NVR (NVR) 10-Q 2 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		3,246,946
Amendment Flag	false
Document Fiscal Year Focus	2023
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, 2023	Dec. 31, 2022
ASSETS
Contract land deposits, net	$ 501,667	$ 496,080
Total assets	6,075,905	5,660,973
Inventory:
Land under development	28,814
LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities	2,230,559	2,154,124
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, 2023 and December 31, 2022	206	206
Additional paid-in capital	2,676,641	2,600,014
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both March 31, 2023 and December 31, 2022	(16,710)	(16,710)
Deferred compensation liability	16,710	16,710
Retained earnings	12,117,766	11,773,414
Less treasury stock at cost – 17,313,580 and 17,336,397 shares as of March 31, 2023 and December 31, 2022, respectively	(10,949,267)	(10,866,785)
Total shareholders' equity	3,845,346	3,506,849
Total liabilities and shareholders' equity	6,075,905	5,660,973
Mortgage Banking
ASSETS
Cash and cash equivalents	14,259	19,415
Restricted cash	9,836	2,974
Mortgage loans held for sale, net	319,248	316,806
Property, plant and equipment, net	3,347	3,559
Operating lease right-of-use assets	21,714	16,011
Goodwill	7,347	7,347
Other assets	68,402	47,691
Total assets	444,153	413,803
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating lease liabilities	22,910	16,968
Accounts payable and other liabilities	68,969	61,396
Total liabilities	91,879	78,364
Home Building Segment
ASSETS
Cash and cash equivalents	2,786,503	2,503,424
Restricted cash	47,995	48,455
Receivables	23,307	20,842
Contract land deposits, net	501,667	496,080
Property, plant and equipment, net	56,533	57,950
Operating lease right-of-use assets	71,593	71,081
Goodwill	41,580	41,580
Other assets	237,032	219,483
Total assets	5,631,752	5,247,170
Inventory:
Lots and housing units, covered under sales agreements with customers	1,630,861	1,554,955
Unsold lots and housing units	181,900	181,952
Land under development	28,814	27,100
Building materials and other	23,967	24,268
Total Inventory	1,865,542	1,788,275
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	353,141	334,016
Accrued expenses and other liabilities	459,335	437,234
Customer deposits	335,230	313,804
Operating lease liabilities	76,547	75,818
Senior notes	914,427	914,888
Total liabilities	$ 2,138,680	$ 2,075,760

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	17,313,580	17,336,397

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues	$ 2,178,277	$ 2,378,409
Interest expense	(7,258)	(13,166)
Income before taxes	433,810	565,945
Income tax expense	(89,458)	(139,845)
Net income	$ 344,352	$ 426,100
Basic earnings per share (USD per share)	$ 106.31	$ 125.87
Diluted earnings per share (USD per share)	$ 99.89	$ 116.56
Basic weighted average shares outstanding (in shares)	3,239,263	3,385,259
Diluted weighted average shares outstanding (in shares)	3,447,474	3,655,517
Home Building Segment
Revenues	$ 2,131,333	$ 2,309,227
Other income	32,946	1,339
Cost of Goods and Services Sold	1,607,910	1,651,365
Selling, general and administrative	(143,618)	(129,510)
Operating income	412,751	529,691
Interest expense	(7,001)	(12,804)
Income before taxes	405,750	516,887
Mortgage Banking
Revenues	46,944	69,182
Interest income	3,018	2,074
Other income	989	1,072
General and administrative	(22,634)	(22,908)
Interest expense	(257)	(362)
Income before taxes	$ 28,060	$ 49,058

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 344,352	$ 426,100
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,188	4,460
Equity-based compensation expense	22,277	11,668
Contract land deposit recoveries, net	(3,072)	(5,924)
Gain on sale of loans, net	(37,268)	(57,978)
Mortgage loans closed	(1,237,589)	(1,484,771)
Mortgage loans sold and principal payments on mortgage loans held for sale	1,238,337	1,511,850
Net change in assets and liabilities:
Increase in inventory	(77,267)	(246,273)
Increase in contract land deposits	(2,515)	(8,979)
Decrease (increase) in receivables	9,801	(13,782)
Increase in accounts payable and accrued expenses	50,607	127,083
Increase in customer deposits	21,426	35,715
Other, net	(18,755)	8,157
Net Cash Provided by (Used in) Operating Activities	315,522	309,326
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(565)	(472)
Distribution of capital from unconsolidated joint ventures	180	0
Purchase of property, plant and equipment	(2,714)	(4,056)
Proceeds from the sale of property, plant and equipment	184	210
Net Cash Provided by (Used in) Investing Activities	(2,915)	(4,318)
Cash flows from financing activities:
Purchase of treasury stock	(110,048)	(748,788)
Principal payments on finance lease liabilities	(400)	(356)
Proceeds from the exercise of stock options	81,916	34,241
Net Cash Provided by (Used in) Financing Activities	(28,532)	(714,903)
Net increase (decrease) in cash, restricted cash, and cash equivalents	284,075	(409,895)
Cash, restricted cash, and cash equivalents, beginning of the period	2,574,518	2,636,984
Cash, restricted cash, and cash equivalents, end of the period	2,858,593	2,227,089
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized	859	12,521
Income taxes paid during the period, net of refunds	5,423	2,536
Distribution of earnings from unconsolidated joint ventures	$ 1,000	$ 2,000

