NVR (NVR) 10-Q 3 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-12378
Entity Registrant Name	NVR, Inc.
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1394360
Entity Address, Address Line One	11700 Plaza America Drive
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Reston
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20190
City Area Code	703
Local Phone Number	956-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	NVR
Security Exchange Name	NYSE
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,289,666
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000906163
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Contract land deposits, net	$ 512,042	$ 497,139
Total assets	5,726,213	5,834,475
Inventory:
Land under development	14,668
LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities	3,000,614	2,832,097
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both March 31, 2022 and December 31, 2021	206	206
Additional paid-in capital	2,416,660	2,378,191
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both March 31, 2022 and December 31, 2021	(16,710)	(16,710)
Deferred compensation liability	16,710	16,710
Retained earnings	10,473,939	10,047,839
Less treasury stock at cost – 17,240,495 and 17,107,889 shares as of March 31, 2022 and December 31, 2021, respectively	(10,165,206)	(9,423,858)
Total shareholders' equity	2,725,599	3,002,378
Total liabilities and shareholders' equity	5,726,213	5,834,475
Mortgage Banking
ASSETS
Cash and cash equivalents	19,157	28,398
Restricted cash	3,402	2,519
Mortgage loans held for sale, net	312,726	302,192
Property, plant and equipment, net	3,386	3,658
Operating lease right-of-use assets	8,491	9,758
Goodwill	7,347	7,347
Other assets	59,381	25,160
Total assets	413,890	379,032
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating lease liabilities	9,221	10,437
Accounts payable and other liabilities	58,098	51,394
Total liabilities	67,319	61,831
Home Building Segment
ASSETS
Cash and cash equivalents	2,138,706	2,545,069
Restricted cash	65,562	60,730
Receivables	23,471	18,552
Contract land deposits, net	512,042	497,139
Property, plant and equipment, net	56,829	56,979
Operating lease right-of-use assets	59,819	59,010
Goodwill	41,580	41,580
Other assets	220,675	229,018
Total assets	5,312,323	5,455,443
Inventory:
Lots and housing units, covered under sales agreements with customers	1,997,115	1,777,862
Unsold lots and housing units	142,015	127,434
Land under development	14,668	12,147
Building materials and other	39,841	29,923
Total Inventory	2,193,639	1,947,366
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	398,516	336,560
Accrued expenses and other liabilities	501,091	435,860
Customer deposits	453,178	417,463
Operating lease liabilities	64,546	64,128
Senior notes	1,515,964	1,516,255
Total liabilities	$ 2,933,295	$ 2,770,266

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	60,000,000	60,000,000
Common stock, shares issued (in shares)	20,555,330	20,555,330
Deferred compensation trust (in shares)	106,697	106,697
Treasury stock (in shares)	17,240,495	17,107,889

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues	$ 2,378,409	$ 2,041,446
Interest expense	(13,166)	(13,397)
Income before taxes	565,945	312,006
Income tax benefit (expense)	(139,845)	(63,244)
Net income	$ 426,100	$ 248,762
Basic earnings per share (USD per share)	$ 125.87	$ 67.72
Diluted earnings per share (USD per share)	$ 116.56	$ 63.21
Basic weighted average shares outstanding (in shares)	3,385,259	3,673,394
Diluted weighted average shares outstanding (in shares)	3,655,517	3,935,489
Home Building Segment
Revenues	$ 2,309,227	$ 1,963,711
Other income	1,339	1,586
Cost of Goods and Services Sold	1,651,365	1,577,453
Selling, general and administrative	(129,510)	(121,419)
Operating income	529,691	266,425
Interest expense	(12,804)	(13,006)
Income before taxes	516,887	253,419
Mortgage Banking
Revenues	69,182	77,735
Interest income	2,074	2,032
Other income	1,072	867
General and administrative	(22,908)	(21,656)
Interest expense	(362)	(391)
Income before taxes	$ 49,058	$ 58,587

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 426,100	$ 248,762
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,460	5,203
Equity-based compensation expense	11,668	14,471
Contract land deposit recoveries, net	(5,924)	(6,183)
Gain on sale of loans, net	(57,978)	(67,550)
Mortgage loans closed	(1,484,771)	(1,413,988)
Mortgage loans sold and principal payments on mortgage loans held for sale	1,511,850	1,583,701
Net change in assets and liabilities:
Increase in inventory	(246,273)	(120,710)
Increase in contract land deposits	(8,979)	(3,092)
Increase in receivables	(13,782)	(4,243)
Increase in accounts payable and accrued expenses	127,083	33,618
Increase in customer deposits	35,715	73,695
Other, net	8,157	(15,426)
Net Cash Provided by (Used in) Operating Activities	309,326	328,258
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(472)	(659)
Purchase of property, plant and equipment	(4,056)	(3,104)
Proceeds from the sale of property, plant and equipment	210	369
Net Cash Provided by (Used in) Investing Activities	(4,318)	(3,394)
Cash flows from financing activities:
Purchase of treasury stock	(748,788)	(377,425)
Principal payments on finance lease liabilities	(356)	(329)
Proceeds from the exercise of stock options	34,241	57,625
Net Cash Provided by (Used in) Financing Activities	(714,903)	(320,129)
Net (decrease) increase in cash, restricted cash, and cash equivalents	(409,895)	4,735
Cash, restricted cash, and cash equivalents, beginning of the period	2,636,984	2,809,782
Cash, restricted cash, and cash equivalents, end of the period	2,227,089	2,814,517
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized	12,521	12,614
Income taxes paid during the period, net of refunds	2,536	2,635
Distribution of earnings from unconsolidated joint ventures	$ 2,000	$ 0

