NVR (NVR) 10-Q 29 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 27, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		3,896,889

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 318,982	$ 425,316
Inventory:
Land under development	163,826
Contract land deposits, net	346,951	343,295
Total assets	2,541,651	2,511,718
LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities	$ 1,285,188	$ 1,272,553
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both March 31, 2016 and December 31, 2015	$ 206	$ 206
Additional paid-in capital	1,467,000	1,447,795
Deferred compensation trust – 108,621 and 108,614 shares of NVR, Inc. common stock as of March 31, 2016 and December 31, 2015	(17,343)	(17,333)
Deferred compensation liability	17,343	17,333
Retained earnings	5,335,417	5,270,114
Less treasury stock at cost – 16,660,526 and 16,664,342 shares as of March 31, 2016 and December 31, 2015, respectively	(5,546,160)	(5,478,950)
Total shareholders' equity	1,256,463	1,239,165
Total liabilities and shareholders' equity	2,541,651	2,511,718
Homebuilding [Member]
ASSETS
Cash and cash equivalents	302,945	397,522
Receivables	13,829	11,482
Inventory:
Lots and housing units, covered under sales agreements with customers	915,352	785,982
Unsold lots and housing units	168,945	147,832
Land under development	163,826	60,611
Building materials and other	13,012	12,101
Total Inventory	1,261,135	1,006,526
Assets related to consolidated variable interest entity	1,731	1,749
Contract land deposits, net	346,951	343,295
Property, plant and equipment, net	44,933	44,651
Reorganization value in excess of amounts allocable to identifiable assets, net	41,580	41,580
Goodwill and finite-lived intangible assets, net	3,636	3,982
Other assets	289,800	281,381
Total assets	2,306,540	2,132,168
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	232,221	227,437
Accrued expenses and other liabilities	298,045	304,922
Liabilities related to consolidated variable interest entity	1,230	1,091
Customer deposits	126,552	110,965
Senior notes	595,999	595,847
Total liabilities	1,254,047	1,240,262
Mortgage Banking [Member]
ASSETS
Cash and cash equivalents	15,042	26,804
Mortgage loans held for sale, net	189,191	319,553
Inventory:
Property, plant and equipment, net	5,093	5,313
Reorganization value in excess of amounts allocable to identifiable assets, net	7,347	7,347
Other assets	18,438	20,533
Total assets	235,111	379,550
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and other liabilities	31,141	32,291
Total liabilities	$ 31,141	$ 32,291

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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	108,621	108,614
Treasury stock, shares	16,660,526	16,664,342

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest expense	$ (5,088)	$ (5,918)
Income before taxes	103,312	62,363
Income tax expense	(38,009)	(23,305)
Net income	$ 65,303	$ 39,058
Basic earnings per share	$ 16.81	$ 9.63
Diluted earnings per share	$ 15.79	$ 9.22
Basic weighted average shares outstanding	3,884	4,057
Diluted weighted average shares outstanding	4,135	4,235
Homebuilding [Member]
Revenues	$ 1,121,504	$ 941,538
Other income	767	725
Cost of sales	(925,760)	(781,668)
Selling, general and administrative	(98,015)	(98,229)
Operating income	98,496	62,366
Interest expense	(4,842)	(5,782)
Income before taxes	93,654	56,584
Mortgage Banking [Member]
Mortgage banking fees	22,522	16,211
Interest income	1,674	1,078
Other income	258	105
General and administrative	(14,550)	(11,479)
Interest expense	(246)	(136)
Income before taxes	$ 9,658	$ 5,779

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 65,303	$ 39,058
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	5,447	5,281
Excess income tax benefit from equity-based compensation	(6,284)	(7,998)
Equity-based compensation expense	10,549	13,399
Contract land deposit (recoveries) impairments, net	(1,303)	33
Gain on sale of loans, net	(17,022)	(11,238)
Mortgage loans closed	(688,361)	(545,325)
Mortgage loans sold and principal payments on mortgage loans held for sale	839,297	606,932
Distribution of earnings from unconsolidated joint ventures	3,521	5,846
Net change in assets and liabilities:
Increase in inventory	(254,639)	(84,212)
Increase in contract land deposits	(2,353)	(478)
(Increase) decrease in receivables	(4,022)	223
Decrease in accounts payable and accrued expenses	(1,382)	(31,982)
Increase in customer deposits	15,587	19,210
Other, net	(10,615)	(10,352)
Net cash used in operating activities	(46,277)	(1,603)
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(138)	(863)
Distribution of capital from unconsolidated joint ventures	4,017	6,154
Purchase of property, plant and equipment	(5,431)	(4,893)
Proceeds from the sale of property, plant and equipment	199	138
Net cash (used in) provided by investing activities	(1,353)	536
Cash flows from financing activities:
Purchase of treasury stock	(87,101)	(63,099)
Repayments under non-recourse debt related to consolidated variable interest entity and note payable		(64)
Distributions to partner in consolidated variable interest entity	(150)	(300)
Excess income tax benefit from equity-based compensation	6,284	7,998
Proceeds from the exercise of stock options	22,263	43,626
Net cash used in financing activities	(58,704)	(11,839)
Net decrease in cash and cash equivalents	(106,334)	(12,906)
Cash and cash equivalents, beginning of the period	425,316	545,419
Cash and cash equivalents, end of the period	318,982	532,513
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized	10,837	12,039
Income taxes paid during the period, net of refunds	$ 16,516	$ 14,458

