NVR (NVR) 10-Q6 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-12378
Entity Registrant Name	NVR, Inc.
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1394360
Entity Address, Address Line One	11700 Plaza America Drive
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Reston
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20190
City Area Code	703
Local Phone Number	956-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	NVR
Security Exchange Name	NYSE
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,132,373
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000906163
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Contract land deposits, net	$ 609,407	$ 576,551
Total assets	6,538,157	6,601,757
Inventory:
Land under development	59,050
LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities	2,193,776	2,237,032
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both March 31, 2024 and December 31, 2023	206	206
Additional paid-in capital	2,905,707	2,848,528
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both March 31, 2024 and December 31, 2023	(16,710)	(16,710)
Deferred compensation liability	16,710	16,710
Retained earnings	13,759,294	13,365,025
Less treasury stock at cost – 17,387,705 and 17,360,454 shares as of March 31, 2024 and December 31, 2023, respectively	(12,320,826)	(11,849,034)
Total shareholders' equity	4,344,381	4,364,725
Total liabilities and shareholders' equity	6,538,157	6,601,757
Home Building Segment
ASSETS
Cash and cash equivalents	2,841,354	3,126,472
Restricted cash	44,099	41,483
Receivables	36,306	29,000
Contract land deposits, net	609,407	576,551
Property, plant and equipment, net	63,095	63,716
Operating lease right-of-use assets	66,716	70,384
Goodwill	41,580	41,580
Other assets	249,390	242,751
Total assets	6,068,981	6,142,087
Inventory:
Lots and housing units, covered under sales agreements with customers	1,790,687	1,674,686
Unsold lots and housing units	245,262	214,666
Land under development	59,050	36,895
Building materials and other	22,035	23,903
Total Inventory	2,117,034	1,950,150
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	391,591	347,738
Accrued expenses and other liabilities	380,811	413,043
Customer deposits	355,331	334,441
Operating lease liabilities	72,052	75,797
Senior notes	912,554	913,027
Total liabilities	2,112,339	2,084,046
Mortgage Banking
ASSETS
Cash and cash equivalents	27,803	36,422
Restricted cash	11,537	11,067
Mortgage loans held for sale, net	332,510	222,560
Property, plant and equipment, net	7,438	6,348
Operating lease right-of-use assets	22,008	23,541
Goodwill	7,347	7,347
Other assets	60,533	152,385
Total assets	469,176	459,670
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating lease liabilities	24,037	25,475
Accounts payable and other liabilities	57,400	127,511
Total liabilities	$ 81,437	$ 152,986

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	60,000,000	60,000,000
Common stock, shares issued (in shares)	20,555,330	20,555,330
Deferred compensation trust (in shares)	106,697	106,697
Treasury stock (in shares)	17,387,705	17,360,454

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues	$ 2,333,463	$ 2,178,277
Interest expense	(6,826)	(7,258)
Income before taxes	470,692	433,810
Income tax expense	(76,423)	(89,458)
Net income	$ 394,269	$ 344,352
Basic earnings per share (USD per share)	$ 123.76	$ 106.31
Diluted earnings per share (USD per share)	$ 116.41	$ 99.89
Basic weighted average shares outstanding (in shares)	3,185,664	3,239,263
Diluted weighted average shares outstanding (in shares)	3,386,946	3,447,474
Home Building Segment
Revenues	$ 2,286,177	$ 2,131,333
Other income	40,866	32,946
Cost of Goods and Services Sold	1,726,213	1,607,910
Selling, general and administrative	(152,503)	(143,618)
Operating income	448,327	412,751
Interest expense	(6,649)	(7,001)
Income before taxes	441,678	405,750
Mortgage Banking
Revenues	47,286	46,944
Interest income	4,092	3,018
Other income	1,171	989
General and administrative	(23,358)	(22,634)
Interest expense	(177)	(257)
Income before taxes	$ 29,014	$ 28,060

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 394,269	$ 344,352
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,381	4,188
Equity-based compensation expense	17,141	22,277
Contract land deposit recoveries, net	(7,466)	(3,072)
Gain on sale of loans, net	(37,432)	(37,268)
Mortgage loans closed	(1,378,231)	(1,237,589)
Mortgage loans sold and principal payments on mortgage loans held for sale	1,313,298	1,238,337
Net change in assets and liabilities:
Increase in inventory	(166,884)	(77,267)
Increase in contract land deposits	(25,390)	(2,515)
Decrease in receivables	57,637	9,801
(Decrease) increase in accounts payable and accrued expenses	(46,915)	50,607
Increase in customer deposits	20,890	21,426
Other, net	(340)	(18,755)
Net Cash Provided by (Used in) Operating Activities	146,458	315,522
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	0	(565)
Distribution of capital from unconsolidated joint ventures	0	180
Purchase of property, plant and equipment	(8,979)	(2,714)
Proceeds from the sale of property, plant and equipment	2,246	184
Net Cash Provided by (Used in) Investing Activities	(6,733)	(2,915)
Cash flows from financing activities:
Purchase of treasury stock	(496,936)	(110,048)
Principal payments on finance lease liabilities	(462)	(400)
Proceeds from the exercise of stock options	67,022	81,916
Net Cash Provided by (Used in) Financing Activities	(430,376)	(28,532)
Net (decrease) increase in cash, restricted cash, and cash equivalents	(290,651)	284,075
Cash, restricted cash, and cash equivalents, beginning of the period	3,215,444	2,574,518
Cash, restricted cash, and cash equivalents, end of the period	2,924,793	2,858,593
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized	421	859
Income taxes paid during the period, net of refunds	6,891	5,423
Distribution of earnings from unconsolidated joint ventures	$ 1,500	$ 1,000

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. and its subsidiaries (“NVR”, the “Company”, "we", "us" or "our") and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 2 and 3 to the accompanying condensed consolidated financial statements). Intercompany accounts and transactions have been eliminated in consolidation. The statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Because the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP, they should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. For the three months ended March 31, 2024 and 2023, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying condensed consolidated financial statements. Revenue Recognition Homebuilding revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers. Our contract liabilities, which consist of deposits received from customers on homes not settled, were $355,331 and $334,441 as of March 31, 2024 and December 31, 2023, respectively. We expect that substantially all of the customer deposits held as of December 31, 2023 will be recognized in revenue in 2024. Our contract assets consist of prepaid sales compensation and totaled approximately $21,700 and $17,900 as of March 31, 2024 and December 31, 2023, respectively. Prepaid sales compensation is included in homebuilding “Other assets” on the accompanying condensed consolidated balance sheets. 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 require 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 of the adoption of ASU 2023-09 and do not expect it to have a material impact 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.

