NVR (NVR) 10-K 12 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Feb. 10, 2025	Jun. 30, 2024
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Annual Report	true
Document Transition Report	false
Document Fiscal Year Focus	2024
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		2,990,451
Entity Public Float			$ 22,402,443
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, 2024
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, 2024	Dec. 31, 2023
Inventory:
Land under development	$ 65,394	$ 36,895
Contract land deposits, net	726,675	576,551
Total assets	6,380,988	6,601,757
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating lease liabilities	109,367
Total liabilities	2,170,916	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 December 31, 2024 and December 31, 2023	206	206
Additional paid-in capital	3,031,637	2,848,528
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both December 31, 2024 and December 31, 2023	(16,710)	(16,710)
Deferred compensation liability	16,710	16,710
Retained earnings	15,046,953	13,365,025
Less treasury stock at cost – 17,543,686 and 17,360,454 shares as of December 31, 2024 and December 31, 2023, respectively	(13,868,724)	(11,849,034)
Total shareholders' equity	4,210,072	4,364,725
Total liabilities and shareholders' equity	6,380,988	6,601,757
Home Building
ASSETS
Cash and cash equivalents	2,561,339	3,126,472
Restricted cash	42,172	41,483
Receivables	32,622	29,000
Inventory:
Lots and housing units covered under sales agreements with customers	1,727,243	1,674,686
Unsold lots and housing units	237,177	214,666
Land under development	65,394	36,895
Building materials and other	28,893	23,903
Total Inventory	2,058,707	1,950,150
Contract land deposits, net	726,675	576,551
Property, plant and equipment, net	95,619	63,716
Operating lease right-of-use assets	78,340	70,384
Reorganization value in excess of amounts allocable to identifiable assets, net	41,580	41,580
Deferred tax assets, net	142,192	148,005
Other assets	108,986	94,746
Total assets	5,888,232	6,142,087
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	332,772	347,738
Accrued expenses and other liabilities	441,300	413,043
Customer deposits	322,926	334,441
Operating lease liabilities	83,939	75,797
Senior notes	911,118	913,027
Total liabilities	2,092,055	2,084,046
Mortgage Banking
ASSETS
Cash and cash equivalents	49,636	36,422
Restricted cash	11,520	11,067
Inventory:
Property, plant and equipment, net	7,373	6,348
Operating lease right-of-use assets	23,482	23,541
Reorganization value in excess of amounts allocable to identifiable assets, net	7,347	7,347
Mortgage loans held for sale, net	355,209	222,560
Other assets	38,189	152,385
Total assets	492,756	459,670
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating lease liabilities	25,428	25,475
Accounts payable and other liabilities	53,433	127,511
Total liabilities	$ 78,861	$ 152,986

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
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	17,543,686	17,360,454

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues	$ 10,524,479	$ 9,518,202	$ 10,526,434
Interest expense	(27,783)	(27,740)	(39,524)
Profit before taxes	2,115,506	1,928,373	2,253,194
Income tax expense	(433,578)	(336,762)	(527,619)
Net income	$ 1,681,928	$ 1,591,611	$ 1,725,575
Basic earnings per share (USD per share)	$ 540.88	$ 491.52	$ 525.20
Diluted earnings per share (USD per share)	$ 506.69	$ 463.31	$ 491.82
Basic weighted average shares outstanding (in Shares)	3,109,630	3,238,161	3,285,562
Diluted weighted average shares outstanding (in Shares)	3,319,434	3,435,294	3,508,524
Home Building
Revenues	$ 10,292,425	$ 9,314,605	$ 10,326,770
Other income	143,890	148,010	37,038
Cost of sales	(7,850,549)	(7,051,198)	(7,662,271)
Selling, general and administrative	(598,207)	(588,962)	(532,353)
Operating income	1,987,559	1,822,455	2,169,184
Interest expense	(26,988)	(26,875)	(38,140)
Profit before taxes	1,960,571	1,795,580	2,131,044
Mortgage Banking
Revenues	232,054	203,597	199,664
Other income	5,480	4,449	4,963
Interest expense	(795)	(865)	(1,384)
Profit before taxes	154,935	132,793	122,150
Interest income	19,092	16,687	11,853
General and administrative	$ (100,896)	$ (91,075)	$ (92,946)

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, 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,681,928			1,681,928
Purchase of common stock for treasury	(2,072,131)				(2,072,131)
Equity-based compensation	73,925		73,925
Proceeds from stock options exercised	161,625		161,625
Treasury stock issued upon option exercise and restricted share vesting			(52,441)		52,441
Ending Balance at Dec. 31, 2024	$ 4,210,072	$ 206	$ 3,031,637	$ 15,046,953	$ (13,868,724)	$ (16,710)	$ 16,710

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 1,681,928	$ 1,591,611	$ 1,725,575
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18,375	16,916	17,396
Equity-based compensation expense	73,925	99,507	82,537
Contract land deposit impairments (recoveries) and other impairments, net	7,167	(2,908)	28,466
Gain on sale of loans, net	(189,475)	(163,322)	(152,668)
Deferred tax expense (benefit)	5,793	(3,743)	(11,101)
Mortgage loans closed	(6,267,493)	(5,740,199)	(6,314,514)
Mortgage loans sold and principal payments on mortgage loans held for sale	6,351,178	5,949,657	6,471,270
Distribution of earnings from unconsolidated joint ventures	1,500	2,000	9,000
Net change in assets and liabilities:
(Increase) decrease in inventory	(108,557)	(161,875)	159,091
Increase in contract land deposits	(157,291)	(77,563)	(26,407)
Decrease (increase) in receivables	62,664	(59,653)	(27,384)
(Decrease) increase in accounts payable and accrued expenses	(83,215)	49,105	(13,777)
Increase (Decrease) in Contract with Customer, Liability	(11,515)	20,637	(103,659)
Other, net	(10,522)	(22,177)	26,276
Operating activities	1,374,462	1,497,993	1,870,101
Net cash provided by operating activities	1,374,462	1,497,993	1,870,101
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(3,100)	(1,776)	(9,735)
Distribution of capital from unconsolidated joint ventures	2,715	180	0
Purchase of property, plant and equipment	(29,212)	(24,877)	(18,428)
Proceeds from the sale of property, plant and equipment	3,044	2,373	732
Net Cash Provided by (Used in) Investing Activities	(26,553)	(24,100)	(27,431)
Cash flows from financing activities:
Purchase of treasury stock	(2,057,677)	(1,081,815)	(1,500,358)
Redemption of senior notes	0	0	(600,000)
Principal payments on finance lease liabilities	(2,634)	(1,661)	(1,495)
Proceeds from the exercise of stock options	161,625	250,509	196,717
Net cash used in financing activities	(1,898,686)	(832,967)	(1,905,136)
Net (decrease) increase in cash, restricted cash, and cash equivalents	(550,777)	640,926	(62,466)
Cash, restricted cash, and cash equivalents, beginning of the year	3,215,444	2,574,518	2,636,984
Cash, restricted cash, and cash equivalents, end of the year	2,664,667	3,215,444	2,574,518
Supplemental disclosures of cash flow information:
Interest paid during the year, net of interest capitalized	29,203	29,202	47,502
Income taxes paid during the year, net of refunds	$ 409,853	$ 407,185	$ 529,820

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
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 is 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 collectability issues resulting from a developer’s non-performance because of financial or other conditions. For the year ended December 31, 2024, we incurred a net pre-tax charge of approximately $7,200 related to the impairment of contract land deposits. 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. The contract land deposit assets on the accompanying consolidated balance sheets are shown net of the allowance for losses of $58,597 and $53,397 as of December 31, 2024 and 2023, respectively. Land Under Development On a limited basis, we directly acquire raw parcels of land already zoned for their 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 lease 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" on the accompanying consolidated balance sheets. See Note 12 herein for further information. 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 the loans it originates into the secondary market primarily 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 operating effectively, 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 homebuyers with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within time frames established by NVRM. All 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. As of December 31, 2024, there were contractual commitments to extend credit to borrowers aggregating $2,006,907, and open forward delivery sale contracts aggregating $2,140,042, 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, 2024, 2023 and 2022: Year Ended December 31, 2024 2023 2022 Weighted average number of shares outstanding used to 3,109,630 3,238,161 3,285,562 Dilutive securities: Stock options and restricted share units 209,804 197,133 222,962 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,319,434 3,435,294 3,508,524 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, 2024, 2023 and 2022, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Year Ended December 31, 2024 2023 2022 Anti-dilutive securities 5,230 14,444 194,884 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 $322,926 and $334,441 as of December 31, 2024 and 2023, 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 $21,700 and $17,900 as of December 31, 2024 and 2023, 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, 2024, 2023 and 2022, 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 November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses", requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on our consolidated financial statements and related disclosures. In December 2023, the 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 that the adoption of ASU 2023-09 will have on our consolidated financial statements and related disclosures. Recently Adopted Accounting Pronouncements 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. Public entities are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. The Company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 2 in the accompanying notes to the consolidated financial statements for further detail.

