derivative, Notional Amount	617,308
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Forward sales contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)	(5,216)
Derivative, Notional Amount	916,588
Derivative, Notional Amount	916,588
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Mortgages held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)	10,042	7,019
Derivative, Notional Amount	439,718	485,106
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance	449,760	492,125
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance	449,760	492,125
Derivative, Notional Amount	$ 439,718	$ 485,106

Fair Value - Undesignated Deriv

Fair Value - Undesignated Derivative Instruments (Detail) - Mortgage Banking - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Rate lock commitments
Derivatives, Fair Value [Line Items]
Gross assets	$ 10,844	$ 8,132
Gross liabilities	87	497
Net commitments	(10,757)	(7,635)
Forward sales contracts
Derivatives, Fair Value [Line Items]
Gross assets	1	377
Gross liabilities	5,217	920
Net commitments	$ (5,216)	$ (543)

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurement (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain/(Loss) From Loan Sale	$ 6,586
Interest Rate Movement Effect	6,080
Servicing Rights Value	8,133
Security Price Change	(5,216)
Total Fair Value Measurement Gain/(Loss)	15,583	$ 14,111
Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	598,925	598,301
Senior Notes Due Two Thousand Thirty [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	918,470	0
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	1,517,395	598,301
Level 2 | Fair Value, Measurements, Recurring | Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	630,000	626,520
Level 2 | Fair Value, Measurements, Recurring | Senior Notes Due Two Thousand Thirty [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	982,620	0
Level 2 | Fair Value, Measurements, Recurring | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	1,612,620	626,520
Home Building
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	1,517,395	598,301
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Rate lock commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain/(Loss) From Loan Sale	3,227
Interest Rate Movement Effect	3,263
Servicing Rights Value	4,267
Security Price Change	0
Total Fair Value Measurement Gain/(Loss)	10,757
Derivative, Notional Amount	617,308
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Forward sales contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain/(Loss) From Loan Sale	0
Interest Rate Movement Effect	0
Servicing Rights Value	0
Security Price Change	(5,216)
Total Fair Value Measurement Gain/(Loss)	(5,216)
Derivative, Notional Amount	916,588
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Mortgages held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain/(Loss) From Loan Sale	3,359
Interest Rate Movement Effect	2,817
Servicing Rights Value	3,866
Security Price Change	0
Total Fair Value Measurement Gain/(Loss)	10,042	7,019
Derivative, Notional Amount	$ 439,718	$ 485,106

Mortgage Loan Losses Allowance

Mortgage Loan Losses Allowance - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Mortgage Repurchase Reserve [Abstract]
Pre-tax charges for loan losses related to mortgage loans sold	$ 3,200	$ 4,200	$ 3,200
Mortgage repurchase reserve	$ 20,500	$ 18,500