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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, 2023
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. and its subsidiaries (“NVR”, the “Company”, "we", "us" or "our") and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 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, 2022. 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, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. 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, 2023 and 2022, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying condensed consolidated financial statements. 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 $335,230 and $313,804 as of March 31, 2023 and December 31, 2022, respectively. We expect that substantially all of the customer deposits held at December 31, 2022 will be recognized in revenue in 2023. Our contract assets consist of prepaid sales compensation and totaled approximately $17,500 and $15,300, as of March 31, 2023 and December 31, 2022, 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, 2023
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, 2023, we controlled approximately 123,100 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $543,900 and $7,900, 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, 2023 and 2022, we recorded a net expense reversal of approximately $3,100 and $5,900, respectively, primarily related to previously impaired lot deposits based on market conditions. Our contract land deposit asset is shown net of a $53,469 and $57,060 impairment reserve at March 31, 2023 and December 31, 2022, respectively. In addition, we have certain properties under contract with land owners that are expected to yield approximately 19,400 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 $11,300 as of March 31, 2023, of which approximately $4,200 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, 2023 and December 31, 2022, our total risk of loss was as follows: March 31, 2023 December 31, 2022 Contract land deposits $ 555,136 $ 553,140 Loss reserve on contract land deposits (53,469) (57,060) Contract land deposits, net 501,667 496,080 Contingent obligations in the form of letters of credit 7,929 6,896 Total risk of loss $ 509,596 $ 502,976

Joint Ventures Joint Ventures

Joint Ventures Joint Ventures	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Joint Ventures	Joint Ventures On a limited basis, we obtain finished lots using joint venture limited liability corporations (“JVs”). The JVs are typically structured such that we are a non-controlling member and 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. We determined that we are not the primary beneficiary in any of the JVs because we and the other JV partner either share power or the other JV partner has the controlling financial interest. At March 31, 2023, we had an aggregate investment totaling approximately $26,800 in four JVs that are expected to produce approximately 5,300 finished lots, of which approximately 4,900 lots were controlled by us and the remaining approximately 400 lots were either under contract with unrelated parties or not currently under contract. We had additional funding commitments totaling approximately $12,400 to one of the JVs at March 31, 2023. At December 31, 2022, our aggregate investment in JVs totaled approximately $27,200. Investments in JVs for the respective periods are reported in the homebuilding “Other assets” line item on the accompanying condensed consolidated balance sheets. None of the JVs had any indicators of impairment as of March 31, 2023. 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.

Land Under Development

Land Under Development	3 Months Ended
	Mar. 31, 2023
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, 2023, we owned land with a carrying value of $28,814 that we intend to develop into approximately 1,900 finished lots. We have additional funding commitments of approximately $1,900 under a joint development agreement related to one project, a portion of which we expect will be offset by development credits of approximately $900. As of December 31, 2022, the carrying value of land under development was $27,100. None of our land under development projects had any indicators of impairment as of March 31, 2023

Capitalized Interest

Capitalized Interest	3 Months Ended
	Mar. 31, 2023
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Abstract]
Capitalized Interest	Capitalized Interest We capitalize interest costs to land under development during the active development of finished lots. In addition, we capitalize interest costs to our joint venture investments while the investments are considered qualified assets pursuant to ASC Topic 835-20 - Interest . Capitalized interest is transferred to inventory as the development of finished lots is completed, then charged to cost of sales upon our settlement of homes and the respective lots. Interest incurred in excess of the interest capitalizable based on the level of qualified assets is expensed in the period incurred. The following table reflects the changes in our capitalized interest during the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Interest capitalized, beginning of period $ 570 $ 593 Interest incurred 7,004 13,254 Interest charged to interest expense (7,258) (13,166) Interest charged to cost of sales (111) (41) Interest capitalized, end of period $ 205 $ 640

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022: Three Months Ended March 31, 2023 2022 Weighted average number of shares outstanding used to calculate basic EPS 3,239,263 3,385,259 Dilutive securities: Stock options and restricted share units 208,211 270,258 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,447,474 3,655,517 The following non-qualified stock options ("Options") and restricted share units ("RSUs") issued under equity incentive plans were outstanding during the three months ended March 31, 2023 and 2022, but were not included in the computation of diluted EPS because the effect would have been anti-dilutive. Three Months Ended March 31, 2023 2022 Anti-dilutive securities 184,114 21,032

