Cover
Cover - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 12, 2024 | Jun. 30, 2023 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity File Number | 1-12378 | ||
Trading Symbol | NVR | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | ||
Entity Central Index Key | 0000906163 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 3,186,147 | ||
Entity Public Float | $ 19,859,813 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Registrant Name | NVR, Inc. | ||
Local Phone Number | 956-4000 | ||
Entity Address, Postal Zip Code | 20190 | ||
Entity Address, City or Town | Reston, | ||
Entity Address, Address Line One | 11700 Plaza America Drive, Suite 500 | ||
Entity Address, State or Province | VA | ||
Entity Tax Identification Number | 54-1394360 | ||
ICFR Auditor Attestation Flag | true | ||
City Area Code | 703 | ||
Entity Incorporation, State or Country Code | VA | ||
Security Exchange Name | NYSE | ||
Document Financial Statement Error Correction [Flag] | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | McLean, Virginia |
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory: | ||
Land under development | $ 36,895 | $ 27,100 |
Contract land deposits, net | 576,551 | 496,080 |
Total assets | 6,601,757 | 5,660,973 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Operating Lease, Liability | 101,272 | |
Total liabilities | 2,237,032 | 2,154,124 |
Commitments and contingencies | ||
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Shareholders' equity: | ||
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both December 31, 2017 and December 31, 2016 | $ 206 | $ 206 |
Additional paid-in capital | 2,848,528 | 2,600,014 |
Deferred compensation trust – 108,640 shares of NVR, Inc. common stock as of both December 31, 2017 and December 31, 2016 | (16,710) | (16,710) |
Deferred compensation liability | 16,710 | 16,710 |
Retained earnings | 13,365,025 | 11,773,414 |
Less treasury stock at cost – 16,864,324 and 16,862,327 shares as of December 31, 2017 and December 31, 2016, respectively | (11,849,034) | (10,866,785) |
Total shareholders' equity | 4,364,725 | 3,506,849 |
Total liabilities and shareholders' equity | $ 6,601,757 | $ 5,660,973 |
Common stock, shares issued | 20,555,330 | 20,555,330 |
Deferred compensation trust, shares | 106,697 | 106,697 |
Home Building | ||
ASSETS | ||
Cash and cash equivalents | $ 3,126,472 | $ 2,503,424 |
Restricted cash | 41,483 | 48,455 |
Receivables | 29,000 | 20,842 |
Inventory: | ||
Lots and housing units, covered under sales agreements with customers | 1,674,686 | 1,554,955 |
Unsold lots and housing units | 214,666 | 181,952 |
Land under development | 36,895 | 27,100 |
Building materials and other | 23,903 | 24,268 |
Total Inventory | 1,950,150 | 1,788,275 |
Contract land deposits, net | 576,551 | 496,080 |
Property, plant and equipment, net | 63,716 | 57,950 |
Operating Lease, Right-of-Use Asset | 70,384 | 71,081 |
Goodwill acquired from business acquisition | 41,580 | 41,580 |
Deferred tax assets, net | 148,005 | 143,585 |
Other assets | 94,746 | 75,898 |
Total assets | 6,142,087 | 5,247,170 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable | 347,738 | 334,016 |
Accrued expenses and other liabilities | 413,043 | 437,234 |
Contract with Customer, Liability | 334,441 | 313,804 |
Operating Lease, Liability | 75,797 | 75,818 |
Senior notes | 913,027 | 914,888 |
Total liabilities | 2,084,046 | 2,075,760 |
Mortgage Banking | ||
ASSETS | ||
Cash and cash equivalents | 36,422 | 19,415 |
Restricted cash | 11,067 | 2,974 |
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | 222,560 | 316,806 |
Inventory: | ||
Property, plant and equipment, net | 6,348 | 3,559 |
Operating Lease, Right-of-Use Asset | 23,541 | 16,011 |
Goodwill acquired from business acquisition | 7,347 | 7,347 |
Other assets | 152,385 | 47,691 |
Total assets | 459,670 | 413,803 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Operating Lease, Liability | 25,475 | 16,968 |
Accounts payable and other liabilities | 127,511 | 61,396 |
Total liabilities | $ 152,986 | $ 78,364 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 20,555,330 | 20,555,330 |
Deferred compensation trust, shares | 106,697 | 106,697 |
Treasury stock, shares | 17,360,454 | 17,336,397 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | $ 9,518,202 | $ 10,526,434 | $ 8,951,025 |
Interest expense | (27,740) | (39,524) | (53,117) |
Profit before taxes | 1,928,373 | 2,253,194 | 1,590,403 |
Income tax expense | (336,762) | (527,619) | (353,684) |
Net income | $ 1,591,611 | $ 1,725,575 | $ 1,236,719 |
Basic earnings per share (USD per share) | $ 491.52 | $ 525.20 | $ 345.37 |
Diluted earnings per share (USD per share) | $ 463.31 | $ 491.82 | $ 320.48 |
Basic weighted average shares outstanding (in Shares) | 3,238,161 | 3,285,562 | 3,580,800 |
Diluted weighted average shares outstanding (in Shares) | 3,435,294 | 3,508,524 | 3,858,912 |
Home Building | |||
Revenues | $ 9,314,605 | $ 10,326,770 | $ 8,701,693 |
Other income | 148,010 | 37,038 | 6,559 |
Cost of sales | (7,051,198) | (7,662,271) | (6,763,115) |
Selling, general and administrative | (588,962) | (532,353) | (474,808) |
Interest expense | (26,875) | (38,140) | (51,530) |
Profit before taxes | 1,795,580 | 2,131,044 | 1,418,799 |
Operating income | 1,822,455 | 2,169,184 | 1,470,329 |
Mortgage Banking | |||
Revenues | 203,597 | 199,664 | 249,332 |
Interest income | 16,687 | 11,853 | 8,725 |
Other income | 4,449 | 4,963 | 3,753 |
General and administrative | (91,075) | (92,946) | (88,619) |
Interest expense | (865) | (1,384) | (1,587) |
Profit before taxes | $ 132,793 | $ 122,150 | $ 171,604 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Deferred Compensation Trust | Deferred Compensation Liability |
Beginning Balance at Dec. 31, 2020 | $ 3,103,074 | $ 206 | $ 2,214,426 | $ 8,811,120 | $ (7,922,678) | $ (16,710) | $ 16,710 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,236,719 | 1,236,719 | |||||
Purchase of common stock for treasury | (1,538,019) | (1,538,019) | |||||
Equity-based compensation | 58,234 | 58,234 | |||||
Proceeds from stock options exercised | 142,370 | 142,370 | |||||
Treasury stock issued upon option exercise and restricted share vesting | (36,839) | 36,839 | |||||
Ending Balance at Dec. 31, 2021 | 3,002,378 | 206 | 2,378,191 | 10,047,839 | (9,423,858) | (16,710) | 16,710 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,725,575 | 1,725,575 | |||||
Purchase of common stock for treasury | (1,500,358) | (1,500,358) | |||||
Equity-based compensation | 82,537 | 82,537 | |||||
Proceeds from stock options exercised | 196,717 | 196,717 | |||||
Treasury stock issued upon option exercise and restricted share vesting | (57,431) | 57,431 | |||||
Ending Balance at Dec. 31, 2022 | 3,506,849 | 206 | 2,600,014 | 11,773,414 | (10,866,785) | (16,710) | 16,710 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,591,611 | 1,591,611 | |||||
Purchase of common stock for treasury | (1,083,751) | (1,083,751) | |||||
Equity-based compensation | 99,507 | 99,507 | |||||
Proceeds from stock options exercised | 250,509 | 250,509 | |||||
Treasury stock issued upon option exercise and restricted share vesting | (101,502) | 101,502 | |||||
Ending Balance at Dec. 31, 2023 | $ 4,364,725 | $ 206 | $ 2,848,528 | $ 13,365,025 | $ (11,849,034) | $ (16,710) | $ 16,710 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 1,591,611 | $ 1,725,575 | $ 1,236,719 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 16,916 | 17,396 | 19,463 |
Equity-based compensation expense | 99,507 | 82,537 | 58,234 |
Contract land deposit (recoveries) impairments and other impairments, net | (2,908) | 28,466 | (20,827) |
Gain on sale of loans, net | (163,322) | (152,668) | (205,582) |
Deferred tax benefit | (3,743) | (11,101) | (234) |
Mortgage loans closed | (5,740,199) | (6,314,514) | (6,079,454) |
Mortgage loans sold and principal payments on mortgage loans held for sale | 5,949,657 | 6,471,270 | 6,424,204 |
Distribution of earnings from unconsolidated joint ventures | 2,000 | 9,000 | 9,500 |
Net change in assets and liabilities: | |||
(Increase) decrease in inventory | (161,875) | 159,091 | (238,284) |
Increase in contract land deposits | (77,563) | (26,407) | (87,374) |
(Increase) decrease in receivables | (59,653) | (27,384) | 1,956 |
Increase (decrease) in accounts payable and accrued expenses | 49,105 | (13,777) | (19,954) |
Increase (Decrease) in Contract with Customer, Liability | 20,637 | (103,659) | 176,705 |
Other, net | (22,177) | 26,276 | (32,679) |
Operating activities | 1,497,993 | 1,870,101 | 1,242,393 |
Net cash provided by operating activities | 1,497,993 | 1,870,101 | 1,242,393 |
Cash flows from investing activities: | |||
Investments in and advances to unconsolidated joint ventures | (1,776) | (9,735) | (1,282) |
Distribution of capital from unconsolidated joint ventures | 180 | 0 | 0 |
Purchase of property, plant and equipment | (24,877) | (18,428) | (17,875) |
Proceeds from the sale of property, plant and equipment | 2,373 | 732 | 978 |
Net Cash Provided by (Used in) Investing Activities | (24,100) | (27,431) | (18,179) |
Cash flows from financing activities: | |||
Purchase of treasury stock | (1,081,815) | (1,500,358) | (1,538,019) |
Redemption of senior notes | 0 | (600,000) | 0 |
Principal payments on finance lease liabilities | (1,661) | (1,495) | (1,363) |
Proceeds from the exercise of stock options | 250,509 | 196,717 | 142,370 |
Net cash used in financing activities | (832,967) | (1,905,136) | (1,397,012) |
Net increase (decrease) in cash, restricted cash, and cash equivalents | 640,926 | (62,466) | (172,798) |
Cash, restricted cash, and cash equivalents, beginning of the year | 2,574,518 | 2,636,984 | 2,809,782 |
Cash, restricted cash, and cash equivalents, end of the year | 3,215,444 | 2,574,518 | 2,636,984 |
Supplemental disclosures of cash flow information: | |||
Interest paid during the year, net of interest capitalized | 29,202 | 47,502 | 53,680 |
Income taxes paid during the year, net of refunds | $ 407,185 | $ 529,820 | $ 389,383 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of NVR, Inc. and its subsidiaries (“NVR”, the “Company”, "we", "us", or "our") and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 3 and 4 herein for additional information). All significant intercompany transactions have been eliminated in consolidation. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management continually evaluates the estimates used to prepare the consolidated financial statements and updates those estimates as necessary. In general, our estimates are based on historical experience, on information from third party professionals, and other various assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ materially from those estimates made by management. Cash and Cash Equivalents Cash and cash equivalents include short-term investments with maturities at acquisition of three months or less. Restricted Cash Homebuilding restricted cash was attributable to customer deposits for certain home sales. Mortgage banking restricted cash includes amounts collected from customers for loans in process and closed mortgage loans held for sale. Homebuilding Inventory The carrying value of inventory is stated at the lower of cost or market value. Cost of lots and completed and uncompleted housing units represent the accumulated actual cost of the units. Field construction supervisors’ salaries and related direct overhead expenses are included in inventory costs. Interest costs are not capitalized into inventory, with the exception of land under development and joint venture investments, as applicable (see below). Upon settlement, the cost of the unit is expensed on a specific identification basis. Cost of building materials is determined on a first-in, first-out basis. Sold inventory is evaluated for impairment based on the contractual sales price compared to the total estimated cost to construct. Unsold inventory is evaluated for impairment by analyzing recent comparable sales prices within the applicable community compared to the costs incurred to date plus the expected costs to complete. Any calculated impairments are recorded immediately in cost of sales. Contract Land Deposits We purchase finished lots under fixed price lot purchase agreements (“LPAs”) that require deposits that may be forfeited if we fail to perform under the contract. The deposits are in the form of cash or letters of credit in varying amounts and represent a percentage of the aggregate purchase price of the finished lots. We maintain an allowance for losses on contract land deposits that reflects our judgment of the present loss exposure in the existing contract land deposit portfolio at the end of the reporting period. To analyze contract land deposit impairments, we conduct a loss contingency analysis each quarter. In addition to considering market and economic conditions, we assess contract land deposit impairments on a community-by-community basis pursuant to the purchase contract terms, analyzing quantitative and qualitative information including, as applicable, current sales absorption levels, recent sales’ profit margin, the dollar differential between the contractual purchase price and the current market price for lots, a developer’s performance, a developer’s financial ability or willingness to reduce lot prices to current market prices, if necessary, and the contract’s default status by either us or the developer along with an analysis of the expected outcome of any such default. Our analysis is focused on whether we can sell houses at an acceptable profit margin and sales pace in a particular community in the current market. Because we do not own the finished lots on which we have placed a contract land deposit, if the above analysis leads to a determination that we cannot sell homes at an acceptable profit margin and sales pace at the current contractual lot price, we then determine whether we will elect to default under the contract, forfeit the deposit and terminate the contract, or whether we will attempt to restructure the LPA, which may require us to forfeit the deposit to obtain contract concessions from a developer. We also assess whether impairment is present due to collectibility issues resulting from a developer’s non-performance because of financial or other conditions. For the year ended December 31, 2023 we recognized a net pre-tax recovery of approximately $2,900 of contract land deposits previously determined to be unrecoverable. For the year ended December 31, 2022, we incurred a net pre-tax charge of approximately $27,500 related to the impairment of contract land deposits. For the year ended December 31, 2021, we recognized a net pre-tax recovery of approximately $22,100 of contract land deposits previously determined to be unrecoverable. The contract land deposit assets on the accompanying consolidated balance sheets are shown net of the allowance for losses of $53,397 and $57,060 at December 31, 2023 and 2022, respectively. Land Under Development On a limited basis, we directly acquire raw parcels of land already zoned for its intended use to develop into finished lots. Land under development includes the land acquisition costs, direct improvement costs, capitalized interest, where applicable, and real estate taxes. Land under development, including the land under development held by our unconsolidated joint ventures and the related joint venture investments, is reviewed for potential write-downs when impairment indicators are present. In addition to considering market and economic conditions, we assess land under development impairments on a community-by-community basis, analyzing, as applicable, current sales absorption levels, recent sales’ profit margin, and the dollar differential between the projected fully-developed cost of the lots and the current market price for lots. If indicators of impairment are present for a community, we perform an analysis to determine if the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts, and if so, impairment charges are required to be recorded in an amount by which the carrying amount of the assets exceeds the fair value of such assets. Our determination of fair value is primarily based on discounting the estimated future cash flows at a rate commensurate with the inherent risks associated with the assets and related estimated cash flow streams. See Notes 4 and 5 for further discussion of joint venture investments and land under development, respectively. Property, Plant, and Equipment Property, plant, and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is based on the estimated useful lives of the assets using the straight-line method. Model home furniture and fixtures are generally depreciated over a 2-year period, office facilities and other equipment are depreciated over a period of 3 to 10 years and production facilities are depreciated over periods of 5 to 40 years. Leases We determine if an arrangement is a lease, or contains a lease, at the inception of the arrangement. Once determined that an arrangement is a lease, we then determine if the lease is an operating lease or a finance lease. Both operating and finance leases result in us recording a right-of-use ("ROU") asset and lease liability on our balance sheet. The ROU assets and lease liabilities are recognized based on the present value of lease payments over the lease term, discounted using our incremental borrowing rate at the commencement date of the lease. We estimate our incremental borrowing rate based on available published borrowing rates commensurate with our debt rating and the leases term, adjusted to infer collateralization. Specific lease terms may include options to extend or terminate the lease when we believe it is reasonably certain that we will exercise that option. We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis. We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). As is allowed under GAAP, we have elected to exclude Short-term leases from the recognition requirements and they are not included in our recognized ROU assets and lease liabilities. Operating leases are reported in "Operating lease right-of-use assets" and "Operating lease liabilities" and finance leases are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" Warranty/Product Liability Reserves We establish warranty and product liability reserves ("Warranty Reserve") to provide for estimated future expenses as a result of construction and product defects, product recalls and litigation incidental to our homebuilding business. Liability estimates are determined based on management’s judgment considering such factors as historical experience, the likely current cost of corrective action, manufacturers’ and subcontractors’ participation in sharing the cost of corrective action, consultations with third party experts such as engineers, and discussions with our General Counsel and outside counsel retained to handle specific product liability cases. Mortgage Repurchase Reserve, Mortgage Loans Held for Sale and Derivatives and Hedging Activities We originate several different loan products to our customers to finance the purchase of a home through our wholly-owned mortgage subsidiary, NVR Mortgage Finance, Inc. (“NVRM”). NVRM sells almost all of the loans it originates into the secondary market on a servicing released basis, typically within 30 days from closing. All of the loans that NVRM originates are underwritten to the standards and specifications of the ultimate investor. Those underwriting standards are typically equal to or more stringent than the underwriting standards required by Fannie Mae (“FNMA”), Ginnie Mae (“GNMA”), Freddie Mac ("FHLMC"), the Department of Veterans Affairs (“VA”) and the Federal Housing Administration (“FHA”). Insofar as NVRM underwrites its originated loans to those standards, NVRM bears no increased concentration of credit risk from the issuance of loans, except in certain limited instances where repurchases or early payment defaults occur. NVRM employs a quality control department to ensure that its underwriting controls are effectively operating, and further assesses the underwriting function as part of its assessment of internal controls over financial reporting. NVRM maintains a reserve for losses on mortgage loans originated that reflects our judgment of the present loss exposure in the loans that NVRM has originated and sold. The reserve is calculated based on an analysis of historical experience and exposure (see Note 15 herein for further information). Mortgage loans held for sale are recorded at fair value when closed, and thereafter are carried at the lower of cost or fair value, net of deferred origination costs, until sold. In the normal course of business, NVRM enters into contractual commitments to extend credit to buyers of single-family homes with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within time frames established by NVRM. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the “lock-in” of rates by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sale contracts to sell whole loans and mortgage-backed securities to investors. The forward sale contracts lock-in a range of interest rates and prices for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to investors are undesignated derivatives, and, accordingly, are marked to fair value through earnings. At December 31, 2023, there were contractual commitments to extend credit to borrowers aggregating $2,110,217, and open forward delivery sale contracts aggregating $1,856,541, which hedge both the rate lock loan commitments and closed loans held for sale (see Note 14 herein for a description of the Company’s fair value accounting). Earnings per Share The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Weighted average number of shares outstanding used to 3,238,161 3,285,562 3,580,800 Dilutive securities: Stock options and restricted share units 197,133 222,962 278,112 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,435,294 3,508,524 3,858,912 The assumed proceeds used in the treasury method for calculating our diluted earnings per share includes the amount the employee must pay upon exercise and the amount of compensation cost attributed to future services not yet recognized. The following stock options and restricted share units issued under equity incentive plans were outstanding during the years ended December 31, 2023, 2022 and 2021, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Year Ended December 31, 2023 2022 2021 Anti-dilutive securities 14,444 194,884 23,062 Revenues – Homebuilding Operations We build single-family detached homes, townhomes and condominium buildings, which generally are constructed on a pre-sold basis. Revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers. Our contract liabilities, consisting of deposits received from customers on homes not settled, were $334,441 and $313,804 as of December 31, 2023 and 2022, respectively. Substantially all customer deposits are recognized in revenue within twelve months of being received from customers. Our contract assets, consisting of prepaid sales compensation, totaled approximately $17,900 and $15,300 as of December 31, 2023 and 2022, respectively. These amounts are included in homebuilding “Other assets” on the accompanying consolidated balance sheets. Mortgage Banking Fees Mortgage banking fees include income earned by NVRM for originating mortgage loans, servicing mortgage loans held on an interim basis, title fees, gains and losses on the sale of mortgage loans and mortgage servicing and other activities incidental to mortgage banking. Mortgage banking fees are generally recognized after the loan has been sold to an unaffiliated, third party investor. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on the deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740-10, Income Taxes , provides that a tax benefit from an uncertain tax position may be recognized when it is more-likely-than-not (defined as a likelihood of more than 50%) that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that its filing position is supportable, the benefit of that tax position is not recognized in the statements of income. We recognize interest related to unrecognized tax benefits as a component of income tax expense. Based on our historical experience in dealing with various taxing authorities, we have found that it is the administrative practice of the taxing authorities to not seek penalties from us for the tax positions we have taken on our returns related to our unrecognized tax benefits. Therefore, we do not accrue penalties for the positions in which we have an unrecognized tax benefit. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, by expiration of the applicable statute of limitation, or by determination in accordance with certain states’ administrative practices that the uncertain tax position has been effectively settled (see Note 10 herein for further information). Financial Instruments Except as otherwise noted herein, we believe that the carrying value approximates the fair value of our financial instruments (see Note 14 herein for further information). Equity-Based Compensation We recognize equity-based compensation expense within our income statement for all share-based payment arrangements, which includes non-qualified stock options to purchase shares of NVR common stock ("Options") and restricted share units ("RSUs"). Compensation expense is based on grant-date fair value of the Options and RSUs granted, and is recognized on a straight-line basis over the requisite service period for the entire award (from the date of grant through the period of the last separately vesting portion of the grant). Options and RSUs which are subject to a performance condition are treated as a separate award from the “service-only” Options and RSUs, and compensation expense is recognized when it becomes probable that the stated performance target will be achieved. We calculate the fair value of our Options, which are not publicly traded, using the Black-Scholes option-pricing model. The grant date fair value of the RSUs is the closing price of our common stock on the day immediately preceding the date of grant. The reversal of compensation expense previously recognized for grants forfeited is recorded in the period in which the forfeiture occurs. Our equity-based compensation plans are accounted for as equity-classified awards (see Note 11 herein for further discussion of equity-based compensation plans). Comprehensive Income For the years ended December 31, 2023, 2022 and 2021, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying consolidated financial statements. Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, "Income Taxes - Improvements to Income Tax Disclosures." The amendments in the ASU requires disclosure of specific categories in the rate reconciliation and for the entity to provide additional information for reconciling items that meet a quantitative threshold. The ASU will be effective for our fiscal year ending December 31, 2025. The amendments in the ASU are to be applied on a prospective basis and early adoption is permitted. We are currently evaluating the impact that the adoption of ASU 2023-09 will have on our consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting - Improvements to Reportable Segment Disclosures." The amendments in the ASU are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The amendments also expand interim segment disclosure requirements. The ASU will be effective for our fiscal year ending December 31, 2024 and for interim periods starting in the first quarter of fiscal year 2025. The amendments in this ASU are required to be applied on a retrospective basis and early adoption is permitted. We are currently evaluating the impact that the adoption of ASU 2023-07 will have on our consolidated financial statements and related disclosures. |
Contract Land Deposits | Contract Land Deposits We purchase finished lots under fixed price lot purchase agreements (“LPAs”) that require deposits that may be forfeited if we fail to perform under the contract. The deposits are in the form of cash or letters of credit in varying amounts and represent a percentage of the aggregate purchase price of the finished lots. We maintain an allowance for losses on contract land deposits that reflects our judgment of the present loss exposure in the existing contract land deposit portfolio at the end of the reporting period. To analyze contract land deposit impairments, we conduct a loss contingency analysis each quarter. In addition to considering market and economic conditions, we assess contract land deposit impairments on a community-by-community basis pursuant to the purchase contract terms, analyzing quantitative and qualitative information including, as applicable, current sales absorption levels, recent sales’ profit margin, the dollar differential between the contractual purchase price and the current market price for lots, a developer’s performance, a developer’s financial ability or willingness to reduce lot prices to current market prices, if necessary, and the contract’s default status by either us or the developer along with an analysis of the expected outcome of any such default. Our analysis is focused on whether we can sell houses at an acceptable profit margin and sales pace in a particular community in the current market. Because we do not own the finished lots on which we have placed a contract land deposit, if the above analysis leads to a determination that we cannot sell homes at an acceptable profit margin and sales pace at the current contractual lot price, we then determine whether we will elect to default under the contract, forfeit the deposit and terminate the contract, or whether we will attempt to restructure the LPA, which may require us to forfeit the deposit to obtain contract concessions from a developer. We also assess whether impairment is present due to collectibility issues resulting from a developer’s non-performance because of financial or other conditions. For the year ended December 31, 2023 we recognized a net pre-tax recovery of approximately $2,900 of contract land deposits previously determined to be unrecoverable. For the year ended December 31, 2022, we incurred a net pre-tax charge of approximately $27,500 related to the impairment of contract land deposits. For the year ended December 31, 2021, we recognized a net pre-tax recovery of approximately $22,100 of contract land deposits previously determined to be unrecoverable. The contract land deposit assets on the accompanying consolidated balance sheets are shown net of the allowance for losses of $53,397 and $57,060 at December 31, 2023 and 2022, respectively. |
Segment Information, Nature of
Segment Information, Nature of Operations, and Certain Concentrations | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information, Nature of Operations, and Certain Concentrations | 2. Segment Information, Nature of Operations, and Certain Concentrations Our homebuilding operations primarily construct and sell single-family detached homes, townhomes and condominium buildings under three trade names: Ryan Homes, NVHomes and Heartland Homes. The Ryan Homes product is marketed primarily to first-time and first-time move-up buyers. Ryan Homes operates in thirty-six metropolitan areas located in Maryland, Virginia, Washington, D.C., Delaware, West Virginia, Pennsylvania, Ohio, New York, New Jersey, Indiana, Illinois, North Carolina, South Carolina, Georgia, Florida and Tennessee. The NVHomes and Heartland Homes products are marketed primarily to move-up and luxury buyers. NVHomes operates in Delaware, New Jersey, and the Washington, D.C., Baltimore, MD and Philadelphia, PA metropolitan areas. Heartland Homes operates in the Pittsburgh, PA metropolitan area. Our mortgage banking operations primarily operate in the markets where we have homebuilding operations, as substantially all of our loan closing activity is for our homebuilding customers. Our mortgage banking business generates revenues primarily from origination fees, gains on sales of loans, and title fees. The following disclosure includes four homebuilding reportable segments that aggregate geographically our homebuilding operating segments, and the mortgage banking operations presented as a single reportable segment. The homebuilding reportable segments are comprised of operating divisions in the following geographic areas: Mid Atlantic: Maryland, Virginia, West Virginia, Delaware and Washington, D.C. North East: New Jersey and Eastern Pennsylvania Mid East: New York, Ohio, Western Pennsylvania, Indiana and Illinois South East: North Carolina, South Carolina, 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 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 income and expense. Our overhead functions, such as accounting, treasury and human resources are centrally performed and the costs are not allocated to our operating segments. Consolidation adjustments consist of such items necessary to convert the reportable segments’ results, which are 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 following tables present certain segment financial data, with reconciliations to the amounts reported for the consolidated company, where applicable: Year Ended December 31, 2023 2022 2021 Revenues: Homebuilding Mid Atlantic $ 4,189,957 $ 4,766,329 $ 4,049,871 Homebuilding North East 948,289 892,543 767,828 Homebuilding Mid East 1,723,514 2,147,262 1,891,729 Homebuilding South East 2,452,845 2,520,636 1,992,265 Mortgage Banking 203,597 199,664 249,332 Consolidated revenues $ 9,518,202 $ 10,526,434 $ 8,951,025 Year Ended December 31, 2023 2022 2021 Profit before taxes: Homebuilding Mid Atlantic $ 745,323 $ 994,027 $ 734,941 Homebuilding North East 169,012 157,333 105,432 Homebuilding Mid East 257,865 343,236 271,756 Homebuilding South East 440,538 577,030 329,982 Mortgage Banking 138,313 125,756 176,251 Total segment profit 1,751,051 2,197,382 1,618,362 Reconciling items: Contract land deposit reserve adjustment (1) 3,279 (27,300) 22,163 Equity-based compensation expense (2) (99,507) (82,537) (58,234) Corporate capital allocation (3) 288,805 302,904 252,787 Unallocated corporate overhead (175,208) (129,998) (139,611) Consolidation adjustments and other (4) 44,619 (1,719) (56,511) Corporate interest income 142,083 32,457 2,840 Corporate interest expense (26,749) (37,995) (51,393) Reconciling items sub-total 177,322 55,812 (27,959) Consolidated profit before taxes $ 1,928,373 $ 2,253,194 $ 1,590,403 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of contract land deposit impairment charges in Note 3. (2) The increase in equity-based compensation expense in both 2023 and 2022 was primarily attributable to a four year block grant of Options and RSUs in May 2022. See Note 11 for additional discussion of equity-based compensation. (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 years presented: Year Ended December 31, 2023 2022 2021 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 135,618 $ 143,251 $ 124,316 Homebuilding North East 33,269 30,623 25,431 Homebuilding Mid East 39,005 51,376 43,686 Homebuilding South East 80,913 77,654 59,354 Total corporate capital allocation charge $ 288,805 $ 302,904 $ 252,787 (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. The consolidation adjustment in 2021 was negatively impacted by a higher number of units under construction as of the end of the year compared to the prior year end, resulting in an increase in the reversal of intercompany profits year over year through the consolidation adjustment. In 2022, the consolidation adjustment was favorably impacted by a reduction in the number of units and value of the units under construction, resulting in a decrease in intercompany profits deferred. The consolidation adjustment in 2023 was favorably impacted by a reduction in the value of units under construction, resulting in a decrease in intercompany profits deferred. This favorable impact was offset partially by the recognition of previously deferred home package costs that included higher priced lumber. As of December 31, 2023 2022 Assets: Homebuilding Mid Atlantic $ 1,252,360 $ 1,152,564 Homebuilding North East 314,904 250,001 Homebuilding Mid East 368,154 378,833 Homebuilding South East 796,505 697,923 Mortgage Banking 452,323 406,456 Total segment assets 3,184,246 2,885,777 Reconciling items: Cash and cash equivalents 3,126,472 2,503,424 Deferred taxes 148,005 143,585 Intangible assets and goodwill 49,368 49,368 Operating lease right-of-use assets 70,384 71,081 Finance lease right-of-use assets 13,310 13,745 Contract land deposit reserve (53,397) (57,060) Consolidation adjustments and other 63,369 51,053 Reconciling items sub-total 3,417,511 2,775,196 Consolidated assets $ 6,601,757 $ 5,660,973 Year Ended December 31, 2023 2022 2021 Interest income: Mortgage Banking $ 16,687 $ 11,853 $ 8,725 Total segment interest income 16,687 11,853 8,725 Other unallocated interest income 142,087 32,458 3,154 Consolidated interest income $ 158,774 $ 44,311 $ 11,879 Year Ended December 31, 2023 2022 2021 Interest expense: Homebuilding Mid Atlantic $ 135,679 $ 143,322 $ 124,385 Homebuilding North East 33,310 30,658 25,463 Homebuilding Mid East 39,021 51,384 43,695 Homebuilding South East 80,921 77,685 59,381 Mortgage Banking 865 1,384 1,587 Total segment interest expense 289,796 304,433 254,511 Corporate capital allocation (3) (288,805) (302,904) (252,787) Senior Notes and other interest 26,749 37,995 51,393 Consolidated interest expense $ 27,740 $ 39,524 $ 53,117 Year Ended December 31, 2023 2022 2021 Depreciation and amortization: Homebuilding Mid Atlantic $ 5,914 $ 5,923 $ 6,183 Homebuilding North East 1,125 1,216 1,628 Homebuilding Mid East 3,724 3,948 4,259 Homebuilding South East 3,218 3,093 3,325 Mortgage Banking 1,296 1,135 1,283 Total segment depreciation and amortization 15,277 15,315 16,678 Unallocated corporate 1,639 2,081 2,785 Consolidated depreciation and amortization $ 16,916 $ 17,396 $ 19,463 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract] | |
