NVR (NVR) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	NVR
Entity Registrant Name	NVR INC
Entity Central Index Key	906,163
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		3,912,711

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 387,462	$ 545,419
Inventory:
Land under development	53,203
Contract land deposits, net	318,588	294,676
Total assets	2,570,682	2,351,335
LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities	$ 1,330,192	$ 1,227,080
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both September 30, 2015 and December 31, 2014	$ 206	$ 206
Additional paid-in capital	1,420,214	1,325,495
Deferred compensation trust – 108,614 shares of NVR, Inc. common stock as of both September 30, 2015 and December 31, 2014	(17,333)	(17,333)
Deferred compensation liability	17,333	17,333
Retained earnings	5,136,110	4,887,187
Less treasury stock at cost – 16,573,224 and 16,506,229 shares as of September 30, 2015 and December 31, 2014, respectively	(5,316,040)	(5,088,633)
Total shareholders' equity	1,240,490	1,124,255
Total liabilities and shareholders' equity	2,570,682	2,351,335
Homebuilding [Member]
ASSETS
Cash and cash equivalents	375,886	514,780
Receivables	9,850	10,021
Inventory:
Lots and housing units, covered under sales agreements with customers	987,933	690,955
Unsold lots and housing units	110,589	131,938
Land under development	53,203	33,689
Building materials and other	9,730	12,904
Total Inventory	1,161,455	869,486
Assets related to consolidated variable interest entity	1,799	3,590
Contract land deposits, net	318,588	294,676
Property, plant and equipment, net	44,911	46,242
Reorganization value in excess of amounts allocable to identifiable assets, net	41,580	41,580
Goodwill and finite-lived intangible assets, net	4,327	5,364
Other assets	305,918	302,280
Total assets	2,264,314	2,088,019
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	260,941	204,622
Accrued expenses and other liabilities	301,594	289,058
Liabilities related to consolidated variable interest entity	1,619	1,618
Non-recourse debt related to consolidated variable interest entity		64
Customer deposits	132,072	106,755
Senior notes	599,237	599,166
Total liabilities	1,295,463	1,201,283
Mortgage Banking [Member]
ASSETS
Cash and cash equivalents	10,407	30,158
Mortgage loans held for sale, net	260,074	205,664
Inventory:
Property, plant and equipment, net	5,502	6,189
Reorganization value in excess of amounts allocable to identifiable assets, net	7,347	7,347
Other assets	23,038	13,958
Total assets	306,368	263,316
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and other liabilities	34,729	25,797
Total liabilities	$ 34,729	$ 25,797

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
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	108,614	108,614
Treasury stock, shares	16,573,224	16,506,229

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest expense	$ (6,081)	$ (5,775)	$ (17,955)	$ (17,292)
Income before taxes	184,996	143,791	396,043	302,322
Income tax expense	(68,526)	(53,639)	(147,120)	(120,143)
Net income	$ 116,470	$ 90,152	$ 248,923	$ 182,179
Basic earnings per share	$ 28.75	$ 21.49	$ 61.34	$ 42.01
Diluted earnings per share	$ 27.11	$ 20.70	$ 58.32	$ 40.59
Basic weighted average shares outstanding	4,050	4,196	4,058	4,336
Diluted weighted average shares outstanding	4,296	4,354	4,268	4,489
Homebuilding [Member]
Revenues	$ 1,374,467	$ 1,185,160	$ 3,537,116	$ 3,068,427
Other income	643	905	2,490	2,354
Cost of sales	(1,111,672)	(960,055)	(2,880,194)	(2,497,985)
Selling, general and administrative	(88,664)	(83,881)	(279,207)	(268,096)
Operating income	174,774	142,129	380,205	304,700
Interest expense	(5,900)	(5,618)	(17,499)	(16,895)
Income before taxes	168,874	136,511	362,706	287,805
Mortgage Banking [Member]
Mortgage banking fees	27,884	18,006	66,617	48,103
Interest income	1,972	1,373	4,353	3,382
Other income	363	240	711	493
General and administrative	(13,916)	(12,182)	(37,888)	(37,064)
Interest expense	(181)	(157)	(456)	(397)
Income before taxes	$ 16,122	$ 7,280	$ 33,337	$ 14,517

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 248,923	$ 182,179
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	16,182	12,583
Excess income tax benefit from equity-based compensation	(14,465)	(6,786)
Equity-based compensation expense	39,874	44,874
Contract land deposit recoveries	(9,925)	(4,108)
Gain on sale of loans	(48,243)	(32,621)
Mortgage loans closed	(2,163,472)	(1,714,682)
Mortgage loans sold and principal payments on mortgage loans held for sale	2,153,721	1,761,410
Distribution of earnings from unconsolidated joint ventures	13,069	4,790
Net change in assets and liabilities:
Increase in inventory	(289,754)	(272,457)
Increase in contract land deposits	(13,987)	(42,586)
Decrease (increase) in receivables	12	(1,755)
Increase in accounts payable and accrued expenses	78,935	22,224
Increase in customer deposits	25,317	18,401
Other, net	(20,605)	(13,327)
Net cash provided by (used in) operating activities	15,582	(41,861)
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(1,552)
Distribution of capital from unconsolidated joint ventures	13,931	8,710
Purchase of property, plant and equipment	(13,468)	(27,324)
Proceeds from the sale of property, plant and equipment	476	626
Net cash used in investing activities	(613)	(17,988)
Cash flows from financing activities:
Purchase of treasury stock	(263,446)	(409,436)
Repayments under non-recourse debt related to consolidated variable interest entity and note payable	(64)	(2,819)
Distributions to partner in consolidated variable interest entity	(300)	(281)
Excess income tax benefit from equity-based compensation	14,465	6,786
Proceeds from the exercise of stock options	76,419	65,639
Net cash used in financing activities	(172,926)	(340,111)
Net decrease in cash and cash equivalents	(157,957)	(399,960)
Cash and cash equivalents, beginning of the period	545,419	866,253
Cash and cash equivalents, end of the period	387,462	466,293
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized	24,313	24,252
Income taxes paid during the period, net of refunds	$ 123,841	$ 121,772