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesWe are involved in various litigation arising in the ordinary course of business. In the opinion of management, and based on advice of legal counsel, this litigation is not expected to have a material adverse effect on our financial position, results of operations or cash flows. Legal costs incurred in connection with outstanding litigation are expensed as incurred.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. (“NVR”, the “Company”, "we", "us" or "our") and its subsidiaries and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 2 and 3 to the accompanying condensed consolidated financial statements). Intercompany accounts and transactions have been eliminated in consolidation. The statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Because the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP, they should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. For the three months ended March 31, 2022 and 2021, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying condensed consolidated financial statements. Cash and Cash Equivalents The beginning-of-period and end-of-period cash, restricted cash, and cash equivalent balances presented on the accompanying condensed consolidated statements of cash flows includes cash related to a consolidated joint venture which is included in homebuilding "Other assets" on the accompanying condensed consolidated balance sheets. The cash related to this consolidated joint venture as of March 31, 2022 and December 31, 2021 was $262 and $268, respectively, and as of March 31, 2021 and December 31, 2020 was $273 and $269, respectively. Revenue Recognition Homebuilding revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers. Our contract liabilities, which consist of deposits received from customers on homes not settled, were $453,178 and $417,463 as of March 31, 2022 and December 31, 2021, respectively. We expect that substantially all of the customer deposits held at December 31, 2021 will be recognized in revenue in 2022. Our contract assets consist of prepaid sales compensation and totaled approximately $26,300 and $25,200, as of March 31, 2022 and December 31, 2021, respectively. Prepaid sales compensation is included in homebuilding “Other assets” on the accompanying condensed consolidated balance sheets.

Variable Interest Entities ("VI

Variable Interest Entities ("VIEs")	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, we controlled approximately 124,600 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $529,600 and $8,800, respectively. Our sole legal obligation and economic loss for failure to perform under these LPAs is limited to the amount of the deposit pursuant to the liquidated damage provisions contained in the LPAs and, in very limited circumstances, specific performance obligations. For the three months ended March 31, 2022 and 2021, we recorded a net reversal of approximately $5,900 and $6,200, respectively, related to previously impaired lot deposits as market conditions have improved. Our contract land deposit asset is shown net of a $24,115 and $30,041 impairment reserve at March 31, 2022 and December 31, 2021, respectively. In addition, we have certain properties under contract with land owners that are expected to yield approximately 18,500 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 totaling approximately $6,600 as of March 31, 2022, of which approximately $4,600 is refundable if certain contractual conditions are not met. We generally expect to assign the raw land contracts to a land developer and simultaneously enter into 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 March 31, 2022 and December 31, 2021, our total risk of loss was as follows: March 31, 2022 December 31, 2021 Contract land deposits $ 536,157 $ 527,180 Loss reserve on contract land deposits (24,115) (30,041) Contract land deposits, net 512,042 497,139 Contingent obligations in the form of letters of credit 8,829 10,145 Total risk of loss $ 520,871 $ 507,284

Joint Ventures Joint Ventures

Joint Ventures Joint Ventures	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Joint Ventures	Joint Ventures On a limited basis, we obtain finished lots using joint venture limited liability corporations (“JVs”). The JVs are typically structured such that we are a non-controlling member and are at risk only for the amount we have invested, or have committed to invest, in addition to any deposits placed under LPAs with the joint venture. We are not a borrower, guarantor or obligor on any debt of the JVs, as applicable. We enter into LPAs to purchase lots from these JVs, and as a result have a variable interest in these JVs. At March 31, 2022, we had an aggregate investment totaling approximately $18,800 in four JVs that are expected to produce approximately 2,200 finished lots, of which approximately 1,850 lots were controlled by us and the remaining approximately 350 lots were either under contract with unrelated parties or not currently under contract. We had additional funding commitments totaling approximately $2,000 to one of the JVs at March 31, 2022. 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 $18,800 and $20,300 at March 31, 2022 and December 31, 2021, respectively, and is reported in the homebuilding “Other assets” line item on the accompanying condensed consolidated balance sheets. None of the unconsolidated JVs had any indicators of impairment as of March 31, 2022. For the remaining JV, we concluded that we are the primary beneficiary because we have the controlling financial interest in the JV. All activities under the consolidated JV had been completed and as of March 31, 2022, we had no remaining investment in the JV. The JV had remaining balances of $262 in cash and $235 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	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Land Under Development	Land Under DevelopmentOn 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.As of March 31, 2022, we owned land parcels with a carrying value of $14,668 that we intend to develop into approximately 350 finished lots. We have additional funding commitments of approximately $2,000 under a joint development agreement related to one parcel, a portion of which we expect will be offset by development credits of approximately $600. None of the raw parcels had any indicators of impairment as of March 31, 2022

Capitalized Interest

Capitalized Interest	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Interest capitalized, beginning of period $ 593 $ 1,025 Interest incurred 13,254 13,422 Interest charged to interest expense (13,166) (13,397) Interest charged to cost of sales (41) (221) Interest capitalized, end of period $ 640 $ 829

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Weighted average number of shares outstanding used to calculate basic EPS 3,385,259 3,673,394 Dilutive securities: Stock options and restricted share units 270,258 262,095 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,655,517 3,935,489 The following non-qualified stock options ("Options") issued under equity incentive plans were outstanding during the three months ended March 31, 2022 and 2021, but were not included in the computation of diluted EPS because the effect would have been anti-dilutive. Three Months Ended March 31, 2022 2021 Anti-dilutive securities 21,032 22,862