Variable Interest Entities | Variable Interest Entities Lot Purchase Agreements We generally do not engage in land development. Instead, we typically acquire finished building lots from various third party land developers under LPAs. The LPAs require deposits that may be forfeited if we fail to perform under the LPAs. The deposits required under the LPAs are in the form of cash or letters of credit in varying amounts, and typically range up to 10% of the aggregate purchase price of the finished lots. We believe this lot acquisition strategy reduces the financial risks associated with direct land ownership and land development. We may, at our option, choose for any reason and at any time not to perform under these LPAs by delivering notice of our intent not to acquire the finished lots under contract. Our sole legal obligation and economic loss for failure to perform under these LPAs is limited to the amount of the deposit pursuant to the liquidated damage provisions contained within the LPAs. None of the creditors of any of the development entities with which we enter LPAs have recourse to our general credit. We generally do not have any specific performance obligations to purchase a certain number or any of the lots, nor do we guarantee completion of the development by the developer or guarantee any of the developers’ financial or other liabilities. We are not involved in the design or creation of the development entities from which we purchase lots under LPAs. The developer’s equity holders have the power to direct 100% of the operating activities of the development entity. We have no voting rights in any of the development entities. The sole purpose of the development entity’s activities is to generate positive cash flow returns for the equity holders. Further, we do not share in any of the profit or loss generated by the project’s development. The profits and losses are passed directly to the developer’s equity holders. The deposit placed by us pursuant to the LPA is deemed to be a variable interest in the respective development entities. Those development entities are deemed to be variable interest entities (“VIE”). Therefore, the development entities with which we enter into LPAs, including the joint venture limited liability corporations, discussed below, are evaluated for possible consolidation by us. An enterprise must consolidate a VIE when that enterprise has a controlling financial interest in the VIE. An enterprise is deemed to have a controlling financial interest if it has i) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance, and ii) the obligation to absorb losses of the VIE that could be significant to the VIE or the rights to receive benefits from the VIE that could be significant to the VIE. We believe the activities that most significantly impact a development entity’s economic performance are the operating activities of the entity. Unless and until a development entity completes finished building lots through the development process to be able to sell, the process of which the development entity’s equity investors bear the full risk, the entity does not earn any revenues. The operating development activities are managed solely by the development entity’s equity investors. The development entities with which we contract to buy finished lots typically select the respective projects, obtain the necessary zoning approvals, obtain the financing required with no support or guarantees from us, select who will purchase the finished lots and at what price, and manage the completion of the infrastructure improvements, all for the purpose of generating a cash flow return to the development entity’s equity holders and all independent of us. We possess no more than limited protective legal rights through the LPA in the specific finished lots that we are purchasing, and we possess no participative rights in the development entities. Accordingly, we do not have the power to direct the activities of a developer that most significantly impact the developer’s economic performance. For this reason, we concluded that we are not the primary beneficiary of the development entities with which we enter into LPAs, and therefore we do not consolidate any of these VIEs. As of December 31, 2023, we controlled approximately 134,900 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $617,000 and $7,700, respectively. As noted above, our sole legal obligation and economic loss for failure to perform under these LPAs is limited to the amount of the deposit pursuant to the liquidated damage provisions contained in the LPAs and, in very limited circumstances, specific performance obligations. During 2023, we recorded a net reversal of approximately $2,900 related to previously impaired lot deposits based on current market conditions. Our contract land deposit asset is shown net of a $53,397 and $57,060 impairment reserve at December 31, 2023 and December 31, 2022, respectively. In addition, we have certain properties under contract with land owners that are expected to yield approximately 22,700 lots, which are not included in the number of total lots controlled. Some of these properties may require rezoning or other approvals to achieve the expected yield. These properties are controlled with deposits in cash and lettters of credit totaling approximately $13,000 and $100, respectively, as of December 31, 2023, of which approximately $3,800 is refundable if we do not perform under the contract. We generally expect to assign the raw land contracts to a land developer and simultaneously enter into an LPA with the assignee if the project is determined to be feasible. Our total risk of loss related to contract land deposits as of December 31, 2023 and 2022 was as follows: As of December 31, 2023 2022 Contract land deposits $ 629,948 $ 553,140 Loss reserve on contract land deposits (53,397) (57,060) Contract land deposits, net 576,551 496,080 Contingent obligations in the form of letters of credit 7,769 6,896 Total risk of loss $ 584,320 $ 502,976 |
Joint Ventures
Joint Ventures | 12 Months Ended |
Dec. 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 at risk only for the amount we have invested, or committed to invest, in addition to any deposits placed under LPAs with the joint venture. We are not a borrower, guarantor or obligor on any debt of the JVs, as applicable. We enter into 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 JV partner either share power or the JV partner has the controlling financial interest. At December 31, 2023, we had an aggregate investment totaling approximately $29,200 in four JVs that are expected to produce approximately 5,200 lots, of which approximately 4,850 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 $11,500 in one of the JVs at December 31, 2023. The investment in JVs is reported in the “Other assets” line item on the accompanying consolidated balance sheets. None of the JVs had any indicators of impairment as of December 31, 2023. At December 31, 2022, we had an aggregate investment totaling approximately $27,200 in five JVs that were 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. In addition, at December 31, 2022, we had additional funding commitments in the aggregate totaling approximately $13,000 in one of the JVs. During 2022, we recognized an impairment of approximately $1,000 related to one of the JVs. The charge was recorded to homebuilding "Cost of sales" on the accompanying consolidated statements of income. None of the other JVs had any indicators of impairment during 2022. |
Land Under Development
Land Under Development | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Land Under Development | Land Under Development On a limited basis, we directly acquire raw land parcels already zoned for its intended use to develop into finished lots. Land under development includes the land acquisition costs, direct improvement costs, capitalized interest, where applicable, and real estate taxes. During 2023, we had the following significant land under development transactions: – Purchased a raw land parcel for approximately $19,600, which is expected to produce approximately 500 lots. – Sold a land parcel to a developer for approximately $5,600, which approximated our carry value of the property as of the sale date. In conjunction with the sale, we entered into an LPA with the developer for the option to purchase the finished lots expected to be developed from the parcel. – Completed the development of a land parcel and transferred development costs totaling approximately $5,200 to finished lots which is reported in "Unsold lots and housing units" in the accompanying condensed consolidated balance sheet as of December 31, 2023. As of December 31, 2023, we owned land with a carrying value of $36,895 that we intend to develop into approximately 1,750 finished lots primarily for use in our homebuilding operations. We also have additional funding commitments of approximately $1,600 under a joint development agreement related to one project, a portion of which we expect will be offset by development credits of approximately $900. None of our land under development projects had any indicators of impairment as of December 31, 2023. As of December 31, 2022, we directly owned land with a carrying value of $27,100, which was expected to produce approximately 1,900 finished lots. |
Capitalized Interest
Capitalized Interest | 12 Months Ended |
Dec. 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 835-20, Interest . Capitalized interest is transferred to inventory as the development of finished lots is completed, then charged to cost of sales upon our settlement of homes and the respective lots. Interest incurred in excess of the interest capitalizable based on the level of qualified assets is expensed in the period incurred. Our interest costs incurred, capitalized, expensed and charged to cost of sales during the years ended December 31, 2023, 2022 and 2021 was as follows: Year Ended December 31, 2023 2022 2021 Interest capitalized, beginning of year $ 570 $ 593 $ 1,025 Interest incurred 27,540 39,626 53,248 Interest charged to interest expense (27,740) (39,524) (53,117) Interest charged to cost of sales (219) (125) (563) Interest capitalized, end of year $ 151 $ 570 $ 593 |
Property, Plant and Equipment (
Property, Plant and Equipment ("PP&E") | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment ("PP&E") | Property, Plant and Equipment (“PP&E”) As of December 31, 2023 2022 Homebuilding: Office facilities and other $ 45,707 $ 40,604 Model home furniture and fixtures 35,418 35,152 Production facilities 106,227 97,050 Finance lease right-of-use assets 13,310 13,745 Gross Homebuilding PP&E 200,662 186,551 Less: accumulated depreciation (136,946) (128,601) Net Homebuilding PP&E $ 63,716 $ 57,950 Mortgage Banking: Office facilities and other $ 17,572 $ 15,964 Less: accumulated depreciation (11,224) (12,405) Net Mortgage Banking PP&E $ 6,348 $ 3,559 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt As of December 31, 2023, we had the following debt instruments outstanding: Senior Notes On May 4, 2020, we issued $600,000 of the 2030 Senior Notes. The 2030 Senior Notes were issued at a discount to yield 3.02% and have been reflected net of the unamortized discount and unamortized debt issuance costs in the accompanying consolidated balance sheet. The offering of the 2030 Senior Notes resulted in aggregate net proceeds of approximately $595,200, after deducting underwriting discount and offering expenses. The 2030 Senior Notes mature on May 15, 2030 and bear interest at 3.00%, payable semi-annually in arrears on May 15 and November 15. As of December 31, 2023 and 2022, the unamortized discount was $764 and $871, respectively, and unamortized debt issuance costs were $2,303 and $2,664, respectively. On September 9 and September 17, 2020, we issued an additional $250,000 and $50,000, respectively, of the 2030 Senior Notes (the "2030 Additional Notes" and together with the 2030 Senior Notes, the "Senior Notes"). The 2030 Additional Notes were issued at a premium to yield 2.00% and have been reflected net of the unamortized premium and unamortized debt issuance costs in the accompanying consolidated balance sheet. The offering of the 2030 Additional Notes resulted in aggregate net proceeds of approximately $323,600, including the underwriting premium, less offering expenses. As of December 31, 2023 and 2022, the 2030 Additional Notes unamortized premium was $17,040 and $19,518, respectively, and unamortized debt issuance costs were $947 and $1,095, respectively. The Senior Notes are senior unsecured obligations and rank equally in right of payment with any of our existing and future unsecured senior indebtedness, will rank senior in right of payment to any of our future indebtedness that is by its terms expressly subordinated to the Senior Notes and will be effectively subordinated to any of our existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. The indenture governing the Senior Notes has, among other items, and subject to certain exceptions, covenants that restrict our ability to create, incur, assume or guarantee secured debt, enter into sale and leaseback transactions and conditions related to mergers and/or the sale of assets. We were in compliance with all covenants under the Senior Notes at December 31, 2023. Credit Agreement On February 12, 2021, we entered into The Amended and Restated Credit Agreement with Bank of America, N.A., as Administrative Agent, BOFA Securities, Inc. as Sole Lead Arranger and Sole Bookrunner, and other lenders party thereto (the "Credit Agreement"). The Credit Agreement 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. In addition, the Credit Agreement provides for a $100,000 sublimit for the issuance of letters of credit of which approximately $13,000 was outstanding at December 31, 2023. Effective December 9, 2022, we entered into the First Amendment to Amended and Restated Credit Agreement (the "Amended Credit Agreement") which primarily replaces LIBOR based borrowing rates with the secured overnight financing rate published by the Board of Governors of the Federal Reserve System ("SOFR") as defined in the amendment. Borrowings under the Amended Credit Agreement generally bear interest for Base Rate Loans at a Base Rate equal to the highest of (a) the Federal Funds Rate plus one-half of one percent, (b) Bank of America’s publicly announced “prime rate,” (c) one percent or (d) Term SOFR plus 100 basis points. The Amended Credit Agreement contains various representations and affirmative and negative covenants that are generally customary for credit facilities of this type. Such covenants include, among others, the following financial maintenance covenants: (i) minimum consolidated tangible net worth; (ii) minimum interest coverage ratio or minimum liquidity and (iii) a maximum leverage ratio. The negative covenants include, among others, certain limitations on liens, investments and fundamental changes. The Amended Credit Agreement termination date is February 12, 2026. We were in compliance with all covenants under the Amended Credit Agreement at December 31, 2023. There was no debt outstanding under the Facility at December 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. Advances under the Repurchase Agreement bear interest at SOFR plus the SOFR Margin of 1.70%, per annum, provided that the Pricing Rate shall not be less than 1.70%. The Pricing Rate at December 31, 2023 was 7.05%. There are several restrictions on purchased loans, including that they cannot be sold to others, they cannot be pledged to anyone other than the agent, and they cannot support any other borrowing or repurchase agreement. Amounts outstanding under the Repurchase Agreement are collateralized by our mortgage loans held for sale. At December 31, 2023, there were no borrowing base limitations reducing the amount available under the Repurchase Agreement. As of both December 31, 2023 and 2022, there was no debt outstanding under the Repurchase Agreement. The Repurchase Agreement expires on July 17, 2024. The Repurchase Agreement contains various affirmative and negative covenants. The negative covenants include, among others, certain limitations on transactions involving acquisitions, mergers, the incurrence of debt, sale of assets and creation of liens upon any of its Mortgage Notes. Additional covenants include (i) a tangible net worth requirement, (ii) a minimum liquidity requirement, (iii) a minimum net income requirement, and (iv) a maximum leverage ratio requirement. NVRM was in compliance with all covenants under the Repurchase Agreement at December 31, 2023. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Common Stock | Common Stock There were 3,194,876 and 3,218,933 common shares outstanding at December 31, 2023 and 2022, respectively. We made the following share repurchases during the years indicated: Year Ended December 31, 2023 2022 2021 Aggregate purchase price $ 1,081,815 $ 1,500,358 $ 1,538,019 Number of shares repurchased 181,499 323,652 322,038 We issue shares from the treasury account for all equity plan activity. We issued 158,022, 95,069 and 74,027 such shares during 2023, 2022 and 2021, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes consists of the following: Year Ended December 31, 2023 2022 2021 Current: Federal $ 261,481 $ 412,036 $ 272,971 State 79,023 126,686 80,650 Deferred: Federal (3,986) (6,753) 873 State 244 (4,350) (810) Income tax expense $ 336,762 $ 527,619 $ 353,684 Deferred income taxes on our consolidated balance sheets were comprised of the following: As of December 31, 2023 2022 Deferred tax assets: Other accrued expenses and contract land deposit reserve $ 71,466 $ 73,555 Deferred compensation 4,347 4,728 Equity-based compensation expense 48,088 47,605 Inventory 18,181 13,981 Unrecognized tax benefit 8,049 8,849 Other 14,703 11,364 Total deferred tax assets 164,834 160,082 Less: Deferred tax liabilities 9,515 8,505 Net deferred tax asset $ 155,319 $ 151,577 Deferred tax assets arise principally as a result of various accruals required for financial reporting purposes and equity-based compensation expense, which are not currently deductible for tax return purposes. Deferred tax assets include $3,293 of Federal Alternative Minimum Tax Credits (CAMT) for the year ended December 31, 2023 that may be carried forward indefinitely. Management believes that we will have sufficient future taxable income to make it more likely than not that the net deferred tax assets will be realized. Federal taxable income is estimated to be approximately $1,302,200 for the year ended December 31, 2023, and was $2,001,717 for the year ended December 31, 2022. A reconciliation of income taxes computed at the federal statutory rate (21% in 2023, 2022, and 2021) to income tax expense is as follows: Year Ended December 31, 2023 2022 2021 Income taxes computed at the federal statutory rate $ 404,958 $ 473,171 $ 333,985 State income taxes, net of federal income tax benefit (1) 92,163 105,867 72,082 Excess tax benefits from equity-based compensation (153,554) (50,324) (48,369) Other, net (2) (6,805) (1,095) (4,014) Income tax expense $ 336,762 $ 527,619 $ 353,684 (1) Excludes state excess tax benefits from equity-based compensation included in the line below. (2) Primarily attributable to tax benefits from certain energy credits for the years ended December 31, 2023, 2022 and 2021. Our effective tax rate in 2023, 2022 and 2021 was 17.46%, 23.42% and 22.24%, respectively. We file a consolidated U.S. federal income tax return, as well as state and local tax returns in all jurisdictions where we maintain operations. With few exceptions, we are no longer subject to income tax examinations by tax authorities for years prior to 2020. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, 2023 2022 Balance at beginning of year $ 29,526 $ 33,490 Additions based on tax positions related to the current year 782 1,326 Reductions for tax positions of prior years (4,720) (5,290) Settlements — — Balance at end of year $ 25,588 $ 29,526 If recognized, the total amount of unrecognized tax benefits that would affect the effective tax rate (net of the federal tax benefit) is $20,215 as of December 31, 2023. We recognize interest related to unrecognized tax benefits as a component of income tax expense. For the year ended December 31, 2023, we recognized a net addition of accrued interest on unrecognized tax benefits in the amount of $106. For the years ended December 31, 2022, and 2021, we recognized a net reversal of accrued interest on unrecognized tax benefits in the amount of $3,662 and $1,455, respectively. As of December 31, 2023 and 2022, we had a total of $10,292 and $10,186, respectively, of accrued interest on unrecognized tax benefits which are included in “Accrued expenses and other liabilities” on the accompanying consolidated balance sheets. |