Variable Interest Entities ("VI

Variable Interest Entities ("VIEs")	3 Months Ended
Variable Interest Entities ("VIEs")	Mar. 31, 2024
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Variable Interest Entities ("VIEs")	Variable Interest Entities ("VIEs") Fixed Price Finished Lot Purchase Agreements (“LPAs”) We generally do not engage in the land development business. Instead, we typically acquire finished building lots at market prices from various development entities under LPAs. The LPAs require deposits that may be forfeited if we fail to perform under the LPAs. The deposits required under the LPAs are in the form of cash or letters of credit in varying amounts, and typically range up to 10% of the aggregate purchase price of the finished lots. The deposit placed by us pursuant to the LPA is deemed to be a variable interest in the respective development entities. Those development entities are deemed to be VIEs. Therefore, the development entities with which we enter into LPAs, including the joint venture limited liability corporations discussed below, are evaluated for possible consolidation by us. We have concluded that we are not the primary beneficiary of the development entities with which we enter into LPAs, and therefore, we do not consolidate any of these VIEs. As of March 31, 2024, we controlled approximately 135,800 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $641,300 and $10,000, respectively. Our sole legal obligation and economic loss for failure to perform under these LPAs is limited to the amount of the deposit pursuant to the liquidated damage provisions contained in the LPAs and, in very limited circumstances, specific performance obligations. For the three months ended March 31, 2024 and 2023, we recorded a net expense reversal of approximately $7,500 and $3,100, respectively, primarily related to previously impaired lot deposits based on market conditions. Our contract land deposit asset is shown net of a $45,932 and $53,397 impairment reserve as of March 31, 2024 and December 31, 2023, respectively. In addition, we have certain properties under contract with land owners that are expected to yield approximately 22,400 lots, which are not included in the number of total lots controlled. Some of these properties may require rezoning or other approvals to achieve the expected yield. These properties are controlled with cash deposits totaling approximately $14,100 as of March 31, 2024, of which approximately $3,300 is refundable if certain contractual conditions are not met. We generally expect to assign the raw land contracts to a land developer and simultaneously enter into an LPA with the assignee if the project is determined to be feasible. Our total risk of loss related to contract land deposits is limited to the amount of the deposits pursuant to the liquidated damages provision of the LPAs. As of March 31, 2024 and December 31, 2023, our total risk of loss was as follows: March 31, 2024 December 31, 2023 Contract land deposits $ 655,339 $ 629,948 Loss reserve on contract land deposits (45,932) (53,397) Contract land deposits, net 609,407 576,551 Contingent obligations in the form of letters of credit 9,993 7,769 Total risk of loss $ 619,400 $ 584,320

Joint Ventures Joint Ventures

Joint Ventures Joint Ventures	3 Months Ended
Joint Ventures Joint Ventures	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Joint Ventures	Joint Ventures On a limited basis, we obtain finished lots using joint venture limited liability corporations (“JVs”). The JVs are typically structured such that we are a non-controlling member and are at risk only for the amount we have invested, or have committed to invest, in addition to any deposits placed under LPAs with the joint venture. We are not a borrower, guarantor or obligor on any debt of the JVs, as applicable. We enter into LPAs to purchase lots from these JVs, and as a result have a variable interest in these JVs. We determined that we are not the primary beneficiary in any of the JVs because we and the other JV partner either share power or the other JV partner has the controlling financial interest. As of March 31, 2024, we had an aggregate investment totaling approximately $28,100 in four JVs that are expected to produce approximately 5,150 finished lots, of which approximately 4,800 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 to one of the JVs as of March 31, 2024. As of December 31, 2023, our aggregate investment in JVs totaled approximately $29,200. Investments in JVs for the respective periods are reported in the homebuilding “Other assets” line item on the accompanying condensed consolidated balance sheets. None of the JVs had any indicators of impairment as of March 31, 2024. We recognize income from the JVs as a reduction to the lot cost of the lots purchased from the respective JVs when the homes are settled, based on the expected total profitability and the total number of lots expected to be produced by the respective JVs. We classify distributions received from unconsolidated JVs using the cumulative earnings approach. As a result, distributions received up to the amount of cumulative earnings recognized by us are reported as distributions of earnings and those in excess of that amount are reported as a distribution of capital. These distributions are classified within the accompanying condensed consolidated statements of cash flows as cash flows from operating activities and investing activities, respectively.

Land Under Development

Land Under Development	3 Months Ended
Land Under Development	Mar. 31, 2024
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 the first quarter of 2024, we purchased a raw land parcel for approximately $20,000, which is expected to produce approximately 850 lots.

Capitalized Interest

Capitalized Interest	3 Months Ended
Capitalized Interest	Mar. 31, 2024
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Abstract]
Capitalized Interest	Capitalized Interest We capitalize interest costs to land under development during the active development of finished lots. In addition, we capitalize interest costs to our joint venture investments while the investments are considered qualified assets pursuant to ASC Topic 835-20 - Interest . Capitalized interest is transferred to inventory as the development of finished lots is completed, then charged to cost of sales upon our settlement of homes and the respective lots. Interest incurred in excess of the interest capitalizable based on the level of qualified assets is expensed in the period incurred. The following table reflects the changes in our capitalized interest during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Interest capitalized, beginning of period $ 151 $ 570 Interest incurred 6,879 7,004 Interest charged to interest expense (6,826) (7,258) Interest charged to cost of sales (22) (111) Interest capitalized, end of period $ 182 $ 205

Earnings per Share

Earnings per Share	3 Months Ended
Earnings per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share ("EPS") for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Weighted average number of shares outstanding used to calculate basic EPS 3,185,664 3,239,263 Dilutive securities: Stock options and restricted share units 201,282 208,211 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,386,946 3,447,474 The following non-qualified stock options ("Options") and restricted share units ("RSUs") issued under equity incentive plans were outstanding during the three months ended March 31, 2024 and 2023, but were not included in the computation of diluted EPS because the effect would have been anti-dilutive. Three Months Ended March 31, 2024 2023 Anti-dilutive securities 4,670 184,114

