NVR (NVR) 10-Q 2 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 31, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	1-12378
Entity Registrant Name	NVR, Inc.
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1394360
Entity Address, Address Line One	11700 Plaza America Drive
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Reston
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20190
City Area Code	703
Local Phone Number	956-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	NVR
Security Exchange Name	NYSE
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,482,747
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000906163
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Contract land deposits, net	$ 453,255	$ 387,628
Total assets	5,788,894	5,777,141
Inventory:
Land under development	8,151
LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities	2,771,843	2,674,067
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both September 30, 2021 and December 31, 2020	206	206
Additional paid-in capital	2,349,000	2,214,426
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both September 30, 2021 and December 31, 2020	(16,710)	(16,710)
Deferred compensation liability	16,710	16,710
Retained earnings	9,713,258	8,811,120
Less treasury stock at cost – 17,042,644 and 16,859,753 shares as of September 30, 2021 and December 31, 2020, respectively	(9,045,413)	(7,922,678)
Total shareholders' equity	3,017,051	3,103,074
Total liabilities and shareholders' equity	5,788,894	5,777,141
Mortgage Banking
ASSETS
Cash and cash equivalents	21,999	63,547
Restricted cash	2,860	2,334
Mortgage loans held for sale, net	287,525	449,760
Property, plant and equipment, net	3,948	4,544
Operating lease right-of-use assets	10,747	12,439
Goodwill	7,347	7,347
Other assets	23,238	22,654
Total assets	357,664	562,625
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating lease liabilities	11,497	13,299
Accounts payable and other liabilities	50,077	62,720
Total liabilities	61,574	76,019
Home Building Segment
ASSETS
Cash and cash equivalents	2,681,110	2,714,720
Restricted cash	41,820	28,912
Receivables	22,525	18,299
Contract land deposits, net	453,255	387,628
Property, plant and equipment, net	55,253	57,786
Operating lease right-of-use assets	60,605	53,110
Goodwill	41,580	41,580
Other assets	211,557	203,399
Total assets	5,431,230	5,214,516
Inventory:
Lots and housing units, covered under sales agreements with customers	1,697,959	1,484,936
Unsold lots and housing units	130,427	123,197
Land under development	8,151	62,790
Building materials and other	26,988	38,159
Total Inventory	1,863,525	1,709,082
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	329,863	339,867
Accrued expenses and other liabilities	416,266	440,671
Customer deposits	381,594	240,758
Operating lease liabilities	66,002	59,357
Senior notes	1,516,544	1,517,395
Total liabilities	$ 2,710,269	$ 2,598,048

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	60,000,000	60,000,000
Common stock, shares issued (in shares)	20,555,330	20,555,330
Deferred compensation trust (in shares)	106,697	106,697
Treasury stock (in shares)	17,042,644	16,859,753

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues	$ 2,395,640	$ 1,990,012	$ 6,720,684	$ 5,192,908
Interest expense	(13,243)	(11,687)	(39,910)	(27,698)
Income before taxes	434,127	321,457	1,163,598	692,663
Income tax expense	(102,046)	(64,991)	(261,460)	(96,419)
Net income	$ 332,081	$ 256,466	$ 902,138	$ 596,244
Basic earnings per share (USD per share)	$ 93.25	$ 69.19	$ 249.30	$ 161.85
Diluted earnings per share (USD per share)	$ 86.44	$ 65.11	$ 231.75	$ 153.03
Basic weighted average shares outstanding (in shares)	3,561	3,706	3,619	3,684
Diluted weighted average shares outstanding (in shares)	3,842	3,939	3,893	3,896
Home Building Segment
Revenues	$ 2,336,615	$ 1,920,751	$ 6,524,886	$ 5,065,216
Other income	1,496	1,988	4,714	9,732
Cost of Goods and Services Sold	1,817,939	1,536,044	5,117,065	4,115,280
Selling, general and administrative	(112,226)	(105,741)	(347,051)	(318,610)
Operating income	407,946	280,954	1,065,484	641,058
Interest expense	(12,838)	(11,309)	(38,694)	(26,689)
Income before taxes	395,108	269,645	1,026,790	614,369
Mortgage Banking
Revenues	59,025	69,261	195,798	127,692
Interest income	2,336	2,222	6,577	6,545
Other income	1,022	887	2,877	2,215
General and administrative	(22,959)	(20,180)	(67,228)	(57,149)
Interest expense	(405)	(378)	(1,216)	(1,009)
Income before taxes	$ 39,019	$ 51,812	$ 136,808	$ 78,294

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 902,138	$ 596,244
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,720	16,801
Equity-based compensation expense	42,859	35,565
Contract land deposit and other (recoveries) impairments, net	(17,474)	32,751
Gain on sale of loans, net	(162,729)	(100,348)
Mortgage loans closed	(4,599,324)	(3,663,220)
Mortgage loans sold and principal payments on mortgage loans held for sale	4,918,464	3,914,000
Distribution of earnings from unconsolidated joint ventures	7,500	0
Net change in assets and liabilities:
Increase in inventory	(154,443)	(416,488)
(Increase) decrease in contract land deposits	(48,153)	4,585
Increase in receivables	(2,349)	(3,060)
(Decrease) increase in accounts payable and accrued expenses	(44,970)	109,921
Increase in customer deposits	140,836	79,236
Other, net	(14,783)	(26,647)
Net Cash Provided by (Used in) Operating Activities	982,292	579,340
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(861)	(435)
Purchase of property, plant and equipment	(11,946)	(12,329)
Proceeds from the sale of property, plant and equipment	821	665
Net Cash Provided by (Used in) Investing Activities	(11,986)	(12,099)
Cash flows from financing activities:
Purchase of treasury stock	(1,152,855)	(216,582)
Proceeds from senior notes	0	923,905
Debt issuance costs	0	(4,750)
Principal payments on finance lease liabilities	(1,008)	(665)
Proceeds from the exercise of stock options	121,835	162,522
Net Cash Provided by (Used in) Financing Activities	(1,032,028)	864,430
Net (decrease) increase in cash, restricted cash, and cash equivalents	(61,722)	1,431,671
Cash, restricted cash, and cash equivalents, beginning of the period	2,809,782	1,160,804
Cash, restricted cash, and cash equivalents, end of the period	2,748,060	2,592,475
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized	39,473	24,957
Income taxes paid during the period, net of refunds	$ 289,850	$ 86,214

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesWe are involved in various litigation arising in the ordinary course of business. In the opinion of management, and based on advice of legal counsel, this litigation is not expected to have a material adverse effect on our financial position, results of operations or cash flows. Legal costs incurred in connection with outstanding litigation are expensed as incurred.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. (“NVR”, the “Company”, "we", "us" or "our") and its subsidiaries and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 2 and 3 to the accompanying condensed consolidated financial statements). Intercompany accounts and transactions have been eliminated in consolidation. The statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Because the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP, they should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. For the three and nine months ended September 30, 2021 and 2020, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying condensed consolidated financial statements. Cash and Cash Equivalents The beginning-of-period and end-of-period cash, restricted cash, and cash equivalent balances presented on the accompanying condensed consolidated statements of cash flows includes cash related to a consolidated joint venture which is included in homebuilding "Other assets" on the accompanying condensed consolidated balance sheets. The cash related to this consolidated joint venture as of September 30, 2021 and December 31, 2020 was $271 and $269, respectively, and as of September 30, 2020 and December 31, 2019 was $271 and $281, respectively. Revenue Recognition Homebuilding revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers. Our contract liabilities, which consist of deposits received from customers on homes not settled, were $381,594 and $240,758 as of September 30, 2021 and December 31, 2020, respectively. We expect that substantially all of the customer deposits held at December 31, 2020 will be recognized in revenue in 2021. Our contract assets consist of prepaid sales compensation and totaled approximately $24,300 and $22,500, as of September 30, 2021 and December 31, 2020, respectively. Prepaid sales compensation is included in homebuilding “Other assets” on the accompanying condensed consolidated balance sheets.