Equity-Based Compensation, Prof
Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans | Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans Equity-Based Compensation Plans Our equity-based compensation plans provide for the granting of Options and RSUs to key management employees, including executive officers and members of our Board of Directors ("Directors"). The exercise price of Options granted is equal to the closing price of our common stock on the New York Stock Exchange (the “NYSE”) on the day prior to the date of grant, and are granted for a 10-year term. Both Option and RSU grants typically vest in separate tranches over periods of 3 to 6 years. Grants to key management employees are generally divided such that vesting for 50% of the grant is contingent solely on continued employment, while vesting for the remaining 50% of the grant is contingent upon both continued employment and the achievement of a performance metric based on our return on capital performance relative to a peer group during a 3-year period specified on the date of grant. Grants to directors generally vest solely based on continued service as a Director. The following table provides a summary of each of our equity-based compensation plans with grants outstanding at December 31, 2023. Each of the following plans was approved by our shareholders: Equity-Based Compensation Plans Shares Options/RSUs Shares 2010 Equity Incentive Plan (1) 700,000 23,681 — 2014 Equity Incentive Plan (2) 950,000 273,143 1,778 2018 Equity Incentive Plan (3) 275,000 163,248 90,322 (1) The 2010 Equity Incentive Plan (the “2010 Plan”) authorized us to issue Options and RSUs. There were 18,211 Options and 5,470 RSUs outstanding as of December 31, 2023. Shares can no longer be granted from this plan. (2) The 2014 Equity Incentive Plan (the “2014 Plan”) authorizes us to issue Options only. (3) The 2018 Equity Incentive Plan (the "2018 Plan") authorizes us to issue Options and RSUs. Of the 275,000 aggregate shares authorized to issue, all may be granted in the form of Options and up to 40,000 may be granted in the form of RSUs. There were 141,236 Options and 22,012 RSUs outstanding as of December 31, 2023. Of the 90,322 shares available to issue, 17,808 may be granted in the form of RSUs. During 2023, we issued 4,100 Options under the 2014 Plan. Approximately half of the Options issued vest over four years in 25% increments beginning on December 31, 2025, while the remaining Options issued vest over two years in 50% increments beginning on December 31, 2027. Vesting for half of the Options issued is contingent solely upon continued employment, while vesting for the other half of the Options is contingent upon both continued employment and our return on capital performance during the three year periods beginning 2023. In addition, we granted 1,904 RSUs under the 2018 Plan during 2023. Of the RSUs granted, 1,214 RSUs will vest over four years in 25% increments beginning on either December 31, 2025 or December 31, 2026, and 690 RSUs will vest over two years in 50% increments beginning on December 31, 2025. Vesting for half of the RSUs issued is contingent solely upon continued employment, while vesting for the other half of the RSUs issued is contingent upon both continued employment and our return on capital performance during the three year periods beginning on either 2023 or 2024, based on the RSU's initial vesting date. The following table provides additional information relative to our equity-based compensation plans for the year ended December 31, 2023: Shares Weighted Avg. Per Share Weighted Avg. Remaining Aggregate Stock Options Outstanding at December 31, 2022 590,554 $ 3,060.71 Granted 4,100 5,424.19 Exercised (152,086) 1,660.69 Forfeited (9,978) 3,820.80 Outstanding at December 31, 2023 432,590 $ 3,557.78 6.0 $ 1,489,264 Exercisable at December 31, 2023 227,684 $ 2,827.99 4.1 $ 950,003 RSUs Outstanding at December 31, 2022 33,320 Granted 1,904 Vested (5,936) Forfeited (1,806) Outstanding at December 31, 2023 27,482 $ 192,386 Vested, but not issued at December 31, 2023 5,461 $ 38,229 To estimate the grant-date fair value of our Options, we use the Black-Scholes option-pricing model (the “Pricing Model”). The Pricing Model estimates the per share fair value of an option on its date of grant based on the following factors: the option’s exercise price; the price of the underlying stock on the date of grant; the estimated dividend yield; a risk-free interest rate; the estimated option term; and the expected volatility. For the risk-free interest rate, we use U.S. Treasury STRIPS which mature at approximately the same time as the option’s expected holding term. For expected volatility, we have concluded that our historical volatility over the option’s expected holding term provides the most reasonable basis for this estimate. The fair value of the Options granted during 2023, 2022 and 2021 was estimated on the grant date using the Pricing Model, based on the following assumptions: 2023 2022 2021 Estimated option life (years) 6.05 5.61 5.31 Risk free interest rate (range) 3.53%-4.69% 1.17%-4.36% 0.30%-1.55% Expected volatility (range) 26.75%-30.01% 24.93%-30.89% 24.46%-30.80% Expected dividend rate — % — % — % Weighted average grant-date fair value per share of options granted $ 1,936.08 $ 1,437.93 $ 1,235.91 The weighted average grant date fair value per share of $5,758.02 for the RSUs was the closing price of our common stock on the day immediately preceding the date of grant. Compensation cost for Options and RSUs is recognized on a straight-line basis over the requisite service period for the entire award (from the date of grant through the period of the last separately vesting portion of the grant). For the recognition of equity-based compensation, the Options and RSUs which are subject to a performance condition are treated as a separate award from the “service-only” Options and RSUs, and compensation cost is recognized when it becomes probable that the stated performance target will be achieved. We currently believe that it is probable that the stated performance condition will be satisfied at the target level for all of our Options and RSUs granted. Compensation cost is recognized within the income statement in the same expense line as the cash compensation paid to the respective employees. We recognize forfeitures of equity-based awards as a reduction to compensation costs in the period in which they occur. In 2023, 2022 and 2021, we recognized $99,507, $82,537, and $58,234 in equity-based compensation costs, respectively, and approximately $19,900, $16,700, and $12,000 in tax benefit related to equity-based compensation costs, respectively. As of December 31, 2023, the total unrecognized compensation cost for all outstanding Options and RSUs equaled approximately $259,300. The unrecognized compensation cost will be recognized over each grant’s applicable vesting period with the latest vesting date being December 31, 2029. The weighted-average period over which the unrecognized compensation cost will be recorded is equal to approximately 2.4 years. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. Shares are relieved from the treasury account based on the weighted average cost of treasury shares acquired. During the years ended December 31, 2023, 2022 and 2021, we issued 158,022, 95,069 and 74,027 shares, respectively, from the treasury account for Option exercises and vesting of RSUs. Information with respect to the vested RSUs and exercised Options is as follows: Year Ended December 31, 2023 2022 2021 Aggregate exercise proceeds $ 250,509 $ 196,717 $ 142,370 Aggregate intrinsic value on exercise dates $ 635,709 $ 234,732 $ 219,219 Profit Sharing Plans We have a trustee-administered, profit sharing retirement plan (the “Profit Sharing Plan”) and an Employee Stock Ownership Plan (“ESOP”) covering substantially all employees. The Profit Sharing Plan and the ESOP provide for annual discretionary contributions in amounts as determined by our Board of Directors. The combined plan contribution for the years ended December 31, 2023, 2022 and 2021 was approximately $26,200, $26,800 and $24,700, respectively. We purchased approximately 3,640 and 5,180 shares of our common stock in the open market for the 2023 and 2022 plan year contributions to the ESOP, respectively. As of December 31, 2023, all shares held by the ESOP had been allocated to participants’ accounts. The 2023 plan year contribution was funded and fully allocated to participants in February 2024. Deferred Compensation Plans We have two deferred compensation plans (“Deferred Comp Plans”). The specific purpose of the Deferred Comp Plans is to i) establish a vehicle whereby named executive officers may defer the receipt of salary and bonus that otherwise would be nondeductible for Company tax purposes into a period where we would realize a tax deduction for the amounts paid, and ii) to enable certain employees who are subject to our stock holding requirements to acquire shares of our common stock on a pre-tax basis in order to more quickly meet, and maintain compliance with those stock holding requirements. Amounts deferred into the Deferred Comp Plans are invested in our common stock, held in a rabbi trust account, and are paid out in a fixed number of shares upon expiration of the deferral period. The rabbi trust account held 106,697 shares of NVR common stock as of both December 31, 2023 and 2022. Shares held by the Deferred Comp Plans are treated as outstanding shares in our earnings per share calculation for each of the years ended December 31, 2023, 2022 and 2021. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Litigation We are involved in various litigation arising in the ordinary course of business. In the opinion of management, and based on advice of legal counsel, this litigation is not expected to have a material adverse effect on our financial position, results of operations or cash flows. Legal costs incurred in connection with outstanding litigation are expensed as incurred. Contract Land Deposits We generally do not engage in land development. Instead, we typically acquire finished building lots from various third party land developers under LPAs. The LPAs require deposits that may be forfeited if we fail to perform under the agreement. The deposits required under the LPAs are in the form of cash or letters of credit in varying amounts, and typically range up to 10% of the aggregate purchase price of the finished lots. At December 31, 2023, assuming that contractual development milestones are met and we exercise our option, we expect to place additional forfeitable deposits with land developers under existing LPAs of approximately $391,300. Additionally, as of December 31, 2023, we had funding commitments totaling approximately $1,600 under a joint development agreement related to our land under development, a portion of which we expect will be offset by development credits of approximately $900. Bonds and Letters of Credit During the ordinary course of operating the homebuilding and mortgage banking businesses, we are required to enter into bond or letter of credit arrangements with local municipalities, government agencies, or land developers to collateralize our obligations under various contracts. We had approximately $33,200 of contingent obligations under such agreements, including approximately $13,000 for letters of credit issued under the Credit Agreement as of December 31, 2023. We believe we will fulfill our obligations under the related contracts and do not anticipate any material losses under these bonds or letters of credit. Warranty Reserve The following table reflects the changes in our warranty reserve (see Note 1 herein for further discussion of warranty/product liability reserves): Year Ended December 31, 2023 2022 2021 Warranty reserve, beginning of year $ 144,006 $ 134,859 $ 119,638 Provision 95,193 96,577 94,605 Payments (92,916) (87,430) (79,384) Warranty reserve, end of year $ 146,283 $ 144,006 $ 134,859 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 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 December 31, 2023 and 2022 were $803,646 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 December 31, 2023 and 2022 were $913,027 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 consists primarily of cash equivalents, due to their short term nature. Derivative Instruments and Mortgage Loans Held for Sale In the normal course of business, NVRM enters into contractual commitments to extend credit to buyers of single-family homes with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within time frames established by NVRM. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the “lock-in” of rates by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sales contracts to sell whole loans and mortgage-backed securities to investors. The forward sales contracts lock-in a range of interest rates and prices for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to investors are undesignated derivatives and, accordingly, are marked to fair value through earnings. At December 31, 2023, there were contractual commitments to extend credit to borrowers aggregating $2,110,217 and open forward delivery contracts aggregating $1,856,541, which hedge both the rate lock loan commitments and closed loans held for sale. The fair value of our rate lock commitments to borrowers and the related input levels includes, as applicable: i) the assumed gain/loss of the expected resultant loan sale (Level 2); ii) the effects of interest rate movements between the date of the rate lock and the balance sheet date (Level 2); and iii) the value of the servicing rights associated with the loan (Level 2). The assumed gain/loss considers the excess servicing to be received or buydown fees to be paid upon securitization of the loan. The excess servicing and buydown fees are calculated pursuant to contractual terms with investors. To calculate the effects of interest rate movements, NVRM utilizes applicable published mortgage-backed security prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount. NVRM sells almost all of its loans on a servicing released basis, and receives a servicing released premium upon sale. Thus, the value of the servicing rights is included in the fair value measurement and is based upon contractual terms with investors and varies depending on the loan type. NVRM assumes a fallout rate when measuring the fair value of rate lock commitments. Fallout is defined as locked loan commitments for which NVRM does not close a mortgage loan and is based on historical experience. The fair value of NVRM’s forward sales contracts to investors solely considers the market price movement of the same type of security between the trade date and the balance sheet date (Level 2). The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value. Mortgage loans held for sale are recorded at fair value when closed, and thereafter are carried at the lower of cost or fair value, net of deferred origination costs, until sold. Fair value is measured using Level 2 inputs. As of December 31, 2023, the fair value of loans held for sale of $222,560 included on the accompanying consolidated balance sheets was increased by $6,349 from the aggregate principal balance of $216,211. As of December 31, 2022, the fair value of loans held for sale of $316,806 was reduced by $2,675 from the aggregate principal balance of $319,481. The fair value measurement of NVRM's undesignated derivative instruments was as follows: As of December 31, 2023 2022 Rate lock commitments: Gross assets $ 61,150 $ 32,246 Gross liabilities 168 20,946 Net rate lock commitments $ 60,982 $ 11,300 Forward sales contracts: Gross assets $ 8 $ 4,843 Gross liabilities 18,305 20,903 Net forward sales contracts $ (18,297) $ (16,060) As of December 31, 2023 and 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" on the accompanying consolidated balance sheets. The fair value measurement as of December 31, 2023 was as follows: Notional or Assumed Interest Servicing Security Total Fair Rate lock commitments $ 2,110,217 $ 5,839 $ 31,548 $ 23,595 $ — $ 60,982 Forward sales contracts $ 1,856,541 — — — (18,297) (18,297) Mortgages held for sale $ 216,211 865 2,521 2,963 — 6,349 Total fair value measurement $ 6,704 $ 34,069 $ 26,558 $ (18,297) $ 49,034 The total fair value measurement as of December 31, 2022 was a net loss of $7,435. NVRM recorded a fair value adjustment to income of $56,469 for the year ended December 31, 2023, a fair value adjustment to expense of $25,673 for the year ended December 31, 2022, and a fair value adjustment to income of $2,654 for the year ended December 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 consolidated statements of income. The fair value measurement will be impacted in the future by the change in the value of the servicing rights, interest rate movements, security price fluctuations, and the volume and product mix of NVRM’s closed loans and locked loan commitments. |
Mortgage Repurchase Reserve
Mortgage Repurchase Reserve | 12 Months Ended |
Dec. 31, 2023 | |
Mortgage Repurchase Reserve [Abstract] | |
Mortgage Repurchase Reserve | Mortgage Repurchase Reserve During the year ended December 31, 2023, we recognized a pre-tax recovery for loan losses related to mortgage loans sold of approximately $1,900. During the years ended December 31, 2022 and 2021, we recognized pre-tax charges for loan losses related to mortgage loans sold of approximately $2,500 and $2,600, respectively. Included in NVRM’s “Accounts payable and other liabilities” line item on the accompanying consolidated balance sheets is a mortgage repurchase reserve equal to approximately $18,600 and $21,800 at December 31, 2023 and 2022, respectively. |