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity A summary of changes in shareholders’ equity for the three months ended March 31, 2023 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2022 $ 206 $ 2,600,014 $ 11,773,414 $ (10,866,785) $ (16,710) $ 16,710 $ 3,506,849 Net income — — 344,352 — — — 344,352 Purchase of common stock for treasury — — — (110,048) — — (110,048) Equity-based compensation — 22,277 — — — — 22,277 Proceeds from Options exercised — 81,916 — — — — 81,916 Treasury stock issued upon Option exercise and RSU vesting — (27,566) — 27,566 — — — Balance, March 31, 2023 $ 206 $ 2,676,641 $ 12,117,766 $ (10,949,267) $ (16,710) $ 16,710 $ 3,845,346 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 RSU 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 We repurchased 21,174 and 146,054 shares of our outstanding common stock during the three months ended March 31, 2023 and 2022, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. We issued 43,941 and 13,323 shares from the treasury account during the three months ended March 31, 2023 and 2022, 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, 2023
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, 2023 and 2022: Three Months Ended March 31, 2023 2022 Warranty reserve, beginning of period $ 144,006 $ 134,859 Provision 21,270 17,967 Payments (20,845) (17,485) Warranty reserve, end of period $ 144,431 $ 135,341

Segment Disclosures

Segment Disclosures	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Disclosures	Segment DisclosuresWe disclose four homebuilding reportable segments that aggregate geographically our homebuilding operating segments, and we present our mortgage banking operations 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, Tennessee, Florida and Georgia Homebuilding profit before tax includes all revenues and income generated from the sale of homes, less the cost of homes sold, selling, general and administrative expenses and a corporate capital allocation charge. The corporate capital allocation charge is eliminated in consolidation and is based on the segment’s average net assets employed. The corporate capital allocation charged to the operating segment allows the Chief Operating Decision Maker (“CODM”) to determine whether the operating segment’s results are providing the desired rate of return after covering our cost of capital. Assets not allocated to the operating segments are not included in either the operating segment’s corporate capital allocation charge or the CODM’s evaluation of the operating segment’s performance. We record charges on contract land deposits when it is determined that it is probable that recovery of the deposit is impaired. For segment reporting purposes, impairments on contract land deposits are 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 3.00% 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, 2023 2022 Revenues: Homebuilding Mid Atlantic $ 941,148 $ 1,141,708 Homebuilding North East 183,430 175,551 Homebuilding Mid East 402,397 461,405 Homebuilding South East 604,358 530,563 Mortgage Banking 46,944 69,182 Total consolidated revenues $ 2,178,277 $ 2,378,409 Three Months Ended March 31, 2023 2022 Income before taxes: Homebuilding Mid Atlantic $ 159,038 $ 249,781 Homebuilding North East 32,060 25,928 Homebuilding Mid East 56,468 71,183 Homebuilding South East 125,409 113,454 Mortgage Banking 29,427 50,106 Total segment profit before taxes 402,402 510,452 Reconciling items: Contract land deposit reserve adjustment (1) 3,591 5,926 Equity-based compensation expense (2) (22,277) (11,668) Corporate capital allocation (3) 69,074 69,744 Unallocated corporate overhead (45,965) (45,261) Consolidation adjustments and other (4) 4,000 48,760 Corporate interest expense (6,954) (12,755) Corporate interest income 29,939 747 Reconciling items sub-total 31,408 55,493 Consolidated income before taxes $ 433,810 $ 565,945 (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 increase in equity-based compensation expense for the three-month period ended March 31, 2023 was primarily attributable to the issuance of a four year block grant of Options and RSUs in the second quarter of 2022. (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, 2023 2022 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 33,179 $ 34,087 Homebuilding North East 7,325 7,087 Homebuilding Mid East 9,660 11,417 Homebuilding South East 18,910 17,153 Total $ 69,074 $ 69,744 (4) The consolidation adjustments and other in each period are primarily driven by changes in units under construction as well as significant fluctuations in lumber prices year over year. Our reportable segments' results include the intercompany profits of our production facilities for home packages delivered to our homebuilding divisions. Costs related to homes not yet settled are reversed through the consolidation adjustment and recorded in inventory. These costs are subsequently recorded through the consolidation adjustment when the respective homes are settled. In the first quarter of 2023, the consolidation adjustment was negatively impacted by the recognition of previously deferred home package costs that included higher priced lumber. This impact was offset partially by a reduction in the number of units under construction year over year, resulting in a decrease in intercompany profits deferred, as compared to the first quarter of 2022. March 31, 2023 December 31, 2022 Assets: Homebuilding Mid Atlantic $ 1,219,228 $ 1,152,564 Homebuilding North East 277,044 250,001 Homebuilding Mid East 364,849 378,833 Homebuilding South East 689,953 697,923 Mortgage Banking 436,806 406,456 Total segment assets 2,987,880 2,885,777 Reconciling items: Cash and cash equivalents 2,786,503 2,503,424 Deferred taxes 147,363 143,585 Intangible assets and goodwill 49,368 49,368 Operating lease right-of-use assets 71,593 71,081 Finance lease right-of-use assets 13,492 13,745 Contract land deposit reserve (53,469) (57,060) Consolidation adjustments and other 73,175 51,053 Reconciling items sub-total 3,088,025 2,775,196 Consolidated assets $ 6,075,905 $ 5,660,973