Variable Interest Entities ("VI

Variable Interest Entities ("VIEs")	9 Months Ended
	Sep. 30, 2021
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Variable Interest Entities ("VIEs")	Variable Interest Entities ("VIEs") Fixed Price Finished Lot Purchase Agreements (“LPAs”) We generally do not engage in the land development business. Instead, we typically acquire finished building lots at market prices from various development entities under LPAs. The LPAs require deposits that may be forfeited if we fail to perform under the LPAs. The deposits required under the LPAs are in the form of cash or letters of credit in varying amounts, and typically range up to 10% of the aggregate purchase price of the finished lots. The deposit placed by us pursuant to the LPA is deemed to be a variable interest in the respective development entities. Those development entities are deemed to be VIEs. Therefore, the development entities with which we enter into LPAs, including the joint venture limited liability corporations discussed below, are evaluated for possible consolidation by us. We have concluded that we are not the primary beneficiary of the development entities with which we enter into LPAs, and therefore, we do not consolidate any of these VIEs. As of September 30, 2021, we controlled approximately 116,550 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $483,600 and $10,700, respectively. Our sole legal obligation and economic loss for failure to perform under these LPAs is limited to the amount of the deposit pursuant to the liquidated damage provisions contained in the LPAs. For the three and nine month periods ended September 30, 2021, we recorded a net reversal of approximately $4,100 and $17,500, respectively, related to previously impaired lot deposits as market conditions have improved. For the three month period ended September 30, 2020, we recorded a net reversal of approximately $4,800 related to previously impaired lot deposits. For the nine months ended September 30, 2020, we incurred net pre-tax lot deposit charges of approximately $32,500. Our contract land deposit is shown net of a $34,704 and $52,205 impairment reserve at September 30, 2021 and December 31, 2020, respectively. In addition, we have certain properties under contract with land owners that are expected to yield approximately 12,500 lots, which are not included in the number of total lots controlled. Some of these properties may require rezoning or other approvals to achieve the expected yield. These properties are controlled with deposits in cash and letters of credit totaling approximately $4,400 and $100, respectively, as of September 30, 2021, of which approximately $3,300 is refundable if certain contractual conditions are not met. We generally expect to assign the raw land contracts to a land developer and simultaneously enter into an LPA with the assignee if the project is determined to be feasible. Our total risk of loss related to contract land deposits is limited to the amount of the deposits pursuant to the liquidated damages provision of the LPAs. As of September 30, 2021 and December 31, 2020, our total risk of loss was as follows: September 30, 2021 December 31, 2020 Contract land deposits $ 487,959 $ 439,833 Loss reserve on contract land deposits (34,704) (52,205) Contract land deposits, net 453,255 387,628 Contingent obligations in the form of letters of credit 10,755 8,249 Total risk of loss $ 464,010 $ 395,877

Joint Ventures Joint Ventures

Joint Ventures Joint Ventures	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Joint Ventures	Joint VenturesOn a limited basis, we obtain finished lots using joint venture limited liability corporations (“JVs”). The JVs are typically structured such that we are a non-controlling member and are at risk only for the amount we have invested, or have committed to invest, in addition to any deposits placed under LPAs with the JV. We are not a borrower, guarantor or obligor on any debt of the JVs, as applicable. We enter into LPAs to purchase lots from these JVs, and as a result have a variable interest in these JVs. At September 30, 2021, we had an aggregate investment totaling approximately $20,800 in four JVs that are expected to produce approximately 2,300 finished lots, of which approximately 1,950 lots were controlled by us and the remaining approximately 350 lots were either under contract with unrelated parties or not currently under contract. We had additional funding commitments totaling approximately $2,900 to one of the JVs at September 30, 2021. We have determined that we are not the primary beneficiary of three of the JVs because we either share power with the other JV partner or the other JV partner has the controlling financial interest. The aggregate investment in unconsolidated JVs was approximately $20,800 and $23,600 at September 30, 2021 and December 31, 2020, respectively, and is reported in the “Other assets” line item on the accompanying condensed consolidated balance sheets. None of the unconsolidated JVs had any indicators of impairment as of September 30, 2021. For the remaining JV, we have concluded that we are the primary beneficiary because we have the controlling financial interest in the JV. As of December 31, 2020, all activities under the consolidated JV had been completed. As of September 30, 2021, we had no investment remaining in the JV and the JV had remaining balances of $271 in cash and $250 in accrued expenses, which are included in homebuilding "Other assets" and "Accrued expenses and other liabilities," respectively, in the accompanying condensed consolidated balance sheets. We recognize income from the JVs as a reduction to the lot cost of the lots purchased from the respective JVs when the homes are settled, based on the expected total profitability and the total number of lots expected to be produced by the respective JVs. We classify distributions received from unconsolidated JVs using the cumulative earnings approach. As a result, distributions received up to the amount of cumulative earnings recognized by us are reported as distributions of earnings and those in excess of that amount are reported as a distribution of capital. These distributions are classified within the accompanying condensed consolidated statements of cash flows as cash flows from operating activities and investing activities, respectively.

Land Under Development

Land Under Development	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Land Under Development	Land Under Development On a limited basis, we directly acquire raw land parcels already zoned for its intended use to develop into finished lots. Land under development includes the land acquisition costs, direct improvement costs, capitalized interest, where applicable, and real estate taxes. During 2021, we had the following significant land under development transactions: – Sold a land parcel to a developer for approximately $45,800, which approximated our carrying value of the property as of the sale date. In conjunction with the sale, we entered into an LPA with the developer for the option to purchase the finished lots expected to be developed from the parcel. – Completed the development of one land parcel and transferred development costs totaling approximately $16,500 to inventory. – Purchased a raw land parcel for approximately $7,200, which is expected to produce approximately 80 lots.

Capitalized Interest

Capitalized Interest	9 Months Ended
	Sep. 30, 2021
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Abstract]
Capitalized Interest	Capitalized Interest We capitalize interest costs to land under development during the active development of finished lots. In addition, we capitalize interest costs on our JV investments while the investments are considered qualified assets pursuant to ASC Topic 835-20 - Interest . Capitalized interest is transferred to sold or unsold inventory as the development of finished lots is completed, then charged to cost of sales upon our settlement of homes and the respective lots. Interest incurred in excess of the interest capitalizable based on the level of qualified assets is expensed in the period incurred. The following table reflects the changes in our capitalized interest during the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest capitalized, beginning of period $ 644 $ 2,673 $ 1,025 $ 3,499 Interest incurred 13,263 11,792 39,977 28,092 Interest charged to interest expense (13,243) (11,687) (39,910) (27,698) Interest charged to cost of sales (100) (370) (528) (1,485) Interest capitalized, end of period $ 564 $ 2,408 $ 564 $ 2,408

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share ("EPS") for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Weighted average number of shares outstanding used to calculate basic EPS 3,561 3,706 3,619 3,684 Dilutive securities: Stock options and restricted share units 281 233 274 212 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,842 3,939 3,893 3,896 The following non-qualified stock options ("Options") issued under equity incentive plans were outstanding during the three and nine months ended September 30, 2021 and 2020, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Anti-dilutive securities 16 21 22 30