Leases, Codification Topic 842
Leases, Codification Topic 842 | 12 Months Ended |
Dec. 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 entered into finance leases for one of our production facilities and certain plant equipment. Our leases have remaining lease terms of up to 16.7 years, some of which include options to extend the leases for up to 20 years, and some of which include options to terminate the lease. See Note 1 herein for additional information regarding leases. The components of lease expense were as follows: Year Ended December 31, 2023 2022 2021 Lease expense Operating lease expense $ 37,262 $ 34,467 $ 31,923 Finance lease expense: Amortization of ROU assets 2,059 1,916 1,798 Interest on lease liabilities 421 417 429 Short-term lease expense 30,607 27,584 24,012 Total lease expense $ 70,349 $ 64,384 $ 58,162 Other information related to leases was as follows: Year Ended December 31, 2023 2022 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 29,044 $ 28,837 Operating cash flows from finance leases $ 421 $ 417 Financing cash flows from finance leases $ 1,661 $ 1,495 ROU assets obtained in exchange for lease obligations: Operating leases $ 34,100 $ 44,782 Finance leases $ 1,624 $ 1,083 Weighted-average remaining lease term (in years): Operating leases 5.8 6.0 Finance leases 9.9 10.8 Weighted-average discount rate: Operating leases 4.2 % 3.6 % Finance leases 3.1 % 2.9 % We are committed under multiple non-cancelable operating and finance leases involving office space, model homes, production facilities, automobiles and equipment. Future lease payments under these operating and finance leases as of December 31, 2023 are as follows: Year Ending December 31, Operating Leases Finance Leases 2024 $ 36,636 $ 2,303 2025 22,974 2,308 2026 17,354 3,256 2027 13,069 1,683 2028 10,076 1,010 Thereafter 22,449 6,975 Total lease payments 122,558 17,535 Less: Imputed interest 13,039 2,570 Short-term lease payments 8,247 — Total lease liability $ 101,272 $ 14,965 |
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 entered into finance leases for one of our production facilities and certain plant equipment. Our leases have remaining lease terms of up to 16.7 years, some of which include options to extend the leases for up to 20 years, and some of which include options to terminate the lease. See Note 1 herein for additional information regarding leases. The components of lease expense were as follows: Year Ended December 31, 2023 2022 2021 Lease expense Operating lease expense $ 37,262 $ 34,467 $ 31,923 Finance lease expense: Amortization of ROU assets 2,059 1,916 1,798 Interest on lease liabilities 421 417 429 Short-term lease expense 30,607 27,584 24,012 Total lease expense $ 70,349 $ 64,384 $ 58,162 Other information related to leases was as follows: Year Ended December 31, 2023 2022 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 29,044 $ 28,837 Operating cash flows from finance leases $ 421 $ 417 Financing cash flows from finance leases $ 1,661 $ 1,495 ROU assets obtained in exchange for lease obligations: Operating leases $ 34,100 $ 44,782 Finance leases $ 1,624 $ 1,083 Weighted-average remaining lease term (in years): Operating leases 5.8 6.0 Finance leases 9.9 10.8 Weighted-average discount rate: Operating leases 4.2 % 3.6 % Finance leases 3.1 % 2.9 % We are committed under multiple non-cancelable operating and finance leases involving office space, model homes, production facilities, automobiles and equipment. Future lease payments under these operating and finance leases as of December 31, 2023 are as follows: Year Ending December 31, Operating Leases Finance Leases 2024 $ 36,636 $ 2,303 2025 22,974 2,308 2026 17,354 3,256 2027 13,069 1,683 2028 10,076 1,010 Thereafter 22,449 6,975 Total lease payments 122,558 17,535 Less: Imputed interest 13,039 2,570 Short-term lease payments 8,247 — Total lease liability $ 101,272 $ 14,965 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income | $ 1,591,611 | $ 1,725,575 | $ 1,236,719 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies [Line Items] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of NVR, Inc. and its subsidiaries (“NVR”, the “Company”, "we", "us", or "our") and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 3 and 4 herein for additional information). All significant intercompany transactions have been eliminated in consolidation. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management continually evaluates the estimates used to prepare the consolidated financial statements and updates those estimates as necessary. In general, our estimates are based on historical experience, on information from third party professionals, and other various assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ materially from those estimates made by management. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include short-term investments with maturities at acquisition of three months or less. Restricted Cash Homebuilding restricted cash was attributable to customer deposits for certain home sales. Mortgage banking restricted cash includes amounts collected from customers for loans in process and closed mortgage loans held for sale. |
Homebuilding Inventory | Homebuilding Inventory The carrying value of inventory is stated at the lower of cost or market value. Cost of lots and completed and uncompleted housing units represent the accumulated actual cost of the units. Field construction supervisors’ salaries and related direct overhead expenses are included in inventory costs. Interest costs are not capitalized into inventory, with the exception of land under development and joint venture investments, as applicable (see below). Upon settlement, the cost of the unit is expensed on a specific identification basis. Cost of building materials is determined on a first-in, first-out basis. Sold inventory is evaluated for impairment based on the contractual sales price compared to the total estimated cost to construct. Unsold inventory is evaluated for impairment by analyzing recent comparable sales prices within the applicable community compared to the costs incurred to date plus the expected costs to complete. Any calculated impairments are recorded immediately in cost of sales. |
Contract Land Deposits | Contract Land Deposits We purchase finished lots under fixed price lot purchase agreements (“LPAs”) that require deposits that may be forfeited if we fail to perform under the contract. The deposits are in the form of cash or letters of credit in varying amounts and represent a percentage of the aggregate purchase price of the finished lots. We maintain an allowance for losses on contract land deposits that reflects our judgment of the present loss exposure in the existing contract land deposit portfolio at the end of the reporting period. To analyze contract land deposit impairments, we conduct a loss contingency analysis each quarter. In addition to considering market and economic conditions, we assess contract land deposit impairments on a community-by-community basis pursuant to the purchase contract terms, analyzing quantitative and qualitative information including, as applicable, current sales absorption levels, recent sales’ profit margin, the dollar differential between the contractual purchase price and the current market price for lots, a developer’s performance, a developer’s financial ability or willingness to reduce lot prices to current market prices, if necessary, and the contract’s default status by either us or the developer along with an analysis of the expected outcome of any such default. Our analysis is focused on whether we can sell houses at an acceptable profit margin and sales pace in a particular community in the current market. Because we do not own the finished lots on which we have placed a contract land deposit, if the above analysis leads to a determination that we cannot sell homes at an acceptable profit margin and sales pace at the current contractual lot price, we then determine whether we will elect to default under the contract, forfeit the deposit and terminate the contract, or whether we will attempt to restructure the LPA, which may require us to forfeit the deposit to obtain contract concessions from a developer. We also assess whether impairment is present due to collectibility issues resulting from a developer’s non-performance because of financial or other conditions. For the year ended December 31, 2023 we recognized a net pre-tax recovery of approximately $2,900 of contract land deposits previously determined to be unrecoverable. For the year ended December 31, 2022, we incurred a net pre-tax charge of approximately $27,500 related to the impairment of contract land deposits. For the year ended December 31, 2021, we recognized a net pre-tax recovery of approximately $22,100 of contract land deposits previously determined to be unrecoverable. The contract land deposit assets on the accompanying consolidated balance sheets are shown net of the allowance for losses of $53,397 and $57,060 at December 31, 2023 and 2022, respectively. |
Land Under Development | Land Under Development On a limited basis, we directly acquire raw parcels of land already zoned for its intended use to develop into finished lots. Land under development includes the land acquisition costs, direct improvement costs, capitalized interest, where applicable, and real estate taxes. |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is based on the estimated useful lives of the assets using the straight-line method. Model home furniture and fixtures are generally depreciated over a 2-year period, office facilities and other equipment are depreciated over a period of 3 to 10 years and production facilities are depreciated over periods of 5 to 40 years. |
Warranty/Product Liability Reserves | Warranty/Product Liability Reserves |
Mortgage Loans Held for Sale, Derivatives and Hedging Activities | Mortgage Repurchase Reserve, Mortgage Loans Held for Sale and Derivatives and Hedging Activities We originate several different loan products to our customers to finance the purchase of a home through our wholly-owned mortgage subsidiary, NVR Mortgage Finance, Inc. (“NVRM”). NVRM sells almost all of the loans it originates into the secondary market on a servicing released basis, typically within 30 days from closing. All of the loans that NVRM originates are underwritten to the standards and specifications of the ultimate investor. Those underwriting standards are typically equal to or more stringent than the underwriting standards required by Fannie Mae (“FNMA”), Ginnie Mae (“GNMA”), Freddie Mac ("FHLMC"), the Department of Veterans Affairs (“VA”) and the Federal Housing Administration (“FHA”). Insofar as NVRM underwrites its originated loans to those standards, NVRM bears no increased concentration of credit risk from the issuance of loans, except in certain limited instances where repurchases or early payment defaults occur. NVRM employs a quality control department to ensure that its underwriting controls are effectively operating, and further assesses the underwriting function as part of its assessment of internal controls over financial reporting. NVRM maintains a reserve for losses on mortgage loans originated that reflects our judgment of the present loss exposure in the loans that NVRM has originated and sold. The reserve is calculated based on an analysis of historical experience and exposure (see Note 15 herein for further information). Mortgage loans held for sale are recorded at fair value when closed, and thereafter are carried at the lower of cost or fair value, net of deferred origination costs, until sold. In the normal course of business, NVRM enters into contractual commitments to extend credit to buyers of single-family homes with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within time frames established by NVRM. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the “lock-in” of rates by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sale contracts to sell whole loans and mortgage-backed securities to investors. The forward sale contracts lock-in a range of interest rates and prices for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to investors are undesignated derivatives, and, accordingly, are marked to fair value through earnings. At December 31, 2023, there were contractual commitments to extend credit to borrowers aggregating $2,110,217, and open forward delivery sale contracts aggregating $1,856,541, which hedge both the rate lock loan commitments and closed loans held for sale (see Note 14 herein for a description of the Company’s fair value accounting). |
Earnings Per Share | Earnings per Share The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Weighted average number of shares outstanding used to 3,238,161 3,285,562 3,580,800 Dilutive securities: Stock options and restricted share units 197,133 222,962 278,112 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,435,294 3,508,524 3,858,912 The assumed proceeds used in the treasury method for calculating our diluted earnings per share includes the amount the employee must pay upon exercise and the amount of compensation cost attributed to future services not yet recognized. The following stock options and restricted share units issued under equity incentive plans were outstanding during the years ended December 31, 2023, 2022 and 2021, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Year Ended December 31, 2023 2022 2021 Anti-dilutive securities 14,444 194,884 23,062 |
Revenues-Homebuilding Operations | Revenues – Homebuilding Operations We build single-family detached homes, townhomes and condominium buildings, which generally are constructed on a pre-sold basis. Revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers. Our contract liabilities, consisting of deposits received from customers on homes not settled, were $334,441 and $313,804 as of December 31, 2023 and 2022, respectively. Substantially all customer deposits are recognized in revenue within twelve months of being received from customers. Our contract assets, consisting of prepaid sales compensation, totaled approximately $17,900 and $15,300 as of December 31, 2023 and 2022, respectively. These amounts are included in homebuilding “Other assets” on the accompanying consolidated balance sheets. |
Mortgage Banking Fees | Mortgage Banking Fees Mortgage banking fees include income earned by NVRM for originating mortgage loans, servicing mortgage loans held on an interim basis, title fees, gains and losses on the sale of mortgage loans and mortgage servicing and other activities incidental to mortgage banking. Mortgage banking fees are generally recognized after the loan has been sold to an unaffiliated, third party investor. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on the deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740-10, Income Taxes , provides that a tax benefit from an uncertain tax position may be recognized when it is more-likely-than-not (defined as a likelihood of more than 50%) that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that its filing position is supportable, the benefit of that tax position is not recognized in the statements of income. We recognize interest related to unrecognized tax benefits as a component of income tax expense. Based on our historical experience in dealing with various taxing authorities, we have found that it is the administrative practice of the taxing authorities to not seek penalties from us for the tax positions we have taken on our returns related to our unrecognized tax benefits. Therefore, we do not accrue penalties for the positions in which we have an unrecognized tax benefit. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, by expiration of the applicable statute of limitation, or by determination in accordance with certain states’ administrative practices that the uncertain tax position has been effectively settled (see Note 10 herein for further information). |
Financial Instruments | Financial Instruments Except as otherwise noted herein, we believe that the carrying value approximates the fair value of our financial instruments (see Note 14 herein for further information). |
Equity-Based Compensation | Equity-Based Compensation We recognize equity-based compensation expense within our income statement for all share-based payment arrangements, which includes non-qualified stock options to purchase shares of NVR common stock ("Options") and restricted share units ("RSUs"). Compensation expense is based on grant-date fair value of the Options and RSUs granted, and is recognized on a straight-line basis over the requisite service period for the entire award (from the date of grant through the period of the last separately vesting portion of the grant). Options and RSUs which are subject to a performance condition are treated as a separate award from the “service-only” Options and RSUs, and compensation expense is recognized when it becomes probable that the stated performance target will be achieved. We calculate the fair value of our Options, which are not publicly traded, using the Black-Scholes option-pricing model. The grant date fair value of the RSUs is the closing price of our common stock on the day immediately preceding the date of grant. The reversal of compensation expense previously recognized for grants forfeited is recorded in the period in which the forfeiture occurs. Our equity-based compensation plans are accounted for as equity-classified awards (see Note 11 herein for further discussion of equity-based compensation plans). |
Comprehensive Income | omprehensive Income For the years ended December 31, 2023, 2022 and 2021, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying consolidated financial statements. |
Lessee, Leases | Leases We determine if an arrangement is a lease, or contains a lease, at the inception of the arrangement. Once determined that an arrangement is a lease, we then determine if the lease is an operating lease or a finance lease. Both operating and finance leases result in us recording a right-of-use ("ROU") asset and lease liability on our balance sheet. The ROU assets and lease liabilities are recognized based on the present value of lease payments over the lease term, discounted using our incremental borrowing rate at the commencement date of the lease. We estimate our incremental borrowing rate based on available published borrowing rates commensurate with our debt rating and the leases term, adjusted to infer collateralization. Specific lease terms may include options to extend or terminate the lease when we believe it is reasonably certain that we will exercise that option. We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis. We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). As is allowed under GAAP, we have elected to exclude Short-term leases from the recognition requirements and they are not included in our recognized ROU assets and lease liabilities. Operating leases are reported in "Operating lease right-of-use assets" and "Operating lease liabilities" and finance leases are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" |