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity A summary of changes in shareholders’ equity for the three months ended March 31, 2022 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2021 $ 206 $ 2,378,191 $ 10,047,839 $ (9,423,858) $ (16,710) $ 16,710 $ 3,002,378 Net income — — 426,100 — — — 426,100 Purchase of common stock for treasury — — — (748,788) — — (748,788) Equity-based compensation — 11,668 — — — — 11,668 Proceeds from Options exercised — 34,241 — — — — 34,241 Treasury stock issued upon Option exercise and restricted share vesting — (7,440) — 7,440 — — — Balance, March 31, 2022 $ 206 $ 2,416,660 $ 10,473,939 $ (10,165,206) $ (16,710) $ 16,710 $ 2,725,599 A summary of changes in shareholders’ equity for the three months ended March 31, 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 — — 248,762 — — — 248,762 Purchase of common stock for treasury — — — (377,425) — — (377,425) Equity-based compensation — 14,471 — — — — 14,471 Proceeds from Options exercised — 57,625 — — — — 57,625 Treasury stock issued upon Option exercise and restricted share vesting — (14,516) — 14,516 — — — Balance, March 31, 2021 $ 206 $ 2,272,006 $ 9,059,882 $ (8,285,587) $ (16,710) $ 16,710 $ 3,046,507 We repurchased 146,054 and 86,523 shares of our outstanding common stock during the three months ended March 31, 2022 and 2021, respectively. We settle Option exercises and vesting of restricted stock units ("RSUs") by issuing shares of treasury stock. Approximately 13,323 and 30,555 shares were issued from the treasury account during the three months ended March 31, 2022 and 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.

Product Warranties

Product Warranties	3 Months Ended
	Mar. 31, 2022
Product Warranties Disclosures [Abstract]
Product Warranties	Product Warranties We establish warranty and product liability reserves (“Warranty Reserve”) to provide for estimated future expenses as a result of construction and product defects, product recalls and litigation incidental to our homebuilding business. Liability estimates are determined based on management’s judgment, considering such factors as historical experience, the estimated current cost of corrective action, manufacturers’ and subcontractors’ participation in sharing the cost of corrective action, consultations with third party experts such as engineers, and discussions with our general counsel and outside counsel retained to handle specific product liability cases. The following table reflects the changes in our Warranty Reserve during the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Warranty reserve, beginning of period $ 134,859 $ 119,638 Provision 17,967 22,329 Payments (17,485) (17,131) Warranty reserve, end of period $ 135,341 $ 124,836

Segment Disclosures

Segment Disclosures	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Disclosures	Segment DisclosuresWe 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 (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 March 31, 2022 2021 Revenues: Homebuilding Mid Atlantic $ 1,141,708 $ 936,141 Homebuilding North East 175,551 162,193 Homebuilding Mid East 461,405 424,952 Homebuilding South East 530,563 440,425 Mortgage Banking 69,182 77,735 Total consolidated revenues $ 2,378,409 $ 2,041,446 Three Months Ended March 31, 2022 2021 Income before taxes: Homebuilding Mid Atlantic $ 249,781 $ 129,067 Homebuilding North East 25,928 15,227 Homebuilding Mid East 71,183 48,941 Homebuilding South East 113,454 56,665 Mortgage Banking 50,106 59,562 Total segment profit before taxes 510,452 309,462 Reconciling items: Contract land deposit recoveries (1) 5,926 6,196 Equity-based compensation expense (2) (11,668) (14,471) Corporate capital allocation (3) 69,744 61,551 Unallocated corporate overhead (45,261) (39,717) Consolidation adjustments and other (4) 49,507 1,967 Corporate interest expense (12,755) (12,982) Reconciling items sub-total 55,493 2,544 Consolidated income before taxes $ 565,945 $ 312,006 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2. (2) The decrease in equity-based compensation expense for the three-month period ended March 31, 2022 was primarily attributable to options issued under the 2018 Equity Incentive Plan becoming fully vested as of December 31, 2021. (3) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented: Three Months Ended March 31, 2022 2021 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 34,087 $ 30,596 Homebuilding North East 7,087 6,038 Homebuilding Mid East 11,417 10,624 Homebuilding South East 17,153 14,293 Total $ 69,744 $ 61,551 (4) The increase in consolidation adjustments and other for the three-month period ended March 31, 2022 compared to the respective 2021 period was driven by higher lumber prices quarter over quarter. Our reportable segments' results include the intercompany profits of our production facilities for home packages delivered to our homebuilding divisions, which were negatively impacted by the increase in lumber costs. The increase in lumber costs related to homes not yet settled is reversed through the consolidation adjustment. As the homes currently in inventory are settled in subsequent quarters, our consolidated homebuilding margins will be negatively impacted by these higher lumber costs. March 31, 2022 December 31, 2021 Assets: Homebuilding Mid Atlantic $ 1,355,052 $ 1,322,818 Homebuilding North East 286,796 235,048 Homebuilding Mid East 478,605 438,700 Homebuilding South East 706,244 629,198 Mortgage Banking 406,543 371,685 Total segment assets 3,233,240 2,997,449 Reconciling items: Cash and cash equivalents 2,138,706 2,545,069 Deferred taxes 135,136 132,894 Intangible assets and goodwill 49,368 49,368 Operating lease right-of-use assets 59,819 59,010 Finance lease right-of-use assets 14,386 14,578 Contract land deposit reserve (24,115) (30,041) Consolidation adjustments and other 119,673 66,148 Reconciling items sub-total 2,492,973 2,837,026 Consolidated assets $ 5,726,213 $ 5,834,475