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	1 . Basis of Presentation The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. (“NVR” or the “Company”) and its subsidiaries and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 2 and 3 to the accompanying condensed consolidated financial statements). Intercompany accounts and transactions have been eliminated in consolidation. The statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Because the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP, they should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. For the three and nine months ended September 30, 2015 and 2014, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying condensed consolidated financial statements.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2015
Variable Interest Entity Reporting Entity Involvement Maximum Loss Exposure [Abstract]
Variable Interest Entities	2. Variable Interest Entities Fixed Price Purchase Agreements NVR generally does not engage in the land development business. Instead, the Company typically acquires finished building lots at market prices from various development entities under fixed price purchase agreements. The purchase agreements require deposits that may be forfeited if NVR fails to perform under the agreements. The deposits required under the purchase agreements 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. NVR believes this lot acquisition strategy reduces the financial requirements and risks associated with direct land ownership and land development. NVR may, at its option, choose for any reason and at any time not to perform under these purchase agreements by delivering notice of its intent not to acquire the finished lots under contract. NVR’s sole legal obligation and economic loss for failure to perform under these purchase agreements is limited to the amount of the deposit pursuant to the liquidated damage provisions contained within the purchase agreements. In other words, if NVR does not perform under a purchase agreement, NVR loses only its deposit. None of the creditors of any of the development entities with which NVR enters fixed price purchase agreements have recourse to the general credit of NVR. NVR generally does not have any specific performance obligations to purchase a certain number or any of the lots, nor does NVR guarantee completion of the development by the developer or guarantee any of the developers’ financial or other liabilities. NVR is not involved in the design or creation of any of the development entities from which the Company purchases lots under fixed price purchase agreements. The developer’s equity holders have the power to direct 100% of the operating activities of the development entity. NVR has 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, NVR does 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 NVR pursuant to the fixed price purchase agreement 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 NVR enters into fixed price purchase agreements, including the joint venture limited liability corporations discussed below, are evaluated for possible consolidation by NVR. 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. NVR believes 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 NVR contracts to buy finished lots typically select the respective projects, obtain the necessary zoning approvals, obtain the financing required with no support or guarantees from NVR, 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 NVR. The Company possesses no more than limited protective legal rights through the purchase agreement in the specific finished lots that it is purchasing, and NVR possesses no participative rights in the development entities. Accordingly, NVR does not have the power to direct the activities of a developer that most significantly impact the developer’s economic performance. For this reason, NVR has concluded that it is not the primary beneficiary of the development entities with which the Company enters into fixed price purchase agreements, and therefore, NVR does not consolidate any of these VIEs. As of September 30, 2015, NVR controlled approximately 67,200 lots through fixed price purchase agreements with deposits in cash and letters of credit totaling $360,600 and $2,200, respectively. As noted above, NVR’s sole legal obligation and economic loss for failure to perform under these purchase agreements is limited to the amount of the deposit pursuant to the liquidated damage provisions contained in the purchase agreements and, in very limited circumstances, specific performance obligations. In addition, NVR has certain properties under contract with land owners that are expected to yield approximately 7,100 lots, which are not included in the number of total lots controlled. Some of these properties may require rezoning or other approvals to achieve the expected yield. These properties are controlled with deposits and letters of credit totaling approximately $2,500 and $350, respectively, as of September 30, 2015, of which approximately $2,700 is refundable if NVR does not perform under the contract. NVR generally expects to assign the raw land contracts to a land developer and simultaneously enter into a lot purchase agreement with the assignee if the project is determined to be feasible. NVR’s total risk of loss related to contract land deposits as of September 30, 2015 and December 31, 2014 was as follows: September 30, 2015 December 31, 2014 Contract land deposits $ 363,120 $ 350,750 Loss reserve on contract land deposits (44,532 ) (56,074 ) Contract land deposits, net 318,588 294,676 Contingent obligations in the form of letters of credit 2,586 4,674 Contingent specific performance obligations (1) 1,505 1,505 Total risk of loss $ 322,679 $ 300,855 (1) As of both September 30, 2015 and December 31, 2014, the Company was committed to purchase 10 finished lots under specific performance obligations.

Joint Ventures

Joint Ventures	9 Months Ended
	Sep. 30, 2015
Equity Method Investments And Joint Ventures [Abstract]
Joint Ventures	3. Joint Ventures On a limited basis, NVR also obtains finished lots using joint venture limited liability corporations (“JVs”). The JVs are typically structured such that NVR is a non-controlling member and is at risk only for the amount the Company has invested, or has committed to invest, in addition to any deposits placed under fixed price purchase agreements with the joint venture. At September 30, 2015, the Company had an aggregate investment totaling approximately $63,700 in five JVs that are expected to produce approximately 8,100 finished lots, of which approximately 3,300 were not under contract with NVR. In addition, NVR had additional funding commitments totaling approximately $6,800 in the aggregate to two of the JVs at September 30, 2015. The Company has determined that it is not the primary beneficiary of four of the JVs because either NVR and the other JV partner share power or the other JV partner has the controlling financial interest. The aggregate investment in unconsolidated JVs was approximately $63,500 and $80,100 at September 30, 2015 and December 31, 2014, respectively, and is reported in the “Other assets” line item on the accompanying condensed consolidated balance sheets. For the remaining JV, NVR has concluded that it is the primary beneficiary because the Company has the controlling financial interest in the JV. The condensed balance sheets as of September 30, 2015 and December 31, 2014 of the consolidated JV were as follows: September 30, 2015 December 31, 2014 Assets: Cash $ 1,169 $ 481 Restricted cash — 160 Other assets 228 332 Land under development 402 2,617 Total assets $ 1,799 $ 3,590 Liabilities and equity: Debt $ — $ 64 Accrued expenses 1,318 1,231 Equity 481 2,295 Total liabilities and equity $ 1,799 $ 3,590 Distributions received from the unconsolidated JVs are allocated between return of capital and distributions of earnings based on the ratio of capital contributed by NVR to the total expected returns for the respective JVs, and are classified within the accompanying condensed consolidated statements of cash flows as cash flows from investing activities and operating activities, respectively.

Land Under Development

Land Under Development	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Land Under Development	4. On a limited basis, NVR directly acquires raw parcels of land already zoned for its intended use to develop into finished lots. Land under development includes the land acquisition costs, direct improvement costs, capitalized interest where applicable, and real estate taxes. During the third quarter of 2015 the Company acquired a raw land parcel for approximately $36,100, which is expected to produce approximately 600 lots. In addition, NVR has additional funding commitments related to this property’s development activity currently estimated to be approximately $20,800, a portion of which the Company expects will be offset by development credits of approximately $9,600. As of September 30, 2015, NVR directly owned four separate raw parcels of land with a carrying value of $53,203 that it intends to develop into approximately 970 finished lots. In addition, as of September 30, 2015, the Company had an obligation under a letter of credit in the amount of approximately $2,200 related to one of the land parcels. The Company capitalizes interest costs to land under development during the active development of finished lots (see Note 5 for further discussion of capitalized interest). None of the raw parcels had any indicators of impairment as of September 30, 2015. Based on market conditions, NVR may on a limited basis continue to directly acquire additional raw parcels to develop into finished lots.