Recent Accounting Pronouncements | Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, "Income Taxes - Improvements to Income Tax Disclosures." The amendments in the ASU requires disclosure of specific categories in the rate reconciliation and for the entity to provide additional information for reconciling items that meet a quantitative threshold. The ASU will be effective for our fiscal year ending December 31, 2025. The amendments in the ASU are to be applied on a prospective basis and early adoption is permitted. We are currently evaluating the impact that the adoption of ASU 2023-09 will have on our consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting - Improvements to Reportable Segment Disclosures." The amendments in the ASU are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The amendments also expand interim segment disclosure requirements. The ASU will be effective for our fiscal year ending December 31, 2024 and for interim periods starting in the first quarter of fiscal year 2025. The amendments in this ASU are required to be applied on a retrospective basis and early adoption is permitted. We are currently evaluating the impact that the adoption of ASU 2023-07 will have on our consolidated financial statements and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share | The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Weighted average number of shares outstanding used to 3,238,161 3,285,562 3,580,800 Dilutive securities: Stock options and restricted share units 197,133 222,962 278,112 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,435,294 3,508,524 3,858,912 |
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following stock options and restricted share units issued under equity incentive plans were outstanding during the years ended December 31, 2023, 2022 and 2021, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Year Ended December 31, 2023 2022 2021 Anti-dilutive securities 14,444 194,884 23,062 |
Segment Information, Nature o_2
Segment Information, Nature of Operations, and Certain Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Revenues | The following tables present certain segment financial data, with reconciliations to the amounts reported for the consolidated company, where applicable: Year Ended December 31, 2023 2022 2021 Revenues: Homebuilding Mid Atlantic $ 4,189,957 $ 4,766,329 $ 4,049,871 Homebuilding North East 948,289 892,543 767,828 Homebuilding Mid East 1,723,514 2,147,262 1,891,729 Homebuilding South East 2,452,845 2,520,636 1,992,265 Mortgage Banking 203,597 199,664 249,332 Consolidated revenues $ 9,518,202 $ 10,526,434 $ 8,951,025 |
Profit before Taxes | Year Ended December 31, 2023 2022 2021 Profit before taxes: Homebuilding Mid Atlantic $ 745,323 $ 994,027 $ 734,941 Homebuilding North East 169,012 157,333 105,432 Homebuilding Mid East 257,865 343,236 271,756 Homebuilding South East 440,538 577,030 329,982 Mortgage Banking 138,313 125,756 176,251 Total segment profit 1,751,051 2,197,382 1,618,362 Reconciling items: Contract land deposit reserve adjustment (1) 3,279 (27,300) 22,163 Equity-based compensation expense (2) (99,507) (82,537) (58,234) Corporate capital allocation (3) 288,805 302,904 252,787 Unallocated corporate overhead (175,208) (129,998) (139,611) Consolidation adjustments and other (4) 44,619 (1,719) (56,511) Corporate interest income 142,083 32,457 2,840 Corporate interest expense (26,749) (37,995) (51,393) Reconciling items sub-total 177,322 55,812 (27,959) Consolidated profit before taxes $ 1,928,373 $ 2,253,194 $ 1,590,403 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of contract land deposit impairment charges in Note 3. (2) The increase in equity-based compensation expense in both 2023 and 2022 was primarily attributable to a four year block grant of Options and RSUs in May 2022. See Note 11 for additional discussion of equity-based compensation. (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 years presented: Year Ended December 31, 2023 2022 2021 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 135,618 $ 143,251 $ 124,316 Homebuilding North East 33,269 30,623 25,431 Homebuilding Mid East 39,005 51,376 43,686 Homebuilding South East 80,913 77,654 59,354 Total corporate capital allocation charge $ 288,805 $ 302,904 $ 252,787 |
Assets | As of December 31, 2023 2022 Assets: Homebuilding Mid Atlantic $ 1,252,360 $ 1,152,564 Homebuilding North East 314,904 250,001 Homebuilding Mid East 368,154 378,833 Homebuilding South East 796,505 697,923 Mortgage Banking 452,323 406,456 Total segment assets 3,184,246 2,885,777 Reconciling items: Cash and cash equivalents 3,126,472 2,503,424 Deferred taxes 148,005 143,585 Intangible assets and goodwill 49,368 49,368 Operating lease right-of-use assets 70,384 71,081 Finance lease right-of-use assets 13,310 13,745 Contract land deposit reserve (53,397) (57,060) Consolidation adjustments and other 63,369 51,053 Reconciling items sub-total 3,417,511 2,775,196 Consolidated assets $ 6,601,757 $ 5,660,973 |
Interest Income | Year Ended December 31, 2023 2022 2021 Interest income: Mortgage Banking $ 16,687 $ 11,853 $ 8,725 Total segment interest income 16,687 11,853 8,725 Other unallocated interest income 142,087 32,458 3,154 Consolidated interest income $ 158,774 $ 44,311 $ 11,879 |
Interest Expense | Year Ended December 31, 2023 2022 2021 Interest expense: Homebuilding Mid Atlantic $ 135,679 $ 143,322 $ 124,385 Homebuilding North East 33,310 30,658 25,463 Homebuilding Mid East 39,021 51,384 43,695 Homebuilding South East 80,921 77,685 59,381 Mortgage Banking 865 1,384 1,587 Total segment interest expense 289,796 304,433 254,511 Corporate capital allocation (3) (288,805) (302,904) (252,787) Senior Notes and other interest 26,749 37,995 51,393 Consolidated interest expense $ 27,740 $ 39,524 $ 53,117 |
Depreciation and Amortization | Year Ended December 31, 2023 2022 2021 Depreciation and amortization: Homebuilding Mid Atlantic $ 5,914 $ 5,923 $ 6,183 Homebuilding North East 1,125 1,216 1,628 Homebuilding Mid East 3,724 3,948 4,259 Homebuilding South East 3,218 3,093 3,325 Mortgage Banking 1,296 1,135 1,283 Total segment depreciation and amortization 15,277 15,315 16,678 Unallocated corporate 1,639 2,081 2,785 Consolidated depreciation and amortization $ 16,916 $ 17,396 $ 19,463 |
Corporate Capital Allocation Charge | Year Ended December 31, 2023 2022 2021 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 135,618 $ 143,251 $ 124,316 Homebuilding North East 33,269 30,623 25,431 Homebuilding Mid East 39,005 51,376 43,686 Homebuilding South East 80,913 77,654 59,354 Total corporate capital allocation charge $ 288,805 $ 302,904 $ 252,787 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 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 as of December 31, 2023 and 2022 was as follows: As of December 31, 2023 2022 Contract land deposits $ 629,948 $ 553,140 Loss reserve on contract land deposits (53,397) (57,060) Contract land deposits, net 576,551 496,080 Contingent obligations in the form of letters of credit 7,769 6,896 Total risk of loss $ 584,320 $ 502,976 |
Capitalized Interest (Tables)
Capitalized Interest (Tables) | 12 Months Ended |
Dec. 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 | Our interest costs incurred, capitalized, expensed and charged to cost of sales during the years ended December 31, 2023, 2022 and 2021 was as follows: Year Ended December 31, 2023 2022 2021 Interest capitalized, beginning of year $ 570 $ 593 $ 1,025 Interest incurred 27,540 39,626 53,248 Interest charged to interest expense (27,740) (39,524) (53,117) Interest charged to cost of sales (219) (125) (563) Interest capitalized, end of year $ 151 $ 570 $ 593 |
Property, Plant and Equipment_2
Property, Plant and Equipment ("PP&E") (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment ("PP&E") | As of December 31, 2023 2022 Homebuilding: Office facilities and other $ 45,707 $ 40,604 Model home furniture and fixtures 35,418 35,152 Production facilities 106,227 97,050 Finance lease right-of-use assets 13,310 13,745 Gross Homebuilding PP&E 200,662 186,551 Less: accumulated depreciation (136,946) (128,601) Net Homebuilding PP&E $ 63,716 $ 57,950 Mortgage Banking: Office facilities and other $ 17,572 $ 15,964 Less: accumulated depreciation (11,224) (12,405) Net Mortgage Banking PP&E $ 6,348 $ 3,559 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Share Repurchases of Common Stock | We made the following share repurchases during the years indicated: Year Ended December 31, 2023 2022 2021 Aggregate purchase price $ 1,081,815 $ 1,500,358 $ 1,538,019 Number of shares repurchased 181,499 323,652 322,038 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | The provision for income taxes consists of the following: Year Ended December 31, 2023 2022 2021 Current: Federal $ 261,481 $ 412,036 $ 272,971 State 79,023 126,686 80,650 Deferred: Federal (3,986) (6,753) 873 State 244 (4,350) (810) Income tax expense $ 336,762 $ 527,619 $ 353,684 |
Deferred Income Taxes on Consolidated Balance Sheets | Deferred income taxes on our consolidated balance sheets were comprised of the following: As of December 31, 2023 2022 Deferred tax assets: Other accrued expenses and contract land deposit reserve $ 71,466 $ 73,555 Deferred compensation 4,347 4,728 Equity-based compensation expense 48,088 47,605 Inventory 18,181 13,981 Unrecognized tax benefit 8,049 8,849 Other 14,703 11,364 Total deferred tax assets 164,834 160,082 Less: Deferred tax liabilities 9,515 8,505 Net deferred tax asset $ 155,319 $ 151,577 |
Income Tax Expense Reconciliation | A reconciliation of income taxes computed at the federal statutory rate (21% in 2023, 2022, and 2021) to income tax expense is as follows: Year Ended December 31, 2023 2022 2021 Income taxes computed at the federal statutory rate $ 404,958 $ 473,171 $ 333,985 State income taxes, net of federal income tax benefit (1) 92,163 105,867 72,082 Excess tax benefits from equity-based compensation (153,554) (50,324) (48,369) Other, net (2) (6,805) (1,095) (4,014) Income tax expense $ 336,762 $ 527,619 $ 353,684 (1) Excludes state excess tax benefits from equity-based compensation included in the line below. (2) Primarily attributable to tax benefits from certain energy credits for the years ended December 31, 2023, 2022 and 2021. |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, 2023 2022 Balance at beginning of year $ 29,526 $ 33,490 Additions based on tax positions related to the current year 782 1,326 Reductions for tax positions of prior years (4,720) (5,290) Settlements — — Balance at end of year $ 25,588 $ 29,526 |
Equity-Based Compensation, Pr_2
Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Equity-Based Compensation Plans with Grants Outstanding | The following table provides a summary of each of our equity-based compensation plans with grants outstanding at December 31, 2023. Each of the following plans was approved by our shareholders: Equity-Based Compensation Plans Shares Options/RSUs Shares 2010 Equity Incentive Plan (1) 700,000 23,681 — 2014 Equity Incentive Plan (2) 950,000 273,143 1,778 2018 Equity Incentive Plan (3) 275,000 163,248 90,322 (1) The 2010 Equity Incentive Plan (the “2010 Plan”) authorized us to issue Options and RSUs. There were 18,211 Options and 5,470 RSUs outstanding as of December 31, 2023. Shares can no longer be granted from this plan. (2) The 2014 Equity Incentive Plan (the “2014 Plan”) authorizes us to issue Options only. (3) The 2018 Equity Incentive Plan (the "2018 Plan") authorizes us to issue Options and RSUs. Of the 275,000 aggregate shares authorized to issue, all may be granted in the form of Options and up to 40,000 may be granted in the form of RSUs. There were 141,236 Options and 22,012 RSUs outstanding as of December 31, 2023. Of the 90,322 shares available to issue, 17,808 may be granted in the form of RSUs. |
Summary of Options and RSUs granted during the year | During 2023, we issued 4,100 Options under the 2014 Plan. Approximately half of the Options issued vest over four years in 25% increments beginning on December 31, 2025, while the remaining Options issued vest over two years in 50% increments beginning on December 31, 2027. Vesting for half of the Options issued is contingent solely upon continued employment, while vesting for the other half of the Options is contingent upon both continued employment and our return on capital performance during the three year periods beginning 2023. In addition, we granted 1,904 RSUs under the 2018 Plan during 2023. Of the RSUs granted, 1,214 RSUs will vest over four years in 25% increments beginning on either December 31, 2025 or December 31, 2026, and 690 RSUs will vest over two years in 50% increments beginning on December 31, 2025. Vesting for half of the RSUs issued is contingent solely upon continued employment, while vesting for the other half of the RSUs issued is contingent upon both continued employment and our return on capital performance during the three year periods beginning on either 2023 or 2024, based on the RSU's initial vesting date. |
Equity-Based Compensation Plans | The following table provides additional information relative to our equity-based compensation plans for the year ended December 31, 2023: Shares Weighted Avg. Per Share Weighted Avg. Remaining Aggregate Stock Options Outstanding at December 31, 2022 590,554 $ 3,060.71 Granted 4,100 5,424.19 Exercised (152,086) 1,660.69 Forfeited (9,978) 3,820.80 Outstanding at December 31, 2023 432,590 $ 3,557.78 6.0 $ 1,489,264 Exercisable at December 31, 2023 227,684 $ 2,827.99 4.1 $ 950,003 RSUs Outstanding at December 31, 2022 33,320 Granted 1,904 Vested (5,936) Forfeited (1,806) Outstanding at December 31, 2023 27,482 $ 192,386 Vested, but not issued at December 31, 2023 5,461 $ 38,229 |
Black-Scholes Option-Pricing Model Assumptions | The fair value of the Options granted during 2023, 2022 and 2021 was estimated on the grant date using the Pricing Model, based on the following assumptions: 2023 2022 2021 Estimated option life (years) 6.05 5.61 5.31 Risk free interest rate (range) 3.53%-4.69% 1.17%-4.36% 0.30%-1.55% Expected volatility (range) 26.75%-30.01% 24.93%-30.89% 24.46%-30.80% Expected dividend rate — % — % — % Weighted average grant-date fair value per share of options granted $ 1,936.08 $ 1,437.93 $ 1,235.91 |
Exercised Option Proceeds | Information with respect to the vested RSUs and exercised Options is as follows: Year Ended December 31, 2023 2022 2021 Aggregate exercise proceeds $ 250,509 $ 196,717 $ 142,370 Aggregate intrinsic value on exercise dates $ 635,709 $ 234,732 $ 219,219 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Changes in Product Warranties Reserve | The following table reflects the changes in our warranty reserve (see Note 1 herein for further discussion of warranty/product liability reserves): Year Ended December 31, 2023 2022 2021 Warranty reserve, beginning of year $ 144,006 $ 134,859 $ 119,638 Provision 95,193 96,577 94,605 Payments (92,916) (87,430) (79,384) Warranty reserve, end of year $ 146,283 $ 144,006 $ 134,859 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Undesignated Derivative Instruments | The fair value measurement of NVRM's undesignated derivative instruments was as follows: As of December 31, 2023 2022 Rate lock commitments: Gross assets $ 61,150 $ 32,246 Gross liabilities 168 20,946 Net rate lock commitments $ 60,982 $ 11,300 Forward sales contracts: Gross assets $ 8 $ 4,843 Gross liabilities 18,305 20,903 Net forward sales contracts $ (18,297) $ (16,060) |
Fair Value Measurement | The fair value measurement as of December 31, 2023 was as follows: Notional or Assumed Interest Servicing Security Total Fair Rate lock commitments $ 2,110,217 $ 5,839 $ 31,548 $ 23,595 $ — $ 60,982 Forward sales contracts $ 1,856,541 — — — (18,297) (18,297) Mortgages held for sale $ 216,211 865 2,521 2,963 — 6,349 Total fair value measurement $ 6,704 $ 34,069 $ 26,558 $ (18,297) $ 49,034 |
Fair Value Measurements, Recurring and Nonrecurring | The estimated fair values of our Senior Notes as of December 31, 2023 and 2022 were $803,646 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 December 31, 2023 and 2022 were $913,027 and $914,888, respectively. |
Leases, Codification Topic 842
Leases, Codification Topic 842 (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease, Cost | The components of lease expense were as follows: Year Ended December 31, 2023 2022 2021 Lease expense Operating lease expense $ 37,262 $ 34,467 $ 31,923 Finance lease expense: Amortization of ROU assets 2,059 1,916 1,798 Interest on lease liabilities 421 417 429 Short-term lease expense 30,607 27,584 24,012 Total lease expense $ 70,349 $ 64,384 $ 58,162 |
ScheduleofSupplementalCashFlowInformationRelatedtoLeases | Other information related to leases was as follows: Year Ended December 31, 2023 2022 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 29,044 $ 28,837 Operating cash flows from finance leases $ 421 $ 417 Financing cash flows from finance leases $ 1,661 $ 1,495 ROU assets obtained in exchange for lease obligations: Operating leases $ 34,100 $ 44,782 Finance leases $ 1,624 $ 1,083 Weighted-average remaining lease term (in years): Operating leases 5.8 6.0 Finance leases 9.9 10.8 Weighted-average discount rate: Operating leases 4.2 % 3.6 % Finance leases 3.1 % 2.9 % |
Lessee, Operating and Finance Lease, Liability, Maturity | We are committed under multiple non-cancelable operating and finance leases involving office space, model homes, production facilities, automobiles and equipment. Future lease payments under these operating and finance leases as of December 31, 2023 are as follows: Year Ending December 31, Operating Leases Finance Leases 2024 $ 36,636 $ 2,303 2025 22,974 2,308 2026 17,354 3,256 2027 13,069 1,683 2028 10,076 1,010 Thereafter 22,449 6,975 Total lease payments 122,558 17,535 Less: Imputed interest 13,039 2,570 Short-term lease payments 8,247 — Total lease liability $ 101,272 $ 14,965 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | |||
Loss reserve on contract land deposits | $ 53,397 | $ 57,060 | |
Net Contract Land Deposit Impairment Recoveries | $ 2,900 | (27,500) | $ 22,100 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities [Member] | ||
Office facilities and other | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Office facilities and other | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Manufacturing Facilities | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Manufacturing Facilities | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Home Building | |||
Significant Accounting Policies [Line Items] | |||
Cash | $ 3,126,472 | 2,503,424 | |
Goodwill acquired from business acquisition | 41,580 | 41,580 | |
Contract with Customer, Liability | 334,441 | 313,804 | |
Mortgage Banking | |||
Significant Accounting Policies [Line Items] | |||
Cash | 36,422 | 19,415 | |
Goodwill acquired from business acquisition | $ 7,347 | 7,347 | |