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
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, 2015. In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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. In 2016, the Company adopted Accounting Standards Update (“ASU”) 2015-03, Interest – Imputation of Interest For the three months ended March 31, 2016 and 2015, 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	3 Months Ended
	Mar. 31, 2016
Variable Interest Entity Reporting Entity Involvement Maximum Loss Exposure [Abstract]
Variable Interest Entities	2. Variable Interest Entities Fixed Price Finished Lot Purchase Agreements (“Lot 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 Lot Purchase Agreements. The Lot Purchase Agreements require deposits that may be forfeited if NVR fails to perform under the Lot Purchase Agreements. The deposits required under the Lot 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 Lot 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 Lot Purchase Agreements is limited to the amount of the deposit pursuant to the liquidated damage provisions contained within the Lot Purchase Agreements. In other words, if NVR does not perform under a Lot Purchase Agreement, NVR loses only its deposit. None of the creditors of any of the development entities with which NVR enters Lot 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 Lot 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 Lot 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 Lot 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 Lot 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 Lot Purchase Agreements, and therefore, NVR does not consolidate any of these VIEs. As of March 31, 2016, NVR controlled approximately 69,100 lots under Lot Purchase Agreements with third parties through deposits in cash and letters of credit totaling approximately $380,500 and $3,500, respectively. As noted above, NVR’s sole legal obligation and economic loss for failure to perform under these Lot Purchase Agreements is limited to the amount of the deposit pursuant to the liquidated damage provisions contained in the Lot 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 9,300 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 $7,400 and $350, respectively, as of March 31, 2016, of which approximately $3,800 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 March 31, 2016 and December 31, 2015 was as follows: March 31, 2016 December 31, 2015 Contract land deposits $ 387,861 $ 385,534 Loss reserve on contract land deposits (40,910 ) (42,239 ) Contract land deposits, net 346,951 343,295 Contingent obligations in the form of letters of credit 3,889 3,302 Contingent specific performance obligations (1) 1,505 1,505 Total risk of loss $ 352,345 $ 348,102 (1) As of both March 31, 2016 and December 31, 2015, the Company was committed to purchase 10 finished lots under specific performance obligations.

Joint Ventures

Joint Ventures	3 Months Ended
	Mar. 31, 2016
Equity Method Investments And Joint Ventures [Abstract]
Joint Ventures	3. Joint Ventures On a limited basis, NVR 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 Lot Purchase Agreements with the joint venture. At March 31, 2016, the Company had an aggregate investment totaling approximately $55,700 in six March 31, 2016 December 31, 2015 Assets: Cash $ 995 $ 990 Other assets 326 379 Land under development 410 380 Total assets $ 1,731 $ 1,749 Liabilities and equity: Accrued expenses $ 858 $ 567 Equity 873 1,182 Total liabilities and equity $ 1,731 $ 1,749 The Company recognizes income from the JVs as a reduction to the lot cost of the lots purchased from the respective JVs when the homes are settled and is based on the expected total profitability and the total number of lots expected to be produced by the respective JVs. 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	3 Months Ended
	Mar. 31, 2016
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 February 2016, the Company purchased a land parcel which included both land under development and finished lots for approximately $150,000. The parcel is expected to produce approximately 1,000 lots, of which approximately 160 lots were under contract with unrelated parties at the date of purchase. As of March 31, 2016, the carrying values of the land under development, unsold finished lot inventory and sold finished lot inventory related to this purchase were approximately $108,000, $26,000 and $13,000, respectively. During the first quarter, the Company sold 34 lots under contract with unrelated parties for approximately $10,500. As of March 31, 2016, NVR directly owned a total of five None of the raw parcels had any indicators of impairment as of March 31, 2016. 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	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Interest capitalized, beginning of period $ 4,434 $ 4,072 Interest incurred 6,388 6,263 Interest charged to interest expense (5,088 ) (5,918 ) Interest charged to cost of sales (376 ) (146 ) Interest capitalized, end of period $ 5,358 $ 4,271