Capitalized Interest

Capitalized Interest	9 Months Ended
	Sep. 30, 2015
Interest Costs Incurred Capitalized [Abstract]
Capitalized Interest	5. Capitalized Interest The Company capitalizes interest costs to land under development during the active development of finished lots. In addition, the Company capitalizes interest costs to its joint venture investments while the investments are considered qualified assets pursuant to ASC 835-20, Interest Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest capitalized, beginning of period $ 4,332 $ 3,810 $ 4,072 $ 3,294 Interest incurred 6,317 6,293 18,842 18,716 Interest charged to interest expense (6,081 ) (5,775 ) (17,955 ) (17,292 ) Interest charged to cost of sales (288 ) (301 ) (679 ) (691 ) Interest capitalized, end of period $ 4,280 $ 4,027 $ 4,280 $ 4,027

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings per Share	6. Earnings per Share The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the three and nine months ended September 30, 2015 and 2014 Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Weighted average number of shares outstanding used to calculate basic EPS 4,050 4,196 4,058 4,336 Dilutive securities: Stock options and restricted share units 246 158 210 153 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 4,296 4,354 4,268 4,489 The following stock options and restricted share units issued under equity incentive plans were outstanding during the three and nine months ended September 30, 2015 and 2014 Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Anti-dilutive securities 28 758 37 758

Excess Reorganization Value, Go

Excess Reorganization Value, Goodwill and Other Intangibles	9 Months Ended
	Sep. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Excess Reorganization Value, Goodwill and Other Intangibles	7. Excess Reorganization Value, Goodwill and Other Intangibles Reorganization value in excess of identifiable assets (“excess reorganization value”) is an indefinite-lived intangible asset that was created upon NVR’s emergence from bankruptcy on September 30, 1993. Based on the allocation of the reorganization value, the portion of the reorganization value which was not attributed to specific tangible or intangible assets has been reported as excess reorganization value, which is treated similarly to goodwill. Excess reorganization value is not subject to amortization. Rather, excess reorganization value is subject to an impairment assessment on an annual basis or more frequently if changes in events or circumstances indicate that impairment may have occurred. Because excess reorganization value was based on the reorganization value of NVR’s entire enterprise upon emergence from bankruptcy, the impairment assessment is conducted on an enterprise basis based on the comparison of NVR’s total equity to the market value of NVR’s outstanding publicly-traded common stock. As of September 30, 2015, goodwill and net finite-lived intangible assets totaled $441 and $3,886, respectively. The remaining finite-lived intangible assets are amortized on a straight-line basis over a weighted average life of four years. Accumulated amortization as of September 30, 2015 was $4,892. Amortization expense related to the finite-lived intangible assets was $346 and $1,037 for both the three and nine months ended September 30, 2015 and 2014, respectively. The Company completed the annual impairment assessment of the excess reorganization value and goodwill during the first quarter of 2015 and determined that there was no impairment.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Shareholders' Equity	8. Shareholders’ Equity A summary of changes in shareholders’ equity is presented below: Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Deferred Compensation Trust Deferred Compensation Liability Total Balance, December 31, 2014 $ 206 $ 1,325,495 $ 4,887,187 $ (5,088,633 ) $ (17,333 ) $ 17,333 $ 1,124,255 Net income — — 248,923 — — — 248,923 Purchase of common stock for treasury — — — (263,446 ) — — (263,446 ) Equity-based compensation — 39,874 — — — — 39,874 Tax benefit from equity benefit plan activity — 14,465 — — — — 14,465 Proceeds from stock options exercised — 76,419 — — — — 76,419 Treasury stock issued upon option exercise and restricted share vesting — (36,039 ) — 36,039 — — — Balance, September 30, 2015 $ 206 $ 1,420,214 $ 5,136,110 $ (5,316,040 ) $ (17,333 ) $ 17,333 $ 1,240,490 The Company repurchased 183 shares of its common stock during the nine months ended September 30, 2015. The Company settles option exercises and vesting of restricted share units by issuing shares of treasury stock. Approximately 116 shares were issued from the treasury account during the nine months ended September 30, 2015 in settlement of option exercises and vesting of restricted share units. Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares acquired.

Product Warranties

Product Warranties	9 Months Ended
	Sep. 30, 2015
Product Warranties Disclosures [Abstract]
Product Warranties	9. Product Warranties The Company establishes 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 NVR’s 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 the Company’s general counsel and outside counsel retained to handle specific product liability cases. The following table reflects the changes in the Company’s warranty reserve during the three and nine months ended September 30, 2015 and 2014: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Warranty reserve, beginning of period $ 85,874 $ 97,190 $ 94,060 $ 101,507 Provision 12,674 12,103 32,899 35,556 Payments (12,617 ) (14,981 ) (41,028 ) (42,751 ) Warranty reserve, end of period $ 85,931 $ 94,312 $ 85,931 $ 94,312