Shareholders' Equity

Shareholders' Equity	3 Months Ended
Shareholders' Equity	Mar. 31, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity A summary of changes in shareholders’ equity for the three months ended March 31, 2024 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2023 $ 206 $ 2,848,528 $ 13,365,025 $ (11,849,034) $ (16,710) $ 16,710 $ 4,364,725 Net income — — 394,269 — — — 394,269 Purchase of common stock for treasury — — — (498,776) — — (498,776) Equity-based compensation — 17,141 — — — — 17,141 Proceeds from Options exercised — 67,022 — — — — 67,022 Treasury stock issued upon Option exercise and RSU vesting — (26,984) — 26,984 — — — Balance, March 31, 2024 $ 206 $ 2,905,707 $ 13,759,294 $ (12,320,826) $ (16,710) $ 16,710 $ 4,344,381 A summary of changes in shareholders’ equity for the three months ended March 31, 2023 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2022 $ 206 $ 2,600,014 $ 11,773,414 $ (10,866,785) $ (16,710) $ 16,710 $ 3,506,849 Net income — — 344,352 — — — 344,352 Purchase of common stock for treasury — — — (110,048) — — (110,048) Equity-based compensation — 22,277 — — — — 22,277 Proceeds from Options exercised — 81,916 — — — — 81,916 Treasury stock issued upon Option exercise and RSU vesting — (27,566) — 27,566 — — — Balance, March 31, 2023 $ 206 $ 2,676,641 $ 12,117,766 $ (10,949,267) $ (16,710) $ 16,710 $ 3,845,346 We repurchased 66,858 and 21,174 shares of our outstanding common stock during the three months ended March 31, 2024 and 2023, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. We issued 38,977 and 43,941 shares from the treasury account during the three months ended March 31, 2024 and 2023, respectively, in settlement of Option exercises and vesting of RSUs. Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares.

Product Warranties

Product Warranties	3 Months Ended
Product Warranties	Mar. 31, 2024
Product Warranties Disclosures [Abstract]
Product Warranties	Product Warranties We establish warranty and product liability reserves (“Warranty Reserve”) to provide for estimated future expenses as a result of construction and product defects, product recalls and litigation incidental to our homebuilding business. Liability estimates are determined based on management’s judgment, considering such factors as historical experience, the estimated current cost of corrective action, manufacturers’ and subcontractors’ participation in sharing the cost of corrective action, consultations with third party experts such as engineers, and discussions with our general counsel and outside counsel retained to handle specific product liability cases. The following table reflects the changes in our Warranty Reserve during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Warranty reserve, beginning of period $ 146,283 $ 144,006 Provision 18,948 21,270 Payments (22,102) (20,845) Warranty reserve, end of period $ 143,129 $ 144,431

Segment Disclosures

Segment Disclosures	3 Months Ended
Segment Disclosures	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Disclosures	Segment Disclosures We disclose four homebuilding reportable segments that aggregate geographically our homebuilding operating segments, and we present our mortgage banking operations as one reportable segment. The homebuilding reportable segments are comprised of operating divisions in the following geographic areas: Mid Atlantic: Maryland, Virginia, West Virginia, Delaware and Washington, D.C. North East: New Jersey and Eastern Pennsylvania Mid East: New York, Ohio, Western Pennsylvania, Indiana and Illinois South East: North Carolina, South Carolina, Tennessee, Florida, Georgia and Kentucky Homebuilding profit before tax includes all revenues and income generated from the sale of homes, less the cost of homes sold, selling, general and administrative expenses and a corporate capital allocation charge. The corporate capital allocation charge is eliminated in consolidation and is based on the segment’s average net assets employed. The corporate capital allocation charged to the operating segment allows the Chief Operating Decision Maker (“CODM”) to determine whether the operating segment’s results are providing the desired rate of return after covering our cost of capital. Assets not allocated to the operating segments are not included in either the operating segment’s corporate capital allocation charge or the CODM’s evaluation of the operating segment’s performance. We record charges on contract land deposits when it is determined that it is probable that recovery of the deposit is impaired. For segment reporting purposes, impairments on contract land deposits are generally charged to the operating segment upon the termination of an LPA with the developer, or the restructuring of an LPA resulting in the forfeiture of the deposit. Mortgage banking profit before tax consists of revenues generated from mortgage financing, title insurance and closing services, less the costs of such services and general and administrative costs. Mortgage banking operations are not charged a corporate capital allocation charge. In addition to the corporate capital allocation and contract land deposit impairments discussed above, the other reconciling items between segment profit and consolidated profit before tax include unallocated corporate overhead (including all management incentive compensation), equity-based compensation expense, consolidation adjustments and external corporate interest expense. Our overhead functions such as accounting, treasury and human resources are centrally performed and these costs are not allocated to our operating segments. Consolidation adjustments consist of such items necessary to convert the reportable segments’ results, which are predominantly maintained on a cash basis, to a full accrual basis for external financial statement presentation purposes, and are not allocated to our operating segments. External corporate interest expense primarily consists of interest charges on our 3.00% Senior Notes due 2030 (the “Senior Notes”), which are not charged to the operating segments because the charges are included in the corporate capital allocation discussed above. The f ollowing tables present segment revenues, profit and assets with reconciliations to the amounts reported for the consolidated enterprise, where applicable: Three Months Ended March 31, 2024 2023 Revenues: Homebuilding Mid Atlantic $ 1,017,471 $ 941,148 Homebuilding North East 255,669 183,430 Homebuilding Mid East 416,951 402,397 Homebuilding South East 596,086 604,358 Mortgage Banking 47,286 46,944 Total consolidated revenues $ 2,333,463 $ 2,178,277 Three Months Ended March 31, 2024 2023 Income before taxes: Homebuilding Mid Atlantic $ 189,964 $ 159,038 Homebuilding North East 46,858 32,060 Homebuilding Mid East 66,401 56,468 Homebuilding South East 91,405 125,409 Mortgage Banking 29,656 29,427 Total segment profit before taxes 424,284 402,402 Reconciling items: Contract land deposit reserve adjustment (1) 7,466 3,591 Equity-based compensation expense (2) (17,141) (22,277) Corporate capital allocation (3) 77,061 69,074 Unallocated corporate overhead (51,705) (45,965) Consolidation adjustments and other (2,271) 4,000 Corporate interest expense (6,595) (6,954) Corporate interest income 39,593 29,939 Reconciling items sub-total 46,408 31,408 Consolidated income before taxes $ 470,692 $ 433,810 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2. (2) The decrease in equity-based compensation expense for the three-month period ended March 31, 2024 was primarily attributable to the Options and RSUs issued as part of the 2018 four-year block grant being fully vested as of December 31, 2023. (3) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented: Three Months Ended March 31, 2024 2023 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 33,919 $ 33,179 Homebuilding North East 9,580 7,325 Homebuilding Mid East 9,865 9,660 Homebuilding South East 23,697 18,910 Total $ 77,061 $ 69,074 March 31, 2024 December 31, 2023 Assets: Homebuilding Mid Atlantic $ 1,303,144 $ 1,252,360 Homebuilding North East 359,845 314,904 Homebuilding Mid East 384,693 368,154 Homebuilding South East 889,083 796,505 Mortgage Banking 461,829 452,323 Total segment assets 3,398,594 3,184,246 Reconciling items: Cash and cash equivalents 2,841,354 3,126,472 Deferred taxes 149,958 148,005 Intangible assets and goodwill 49,368 49,368 Operating lease right-of-use assets 66,716 70,384 Finance lease right-of-use assets 14,594 13,310 Contract land deposit reserve (45,932) (53,397) Consolidation adjustments and other 63,505 63,369 Reconciling items sub-total 3,139,563 3,417,511 Consolidated assets $ 6,538,157 $ 6,601,757