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 Three Months Ended March 31, 2016 2015 Weighted average number of shares outstanding used to calculate basic EPS 3,884 4,057 Dilutive securities: Stock options and restricted share units 251 178 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 4,135 4,235 The following stock options and restricted share units issued under equity incentive plans were outstanding during the three months ended March 31, 2016 and 2015, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Three Months Ended March 31, 2016 2015 Anti-dilutive securities 46 28

Excess Reorganization Value, Go

Excess Reorganization Value, Goodwill and Other Intangibles	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016, goodwill and net finite-lived intangible assets totaled $441 and $3,195, respectively. The remaining finite-lived intangible assets are amortized on a straight-line basis over a weighted average life of three years. Accumulated amortization as of March 31, 2016 was $5,583. Amortization expense related to the finite-lived intangible assets was $346 for both the three months ended March 31, 2016 and 2015. The Company completed the annual impairment assessment of the excess reorganization value and goodwill during the first quarter of 2016 and determined that there was no impairment.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2016
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, 2015 $ 206 $ 1,447,795 $ 5,270,114 $ (5,478,950 ) $ (17,333 ) $ 17,333 $ 1,239,165 Net income — — 65,303 — — — 65,303 Deferred compensation activity — — — — (10 ) 10 — Purchase of common stock for treasury — — — (87,101 ) — — (87,101 ) Equity-based compensation — 10,549 — — — — 10,549 Excess tax benefit from equity benefit plan activity — 6,284 — — — — 6,284 Proceeds from stock options exercised — 22,263 — — — — 22,263 Treasury stock issued upon option exercise and restricted share vesting — (19,891 ) — 19,891 — — — Balance, March 31, 2016 $ 206 $ 1,467,000 $ 5,335,417 $ (5,546,160 ) $ (17,343 ) $ 17,343 $ 1,256,463 The Company repurchased 56 shares of its common stock during the three months ended March 31, 2016. The Company settles option exercises and vesting of restricted share units by issuing shares of treasury stock. Approximately 60 shares were issued from the treasury account during the three months ended March 31, 2016 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	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 Warranty reserve, beginning of period $ 87,407 $ 94,060 Provision 8,842 9,081 Payments (9,557 ) (13,398 ) Warranty reserve, end of period $ 86,692 $ 89,743

Segment Disclosures

Segment Disclosures	3 Months Ended
	Mar. 31, 2016
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 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 March 31, 2016 2015 Revenues: Homebuilding Mid Atlantic $ 633,571 $ 556,120 Homebuilding North East 97,153 82,993 Homebuilding Mid East 244,277 185,429 Homebuilding South East 146,503 116,996 Mortgage Banking 22,522 16,211 Total consolidated revenues $ 1,144,026 $ 957,749 Three Months Ended March 31, 2016 2015 Profit before taxes: Homebuilding Mid Atlantic $ 46,609 $ 44,566 Homebuilding North East 4,065 5,983 Homebuilding Mid East 22,733 7,063 Homebuilding South East 12,786 8,815 Mortgage Banking 10,375 6,625 Total segment profit before taxes 96,568 73,052 Reconciling items: Contract land deposit reserve adjustment (1) 1,329 903 Equity-based compensation expense (10,549 ) (13,399 ) Corporate capital allocation (2) 44,315 36,945 Unallocated corporate overhead (29,509 ) (29,984 ) Consolidation adjustments and other 5,985 649 Corporate interest expense (4,827 ) (5,803 ) Reconciling items sub-total 6,744 (10,689 ) Consolidated profit before taxes $ 103,312 $ 62,363 March 31, 2016 December 31, 2015 Assets: Homebuilding Mid Atlantic $ 1,204,871 $ 994,804 Homebuilding North East 136,718 133,106 Homebuilding Mid East 250,580 220,094 Homebuilding South East 189,437 175,572 Mortgage Banking 227,764 372,203 Total segment assets 2,009,370 1,895,779 Reconciling items: Consolidated variable interest entity 1,731 1,749 Cash and cash equivalents 302,945 397,522 Deferred taxes 164,932 161,805 Intangible assets and goodwill 52,563 52,909 Contract land deposit reserve (40,910 ) (42,239 ) Consolidation adjustments and other 51,020 44,193 Reconciling items sub-total 532,281 615,939 Consolidated assets $ 2,541,651 $ 2,511,718 (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 March 31, 2016 2015 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 27,186 $ 23,411 Homebuilding North East 4,953 3,310 Homebuilding Mid East 6,699 5,935 Homebuilding South East 5,477 4,289 Total $ 44,315 $ 36,945