Segment Disclosures

Segment Disclosures	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Disclosures	10. Segment Disclosures The following disclosure includes four homebuilding reportable segments that aggregate geographically the Company’s homebuilding operating segments, and the mortgage banking operations presented as a single reportable segment. The homebuilding reportable segments are comprised of operating divisions in the following geographic areas: Mid Atlantic: Maryland, Virginia, West Virginia, Delaware and Washington, D.C. North East: New Jersey and Eastern Pennsylvania Mid East: New York, Ohio, Western Pennsylvania, Indiana and Illinois South East: North Carolina, South Carolina, Florida and Tennessee Homebuilding profit before tax includes all revenues and income generated from the sale of homes, less the cost of homes sold, selling, general and administrative expenses and a corporate capital allocation charge. The corporate capital allocation charge is eliminated in consolidation and is based on the segment’s average net assets employed. The corporate capital allocation charged to the operating segment allows the Chief Operating Decision Maker (“CODM”) to determine whether the operating segment’s results are providing the desired rate of return after covering the Company’s cost of capital. In addition, certain assets, including goodwill and intangible assets and consolidation adjustments as discussed further below, are not allocated to the operating segments as those assets are neither included in the operating segment’s corporate capital allocation charge, nor in the CODM’s evaluation of the operating segment’s performance. The Company records 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 determination to terminate a finished lot purchase agreement with the developer, or to restructure a lot purchase agreement resulting in the forfeiture of the deposit. Mortgage banking profit before tax consists of revenues generated from mortgage financing, title insurance and closing services, less the costs of such services and general and administrative costs. Mortgage banking operations are not charged a corporate capital allocation charge. In addition to the corporate capital allocation and contract land deposit impairments discussed above, the other reconciling items between segment profit and consolidated profit before tax include unallocated corporate overhead (including all management incentive compensation), equity-based compensation expense, consolidation adjustments and external corporate interest expense. NVR’s overhead functions, such as accounting, treasury and human resources, are centrally performed and the costs are not allocated to the Company’s 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 the Company’s operating segments. External corporate interest expense primarily consists of interest charges on the Company’s 3.95% Senior Notes due 2022 (the “Senior Notes”) and is not charged to the operating segments because the charges are included in the corporate capital allocation discussed above. Following are tables presenting segment revenues, profit and assets, with reconciliations to the amounts reported for the consolidated enterprise, where applicable: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues: Homebuilding Mid Atlantic $ 792,532 $ 702,645 $ 2,094,820 $ 1,825,500 Homebuilding North East 120,143 96,015 317,510 267,245 Homebuilding Mid East 299,157 257,649 705,670 629,385 Homebuilding South East 162,635 128,851 419,116 346,297 Mortgage Banking 27,884 18,006 66,617 48,103 Total consolidated revenues $ 1,402,351 $ 1,203,166 $ 3,603,733 $ 3,116,530 Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Profit before taxes: Homebuilding Mid Atlantic $ 88,058 $ 76,542 $ 217,665 $ 184,900 Homebuilding North East 10,745 9,056 29,359 23,761 Homebuilding Mid East 29,958 18,374 52,607 29,241 Homebuilding South East 17,372 10,093 38,812 26,034 Mortgage Banking 16,966 8,617 35,847 17,884 Total segment profit 163,099 122,682 374,290 281,820 Reconciling items: Contract land deposit reserve adjustment (1) 4,705 453 11,511 4,108 Equity-based compensation expense (13,571 ) (18,233 ) (39,874 ) (44,874 ) Corporate capital allocation (2) 45,690 42,220 124,033 105,697 Unallocated corporate overhead (18,055 ) (8,179 ) (67,803 ) (49,652 ) Consolidation adjustments and other 9,147 10,464 11,477 22,093 Corporate interest expense (6,019 ) (5,616 ) (17,591 ) (16,870 ) Reconciling items sub-total 21,897 21,109 21,753 20,502 Consolidated profit before taxes $ 184,996 $ 143,791 $ 396,043 $ 302,322 September 30, 2015 December 31, 2014 Assets: Homebuilding Mid Atlantic $ 1,094,256 $ 917,689 Homebuilding North East 135,579 103,631 Homebuilding Mid East 249,269 192,781 Homebuilding South East 180,531 144,939 Mortgage Banking 299,021 255,969 Total segment assets 1,958,656 1,615,009 Reconciling items: Consolidated variable interest entity 1,799 3,590 Cash and cash equivalents 375,886 514,780 Deferred taxes 172,032 165,189 Intangible assets and goodwill 53,254 54,291 Contract land deposit reserve (44,532 ) (56,074 ) Consolidation adjustments and other 53,587 54,550 Reconciling items sub-total 612,026 736,326 Consolidated assets $ 2,570,682 $ 2,351,335 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. (2) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 28,743 $ 27,187 $ 78,412 $ 67,085 Homebuilding North East 4,451 3,151 11,566 8,333 Homebuilding Mid East 7,472 7,202 20,079 18,680 Homebuilding South East 5,024 4,680 13,976 11,599 Total $ 45,690 $ 42,220 $ 124,033 $ 105,697

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value	11. 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 value of NVR’s Senior Notes as of September 30, 2015 was $616,500. 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 value of the Senior Notes was $599,237 at September 30, 2015. Except as otherwise noted below, NVR believes that insignificant differences exist between the carrying value and the fair value of its financial instruments, which consist of cash equivalents, due to their short term nature. Derivative Instruments and Mortgage Loans Held for Sale In the normal course of business, NVR’s wholly-owned mortgage subsidiary, NVR Mortgage Finance, Inc. (“NVRM”), enters into contractual commitments to extend credit to buyers of single-family homes with fixed expiration dates. The commitments become effective when the borrowers "lock-in" a specified interest rate within time frames established by NVRM. All mortgagors are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the "lock-in" of rates by the borrower and the sale date of the loan to a broker/dealer. To mitigate the effect of the interest rate risk inherent The fair value of NVRM’s rate lock commitments to borrowers and the related input levels include, as applicable: i) the assumed gain/loss of the expected resultant loan sale (Level 2); ii) the effects of interest rate movements between the date of the rate lock and the balance sheet date (Level 2); and iii) the value of the servicing rights associated with the loan (Level 2). The assumed gain/loss considers the excess servicing to be received or buydown fees to be paid upon securitization of the loan. The excess servicing and buydown fees are calculated pursuant to contractual terms with investors. To calculate the effects of interest rate movements, NVRM utilizes applicable published mortgage-backed security prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount. NVRM sells all of its loans on a servicing released basis, and receives a servicing released premium upon sale. Thus, the value of the servicing rights, which averaged 118 basis points of the loan amount as of September 30, 2015, is included in the fair value measurement and is based upon contractual terms with investors and varies depending on the loan type. NVRM assumes an approximate 12% fallout rate when measuring the fair value of rate lock commitments. Fallout is defined as locked loan commitments for which NVRM does not close a mortgage loan and is based on historical experience. The fair value of NVRM’s forward sales contracts to broker/dealers solely considers the market price movement of the same type of security between the trade date and the balance sheet date (Level 2). The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value. Mortgage loans held for sale are carried at the lower of cost or fair value, net of deferred origination costs, until sold. Fair value is measured using Level 2 inputs. The fair value of loans held for sale of $260,074 included on the accompanying condensed consolidated balance sheet has been increased by $3,815 from the aggregate principal balance of $256,259. The undesignated derivative instruments are included on the accompanying condensed consolidated balance sheet, as of September 30, 2015, as follows: Fair Value Balance Sheet Location Rate lock commitments: Gross assets $ 11,282 Gross liabilities 1,532 Net rate lock commitments $ 9,750 NVRM - Other assets Forward sales contracts: Gross assets $ 12 Gross liabilities 4,713 Net forward sales contracts $ 4,701 NVRM - Accounts payable and other liabilities The fair value measurement as of September 30, 2015 was as follows: Notional or Principal Amount Assumed Gain/(Loss) From Loan Sale Interest Rate Movement Effect Servicing Rights Value Security Price Change Total Fair Value Measurement Gain/(Loss) Rate lock commitments $ 683,479 $ (1,031 ) $ 3,536 $ 7,245 $ — $ 9,750 Forward sales contracts $ 913,334 — — — (4,701 ) (4,701 ) Mortgages held for sale $ 256,259 (18 ) 946 2,887 — 3,815 Total fair value measurement $ (1,049 ) $ 4,482 $ 10,132 $ (4,701 ) $ 8,864 For the three and nine months ended September 30, 2015, NVRM recorded a fair value adjustment to income of $3,429 and $5,040, respectively. For the three and nine months ended September 30, 2014, NVRM recorded a fair value adjustment to expense of $1,379 and a fair value adjustment to income of $2,681, respectively. Unrealized gains/losses from the change in the fair value measurements are included in earnings as a component of mortgage banking fees in the accompanying condensed consolidated statements of income. The fair value measurement will be impacted in the future by the change in the value of the servicing rights, interest rate movements, security price fluctuations, and the volume and product mix of NVRM’s closed loans and locked loan commitments.