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity A summary of changes in shareholders’ equity for the three months ended September 30, 2021 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, June 30, 2021 $ 206 $ 2,314,564 $ 9,381,177 $ (8,653,659) $ (16,710) $ 16,710 $ 3,042,288 Net income — — 332,081 — — — 332,081 Purchase of common stock for treasury — — — (398,489) — — (398,489) Equity-based compensation — 15,009 — — — — 15,009 Proceeds from Options exercised — 26,162 — — — — 26,162 Treasury stock issued upon option exercise and restricted share vesting — (6,735) — 6,735 — — — Balance, September 30, 2021 $ 206 $ 2,349,000 $ 9,713,258 $ (9,045,413) $ (16,710) $ 16,710 $ 3,017,051 A summary of changes in shareholders’ equity for the nine months ended September 30, 2021 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2020 $ 206 $ 2,214,426 $ 8,811,120 $ (7,922,678) $ (16,710) $ 16,710 $ 3,103,074 Net income — — 902,138 — — — 902,138 Purchase of common stock for treasury — — — (1,152,855) — — (1,152,855) Equity-based compensation — 42,859 — — — — 42,859 Proceeds from Options exercised — 121,835 — — — — 121,835 Treasury stock issued upon option exercise and restricted share vesting — (30,120) — 30,120 — — — Balance, September 30, 2021 $ 206 $ 2,349,000 $ 9,713,258 $ (9,045,413) $ (16,710) $ 16,710 $ 3,017,051 We repurchased approximately 80 and 245 shares of our common stock during the three and nine months ended September 30, 2021, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. Approximately 13 and 62 shares were issued from the treasury account during the three and nine months ended September 30, 2021, respectively, in settlement of Option exercises and vesting of RSUs. Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares. A summary of changes in shareholders’ equity for the three months ended September 30, 2020 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, June 30, 2020 $ 206 $ 2,151,623 $ 8,249,650 $ (7,789,067) $ (16,710) $ 16,710 $ 2,612,412 Net income — — 256,466 — — — 256,466 Equity-based compensation — 13,639 — — — — 13,639 Proceeds from Options exercised — 36,476 — — — — 36,476 Treasury stock issued upon option exercise and restricted share vesting — (13,531) — 13,531 — — — Balance, September 30, 2020 $ 206 $ 2,188,207 $ 8,506,116 $ (7,775,536) $ (16,710) $ 16,710 $ 2,918,993 A summary of changes in shareholders’ equity for the nine months ended September 30, 2020 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2019 $ 206 $ 2,055,407 $ 7,909,872 $ (7,624,241) $ (16,912) $ 16,912 $ 2,341,244 Net income — — 596,244 — — — 596,244 Deferred compensation activity, net — — — — 202 (202) — Purchase of common stock for treasury — — — (216,582) — — (216,582) Equity-based compensation — 35,565 — — — — 35,565 Proceeds from Options exercised — 162,522 — — — — 162,522 Treasury stock issued upon option exercise and restricted share vesting — (65,287) — 65,287 — — — Balance, September 30, 2020 $ 206 $ 2,188,207 $ 8,506,116 $ (7,775,536) $ (16,710) $ 16,710 $ 2,918,993

Product Warranties

Product Warranties	9 Months Ended
	Sep. 30, 2021
Product Warranties Disclosures [Abstract]
Product Warranties	Product WarrantiesWe establish warranty and product liability reserves (“Warranty Reserve”) to provide for estimated future expenses as a result of construction and product defects, product recalls and litigation incidental to our homebuilding business. Liability estimates are determined based on management’s judgment, considering such factors as historical experience, the estimated current cost of corrective action, manufacturers’ and subcontractors’ participation in sharing the cost of corrective action, consultations with third party experts such as engineers, and discussions with our general counsel and outside counsel retained to handle specific product liability cases. The following table reflects the changes in our Warranty Reserve during the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Warranty reserve, beginning of period $ 127,502 $ 111,219 $ 119,638 $ 108,053 Provision 22,789 20,894 66,878 48,992 Payments (20,188) (18,564) (56,413) (43,496) Warranty reserve, end of period $ 130,103 $ 113,549 $ 130,103 $ 113,549

Segment Disclosures

Segment Disclosures	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Disclosures	Segment Disclosures We disclose four homebuilding reportable segments that aggregate geographically our homebuilding operating segments, and our mortgage banking operations presented as one reportable segment. The homebuilding reportable segments are comprised of operating divisions in the following geographic areas: Mid Atlantic: Maryland, Virginia, West Virginia, Delaware and Washington, D.C. North East: New Jersey and Eastern Pennsylvania Mid East: New York, Ohio, Western Pennsylvania, Indiana and Illinois South East: North Carolina, South Carolina, Florida and Tennessee Homebuilding profit before tax includes all revenues and income generated from the sale of homes, less the cost of homes sold, selling, general and administrative expenses and a corporate capital allocation charge. The corporate capital allocation charge is eliminated in consolidation and is based on the segment’s average net assets employed. The corporate capital allocation charged to the operating segment allows the Chief Operating Decision Maker (“CODM”) to determine whether the operating segment’s results are providing the desired rate of return after covering our cost of capital. Assets not allocated to the operating segments are not included in either the operating segment’s corporate capital allocation charge or the CODM’s evaluation of the operating segment’s performance. We record charges on contract land deposits when it is determined that it is probable that recovery of the deposit is impaired. For segment reporting purposes, impairments on contract land deposits are generally charged to the operating segment upon the termination of an LPA with the developer, or the restructuring of an LPA resulting in the forfeiture of the deposit. Mortgage banking profit before tax consists of revenues generated from mortgage financing, title insurance and closing services, less the costs of such services and general and administrative costs. Mortgage banking operations are not charged a corporate capital allocation charge. In addition to the corporate capital allocation and contract land deposit impairments discussed above, the other reconciling items between segment profit and consolidated profit before tax include unallocated corporate overhead (including all management incentive compensation), equity-based compensation expense, consolidation adjustments and external corporate interest expense. Our overhead functions such as accounting, treasury and human resources are centrally performed and these costs are not allocated to our operating segments. Consolidation adjustments consist of such items necessary to convert the reportable segments’ results, which are predominantly maintained on a cash basis, to a full accrual basis for external financial statement presentation purposes, and are not allocated to our operating segments. External corporate interest expense primarily consists of interest charges on our 3.95% Senior Notes due 2022 and 3.00% Senior Notes due 2030 (collectively, the “Senior Notes”), which are not charged to the operating segments because the charges are included in the corporate capital allocation discussed above. The f ollowing tables present segment revenues, profit and assets with reconciliations to the amounts reported for the consolidated enterprise, where applicable: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues: Homebuilding Mid Atlantic $ 1,082,710 $ 949,472 $ 3,067,267 $ 2,563,375 Homebuilding North East 213,087 157,973 568,524 362,328 Homebuilding Mid East 503,232 404,992 1,406,364 1,025,642 Homebuilding South East 537,586 408,314 1,482,731 1,113,871 Mortgage Banking 59,025 69,261 195,798 127,692 Total consolidated revenues $ 2,395,640 $ 1,990,012 $ 6,720,684 $ 5,192,908 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Income before taxes: Homebuilding Mid Atlantic $ 222,504 $ 104,700 $ 526,052 $ 284,440 Homebuilding North East 33,885 14,272 70,622 31,081 Homebuilding Mid East 81,021 45,109 189,849 103,575 Homebuilding South East 100,688 52,554 236,272 142,463 Mortgage Banking 40,249 52,890 140,183 80,461 Total segment profit before taxes 478,347 269,525 1,162,978 642,020 Reconciling items: Contract land deposit recoveries (impairments) (1) 4,126 4,867 17,500 (31,208) Equity-based compensation expense (15,009) (13,639) (42,859) (35,565) Corporate capital allocation (2) 64,055 60,662 188,638 177,184 Unallocated corporate overhead (27,801) (26,915) (101,605) (87,912) Consolidation adjustments and other (3) (56,786) 38,244 (22,456) 54,769 Corporate interest expense (12,805) (11,287) (38,598) (26,625) Reconciling items sub-total (44,220) 51,932 620 50,643 Consolidated income before taxes $ 434,127 $ 321,457 $ 1,163,598 $ 692,663 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2. (2) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 31,057 $ 31,383 $ 92,788 $ 92,720 Homebuilding North East 6,719 5,793 19,214 17,142 Homebuilding Mid East 11,114 10,386 32,804 29,436 Homebuilding South East 15,165 13,100 43,832 37,886 Total $ 64,055 $ 60,662 $ 188,638 $ 177,184 (3) The decrease in consolidation adjustments and other for the three and nine month periods of 2021 compared to the respective 2020 periods is driven by changes in lumber prices in 2021. Our reportable segments' results include the intercompany profits of our production facilities for home packages delivered to our homebuilding divisions. For homes not yet settled, these intercompany profits are reversed through the consolidation adjustments. Due to the significantly higher lumber prices in the first half of 2021, the previously reversed intercompany profits were recognized in the third quarter through the consolidation adjustment as homes were settled, and our consolidated homebuilding margins were negatively impacted by the higher lumber costs. September 30, 2021 December 31, 2020 Assets: Homebuilding Mid Atlantic $ 1,183,206 $ 1,140,910 Homebuilding North East 230,813 202,591 Homebuilding Mid East 432,723 377,448 Homebuilding South East 581,646 494,295 Mortgage Banking 350,317 555,278 Total segment assets 2,778,705 2,770,522 Reconciling items: Cash and cash equivalents 2,681,110 2,714,720 Deferred taxes 136,446 132,980 Intangible assets and goodwill 49,562 49,678 Operating lease right-of-use assets 60,605 53,110 Finance lease right-of-use assets 14,706 15,772 Contract land deposit reserve (34,704) (52,205) Consolidation adjustments and other 102,464 92,564 Reconciling items sub-total 3,010,189 3,006,619 Consolidated assets $ 5,788,894 $ 5,777,141