Segment Information, Nature of

Segment Information, Nature of Operations, and Certain Concentrations	12 Months Ended
	Dec. 31, 2024
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, Tennessee and Kentucky. 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 operating and reportable segments that aggregate geographically our homebuilding divisions, and the mortgage banking operations presented as a single reportable segment. The homebuilding reportable segments are comprised of 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 The Company's Chief Operating Decision Maker ("CODM"), identified as the Chief Executive Officer, utilizes segment profit to evaluate the performance of the Company's homebuilding and mortgage banking operating segments against the annual plan to make resource allocation decisions. Homebuilding segment profit 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 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 segment profit consists of revenues generated from mortgage financing, title insurance and closing services, less the costs of such services and general and administrative costs, including certain corporate overhead functions. 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 taxes 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 homebuilding 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, 2024 2023 2022 Revenues: Homebuilding Mid Atlantic $ 4,423,768 $ 4,189,957 $ 4,766,329 Homebuilding North East 1,165,873 948,289 892,543 Homebuilding Mid East 1,861,735 1,723,514 2,147,262 Homebuilding South East 2,841,049 2,452,845 2,520,636 Mortgage Banking 232,054 203,597 199,664 Consolidated revenues $ 10,524,479 $ 9,518,202 $ 10,526,434 Year Ended December 31, 2024 2023 2022 Segment cost of sales: Homebuilding Mid Atlantic $ (3,318,299) $ (3,165,964) $ (3,485,731) Homebuilding North East (862,223) (704,654) (665,877) Homebuilding Mid East (1,447,286) (1,350,843) (1,670,604) Homebuilding South East (2,206,202) (1,823,002) (1,768,902) Year Ended December 31, 2024 2023 2022 Segment selling, general & administrative expense: Homebuilding Mid Atlantic $ (151,470) $ (144,641) $ (144,837) Homebuilding North East (46,132) (41,651) (39,286) Homebuilding Mid East (80,254) (76,241) (82,879) Homebuilding South East (142,865) (111,432) (98,360) Mortgage Banking (96,630) (85,555) (89,340) Year Ended December 31, 2024 2023 2022 Corporate capital allocation charge: Homebuilding Mid Atlantic $ (139,780) $ (135,618) $ (143,251) Homebuilding North East (40,614) (33,269) (30,623) Homebuilding Mid East (43,989) (39,005) (51,376) Homebuilding South East (106,514) (80,913) (77,654) Year Ended December 31, 2024 2023 2022 Other segment items, net: Homebuilding Mid Atlantic $ 2,036 $ 1,589 $ 1,517 Homebuilding North East 321 297 576 Homebuilding Mid East 628 440 833 Homebuilding South East 2,690 3,040 1,310 Mortgage Banking (1) 23,777 20,271 15,432 (1) This item relates primarily to interest income received on mortgage loans closed and mortgage loans held for sale. Year Ended December 31, 2024 2023 2022 Segment profit: Homebuilding Mid Atlantic $ 816,255 $ 745,323 $ 994,027 Homebuilding North East 217,225 169,012 157,333 Homebuilding Mid East 290,834 257,865 343,236 Homebuilding South East 388,158 440,538 577,030 Mortgage Banking 159,201 138,313 125,756 Total segment profit 1,871,673 1,751,051 2,197,382 Reconciling items: Contract land deposit allowance adjustment (2) 6,228 3,279 (27,300) Equity-based compensation expense (3) (73,925) (99,507) (82,537) Corporate capital allocation (4) 330,897 288,805 302,904 Unallocated corporate overhead (156,470) (175,208) (129,998) Consolidation adjustments and other (5) 26,424 44,619 (1,719) Corporate interest income 137,530 142,083 32,457 Corporate interest expense (26,851) (26,749) (37,995) Reconciling items sub-total 243,833 177,322 55,812 Consolidated profit before taxes $ 2,115,506 $ 1,928,373 $ 2,253,194 (2) This item represents changes to the contract land deposit impairment allowance, which are not allocated to our reportable segments. See further discussion of contract land deposit impairment charges in Note 3. (3) This item represents compensation expense for all Option and RSU grants. See Note 11 for additional discussion of equity-based compensation. (4) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding segments. The corporate capital allocation charge is based on the segment's monthly average asset balance. (5) The consolidation adjustments and other in each period are primarily attributable to changes in units under construction year over year, and any significant changes in material costs, primarily lumber. 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. As of December 31, 2024 2023 Assets: Homebuilding Mid Atlantic $ 1,337,659 $ 1,252,360 Homebuilding North East 368,300 314,904 Homebuilding Mid East 396,854 368,154 Homebuilding South East 914,318 796,505 Mortgage Banking 485,409 452,323 Total segment assets 3,502,540 3,184,246 Reconciling items: Cash and cash equivalents 2,561,339 3,126,472 Deferred taxes 142,192 148,005 Intangible assets and goodwill 49,368 49,368 Operating lease right-of-use assets 78,340 70,384 Finance lease right-of-use assets 37,638 13,310 Contract land deposit allowance (58,597) (53,397) Consolidation adjustments and other 68,168 63,369 Reconciling items sub-total 2,878,448 3,417,511 Consolidated assets $ 6,380,988 $ 6,601,757

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2024
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 at market prices 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, 2024, we controlled approximately 155,000 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $764,900 and $8,700, 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 2024, we incurred pre-tax impairment charges on lot deposits of approximately $7,200. Our contract land deposit asset is shown net of a $58,597 and $53,397 impairment allowance as of December 31, 2024 and December 31, 2023, respectively. In addition, we have certain properties under contract with land owners that are expected to yield approximately 35,900 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 $20,400 as of December 31, 2024, of which approximately $8,400 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, 2024 and 2023 was as follows: As of December 31, 2024 2023 Contract land deposits $ 785,272 $ 629,948 Allowance for losses on contract land deposits (58,597) (53,397) Contract land deposits, net 726,675 576,551 Contingent obligations in the form of letters of credit 8,722 7,769 Total risk of loss $ 735,397 $ 584,320

Joint Ventures

Joint Ventures	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Joint Ventures	Joint Ventures On a limited basis, we acquire 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. As of December 31, 2024, we had an aggregate investment totaling approximately $29,300 in three JVs that are expected to produce approximately 5,150 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 $8,400 in one of the JVs as of December 31, 2024. 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, 2024.

Land Under Development

Land Under Development	12 Months Ended
	Dec. 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. As of December 31, 2024, we owned land with a carrying value of $65,394 that we expect to be developed into approximately 2,600 finished lots primarily for use in our homebuilding operations. None of our land under development projects had any indicators of impairment as of December 31, 2024. As of December 31, 2023, we directly owned land with a carrying value of $36,895, which was expected to produce approximately 1,750 finished lots.

Capitalized Interest

Capitalized Interest	12 Months Ended
	Dec. 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 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, 2024, 2023 and 2022 was as follows: Year Ended December 31, 2024 2023 2022 Interest capitalized, beginning of year $ 151 $ 570 $ 593 Interest incurred 28,047 27,540 39,626 Interest charged to interest expense (27,783) (27,740) (39,524) Interest charged to cost of sales (82) (219) (125) Interest capitalized, end of year $ 333 $ 151 $ 570

Property, Plant and Equipment (

Property, Plant and Equipment ("PP&E")	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment ("PP&E")	Property, Plant and Equipment (“PP&E”) As of December 31, 2024 2023 Homebuilding: Office facilities and other $ 53,513 $ 45,707 Model home furniture and fixtures 33,842 35,418 Production facilities 115,680 106,227 Finance lease right-of-use assets 37,638 13,310 Gross Homebuilding PP&E 240,673 200,662 Less: accumulated depreciation (145,054) (136,946) Net Homebuilding PP&E $ 95,619 $ 63,716 Mortgage Banking: Office facilities and other $ 19,174 $ 17,572 Less: accumulated depreciation (11,801) (11,224) Net Mortgage Banking PP&E $ 7,373 $ 6,348

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt As of December 31, 2024, 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, 2024 and 2023, the unamortized discount was $653 and $764, respectively, and unamortized debt issuance costs were $1,941 and $2,303, 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, 2024 and 2023, the 2030 Additional Notes unamortized premium was $14,510 and $17,040, respectively, and unamortized debt issuance costs were $798 and $947, 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 as of December 31, 2024. 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 $14,600 was outstanding as of December 31, 2024. 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 as of December 31, 2024. There was no debt outstanding under the Facility as of December 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. 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 as of December 31, 2024 was 6.03%. 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. As of December 31, 2024, there were no borrowing base limitations reducing the amount available under the Repurchase Agreement. As of both December 31, 2024 and 2023, there was no debt outstanding under the Repurchase Agreement. The Repurchase Agreement expires on July 14, 2025. 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 as of December 31, 2024.