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	12. Debt As of September 30, 2015, the Company had Senior Notes outstanding with a principal balance of $600,000. The Senior Notes were issued at a discount to yield 3.97% and have been reflected net of the unamortized discount in the accompanying condensed consolidated balance sheet. The Senior Notes mature on September 15, 2022 and bear interest at 3.95%, payable semi-annually in arrears on March 15 and September 15. NVRM provides for its mortgage origination and other operating activities using cash generated from 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 $25,000, subject to certain sub-limits. At September 30, 2015, there was no outstanding debt under the Repurchase Agreement. Amounts outstanding under the Repurchase Agreement are collateralized by the Company’s mortgage loans held for sale. As of September 30, 2015, there were no borrowing base limitations reducing the amount available for borrowings under the Repurchase Agreement. The Repurchase Agreement expires on

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies In June 2010, the Company received a Request for Information from the United States Environmental Protection Agency (“EPA”) pursuant to Section 308 of the Clean Water Act. The request sought information about storm water discharge practices in connection with homebuilding projects completed or underway by the Company in New York and New Jersey. The Company cooperated with this request, and provided information to the EPA. The Company was subsequently informed by the United States Department of Justice (“DOJ”) that the EPA forwarded the information on the matter to the DOJ, and the DOJ requested that the Company meet with the government to discuss the status of the case. Meetings took place in January 2012, August 2012 and November 2014 with representatives from both the EPA and DOJ. The Company has continued discussions with the EPA and DOJ and is presently engaged in settlement discussions with them. Any settlement is expected to include injunctive relief and payment of a civil penalty. There can be no assurance that a settlement will be reached. Because the Company is unable to determine at this time the amount of any civil penalty the Company might be required to pay if a settlement is reached, the Company has not recorded any associated liabilities on the accompanying condensed consolidated balance sheets. The Company and its subsidiaries are also involved in various other 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 the financial position, results of operations or cash flows of the Company. Legal costs incurred in connection with outstanding litigation are expensed as incurred.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	14. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers In August 2014, FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In February 2015, FASB issued ASU 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis In April 2015, FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs. In April 2015, FASB issued ASU 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) In July 2015, FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2015
Variable Interest Entity Reporting Entity Involvement Maximum Loss Exposure [Abstract]
Total Risk of Loss Related to Contract Land Deposits	NVR’s total risk of loss related to contract land deposits as of September 30, 2015 and December 31, 2014 was as follows: September 30, 2015 December 31, 2014 Contract land deposits $ 363,120 $ 350,750 Loss reserve on contract land deposits (44,532 ) (56,074 ) Contract land deposits, net 318,588 294,676 Contingent obligations in the form of letters of credit 2,586 4,674 Contingent specific performance obligations (1) 1,505 1,505 Total risk of loss $ 322,679 $ 300,855 (1) As of both September 30, 2015 and December 31, 2014, the Company was committed to purchase 10 finished lots under specific performance obligations.

Joint Ventures (Tables)

Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2015
Consolidated Joint Venture
Schedule Of Equity Method Investments [Line Items]
Condensed Balance Sheets	The condensed balance sheets as of September 30, 2015 and December 31, 2014 of the consolidated JV were as follows: September 30, 2015 December 31, 2014 Assets: Cash $ 1,169 $ 481 Restricted cash — 160 Other assets 228 332 Land under development 402 2,617 Total assets $ 1,799 $ 3,590 Liabilities and equity: Debt $ — $ 64 Accrued expenses 1,318 1,231 Equity 481 2,295 Total liabilities and equity $ 1,799 $ 3,590

Capitalized Interest (Tables)

Capitalized Interest (Tables)	9 Months Ended
	Sep. 30, 2015
Interest Costs Incurred Capitalized [Abstract]
Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales	NVR’s interest costs incurred, capitalized, expensed and charged to cost of sales during the three and nine months ended September 30, 2015 and 2014 was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest capitalized, beginning of period $ 4,332 $ 3,810 $ 4,072 $ 3,294 Interest incurred 6,317 6,293 18,842 18,716 Interest charged to interest expense (6,081 ) (5,775 ) (17,955 ) (17,292 ) Interest charged to cost of sales (288 ) (301 ) (679 ) (691 ) Interest capitalized, end of period $ 4,280 $ 4,027 $ 4,280 $ 4,027

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share	The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the three and nine months ended September 30, 2015 and 2014 Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Weighted average number of shares outstanding used to calculate basic EPS 4,050 4,196 4,058 4,336 Dilutive securities: Stock options and restricted share units 246 158 210 153 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 4,296 4,354 4,268 4,489
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 three and nine months ended September 30, 2015 and 2014 Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Anti-dilutive securities 28 758 37 758

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Summary of Changes in Shareholders' Equity	A summary of changes in shareholders’ equity is presented below: Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Deferred Compensation Trust Deferred Compensation Liability Total Balance, December 31, 2014 $ 206 $ 1,325,495 $ 4,887,187 $ (5,088,633 ) $ (17,333 ) $ 17,333 $ 1,124,255 Net income — — 248,923 — — — 248,923 Purchase of common stock for treasury — — — (263,446 ) — — (263,446 ) Equity-based compensation — 39,874 — — — — 39,874 Tax benefit from equity benefit plan activity — 14,465 — — — — 14,465 Proceeds from stock options exercised — 76,419 — — — — 76,419 Treasury stock issued upon option exercise and restricted share vesting — (36,039 ) — 36,039 — — — Balance, September 30, 2015 $ 206 $ 1,420,214 $ 5,136,110 $ (5,316,040 ) $ (17,333 ) $ 17,333 $ 1,240,490

Product Warranties (Tables)

Product Warranties (Tables)	9 Months Ended
	Sep. 30, 2015
Product Warranties Disclosures [Abstract]
Summary of Changes in Product Warranties Reserve	The following table reflects the changes in the Company’s warranty reserve during the three and nine months ended September 30, 2015 and 2014: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Warranty reserve, beginning of period $ 85,874 $ 97,190 $ 94,060 $ 101,507 Provision 12,674 12,103 32,899 35,556 Payments (12,617 ) (14,981 ) (41,028 ) (42,751 ) Warranty reserve, end of period $ 85,931 $ 94,312 $ 85,931 $ 94,312