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2023
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 estimated fair values of our Senior Notes as of March 31, 2023 and December 31, 2022 were $787,419 and $788,166, respectively. The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hierarchy. The carrying values at March 31, 2023 and December 31, 2022 were $914,427 and $914,888, respectively. Except as otherwise noted below, we believe that insignificant differences exist between the carrying value and the fair value of our financial instruments, which 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, and some of these commitments include a prepaid float down option. 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, 2023, there were rate lock commitments to extend credit to borrowers aggregating $2,263,642 and open forward delivery contracts aggregating $2,227,677, 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, 2023, the fair value of loans held for sale of $319,248 included on the accompanying condensed consolidated balance sheet was increased by $5,435 from the aggregate principal balance of $313,813. As of December 31, 2022, the fair value of loans held for sale of $316,806 was decreased by $2,675 from the aggregate principal balance of $319,481. The fair value measurement of NVRM's undesignated derivative instruments was as follows: March 31, 2023 December 31, 2022 Rate lock commitments: Gross assets $ 46,992 $ 32,246 Gross liabilities 3,499 20,946 Net rate lock commitments $ 43,493 $ 11,300 Forward sales contracts: Gross assets $ 912 $ 4,843 Gross liabilities 15,087 20,903 Net forward sales contracts $ (14,175) $ (16,060) As of both March 31, 2023 and December 31, 2022, the net rate lock commitments are reported in mortgage banking "Other assets" and the net forward sales contracts are reported in mortgage banking "Accrued expenses and other liabilities". The fair value measurement as of March 31, 2023 was as follows: Notional or Assumed Interest Servicing Security Total Fair Rate lock commitments $ 2,263,642 $ 4,000 $ 12,007 $ 27,486 $ — $ 43,493 Forward sales contracts $ 2,227,677 — — — (14,175) (14,175) Mortgages held for sale $ 313,813 757 554 4,124 — 5,435 Total fair value measurement $ 4,757 $ 12,561 $ 31,610 $ (14,175) $ 34,753 The total fair value measurement as of December 31, 2022 was a net loss of $7,435. NVRM recorded fair value adjustments to income of $42,188 and $10,109 for the three months ended March 31, 2023 and March 31, 2022, respectively. Unrealized gains/losses from the change in the fair value measurements are included in earnings as a component of mortgage banking fees in the accompanying condensed consolidated statements of income. The fair value measurement will be impacted in the future by the change in the value of the servicing rights, interest rate movements, security price fluctuations, and the volume and product mix of NVRM’s closed loans and locked loan commitments.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt As of March 31, 2023, we had the following debt instruments outstanding: Senior Notes As of March 31, 2023, we had Senior Notes with an aggregate principal balance of $900,000. The Senior Notes mature on May 15, 2030 and bear interest at 3.00%, payable semi-annually in arrears on May 15 and November 15. The 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 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 $13,300 was outstanding at March 31, 2023. The Credit Agreement termination date is February 12, 2026. There were no borrowings outstanding under the Facility at March 31, 2023. Repurchase Agreement NVRM provides for its mortgage origination and other operating activities using cash generated from its operations, borrowings from its parent company, NVR, as well as a revolving mortgage repurchase agreement (the “Repurchase Agreement”), which is non-recourse to NVR. The Repurchase Agreement provides for loan purchases up to $150,000, subject to certain sub-limits. Amounts outstanding under the Repurchase Agreement are collateralized by the Company’s mortgage loans held for sale.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
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 $13,492 and $14,851, respectively, as of March 31, 2023, and $13,745 and $15,002, respectively, as of December 31, 2022. Our leases have remaining lease terms of up to 17.4 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, 2023 2022 Lease expense Operating lease expense $ 9,140 $ 8,101 Finance lease expense: Amortization of ROU assets 502 464 Interest on lease liabilities 105 104 Short-term lease expense 7,492 6,332 Total lease expense $ 17,239 $ 15,001 Other information related to leases was as follows: Three Months Ended March 31, 2023 2022 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,316 $ 7,169 Operating cash flows from finance leases 105 104 Financing cash flows from finance leases 400 356 ROU assets obtained in exchange for lease obligations: Operating leases $ 13,247 $ 5,813 Finance leases $ 249 $ 272 March 31, 2023 December 31, 2022 Weighted-average remaining lease term (in years): Operating leases 6.0 6.0 Finance leases 10.6 10.8 Weighted-average discount rate: Operating leases 3.8 % 3.6 % Finance leases 2.9 % 2.9 %
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 $13,492 and $14,851, respectively, as of March 31, 2023, and $13,745 and $15,002, respectively, as of December 31, 2022. Our leases have remaining lease terms of up to 17.4 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, 2023 2022 Lease expense Operating lease expense $ 9,140 $ 8,101 Finance lease expense: Amortization of ROU assets 502 464 Interest on lease liabilities 105 104 Short-term lease expense 7,492 6,332 Total lease expense $ 17,239 $ 15,001 Other information related to leases was as follows: Three Months Ended March 31, 2023 2022 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,316 $ 7,169 Operating cash flows from finance leases 105 104 Financing cash flows from finance leases 400 356 ROU assets obtained in exchange for lease obligations: Operating leases $ 13,247 $ 5,813 Finance leases $ 249 $ 272 March 31, 2023 December 31, 2022 Weighted-average remaining lease term (in years): Operating leases 6.0 6.0 Finance leases 10.6 10.8 Weighted-average discount rate: Operating leases 3.8 % 3.6 % Finance leases 2.9 % 2.9 %