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Common Stock	Common Stock There were 3,011,644 and 3,194,876 common shares outstanding as of December 31, 2024 and 2023, respectively. We made the following share repurchases during the years indicated: Year Ended December 31, 2024 2023 2022 Aggregate purchase price $ 2,057,677 $ 1,081,815 $ 1,500,358 Number of shares repurchased 256,871 181,499 323,652 We issue shares from the treasury account for all equity plan activity. We issued 73,009, 158,022 and 95,069 such shares during 2024, 2023 and 2022, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes consists of the following: Year Ended December 31, 2024 2023 2022 Current: Federal $ 326,357 $ 261,481 $ 412,036 State 101,428 79,023 126,686 Deferred: Federal 5,470 (3,986) (6,753) State 323 244 (4,350) Income tax expense $ 433,578 $ 336,762 $ 527,619 Deferred income taxes on our consolidated balance sheets were comprised of the following: As of December 31, 2024 2023 Deferred tax assets: Other accrued expenses and contract land deposit allowance $ 68,784 $ 71,466 Deferred compensation 4,349 4,347 Equity-based compensation expense 47,467 48,088 Inventory 18,468 18,181 Unrecognized tax benefit 6,998 8,049 Other 13,595 14,703 Total deferred tax assets 159,661 164,834 Less: Deferred tax liabilities 10,135 9,515 Net deferred tax asset $ 149,526 $ 155,319 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. 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 $1,683,027 for the year ended December 31, 2024, and was $1,300,105 for the year ended December 31, 2023. A reconciliation of income taxes computed at the federal statutory rate (21% in 2024, 2023, and 2022) to income tax expense is as follows: Year Ended December 31, 2024 2023 2022 Income taxes computed at the federal statutory rate $ 444,256 $ 404,958 $ 473,171 State income taxes, net of federal income tax benefit (1) 98,746 92,163 105,867 Excess tax benefits from equity-based compensation (95,057) (153,554) (50,324) Other, net (2) (14,367) (6,805) (1,095) Income tax expense $ 433,578 $ 336,762 $ 527,619 (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, 2024, 2023 and 2022. Our effective tax rate in 2024, 2023 and 2022 was 20.50%, 17.46% and 23.42%, 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 2021. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, 2024 2023 Balance at beginning of year $ 25,588 $ 29,526 Additions based on tax positions related to the current year 572 782 Reductions for tax positions of prior years (5,251) (4,720) Settlements — — Balance at end of year $ 20,909 $ 25,588 If recognized, the total amount of unrecognized tax benefits that would affect the effective tax rate (net of the federal tax benefit) is $16,518 as of December 31, 2024. We recognize interest related to unrecognized tax benefits as a component of income tax expense. For the year ended December 31, 2024, we recognized a net reversal of accrued interest on unrecognized tax benefits in the amount of $264. 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 year ended December 31, 2022, we recognized a net reversal of accrued interest on unrecognized tax benefits in the amount of $3,662. As of December 31, 2024 and 2023, we had a total of $10,028 and $10,292, 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, 2024
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 as of December 31, 2024. 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 12,045 — 2014 Equity Incentive Plan (2) 950,000 214,738 — 2018 Equity Incentive Plan (3) 275,000 161,946 89,724 (1) The 2010 Equity Incentive Plan (the “2010 Plan”) authorized us to issue Options and RSUs. There were 12,011 Options and 34 RSUs outstanding as of December 31, 2024. Shares can no longer be granted from this plan. (2) The 2014 Equity Incentive Plan (the “2014 Plan”) authorized us to issue Options only. Shares can no longer be granted from this plan. (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 138,933 Options and 23,013 RSUs outstanding as of December 31, 2024. Of the 89,724 shares available to issue, 16,782 may be granted in the form of RSUs. During 2024, we issued 1,778 Options under the 2014 Plan and 2,742 Options under the 2018 Plan. Of the Options issued, 2,700 vest over four years in 25% increments beginning on December 31, 2026, and 1,820 Options issued vest over two years in 50% increments beginning on December 31, 2028. 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 period beginning with 2024. In addition, we granted 1,828 RSUs under the 2018 Plan during 2024. Of the RSUs granted, 1,170 RSUs will vest over four years in 25% increments beginning on either December 31, 2026 or December 31, 2027, and 658 RSUs will vest predominately over two years in 50% increments beginning on December 31, 2026. Vesting for approximately half of the RSUs issued is contingent solely upon continued employment, while vesting for the remaining RSUs issued is contingent upon both continued employment and our return on capital performance during the three year periods beginning with either 2024 or 2025, 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, 2024: Shares Weighted Avg. Per Share Weighted Avg. Remaining Aggregate Stock Options Outstanding at December 31, 2023 432,590 $ 3,557.78 Granted 4,520 7,202.65 Exercised (67,548) 2,360.02 Forfeited (3,880) 4,133.11 Outstanding at December 31, 2024 365,682 $ 3,815.26 5.5 $ 1,595,746 Exercisable at December 31, 2024 208,589 $ 3,293.96 4.2 $ 1,018,946 RSUs Outstanding at December 31, 2023 27,482 Granted 1,828 Vested (5,461) Forfeited (802) Outstanding at December 31, 2024 23,047 $ 188,499 Vested, but not issued at December 31, 2024 6,088 $ 49,793 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 2024, 2023 and 2022 was estimated on the grant date using the Pricing Model, based on the following assumptions: 2024 2023 2022 Estimated option life (years) 6.03 6.05 5.61 Risk free interest rate (range) 3.94%-4.79% 3.53%-4.69% 1.17%-4.36% Expected volatility (range) 24.16%-31.56% 26.75%-30.01% 24.93%-30.89% Expected dividend rate — % — % — % Weighted average grant-date fair value per share of options granted $ 2,631.86 $ 1,936.08 $ 1,437.93 The weighted average grant date fair value per share of $7,588.67 for the RSUs was determined based on 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 2024, 2023 and 2022, we recognized $73,925, $99,507, and $82,537 in equity-based compensation costs, respectively, and approximately $15,900, $19,900, and $16,700 in tax benefit related to equity-based compensation costs, respectively. As of December 31, 2024, the total unrecognized compensation cost for all outstanding Options and RSUs equaled approximately $202,007. The unrecognized compensation cost will be recognized over each grant’s applicable vesting period with the latest vesting date being December 31, 2030. The weighted-average period over which the unrecognized compensation cost will be recorded is equal to approximately 2.0 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, 2024, 2023 and 2022, we issued 73,009, 158,022 and 95,069 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, 2024 2023 2022 Aggregate exercise proceeds $ 161,625 $ 250,509 $ 196,717 Aggregate intrinsic value on exercise dates $ 423,258 $ 635,709 $ 234,732 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, 2024, 2023 and 2022 equaled approximately $30,200, $26,200 and $26,800, respectively. We purchased approximately 3,700 and 3,640 shares of our common stock in the open market for the 2024 and 2023 plan year contributions to the ESOP, respectively. As of December 31, 2024, all shares held by the ESOP had been allocated to participants’ accounts. The 2024 plan year contribution was funded in January 2025 and fully allocated to participants in February 2025. 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, 2024 and 2023. 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, 2024, 2023 and 2022.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	12 Months Ended
	Dec. 31, 2024
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 agreements. 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. As of December 31, 2024, 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 $584,500. 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 $51,000 of contingent obligations under such agreements, including approximately $14,600 for letters of credit issued under the Credit Agreement as of December 31, 2024. 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, 2024 2023 2022 Warranty reserve, beginning of year $ 146,283 $ 144,006 $ 134,859 Provision 84,945 95,193 96,577 Payments (98,133) (92,916) (87,430) Warranty reserve, end of year $ 133,095 $ 146,283 $ 144,006

Fair Value

Fair Value	12 Months Ended
	Dec. 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 December 31, 2024 and 2023 were $811,161 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 December 31, 2024 and 2023 were $911,118 and $913,027, respectively. Due to the short-term nature of our cash equivalents, we believe that differences between their carrying value and fair value are insignificant. Derivative Instruments and Mortgage Loans Held for Sale In the normal course of business, NVRM enters into contractual commitments to extend credit to 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 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 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 December 31, 2024, there were contractual commitments to extend credit to borrowers aggregating $2,006,907 and open forward delivery contracts aggregating $2,140,042, which hedge both the rate lock loan commitments and closed loans held for sale. The fair value of NVRM's 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 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 December 31, 2024, the fair value of loans held for sale of $355,209 included on the accompanying consolidated balance sheets was increased by $2,720 from the aggregate principal balance of $352,489. 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: As of December 31, 2024 2023 Rate lock commitments: Gross assets $ 34,935 $ 61,150 Gross liabilities 25,739 168 Net rate lock commitments $ 9,196 $ 60,982 Forward sales contracts: Gross assets $ 6,822 $ 8 Gross liabilities 1,122 18,305 Net forward sales contracts $ 5,700 $ (18,297) As of December 31, 2024, the net rate lock commitments and the net forward sales contracts are reported in mortgage banking "Other assets" on the accompanying consolidated balance sheets. As of 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 December 31, 2024 was as follows: Notional or Assumed Interest Servicing Security Total Fair Rate lock commitments $ 2,006,907 $ 6,540 $ (25,058) $ 27,714 $ — $ 9,196 Forward sales contracts $ 2,140,042 — — — 5,700 5,700 Mortgages held for sale $ 352,489 1,366 (4,099) 5,453 — 2,720 Total fair value measurement $ 7,906 $ (29,157) $ 33,167 $ 5,700 $ 17,616 The total fair value measurement as of December 31, 2023 was a net gain of $49,034. NVRM recorded a fair value adjustment to expense of $31,418 for the year ended December 31, 2024, a fair value adjustment to income of $56,469 for the year ended December 31, 2023, and a fair value adjustment to expense of $25,673 for the year ended December 31, 2022. 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, 2024
Mortgage Repurchase Reserve [Abstract]
Mortgage Repurchase Reserve	Mortgage Repurchase Reserve During the year ended December 31, 2024, we recognized pre-tax charges for loan losses related to mortgage loans sold of approximately $1,700. 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 year ended December 31, 2022, we recognized pre-tax charges for loan losses related to mortgage loans sold of approximately $2,500. 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 $18,700 and $18,600 as of December 31, 2024 and 2023, respectively.