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | |||
Significant Accounting Policies [Line Items] | |||
Typical length of days loans sold into secondary market | 30 days | ||
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Rate lock commitments | |||
Significant Accounting Policies [Line Items] | |||
Derivative, Notional Amount | $ 2,110,217 | ||
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Forward sales contracts | |||
Significant Accounting Policies [Line Items] | |||
Derivative, Notional Amount | 1,856,541 | ||
Other Assets | |||
Significant Accounting Policies [Line Items] | |||
Capitalized Contract Cost, Net | $ 17,900 | $ 15,300 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Weighted average number of shares outstanding used to calculate basic EPS (in Shares) | 3,238,161 | 3,285,562 | 3,580,800 |
Dilutive securities: | |||
Stock options and restricted share units (in Shares) | 197,133 | 222,962 | 278,112 |
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS (in Shares) | 3,435,294 | 3,508,524 | 3,858,912 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Anti-dilutive securities (in Shares) | 14,444 | 194,884 | 23,062 |
Segment Information, Nature o_3
Segment Information, Nature of Operations, and Certain Concentrations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 metropolitan_area Trade_Names segment | |
Segment Reporting Information [Line Items] | |
Number of trade names | Trade_Names | 3 |
Number of metropolitan areas Ryan Homes product are sold | metropolitan_area | 36 |
Senior Notes Due Two Thousand Thirty [Member] | |
Segment Reporting Information [Line Items] | |
Senior notes interest rate | 3% |
Home Building | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 4 |
Mortgage Banking | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
Segment Information, Nature o_4
Segment Information, Nature of Operations, and Certain Concentrations - Revenues (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Consolidated revenues | $ 9,518,202 | $ 10,526,434 | $ 8,951,025 |
Home Building | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Consolidated revenues | 9,314,605 | 10,326,770 | 8,701,693 |
Home Building | Mid Atlantic | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Consolidated revenues | 4,189,957 | 4,766,329 | 4,049,871 |
Home Building | North East | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Consolidated revenues | 948,289 | 892,543 | 767,828 |
Home Building | Mid East | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Consolidated revenues | 1,723,514 | 2,147,262 | 1,891,729 |
Home Building | South East | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Consolidated revenues | 2,452,845 | 2,520,636 | 1,992,265 |
Mortgage Banking | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Consolidated revenues | $ 203,597 | $ 199,664 | $ 249,332 |
Segment Information, Nature o_5
Segment Information, Nature of Operations, and Certain Concentrations - Profit before Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Profit before taxes | $ 1,928,373 | $ 2,253,194 | $ 1,590,403 |
Equity-based compensation expense (2) | (99,507) | (82,537) | (58,234) |
Corporate interest expense | (27,740) | (39,524) | (53,117) |
Home Building | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Profit before taxes | 1,795,580 | 2,131,044 | 1,418,799 |
Corporate interest expense | (26,875) | (38,140) | (51,530) |
Mortgage Banking | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Profit before taxes | 132,793 | 122,150 | 171,604 |
Corporate interest expense | (865) | (1,384) | (1,587) |
Profit before taxes: | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Profit before taxes | 1,751,051 | 2,197,382 | 1,618,362 |
Corporate interest expense | (289,796) | (304,433) | (254,511) |
Profit before taxes: | Home Building | Mid Atlantic | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Profit before taxes | 745,323 | 994,027 | 734,941 |
Corporate interest expense | (135,679) | (143,322) | (124,385) |
Profit before taxes: | Home Building | North East | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Profit before taxes | 169,012 | 157,333 | 105,432 |
Corporate interest expense | (33,310) | (30,658) | (25,463) |
Profit before taxes: | Home Building | Mid East | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Profit before taxes | 257,865 | 343,236 | 271,756 |
Corporate interest expense | (39,021) | (51,384) | (43,695) |
Profit before taxes: | Home Building | South East | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Profit before taxes | 440,538 | 577,030 | 329,982 |
Corporate interest expense | (80,921) | (77,685) | (59,381) |
Profit before taxes: | Mortgage Banking | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Profit before taxes | 138,313 | 125,756 | 176,251 |
Corporate interest expense | (865) | (1,384) | (1,587) |
Reconciling items: | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Profit before taxes | 177,322 | 55,812 | (27,959) |
Contract land deposit reserve adjustment | 3,279 | (27,300) | 22,163 |
Equity-based compensation expense (2) | (99,507) | (82,537) | (58,234) |
Corporate capital allocation charge | 288,805 | 302,904 | 252,787 |
Unallocated corporate overhead | (175,208) | (129,998) | (139,611) |
Consolidation adjustments and other (4) | 44,619 | (1,719) | (56,511) |
Corporate interest income | 142,083 | 32,457 | 2,840 |
Corporate interest expense | $ (26,749) | $ (37,995) | $ (51,393) |
Segment Information, Nature o_6
Segment Information, Nature of Operations, and Certain Concentrations - Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 6,601,757 | $ 5,660,973 |
Contract land deposit reserve | (53,397) | (57,060) |
Home Building | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 6,142,087 | 5,247,170 |
Cash and cash equivalents | 3,126,472 | 2,503,424 |
Deferred taxes | 148,005 | 143,585 |
Operating Lease, Right-of-Use Asset | 70,384 | 71,081 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 13,310 | 13,745 |
Mortgage Banking | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 459,670 | 413,803 |
Cash and cash equivalents | 36,422 | 19,415 |
Operating Lease, Right-of-Use Asset | 23,541 | 16,011 |
Profit before taxes: | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 3,184,246 | 2,885,777 |
Profit before taxes: | Home Building | Mid Atlantic | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,252,360 | 1,152,564 |
Profit before taxes: | Home Building | North East | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 314,904 | 250,001 |
Profit before taxes: | Home Building | Mid East | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 368,154 | 378,833 |
Profit before taxes: | Home Building | South East | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 796,505 | 697,923 |
Profit before taxes: | Mortgage Banking | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 452,323 | 406,456 |
Reconciling items: | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 3,417,511 | 2,775,196 |
Cash and cash equivalents | 3,126,472 | 2,503,424 |
Deferred taxes | 148,005 | 143,585 |
Intangible assets and goodwill | 49,368 | 49,368 |
Operating Lease, Right-of-Use Asset | 70,384 | 71,081 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 13,310 | 13,745 |
Contract land deposit reserve | (53,397) | (57,060) |
Consolidation adjustments and other | $ 63,369 | $ 51,053 |
Segment Information, Nature o_7
Segment Information, Nature of Operations, and Certain Concentrations - Interest Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated interest income | $ 158,774 | $ 44,311 | $ 11,879 |
Mortgage Banking | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest income | 16,687 | 11,853 | 8,725 |
Profit before taxes: | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest income | 16,687 | 11,853 | 8,725 |
Other unallocated interest income | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Other unallocated interest income | $ 142,087 | $ 32,458 | $ 3,154 |
Segment Information, Nature o_8
Segment Information, Nature of Operations, and Certain Concentrations - Interest Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated interest expense | $ 27,740 | $ 39,524 | $ 53,117 |
Home Building | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated interest expense | 26,875 | 38,140 | 51,530 |
Mortgage Banking | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated interest expense | 865 | 1,384 | 1,587 |
Profit before taxes: | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated interest expense | 289,796 | 304,433 | 254,511 |
Profit before taxes: | Home Building | Mid Atlantic | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated interest expense | 135,679 | 143,322 | 124,385 |
Profit before taxes: | Home Building | North East | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated interest expense | 33,310 | 30,658 | 25,463 |
Profit before taxes: | Home Building | Mid East | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated interest expense | 39,021 | 51,384 | 43,695 |
Profit before taxes: | Home Building | South East | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated interest expense | 80,921 | 77,685 | 59,381 |
Profit before taxes: | Mortgage Banking | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated interest expense | 865 | 1,384 | 1,587 |
Reconciling items: | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated interest expense | 26,749 | 37,995 | 51,393 |
Corporate capital allocation charge | $ (288,805) | $ (302,904) | $ (252,787) |
Segment Information, Nature o_9
Segment Information, Nature of Operations, and Certain Concentrations - Depreciation and Amortization (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated depreciation and amortization | $ 16,916 | $ 17,396 | $ 19,463 |
Profit before taxes: | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated depreciation and amortization | 15,277 | 15,315 | 16,678 |
Profit before taxes: | Home Building | Mid Atlantic | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated depreciation and amortization | 5,914 | 5,923 | 6,183 |
Profit before taxes: | Home Building | North East | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated depreciation and amortization | 1,125 | 1,216 | 1,628 |
Profit before taxes: | Home Building | Mid East | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated depreciation and amortization | 3,724 | 3,948 | 4,259 |
Profit before taxes: | Home Building | South East | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated depreciation and amortization | 3,218 | 3,093 | 3,325 |
Profit before taxes: | Mortgage Banking | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated depreciation and amortization | 1,296 | 1,135 | 1,283 |
Other unallocated interest income | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Consolidated depreciation and amortization | $ 1,639 | $ 2,081 | $ 2,785 |
Segment Information, Nature _10
Segment Information, Nature of Operations, and Certain Concentrations - Corporate Capital Allocation Charge (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Corporate Reconciling Items And Eliminations [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Corporate capital allocation charge | $ (288,805) | $ (302,904) | $ (252,787) |
Corporate Reconciling Items And Eliminations [Member] | Home Building | Mid Atlantic | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Corporate capital allocation charge | (135,618) | (143,251) | (124,316) |
Corporate Reconciling Items And Eliminations [Member] | Home Building | North East | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Corporate capital allocation charge | (33,269) | (30,623) | (25,431) |
Corporate Reconciling Items And Eliminations [Member] | Home Building | Mid East | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Corporate capital allocation charge | (39,005) | (51,376) | (43,686) |
Corporate Reconciling Items And Eliminations [Member] | Home Building | South East | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Corporate capital allocation charge | (80,913) | (77,654) | (59,354) |
Reconciling items: | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Corporate capital allocation charge | $ (288,805) | $ (302,904) | $ (252,787) |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) lot | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Variable Interest Entity [Line Items] | |||
Maximum range of deposits required under the purchase agreements | 10% | ||
Net Contract Land Deposit Impairment Recoveries | $ (2,900) | $ 27,500 | $ (22,100) |
Contract Land Deposits | $ 629,948 | $ 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 | 134,900 | ||
Contract land deposits in cash under Lot Purchase Agreements | $ 617,000 | ||
Letters of credit related to lots | $ 7,700 | ||
Contract on Raw Ground with Landowners | |||
Variable Interest Entity [Line Items] | |||
Lots controlled by NVR | lot | 22,700 | ||
Refundable deposits | $ 3,800 | ||
Contract Land Deposits | $ 13,000 |
Variable Interest Entities - To
Variable Interest Entities - Total Risk of Loss Related to Contract Land Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract] | ||
Contract land deposits | $ 629,948 | $ 553,140 |
Loss reserve on contract land deposits | (53,397) | (57,060) |
Contract land deposits, net | 576,551 | 496,080 |
Contingent obligations in the form of letters of credit | 7,769 | 6,896 |
Total risk of loss | $ 584,320 | $ 502,976 |
Joint Ventures - Additional Inf
Joint Ventures - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 USD ($) lot joint_venture | Dec. 31, 2023 USD ($) lot joint_venture | Dec. 31, 2022 USD ($) lot joint_venture | Dec. 31, 2021 USD ($) | |
Joint Ventures [Line Items] | ||||
Aggregate investment | $ 27,200 | $ 29,200 | $ 27,200 | |
Number of joint ventures | joint_venture | 5 | 4 | 5 | |
Expected production of finished lots | lot | 5,300 | 5,200 | 5,300 | |
Total lots controlled by company under the joint venture | lot | 4,900 | 4,850 | 4,900 | |
Total lots either under contract with unrelated parties or not under the current contract | lot | 400 | 350 | 400 | |
Additional funding commitments in the aggregate | $ 13,000 | $ 11,500 | $ 13,000 | |
Number of joint ventures with additional funding commitment | joint_venture | 1 | 1 | ||
Distribution of capital from unconsolidated joint ventures | $ 180 | $ 0 | $ 0 | |
Equity Method Investment, Other than Temporary Impairment | $ 1,000 |
Joint Ventures - Condensed Bala
Joint Ventures - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Liabilities and equity: | ||||
Equity | $ 4,364,725 | $ 3,506,849 | $ 3,002,378 | $ 3,103,074 |
Total liabilities and shareholders' equity | $ 6,601,757 | $ 5,660,973 |
Land Under Development - Additi
Land Under Development - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) lot | Dec. 31, 2022 USD ($) lot | |
Real Estate [Abstract] | ||
Number of finished lots for use in homebuilding operations | lot | 1,750 | 1,900 |
Carrying value of raw parcels of land | $ 36,895 | $ 27,100 |
Payments to Acquire Land | $ 19,600 | |
NumberOfFinishedLotsExpectedToBeDevelopedFromRawParcelsOfLand | lot | 500 | |
SaleOfLandUnderDevelopment | $ 5,600 | |
DevelopmentCostsTransferredToInventory | $ 5,200 |
Capitalized Interest - Summary
Capitalized Interest - Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Capitalized Interest Costs Including Allowance for Funds Used During Construction RollForward | |||
Interest capitalized, beginning of year | $ 570 | $ 593 | $ 1,025 |
Interest incurred | 27,540 | 39,626 | 53,248 |
Interest expense | (27,740) | (39,524) | (53,117) |
Interest charged to cost of sales | (219) | (125) | (563) |
Interest capitalized, end of year | $ 151 | $ 570 | $ 593 |
Property Plant and Equipment ("
Property Plant and Equipment ("PP&E") - Summary of Property Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Home Building | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 200,662 | $ 186,551 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 13,310 | 13,745 |
Less: accumulated depreciation | (136,946) | (128,601) |
Net Homebuilding PP&E | 63,716 | 57,950 |
Home Building | Office facilities and other | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 45,707 | 40,604 |
Home Building | Model home furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 35,418 | 35,152 |
Home Building | Production facilities | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 106,227 | 97,050 |
Mortgage Banking | ||
Property, Plant and Equipment [Line Items] | ||
Net Homebuilding PP&E | 6,348 | 3,559 |
Mortgage Banking | Office facilities and other | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 17,572 | 15,964 |
Less: accumulated depreciation | (11,224) | (12,405) |
Net Homebuilding PP&E | $ 6,348 | $ 3,559 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 17, 2020 | Sep. 09, 2020 | May 04, 2020 | |
Debt Instrument [Line Items] | |||||
Expiration date | Jul. 17, 2024 | ||||
Repurchase Agreement | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum loan borrowing capacity | $ 150,000,000 | ||||
Debt outstanding | $ 0 | $ 0 | |||
Senior notes interest rate | 7.05% | ||||
Repurchase Agreement | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, marginal interest rate | 1.70% | ||||
Repurchase Agreement | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, marginal interest rate | 1.70% | ||||
Senior Notes Due Two Thousand Thirty [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes principal amount | $ 600,000,000 | ||||
Senior notes effective interest rate | 3.02% | ||||
Senior notes proceeds | $ 595,200,000 | ||||
Senior notes maturity date | May 15, 2030 | ||||
Frequency of senior notes payment | semi-annually in arrears on May 15 and November 15 | ||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 764,000 | 871,000 | |||
Debt issuance cost | $ 2,303,000 | 2,664,000 | |||
Senior notes interest rate | 3% | ||||
$250M Senior Notes Due Two Thousand Thirty [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes principal amount | $ 250,000,000 | ||||
$50M Senior Notes Due Two Thousand Thirty [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes principal amount | $ 50,000,000 | ||||
$300M Senior Notes Due Two Thousand Thirty [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes effective interest rate | 2% | ||||
Senior notes proceeds | $ 323,600,000 | ||||
Debt Instrument, Unamortized Discount (Premium), Net | (17,040,000) | (19,518,000) | |||
Debt issuance cost | 947,000 | $ 1,095,000 | |||
Amended Credit Agreement [Member] | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum loan borrowing capacity | 300,000,000 | ||||
Amended Credit Agreement [Member] | Revolving Credit Facility | Sublimit for Issuance of Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum loan borrowing capacity | 100,000,000 | ||||
Credit Agreement | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt outstanding | $ 0 | ||||
Line of credit facility, interest rate description | Borrowings under the Amended Credit Agreement generally bear interest for Base Rate Loans at a Base Rate equal to the highest of (a) the Federal Funds Rate plus one-half of one percent, (b) Bank of America’s publicly announced “prime rate,” (c) one percent or (d) Term SOFR plus 100 basis points. | ||||