Fair Value

Fair Value	3 Months Ended
Fair Value	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value	Fair Value GAAP assigns a fair value hierarchy to the inputs used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets and liabilities. Level 2 inputs are inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs. Financial Instruments The estimated fair values of our Senior Notes as of March 31, 2024 and December 31, 2023 were $795,510 and $803,646, 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 as of March 31, 2024 and December 31, 2023 were $912,554 and $913,027, respectively. Due to the short term nature of our cash equivalents, we believe that insignificant differences exist between their carrying value and fair value. Derivative Instruments and Mortgage Loans Held for Sale In the normal course of business, our wholly-owned mortgage subsidiary, NVR Mortgage Finance, Inc. (“NVRM”), enters into contractual commitments to extend credit to our homebuyers with fixed expiration dates. The commitments become effective when the borrowers "lock-in" a specified interest rate within time frames established by NVRM, and some of these commitments include a prepaid float down option. All mortgagors are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the "lock-in" of rates by the borrower and the sale date of the loan to 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 sales contracts lock in an interest rate and price for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative or trading derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to investors are undesignated derivatives and, accordingly, are marked to fair value through earnings. As of March 31, 2024, there were rate lock commitments to extend credit to borrowers aggregating $2,098,953 and open forward delivery contracts aggregating $2,045,587, which hedge both the rate lock commitments and closed loans held for sale. The fair value of NVRM’s rate lock commitments to borrowers and the related input levels include, as applicable: i) the assumed gain/loss of the expected resultant loan sale (Level 2); ii) the effects of interest rate movements between the date of the rate lock and the balance sheet date (Level 2); and iii) the value of the servicing rights associated with the loan (Level 2). The assumed gain/loss considers the excess servicing to be received or buydown fees to be paid upon securitization of the loan. The excess servicing and buydown fees are calculated pursuant to contractual terms with investors. To calculate the effects of interest rate movements, NVRM utilizes applicable published mortgage-backed security prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount. NVRM sells its loans primarily 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 and market conditions. 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 March 31, 2024, the fair value of loans held for sale of $332,510 included on the accompanying condensed consolidated balance sheet was increased by $9,740 from the aggregate principal balance of $322,770. As of December 31, 2023, the fair value of loans held for sale of $222,560 was increased by $6,349 from the aggregate principal balance of $216,211. The fair value measurement of NVRM's undesignated derivative instruments was as follows: March 31, 2024 December 31, 2023 Rate lock commitments: Gross assets $ 41,474 $ 61,150 Gross liabilities 3,263 168 Net rate lock commitments $ 38,211 $ 60,982 Forward sales contracts: Gross assets $ 1,432 $ 8 Gross liabilities 4,520 18,305 Net forward sales contracts $ (3,088) $ (18,297) As of both March 31, 2024 and December 31, 2023, the net rate lock commitments are reported in mortgage banking "Other assets" and the net forward sales contracts are reported in mortgage banking "Accrued expenses and other liabilities". The fair value measurement as of March 31, 2024 was as follows: Notional or Assumed Interest Servicing Security Total Fair Rate lock commitments $ 2,098,953 $ 3,864 $ 8,141 $ 26,206 $ — $ 38,211 Forward sales contracts $ 2,045,587 — — — (3,088) (3,088) Mortgages held for sale $ 322,770 1,038 4,317 4,385 — 9,740 Total fair value measurement $ 4,902 $ 12,458 $ 30,591 $ (3,088) $ 44,863 The total fair value measurement as of December 31, 2023 was a net gain of $49,034. NVRM a recorded fair value adjustment to expense of $4,171 and a fair value adjustment to income of $42,188 for the three months ended March 31, 2024 and March 31, 2023, respectively. Unrealized gains/losses from the change in the fair value measurements are included in earnings as a component of mortgage banking fees in the accompanying condensed consolidated statements of income. The fair value measurement will be impacted in the future by the change in the value of the servicing rights, interest rate movements, security price fluctuations, and the volume and product mix of NVRM’s closed loans and locked loan commitments.