Leases, Codification Topic 842

Leases, Codification Topic 842	12 Months Ended
	Dec. 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 entered into finance leases for two of our production facilities and certain plant equipment. Our leases have remaining lease terms of up to 15.7 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. 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" "Accrued expenses and other liabilities" The components of lease expense were as follows: Year Ended December 31, 2024 2023 2022 Lease expense Operating lease expense $ 39,245 $ 37,262 $ 34,467 Finance lease expense: Amortization of ROU assets 3,377 2,059 1,916 Interest on lease liabilities 1,071 421 417 Short-term lease expense 33,108 30,607 27,584 Total lease expense $ 76,801 $ 70,349 $ 64,384 Other information related to leases was as follows: Year Ended December 31, 2024 2023 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 31,373 $ 29,044 Operating cash flows from finance leases $ 1,071 $ 421 Financing cash flows from finance leases $ 2,634 $ 1,661 ROU assets obtained in exchange for lease obligations: Operating leases $ 35,993 $ 34,100 Finance leases $ 27,705 $ 1,624 Weighted-average remaining lease term (in years): Operating leases 6.0 5.8 Finance leases 9.6 9.9 Weighted-average discount rate: Operating leases 4.5 % 4.2 % Finance leases 4.7 % 3.1 % We are committed under multiple non-cancellable operating and finance leases involving office space, model homes, production facilities, automobiles and production equipment. Future lease payments under these operating and finance leases as of December 31, 2024 are as follows: Year Ending December 31, Operating Leases Finance Leases 2025 $ 37,984 $ 6,084 2026 24,727 7,050 2027 19,169 5,496 2028 15,196 4,843 2029 12,951 4,753 Thereafter 24,506 21,939 Total lease payments 134,533 50,165 Less: Imputed interest 15,447 10,129 Short-term lease payments 9,719 — Total lease liability $ 109,367 $ 40,036
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 two of our production facilities and certain plant equipment. Our leases have remaining lease terms of up to 15.7 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. 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" "Accrued expenses and other liabilities" The components of lease expense were as follows: Year Ended December 31, 2024 2023 2022 Lease expense Operating lease expense $ 39,245 $ 37,262 $ 34,467 Finance lease expense: Amortization of ROU assets 3,377 2,059 1,916 Interest on lease liabilities 1,071 421 417 Short-term lease expense 33,108 30,607 27,584 Total lease expense $ 76,801 $ 70,349 $ 64,384 Other information related to leases was as follows: Year Ended December 31, 2024 2023 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 31,373 $ 29,044 Operating cash flows from finance leases $ 1,071 $ 421 Financing cash flows from finance leases $ 2,634 $ 1,661 ROU assets obtained in exchange for lease obligations: Operating leases $ 35,993 $ 34,100 Finance leases $ 27,705 $ 1,624 Weighted-average remaining lease term (in years): Operating leases 6.0 5.8 Finance leases 9.6 9.9 Weighted-average discount rate: Operating leases 4.5 % 4.2 % Finance leases 4.7 % 3.1 % We are committed under multiple non-cancellable operating and finance leases involving office space, model homes, production facilities, automobiles and production equipment. Future lease payments under these operating and finance leases as of December 31, 2024 are as follows: Year Ending December 31, Operating Leases Finance Leases 2025 $ 37,984 $ 6,084 2026 24,727 7,050 2027 19,169 5,496 2028 15,196 4,843 2029 12,951 4,753 Thereafter 24,506 21,939 Total lease payments 134,533 50,165 Less: Imputed interest 15,447 10,129 Short-term lease payments 9,719 — Total lease liability $ 109,367 $ 40,036

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 1,681,928	$ 1,591,611	$ 1,725,575

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity. Risk Management and Strategy We have implemented systems and processes intended to secure our information technology systems and prevent unauthorized access to or loss of sensitive, confidential and personal data. These processes are implemented and overseen primarily by our Chief Information Officer (CIO) and Chief Information Security Officer (CISO). Our CIO has over 35 years of experience and in his 20 years at NVR has been responsible for the implementation and modernization of many of our key technologies across the enterprise. Our CISO has over 25 years of experience in information technology architecture, including over 18 years with NVR in progressively more senior information security roles. Significant information technology processes that have been implemented include: - vulnerability management to help ensure security updates are effectively applied, - utilization of encryption and multi-factor authentication technologies to protect company data, - regular required training for all employees with systems access regarding matters such as cybersecurity threats and data protection, and utilization of simulated phishing tests to increase security awareness, - regular review of third-party service providers, including review of their system and organization controls (SOC) reports, - enhanced monitoring capabilities for early detection and rapid response to potential security anomalies, - documented incident response readiness process updated annually, - completion of tabletop exercises on potential cybersecurity breaches with the assistance of a third-party cybersecurity consultant, and - regular review of information technology disaster recovery and business continuity processes to help ensure the ability to resume work after an incident. Review of these processes has been incorporated into our annual risk assessment and internal audits of controls performed by our Internal Audit department. Results of these audits are reported to the Audit Committee by our Vice President of Internal Audit and Corporate Governance.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Review of these processes has been incorporated into our annual risk assessment and internal audits of controls performed by our Internal Audit department.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Audit Committee is required under its charter to periodically review our data privacy and information security programs. Our Audit Committee assists our Board in oversight and monitoring of our cybersecurity processes, including systems to collect and store confidential information, ongoing initiatives, current threats and our response readiness to cybersecurity attacks. Our CIO and CISO communicate directly with members of the Audit Committee and Board of Directors on cybersecurity matters. In 2024, our CIO and CISO presented updates on our cybersecurity initiatives quarterly; twice to our Audit Committee and twice to our full Board.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee is required under its charter to periodically review our data privacy and information security programs.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CIO and CISO communicate directly with members of the Audit Committee and Board of Directors on cybersecurity matters. In 2024, our CIO and CISO presented updates on our cybersecurity initiatives quarterly; twice to our Audit Committee and twice to our full Board.
Cybersecurity Risk Role of Management [Text Block]	These processes are implemented and overseen primarily by our Chief Information Officer (CIO) and Chief Information Security Officer (CISO).
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Audit Committee is required under its charter to periodically review our data privacy and information security programs. Our Audit Committee assists our Board in oversight and monitoring of our cybersecurity processes, including systems to collect and store confidential information, ongoing initiatives, current threats and our response readiness to cybersecurity attacks. Our CIO and CISO communicate directly with members of the Audit Committee and Board of Directors on cybersecurity matters. In 2024, our CIO and CISO presented updates on our cybersecurity initiatives quarterly; twice to our Audit Committee and twice to our full Board.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CIO has over 35 years of experience and in his 20 years at NVR has been responsible for the implementation and modernization of many of our key technologies across the enterprise. Our CISO has over 25 years of experience in information technology architecture, including over 18 years with NVR in progressively more senior information security roles.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CIO and CISO communicate directly with members of the Audit Committee and Board of Directors on cybersecurity matters. In 2024, our CIO and CISO presented updates on our cybersecurity initiatives quarterly; twice to our Audit Committee and twice to our full Board.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
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 and Restricted Cash	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 is 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 collectability issues resulting from a developer’s non-performance because of financial or other conditions. For the year ended December 31, 2024, we incurred a net pre-tax charge of approximately $7,200 related to the impairment of contract land deposits. 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. The contract land deposit assets on the accompanying consolidated balance sheets are shown net of the allowance for losses of $58,597 and $53,397 as of December 31, 2024 and 2023, respectively.
Land Under Development	Land Under Development On a limited basis, we directly acquire raw parcels of land already zoned for their 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.
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 lease 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" on the accompanying consolidated balance sheets. See Note 12 herein for further information.
Warranty/Product Liability Reserves	Warranty/Product Liability Reserves
Mortgage Repurchase Reserve, Mortgage Loans Held for Sale and 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 the loans it originates into the secondary market primarily 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 operating effectively, 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 homebuyers with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within time frames established by NVRM. All 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. As of December 31, 2024, there were contractual commitments to extend credit to borrowers aggregating $2,006,907, and open forward delivery sale contracts aggregating $2,140,042, 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, 2024, 2023 and 2022: Year Ended December 31, 2024 2023 2022 Weighted average number of shares outstanding used to 3,109,630 3,238,161 3,285,562 Dilutive securities: Stock options and restricted share units 209,804 197,133 222,962 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,319,434 3,435,294 3,508,524 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, 2024, 2023 and 2022, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Year Ended December 31, 2024 2023 2022 Anti-dilutive securities 5,230 14,444 194,884
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 $322,926 and $334,441 as of December 31, 2024 and 2023, 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 $21,700 and $17,900 as of December 31, 2024 and 2023, 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	Comprehensive Income For the years ended December 31, 2024, 2023 and 2022, 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 and Recent Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses", requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on our consolidated financial statements and related disclosures. In December 2023, the 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 that the adoption of ASU 2023-09 will have on our consolidated financial statements and related disclosures. Recently Adopted Accounting Pronouncements 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. Public entities are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. The Company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 2 in the accompanying notes to the consolidated financial statements for further detail.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024, 2023 and 2022: Year Ended December 31, 2024 2023 2022 Weighted average number of shares outstanding used to 3,109,630 3,238,161 3,285,562 Dilutive securities: Stock options and restricted share units 209,804 197,133 222,962 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,319,434 3,435,294 3,508,524
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, 2024, 2023 and 2022, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Year Ended December 31, 2024 2023 2022 Anti-dilutive securities 5,230 14,444 194,884