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	14.    Income TaxesOur effective tax rate for the three months ended March 31, 2023 was 20.6% compared to 24.7% for the three months ended March 31, 2022. The decrease in the effective tax rate quarter over quarter is primarily attributable to recognizing a higher income tax benefit related to excess tax benefits from stock option exercises in the first quarter of 2023. For the three months ended March 31, 2023 and 2022, we recognized $23,245 and $8,446, respectively, in such income tax benefits.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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. and its subsidiaries (“NVR”, the “Company”, "we", "us" or "our") and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 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, 2022. 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, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.
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, 2023
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Total Risk of Loss Related to Contract Land Deposits	Our total risk of loss related to contract land deposits is limited to the amount of the deposits pursuant to the liquidated damages provision of the LPAs. As of March 31, 2023 and December 31, 2022, our total risk of loss was as follows: March 31, 2023 December 31, 2022 Contract land deposits $ 555,136 $ 553,140 Loss reserve on contract land deposits (53,469) (57,060) Contract land deposits, net 501,667 496,080 Contingent obligations in the form of letters of credit 7,929 6,896 Total risk of loss $ 509,596 $ 502,976

Capitalized Interest (Tables)

Capitalized Interest (Tables)	3 Months Ended
	Mar. 31, 2023
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Abstract]
Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales	The following table reflects the changes in our capitalized interest during the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Interest capitalized, beginning of period $ 570 $ 593 Interest incurred 7,004 13,254 Interest charged to interest expense (7,258) (13,166) Interest charged to cost of sales (111) (41) Interest capitalized, end of period $ 205 $ 640

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022: Three Months Ended March 31, 2023 2022 Weighted average number of shares outstanding used to calculate basic EPS 3,239,263 3,385,259 Dilutive securities: Stock options and restricted share units 208,211 270,258 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,447,474 3,655,517
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following non-qualified stock options ("Options") and restricted share units ("RSUs") issued under equity incentive plans were outstanding during the three months ended March 31, 2023 and 2022, but were not included in the computation of diluted EPS because the effect would have been anti-dilutive. Three Months Ended March 31, 2023 2022 Anti-dilutive securities 184,114 21,032

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Summary of Changes in Shareholders' Equity	A summary of changes in shareholders’ equity for the three months ended March 31, 2023 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2022 $ 206 $ 2,600,014 $ 11,773,414 $ (10,866,785) $ (16,710) $ 16,710 $ 3,506,849 Net income — — 344,352 — — — 344,352 Purchase of common stock for treasury — — — (110,048) — — (110,048) Equity-based compensation — 22,277 — — — — 22,277 Proceeds from Options exercised — 81,916 — — — — 81,916 Treasury stock issued upon Option exercise and RSU vesting — (27,566) — 27,566 — — — Balance, March 31, 2023 $ 206 $ 2,676,641 $ 12,117,766 $ (10,949,267) $ (16,710) $ 16,710 $ 3,845,346	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 RSU 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

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022: Three Months Ended March 31, 2023 2022 Warranty reserve, beginning of period $ 144,006 $ 134,859 Provision 21,270 17,967 Payments (20,845) (17,485) Warranty reserve, end of period $ 144,431 $ 135,341

Segment Disclosures (Tables)

Segment Disclosures (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 Revenues: Homebuilding Mid Atlantic $ 941,148 $ 1,141,708 Homebuilding North East 183,430 175,551 Homebuilding Mid East 402,397 461,405 Homebuilding South East 604,358 530,563 Mortgage Banking 46,944 69,182 Total consolidated revenues $ 2,178,277 $ 2,378,409
Profit before Taxes	Three Months Ended March 31, 2023 2022 Income before taxes: Homebuilding Mid Atlantic $ 159,038 $ 249,781 Homebuilding North East 32,060 25,928 Homebuilding Mid East 56,468 71,183 Homebuilding South East 125,409 113,454 Mortgage Banking 29,427 50,106 Total segment profit before taxes 402,402 510,452 Reconciling items: Contract land deposit reserve adjustment (1) 3,591 5,926 Equity-based compensation expense (2) (22,277) (11,668) Corporate capital allocation (3) 69,074 69,744 Unallocated corporate overhead (45,965) (45,261) Consolidation adjustments and other (4) 4,000 48,760 Corporate interest expense (6,954) (12,755) Corporate interest income 29,939 747 Reconciling items sub-total 31,408 55,493 Consolidated income before taxes $ 433,810 $ 565,945 (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 increase in equity-based compensation expense for the three-month period ended March 31, 2023 was primarily attributable to the issuance of a four year block grant of Options and RSUs in the second quarter of 2022. (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, 2023 2022 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 33,179 $ 34,087 Homebuilding North East 7,325 7,087 Homebuilding Mid East 9,660 11,417 Homebuilding South East 18,910 17,153 Total $ 69,074 $ 69,744
Assets	March 31, 2023 December 31, 2022 Assets: Homebuilding Mid Atlantic $ 1,219,228 $ 1,152,564 Homebuilding North East 277,044 250,001 Homebuilding Mid East 364,849 378,833 Homebuilding South East 689,953 697,923 Mortgage Banking 436,806 406,456 Total segment assets 2,987,880 2,885,777 Reconciling items: Cash and cash equivalents 2,786,503 2,503,424 Deferred taxes 147,363 143,585 Intangible assets and goodwill 49,368 49,368 Operating lease right-of-use assets 71,593 71,081 Finance lease right-of-use assets 13,492 13,745 Contract land deposit reserve (53,469) (57,060) Consolidation adjustments and other 73,175 51,053 Reconciling items sub-total 3,088,025 2,775,196 Consolidated assets $ 6,075,905 $ 5,660,973