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt As of March 31, 2024, we had the following debt instruments outstanding: Senior Notes Our outstanding Senior Notes have an aggregate principal balance of $900,000, mature on May 15, 2030 and bear interest at 3.00%, payable semi-annually in arrears on May 15 and November 15. The Senior Notes are senior unsecured obligations and rank equally in right of payment with any of our existing and future unsecured senior indebtedness. The Senior Notes were issued in three separate issuances, $600,000 issued at a discount to yield 3.02%, and the two additional issuances totaling $300,000 issued at a premium to yield 2.00%. The Senior Notes have been reflected net of the unamortized discount or premium, as applicable, and the unamortized debt issuance costs in the accompanying condensed consolidated balance sheet. The indenture governing the Senior Notes does not contain any financial covenants; however, it does contain, 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 as of March 31, 2024. Credit Agreement We have an unsecured Credit Agreement (the “Credit Agreement”), which provides for aggregate revolving loan commitments of $300,000 (the “Facility”). Under the Credit Agreement, we may request increases of up to $300,000 to the Facility in the form of revolving loan commitments or term loans to the extent that new or existing lenders agree to provide additional revolving loan or term loan commitments. The Credit Agreement provides for a $100,000 sublimit for the issuance of letters of credit, of which approximately $15,700 was outstanding as of March 31, 2024. The Credit Agreement termination date is February 12, 2026. There were no borrowings outstanding under the Facility as of March 31, 2024. Repurchase Agreement NVRM provides for its mortgage origination and other operating activities using cash generated from its operations, borrowings from its parent company, NVR, as well as a revolving mortgage repurchase agreement (the “Repurchase Agreement”), which is non-recourse to NVR. The Repurchase Agreement provides for loan purchases up to $150,000, subject to certain sub-limits. Amounts outstanding under the Repurchase Agreement are collateralized by the Company’s mortgage loans held for sale.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2024
Leases [Abstract]
Leases	Leases We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have finance leases for certain plant equipment and one of our production facilities which are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. Our finance lease ROU assets and finance lease liabilities were $14,594 and $16,349, respectively, as of March 31, 2024, and $13,310 and $14,965, respectively, as of December 31, 2023. Our leases have remaining lease terms of up to 16.4 years, some of which include options to extend the lease for up to 20 years, and some of which include options to terminate the lease. We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis. We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). We elected to exclude these leases from the recognition requirements under Topic 842, and these leases have not been included in our recognized ROU assets and lease liabilities. The components of lease expense were as follows: Three Months Ended March 31, 2024 2023 Lease expense Operating lease expense $ 9,347 $ 9,140 Finance lease expense: Amortization of ROU assets 562 502 Interest on lease liabilities 113 105 Short-term lease expense 7,900 7,492 Total lease expense $ 17,922 $ 17,239 Other information related to leases was as follows: Three Months Ended March 31, 2024 2023 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,511 $ 7,316 Operating cash flows from finance leases 113 105 Financing cash flows from finance leases 462 400 ROU assets obtained in exchange for lease obligations: Operating leases $ 1,390 $ 13,247 Finance leases $ 1,846 $ 249 March 31, 2024 December 31, 2023 Weighted-average remaining lease term (in years): Operating leases 5.8 5.8 Finance leases 9.5 9.9 Weighted-average discount rate: Operating leases 4.2 % 4.2 % Finance leases 3.4 % 3.1 %
Leases	Leases We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have finance leases for certain plant equipment and one of our production facilities which are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. Our finance lease ROU assets and finance lease liabilities were $14,594 and $16,349, respectively, as of March 31, 2024, and $13,310 and $14,965, respectively, as of December 31, 2023. Our leases have remaining lease terms of up to 16.4 years, some of which include options to extend the lease for up to 20 years, and some of which include options to terminate the lease. We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis. We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). We elected to exclude these leases from the recognition requirements under Topic 842, and these leases have not been included in our recognized ROU assets and lease liabilities. The components of lease expense were as follows: Three Months Ended March 31, 2024 2023 Lease expense Operating lease expense $ 9,347 $ 9,140 Finance lease expense: Amortization of ROU assets 562 502 Interest on lease liabilities 113 105 Short-term lease expense 7,900 7,492 Total lease expense $ 17,922 $ 17,239 Other information related to leases was as follows: Three Months Ended March 31, 2024 2023 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,511 $ 7,316 Operating cash flows from finance leases 113 105 Financing cash flows from finance leases 462 400 ROU assets obtained in exchange for lease obligations: Operating leases $ 1,390 $ 13,247 Finance leases $ 1,846 $ 249 March 31, 2024 December 31, 2023 Weighted-average remaining lease term (in years): Operating leases 5.8 5.8 Finance leases 9.5 9.9 Weighted-average discount rate: Operating leases 4.2 % 4.2 % Finance leases 3.4 % 3.1 %

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. and its subsidiaries (“NVR”, the “Company”, "we", "us" or "our") and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 2 and 3 to the accompanying condensed consolidated financial statements). Intercompany accounts and transactions have been eliminated in consolidation. The statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Because the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP, they should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
Revenue from Contract with Customer	Revenue Recognition
Recently Adopted 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 require 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 of the adoption of ASU 2023-09 and do not expect it to have a material impact 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.

Variable Interest Entities ("_2

Variable Interest Entities ("VIEs") (Tables)	3 Months Ended
Variable Interest Entities ("VIEs") (Tables)	Mar. 31, 2024
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Total Risk of Loss Related to Contract Land Deposits	Our total risk of loss related to contract land deposits is limited to the amount of the deposits pursuant to the liquidated damages provision of the LPAs. As of March 31, 2024 and December 31, 2023, our total risk of loss was as follows: March 31, 2024 December 31, 2023 Contract land deposits $ 655,339 $ 629,948 Loss reserve on contract land deposits (45,932) (53,397) Contract land deposits, net 609,407 576,551 Contingent obligations in the form of letters of credit 9,993 7,769 Total risk of loss $ 619,400 $ 584,320

Capitalized Interest (Tables)

Capitalized Interest (Tables)	3 Months Ended
Capitalized Interest (Tables)	Mar. 31, 2024
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Abstract]
Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales	The following table reflects the changes in our capitalized interest during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Interest capitalized, beginning of period $ 151 $ 570 Interest incurred 6,879 7,004 Interest charged to interest expense (6,826) (7,258) Interest charged to cost of sales (22) (111) Interest capitalized, end of period $ 182 $ 205

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
Earnings per Share (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share	The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share ("EPS") for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Weighted average number of shares outstanding used to calculate basic EPS 3,185,664 3,239,263 Dilutive securities: Stock options and restricted share units 201,282 208,211 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,386,946 3,447,474
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following non-qualified stock options ("Options") and restricted share units ("RSUs") issued under equity incentive plans were outstanding during the three months ended March 31, 2024 and 2023, but were not included in the computation of diluted EPS because the effect would have been anti-dilutive. Three Months Ended March 31, 2024 2023 Anti-dilutive securities 4,670 184,114

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
Shareholders' Equity (Tables)	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Summary of Changes in Shareholders' Equity	A summary of changes in shareholders’ equity for the three months ended March 31, 2024 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2023 $ 206 $ 2,848,528 $ 13,365,025 $ (11,849,034) $ (16,710) $ 16,710 $ 4,364,725 Net income — — 394,269 — — — 394,269 Purchase of common stock for treasury — — — (498,776) — — (498,776) Equity-based compensation — 17,141 — — — — 17,141 Proceeds from Options exercised — 67,022 — — — — 67,022 Treasury stock issued upon Option exercise and RSU vesting — (26,984) — 26,984 — — — Balance, March 31, 2024 $ 206 $ 2,905,707 $ 13,759,294 $ (12,320,826) $ (16,710) $ 16,710 $ 4,344,381	A summary of changes in shareholders’ equity for the three months ended March 31, 2023 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2022 $ 206 $ 2,600,014 $ 11,773,414 $ (10,866,785) $ (16,710) $ 16,710 $ 3,506,849 Net income — — 344,352 — — — 344,352 Purchase of common stock for treasury — — — (110,048) — — (110,048) Equity-based compensation — 22,277 — — — — 22,277 Proceeds from Options exercised — 81,916 — — — — 81,916 Treasury stock issued upon Option exercise and RSU vesting — (27,566) — 27,566 — — — Balance, March 31, 2023 $ 206 $ 2,676,641 $ 12,117,766 $ (10,949,267) $ (16,710) $ 16,710 $ 3,845,346