Segment Information, Nature o_2

Segment Information, Nature of Operations, and Certain Concentrations (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 2023 2022 Revenues: Homebuilding Mid Atlantic $ 4,423,768 $ 4,189,957 $ 4,766,329 Homebuilding North East 1,165,873 948,289 892,543 Homebuilding Mid East 1,861,735 1,723,514 2,147,262 Homebuilding South East 2,841,049 2,452,845 2,520,636 Mortgage Banking 232,054 203,597 199,664 Consolidated revenues $ 10,524,479 $ 9,518,202 $ 10,526,434
Cost of Goods and Services Sold	Year Ended December 31, 2024 2023 2022 Segment cost of sales: Homebuilding Mid Atlantic $ (3,318,299) $ (3,165,964) $ (3,485,731) Homebuilding North East (862,223) (704,654) (665,877) Homebuilding Mid East (1,447,286) (1,350,843) (1,670,604) Homebuilding South East (2,206,202) (1,823,002) (1,768,902)
Selling, general & administrative	Year Ended December 31, 2024 2023 2022 Segment selling, general & administrative expense: Homebuilding Mid Atlantic $ (151,470) $ (144,641) $ (144,837) Homebuilding North East (46,132) (41,651) (39,286) Homebuilding Mid East (80,254) (76,241) (82,879) Homebuilding South East (142,865) (111,432) (98,360) Mortgage Banking (96,630) (85,555) (89,340)
Corporate capital allocation charge	Year Ended December 31, 2024 2023 2022 Corporate capital allocation charge: Homebuilding Mid Atlantic $ (139,780) $ (135,618) $ (143,251) Homebuilding North East (40,614) (33,269) (30,623) Homebuilding Mid East (43,989) (39,005) (51,376) Homebuilding South East (106,514) (80,913) (77,654)
Schedule of Other Segment Items	Year Ended December 31, 2024 2023 2022 Other segment items, net: Homebuilding Mid Atlantic $ 2,036 $ 1,589 $ 1,517 Homebuilding North East 321 297 576 Homebuilding Mid East 628 440 833 Homebuilding South East 2,690 3,040 1,310 Mortgage Banking (1) 23,777 20,271 15,432
Profit before Taxes	Year Ended December 31, 2024 2023 2022 Segment profit: Homebuilding Mid Atlantic $ 816,255 $ 745,323 $ 994,027 Homebuilding North East 217,225 169,012 157,333 Homebuilding Mid East 290,834 257,865 343,236 Homebuilding South East 388,158 440,538 577,030 Mortgage Banking 159,201 138,313 125,756 Total segment profit 1,871,673 1,751,051 2,197,382 Reconciling items: Contract land deposit allowance adjustment (2) 6,228 3,279 (27,300) Equity-based compensation expense (3) (73,925) (99,507) (82,537) Corporate capital allocation (4) 330,897 288,805 302,904 Unallocated corporate overhead (156,470) (175,208) (129,998) Consolidation adjustments and other (5) 26,424 44,619 (1,719) Corporate interest income 137,530 142,083 32,457 Corporate interest expense (26,851) (26,749) (37,995) Reconciling items sub-total 243,833 177,322 55,812 Consolidated profit before taxes $ 2,115,506 $ 1,928,373 $ 2,253,194 (2) This item represents changes to the contract land deposit impairment allowance, which are not allocated to our reportable segments. See further discussion of contract land deposit impairment charges in Note 3. (3) This item represents compensation expense for all Option and RSU grants. See Note 11 for additional discussion of equity-based compensation. (4) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding segments. The corporate capital allocation charge is based on the segment's monthly average asset balance.
Assets	As of December 31, 2024 2023 Assets: Homebuilding Mid Atlantic $ 1,337,659 $ 1,252,360 Homebuilding North East 368,300 314,904 Homebuilding Mid East 396,854 368,154 Homebuilding South East 914,318 796,505 Mortgage Banking 485,409 452,323 Total segment assets 3,502,540 3,184,246 Reconciling items: Cash and cash equivalents 2,561,339 3,126,472 Deferred taxes 142,192 148,005 Intangible assets and goodwill 49,368 49,368 Operating lease right-of-use assets 78,340 70,384 Finance lease right-of-use assets 37,638 13,310 Contract land deposit allowance (58,597) (53,397) Consolidation adjustments and other 68,168 63,369 Reconciling items sub-total 2,878,448 3,417,511 Consolidated assets $ 6,380,988 $ 6,601,757

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 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 as of December 31, 2024 and 2023 was as follows: As of December 31, 2024 2023 Contract land deposits $ 785,272 $ 629,948 Allowance for losses on contract land deposits (58,597) (53,397) Contract land deposits, net 726,675 576,551 Contingent obligations in the form of letters of credit 8,722 7,769 Total risk of loss $ 735,397 $ 584,320

Capitalized Interest (Tables)

Capitalized Interest (Tables)	12 Months Ended
	Dec. 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	Our interest costs incurred, capitalized, expensed and charged to cost of sales during the years ended December 31, 2024, 2023 and 2022 was as follows: Year Ended December 31, 2024 2023 2022 Interest capitalized, beginning of year $ 151 $ 570 $ 593 Interest incurred 28,047 27,540 39,626 Interest charged to interest expense (27,783) (27,740) (39,524) Interest charged to cost of sales (82) (219) (125) Interest capitalized, end of year $ 333 $ 151 $ 570

Property, Plant and Equipment_2

Property, Plant and Equipment ("PP&E") (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment ("PP&E")	As of December 31, 2024 2023 Homebuilding: Office facilities and other $ 53,513 $ 45,707 Model home furniture and fixtures 33,842 35,418 Production facilities 115,680 106,227 Finance lease right-of-use assets 37,638 13,310 Gross Homebuilding PP&E 240,673 200,662 Less: accumulated depreciation (145,054) (136,946) Net Homebuilding PP&E $ 95,619 $ 63,716 Mortgage Banking: Office facilities and other $ 19,174 $ 17,572 Less: accumulated depreciation (11,801) (11,224) Net Mortgage Banking PP&E $ 7,373 $ 6,348

Common Stock (Tables)

Common Stock (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Share Repurchases of Common Stock	We made the following share repurchases during the years indicated: Year Ended December 31, 2024 2023 2022 Aggregate purchase price $ 2,057,677 $ 1,081,815 $ 1,500,358 Number of shares repurchased 256,871 181,499 323,652

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Provision for Income Taxes	The provision for income taxes consists of the following: Year Ended December 31, 2024 2023 2022 Current: Federal $ 326,357 $ 261,481 $ 412,036 State 101,428 79,023 126,686 Deferred: Federal 5,470 (3,986) (6,753) State 323 244 (4,350) Income tax expense $ 433,578 $ 336,762 $ 527,619
Deferred Income Taxes on Consolidated Balance Sheets	Deferred income taxes on our consolidated balance sheets were comprised of the following: As of December 31, 2024 2023 Deferred tax assets: Other accrued expenses and contract land deposit allowance $ 68,784 $ 71,466 Deferred compensation 4,349 4,347 Equity-based compensation expense 47,467 48,088 Inventory 18,468 18,181 Unrecognized tax benefit 6,998 8,049 Other 13,595 14,703 Total deferred tax assets 159,661 164,834 Less: Deferred tax liabilities 10,135 9,515 Net deferred tax asset $ 149,526 $ 155,319
Income Tax Expense Reconciliation	A reconciliation of income taxes computed at the federal statutory rate (21% in 2024, 2023, and 2022) to income tax expense is as follows: Year Ended December 31, 2024 2023 2022 Income taxes computed at the federal statutory rate $ 444,256 $ 404,958 $ 473,171 State income taxes, net of federal income tax benefit (1) 98,746 92,163 105,867 Excess tax benefits from equity-based compensation (95,057) (153,554) (50,324) Other, net (2) (14,367) (6,805) (1,095) Income tax expense $ 433,578 $ 336,762 $ 527,619 (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, 2024, 2023 and 2022.
Reconciliation of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, 2024 2023 Balance at beginning of year $ 25,588 $ 29,526 Additions based on tax positions related to the current year 572 782 Reductions for tax positions of prior years (5,251) (4,720) Settlements — — Balance at end of year $ 20,909 $ 25,588

Equity-Based Compensation, Pr_2

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2024
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 as of December 31, 2024. 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 12,045 — 2014 Equity Incentive Plan (2) 950,000 214,738 — 2018 Equity Incentive Plan (3) 275,000 161,946 89,724 (1) The 2010 Equity Incentive Plan (the “2010 Plan”) authorized us to issue Options and RSUs. There were 12,011 Options and 34 RSUs outstanding as of December 31, 2024. Shares can no longer be granted from this plan. (2) The 2014 Equity Incentive Plan (the “2014 Plan”) authorized us to issue Options only. Shares can no longer be granted from this plan. (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 138,933 Options and 23,013 RSUs outstanding as of December 31, 2024. Of the 89,724 shares available to issue, 16,782 may be granted in the form of RSUs.
Equity-Based Compensation Plans	The following table provides additional information relative to our equity-based compensation plans for the year ended December 31, 2024: Shares Weighted Avg. Per Share Weighted Avg. Remaining Aggregate Stock Options Outstanding at December 31, 2023 432,590 $ 3,557.78 Granted 4,520 7,202.65 Exercised (67,548) 2,360.02 Forfeited (3,880) 4,133.11 Outstanding at December 31, 2024 365,682 $ 3,815.26 5.5 $ 1,595,746 Exercisable at December 31, 2024 208,589 $ 3,293.96 4.2 $ 1,018,946 RSUs Outstanding at December 31, 2023 27,482 Granted 1,828 Vested (5,461) Forfeited (802) Outstanding at December 31, 2024 23,047 $ 188,499 Vested, but not issued at December 31, 2024 6,088 $ 49,793
Black-Scholes Option-Pricing Model Assumptions	The fair value of the Options granted during 2024, 2023 and 2022 was estimated on the grant date using the Pricing Model, based on the following assumptions: 2024 2023 2022 Estimated option life (years) 6.03 6.05 5.61 Risk free interest rate (range) 3.94%-4.79% 3.53%-4.69% 1.17%-4.36% Expected volatility (range) 24.16%-31.56% 26.75%-30.01% 24.93%-30.89% Expected dividend rate — % — % — % Weighted average grant-date fair value per share of options granted $ 2,631.86 $ 1,936.08 $ 1,437.93
Exercised Option Proceeds	Information with respect to the vested RSUs and exercised Options is as follows: Year Ended December 31, 2024 2023 2022 Aggregate exercise proceeds $ 161,625 $ 250,509 $ 196,717 Aggregate intrinsic value on exercise dates $ 423,258 $ 635,709 $ 234,732