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 was $615,000. 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 $595,999 at March 31, 2016. 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 107 basis points of the loan amount as of March 31, 2016, 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 13% 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 $189,191 included on the accompanying condensed consolidated balance sheet has been increased by $3,236 from the aggregate principal balance of $185,955. The undesignated derivative instruments are included on the accompanying condensed consolidated balance sheet, as of March 31, 2016, as follows: Fair Value Balance Sheet Location Rate lock commitments: Gross assets $ 6,081 Gross liabilities 657 Net rate lock commitments $ 5,424 NVRM - Other assets Forward sales contracts: Gross assets $ 44 Gross liabilities 2,028 Net forward sales contracts $ 1,984 NVRM - Accounts payable and other liabilities The fair value measurement as of March 31, 2016 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 $ 409,435 $ (230 ) $ 1,975 $ 3,679 $ — $ 5,424 Forward sales contracts $ 525,038 — — — (1,984 ) (1,984 ) Mortgages held for sale $ 185,955 377 749 2,110 — 3,236 Total fair value measurement $ 147 $ 2,724 $ 5,789 $ (1,984 ) $ 6,676 For the three months ended March 31, 2016 and 2015, NVRM recorded a fair value adjustment to expense of $657 and $422, respectively. Unrealized gains/losses from the change in the fair value measurements are included in earnings as a component of mortgage banking fees in the accompanying condensed consolidated statements of income. The fair value measurement will be impacted in the future by the change in the value of the servicing rights, interest rate movements, security price fluctuations, and the volume and product mix of NVRM’s closed loans and locked loan commitments.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	12. Debt As of March 31, 2016, the Company had Senior Notes outstanding with a principal balance of $600,000. 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. 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. Additionally, following the Company’s adoption of ASU 2015-03 as of January 1, 2016, as further discussed in Note 1, the Senior Notes have been reflected net of unamortized debt issuance costs of $3,285 and $3,413 as of March 31, 2016 and December 31, 2015, respectively. 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 $150,000, subject to certain sub-limits, and provides for an incremental commitment pursuant to which NVRM may from time to time request increases in the total commitment available under the Repurchase Agreement by up to $50,000 in the aggregate. Amounts outstanding under the Repurchase Agreement are collateralized by the Company’s mortgage loans held for sale. The Repurchase Agreement expires on

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
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. Although there can be no assurance that a settlement will be reached, the Company has recorded a liability associated with an estimated civil penalty amount on the accompanying condensed consolidated financial statements as of both March 31, 2016 and December 31, 2015. 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	3 Months Ended
	Mar. 31, 2016
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 July 2015, FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 was as follows: March 31, 2016 December 31, 2015 Contract land deposits $ 387,861 $ 385,534 Loss reserve on contract land deposits (40,910 ) (42,239 ) Contract land deposits, net 346,951 343,295 Contingent obligations in the form of letters of credit 3,889 3,302 Contingent specific performance obligations (1) 1,505 1,505 Total risk of loss $ 352,345 $ 348,102 (1) As of both March 31, 2016 and December 31, 2015, the Company was committed to purchase 10 finished lots under specific performance obligations.

Joint Ventures (Tables)

Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2016
Consolidated Joint Venture
Schedule Of Equity Method Investments [Line Items]
Condensed Balance Sheets	The condensed balance sheets as of March 31, 2016 and December 31, 2015 of the consolidated JV were as follows: March 31, 2016 December 31, 2015 Assets: Cash $ 995 $ 990 Other assets 326 379 Land under development 410 380 Total assets $ 1,731 $ 1,749 Liabilities and equity: Accrued expenses $ 858 $ 567 Equity 873 1,182 Total liabilities and equity $ 1,731 $ 1,749

Capitalized Interest (Tables)

Capitalized Interest (Tables)	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 was as follows: Three Months Ended March 31, 2016 2015 Interest capitalized, beginning of period $ 4,434 $ 4,072 Interest incurred 6,388 6,263 Interest charged to interest expense (5,088 ) (5,918 ) Interest charged to cost of sales (376 ) (146 ) Interest capitalized, end of period $ 5,358 $ 4,271