Segment Disclosures (Tables)

Segment Disclosures (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Revenues	Following are tables presenting segment revenues, profit and assets, with reconciliations to the amounts reported for the consolidated enterprise, where applicable: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues: Homebuilding Mid Atlantic $ 792,532 $ 702,645 $ 2,094,820 $ 1,825,500 Homebuilding North East 120,143 96,015 317,510 267,245 Homebuilding Mid East 299,157 257,649 705,670 629,385 Homebuilding South East 162,635 128,851 419,116 346,297 Mortgage Banking 27,884 18,006 66,617 48,103 Total consolidated revenues $ 1,402,351 $ 1,203,166 $ 3,603,733 $ 3,116,530
Profit before Taxes	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Profit before taxes: Homebuilding Mid Atlantic $ 88,058 $ 76,542 $ 217,665 $ 184,900 Homebuilding North East 10,745 9,056 29,359 23,761 Homebuilding Mid East 29,958 18,374 52,607 29,241 Homebuilding South East 17,372 10,093 38,812 26,034 Mortgage Banking 16,966 8,617 35,847 17,884 Total segment profit 163,099 122,682 374,290 281,820 Reconciling items: Contract land deposit reserve adjustment (1) 4,705 453 11,511 4,108 Equity-based compensation expense (13,571 ) (18,233 ) (39,874 ) (44,874 ) Corporate capital allocation (2) 45,690 42,220 124,033 105,697 Unallocated corporate overhead (18,055 ) (8,179 ) (67,803 ) (49,652 ) Consolidation adjustments and other 9,147 10,464 11,477 22,093 Corporate interest expense (6,019 ) (5,616 ) (17,591 ) (16,870 ) Reconciling items sub-total 21,897 21,109 21,753 20,502 Consolidated profit before taxes $ 184,996 $ 143,791 $ 396,043 $ 302,322 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. (2) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 28,743 $ 27,187 $ 78,412 $ 67,085 Homebuilding North East 4,451 3,151 11,566 8,333 Homebuilding Mid East 7,472 7,202 20,079 18,680 Homebuilding South East 5,024 4,680 13,976 11,599 Total $ 45,690 $ 42,220 $ 124,033 $ 105,697
Assets	September 30, 2015 December 31, 2014 Assets: Homebuilding Mid Atlantic $ 1,094,256 $ 917,689 Homebuilding North East 135,579 103,631 Homebuilding Mid East 249,269 192,781 Homebuilding South East 180,531 144,939 Mortgage Banking 299,021 255,969 Total segment assets 1,958,656 1,615,009 Reconciling items: Consolidated variable interest entity 1,799 3,590 Cash and cash equivalents 375,886 514,780 Deferred taxes 172,032 165,189 Intangible assets and goodwill 53,254 54,291 Contract land deposit reserve (44,532 ) (56,074 ) Consolidation adjustments and other 53,587 54,550 Reconciling items sub-total 612,026 736,326 Consolidated assets $ 2,570,682 $ 2,351,335
Corporate Capital Allocation Charge	The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 28,743 $ 27,187 $ 78,412 $ 67,085 Homebuilding North East 4,451 3,151 11,566 8,333 Homebuilding Mid East 7,472 7,202 20,079 18,680 Homebuilding South East 5,024 4,680 13,976 11,599 Total $ 45,690 $ 42,220 $ 124,033 $ 105,697

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Undesignated Derivative Instruments	The undesignated derivative instruments are included on the accompanying condensed consolidated balance sheet, as of September 30, 2015, as follows: Fair Value Balance Sheet Location Rate lock commitments: Gross assets $ 11,282 Gross liabilities 1,532 Net rate lock commitments $ 9,750 NVRM - Other assets Forward sales contracts: Gross assets $ 12 Gross liabilities 4,713 Net forward sales contracts $ 4,701 NVRM - Accounts payable and other liabilities
Fair Value Measurement	The fair value measurement as of September 30, 2015 was as follows: Notional or Principal Amount Assumed Gain/(Loss) From Loan Sale Interest Rate Movement Effect Servicing Rights Value Security Price Change Total Fair Value Measurement Gain/(Loss) Rate lock commitments $ 683,479 $ (1,031 ) $ 3,536 $ 7,245 $ — $ 9,750 Forward sales contracts $ 913,334 — — — (4,701 ) (4,701 ) Mortgages held for sale $ 256,259 (18 ) 946 2,887 — 3,815 Total fair value measurement $ (1,049 ) $ 4,482 $ 10,132 $ (4,701 ) $ 8,864

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Thousands	Sep. 30, 2015USD ($)Lot	Dec. 31, 2014USD ($)
Variable Interest Entity [Line Items]
Contract land deposits	$ 363,120	$ 350,750
Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10.00%
Lots controlled by NVR | Lot	67,200
Contract land deposits in cash	$ 360,600
Letters of credit related to lots	$ 2,200
Contract on Raw Ground with Landowners [Member]
Variable Interest Entity [Line Items]
Lots controlled by NVR | Lot	7,100
Contract land deposits	$ 2,500
Letters of credit related to land contract	350
Refundable deposits and letters of credit	$ 2,700

Variable Interest Entities - To

Variable Interest Entities - Total Risk of Loss Related to Contract Land Deposits (Detail) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Variable Interest Entity Reporting Entity Involvement Maximum Loss Exposure [Abstract]
Contract land deposits		$ 363,120	$ 350,750
Loss reserve on contract land deposits		(44,532)	(56,074)
Contract land deposits, net		318,588	294,676
Contingent obligations in the form of letters of credit		2,586	4,674
Contingent specific performance obligations	[1]	1,505	1,505
Total risk of loss		$ 322,679	$ 300,855
[1]	As of both September 30, 2015 and December 31, 2014, the Company was committed to purchase 10 finished lots under specific performance obligations.