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 and December 31, 2020. The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hierarchy. September 30, 2021 December 31, 2020 Estimated Fair Values: 3.95% Senior Notes due 2022 $ 614,568 $ 630,000 3.00% Senior Notes due 2030 941,697 982,620 Total $ 1,556,265 $ 1,612,620 Carrying Values: 3.95% Senior Notes due 2022 $ 599,396 $ 598,925 3.00% Senior Notes due 2030 917,148 918,470 Total $ 1,516,544 $ 1,517,395 Except as otherwise noted below, we believe that insignificant differences exist between the carrying value and the fair value of our financial instruments, which consist primarily of cash equivalents, due to their short term nature. Derivative Instruments and Mortgage Loans Held for Sale In the normal course of business, our wholly-owned mortgage subsidiary, NVR Mortgage Finance, Inc. (“NVRM”), enters into contractual commitments to extend credit to our homebuyers with fixed expiration dates. The commitments become effective when the borrowers "lock-in" a specified interest rate within time frames established by NVRM. All mortgagors are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the "lock-in" of rates by the borrower and the sale date of the loan to a broker/dealer. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sale contracts to sell whole loans and mortgage-backed securities to broker/dealers. The forward sales contracts lock in an interest rate and price for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative or trading derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to broker/dealers are undesignated derivatives and, accordingly, are marked to fair value through earnings. At September 30, 2021, there were rate lock commitments to extend credit to borrowers aggregating $961,557 and open forward delivery contracts aggregating $1,107,575, which hedge both the rate lock commitments and closed loans held for sale. The fair value of NVRM’s rate lock commitments to borrowers and the related input levels include, as applicable: i) the assumed gain/loss of the expected resultant loan sale (Level 2); ii) the effects of interest rate movements between the date of the rate lock and the balance sheet date (Level 2); and iii) the value of the servicing rights associated with the loan (Level 2). The assumed gain/loss considers the excess servicing to be received or buydown fees to be paid upon securitization of the loan. The excess servicing and buydown fees are calculated pursuant to contractual terms with investors. To calculate the effects of interest rate movements, NVRM utilizes applicable published mortgage-backed security prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount. NVRM sells all of its loans on a servicing released basis, and receives a servicing released premium upon sale. Thus, the value of the servicing rights is included in the fair value measurement and is based upon contractual terms with investors and varies depending on the loan type. NVRM assumes a fallout rate when measuring the fair value of rate lock commitments. Fallout is defined as locked loan commitments for which NVRM does not close a mortgage loan and is based on historical experience. The fair value of NVRM’s forward sales contracts to broker/dealers solely considers the market price movement of the same type of security between the trade date and the balance sheet date (Level 2). The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value. Mortgage loans held for sale are recorded at fair value when closed, and thereafter are carried at the lower of cost or fair value, net of deferred origination costs, until sold. Fair value is measured using Level 2 inputs. As of September 30, 2021, the fair value of loans held for sale of $287,525 included on the accompanying condensed consolidated balance sheet has been increased by $2,687 from the aggregate principal balance of $284,838. As of December 31, 2020, the fair value of loans held for sale of $449,760 were increased by $10,042 from the aggregate principal balance of $439,718. The fair value measurement of NVRM's undesignated derivative instruments was as follows: September 30, 2021 December 31, 2020 Rate lock commitments: Gross assets $ 11,540 $ 10,844 Gross liabilities 3,578 87 Net rate lock commitments $ 7,962 $ 10,757 Forward sales contracts: Gross assets $ 3,800 $ 1 Gross liabilities 397 5,217 Net forward sales contracts $ 3,403 $ (5,216) As of September 30, 2021 the net rate lock commitments and the net forward sales contracts are reported in mortgage banking "Other assets" on the accompanying condensed consolidated balance sheets. As of December 31, 2020, the net rate lock commitments are reported in mortgage banking "Other assets" and the net forward sales contracts are reported in mortgage banking "Accrued expenses and other liabilities". The fair value measurement adjustment as of September 30, 2021 was as follows: Notional or Assumed Interest Servicing Security Total Fair Rate lock commitments $ 961,557 $ 1,912 $ (2,466) $ 8,516 $ — $ 7,962 Forward sales contracts $ 1,107,575 — — — 3,403 3,403 Mortgages held for sale $ 284,838 858 (1,174) 3,003 — 2,687 Total fair value measurement $ 2,770 $ (3,640) $ 11,519 $ 3,403 $ 14,052 The total fair value measurement adjustment as of December 31, 2020 was $15,583. NVRM recorded a fair value adjustment to expense of $3,771 and $1,531 for the three and nine months ended September 30, 2021, respectively. NVRM recorded a fair value adjustment to income of $1,735 for the three months ended September 30, 2020, and a fair value adjustment to expense of $1,968 for the nine months ended September 30, 2020. Unrealized gains/losses from the change in the fair value measurements are included in earnings as a component of mortgage banking fees in the accompanying condensed consolidated statements of income. The fair value measurement will be impacted in the future by the change in the value of the servicing rights, interest rate movements, security price fluctuations, and the volume and product mix of NVRM’s closed loans and locked loan commitments.