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 2023 2022 Warranty reserve, beginning of year $ 146,283 $ 144,006 $ 134,859 Provision 84,945 95,193 96,577 Payments (98,133) (92,916) (87,430) Warranty reserve, end of year $ 133,095 $ 146,283 $ 144,006

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Undesignated Derivative Instruments	The fair value measurement of NVRM's undesignated derivative instruments was as follows: As of December 31, 2024 2023 Rate lock commitments: Gross assets $ 34,935 $ 61,150 Gross liabilities 25,739 168 Net rate lock commitments $ 9,196 $ 60,982 Forward sales contracts: Gross assets $ 6,822 $ 8 Gross liabilities 1,122 18,305 Net forward sales contracts $ 5,700 $ (18,297)
Fair Value Measurement	The fair value measurement as of December 31, 2024 was as follows: Notional or Assumed Interest Servicing Security Total Fair Rate lock commitments $ 2,006,907 $ 6,540 $ (25,058) $ 27,714 $ — $ 9,196 Forward sales contracts $ 2,140,042 — — — 5,700 5,700 Mortgages held for sale $ 352,489 1,366 (4,099) 5,453 — 2,720 Total fair value measurement $ 7,906 $ (29,157) $ 33,167 $ 5,700 $ 17,616

Leases, Codification Topic 842

Leases, Codification Topic 842 (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Lease, Cost	The components of lease expense were as follows: Year Ended December 31, 2024 2023 2022 Lease expense Operating lease expense $ 39,245 $ 37,262 $ 34,467 Finance lease expense: Amortization of ROU assets 3,377 2,059 1,916 Interest on lease liabilities 1,071 421 417 Short-term lease expense 33,108 30,607 27,584 Total lease expense $ 76,801 $ 70,349 $ 64,384
ScheduleofSupplementalCashFlowInformationRelatedtoLeases	Other information related to leases was as follows: Year Ended December 31, 2024 2023 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 31,373 $ 29,044 Operating cash flows from finance leases $ 1,071 $ 421 Financing cash flows from finance leases $ 2,634 $ 1,661 ROU assets obtained in exchange for lease obligations: Operating leases $ 35,993 $ 34,100 Finance leases $ 27,705 $ 1,624 Weighted-average remaining lease term (in years): Operating leases 6.0 5.8 Finance leases 9.6 9.9 Weighted-average discount rate: Operating leases 4.5 % 4.2 % Finance leases 4.7 % 3.1 %
Lessee, Operating and Finance Lease, Liability, Maturity	We are committed under multiple non-cancellable operating and finance leases involving office space, model homes, production facilities, automobiles and production equipment. Future lease payments under these operating and finance leases as of December 31, 2024 are as follows: Year Ending December 31, Operating Leases Finance Leases 2025 $ 37,984 $ 6,084 2026 24,727 7,050 2027 19,169 5,496 2028 15,196 4,843 2029 12,951 4,753 Thereafter 24,506 21,939 Total lease payments 134,533 50,165 Less: Imputed interest 15,447 10,129 Short-term lease payments 9,719 — Total lease liability $ 109,367 $ 40,036

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Significant Accounting Policies [Line Items]
Allowance for losses on contract land deposits	$ 58,597	$ 53,397
Net Contract Land Deposit Impairment Charges (Recoveries)	$ 7,200	(2,900)	$ 27,500
Model home furniture and fixtures
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	2 years
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	$ 2,561,339	3,126,472
Reorganization value in excess of amounts allocable to identifiable assets, net	41,580	41,580
Customer deposits	322,926	334,441
Mortgage Banking
Significant Accounting Policies [Line Items]
Cash	49,636	36,422
Reorganization value in excess of amounts allocable to identifiable assets, net	$ 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	$ 2,006,907
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Forward sales contracts
Significant Accounting Policies [Line Items]
Derivative, Notional Amount	2,140,042
Other Assets
Significant Accounting Policies [Line Items]
Capitalized Contract Cost, Net	$ 21,700	$ 17,900

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS (in Shares)	3,109,630	3,238,161	3,285,562
Dilutive securities:
Stock options and restricted share units (in Shares)	209,804	197,133	222,962
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS (in Shares)	3,319,434	3,435,294	3,508,524

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Anti-dilutive securities (in Shares)	5,230	14,444	194,884

Segment Information, Nature o_3

Segment Information, Nature of Operations, and Certain Concentrations - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 Trade_Names metropolitan_area 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 2030
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 10,524,479	$ 9,518,202	$ 10,526,434
Home Building
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	10,292,425	9,314,605	10,326,770
Home Building | Mid Atlantic
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	4,423,768	4,189,957	4,766,329
Home Building | North East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,165,873	948,289	892,543
Home Building | Mid East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,861,735	1,723,514	2,147,262
Home Building | South East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,841,049	2,452,845	2,520,636
Mortgage Banking
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 232,054	$ 203,597	$ 199,664

Segment Information , Nature of

Segment Information , Nature of Operations, and Certain Concentrations - Cost of Sales (Detail) - Home Building - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]
Cost of sales	$ (7,850,549)	$ (7,051,198)	$ (7,662,271)
Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Cost of sales	(3,318,299)	(3,165,964)	(3,485,731)
North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Cost of sales	(862,223)	(704,654)	(665,877)
Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Cost of sales	(1,447,286)	(1,350,843)	(1,670,604)
South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Cost of sales	$ (2,206,202)	$ (1,823,002)	$ (1,768,902)

Segment Information, Nature o_5

Segment Information, Nature of Operations, and Certain Concentrations - SG&A (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Home Building | Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Segment selling, general & administrative	$ (151,470)	$ (144,641)	$ (144,837)
Home Building | North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Segment selling, general & administrative	(46,132)	(41,651)	(39,286)
Home Building | Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Segment selling, general & administrative	(80,254)	(76,241)	(82,879)
Home Building | South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Segment selling, general & administrative	(142,865)	(111,432)	(98,360)
Mortgage Banking
Segment Reporting, Other Significant Reconciling Item [Line Items]
Segment selling, general & administrative	$ (96,630)	$ (85,555)	$ (89,340)

Segment Information, Nature o_6

Segment Information, Nature of Operations, and Certain Concentrations - Corporate Capital Allocation Charge (Detail) - Corporate Reconciling Items And Eliminations - Home Building - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ (139,780)	$ (135,618)	$ (143,251)
North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	(40,614)	(33,269)	(30,623)
Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	(43,989)	(39,005)	(51,376)
South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ (106,514)	$ (80,913)	$ (77,654)

Segment Information, Nature o_7

Segment Information, Nature of Operations, and Certain Concentrations - Schedule of other segment items (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Mortgage Banking
Segment Reporting Information [Line Items]
Other segment items, net:	$ 23,777	$ 20,271	$ 15,432
Mid Atlantic | Home Building
Segment Reporting Information [Line Items]
Other segment items, net:	2,036	1,589	1,517
North East | Home Building
Segment Reporting Information [Line Items]
Other segment items, net:	321	297	576
Mid East | Home Building
Segment Reporting Information [Line Items]
Other segment items, net:	628	440	833
South East | Home Building
Segment Reporting Information [Line Items]
Other segment items, net:	$ 2,690	$ 3,040	$ 1,310

Segment Information, Nature o_8

Segment Information, Nature of Operations, and Certain Concentrations - Profit before Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	$ 2,115,506	$ 1,928,373	$ 2,253,194
Equity-based compensation expense	(73,925)	(99,507)	(82,537)
Home Building
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	1,960,571	1,795,580	2,131,044
Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	154,935	132,793	122,150
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	1,871,673	1,751,051	2,197,382
Operating Segments | Home Building | Mid Atlantic
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	816,255	745,323	994,027
Operating Segments | Home Building | North East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	217,225	169,012	157,333
Operating Segments | Home Building | Mid East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	290,834	257,865	343,236
Operating Segments | Home Building | South East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	388,158	440,538	577,030
Operating Segments | Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	159,201	138,313	125,756
Corporate And Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Profit before taxes	243,833	177,322	55,812
Contract land deposit reserve adjustment	6,228	3,279	(27,300)
Equity-based compensation expense	(73,925)	(99,507)	(82,537)
Corporate capital allocation charge	330,897	288,805	302,904
Unallocated Corporate Overhead	(156,470)	(175,208)	(129,998)
Consolidation Adjustments And Other	26,424	44,619	(1,719)
Corporate interest income	137,530	142,083	32,457
Corporate interest expense	$ (26,851)	$ (26,749)	$ (37,995)