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021. The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hirarchy. March 31, 2022 December 31, 2021 Estimated Fair Values: 3.95% Senior Notes due 2022 $ 600,900 $ 610,452 3.00% Senior Notes due 2030 842,904 942,192 Total $ 1,443,804 $ 1,552,644 Carrying Values: 3.95% Senior Notes due 2022 $ 599,711 $ 599,553 3.00% Senior Notes due 2030 916,253 916,702 Total $ 1,515,964 $ 1,516,255 Except as otherwise noted below, we believe that insignificant differences exist between the carrying value and the fair value of our financial instruments, which consist primarily of cash equivalents, due to their short term nature. Derivative Instruments and Mortgage Loans Held for Sale In the normal course of business, our wholly-owned mortgage subsidiary, NVR Mortgage Finance, Inc. (“NVRM”), enters into contractual commitments to extend credit to our homebuyers with fixed expiration dates. The commitments become effective when the borrowers "lock-in" a specified interest rate within time frames established by NVRM. All mortgagors are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the "lock-in" of rates by the borrower and the sale date of the loan to a broker/dealer. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sale contracts to sell whole loans and mortgage-backed securities to broker/dealers. The forward sales contracts lock in an interest rate and price for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative or trading derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to broker/dealers are undesignated derivatives and, accordingly, are marked to fair value through earnings. At March 31, 2022, there were rate lock commitments to extend credit to borrowers aggregating $2,146,716 and open forward delivery contracts aggregating $2,301,443, 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 March 31, 2022, the fair value of loans held for sale of $312,726 included on the accompanying condensed consolidated balance sheet was decreased by $5,959 from the aggregate principal balance of $318,685. As of December 31, 2021, the fair value of loans held for sale of $302,192 was increased by $4,296 from the aggregate principal balance of $297,896. The fair value measurement of NVRM's undesignated derivative instruments was as follows: March 31, 2022 December 31, 2021 Rate lock commitments: Gross assets $ 39,547 $ 15,949 Gross liabilities 44,238 1,790 Net rate lock commitments $ (4,691) $ 14,159 Forward sales contracts: Gross assets $ 40,007 $ 708 Gross liabilities 1,011 926 Net forward sales contracts $ 38,996 $ (218) As of March 31, 2022, the net rate lock commitments are reported in mortgage banking "Accrued expenses and other liabilities" and the net forward sales contracts are reported in mortgage banking "Other assets" on the accompanying condensed consolidated balance sheets. As of December 31, 2021, the net rate lock commitments are reported in mortgage banking "Other assets" and the net forward sales contracts are reported in mortgage banking "Accrued expenses and other liabilities". The fair value measurement as of March 31, 2022 was as follows: Notional or Assumed Interest Servicing Security Total Fair Rate lock commitments $ 2,146,716 $ 9,863 $ (43,284) $ 28,730 $ — $ (4,691) Forward sales contracts $ 2,301,443 — — — 38,996 38,996 Mortgages held for sale $ 318,685 1,472 (12,263) 4,832 — (5,959) Total fair value measurement $ 11,335 $ (55,547) $ 33,562 $ 38,996 $ 28,346 The total fair value measurement as of December 31, 2021 was $18,237. NVRM recorded a fair value adjustment to income of $10,109 for the three months ended March 31, 2022. NVRM recorded a fair value adjustment to income of $548 for the three months ended March 31, 2021. Unrealized gains/losses from the change in the fair value measurements are included in earnings as a component of mortgage banking fees in the accompanying condensed consolidated statements of income. The fair value measurement will be impacted in the future by the change in the value of the servicing rights, interest rate movements, security price fluctuations, and the volume and product mix of NVRM’s closed loans and locked loan commitments.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt As of March 31, 2022, 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 $15,000 was outstanding at March 31, 2022. The Credit Agreement termination date is February 12, 2026. There was no debt outstanding under the Facility at March 31, 2022. Repurchase Agreement NVRM provides for its mortgage origination and other operating activities using cash generated from its operations, borrowings from its parent company, NVR, as well as a revolving mortgage repurchase agreement (the “Repurchase Agreement”), which is non-recourse to NVR. The Repurchase Agreement provides for loan purchases up to $150,000, subject to certain sub-limits. Amounts outstanding under the Repurchase Agreement are collateralized by the Company’s mortgage loans held for sale. The Repurchase Agreement expires on July 20, 2022. At March 31, 2022, there were no borrowing base limitations reducing the amount available under the Repurchase Agreement. There was no debt outstanding under the Repurchase Agreement at March 31, 2022.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Leases We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have finance leases for 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 $14,386 and $15,329, respectively, as of March 31, 2022, and $14,578 and $15,413, respectively, as of December 31, 2021. Our leases have remaining lease terms of up to 18.4 years, some of which include options to extend the lease for up to 20 years, and some of which include options to terminate the lease. We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis. We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). We elected to exclude these leases from the recognition requirements under Topic 842, and these leases have not been included in our recognized ROU assets and lease liabilities. The components of lease expense were as follows: Three Months Ended March 31, 2022 2021 Lease expense Operating lease expense $ 8,101 $ 7,577 Finance lease expense: Amortization of ROU assets 464 443 Interest on lease liabilities 104 110 Short-term lease expense 6,332 5,890 Total lease expense $ 15,001 $ 14,020 Other information related to leases was as follows: Three Months Ended March 31, 2022 2021 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,169 $ 6,810 Operating cash flows from finance leases 104 110 Financing cash flows from finance leases 356 329 ROU assets obtained in exchange for lease obligations: Operating leases $ 5,813 $ 3,013 Finance leases $ 272 $ 89 March 31, 2022 December 31, 2021 Weighted-average remaining lease term (in years): Operating leases 6.2 6.3 Finance leases 11.4 11.7 Weighted-average discount rate: Operating leases 3.0 % 3.0 % Finance leases 2.8 % 2.8 %
Leases	Leases We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have finance leases for 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 $14,386 and $15,329, respectively, as of March 31, 2022, and $14,578 and $15,413, respectively, as of December 31, 2021. Our leases have remaining lease terms of up to 18.4 years, some of which include options to extend the lease for up to 20 years, and some of which include options to terminate the lease. We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis. We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). We elected to exclude these leases from the recognition requirements under Topic 842, and these leases have not been included in our recognized ROU assets and lease liabilities. The components of lease expense were as follows: Three Months Ended March 31, 2022 2021 Lease expense Operating lease expense $ 8,101 $ 7,577 Finance lease expense: Amortization of ROU assets 464 443 Interest on lease liabilities 104 110 Short-term lease expense 6,332 5,890 Total lease expense $ 15,001 $ 14,020 Other information related to leases was as follows: Three Months Ended March 31, 2022 2021 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,169 $ 6,810 Operating cash flows from finance leases 104 110 Financing cash flows from finance leases 356 329 ROU assets obtained in exchange for lease obligations: Operating leases $ 5,813 $ 3,013 Finance leases $ 272 $ 89 March 31, 2022 December 31, 2021 Weighted-average remaining lease term (in years): Operating leases 6.2 6.3 Finance leases 11.4 11.7 Weighted-average discount rate: Operating leases 3.0 % 3.0 % Finance leases 2.8 % 2.8 %