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt As of September 30, 2021, we had the following debt instruments outstanding: 3.95% Senior Notes due 2022 ("2022 Senior Notes") The 2022 Senior Notes have a principal balance of $600,000. The 2022 Senior Notes mature on September 15, 2022 and bear interest at 3.95%, payable semi-annually in arrears on March 15 and September 15. The 2022 Senior Notes were issued at a discount to yield 3.97% and have been reflected net of the unamortized discount and unamortized debt issuance costs in the accompanying condensed consolidated balance sheet. 3.00% Senior Notes due 2030 ("2030 Senior Notes") The 2030 Senior Notes have an aggregate principal balance of $900,000 and mature on May 15, 2030. The 2030 Senior Notes bear interest at 3.00%, payable semi-annually in arrears on May 15 and November 15. The 2030 Senior Notes were issued in three separate issuances, $600,000 issued at a discount to yield 3.02%, and the two additional issuances totaling $300,000 issued at a premium to yield 2.00%. The 2030 Senior Notes have been reflected net of the unamortized discount or premium, as applicable, and the unamortized debt issuance costs in the accompanying condensed consolidated balance sheet. Credit Agreement We have an unsecured Credit Agreement (the “Credit Agreement”), which provides for aggregate revolving loan commitments of $300,000 (the “Facility”). Under the Credit Agreement, we may request increases of up to $300,000 to the Facility in the form of revolving loan commitments or term loans to the extent that new or existing lenders agree to provide additional revolving loan or term loan commitments. The Credit Agreement provides for a $100,000 sublimit for the issuance of letters of credit, of which approximately $15,600 was outstanding at September 30, 2021. The Credit Agreement termination date is February 12, 2026. There was no debt outstanding under the Facility at September 30, 2021. Repurchase Agreement NVRM provides for its mortgage origination and other operating activities using cash generated from its operations, borrowings from its parent company, NVR, as well as a revolving mortgage repurchase agreement (the “Repurchase Agreement”), which is non-recourse to NVR. The Repurchase Agreement provides for loan purchases up to $150,000, subject to certain sub-limits. Amounts outstanding under the Repurchase Agreement are collateralized by the Company’s mortgage loans held for sale. In July 2021, NVRM entered into the Thirteenth Amendment to the Repurchase Agreement, which extended the term of the Repurchase Agreement through July 20, 2022. All other terms and conditions under the amended Repurchase Agreement remained materially consistent. At September 30, 2021, there were no borrowing base limitations reducing the amount available under the Repurchase Agreement. There was no debt outstanding under the Repurchase Agreement at September 30, 2021.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	LeasesWe have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have finance leases for certain plant equipment and one of our production facilities which are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. Our finance lease ROU assets and finance lease liabilities were $14,706 and $15,441, respectively, as of September 30, 2021, and $15,772 and $16,173, respectively, as of December 31, 2020. Our leases have remaining lease terms of up to 18.9 years, some of which include options to extend the leases for up to 20 years, and some of which include options to terminate the lease. We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis. We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). We elected to exclude these leases from the recognition requirements under Topic 842, and these leases have not been included in our recognized ROU assets and lease liabilities. The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Lease expense Operating lease expense $ 7,906 $ 7,689 $ 23,395 $ 23,542 Finance lease expense: Amortization of ROU assets 454 327 1,342 874 Interest on lease liabilities 107 70 324 170 Short-term lease expense 6,001 5,625 17,752 18,236 Total lease expense $ 14,468 $ 13,711 $ 42,813 $ 42,822 Other information related to leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,143 $ 7,339 $ 20,831 $ 20,733 Operating cash flows from finance leases 107 70 324 170 Financing cash flows from finance leases 347 253 1,008 665 ROU assets obtained in exchange for lease obligations: Operating leases $ 3,711 $ 1,806 $ 23,282 $ 7,491 Finance leases $ 187 $ 9,056 $ 276 $ 9,496 September 30, 2021 December 31, 2020 Weighted-average remaining lease term (in years): Operating leases 6.7 4.7 Finance leases 11.9 12.5 Weighted-average discount rate: Operating leases 3.0 % 3.4 % Finance leases 2.8 % 2.8 %
Leases	LeasesWe have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have finance leases for certain plant equipment and one of our production facilities which are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. Our finance lease ROU assets and finance lease liabilities were $14,706 and $15,441, respectively, as of September 30, 2021, and $15,772 and $16,173, respectively, as of December 31, 2020. Our leases have remaining lease terms of up to 18.9 years, some of which include options to extend the leases for up to 20 years, and some of which include options to terminate the lease. We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis. We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). We elected to exclude these leases from the recognition requirements under Topic 842, and these leases have not been included in our recognized ROU assets and lease liabilities. The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Lease expense Operating lease expense $ 7,906 $ 7,689 $ 23,395 $ 23,542 Finance lease expense: Amortization of ROU assets 454 327 1,342 874 Interest on lease liabilities 107 70 324 170 Short-term lease expense 6,001 5,625 17,752 18,236 Total lease expense $ 14,468 $ 13,711 $ 42,813 $ 42,822 Other information related to leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,143 $ 7,339 $ 20,831 $ 20,733 Operating cash flows from finance leases 107 70 324 170 Financing cash flows from finance leases 347 253 1,008 665 ROU assets obtained in exchange for lease obligations: Operating leases $ 3,711 $ 1,806 $ 23,282 $ 7,491 Finance leases $ 187 $ 9,056 $ 276 $ 9,496 September 30, 2021 December 31, 2020 Weighted-average remaining lease term (in years): Operating leases 6.7 4.7 Finance leases 11.9 12.5 Weighted-average discount rate: Operating leases 3.0 % 3.4 % Finance leases 2.8 % 2.8 %

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes Our effective tax rate for the three and nine months ended September 30, 2021 was 23.5% and 22.5%, respectively, compared to 20.2% and 13.9% for the three and nine months ended September 30, 2020, respectively. The increase in the effective tax rate in the three and nine month periods of 2021 compared to the same periods in 2020 is primarily attributable to the impact of the income tax benefit recognized related to excess tax benefits from stock option exercises totaling $9,244 and $37,834 for the three and nine months ended September 30, 2021, respectively, and $17,834 and $80,343 for the three and nine months ended September 30, 2020, respectively.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. (“NVR”, the “Company”, "we", "us" or "our") and its subsidiaries and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 2 and 3 to the accompanying condensed consolidated financial statements). Intercompany accounts and transactions have been eliminated in consolidation. The statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Because the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP, they should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.
Revenue from Contract with Customer	Revenue RecognitionHomebuilding revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers.

Variable Interest Entities ("_2

Variable Interest Entities ("VIEs") (Tables)	9 Months Ended
	Sep. 30, 2021
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Total Risk of Loss Related to Contract Land Deposits	Our total risk of loss related to contract land deposits is limited to the amount of the deposits pursuant to the liquidated damages provision of the LPAs. As of September 30, 2021 and December 31, 2020, our total risk of loss was as follows: September 30, 2021 December 31, 2020 Contract land deposits $ 487,959 $ 439,833 Loss reserve on contract land deposits (34,704) (52,205) Contract land deposits, net 453,255 387,628 Contingent obligations in the form of letters of credit 10,755 8,249 Total risk of loss $ 464,010 $ 395,877

Capitalized Interest (Tables)

Capitalized Interest (Tables)	9 Months Ended
	Sep. 30, 2021
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Abstract]
Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales	The following table reflects the changes in our capitalized interest during the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest capitalized, beginning of period $ 644 $ 2,673 $ 1,025 $ 3,499 Interest incurred 13,263 11,792 39,977 28,092 Interest charged to interest expense (13,243) (11,687) (39,910) (27,698) Interest charged to cost of sales (100) (370) (528) (1,485) Interest capitalized, end of period $ 564 $ 2,408 $ 564 $ 2,408

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share	The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share ("EPS") for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Weighted average number of shares outstanding used to calculate basic EPS 3,561 3,706 3,619 3,684 Dilutive securities: Stock options and restricted share units 281 233 274 212 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,842 3,939 3,893 3,896
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following non-qualified stock options ("Options") issued under equity incentive plans were outstanding during the three and nine months ended September 30, 2021 and 2020, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Anti-dilutive securities 16 21 22 30

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Summary of Changes in Shareholders' Equity	A summary of changes in shareholders’ equity for the three months ended September 30, 2021 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, June 30, 2021 $ 206 $ 2,314,564 $ 9,381,177 $ (8,653,659) $ (16,710) $ 16,710 $ 3,042,288 Net income — — 332,081 — — — 332,081 Purchase of common stock for treasury — — — (398,489) — — (398,489) Equity-based compensation — 15,009 — — — — 15,009 Proceeds from Options exercised — 26,162 — — — — 26,162 Treasury stock issued upon option exercise and restricted share vesting — (6,735) — 6,735 — — — Balance, September 30, 2021 $ 206 $ 2,349,000 $ 9,713,258 $ (9,045,413) $ (16,710) $ 16,710 $ 3,017,051	A summary of changes in shareholders’ equity for the three months ended September 30, 2020 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, June 30, 2020 $ 206 $ 2,151,623 $ 8,249,650 $ (7,789,067) $ (16,710) $ 16,710 $ 2,612,412 Net income — — 256,466 — — — 256,466 Equity-based compensation — 13,639 — — — — 13,639 Proceeds from Options exercised — 36,476 — — — — 36,476 Treasury stock issued upon option exercise and restricted share vesting — (13,531) — 13,531 — — — Balance, September 30, 2020 $ 206 $ 2,188,207 $ 8,506,116 $ (7,775,536) $ (16,710) $ 16,710 $ 2,918,993	A summary of changes in shareholders’ equity for the nine months ended September 30, 2021 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2020 $ 206 $ 2,214,426 $ 8,811,120 $ (7,922,678) $ (16,710) $ 16,710 $ 3,103,074 Net income — — 902,138 — — — 902,138 Purchase of common stock for treasury — — — (1,152,855) — — (1,152,855) Equity-based compensation — 42,859 — — — — 42,859 Proceeds from Options exercised — 121,835 — — — — 121,835 Treasury stock issued upon option exercise and restricted share vesting — (30,120) — 30,120 — — — Balance, September 30, 2021 $ 206 $ 2,349,000 $ 9,713,258 $ (9,045,413) $ (16,710) $ 16,710 $ 3,017,051	A summary of changes in shareholders’ equity for the nine months ended September 30, 2020 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2019 $ 206 $ 2,055,407 $ 7,909,872 $ (7,624,241) $ (16,912) $ 16,912 $ 2,341,244 Net income — — 596,244 — — — 596,244 Deferred compensation activity, net — — — — 202 (202) — Purchase of common stock for treasury — — — (216,582) — — (216,582) Equity-based compensation — 35,565 — — — — 35,565 Proceeds from Options exercised — 162,522 — — — — 162,522 Treasury stock issued upon option exercise and restricted share vesting — (65,287) — 65,287 — — — Balance, September 30, 2020 $ 206 $ 2,188,207 $ 8,506,116 $ (7,775,536) $ (16,710) $ 16,710 $ 2,918,993