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
Product Warranties (Tables)	Mar. 31, 2024
Product Warranties Disclosures [Abstract]
Summary of Changes in Product Warranties Reserve	The following table reflects the changes in our Warranty Reserve during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Warranty reserve, beginning of period $ 146,283 $ 144,006 Provision 18,948 21,270 Payments (22,102) (20,845) Warranty reserve, end of period $ 143,129 $ 144,431

Segment Disclosures (Tables)

Segment Disclosures (Tables)	3 Months Ended
Segment Disclosures (Tables)	Mar. 31, 2024
Segment Reporting [Abstract]
Revenues	The f ollowing tables present segment revenues, profit and assets with reconciliations to the amounts reported for the consolidated enterprise, where applicable: Three Months Ended March 31, 2024 2023 Revenues: Homebuilding Mid Atlantic $ 1,017,471 $ 941,148 Homebuilding North East 255,669 183,430 Homebuilding Mid East 416,951 402,397 Homebuilding South East 596,086 604,358 Mortgage Banking 47,286 46,944 Total consolidated revenues $ 2,333,463 $ 2,178,277
Profit before Taxes	Three Months Ended March 31, 2024 2023 Income before taxes: Homebuilding Mid Atlantic $ 189,964 $ 159,038 Homebuilding North East 46,858 32,060 Homebuilding Mid East 66,401 56,468 Homebuilding South East 91,405 125,409 Mortgage Banking 29,656 29,427 Total segment profit before taxes 424,284 402,402 Reconciling items: Contract land deposit reserve adjustment (1) 7,466 3,591 Equity-based compensation expense (2) (17,141) (22,277) Corporate capital allocation (3) 77,061 69,074 Unallocated corporate overhead (51,705) (45,965) Consolidation adjustments and other (2,271) 4,000 Corporate interest expense (6,595) (6,954) Corporate interest income 39,593 29,939 Reconciling items sub-total 46,408 31,408 Consolidated income before taxes $ 470,692 $ 433,810 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2. (2) The decrease in equity-based compensation expense for the three-month period ended March 31, 2024 was primarily attributable to the Options and RSUs issued as part of the 2018 four-year block grant being fully vested as of December 31, 2023. (3) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented: Three Months Ended March 31, 2024 2023 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 33,919 $ 33,179 Homebuilding North East 9,580 7,325 Homebuilding Mid East 9,865 9,660 Homebuilding South East 23,697 18,910 Total $ 77,061 $ 69,074
Assets	March 31, 2024 December 31, 2023 Assets: Homebuilding Mid Atlantic $ 1,303,144 $ 1,252,360 Homebuilding North East 359,845 314,904 Homebuilding Mid East 384,693 368,154 Homebuilding South East 889,083 796,505 Mortgage Banking 461,829 452,323 Total segment assets 3,398,594 3,184,246 Reconciling items: Cash and cash equivalents 2,841,354 3,126,472 Deferred taxes 149,958 148,005 Intangible assets and goodwill 49,368 49,368 Operating lease right-of-use assets 66,716 70,384 Finance lease right-of-use assets 14,594 13,310 Contract land deposit reserve (45,932) (53,397) Consolidation adjustments and other 63,505 63,369 Reconciling items sub-total 3,139,563 3,417,511 Consolidated assets $ 6,538,157 $ 6,601,757

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
Fair Value (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Undesignated Derivative Instruments	The fair value measurement of NVRM's undesignated derivative instruments was as follows: March 31, 2024 December 31, 2023 Rate lock commitments: Gross assets $ 41,474 $ 61,150 Gross liabilities 3,263 168 Net rate lock commitments $ 38,211 $ 60,982 Forward sales contracts: Gross assets $ 1,432 $ 8 Gross liabilities 4,520 18,305 Net forward sales contracts $ (3,088) $ (18,297)
Fair Value Measurement	The fair value measurement as of March 31, 2024 was as follows: Notional or Assumed Interest Servicing Security Total Fair Rate lock commitments $ 2,098,953 $ 3,864 $ 8,141 $ 26,206 $ — $ 38,211 Forward sales contracts $ 2,045,587 — — — (3,088) (3,088) Mortgages held for sale $ 322,770 1,038 4,317 4,385 — 9,740 Total fair value measurement $ 4,902 $ 12,458 $ 30,591 $ (3,088) $ 44,863

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2024
Leases [Abstract]
Components of Lease Expense and Other Information related to Leases	The components of lease expense were as follows: Three Months Ended March 31, 2024 2023 Lease expense Operating lease expense $ 9,347 $ 9,140 Finance lease expense: Amortization of ROU assets 562 502 Interest on lease liabilities 113 105 Short-term lease expense 7,900 7,492 Total lease expense $ 17,922 $ 17,239
ScheduleofSupplementalCashFlowInformationRelatedtoLeases	Other information related to leases was as follows: Three Months Ended March 31, 2024 2023 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,511 $ 7,316 Operating cash flows from finance leases 113 105 Financing cash flows from finance leases 462 400 ROU assets obtained in exchange for lease obligations: Operating leases $ 1,390 $ 13,247 Finance leases $ 1,846 $ 249 March 31, 2024 December 31, 2023 Weighted-average remaining lease term (in years): Operating leases 5.8 5.8 Finance leases 9.5 9.9 Weighted-average discount rate: Operating leases 4.2 % 4.2 % Finance leases 3.4 % 3.1 %

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract cost	$ 21,700	$ 17,900
Home Building Segment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash and cash equivalents	44,099	41,483
Contract liabilities for customer deposits	$ 355,331	$ 334,441

Variable Interest Entities ("_3

Variable Interest Entities ("VIEs") - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) lot	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Net Contract Land Deposit Impairment Recoveries	$ 7,500	$ 3,100
Loss reserve on contract land deposits	45,932		$ 53,397
Contract land deposits in cash	$ 655,339		$ 629,948
Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10%
Lots controlled by NVR \| lot	135,800
Contract land deposits in cash under lot purchase Agreements	$ 641,300
Letters of credit related to lots	$ 10,000
Contract on Raw Ground with Landowners
Variable Interest Entity [Line Items]
Lots controlled by NVR \| lot	22,400
Contract land deposits in cash	$ 14,100
Refundable deposits and letters of credit	$ 3,300

Variable Interest Entities ("_4

Variable Interest Entities ("VIEs") - Total Risk of Loss Related to Contract Land Deposits (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Contract land deposits	$ 655,339	$ 629,948
Loss reserve on contract land deposits	(45,932)	(53,397)
Contract land deposits, net	609,407	576,551
Contingent obligations in the form of letters of credit	9,993	7,769
Total risk of loss	$ 619,400	$ 584,320