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	14.    Income TaxesOur effective tax rate for the three months ended March 31, 2022 was 24.7% compared to 20.3% for the three months ended March 31, 2021. The increase in the effective tax rate quarter over quarter is primarily attributable to recognizing a lower income tax benefit related to excess tax benefits from stock option exercises in the first quarter of 2022. For the three months ended March 31, 2022 and 2021, we recognized $8,446 and $17,377, respectively, in such income tax benefits.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. (“NVR”, the “Company”, "we", "us" or "our") and its subsidiaries and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 2 and 3 to the accompanying condensed consolidated financial statements). Intercompany accounts and transactions have been eliminated in consolidation. The statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Because the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP, they should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
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)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, our total risk of loss was as follows: March 31, 2022 December 31, 2021 Contract land deposits $ 536,157 $ 527,180 Loss reserve on contract land deposits (24,115) (30,041) Contract land deposits, net 512,042 497,139 Contingent obligations in the form of letters of credit 8,829 10,145 Total risk of loss $ 520,871 $ 507,284

Capitalized Interest (Tables)

Capitalized Interest (Tables)	3 Months Ended
	Mar. 31, 2022
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Abstract]
Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales	The following table reflects the changes in our capitalized interest during the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Interest capitalized, beginning of period $ 593 $ 1,025 Interest incurred 13,254 13,422 Interest charged to interest expense (13,166) (13,397) Interest charged to cost of sales (41) (221) Interest capitalized, end of period $ 640 $ 829

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share	The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share ("EPS") for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Weighted average number of shares outstanding used to calculate basic EPS 3,385,259 3,673,394 Dilutive securities: Stock options and restricted share units 270,258 262,095 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,655,517 3,935,489
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 months ended March 31, 2022 and 2021, but were not included in the computation of diluted EPS because the effect would have been anti-dilutive. Three Months Ended March 31, 2022 2021 Anti-dilutive securities 21,032 22,862

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Summary of Changes in Shareholders' Equity	A summary of changes in shareholders’ equity for the three months ended March 31, 2022 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2021 $ 206 $ 2,378,191 $ 10,047,839 $ (9,423,858) $ (16,710) $ 16,710 $ 3,002,378 Net income — — 426,100 — — — 426,100 Purchase of common stock for treasury — — — (748,788) — — (748,788) Equity-based compensation — 11,668 — — — — 11,668 Proceeds from Options exercised — 34,241 — — — — 34,241 Treasury stock issued upon Option exercise and restricted share vesting — (7,440) — 7,440 — — — Balance, March 31, 2022 $ 206 $ 2,416,660 $ 10,473,939 $ (10,165,206) $ (16,710) $ 16,710 $ 2,725,599	A summary of changes in shareholders’ equity for the three months ended March 31, 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 — — 248,762 — — — 248,762 Purchase of common stock for treasury — — — (377,425) — — (377,425) Equity-based compensation — 14,471 — — — — 14,471 Proceeds from Options exercised — 57,625 — — — — 57,625 Treasury stock issued upon Option exercise and restricted share vesting — (14,516) — 14,516 — — — Balance, March 31, 2021 $ 206 $ 2,272,006 $ 9,059,882 $ (8,285,587) $ (16,710) $ 16,710 $ 3,046,507

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Mar. 31, 2022
Product Warranties Disclosures [Abstract]
Summary of Changes in Product Warranties Reserve	The following table reflects the changes in our Warranty Reserve during the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Warranty reserve, beginning of period $ 134,859 $ 119,638 Provision 17,967 22,329 Payments (17,485) (17,131) Warranty reserve, end of period $ 135,341 $ 124,836

Segment Disclosures (Tables)