Product Warranties (Tables)

Product Warranties (Tables)	9 Months Ended
	Sep. 30, 2021
Product Warranties Disclosures [Abstract]
Summary of Changes in Product Warranties Reserve	The following table reflects the changes in our Warranty Reserve during the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Warranty reserve, beginning of period $ 127,502 $ 111,219 $ 119,638 $ 108,053 Provision 22,789 20,894 66,878 48,992 Payments (20,188) (18,564) (56,413) (43,496) Warranty reserve, end of period $ 130,103 $ 113,549 $ 130,103 $ 113,549

Segment Disclosures (Tables)

Segment Disclosures (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Revenues	The f ollowing tables present segment revenues, profit and assets with reconciliations to the amounts reported for the consolidated enterprise, where applicable: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues: Homebuilding Mid Atlantic $ 1,082,710 $ 949,472 $ 3,067,267 $ 2,563,375 Homebuilding North East 213,087 157,973 568,524 362,328 Homebuilding Mid East 503,232 404,992 1,406,364 1,025,642 Homebuilding South East 537,586 408,314 1,482,731 1,113,871 Mortgage Banking 59,025 69,261 195,798 127,692 Total consolidated revenues $ 2,395,640 $ 1,990,012 $ 6,720,684 $ 5,192,908
Profit before Taxes	Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Income before taxes: Homebuilding Mid Atlantic $ 222,504 $ 104,700 $ 526,052 $ 284,440 Homebuilding North East 33,885 14,272 70,622 31,081 Homebuilding Mid East 81,021 45,109 189,849 103,575 Homebuilding South East 100,688 52,554 236,272 142,463 Mortgage Banking 40,249 52,890 140,183 80,461 Total segment profit before taxes 478,347 269,525 1,162,978 642,020 Reconciling items: Contract land deposit recoveries (impairments) (1) 4,126 4,867 17,500 (31,208) Equity-based compensation expense (15,009) (13,639) (42,859) (35,565) Corporate capital allocation (2) 64,055 60,662 188,638 177,184 Unallocated corporate overhead (27,801) (26,915) (101,605) (87,912) Consolidation adjustments and other (3) (56,786) 38,244 (22,456) 54,769 Corporate interest expense (12,805) (11,287) (38,598) (26,625) Reconciling items sub-total (44,220) 51,932 620 50,643 Consolidated income before taxes $ 434,127 $ 321,457 $ 1,163,598 $ 692,663 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2. (2) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 31,057 $ 31,383 $ 92,788 $ 92,720 Homebuilding North East 6,719 5,793 19,214 17,142 Homebuilding Mid East 11,114 10,386 32,804 29,436 Homebuilding South East 15,165 13,100 43,832 37,886 Total $ 64,055 $ 60,662 $ 188,638 $ 177,184
Assets	September 30, 2021 December 31, 2020 Assets: Homebuilding Mid Atlantic $ 1,183,206 $ 1,140,910 Homebuilding North East 230,813 202,591 Homebuilding Mid East 432,723 377,448 Homebuilding South East 581,646 494,295 Mortgage Banking 350,317 555,278 Total segment assets 2,778,705 2,770,522 Reconciling items: Cash and cash equivalents 2,681,110 2,714,720 Deferred taxes 136,446 132,980 Intangible assets and goodwill 49,562 49,678 Operating lease right-of-use assets 60,605 53,110 Finance lease right-of-use assets 14,706 15,772 Contract land deposit reserve (34,704) (52,205) Consolidation adjustments and other 102,464 92,564 Reconciling items sub-total 3,010,189 3,006,619 Consolidated assets $ 5,788,894 $ 5,777,141

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Undesignated Derivative Instruments	The fair value measurement of NVRM's undesignated derivative instruments was as follows: September 30, 2021 December 31, 2020 Rate lock commitments: Gross assets $ 11,540 $ 10,844 Gross liabilities 3,578 87 Net rate lock commitments $ 7,962 $ 10,757 Forward sales contracts: Gross assets $ 3,800 $ 1 Gross liabilities 397 5,217 Net forward sales contracts $ 3,403 $ (5,216)
Fair Value Measurement	The fair value measurement adjustment as of September 30, 2021 was as follows: Notional or Assumed Interest Servicing Security Total Fair Rate lock commitments $ 961,557 $ 1,912 $ (2,466) $ 8,516 $ — $ 7,962 Forward sales contracts $ 1,107,575 — — — 3,403 3,403 Mortgages held for sale $ 284,838 858 (1,174) 3,003 — 2,687 Total fair value measurement $ 2,770 $ (3,640) $ 11,519 $ 3,403 $ 14,052
Fair Value Measurements, Recurring and Nonrecurring	The following table presents the estimated fair values and carrying values of our Senior Notes as of September 30, 2021 and December 31, 2020. The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hierarchy. September 30, 2021 December 31, 2020 Estimated Fair Values: 3.95% Senior Notes due 2022 $ 614,568 $ 630,000 3.00% Senior Notes due 2030 941,697 982,620 Total $ 1,556,265 $ 1,612,620 Carrying Values: 3.95% Senior Notes due 2022 $ 599,396 $ 598,925 3.00% Senior Notes due 2030 917,148 918,470 Total $ 1,516,544 $ 1,517,395

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Components of Lease Expense and Other Information related to Leases	The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Lease expense Operating lease expense $ 7,906 $ 7,689 $ 23,395 $ 23,542 Finance lease expense: Amortization of ROU assets 454 327 1,342 874 Interest on lease liabilities 107 70 324 170 Short-term lease expense 6,001 5,625 17,752 18,236 Total lease expense $ 14,468 $ 13,711 $ 42,813 $ 42,822
ScheduleofSupplementalCashFlowInformationRelatedtoLeases	Other information related to leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,143 $ 7,339 $ 20,831 $ 20,733 Operating cash flows from finance leases 107 70 324 170 Financing cash flows from finance leases 347 253 1,008 665 ROU assets obtained in exchange for lease obligations: Operating leases $ 3,711 $ 1,806 $ 23,282 $ 7,491 Finance leases $ 187 $ 9,056 $ 276 $ 9,496 September 30, 2021 December 31, 2020 Weighted-average remaining lease term (in years): Operating leases 6.7 4.7 Finance leases 11.9 12.5 Weighted-average discount rate: Operating leases 3.0 % 3.4 % Finance leases 2.8 % 2.8 %

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract cost	$ 24,300	$ 22,500
Home Building Segment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash and cash equivalents	41,820	28,912
Contract liabilities for customer deposits	381,594	240,758
Consolidated Joint Venture | Home Building Segment | Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash and cash equivalents	$ 271	$ 269	$ 271	$ 281

Variable Interest Entities ("_3

Variable Interest Entities ("VIEs") - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)lot	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)lot	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Contract land deposit reserve adjustment	$ 4,100	$ (4,800)	$ 17,500	$ 32,500
Loss reserve on contract land deposits	34,704		34,704		$ 52,205
Contract land deposits in cash	$ 487,959		$ 487,959		$ 439,833
Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10.00%		10.00%
Lots controlled by NVR | lot	116,550		116,550
Contract land deposits in cash under lot purchase Agreements	$ 483,600		$ 483,600
Letters of credit related to lots	$ 10,700		$ 10,700
Contract on Raw Ground with Landowners
Variable Interest Entity [Line Items]
Lots controlled by NVR | lot	12,500		12,500
Contract land deposits in cash	$ 4,400		$ 4,400
Letters of credit related to land contract	100		100
Refundable deposits and letters of credit	$ 3,300		$ 3,300

Variable Interest Entities ("_4

Variable Interest Entities ("VIEs") - Total Risk of Loss Related to Contract Land Deposits (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Contract land deposits	$ 487,959	$ 439,833
Loss reserve on contract land deposits	(34,704)	(52,205)
Contract land deposits, net	453,255	387,628
Contingent obligations in the form of letters of credit	10,755	8,249
Total risk of loss	$ 464,010	$ 395,877