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Undesignated Derivative Instruments	The fair value measurement of NVRM's undesignated derivative instruments was as follows: March 31, 2023 December 31, 2022 Rate lock commitments: Gross assets $ 46,992 $ 32,246 Gross liabilities 3,499 20,946 Net rate lock commitments $ 43,493 $ 11,300 Forward sales contracts: Gross assets $ 912 $ 4,843 Gross liabilities 15,087 20,903 Net forward sales contracts $ (14,175) $ (16,060)
Fair Value Measurement	The fair value measurement as of March 31, 2023 was as follows: Notional or Assumed Interest Servicing Security Total Fair Rate lock commitments $ 2,263,642 $ 4,000 $ 12,007 $ 27,486 $ — $ 43,493 Forward sales contracts $ 2,227,677 — — — (14,175) (14,175) Mortgages held for sale $ 313,813 757 554 4,124 — 5,435 Total fair value measurement $ 4,757 $ 12,561 $ 31,610 $ (14,175) $ 34,753

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 Lease expense Operating lease expense $ 9,140 $ 8,101 Finance lease expense: Amortization of ROU assets 502 464 Interest on lease liabilities 105 104 Short-term lease expense 7,492 6,332 Total lease expense $ 17,239 $ 15,001
ScheduleofSupplementalCashFlowInformationRelatedtoLeases	Other information related to leases was as follows: Three Months Ended March 31, 2023 2022 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,316 $ 7,169 Operating cash flows from finance leases 105 104 Financing cash flows from finance leases 400 356 ROU assets obtained in exchange for lease obligations: Operating leases $ 13,247 $ 5,813 Finance leases $ 249 $ 272 March 31, 2023 December 31, 2022 Weighted-average remaining lease term (in years): Operating leases 6.0 6.0 Finance leases 10.6 10.8 Weighted-average discount rate: Operating leases 3.8 % 3.6 % Finance leases 2.9 % 2.9 %

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract cost	$ 17,500	$ 15,300
Home Building Segment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash and cash equivalents	47,995	48,455
Contract liabilities for customer deposits	$ 335,230	$ 313,804

Variable Interest Entities ("_3

Variable Interest Entities ("VIEs") - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) lot	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Net Contract Land Deposit Impairment Recoveries	$ 3,100	$ 5,900
Loss reserve on contract land deposits	53,469		$ 57,060
Contract land deposits in cash	$ 555,136		$ 553,140
Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10%
Lots controlled by NVR | lot	123,100
Contract land deposits in cash under lot purchase Agreements	$ 543,900
Letters of credit related to lots	$ 7,900
Contract on Raw Ground with Landowners
Variable Interest Entity [Line Items]
Lots controlled by NVR | lot	19,400
Contract land deposits in cash	$ 11,300
Refundable deposits and letters of credit	$ 4,200

Variable Interest Entities ("_4

Variable Interest Entities ("VIEs") - Total Risk of Loss Related to Contract Land Deposits (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Contract land deposits	$ 555,136	$ 553,140
Loss reserve on contract land deposits	(53,469)	(57,060)
Contract land deposits, net	501,667	496,080
Contingent obligations in the form of letters of credit	7,929	6,896
Total risk of loss	$ 509,596	$ 502,976

Joint Ventures - Additional Inf

Joint Ventures - Additional Information (Detail) $ in Thousands	Mar. 31, 2023 USD ($) lot joint_venture	Dec. 31, 2022 USD ($)
Joint Ventures [Line Items]
Aggregate investment	$ 26,800
Number of joint ventures | joint_venture	4
Expected production of finished lots | lot	5,300
Total lots controlled by company under the joint venture | lot	4,900
Total lots either under contract with unrelated parties or not under the current contract | lot	400
Additional funding commitments in the aggregate	$ 12,400
Other Assets
Joint Ventures [Line Items]
Aggregate investment		$ 27,200
Home Building Segment
Joint Ventures [Line Items]
Restricted cash and cash equivalents	47,995	48,455
Accrued expenses and other liabilities	$ 459,335	$ 437,234

Land Under Development - Additi

Land Under Development - Additional Information (Detail) $ in Thousands	Mar. 31, 2023 USD ($) lot
Real Estate [Abstract]
Carrying value of raw parcels of land	$ 28,814
Number of finished lots expected to be developed from raw parcels of land | lot	1,900
Aggregate additional funding commitments related to raw land property under joint development	$ 1,900
Expected development credits that will offset the aggregate additional funding commitments related to raw land property development	$ 900