Joint Ventures - Additional Inf

Joint Ventures - Additional Information (Detail) $ in Thousands	Mar. 31, 2024 USD ($) joint_venture lot	Dec. 31, 2023 USD ($)
Joint Ventures [Line Items]
Aggregate investment	$ 28,100
Number of joint ventures \| joint_venture	4
Expected production of finished lots \| lot	5,150
Total lots controlled by company under the joint venture \| lot	4,800
Total lots either under contract with unrelated parties or not under the current contract \| lot	350
Additional funding commitments in the aggregate	$ 11,500
Other Assets
Joint Ventures [Line Items]
Aggregate investment		$ 29,200
Home Building Segment
Joint Ventures [Line Items]
Restricted cash and cash equivalents	44,099	41,483
Accrued expenses and other liabilities	$ 380,811	$ 413,043

Land Under Development - Additi

Land Under Development - Additional Information (Detail) $ in Thousands	Mar. 31, 2024 USD ($) lot numberoflots
Real Estate [Abstract]
Carrying value of raw parcels of land	$ 59,050
Number of finished lots expected to be developed from raw parcels of land \| lot	2,600
InventoryRealEstateLandAcquisitionCosts	$ 20,000
InventoryRealEstateLandAcquisitionExpectedLots \| numberoflots	850

Capitalized Interest - Summary

Capitalized Interest - Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Roll Forward]
Interest capitalized, beginning of period	$ 151	$ 570
Interest incurred	6,879	7,004
Interest expense	(6,826)	(7,258)
Interest charged to cost of sales	(22)	(111)
Interest capitalized, end of period	$ 182	$ 205

Earnings Per Share - Weighted A

Earnings Per Share - Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS (in shares)	3,185,664	3,239,263
Dilutive securities:
Stock options and restricted share units (in shares)	201,282	208,211
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS (in shares)	3,386,946	3,447,474

Earnings Per Share - Summary of

Earnings Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Anti-dilutive securities (in shares)	4,670	184,114

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Changes in Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 4,364,725	$ 3,506,849
Net income	394,269	344,352
Purchase of common stock for treasury	(498,776)	(110,048)
Equity-based compensation	17,141	22,277
Proceeds from Options exercised	67,022	81,916
Ending Balance	4,344,381	3,845,346
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stockholders' Equity Attributable to Parent	4,344,381	3,845,346
Treasury Stock, Value, Acquired, Cost Method	498,776	110,048
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	206	206
Ending Balance	206	206
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stockholders' Equity Attributable to Parent	206	206
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	2,848,528	2,600,014
Equity-based compensation	17,141	22,277
Proceeds from Options exercised	67,022	81,916
Treasury stock issued upon Option exercise and RSU vesting	(26,984)	(27,566)
Ending Balance	2,905,707	2,676,641
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stockholders' Equity Attributable to Parent	2,905,707	2,676,641
Treasury stock issued upon Option exercise and RSU vesting	(26,984)	(27,566)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	13,365,025	11,773,414
Net income	394,269	344,352
Ending Balance	13,759,294	12,117,766
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stockholders' Equity Attributable to Parent	13,759,294	12,117,766
Treasury Stock, Common
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(11,849,034)	(10,866,785)
Purchase of common stock for treasury	(498,776)	(110,048)
Treasury stock issued upon Option exercise and RSU vesting	26,984	27,566
Ending Balance	(12,320,826)	(10,949,267)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stockholders' Equity Attributable to Parent	(12,320,826)	(10,949,267)
Treasury Stock, Value, Acquired, Cost Method	498,776	110,048
Treasury stock issued upon Option exercise and RSU vesting	26,984	27,566
Deferred Compensation Trust
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(16,710)	(16,710)
Ending Balance	(16,710)	(16,710)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stockholders' Equity Attributable to Parent	(16,710)	(16,710)
Deferred Compensation Liability
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	16,710	16,710
Ending Balance	16,710	16,710
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stockholders' Equity Attributable to Parent	$ 16,710	$ 16,710

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Common stock repurchased (in shares)	66,858	21,174
Reissued shares during the period, shares (in shares)	38,977	43,941

Product Warranties Product Warr

Product Warranties Product Warranties - Schedule of Product Warranties Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Warranty reserve, beginning of period	$ 146,283	$ 144,006
Provision	18,948	21,270
Payments	(22,102)	(20,845)
Warranty reserve, end of period	$ 143,129	$ 144,431

Segment Disclosures - Additiona

Segment Disclosures - Additional Information (Detail)	3 Months Ended
Segment Disclosures - Additional Information (Detail)	Mar. 31, 2024 segment
Senior Notes Due Two Thousand Thirty
Segment Reporting Information [Line Items]
Senior notes interest rate	3%
Home Building Segment
Segment Reporting Information [Line Items]
Number of reportable segments	4
Mortgage Banking
Segment Reporting Information [Line Items]
Number of reportable segments	1

Segment Disclosures - Revenues

Segment Disclosures - Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 2,333,463	$ 2,178,277
Home Building Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,286,177	2,131,333
Home Building Segment \| Mid Atlantic
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,017,471	941,148
Home Building Segment \| North East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	255,669	183,430
Home Building Segment \| Mid East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	416,951	402,397
Home Building Segment \| South East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	596,086	604,358
Mortgage Banking
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 47,286	$ 46,944

Segment Disclosures - Income be

Segment Disclosures - Income before Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	$ 470,692	$ 433,810
Equity-based compensation expense	(17,141)	(22,277)
Home Building Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	441,678	405,750
Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	29,014	28,060
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	424,284	402,402
Operating Segments \| Home Building Segment \| Mid Atlantic
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	189,964	159,038
Operating Segments \| Home Building Segment \| North East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	46,858	32,060
Operating Segments \| Home Building Segment \| Mid East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	66,401	56,468
Operating Segments \| Home Building Segment \| South East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	91,405	125,409
Operating Segments \| Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	29,656	29,427
Corporate and Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	46,408	31,408
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Contract land deposit reserve adjustment	7,466	3,591
Equity-based compensation expense	(17,141)	(22,277)
Corporate capital allocation	77,061	69,074
Unallocated corporate overhead	(51,705)	(45,965)
Consolidation adjustments and other	(2,271)	4,000
Corporate, Non-Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate Interest Expense	(6,595)	(6,954)
Interest income	$ 39,593	$ 29,939

Segment Disclosures - Corporate

Segment Disclosures - Corporate Capital Allocation Charge (Detail) - Corporate and Reconciling Items - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 77,061	$ 69,074
Home Building Segment \| Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	33,919	33,179
Home Building Segment \| North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	9,580	7,325
Home Building Segment \| Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	9,865	9,660
Home Building Segment \| South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 23,697	$ 18,910