Joint Ventures - Additional Inf

Joint Ventures - Additional Information (Detail) $ in Thousands	Sep. 30, 2021USD ($)lotjoint_venture	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Joint Ventures [Line Items]
Aggregate investment	$ 20,800
Number of joint ventures | joint_venture	4
Expected production of finished lots | lot	2,300
Total lots controlled by company under the joint venture | lot	1,950
Total lots either under contract with unrelated parties or not under the current contract | lot	350
Additional funding commitments in the aggregate	$ 2,900
Number of joint ventures NVR is not primary beneficiary | joint_venture	3
Other Assets
Joint Ventures [Line Items]
Aggregate investment	$ 20,800	$ 23,600
Home Building Segment
Joint Ventures [Line Items]
Restricted cash and cash equivalents	41,820	28,912
Accrued expenses and other liabilities	416,266	440,671
Consolidated Joint Venture | Home Building Segment | Other Assets
Joint Ventures [Line Items]
Restricted cash and cash equivalents	271	$ 269	$ 271	$ 281
Consolidated Joint Venture | Home Building Segment | Accounts Payable and Accrued Liabilities
Joint Ventures [Line Items]
Accrued expenses and other liabilities	$ 250

Land Under Development - Additi

Land Under Development - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)parcellot
Real Estate [Line Items]
Sale of land under development	$ 45,800
Number of raw parcels of land owned | parcel	2
Carrying value of raw parcels of land	$ 8,151
Aggregate additional funding commitments related to raw land property under joint development	2,700
Expected development credits that will offset the aggregate additional funding commitments related to raw land property development	800
Development Costs Transferred to Inventory	$ 16,500
Number Of Developed Lots Transferred To Inventory | parcel	1
Payments to Acquire Land	$ 7,200
Raw Land Parcel Purchased During Period
Real Estate [Line Items]
Number of finished lots expected to be developed from raw parcels of land | lot	80
Total Raw Land Parcel Owned
Real Estate [Line Items]
Number of finished lots expected to be developed from raw parcels of land | lot	100

Capitalized Interest - Summary

Capitalized Interest - Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Roll Forward]
Interest capitalized, beginning of period	$ 644	$ 2,673	$ 1,025	$ 3,499
Interest incurred	13,263	11,792	39,977	28,092
Interest expense	(13,243)	(11,687)	(39,910)	(27,698)
Interest charged to cost of sales	(100)	(370)	(528)	(1,485)
Interest capitalized, end of period	$ 564	$ 2,408	$ 564	$ 2,408

Earnings Per Share - Weighted A

Earnings Per Share - Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS (in shares)	3,561	3,706	3,619	3,684
Dilutive securities:
Stock options and restricted share units (in shares)	281	233	274	212
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS (in shares)	3,842	3,939	3,893	3,896

Earnings Per Share - Summary of

Earnings Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Anti-dilutive securities (in shares)	16	21	22	30

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Changes in Shareholders' Equity (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 3,042,288	$ 2,612,412	$ 3,103,074	$ 2,341,244
Net income	332,081	256,466	902,138	596,244
Purchase of common stock for treasury	(398,489)		(1,152,855)	(216,582)
Equity-based compensation	15,009	13,639	42,859	35,565
Proceeds from Options exercised	26,162	36,476	121,835	162,522
Ending Balance	$ 3,017,051	2,918,993	$ 3,017,051	$ 2,918,993
Common stock repurchased (in shares)	80		245	58
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 206	206	$ 206	$ 206
Ending Balance	206	206	206	206
Additional Paid-in Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	2,314,564	2,151,623	2,214,426	2,055,407
Equity-based compensation	15,009	13,639	42,859	35,565
Proceeds from Options exercised	26,162	36,476	121,835	162,522
Treasury stock issued upon option exercise and restricted share vesting	(6,735)	(13,531)	(30,120)	(65,287)
Ending Balance	2,349,000	2,188,207	2,349,000	2,188,207
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	9,381,177	8,249,650	8,811,120	7,909,872
Net income	332,081	256,466	902,138	596,244
Ending Balance	9,713,258	8,506,116	9,713,258	8,506,116
Treasury Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(8,653,659)	(7,789,067)	(7,922,678)	(7,624,241)
Purchase of common stock for treasury	(398,489)		(1,152,855)	(216,582)
Treasury stock issued upon option exercise and restricted share vesting	(6,735)	(13,531)	(30,120)	(65,287)
Ending Balance	(9,045,413)	(7,775,536)	(9,045,413)	(7,775,536)
Deferred Compensation Trust [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(16,710)	(16,710)	(16,710)	(16,912)
Ending Balance	(16,710)	(16,710)	(16,710)	(16,710)
Deferred Compensation Activity Adjustments				(202)
Deferred Compensation Liability [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	16,710	16,710	16,710	16,912
Ending Balance	$ 16,710	$ 16,710	$ 16,710	16,710
Deferred Compensation Activity Adjustments				$ (202)

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Common stock repurchased (in shares)	80		245	58
Reissued shares during the period, shares (in shares)	13	29	62	143

Product Warranties Product Warr

Product Warranties Product Warranties - Schedule of Product Warranties Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Warranty reserve, beginning of period	$ 127,502	$ 111,219	$ 119,638	$ 108,053
Provision	22,789	20,894	66,878	48,992
Payments	(20,188)	(18,564)	(56,413)	(43,496)
Warranty reserve, end of period	$ 130,103	$ 113,549	$ 130,103	$ 113,549

Segment Disclosures - Additiona

Segment Disclosures - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2021segment
Senior Notes due 2022
Segment Reporting Information [Line Items]
Senior notes interest rate	3.95%
3.00% Senior Notes due 2030
Segment Reporting Information [Line Items]
Senior notes interest rate	3.00%
Home Building Segment
Segment Reporting Information [Line Items]
Number of reportable segments	4
Mortgage Banking
Segment Reporting Information [Line Items]
Number of reportable segments	1

Segment Disclosures - Revenues

Segment Disclosures - Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 2,395,640	$ 1,990,012	$ 6,720,684	$ 5,192,908
Home Building Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,336,615	1,920,751	6,524,886	5,065,216
Home Building Segment | Mid Atlantic
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,082,710	949,472	3,067,267	2,563,375
Home Building Segment | North East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	213,087	157,973	568,524	362,328
Home Building Segment | Mid East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	503,232	404,992	1,406,364	1,025,642
Home Building Segment | South East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	537,586	408,314	1,482,731	1,113,871
Mortgage Banking
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 59,025	$ 69,261	$ 195,798	$ 127,692

Segment Disclosures - Income be

Segment Disclosures - Income before Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	$ 434,127	$ 321,457	$ 1,163,598	$ 692,663
Contract land deposit reserve adjustment	4,100	(4,800)	17,500	32,500
Equity-based compensation expense			(42,859)	(35,565)
Corporate interest expense	(13,243)	(11,687)	(39,910)	(27,698)
Home Building Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	395,108	269,645	1,026,790	614,369
Corporate interest expense	(12,838)	(11,309)	(38,694)	(26,689)
Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	39,019	51,812	136,808	78,294
Corporate interest expense	(405)	(378)	(1,216)	(1,009)
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	478,347	269,525	1,162,978	642,020
Operating Segments | Home Building Segment | Mid Atlantic
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	222,504	104,700	526,052	284,440
Operating Segments | Home Building Segment | North East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	33,885	14,272	70,622	31,081
Operating Segments | Home Building Segment | Mid East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	81,021	45,109	189,849	103,575
Operating Segments | Home Building Segment | South East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	100,688	52,554	236,272	142,463
Operating Segments | Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	40,249	52,890	140,183	80,461
Corporate and Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	(44,220)	51,932	620	50,643
Contract land deposit reserve adjustment	4,126	4,867	17,500	(31,208)
Equity-based compensation expense	(15,009)	(13,639)	(42,859)	(35,565)
Corporate capital allocation	64,055	60,662	188,638	177,184
Unallocated corporate overhead	(27,801)	(26,915)	(101,605)	(87,912)
Consolidation adjustments and other (3)	(56,786)	38,244	(22,456)	54,769
Corporate interest expense	(12,805)	(11,287)	(38,598)	(26,625)
Corporate and Reconciling Items | Home Building Segment | Mid Atlantic
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	31,057	31,383	92,788	92,720
Corporate and Reconciling Items | Home Building Segment | North East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	6,719	5,793	19,214	17,142
Corporate and Reconciling Items | Home Building Segment | Mid East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	11,114	10,386	32,804	29,436
Corporate and Reconciling Items | Home Building Segment | South East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	$ 15,165	$ 13,100	$ 43,832	$ 37,886