Segment Disclosures (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Revenues: Homebuilding Mid Atlantic $ 1,141,708 $ 936,141 Homebuilding North East 175,551 162,193 Homebuilding Mid East 461,405 424,952 Homebuilding South East 530,563 440,425 Mortgage Banking 69,182 77,735 Total consolidated revenues $ 2,378,409 $ 2,041,446
Profit before Taxes	Three Months Ended March 31, 2022 2021 Income before taxes: Homebuilding Mid Atlantic $ 249,781 $ 129,067 Homebuilding North East 25,928 15,227 Homebuilding Mid East 71,183 48,941 Homebuilding South East 113,454 56,665 Mortgage Banking 50,106 59,562 Total segment profit before taxes 510,452 309,462 Reconciling items: Contract land deposit recoveries (1) 5,926 6,196 Equity-based compensation expense (2) (11,668) (14,471) Corporate capital allocation (3) 69,744 61,551 Unallocated corporate overhead (45,261) (39,717) Consolidation adjustments and other (4) 49,507 1,967 Corporate interest expense (12,755) (12,982) Reconciling items sub-total 55,493 2,544 Consolidated income before taxes $ 565,945 $ 312,006 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2. (2) The decrease in equity-based compensation expense for the three-month period ended March 31, 2022 was primarily attributable to options issued under the 2018 Equity Incentive Plan becoming fully vested as of December 31, 2021. (3) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented: Three Months Ended March 31, 2022 2021 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 34,087 $ 30,596 Homebuilding North East 7,087 6,038 Homebuilding Mid East 11,417 10,624 Homebuilding South East 17,153 14,293 Total $ 69,744 $ 61,551
Assets	March 31, 2022 December 31, 2021 Assets: Homebuilding Mid Atlantic $ 1,355,052 $ 1,322,818 Homebuilding North East 286,796 235,048 Homebuilding Mid East 478,605 438,700 Homebuilding South East 706,244 629,198 Mortgage Banking 406,543 371,685 Total segment assets 3,233,240 2,997,449 Reconciling items: Cash and cash equivalents 2,138,706 2,545,069 Deferred taxes 135,136 132,894 Intangible assets and goodwill 49,368 49,368 Operating lease right-of-use assets 59,819 59,010 Finance lease right-of-use assets 14,386 14,578 Contract land deposit reserve (24,115) (30,041) Consolidation adjustments and other 119,673 66,148 Reconciling items sub-total 2,492,973 2,837,026 Consolidated assets $ 5,726,213 $ 5,834,475

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Undesignated Derivative Instruments	The fair value measurement of NVRM's undesignated derivative instruments was as follows: March 31, 2022 December 31, 2021 Rate lock commitments: Gross assets $ 39,547 $ 15,949 Gross liabilities 44,238 1,790 Net rate lock commitments $ (4,691) $ 14,159 Forward sales contracts: Gross assets $ 40,007 $ 708 Gross liabilities 1,011 926 Net forward sales contracts $ 38,996 $ (218)
Fair Value Measurement	The fair value measurement as of March 31, 2022 was as follows: Notional or Assumed Interest Servicing Security Total Fair Rate lock commitments $ 2,146,716 $ 9,863 $ (43,284) $ 28,730 $ — $ (4,691) Forward sales contracts $ 2,301,443 — — — 38,996 38,996 Mortgages held for sale $ 318,685 1,472 (12,263) 4,832 — (5,959) Total fair value measurement $ 11,335 $ (55,547) $ 33,562 $ 38,996 $ 28,346
Fair Value Measurements, Recurring and Nonrecurring	The following table presents the estimated fair values and carrying values of our Senior Notes as of March 31, 2022 and December 31, 2021. The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hirarchy. March 31, 2022 December 31, 2021 Estimated Fair Values: 3.95% Senior Notes due 2022 $ 600,900 $ 610,452 3.00% Senior Notes due 2030 842,904 942,192 Total $ 1,443,804 $ 1,552,644 Carrying Values: 3.95% Senior Notes due 2022 $ 599,711 $ 599,553 3.00% Senior Notes due 2030 916,253 916,702 Total $ 1,515,964 $ 1,516,255

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Components of Lease Expense and Other Information related to Leases	The components of lease expense were as follows: Three Months Ended March 31, 2022 2021 Lease expense Operating lease expense $ 8,101 $ 7,577 Finance lease expense: Amortization of ROU assets 464 443 Interest on lease liabilities 104 110 Short-term lease expense 6,332 5,890 Total lease expense $ 15,001 $ 14,020
ScheduleofSupplementalCashFlowInformationRelatedtoLeases	Other information related to leases was as follows: Three Months Ended March 31, 2022 2021 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,169 $ 6,810 Operating cash flows from finance leases 104 110 Financing cash flows from finance leases 356 329 ROU assets obtained in exchange for lease obligations: Operating leases $ 5,813 $ 3,013 Finance leases $ 272 $ 89 March 31, 2022 December 31, 2021 Weighted-average remaining lease term (in years): Operating leases 6.2 6.3 Finance leases 11.4 11.7 Weighted-average discount rate: Operating leases 3.0 % 3.0 % Finance leases 2.8 % 2.8 %

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract cost	$ 26,300	$ 25,200
Home Building Segment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash and cash equivalents	65,562	60,730
Contract liabilities for customer deposits	453,178	417,463
Consolidated Joint Venture | Home Building Segment | Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash and cash equivalents	$ 262	$ 268	$ 273	$ 269

Variable Interest Entities ("_3

Variable Interest Entities ("VIEs") - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)lot	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Variable Interest Entity [Line Items]
Net Contract Land Deposit Impairment Recoveries	$ 5,900	$ 6,200
Loss reserve on contract land deposits	24,115		$ 30,041
Contract land deposits in cash	$ 536,157		$ 527,180
Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10.00%
Lots controlled by NVR | lot	124,600
Contract land deposits in cash under lot purchase Agreements	$ 529,600
Letters of credit related to lots	$ 8,800
Contract on Raw Ground with Landowners
Variable Interest Entity [Line Items]
Lots controlled by NVR | lot	18,500
Contract land deposits in cash	$ 6,600
Refundable deposits and letters of credit	$ 4,600

Variable Interest Entities ("_4

Variable Interest Entities ("VIEs") - Total Risk of Loss Related to Contract Land Deposits (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Contract land deposits	$ 536,157	$ 527,180
Loss reserve on contract land deposits	(24,115)	(30,041)
Contract land deposits, net	512,042	497,139
Contingent obligations in the form of letters of credit	8,829	10,145
Total risk of loss	$ 520,871	$ 507,284