Segment Information, Nature o_9

Segment Information, Nature of Operations, and Certain Concentrations - Consolidated assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Other Significant Reconciling Item [Line Items]
Assets	$ 6,380,988	$ 6,601,757
Finance lease right-of-use assets	37,638	13,310
Allowance for losses on contract land deposits	(58,597)	(53,397)
Home Building
Segment Reporting, Other Significant Reconciling Item [Line Items]
Assets	5,888,232	6,142,087
Cash and cash equivalents	2,561,339	3,126,472
Deferred tax assets, net	142,192	148,005
Operating lease right-of-use assets	78,340	70,384
Finance lease right-of-use assets	37,638	13,310
Mortgage Banking
Segment Reporting, Other Significant Reconciling Item [Line Items]
Assets	492,756	459,670
Cash and cash equivalents	49,636	36,422
Operating lease right-of-use assets	23,482	23,541
Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Assets	3,502,540	3,184,246
Operating Segments | Home Building | Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Assets	1,337,659	1,252,360
Operating Segments | Home Building | North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Assets	368,300	314,904
Operating Segments | Home Building | Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Assets	396,854	368,154
Operating Segments | Home Building | South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Assets	914,318	796,505
Operating Segments | Mortgage Banking
Segment Reporting, Other Significant Reconciling Item [Line Items]
Assets	485,409	452,323
Corporate And Reconciling Items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Assets	2,878,448	3,417,511
Intangible assets and goodwill	49,368	49,368
Allowance for losses on contract land deposits	(58,597)	(53,397)
Consolidation adjustments and other	68,168	63,369
Corporate And Reconciling Items | Home Building
Segment Reporting, Other Significant Reconciling Item [Line Items]
Cash and cash equivalents	2,561,339	3,126,472
Deferred tax assets, net	142,192	148,005
Operating lease right-of-use assets	78,340	70,384
Finance lease right-of-use assets	$ 37,638	$ 13,310

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) lot	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10%
Net Contract Land Deposit Impairment Charges (Recoveries)	$ 7,200	$ (2,900)	$ 27,500
Contract Land Deposits	$ 785,272	$ 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	155,000
Contract land deposits in cash under Lot Purchase Agreements	$ 764,900
Letters of credit related to lots	$ 8,700
Contract on Raw Ground with Landowners
Variable Interest Entity [Line Items]
Lots controlled by NVR | lot	35,900
Refundable deposits	$ 8,400
Contract Land Deposits	$ 20,400

Variable Interest Entities - To

Variable Interest Entities - Total Risk of Loss Related to Contract Land Deposits (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Contract land deposits	$ 785,272	$ 629,948
Allowance for losses on contract land deposits	(58,597)	(53,397)
Contract land deposits, net	726,675	576,551
Contingent obligations in the form of letters of credit	8,722	7,769
Total risk of loss	$ 735,397	$ 584,320

Joint Ventures - Additional Inf

Joint Ventures - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) lot joint_venture	Dec. 31, 2023 USD ($) joint_venture lot	Dec. 31, 2022 USD ($)
Equity Method Investments and Joint Ventures [Abstract]
Aggregate investment | $	$ 29,300	$ 29,200
Number of joint ventures | joint_venture	3	4
Expected production of finished lots | lot	5,150	5,200
Total lots controlled by company under the joint venture | lot	4,800	4,850
Total lots either under contract with unrelated parties or not under the current contract | lot	350	350
Additional funding commitments in the aggregate | $	$ 8,400	$ 11,500
Number of joint ventures with additional funding commitment | joint_venture		1
Distribution of capital from unconsolidated joint ventures | $	$ 2,715	$ 180	$ 0

Land Under Development - Additi

Land Under Development - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) lot	Dec. 31, 2023 USD ($) lot
Real Estate [Abstract]
Number of finished lots for use in homebuilding operations | lot	2,600	1,750
Carrying value of raw parcels of land | $	$ 65,394	$ 36,895
Payments to Acquire Land | $	$ 20,000
NumberOfFinishedLotsExpectedToBeDevelopedFromRawParcelsOfLand | lot	850

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Capitalized Interest Costs Including Allowance for Funds Used During Construction RollForward
Interest capitalized, beginning of year	$ 151	$ 570	$ 593
Interest incurred	28,047	27,540	39,626
Interest expense	(27,783)	(27,740)	(39,524)
Interest charged to cost of sales	(82)	(219)	(125)
Interest capitalized, end of year	$ 333	$ 151	$ 570

Property Plant and Equipment ("

Property Plant and Equipment ("PP&E") - Summary of Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Finance lease right-of-use assets	$ 37,638	$ 13,310
Home Building
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	240,673	200,662
Finance lease right-of-use assets	37,638	13,310
Less: accumulated depreciation	(145,054)	(136,946)
Net Homebuilding PP&E	95,619	63,716
Home Building | Office facilities and other
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	53,513	45,707
Home Building | Model home furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	33,842	35,418
Home Building | Production facilities
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	115,680	106,227
Mortgage Banking
Property, Plant and Equipment [Line Items]
Net Homebuilding PP&E	7,373	6,348
Mortgage Banking | Office facilities and other
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	19,174	17,572
Less: accumulated depreciation	(11,801)	(11,224)
Net Homebuilding PP&E	$ 7,373	$ 6,348

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 17, 2020	Sep. 09, 2020	May 04, 2020
Debt Instrument [Line Items]
Expiration date	Jul. 14, 2025
Repurchase Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum loan borrowing capacity	$ 150,000,000
Debt outstanding	$ 0	$ 0
Debt instrument, marginal interest rate	1.70%
Senior notes interest rate	6.03%
Repurchase Agreement | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Debt instrument, marginal interest rate	1.70%
Senior Notes due 2030
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	$ 653,000	764,000
Debt issuance cost	$ 1,941,000	2,303,000
Senior notes interest rate	3%
$250M Senior Notes Due Two Thousand
Debt Instrument [Line Items]
Senior notes principal amount				$ 250,000,000
$50M Senior Notes Due Two Thousand Thirty
Debt Instrument [Line Items]
Senior notes principal amount			$ 50,000,000
$300M Senior Notes Due Two Thousand Thirty
Debt Instrument [Line Items]
Senior notes effective interest rate	2%
Senior notes proceeds	$ 323,600,000
Debt Instrument, Unamortized Discount (Premium), Net	(14,510,000)	(17,040,000)
Debt issuance cost	798,000	$ 947,000
Amended Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum loan borrowing capacity	300,000,000
Increase in commitment available	300,000,000
Amended Credit Agreement | 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	$ 14,600,000

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common shares outstanding (in Shares)	3,011,644	3,194,876
Reissued shares during the period, shares (in Shares)	73,009	158,022	95,069

Common Stock - Share Repurchase

Common Stock - Share Repurchase of Common Stock (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Aggregate purchase price	$ 2,057,677	$ 1,081,815	$ 1,500,358
Number of shares repurchased (in Shares)	256,871	181,499	323,652

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 326,357	$ 261,481	$ 412,036
State	101,428	79,023	126,686
Deferred:
Federal	5,470	(3,986)	(6,753)
State	323	244	(4,350)
Total	$ 433,578	$ 336,762	$ 527,619

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Other accrued expenses and contract land deposit allowance	$ 68,784	$ 71,466
Deferred compensation	4,349	4,347
Equity-based compensation expense	47,467	48,088
Inventory	18,468	18,181
Unrecognized tax benefit	6,998	8,049
Other	13,595	14,703
Total deferred tax assets	159,661	164,834
Less: Deferred tax liabilities	10,135	9,515
Net deferred tax asset	$ 149,526	$ 155,319

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Estimated federal taxable income	$ 1,683,027	$ 1,300,105
Statutory federal income tax rate	21%	21%	21%
Effective tax rate	20.50%	17.46%	23.42%
Unrecognized tax benefits that would affect effective tax rate	$ 16,518
Reversal of accrued interest on unrecognized tax benefits	264	$ 106	$ 3,662
Total accrued interest on unrecognized tax benefits	10,028	$ 10,292
Reduction in unrecognized tax benefits	$ 5,110

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense Reconciliation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income taxes computed at the federal statutory rate	$ 444,256	$ 404,958	$ 473,171
State income taxes, net of federal income tax benefit	98,746	92,163	105,867
Excess tax benefits from equity-based compensation	(95,057)	(153,554)	(50,324)
Other, net	(14,367)	(6,805)	(1,095)
Total	$ 433,578	$ 336,762	$ 527,619

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 25,588	$ 29,526
Additions based on tax positions related to the current year	572	782
Reductions for tax positions of prior years	(5,251)	(4,720)
Settlements	0	0
Balance at end of year	$ 20,909	$ 25,588