Segment Disclosures - Corporate

Segment Disclosures - Corporate Capital Allocation Charge (Detail) - Corporate and Reconciling Items - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 64,055	$ 60,662	$ 188,638	$ 177,184
Home Building Segment | Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	31,057	31,383	92,788	92,720
Home Building Segment | North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	6,719	5,793	19,214	17,142
Home Building Segment | Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	11,114	10,386	32,804	29,436
Home Building Segment | South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 15,165	$ 13,100	$ 43,832	$ 37,886

Segment Disclosures - Assets (D

Segment Disclosures - Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 5,788,894	$ 5,777,141
Finance Lease, Right-of-Use Asset	14,706	15,772
Contract land deposit reserve	(34,704)	(52,205)
Home Building Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	5,431,230	5,214,516
Cash and cash equivalents	2,681,110	2,714,720
Operating lease right-of-use assets	60,605	53,110
Mortgage Banking
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	357,664	562,625
Cash and cash equivalents	21,999	63,547
Operating lease right-of-use assets	10,747	12,439
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,778,705	2,770,522
Operating Segments | Home Building Segment | Mid Atlantic
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,183,206	1,140,910
Operating Segments | Home Building Segment | North East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	230,813	202,591
Operating Segments | Home Building Segment | Mid East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	432,723	377,448
Operating Segments | Home Building Segment | South East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	581,646	494,295
Operating Segments | Mortgage Banking
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	350,317	555,278
Corporate and Reconciling Items
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	3,010,189	3,006,619
Cash and cash equivalents	2,681,110	2,714,720
Deferred taxes	136,446	132,980
Intangible assets and goodwill	49,562	49,678
Operating lease right-of-use assets	60,605	53,110
Finance Lease, Right-of-Use Asset	14,706	15,772
Contract land deposit reserve	(34,704)	(52,205)
Consolidation adjustments and other	$ 102,464	$ 92,564

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)			$ 14,052		$ 15,583
Home Building Segment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	$ 1,516,544		1,516,544		1,517,395
Home Building Segment | Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	599,396		599,396		598,925
Home Building Segment | 3.00% Senior Notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	917,148		917,148		918,470
Home Building Segment | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	1,516,544		1,516,544		1,517,395
Home Building Segment | Level 2 | Fair Value, Recurring | Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	614,568		614,568		630,000
Home Building Segment | Level 2 | Fair Value, Recurring | 3.00% Senior Notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	941,697		941,697		982,620
Home Building Segment | Level 2 | Fair Value, Recurring | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	1,556,265		1,556,265		1,612,620
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)	(3,771)	$ 1,735	(1,531)	$ 1,968
Mortgage Banking | Level 2 | Fair Value, Recurring | Rate Lock Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	961,557		961,557
Total fair value measurement gain/(loss)			7,962
Mortgage Banking | Level 2 | Fair Value, Recurring | Forward Sales Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	1,107,575		1,107,575
Total fair value measurement gain/(loss)			3,403
Mortgage Banking | Level 2 | Fair Value, Recurring | Mortgages Held for Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trade and loans receivables held-for-sale, net, not part of disposal group	287,525		287,525		449,760
Fair Value, principal amount, loans held for sale	$ 284,838		284,838		439,718
Fair value, option, changes in fair value, gain (loss)			$ 2,687		$ 10,042

Fair Value - Undesignated Deriv

Fair Value - Undesignated Derivative Instruments (Detail) - Mortgage Banking - Level 2 - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Other Assets | Rate Lock Commitments
Derivatives, Fair Value [Line Items]
Gross assets	$ 11,540	$ 10,844
Gross liabilities	3,578	87
Net rate lock commitments and forward sales contracts	7,962	10,757
Accrued Liabilities | Forward Sales Contracts
Derivatives, Fair Value [Line Items]
Gross assets	3,800	1
Gross liabilities	397	5,217
Net rate lock commitments and forward sales contracts	$ 3,403	$ (5,216)

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurement (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain/(Loss) From Loan Sale	$ 2,770
Interest Rate Movement Effect	(3,640)
Servicing Rights Value	11,519
Security Price Change	3,403
Total Fair Value Measurement Gain/(Loss)	14,052	$ 15,583
Mortgage Banking | Level 2 | Fair Value, Recurring | Rate Lock Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	961,557
Assumed Gain/(Loss) From Loan Sale	1,912
Interest Rate Movement Effect	(2,466)
Servicing Rights Value	8,516
Total Fair Value Measurement Gain/(Loss)	7,962
Mortgage Banking | Level 2 | Fair Value, Recurring | Forward Sales Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	1,107,575
Security Price Change	3,403
Total Fair Value Measurement Gain/(Loss)	3,403
Mortgage Banking | Level 2 | Fair Value, Recurring | Mortgages Held for Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain/(Loss) From Loan Sale	858
Interest Rate Movement Effect	(1,174)
Servicing Rights Value	3,003
Fair value, option, changes in fair value, gain (loss)	2,687	10,042
Fair Value, principal amount, loans held for sale	$ 284,838	$ 439,718

Debt - Additional Information (

Debt - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2021USD ($)
Senior Notes due 2022
Debt Instrument [Line Items]
Senior notes principal amount	$ 600,000,000
Senior notes interest rate	3.95%
Frequency of senior notes payment	semi-annually in arrears on March 15 and September 15
Senior notes effective interest rate	3.97%
Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum loan borrowing capacity	$ 300,000,000
Increase in commitment available	300,000,000
Debt outstanding	0
Credit Agreement | Revolving Credit Facility | Sublimit for Issuance of Letters of Credit
Debt Instrument [Line Items]
Maximum loan borrowing capacity	100,000,000
Letters of credit outstanding	15,600,000
Repurchase Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum loan borrowing capacity	150,000,000
Borrowing base limitations	0
Debt outstanding	0
3.00% Senior Notes due 2030
Debt Instrument [Line Items]
Senior notes principal amount	$ 900,000,000
Senior notes interest rate	3.00%
Frequency of senior notes payment	semi-annually in arrears on May 15 and November 15
$600M Senior Notes Due Two Thousand Thirty
Debt Instrument [Line Items]
Senior notes principal amount	$ 600,000,000
Senior notes effective interest rate	3.02%
Additional Senior Notes Due Two Thousand Thirty
Debt Instrument [Line Items]
Senior notes principal amount	$ 300,000,000
Senior notes effective interest rate	2.00%

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease, term	18 years 10 months 24 days
Operating lease, option to extend	20
Finance Lease, Right-of-Use Asset	$ 14,706	$ 15,772
Finance Lease, Liability	$ 15,441	$ 16,173

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating Lease, Expense	$ 7,906	$ 7,689	$ 23,395	$ 23,542
Finance Lease, Right-of-Use Asset, Amortization	454	327	1,342	874
Finance Lease, Interest Expense	107	70	324	170
Short-term Lease Payments	6,001	5,625	17,752	18,236
Lease, Cost	$ 14,468	$ 13,711	$ 42,813	$ 42,822

Leases - Supplemental Informati

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Supplemental Cash Flows Information:
Operating cash flows from operating leases	$ 7,143	$ 7,339	$ 20,831	$ 20,733
Operating cash flows from finance leases	107	70	324	170
Financing cash flows from finance leases	347	253	1,008	665
ROU assets obtained in exchange for lease obligations:
Operating leases	3,711	1,806	23,282	7,491
Finance leases	$ 187	$ 9,056	$ 276	$ 9,496
Weighted-average remaining lease term (in years):
Operating leases	6 years 8 months 12 days		6 years 8 months 12 days		4 years 8 months 12 days
Finance leases	11 years 10 months 24 days		11 years 10 months 24 days		12 years 6 months
Weighted-average discount rate:
Operating leases	3.00%		3.00%		3.40%
Finance leases	2.80%		2.80%		2.80%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	23.50%	20.20%	22.50%	13.90%
Excess tax benefit recognized	$ 9,244	$ 17,834	$ 37,834	$ 80,343