Capitalized Interest - Summary

Capitalized Interest - Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Roll Forward]
Interest capitalized, beginning of period	$ 570	$ 593
Interest incurred	7,004	13,254
Interest expense	(7,258)	(13,166)
Interest charged to cost of sales	(111)	(41)
Interest capitalized, end of period	$ 205	$ 640

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, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS (in shares)	3,239,263	3,385,259
Dilutive securities:
Stock options and restricted share units (in shares)	208,211	270,258
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS (in shares)	3,447,474	3,655,517

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, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Anti-dilutive securities (in shares)	184,114	21,032

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Changes in Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 3,506,849	$ 3,002,378
Net income	344,352	426,100
Purchase of common stock for treasury	(110,048)	(748,788)
Equity-based compensation	22,277	11,668
Proceeds from Options exercised	81,916	34,241
Ending Balance	3,845,346	2,725,599
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stockholders' Equity Attributable to Parent	3,845,346	2,725,599
Treasury Stock, Value, Acquired, Cost Method	110,048	748,788
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	206	206
Ending Balance	206	206
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stockholders' Equity Attributable to Parent	206	206
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	2,600,014	2,378,191
Equity-based compensation	22,277	11,668
Proceeds from Options exercised	81,916	34,241
Treasury stock issued upon Option exercise and RSU vesting	(27,566)	(7,440)
Ending Balance	2,676,641	2,416,660
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stockholders' Equity Attributable to Parent	2,676,641	2,416,660
Treasury stock issued upon Option exercise and RSU vesting	(27,566)	(7,440)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	11,773,414	10,047,839
Net income	344,352	426,100
Ending Balance	12,117,766	10,473,939
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stockholders' Equity Attributable to Parent	12,117,766	10,473,939
Treasury Stock, Common
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(10,866,785)	(9,423,858)
Purchase of common stock for treasury	(110,048)	(748,788)
Treasury stock issued upon Option exercise and RSU vesting	27,566	7,440
Ending Balance	(10,949,267)	(10,165,206)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stockholders' Equity Attributable to Parent	(10,949,267)	(10,165,206)
Treasury Stock, Value, Acquired, Cost Method	110,048	748,788
Treasury stock issued upon Option exercise and RSU vesting	27,566	7,440
Deferred Compensation Trust
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(16,710)	(16,710)
Ending Balance	(16,710)	(16,710)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stockholders' Equity Attributable to Parent	(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
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stockholders' Equity Attributable to Parent	$ 16,710	$ 16,710

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Common stock repurchased (in shares)	21,174	146,054
Reissued shares during the period, shares (in shares)	43,941	13,323

Product Warranties Product Warr

Product Warranties Product Warranties - Schedule of Product Warranties Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Warranty reserve, beginning of period	$ 144,006	$ 134,859
Provision	21,270	17,967
Payments	(20,845)	(17,485)
Warranty reserve, end of period	$ 144,431	$ 135,341

Segment Disclosures - Additiona

Segment Disclosures - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 segment
Senior Notes Due Two Thousand Thirty
Segment Reporting Information [Line Items]
Senior notes interest rate	3%
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, 2023	Mar. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 2,178,277	$ 2,378,409
Home Building Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,131,333	2,309,227
Home Building Segment | Mid Atlantic
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	941,148	1,141,708
Home Building Segment | North East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	183,430	175,551
Home Building Segment | Mid East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	402,397	461,405
Home Building Segment | South East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	604,358	530,563
Mortgage Banking
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 46,944	$ 69,182

Segment Disclosures - Income be

Segment Disclosures - Income before Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	$ 433,810	$ 565,945
Equity-based compensation expense	(22,277)	(11,668)
Corporate interest income	(7,258)	(13,166)
Corporate Interest Income	29,939
Home Building Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	405,750	516,887
Corporate interest income	(7,001)	(12,804)
Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	28,060	49,058
Corporate interest income	(257)	(362)
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	402,402	510,452
Operating Segments | Home Building Segment | Mid Atlantic
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	159,038	249,781
Operating Segments | Home Building Segment | North East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	32,060	25,928
Operating Segments | Home Building Segment | Mid East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	56,468	71,183
Operating Segments | Home Building Segment | South East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	125,409	113,454
Operating Segments | Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	29,427	50,106
Corporate and Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	31,408	55,493
Contract land deposit reserve adjustment	3,591	5,926
Equity-based compensation expense	(22,277)	(11,668)
Corporate capital allocation	69,074	69,744
Unallocated corporate overhead	(45,965)	(45,261)
Consolidation adjustments and other (4)	4,000	48,760
Corporate interest income	(6,954)	(12,755)
Corporate Interest Income		747
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	33,179	34,087
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	7,325	7,087
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	9,660	11,417
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	$ 18,910	$ 17,153

Segment Disclosures - Corporate

Segment Disclosures - Corporate Capital Allocation Charge (Detail) - Corporate and Reconciling Items - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 69,074	$ 69,744
Home Building Segment | Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	33,179	34,087
Home Building Segment | North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	7,325	7,087
Home Building Segment | Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	9,660	11,417
Home Building Segment | South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 18,910	$ 17,153