Joint Ventures - Additional Inf

Joint Ventures - Additional Information (Detail) $ in Thousands	Mar. 31, 2022USD ($)lotjoint_venture	Dec. 31, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Joint Ventures [Line Items]
Aggregate investment	$ 18,800
Number of joint ventures | joint_venture	4
Expected production of finished lots | lot	2,200
Total lots controlled by company under the joint venture | lot	1,850
Total lots either under contract with unrelated parties or not under the current contract | lot	350
Additional funding commitments in the aggregate	$ 2,000
Number of joint ventures NVR is not primary beneficiary | joint_venture	3
Other Assets
Joint Ventures [Line Items]
Aggregate investment	$ 18,800	$ 20,300
Home Building Segment
Joint Ventures [Line Items]
Restricted cash and cash equivalents	65,562	60,730
Accrued expenses and other liabilities	501,091	435,860
Consolidated Joint Venture | Home Building Segment | Other Assets
Joint Ventures [Line Items]
Restricted cash and cash equivalents	262	$ 268	$ 273	$ 269
Consolidated Joint Venture | Home Building Segment | Accounts Payable and Accrued Liabilities
Joint Ventures [Line Items]
Accrued expenses and other liabilities	$ 235

Land Under Development - Additi

Land Under Development - Additional Information (Detail) $ in Thousands	Mar. 31, 2022USD ($)lot
Real Estate [Abstract]
Carrying value of raw parcels of land	$ 14,668
Number of finished lots expected to be developed from raw parcels of land | lot	350
Aggregate additional funding commitments related to raw land property under joint development	$ 2,000
Expected development credits that will offset the aggregate additional funding commitments related to raw land property development	$ 600

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
	Mar. 31, 2022	Mar. 31, 2021
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Roll Forward]
Interest capitalized, beginning of period	$ 593	$ 1,025
Interest incurred	13,254	13,422
Interest expense	(13,166)	(13,397)
Interest charged to cost of sales	(41)	(221)
Interest capitalized, end of period	$ 640	$ 829

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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS (in shares)	3,385,259	3,673,394
Dilutive securities:
Stock options and restricted share units (in shares)	270,258	262,095
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS (in shares)	3,655,517	3,935,489

Earnings Per Share - Summary of

Earnings Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Anti-dilutive securities (in shares)	21,032	22,862

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Changes in Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 3,002,378	$ 3,103,074
Net income	426,100	248,762
Purchase of common stock for treasury	(748,788)	(377,425)
Equity-based compensation	11,668	14,471
Proceeds from Options exercised	34,241	57,625
Ending Balance	2,725,599	3,046,507
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	206	206
Ending Balance	206	206
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	2,378,191	2,214,426
Equity-based compensation	11,668	14,471
Proceeds from Options exercised	34,241	57,625
Treasury stock issued upon Option exercise and restricted share vesting	(7,440)	(14,516)
Ending Balance	2,416,660	2,272,006
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	10,047,839	8,811,120
Net income	426,100	248,762
Ending Balance	10,473,939	9,059,882
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(9,423,858)	(7,922,678)
Purchase of common stock for treasury	(748,788)	(377,425)
Treasury stock issued upon Option exercise and restricted share vesting	7,440	14,516
Ending Balance	(10,165,206)	(8,285,587)
Deferred Compensation Trust
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(16,710)	(16,710)
Ending Balance	(16,710)	(16,710)
Deferred Compensation Liability
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	16,710	16,710
Ending Balance	$ 16,710	$ 16,710

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Common stock repurchased (in shares)	146,054	86,523
Reissued shares during the period, shares (in shares)	13,323	30,555

Product Warranties Product Warr

Product Warranties Product Warranties - Schedule of Product Warranties Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Warranty reserve, beginning of period	$ 134,859	$ 119,638
Provision	17,967	22,329
Payments	(17,485)	(17,131)
Warranty reserve, end of period	$ 135,341	$ 124,836

Segment Disclosures - Additiona

Segment Disclosures - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022segment
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
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 2,378,409	$ 2,041,446
Home Building Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,309,227	1,963,711
Home Building Segment | Mid Atlantic
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,141,708	936,141
Home Building Segment | North East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	175,551	162,193
Home Building Segment | Mid East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	461,405	424,952
Home Building Segment | South East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	530,563	440,425
Mortgage Banking
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 69,182	$ 77,735

Segment Disclosures - Income be

Segment Disclosures - Income before Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	$ 565,945	$ 312,006
Equity-based compensation expense	(11,668)	(14,471)
Corporate interest expense	(13,166)	(13,397)
Home Building Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	516,887	253,419
Corporate interest expense	(12,804)	(13,006)
Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	49,058	58,587
Corporate interest expense	(362)	(391)
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	510,452	309,462
Operating Segments | Home Building Segment | Mid Atlantic
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	249,781	129,067
Operating Segments | Home Building Segment | North East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	25,928	15,227
Operating Segments | Home Building Segment | Mid East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	71,183	48,941
Operating Segments | Home Building Segment | South East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	113,454	56,665
Operating Segments | Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	50,106	59,562
Corporate and Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	55,493	2,544
Contract land deposit reserve adjustment	5,926	6,196
Equity-based compensation expense	(11,668)	(14,471)
Corporate capital allocation	69,744	61,551
Unallocated corporate overhead	(45,261)	(39,717)
Consolidation adjustments and other (4)	49,507	1,967
Corporate interest expense	(12,755)	(12,982)
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	34,087	30,596
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	7,087	6,038
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	11,417	10,624
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	$ 17,153	$ 14,293