Variable Interest Entities - 30

Variable Interest Entities - Total Risk of Loss Related to Contract Land Deposits (Parenthetical) (Detail) - Lot	Sep. 30, 2015	Dec. 31, 2014
Variable Interest Entity Reporting Entity Involvement Maximum Loss Exposure [Abstract]
Finished lots committed to purchase under specific performance obligations	10	10

Joint Ventures - Additional Inf

Joint Ventures - Additional Information (Detail) $ in Thousands	Sep. 30, 2015USD ($)LotJointVenture	Dec. 31, 2014USD ($)
Joint Ventures [Line Items]
Aggregate investment	$ 63,700
Number of joint ventures | JointVenture	5
Expected production of finished lots | Lot	8,100
Total lots not under contract with NVR under the joint venture | Lot	3,300
Additional funding commitments in the aggregate	$ 6,800
Number of joint ventures with additional funding commitment | JointVenture	2
Number of joint ventures NVR is not primary beneficiary | JointVenture	4
Other Assets [Member]
Joint Ventures [Line Items]
Aggregate investment	$ 63,500	$ 80,100

Joint Ventures - Condensed Bala

Joint Ventures - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Assets:
Cash	$ 387,462	$ 545,419	$ 466,293	$ 866,253
Land under development	53,203
Liabilities and equity:
Equity	1,240,490	1,124,255
Total liabilities and shareholders' equity	2,570,682	2,351,335
Consolidated Joint Venture
Assets:
Cash	1,169	481
Restricted cash		160
Other assets	228	332
Land under development	402	2,617
Total assets	1,799	3,590
Liabilities and equity:
Debt		64
Accrued expenses	1,318	1,231
Equity	481	2,295
Total liabilities and shareholders' equity	$ 1,799	$ 3,590

Land Under Development - Additi

Land Under Development - Additional Information (Detail) $ in Thousands	3 Months Ended
	Sep. 30, 2015USD ($)LotParcel
Real Estate [Abstract]
Acquisition costs of raw parcel of land	$ 36,100
Number of lots expected to produce from raw land acquisition | Lot	600
Aggregate additional funding commitments related to raw land property development	$ 20,800
Expected development credit offset amount	$ 9,600
Number of raw parcels of land owned | Parcel	4
Carrying value of raw parcels of land	$ 53,203
Number of finished lots intended to be developed from raw parcels of land | Lot	970
Letters of credit related to land under development	$ 2,200

Capitalized Interest - Summary

Capitalized Interest - Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest Costs Incurred Capitalized [Abstract]
Interest capitalized, beginning of period	$ 4,332	$ 3,810	$ 4,072	$ 3,294
Interest incurred	6,317	6,293	18,842	18,716
Interest charged to interest expense	(6,081)	(5,775)	(17,955)	(17,292)
Interest charged to cost of sales	(288)	(301)	(679)	(691)
Interest capitalized, end of period	$ 4,280	$ 4,027	$ 4,280	$ 4,027

Earnings Per Share - Weighted A

Earnings Per Share - Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS	4,050	4,196	4,058	4,336
Dilutive securities:
Stock options and restricted share units	246	158	210	153
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS	4,296	4,354	4,268	4,489

Earnings Per Share - Summary of

Earnings Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Anti-dilutive securities	28	758	37	758

Excess Reorganization Value, 37

Excess Reorganization Value, Goodwill and Other Intangibles - Additional Information (Detail) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	$ 441,000			$ 441,000
Finite-lived intangible assets	3,886,000			$ 3,886,000
Weighted average life of finite-lived intangible assets				4 years
Finite-lived intangible assets, accumulated amortization	4,892,000			$ 4,892,000
Amortization expense	$ 346,000		$ 346,000	$ 1,037,000	$ 1,037,000
Impairment of excess reorganization value and goodwill		$ 0

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Changes in Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			$ 1,124,255
Net income	$ 116,470	$ 90,152	248,923	$ 182,179
Purchase of common stock for treasury			(263,446)
Equity-based compensation			39,874
Tax benefit from equity benefit plan activity			14,465
Proceeds from stock options exercised			76,419
Ending Balance	1,240,490		1,240,490
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			206
Ending Balance	206		206
Additional Paid-In-Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			1,325,495
Equity-based compensation			39,874
Tax benefit from equity benefit plan activity			14,465
Proceeds from stock options exercised			76,419
Treasury stock issued upon option exercise and restricted share vesting			(36,039)
Ending Balance	1,420,214		1,420,214
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			4,887,187
Net income			248,923
Ending Balance	5,136,110		5,136,110
Treasury Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			(5,088,633)
Purchase of common stock for treasury			(263,446)
Treasury stock issued upon option exercise and restricted share vesting			36,039
Ending Balance	(5,316,040)		(5,316,040)
Deferred Compensation Trust [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			(17,333)
Ending Balance	(17,333)		(17,333)
Deferred Compensation Liability [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			17,333
Ending Balance	$ 17,333		$ 17,333

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) shares in Thousands	9 Months Ended
	Sep. 30, 2015shares
Equity [Abstract]
Common stock repurchased	183
Treasury stock issued upon Option exercise and RSUs vesting	116

Product Warranties - Summary of

Product Warranties - Summary of Changes in Product Warranties Reserve (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Movement In Standard And Extended Product Warranty Increase Decrease Roll Forward
Warranty reserve, beginning of period	$ 85,874	$ 97,190	$ 94,060	$ 101,507
Provision	12,674	12,103	32,899	35,556
Payments	(12,617)	(14,981)	(41,028)	(42,751)
Warranty reserve, end of period	$ 85,931	$ 94,312	$ 85,931	$ 94,312

Segment Disclosures - Additiona

Segment Disclosures - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015Segment
Senior Notes due 2022 [Member]
Segment Reporting Information [Line Items]
Senior notes interest rate	3.95%
Senior notes maturity	Sep. 15, 2022
Homebuilding [Member]
Segment Reporting Information [Line Items]
Number of reportable segments	4
Mortgage Banking [Member]
Segment Reporting Information [Line Items]
Number of reportable segments	1

Segment Disclosures - Revenues

Segment Disclosures - Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Revenue Reconciling Item [Line Items]
Total consolidated revenues	$ 1,402,351	$ 1,203,166	$ 3,603,733	$ 3,116,530
Homebuilding [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	1,374,467	1,185,160	3,537,116	3,068,427
Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	792,532	702,645	2,094,820	1,825,500
Homebuilding [Member] | North East [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	120,143	96,015	317,510	267,245
Homebuilding [Member] | Mid East [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	299,157	257,649	705,670	629,385
Homebuilding [Member] | South East [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	162,635	128,851	419,116	346,297
Mortgage Banking [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Mortgage Banking	$ 27,884	$ 18,006	$ 66,617	$ 48,103