Segment Disclosures - Assets (D

Segment Disclosures - Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 6,075,905	$ 5,660,973
Finance Lease, Right-of-Use Asset	13,492	13,745
Contract land deposit reserve	(53,469)	(57,060)
Home Building Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	5,631,752	5,247,170
Cash and cash equivalents	2,786,503	2,503,424
Operating lease right-of-use assets	71,593	71,081
Mortgage Banking
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	444,153	413,803
Cash and cash equivalents	14,259	19,415
Operating lease right-of-use assets	21,714	16,011
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,987,880	2,885,777
Operating Segments | Home Building Segment | Mid Atlantic
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,219,228	1,152,564
Operating Segments | Home Building Segment | North East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	277,044	250,001
Operating Segments | Home Building Segment | Mid East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	364,849	378,833
Operating Segments | Home Building Segment | South East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	689,953	697,923
Operating Segments | Mortgage Banking
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	436,806	406,456
Corporate and Reconciling Items
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	3,088,025	2,775,196
Cash and cash equivalents	2,786,503	2,503,424
Deferred taxes	147,363	143,585
Intangible assets and goodwill	49,368	49,368
Operating lease right-of-use assets	71,593	71,081
Finance Lease, Right-of-Use Asset	13,492	13,745
Contract land deposit reserve	(53,469)	(57,060)
Consolidation adjustments and other	$ 73,175	$ 51,053

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)	$ 34,753		$ (7,435)
Home Building Segment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	914,427		914,888
Home Building Segment | Senior Notes Due Two Thousand Thirty
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	914,427		914,888
Home Building Segment | Level 2 | Fair Value, Recurring | Senior Notes Due Two Thousand Thirty
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	787,419		788,166
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)	42,188	$ 10,109
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	2,263,642
Total fair value measurement gain/(loss)	43,493
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	2,227,677
Total fair value measurement gain/(loss)	(14,175)
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	319,248		$ 316,806
Fair Value, principal amount, loans held for sale	313,813	319,481
Fair value, option, changes in fair value, gain (loss)	$ 5,435	$ 2,675

Fair Value - Undesignated Deriv

Fair Value - Undesignated Derivative Instruments (Detail) - Mortgage Banking - Level 2 - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Assets | Rate Lock Commitments
Derivatives, Fair Value [Line Items]
Gross assets	$ 46,992	$ 32,246
Gross liabilities	3,499	20,946
Net rate lock commitments and forward sales contracts	43,493	11,300
Accrued Liabilities | Forward Sales Contracts
Derivatives, Fair Value [Line Items]
Gross assets	912	4,843
Gross liabilities	15,087	20,903
Net rate lock commitments and forward sales contracts	$ (14,175)	$ (16,060)

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurement (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain From Loan Sale	$ 4,757
Interest Rate Movement Effect	12,561
Servicing Rights Value	31,610
Security Price Change	(14,175)
Total Fair Value Measurement Gain/(Loss)	34,753		$ (7,435)
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	2,263,642
Assumed Gain From Loan Sale	4,000
Interest Rate Movement Effect	12,007
Servicing Rights Value	27,486
Total Fair Value Measurement Gain/(Loss)	43,493
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	2,227,677
Security Price Change	(14,175)
Total Fair Value Measurement Gain/(Loss)	(14,175)
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	757
Interest Rate Movement Effect	554
Servicing Rights Value	4,124
Fair value, option, changes in fair value, gain (loss)	5,435	$ 2,675
Fair Value, principal amount, loans held for sale	$ 313,813	$ 319,481

Debt - Additional Information (

Debt - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 USD ($)
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	13,300,000
Repurchase Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum loan borrowing capacity	150,000,000
Borrowing base limitations	0
Debt outstanding	0
Senior Notes Due Two Thousand Thirty
Debt Instrument [Line Items]
Senior notes principal amount	$ 900,000,000
Senior notes interest rate	3%
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%

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease, term	17 years 4 months 24 days
Operating lease, option to extend	20
Finance Lease, Right-of-Use Asset	$ 13,492	$ 13,745
Finance Lease, Liability	$ 14,851	$ 15,002

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating Lease, Expense	$ 9,140	$ 8,101
Finance Lease, Right-of-Use Asset, Amortization	502	464
Finance Lease, Interest Expense	105	104
Short-term Lease Payments	7,492	6,332
Lease, Cost	$ 17,239	$ 15,001

Leases - Supplemental Informati

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Supplemental Cash Flows Information:
Operating cash flows from operating leases	$ 7,316	$ 7,169
Operating cash flows from finance leases	105	104
Financing cash flows from finance leases	400	356
ROU assets obtained in exchange for lease obligations:
Operating leases	13,247	5,813
Finance leases	$ 249	$ 272
Weighted-average remaining lease term (in years):
Operating leases	6 years		6 years
Finance leases	10 years 7 months 6 days		10 years 9 months 18 days
Weighted-average discount rate:
Operating leases	3.80%		3.60%
Finance leases	2.90%		2.90%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	20.60%	24.70%
Excess tax benefit recognized	$ 23,245	$ 8,446