Equity-Based Compensation, Pr_3

Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans - Additional Information (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) compensation_plan $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense | $	$ 73,925	$ 99,507	$ 82,537
Tax benefit related to equity-based compensation costs | $	$ 15,900	$ 19,900	$ 16,700
Options exercised (in shares)	73,009	158,022	95,069
Combined plan contribution | $	$ 30,200	$ 26,200	$ 26,800
Shares contributed to the Employee Stock Ownership Plan (in Shares)	3,700	3,640
Number of deferred compensation plans | compensation_plan	2
Common stock, shares held in rabbi trust, shares (in shares)	106,697	106,697
Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested (in shares)	2,700
Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested (in shares)	1,820
Tranche Two | Key Management Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	50%
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units grants during period	1,828
Total unrecognized compensation cost for all outstanding Options and RSUs | $	$ 202,007
Weighted-average period over which the unrecognized compensation will be recorded	2 years
Weighted average grant date fair value per share for the RSUs (in dollars per share) | $ / shares	$ 7,588.67
RSUs | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	4 years
Restricted share units grants during period	1,170
RSUs | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	2 years
Restricted share units grants during period	658
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years for options granted	10 years
Options | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	4 years
Percentage of options vesting rights	25%
Options | Tranche One | Key Management Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vesting rights	50%
Options | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units vesting period or option vesting period	2 years
Percentage of options vesting rights	50%
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (Shares)	4,520
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 | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units grants during period	1,828
2018 Plan | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (Shares)	2,742
2014 Plan | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (Shares)	1,778

Grants Outstanding (Detail)

Grants Outstanding (Detail) - shares	Dec. 31, 2024	Dec. 31, 2023
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]
Shares Authorized	700,000
Options/RSUs Outstanding	12,045
Shares Available to Issue	0
Options outstanding	12,011
RSUs outstanding (in shares)	34
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized	950,000
Options/RSUs Outstanding	214,738
Shares Available to Issue	0
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Authorized	275,000
Options/RSUs Outstanding	161,946
Shares Available to Issue	89,724
Options outstanding	138,933
RSUs outstanding (in shares)	23,013
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs outstanding (in shares)	23,047	27,482
RSUs | 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Available to Issue	16,782
Common stock, shares authorized	40,000

Equity-Based Compensation Rollf

Equity-Based Compensation Rollforward (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
RSUs
Remaining Contractual Life and Aggregate Intrinsic Value
Outstanding at end of period (Aggregate Intrinsic Value) | $	$ 188,499
Vested, but not issued at end of period (Aggregate Intrinsic Value) | $	$ 49,793
RSUs
RSUs outstanding, at beginning of period (in shares)	27,482
Granted (Shares)	1,828
Vested (in shares)	(5,461)
Forfeited (in shares)	(802)
Vested, but not issued at end of period (Shares)	6,088
RSUs outstanding, at ending of period (in shares)	23,047
Employee Stock
Stock Option, Shares
Outstanding at beginning of period (Shares)	432,590
Granted (Shares)	4,520
Exercised (Shares)	(67,548)
Forfeited (Shares)	(3,880)
Outstanding at end of period (Shares)	365,682
Exercisable at end of period (Shares)	208,589
Weighted Average Per Share Exercise Price
Outstanding at beginning of period (Weighted Average Exercise Price) | $ / shares	$ 3,557.78
Granted (Weighted Average Exercise Price) | $ / shares	7,202.65
Exercised (Weighted Average Exercise Price) | $ / shares	2,360.02
Forfeited (Weighted Average Exercise Price) | $ / shares	4,133.11
Outstanding at end of period (Weighted Average Exercise Price) | $ / shares	3,815.26
Exercisable at end of period (Weighted Average Exercise Price) | $ / shares	$ 3,293.96
Remaining Contractual Life and Aggregate Intrinsic Value
Outstanding at end of period (Weighted Average Remaining Contract Life (Years)	5 years 6 months
Exercisable at end of period (Weighted Average Remaining Contract Life (Years)	4 years 2 months 12 days
Outstanding at end of period (Aggregate Intrinsic Value) | $	$ 1,595,746
Exercisable at end of period (Aggregate Intrinsic Value) | $	$ 1,018,946

Black-Scholes Option-Pricing Mo

Black-Scholes Option-Pricing Model Assumptions (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Estimated option life	6 years 10 days	6 years 18 days	5 years 7 months 9 days
Risk free interest rate (range), minimum	3.94%	3.53%	1.17%
Risk free interest rate (range), maximum	4.79%	4.69%	4.36%
Expected volatility (range), minimum	24.16%	26.75%	24.93%
Expected volatility (range), maximum	31.56%	30.01%	30.89%
Expected dividend rate	0%	0%	0%
Weighted average grant-date fair value per share of options granted	$ 2,631.86	$ 1,936.08	$ 1,437.93

Exercised Option Proceeds (Deta

Exercised Option Proceeds (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Aggregate exercise proceeds	$ 161,625	$ 250,509	$ 196,717
Aggregate intrinsic value on exercise dates	$ 423,258	$ 635,709	$ 234,732

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - Additional Information (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments And Contingencies [Line Items]
Maximum range of deposits required under the purchase agreements	10%
Contingent forfeitable deposits with land developers	$ 584,500
Contingent obligations under bonds or letters of credit arrangements	51,000
Credit Agreement
Commitments And Contingencies [Line Items]
Contingent obligations under letters of credit arrangements	$ 14,600

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Movement in Warranty Reserve [Roll Forward]
Warranty reserve, beginning of year	$ 146,283	$ 144,006	$ 134,859
Provision	84,945	95,193	96,577
Payments	(98,133)	(92,916)	(87,430)
Warranty reserve, end of year	$ 133,095	$ 146,283	$ 144,006

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)	$ 17,616	$ 49,034
Senior Notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	911,118	913,027
Level 2 | Fair Value, Measurements, Recurring | Senior Notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	811,161	803,646
Mortgage Banking
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale, net	355,209	222,560
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)	(31,418)	56,469	$ (25,673)
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)	9,196
Derivative, Notional Amount	2,006,907
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)	5,700
Derivative, Notional Amount	2,140,042
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)	2,720	6,349
Derivative, Notional Amount	352,489	216,211
Mortgage loans held for sale, net	$ 355,209	$ 222,560

Fair Value - Undesignated Deriv

Fair Value - Undesignated Derivative Instruments (Detail) - Mortgage Banking - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Rate lock commitments
Derivatives, Fair Value [Line Items]
Gross assets	$ 34,935	$ 61,150
Gross liabilities	25,739	168
Net commitments	9,196	60,982
Forward sales contracts
Derivatives, Fair Value [Line Items]
Gross assets	6,822	8
Gross liabilities	1,122	18,305
Net commitments	$ 5,700	$ (18,297)

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurement (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain From Loan Sale	$ 7,906
Interest Rate Movement Effect	(29,157)
Servicing Rights Value	33,167
Security Price Change	5,700
Total Fair Value Measurement Gain/(Loss)	17,616	$ 49,034
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Rate lock commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Notional Amount	2,006,907
Assumed Gain From Loan Sale	6,540
Interest Rate Movement Effect	(25,058)
Servicing Rights Value	27,714
Security Price Change	0
Total Fair Value Measurement Gain/(Loss)	9,196
Mortgage Banking | Level 2 | Fair Value, Measurements, Recurring | Forward sales contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Notional Amount	2,140,042
Assumed Gain From Loan Sale	0
Interest Rate Movement Effect	0
Servicing Rights Value	0
Security Price Change	5,700
Total Fair Value Measurement Gain/(Loss)	5,700
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]
Derivative, Notional Amount	352,489	216,211
Assumed Gain From Loan Sale	1,366
Interest Rate Movement Effect	(4,099)
Servicing Rights Value	5,453
Security Price Change	0
Total Fair Value Measurement Gain/(Loss)	$ 2,720	$ 6,349

Mortgage Loan Losses Allowance

Mortgage Loan Losses Allowance - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Mortgage Repurchase Reserve [Abstract]
Pre-tax charges for loan losses related to mortgage loans sold	$ 1,700	$ (1,900)	$ 2,500
Mortgage repurchase reserve, expense (reversal)	$ 18,700	$ 18,600

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Lessee, Operating Lease, Term of Contract	15 years 8 months 12 days
Lessee, Operating Lease, Option to Extend	20
Finance lease right-of-use assets	$ 37,638	$ 13,310
Total lease liability	$ 40,036	$ 14,965
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities [Member]	Accrued Liabilities [Member]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net

Leases - Components of lease ex

Leases - Components of lease expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 39,245	$ 37,262	$ 34,467
Amortization of ROU assets	3,377	2,059	1,916
Interest on lease liabilities	1,071	421	417
Short-term lease expense	33,108	30,607	27,584
Total lease expense	$ 76,801	$ 70,349	$ 64,384

Leases - Other information rela

Leases - Other information related to leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Lease, Payments	$ 31,373	$ 29,044
Finance Lease, Interest Payment on Liability	1,071	421
Finance Lease, Principal Payments	2,634	1,661	$ 1,495
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	35,993	34,100
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 27,705	$ 1,624
Operating Lease, Weighted Average Remaining Lease Term	6 years	5 years 9 months 18 days
Finance Lease, Weighted Average Remaining Lease Term	9 years 7 months 6 days	9 years 10 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	4.50%	4.20%
Finance Lease, Weighted Average Discount Rate, Percent	4.70%	3.10%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 37,984
2026	24,727
2027	19,169
2028	15,196
2029	12,951
Thereafter	24,506
Total lease payments	134,533
Imputed interest	15,447
Short-term lease payments	9,719
Operating lease liabilities	109,367
Finance Leases
2025	6,084
2026	7,050
2027	5,496
2028	4,843
2029	4,753
Thereafter	21,939
Total lease payments	50,165
Imputed interest	10,129
Short-term lease payments	0
Total lease liability	$ 40,036	$ 14,965