Quarterly Results (unaudited) -

Quarterly Results (unaudited) - Quarterly Financial Data and Operating Information (Detail) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020USD ($)BacklogSettlementsorder$ / shares	Sep. 30, 2020USD ($)BacklogSettlementsorder$ / shares	Jun. 30, 2020USD ($)BacklogSettlementsorder$ / shares	Mar. 31, 2020USD ($)BacklogSettlementsorder$ / shares	Dec. 31, 2019USD ($)BacklogSettlementsorder$ / shares	Sep. 30, 2019USD ($)orderBacklogSettlements$ / shares	Jun. 30, 2019USD ($)orderBacklogSettlements$ / shares	Mar. 31, 2019USD ($)orderBacklogSettlements$ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)$ / shares
Quarterly Financial Information [Line Items]
Mortgage banking fees									$ 7,536,923	$ 7,388,664	$ 7,163,674
Net income	$ 305,004	$ 256,466	$ 164,075	$ 175,703	$ 256,137	$ 223,787	$ 210,209	$ 188,406	$ 901,248	$ 878,539	$ 797,197
Diluted earnings per share (USD per share) | $ / shares	$ 76.93	$ 65.11	$ 42.50	$ 44.96	$ 64.41	$ 56.11	$ 53.09	$ 47.64	$ 230.11	$ 221.13	$ 194.80
New orders (units) | order	5,485	6,681	5,901	5,015	4,392	4,766	5,239	5,139
Settlements (units) | Settlements	6,060	5,180	4,296	4,230	5,331	5,124	4,720	4,493
Backlog (units) | Backlog	11,549	12,124	10,623	9,018	8,233	9,172	9,530	9,011
Loans closed	$ 1,659,219	$ 1,382,060	$ 1,144,428	$ 1,132,104	$ 1,418,742	$ 1,373,946	$ 1,231,039	$ 1,140,999
Home Building
Quarterly Financial Information [Line Items]
Gross profit	441,552	384,707	304,265	260,964	379,467	355,055	332,060	304,400
Mortgage banking fees	2,263,673	1,920,751	1,588,758	1,555,707	1,946,859	1,873,331	1,757,448	1,643,206	$ 7,328,889	$ 7,220,844	$ 7,004,304
Mortgage Banking
Quarterly Financial Information [Line Items]
Mortgage banking fees	$ 80,342	$ 69,261	$ 31,610	$ 26,821	$ 43,336	$ 37,933	$ 42,746	$ 43,805	$ 208,034	$ 167,820	$ 159,370

Leases, Codification Topic 84_2

Leases, Codification Topic 842 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Lessee, Operating Lease, Term of Contract	19 years 8 months 12 days
Lessee, Operating Lease, Option to Extend	10
Operating Lease, Expense	$ 31,704	$ 30,991
Finance Lease, Right-of-Use Asset, Amortization	1,313	382
Finance Lease, Interest Expense	281	76
Short-term Lease, Cost	24,361	26,843
Lease, Cost	57,659	58,292
Operating Lease, Payments	27,953	25,272
Finance Lease, Interest Payment on Liability	281	76
Finance Lease, Principal Payments	989	306	$ 0
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	10,159	17,078
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 10,034	$ 7,434
Operating Lease, Weighted Average Remaining Lease Term	4 years 8 months 12 days	5 years 1 month 6 days
Finance Lease, Weighted Average Remaining Lease Term	12 years 6 months	6 years 8 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	3.40%	3.60%
Finance Lease, Weighted Average Discount Rate, Percent	2.80%	2.80%
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months	$ 30,111
Finance Lease, Liability, Payments, Due in Next Rolling Twelve Months	1,744
Finance Lease, Liability, Payments, Due in Rolling Year Two	1,749
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two	19,500
Finance Lease, Liability, Payments, Due in Rolling Year Three	1,754
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three	14,918
Finance Lease, Liability, Payments, Due in Rolling Year Four	1,759
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four	8,825
Finance Lease, Liability, Payments, Due in Rolling Year Five	1,764
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five	4,970
Finance Lease, Liability, Payments, Due in Rolling after Year Five	10,742
Lessee, Operating Lease, Liability, Payments, Due after Rolling Year Five	6,641
Finance Lease, Liability, Payment, Due	19,512
Lessee, Operating Lease, Liability, to be Paid	84,965
Finance Lease, Liability, Undiscounted Excess Amount	3,339
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	5,544
Finance Lease, Liability	16,173
Operating Lease, Liability	72,656
Operating Lease Member [Member]
Leases [Abstract]
Short-term Lease Commitment, Amount	6,765
Lessee, Lease, Description [Line Items]
Short-term Lease Commitment, Amount	6,765
Finance Leases Member [Member]
Leases [Abstract]
Short-term Lease Commitment, Amount	0
Lessee, Lease, Description [Line Items]
Short-term Lease Commitment, Amount	$ 0

Leases (Details)

Leases (Details) $ in Thousands	Dec. 31, 2020USD ($)
Operating Lease Member [Member]
Lessee, Lease, Description [Line Items]
Short-term Lease Commitment, Amount	$ 6,765
Finance Leases Member [Member]
Lessee, Lease, Description [Line Items]
Short-term Lease Commitment, Amount	$ 0