Segment Disclosures - Profit be

Segment Disclosures - Profit before Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	$ 184,996	$ 143,791	$ 396,043	$ 302,322
Equity-based compensation expense			(39,874)	(44,874)
Interest charged to interest expense	(6,081)	(5,775)	(17,955)	(17,292)
Homebuilding [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	168,874	136,511	362,706	287,805
Interest charged to interest expense	(5,900)	(5,618)	(17,499)	(16,895)
Mortgage Banking [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	16,122	7,280	33,337	14,517
Interest charged to interest expense	(181)	(157)	(456)	(397)
Operating Segments [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	163,099	122,682	374,290	281,820
Operating Segments [Member] | Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	88,058	76,542	217,665	184,900
Operating Segments [Member] | Homebuilding [Member] | North East [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	10,745	9,056	29,359	23,761
Operating Segments [Member] | Homebuilding [Member] | Mid East [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	29,958	18,374	52,607	29,241
Operating Segments [Member] | Homebuilding [Member] | South East [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	17,372	10,093	38,812	26,034
Operating Segments [Member] | Mortgage Banking [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	16,966	8,617	35,847	17,884
Reconciling Items [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	21,897	21,109	21,753	20,502
Contract land deposit reserve adjustment	4,705	453	11,511	4,108
Equity-based compensation expense	(13,571)	(18,233)	(39,874)	(44,874)
Corporate capital allocation	45,690	42,220	124,033	105,697
Unallocated corporate overhead	(18,055)	(8,179)	(67,803)	(49,652)
Consolidation adjustments and other	9,147	10,464	11,477	22,093
Interest charged to interest expense	(6,019)	(5,616)	(17,591)	(16,870)
Reconciling Items [Member] | Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Corporate capital allocation	28,743	27,187	78,412	67,085
Reconciling Items [Member] | Homebuilding [Member] | North East [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Corporate capital allocation	4,451	3,151	11,566	8,333
Reconciling Items [Member] | Homebuilding [Member] | Mid East [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Corporate capital allocation	7,472	7,202	20,079	18,680
Reconciling Items [Member] | Homebuilding [Member] | South East [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Corporate capital allocation	$ 5,024	$ 4,680	$ 13,976	$ 11,599

Segment Disclosures - Assets (D

Segment Disclosures - Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 2,570,682	$ 2,351,335
Cash and cash equivalents	387,462	545,419	$ 466,293	$ 866,253
Contract land deposit reserve	(44,532)	(56,074)
Homebuilding [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	2,264,314	2,088,019
Consolidated variable interest entity	1,799	3,590
Cash and cash equivalents	375,886	514,780
Intangible assets and goodwill	4,327	5,364
Mortgage Banking [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	306,368	263,316
Cash and cash equivalents	10,407	30,158
Operating Segments [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	1,958,656	1,615,009
Operating Segments [Member] | Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	1,094,256	917,689
Operating Segments [Member] | Homebuilding [Member] | North East [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	135,579	103,631
Operating Segments [Member] | Homebuilding [Member] | Mid East [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	249,269	192,781
Operating Segments [Member] | Homebuilding [Member] | South East [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	180,531	144,939
Operating Segments [Member] | Mortgage Banking [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	299,021	255,969
Reconciling Items [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	612,026	736,326
Consolidated variable interest entity	1,799	3,590
Cash and cash equivalents	375,886	514,780
Deferred taxes	172,032	165,189
Intangible assets and goodwill	53,254	54,291
Contract land deposit reserve	(44,532)	(56,074)
Consolidation adjustments and other	$ 53,587	$ 54,550

Segment Disclosures - Corporate

Segment Disclosures - Corporate Capital Allocation Charge (Detail) - Reconciling Items [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 45,690	$ 42,220	$ 124,033	$ 105,697
Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	28,743	27,187	78,412	67,085
Homebuilding [Member] | North East [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	4,451	3,151	11,566	8,333
Homebuilding [Member] | Mid East [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	7,472	7,202	20,079	18,680
Homebuilding [Member] | South East [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 5,024	$ 4,680	$ 13,976	$ 11,599

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement Gain/(Loss)			$ 8,864
Homebuilding [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	$ 599,237		599,237		$ 599,166
Homebuilding [Member] | Senior Notes due 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	599,237		599,237
Homebuilding [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Senior Notes due 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	616,500		616,500
Mortgage Banking [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of mortgage loans held for sale	260,074		260,074		$ 205,664
Mortgage Banking [Member] | Level 2 [Member] | Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment income (expense)	3,429	$ (1,379)	5,040	$ 2,681
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of mortgage loans held for sale	260,074		260,074
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount of contractual commitments	$ 683,479		$ 683,479
Average basis points of loan amount	1.18%		1.18%
Fallout rate of measuring fair value of rate lock commitments	12.00%		12.00%
Total Fair Value Measurement Gain/(Loss)			$ 9,750
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Sales Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount of contractual commitments	$ 913,334		913,334
Total Fair Value Measurement Gain/(Loss)			(4,701)
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgages Held for Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount of contractual commitments	$ 256,259		256,259
Total Fair Value Measurement Gain/(Loss)			$ 3,815

Fair Value - Undesignated Deriv

Fair Value - Undesignated Derivative Instruments (Detail) - Mortgage Banking [Member] - Level 2 [Member] - Fair Value, Measurements, Recurring [Member] $ in Thousands	Sep. 30, 2015USD ($)
Rate Lock Commitments [Member]
Derivatives Fair Value [Line Items]
Gross assets	$ 11,282
Gross liabilities	1,532
Net rate lock commitments	9,750
Forward Sales Contracts [Member]
Derivatives Fair Value [Line Items]
Gross assets	12
Gross liabilities	4,713
Net forward sales contracts	$ 4,701

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurement (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain/(Loss) From Loan Sale	$ (1,049)
Interest Rate Movement Effect	4,482
Servicing Rights Value	10,132
Security Price Change	(4,701)
Total Fair Value Measurement Gain/(Loss)	8,864
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional or Principal Amount	683,479
Assumed Gain/(Loss) From Loan Sale	(1,031)
Interest Rate Movement Effect	3,536
Servicing Rights Value	7,245
Total Fair Value Measurement Gain/(Loss)	9,750
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Sales Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional or Principal Amount	913,334
Security Price Change	(4,701)
Total Fair Value Measurement Gain/(Loss)	(4,701)
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgages Held for Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional or Principal Amount	256,259
Assumed Gain/(Loss) From Loan Sale	(18)
Interest Rate Movement Effect	946
Servicing Rights Value	2,887
Total Fair Value Measurement Gain/(Loss)	$ 3,815

Debt - Additional Information (

Debt - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Repurchase agreement maximum loan borrowing capacity	$ 25,000,000
Expiration date of repurchase agreement	Jul. 28, 2016
Debt outstanding under repurchase agreement	$ 0
Borrowing base	0
Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Senior notes principal amount	$ 600,000,000
Senior notes effective interest rate	3.97%
Senior notes maturity	Sep. 15, 2022
Senior notes interest rate	3.95%
Frequency of senior notes payment	semi-annually in arrears on March 15 and September 15