Segment Disclosures - Assets (D

Segment Disclosures - Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 6,538,157	$ 6,601,757
Finance Lease, Right-of-Use Asset	14,594	13,310
Contract land deposit reserve	(45,932)	(53,397)
Home Building Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	6,068,981	6,142,087
Cash and cash equivalents	2,841,354	3,126,472
Operating lease right-of-use assets	66,716	70,384
Mortgage Banking
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	469,176	459,670
Cash and cash equivalents	27,803	36,422
Operating lease right-of-use assets	22,008	23,541
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	3,398,594	3,184,246
Operating Segments \| Home Building Segment \| Mid Atlantic
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,303,144	1,252,360
Operating Segments \| Home Building Segment \| North East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	359,845	314,904
Operating Segments \| Home Building Segment \| Mid East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	384,693	368,154
Operating Segments \| Home Building Segment \| South East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	889,083	796,505
Operating Segments \| Mortgage Banking
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	461,829	452,323
Segment Reconciling Items
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	3,139,563	3,417,511
Deferred taxes	149,958	148,005
Intangible assets and goodwill	49,368	49,368
Finance Lease, Right-of-Use Asset	14,594	13,310
Contract land deposit reserve	(45,932)	(53,397)
Consolidation adjustments and other	$ 63,505	$ 63,369

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)	$ 44,863		$ 49,034
Home Building Segment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	912,554		913,027
Home Building Segment \| Senior Notes Due Two Thousand Thirty
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	912,554		913,027
Home Building Segment \| Level 2 \| Fair Value, Recurring \| Senior Notes Due Two Thousand Thirty
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	795,510		803,646
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)	4,171	$ 42,188
Mortgage Banking \| Level 2 \| Fair Value, Recurring \| Rate Lock Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	2,098,953
Total fair value measurement gain/(loss)	38,211
Mortgage Banking \| Level 2 \| Fair Value, Recurring \| Forward Sales Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	2,045,587
Total fair value measurement gain/(loss)	(3,088)
Mortgage Banking \| Level 2 \| Fair Value, Recurring \| Mortgages Held for Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trade and loans receivables held-for-sale, net, not part of disposal group	332,510		222,560
Fair Value, principal amount, loans held for sale	322,770		216,211
Fair value, option, changes in fair value, gain (loss)	$ 9,740		$ 6,349

Fair Value - Undesignated Deriv

Fair Value - Undesignated Derivative Instruments (Detail) - Mortgage Banking - Level 2 - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Assets \| Rate Lock Commitments
Derivatives, Fair Value [Line Items]
Gross assets	$ 41,474	$ 61,150
Gross liabilities	3,263	168
Net rate lock commitments and forward sales contracts	38,211	60,982
Accrued Liabilities \| Forward Sales Contracts
Derivatives, Fair Value [Line Items]
Gross assets	1,432	8
Gross liabilities	4,520	18,305
Net rate lock commitments and forward sales contracts	$ (3,088)	$ (18,297)

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurement (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain From Loan Sale	$ 4,902
Interest Rate Movement Effect	12,458
Servicing Rights Value	30,591
Security Price Change	(3,088)
Total Fair Value Measurement Gain/(Loss)	44,863	$ 49,034
Mortgage Banking \| Level 2 \| Fair Value, Recurring \| Rate Lock Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	2,098,953
Assumed Gain From Loan Sale	3,864
Interest Rate Movement Effect	8,141
Servicing Rights Value	26,206
Total Fair Value Measurement Gain/(Loss)	38,211
Mortgage Banking \| Level 2 \| Fair Value, Recurring \| Forward Sales Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	2,045,587
Security Price Change	(3,088)
Total Fair Value Measurement Gain/(Loss)	(3,088)
Mortgage Banking \| Level 2 \| Fair Value, Recurring \| Mortgages Held for Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain From Loan Sale	1,038
Interest Rate Movement Effect	4,317
Servicing Rights Value	4,385
Fair value, option, changes in fair value, gain (loss)	9,740	6,349
Fair Value, principal amount, loans held for sale	$ 322,770	$ 216,211

Debt - Additional Information (

Debt - Additional Information (Detail)	3 Months Ended
Debt - Additional Information (Detail)	Mar. 31, 2024 USD ($)
Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum loan borrowing capacity	$ 300,000,000
Increase in commitment available	300,000,000
Debt outstanding	0
Credit Agreement \| Revolving Credit Facility \| Sublimit for Issuance of Letters of Credit
Debt Instrument [Line Items]
Maximum loan borrowing capacity	100,000,000
Letters of credit outstanding	15,700,000
Repurchase Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum loan borrowing capacity	150,000,000
Borrowing base limitations	0
Debt outstanding	0
Senior Notes Due Two Thousand Thirty
Debt Instrument [Line Items]
Senior notes principal amount	$ 900,000,000
Senior notes interest rate	3%
Frequency of senior notes payment	semi-annually in arrears on May 15 and November 15
$600M Senior Notes Due Two Thousand Thirty
Debt Instrument [Line Items]
Senior notes principal amount	$ 600,000,000
Senior notes effective interest rate	3.02%
Additional Senior Notes Due Two Thousand Thirty
Debt Instrument [Line Items]
Senior notes principal amount	$ 300,000,000
Senior notes effective interest rate	2%

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease, term	16 years 4 months 24 days
Operating lease, option to extend	20
Finance Lease, Right-of-Use Asset	$ 14,594	$ 13,310
Finance Lease, Liability	$ 16,349	$ 14,965

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating Lease, Cost	$ 9,347	$ 9,140
Finance Lease, Right-of-Use Asset, Amortization	562	502
Finance Lease, Interest Expense	113	105
Short-term Lease Payments	7,900	7,492
Lease, Cost	$ 17,922	$ 17,239

Leases - Supplemental Informati

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Supplemental Cash Flows Information:
Operating cash flows from operating leases	$ 7,511	$ 7,316
Operating cash flows from finance leases	113	105
Financing cash flows from finance leases	462	400
ROU assets obtained in exchange for lease obligations:
Operating leases	1,390	13,247
Finance leases	$ 1,846	$ 249
Weighted-average remaining lease term (in years):
Operating leases	5 years 9 months 18 days		5 years 9 months 18 days
Finance leases	9 years 6 months		9 years 10 months 24 days
Weighted-average discount rate:
Operating leases	4.20%		4.20%
Finance leases	3.40%		3.10%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	16.20%	20.60%
Excess tax benefit recognized	$ 43,793	$ 23,245