Segment Disclosures - Corporate

Segment Disclosures - Corporate Capital Allocation Charge (Detail) - Corporate and Reconciling Items - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 69,744	$ 61,551
Home Building Segment | Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	34,087	30,596
Home Building Segment | North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	7,087	6,038
Home Building Segment | Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	11,417	10,624
Home Building Segment | South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 17,153	$ 14,293

Segment Disclosures - Assets (D

Segment Disclosures - Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 5,726,213	$ 5,834,475
Finance Lease, Right-of-Use Asset	14,386	14,578
Contract land deposit reserve	(24,115)	(30,041)
Home Building Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	5,312,323	5,455,443
Cash and cash equivalents	2,138,706	2,545,069
Operating lease right-of-use assets	59,819	59,010
Mortgage Banking
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	413,890	379,032
Cash and cash equivalents	19,157	28,398
Operating lease right-of-use assets	8,491	9,758
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	3,233,240	2,997,449
Operating Segments | Home Building Segment | Mid Atlantic
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,355,052	1,322,818
Operating Segments | Home Building Segment | North East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	286,796	235,048
Operating Segments | Home Building Segment | Mid East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	478,605	438,700
Operating Segments | Home Building Segment | South East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	706,244	629,198
Operating Segments | Mortgage Banking
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	406,543	371,685
Corporate and Reconciling Items
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,492,973	2,837,026
Cash and cash equivalents	2,138,706	2,545,069
Deferred taxes	135,136	132,894
Intangible assets and goodwill	49,368	49,368
Operating lease right-of-use assets	59,819	59,010
Finance Lease, Right-of-Use Asset	14,386	14,578
Contract land deposit reserve	(24,115)	(30,041)
Consolidation adjustments and other	$ 119,673	$ 66,148

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)	$ 28,346		$ 18,237
Home Building Segment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	1,515,964		1,516,255
Home Building Segment | Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	599,711		599,553
Home Building Segment | 3.00% Senior Notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	916,253		916,702
Home Building Segment | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	1,515,964		1,516,255
Home Building Segment | Level 2 | Fair Value, Recurring | Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	600,900		610,452
Home Building Segment | Level 2 | Fair Value, Recurring | 3.00% Senior Notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	842,904		942,192
Home Building Segment | Level 2 | Fair Value, Recurring | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	1,443,804		1,552,644
Mortgage Banking | Level 2 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment income (expense)	10,109	$ 548
Mortgage Banking | Level 2 | Fair Value, Recurring | Rate Lock Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	2,146,716
Total fair value measurement gain/(loss)	(4,691)
Mortgage Banking | Level 2 | Fair Value, Recurring | Forward Sales Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	2,301,443
Total fair value measurement gain/(loss)	38,996
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	312,726		$ 302,192
Fair Value, principal amount, loans held for sale	318,685	297,896
Fair value, option, changes in fair value, gain (loss)	$ (5,959)	$ 4,296

Fair Value - Undesignated Deriv

Fair Value - Undesignated Derivative Instruments (Detail) - Mortgage Banking - Level 2 - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Assets | Rate Lock Commitments
Derivatives, Fair Value [Line Items]
Gross assets	$ 39,547	$ 15,949
Gross liabilities	44,238	1,790
Net rate lock commitments and forward sales contracts	(4,691)	14,159
Accrued Liabilities | Forward Sales Contracts
Derivatives, Fair Value [Line Items]
Gross assets	40,007	708
Gross liabilities	1,011	926
Net rate lock commitments and forward sales contracts	$ 38,996	$ (218)

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurement (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain From Loan Sale	$ 11,335
Interest Rate Movement Effect	(55,547)
Servicing Rights Value	33,562
Security Price Change	38,996
Total Fair Value Measurement	28,346		$ 18,237
Mortgage Banking | Level 2 | Fair Value, Recurring | Rate Lock Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	2,146,716
Assumed Gain From Loan Sale	9,863
Interest Rate Movement Effect	(43,284)
Servicing Rights Value	28,730
Total Fair Value Measurement	(4,691)
Mortgage Banking | Level 2 | Fair Value, Recurring | Forward Sales Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	2,301,443
Security Price Change	38,996
Total Fair Value Measurement	38,996
Mortgage Banking | Level 2 | Fair Value, Recurring | Mortgages Held for Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain From Loan Sale	1,472
Interest Rate Movement Effect	(12,263)
Servicing Rights Value	4,832
Fair value, option, changes in fair value, gain (loss)	(5,959)	$ 4,296
Fair Value, principal amount, loans held for sale	$ 318,685	$ 297,896

Debt - Additional Information (

Debt - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022USD ($)
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	15,000,000
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	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease, term	18 years 4 months 24 days
Operating lease, option to extend	20
Finance Lease, Right-of-Use Asset	$ 14,386	$ 14,578
Finance Lease, Liability	$ 15,329	$ 15,413

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating Lease, Expense	$ 8,101	$ 7,577
Finance Lease, Right-of-Use Asset, Amortization	464	443
Finance Lease, Interest Expense	104	110
Short-term Lease Payments	6,332	5,890
Lease, Cost	$ 15,001	$ 14,020

Leases - Supplemental Informati

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Supplemental Cash Flows Information:
Operating cash flows from operating leases	$ 7,169	$ 6,810
Operating cash flows from finance leases	104	110
Financing cash flows from finance leases	356	329
ROU assets obtained in exchange for lease obligations:
Operating leases	5,813	3,013
Finance leases	$ 272	$ 89
Weighted-average remaining lease term (in years):
Operating leases	6 years 2 months 12 days		6 years 3 months 18 days
Finance leases	11 years 4 months 24 days		11 years 8 months 12 days
Weighted-average discount rate:
Operating leases	3.00%		3.00%
Finance leases	2.80%		2.80%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	24.70%	20.30%
Excess tax benefit recognized	$ 8,446	$ 17,377