Expiration date | Feb. 12, 2026 | ||||
Credit Agreement | Revolving Credit Facility | Sublimit for Issuance of Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Letters of credit outstanding | $ 13,000,000 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Common shares outstanding (in Shares) | 3,194,876 | 3,218,933 | |
Reissued shares during the period, shares (in Shares) | 158,022 | 95,069 | 74,027 |
Common Stock - Share Repurchase
Common Stock - Share Repurchase of Common Stock (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Aggregate purchase price | $ 1,081,815 | $ 1,500,358 | $ 1,538,019 |
Number of shares repurchased (in Shares) | 181,499 | 323,652 | 322,038 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Excess tax benefits from equity-based compensation | $ 153,554 | $ 50,324 | $ 48,369 |
Estimated federal taxable income | $ 1,302,200 | $ 2,001,717 | |
Statutory federal income tax rate | 21% | 21% | 21% |
Effective tax rate | 17.46% | 23.42% | 22.24% |
Unrecognized tax benefits that would affect effective tax rate | $ 20,215 | ||
Reversal of accrued interest on unrecognized tax benefits | 106 | $ 3,662 | $ 1,455 |
Total accrued interest on unrecognized tax benefits | 10,292 | $ 10,186 | |
Reduction in unrecognized tax benefits | 4,150 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 3,293 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 261,481 | $ 412,036 | $ 272,971 |
State | 79,023 | 126,686 | 80,650 |
Deferred: | |||
Federal | (3,986) | (6,753) | 873 |
State | 244 | (4,350) | (810) |
Total | $ 336,762 | $ 527,619 | $ 353,684 |
Income Taxes - Income Tax Benef
Income Taxes - Income Tax Benefits in Shareholders' Equity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Tax Benefit from Stock Compensation | $ (153,554) | $ (50,324) | $ (48,369) |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Other accrued expenses and contract land deposit reserve | $ 71,466 | $ 73,555 |
Deferred compensation | 4,347 | 4,728 |
Equity-based compensation expense | 48,088 | 47,605 |
Inventory | 18,181 | 13,981 |
Unrecognized tax benefit | 8,049 | 8,849 |
Other | 14,703 | 11,364 |
Total deferred tax assets | 164,834 | 160,082 |
Less: Deferred tax liabilities | 9,515 | 8,505 |
Net deferred tax asset | $ 155,319 | $ 151,577 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income taxes computed at the federal statutory rate | $ 404,958 | $ 473,171 | $ 333,985 |
State income taxes, net of federal income tax benefit | 92,163 | 105,867 | 72,082 |
Excess tax benefits from equity-based compensation | 153,554 | 50,324 | 48,369 |
Other, net | (6,805) | (1,095) | (4,014) |
Total | $ 336,762 | $ 527,619 | $ 353,684 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $ 29,526 | $ 33,490 |
Additions based on tax positions related to the current year | 782 | 1,326 |
Reductions for tax positions of prior years | (4,720) | (5,290) |
Settlements | 0 | 0 |
Balance at end of year | $ 25,588 | $ 29,526 |
Equity-Based Compensation, Pr_3
Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) compensation_plan $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | $ | $ 99,507,000 | $ 82,537,000 | $ 58,234,000 |
Tax benefit related to equity-based compensation costs | $ | $ 19,900,000 | $ 16,700,000 | $ 12,000,000 |
Options exercised (in shares) | 158,022 | 95,069 | 74,027 |
Combined plan contribution | $ | $ 26,200,000 | $ 26,800,000 | $ 24,700,000 |
Shares contributed to the Employee Stock Ownership Plan (in Shares) | 3,640 | 5,180 | |
Number of deferred compensation plans | compensation_plan | 2 | ||
Common stock, shares held in rabbi trust, shares (in shares) | 106,697 | 106,697 | |
Revolving Credit Facility | Amended Credit Agreement [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum loan borrowing capacity | $ | $ 300,000,000 | ||
Increase in commitment available | $ | 300,000,000 | ||
Revolving Credit Facility | Amended Credit Agreement [Member] | Sublimit for Issuance of Letters of Credit | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum loan borrowing capacity | $ | $ 100,000,000 | ||
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted share units grants during period | 1,904 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (5,936) | ||
Total unrecognized compensation cost for all outstanding Options and RSUs | $ | $ 259,300,000 | ||
Weighted-average period over which the unrecognized compensation will be recorded | 2 years 4 months 24 days | ||
Vested, but not issued at end of period (Aggregate Intrinsic Value) | $ | $ 38,229,000 | ||
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number | 27,482 | 33,320 | |
Vested, but not issued at end of period (Shares) | 5,461 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (1,806) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 5,758.02 | ||
RSUs | Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted share units grants during period | 690 | ||
RSUs | Option Grant Solely Contingent upon Continued Employment or Continued Service as a Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted share units grants during period | 1,214 | ||
Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of years for options granted | 10 years | ||
Options issued under the plan (in Shares) | 4,100 | ||
Options | Share-based Compensation Award, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options vesting rights | 50% | ||
Employee Performance Based Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options vesting rights | 50% | ||
Employee Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding | 432,590 | 590,554 | |
Granted (Shares) | 4,100 | ||
Employee Stock | Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options vesting rights | 50% | ||
Employee Stock | Option Grant Solely Contingent upon Continued Employment or Continued Service as a Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options vesting rights | 25% | ||
Minimum | Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted share units vesting period or option vesting period | 3 years | ||
Maximum | Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted share units vesting period or option vesting period | 6 years | ||
2018 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding | 141,236 | ||
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number | 22,012 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 90,322 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options And Restricted Share Units Outstanding Number | 163,248 | ||
2018 Plan | RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 17,808 | ||
2014 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 1,778 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options And Restricted Share Units Outstanding Number | 273,143 | ||
2010 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding | 18,211 | ||
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number | 5,470 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 0 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options And Restricted Share Units Outstanding Number | 23,681 |
Grants Outstanding (Detail)
Grants Outstanding (Detail) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, shares authorized | 60,000,000 | 60,000,000 |
2010 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 700,000 | |
Share Based Compensation Arrangement By Share Based Payment Award Options And Restricted Share Units Outstanding Number | 23,681 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 0 | |
Options outstanding | 18,211 | |
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number | 5,470 | |
2014 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 950,000 | |
Share Based Compensation Arrangement By Share Based Payment Award Options And Restricted Share Units Outstanding Number | 273,143 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 1,778 | |
2018 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 275,000 | |
Share Based Compensation Arrangement By Share Based Payment Award Options And Restricted Share Units Outstanding Number | 163,248 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 90,322 | |
Options outstanding | 141,236 | |
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number | 22,012 | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number | 27,482 | 33,320 |
RSUs | 2018 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 17,808 | |
Common stock, shares authorized | 40,000 |
Options and RSUs granted during
Options and RSUs granted during the year (Detail) - Employee Stock | 12 Months Ended |
Dec. 31, 2023 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (Shares) | 4,100 |
Option Grant Contingent upon Continued Employment or Service as a Director and Achievement of Performance Metric | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of options vesting rights | 50% |
Option Grant Solely Contingent upon Continued Employment or Continued Service as a Director | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of options vesting rights | 25% |
Equity-Based Compensation Rollf
Equity-Based Compensation Rollforward (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
RSUs | |
Remaining Contractual Life and Aggregate Intrinsic Value | |
Outstanding at end of period (Aggregate Intrinsic Value) | $ | $ 192,386 |
Vested, but not issued at end of period (Aggregate Intrinsic Value) | $ | $ 38,229 |
Employee Stock | |
Stock Option, Shares | |
Outstanding at beginning of period (Shares) | shares | 590,554 |
Granted (Shares) | shares | 4,100 |
Exercised (Shares) | shares | (152,086) |
Forfeited (Shares) | shares | (9,978) |
Outstanding at end of period (Shares) | shares | 432,590 |
Exercisable at end of period (Shares) | shares | 227,684 |
Weighted Average Per Share Exercise Price | |
Outstanding at beginning of period (Weighted Average Exercise Price) | $ / shares | $ 3,060.71 |
Granted (Weighted Average Exercise Price) | $ / shares | 5,424.19 |
Exercised (Weighted Average Exercise Price) | $ / shares | 1,660.69 |
Forfeited (Weighted Average Exercise Price) | $ / shares | 3,820.8 |
Outstanding at end of period (Weighted Average Exercise Price) | $ / shares | 3,557.78 |
Exercisable at end of period (Weighted Average Exercise Price) | $ / shares | $ 2,827.99 |
Remaining Contractual Life and Aggregate Intrinsic Value | |
Outstanding at end of period (Weighted Average Remaining Contract Life (Years) | 6 years |
Exercisable at end of period (Weighted Average Remaining Contract Life (Years) | 4 years 1 month 6 days |
Outstanding at end of period (Aggregate Intrinsic Value) | $ | $ 1,489,264 |
Exercisable at end of period (Aggregate Intrinsic Value) | $ | $ 950,003 |
Black-Scholes Option-Pricing Mo
Black-Scholes Option-Pricing Model Assumptions (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Estimated option life | 6 years 18 days | 5 years 7 months 9 days | 5 years 3 months 21 days |
Risk free interest rate (range), minimum | 3.53% | 1.17% | 0.30% |
Risk free interest rate (range), maximum | 4.69% | 4.36% | 1.55% |
Expected volatility (range), minimum | 26.75% | 24.93% | 24.46% |
Expected volatility (range), maximum | 30.01% | 30.89% | 30.80% |
Expected dividend rate | 0% | 0% | 0% |
Weighted average grant-date fair value per share of options granted | $ 1,936.08 | $ 1,437.93 | $ 1,235.91 |
Exercised Option Proceeds (Deta
Exercised Option Proceeds (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Aggregate exercise proceeds | $ 250,509 | $ 196,717 | $ 142,370 |
Aggregate intrinsic value on exercise dates | $ 635,709 | $ 234,732 | $ 219,219 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Commitments And Contingencies [Line Items] | |
Maximum range of deposits required under the purchase agreements | 10% |
Contingent forfeitable deposits with land developers | $ 391,300 |
Aggregate additional funding commitments related to raw land property development | 1,600 |
Expected development credit offset amount | 900 |
Contingent obligations under bonds or letters of credit arrangements | 33,200 |
Credit Agreement | |
Commitments And Contingencies [Line Items] | |
Contingent obligations under letters of credit arrangements | $ 13,000 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Summary of Changes in Product Warranty/Liability Reserve (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movement in Warranty Reserve [Roll Forward] | |||
Warranty reserve, beginning of year | $ 144,006 | $ 134,859 | $ 119,638 |
Provision | 95,193 | 96,577 | 94,605 |
Payments | (92,916) | (87,430) | (79,384) |
Warranty reserve, end of year | $ 146,283 | $ 144,006 | $ 134,859 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value measurement gain/(loss) | $ 49,034 | $ (7,435) | |
Home Building | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Senior Notes | 913,027 | 914,888 | |
Mortgage Banking | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | 222,560 | 316,806 | |
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | 222,560 | 316,806 | |
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) | 56,469 | (25,673) | $ 2,654 |
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Rate lock commitments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value measurement gain/(loss) | 60,982 | ||
Derivative, Notional Amount | 2,110,217 | ||
Derivative, Notional Amount | 2,110,217 | ||
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Forward sales contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value measurement gain/(loss) | (18,297) | ||
Derivative, Notional Amount | 1,856,541 | ||
Derivative, Notional Amount | 1,856,541 | ||
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Mortgages held for sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value measurement gain/(loss) | 6,349 | (2,675) | |
Derivative, Notional Amount | 216,211 | 319,481 | |
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | 222,560 | 316,806 | |
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | 222,560 | 316,806 | |
Derivative, Notional Amount | $ 216,211 | $ 319,481 |
Fair Value - Undesignated Deriv
Fair Value - Undesignated Derivative Instruments (Detail) - Mortgage Banking - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Rate lock commitments | ||
Derivatives, Fair Value [Line Items] | ||
Gross assets | $ 61,150 | $ 32,246 |
Gross liabilities | 168 | 20,946 |
Net commitments | (60,982) | (11,300) |
Forward sales contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross assets | 8 | 4,843 |
Gross liabilities | 18,305 | 20,903 |
Net commitments | $ (18,297) | $ (16,060) |
Fair Value - Fair Value Measure
Fair Value - Fair Value Measurement (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assumed Gain From Loan Sale | $ 6,704 | |
Interest Rate Movement Effect | 34,069 | |
Servicing Rights Value | 26,558 | |
Security Price Change | (18,297) | |
Total Fair Value Measurement Gain/(Loss) | 49,034 | $ (7,435) |
Senior Notes Due Two Thousand Thirty [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | 913,027 | 914,888 |
Level 2 | Fair Value, Measurements, Recurring | Senior Notes Due Two Thousand Thirty [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes fair value | 803,646 | 788,166 |
Home Building | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | 913,027 | 914,888 |
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Rate lock commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assumed Gain From Loan Sale | 5,839 | |
Interest Rate Movement Effect | 31,548 | |
Servicing Rights Value | 23,595 | |
Security Price Change | 0 | |
Total Fair Value Measurement Gain/(Loss) | 60,982 | |
Derivative, Notional Amount | 2,110,217 | |
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Forward sales contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assumed Gain From Loan Sale | 0 | |
Interest Rate Movement Effect | 0 | |
Servicing Rights Value | 0 | |
Security Price Change | (18,297) | |
Total Fair Value Measurement Gain/(Loss) | (18,297) | |
Derivative, Notional Amount | 1,856,541 | |
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Mortgages held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assumed Gain From Loan Sale | 865 | |
Interest Rate Movement Effect | 2,521 | |
Servicing Rights Value | 2,963 | |
Security Price Change | 0 | |
Total Fair Value Measurement Gain/(Loss) | 6,349 | (2,675) |
Derivative, Notional Amount | $ 216,211 | $ 319,481 |
Mortgage Loan Losses Allowance
Mortgage Loan Losses Allowance - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Mortgage Repurchase Reserve [Abstract] | |||
Pre-tax charges for loan losses related to mortgage loans sold | $ (1,900) | $ 2,500 | $ 2,600 |
Mortgage repurchase reserve | $ 18,600 | $ 21,800 |
Leases, Codification Topic 84_2
Leases, Codification Topic 842 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Lessee, Operating Lease, Term of Contract | 16 years 8 months 12 days | ||
Lessee, Operating Lease, Option to Extend | 20 | ||
Operating Lease, Expense | $ 37,262 | $ 34,467 | $ 31,923 |
Finance Lease, Right-of-Use Asset, Amortization | 2,059 | 1,916 | 1,798 |
Finance Lease, Interest Expense | 421 | 417 | 429 |
Short-term Lease, Cost | 30,607 | 27,584 | 24,012 |
Lease, Cost | 70,349 | 64,384 | 58,162 |
Operating Lease, Payments | 29,044 | 28,837 | |
Finance Lease, Interest Payment on Liability | 421 | 417 | |
Finance Lease, Principal Payments | 1,661 | 1,495 | $ 1,363 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 34,100 | 44,782 | |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 1,624 | $ 1,083 | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 9 months 18 days | 6 years | |
Finance Lease, Weighted Average Remaining Lease Term | 9 years 10 months 24 days | 10 years 9 months 18 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.20% | 3.60% | |
Finance Lease, Weighted Average Discount Rate, Percent | 3.10% | 2.90% | |
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months | $ 36,636 | ||
Finance Lease, Liability, Payments, Due in Next Rolling Twelve Months | 2,303 | ||
Finance Lease, Liability, Payments, Due in Rolling Year Two | 2,308 | ||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two | 22,974 | ||
Finance Lease, Liability, Payments, Due in Rolling Year Three | 3,256 | ||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three | 17,354 | ||
Finance Lease, Liability, Payments, Due in Rolling Year Four | 1,683 | ||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four | 13,069 | ||
Finance Lease, Liability, Payments, Due in Rolling Year Five | 1,010 | ||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five | 10,076 | ||
Finance Lease, Liability, Payments, Due in Rolling after Year Five | 6,975 | ||
Lessee, Operating Lease, Liability, Payments, Due after Rolling Year Five | 22,449 | ||
Finance Lease, Liability, Payment, Due | 17,535 | ||
Lessee, Operating Lease, Liability, to be Paid | 122,558 | ||
Finance Lease, Liability, Undiscounted Excess Amount | 2,570 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 13,039 | ||
Finance Lease, Short-term Lease Payments | 0 | ||
Operating Lease, Short-term Lease Payments | 8,247 | ||
Finance Lease, Liability | 14,965 | ||
Operating Lease, Liability | $ 101,272 |