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 Three Months Ended March 31, 2016 2015 Weighted average number of shares outstanding used to calculate basic EPS 3,884 4,057 Dilutive securities: Stock options and restricted share units 251 178 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 4,135 4,235
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 months ended March 31, 2016 and 2015, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Three Months Ended March 31, 2016 2015 Anti-dilutive securities 46 28

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2015 $ 206 $ 1,447,795 $ 5,270,114 $ (5,478,950 ) $ (17,333 ) $ 17,333 $ 1,239,165 Net income — — 65,303 — — — 65,303 Deferred compensation activity — — — — (10 ) 10 — Purchase of common stock for treasury — — — (87,101 ) — — (87,101 ) Equity-based compensation — 10,549 — — — — 10,549 Excess tax benefit from equity benefit plan activity — 6,284 — — — — 6,284 Proceeds from stock options exercised — 22,263 — — — — 22,263 Treasury stock issued upon option exercise and restricted share vesting — (19,891 ) — 19,891 — — — Balance, March 31, 2016 $ 206 $ 1,467,000 $ 5,335,417 $ (5,546,160 ) $ (17,343 ) $ 17,343 $ 1,256,463

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 Warranty reserve, beginning of period $ 87,407 $ 94,060 Provision 8,842 9,081 Payments (9,557 ) (13,398 ) Warranty reserve, end of period $ 86,692 $ 89,743

Segment Disclosures (Tables)

Segment Disclosures (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Revenues: Homebuilding Mid Atlantic $ 633,571 $ 556,120 Homebuilding North East 97,153 82,993 Homebuilding Mid East 244,277 185,429 Homebuilding South East 146,503 116,996 Mortgage Banking 22,522 16,211 Total consolidated revenues $ 1,144,026 $ 957,749
Profit before Taxes	Three Months Ended March 31, 2016 2015 Profit before taxes: Homebuilding Mid Atlantic $ 46,609 $ 44,566 Homebuilding North East 4,065 5,983 Homebuilding Mid East 22,733 7,063 Homebuilding South East 12,786 8,815 Mortgage Banking 10,375 6,625 Total segment profit before taxes 96,568 73,052 Reconciling items: Contract land deposit reserve adjustment (1) 1,329 903 Equity-based compensation expense (10,549 ) (13,399 ) Corporate capital allocation (2) 44,315 36,945 Unallocated corporate overhead (29,509 ) (29,984 ) Consolidation adjustments and other 5,985 649 Corporate interest expense (4,827 ) (5,803 ) Reconciling items sub-total 6,744 (10,689 ) Consolidated profit before taxes $ 103,312 $ 62,363 (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 March 31, 2016 2015 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 27,186 $ 23,411 Homebuilding North East 4,953 3,310 Homebuilding Mid East 6,699 5,935 Homebuilding South East 5,477 4,289 Total $ 44,315 $ 36,945
Assets	March 31, 2016 December 31, 2015 Assets: Homebuilding Mid Atlantic $ 1,204,871 $ 994,804 Homebuilding North East 136,718 133,106 Homebuilding Mid East 250,580 220,094 Homebuilding South East 189,437 175,572 Mortgage Banking 227,764 372,203 Total segment assets 2,009,370 1,895,779 Reconciling items: Consolidated variable interest entity 1,731 1,749 Cash and cash equivalents 302,945 397,522 Deferred taxes 164,932 161,805 Intangible assets and goodwill 52,563 52,909 Contract land deposit reserve (40,910 ) (42,239 ) Consolidation adjustments and other 51,020 44,193 Reconciling items sub-total 532,281 615,939 Consolidated assets $ 2,541,651 $ 2,511,718
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 March 31, 2016 2015 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 27,186 $ 23,411 Homebuilding North East 4,953 3,310 Homebuilding Mid East 6,699 5,935 Homebuilding South East 5,477 4,289 Total $ 44,315 $ 36,945

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Undesignated Derivative Instruments	The undesignated derivative instruments are included on the accompanying condensed consolidated balance sheet, as of March 31, 2016, as follows: Fair Value Balance Sheet Location Rate lock commitments: Gross assets $ 6,081 Gross liabilities 657 Net rate lock commitments $ 5,424 NVRM - Other assets Forward sales contracts: Gross assets $ 44 Gross liabilities 2,028 Net forward sales contracts $ 1,984 NVRM - Accounts payable and other liabilities
Fair Value Measurement	The fair value measurement as of March 31, 2016 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 $ 409,435 $ (230 ) $ 1,975 $ 3,679 $ — $ 5,424 Forward sales contracts $ 525,038 — — — (1,984 ) (1,984 ) Mortgages held for sale $ 185,955 377 749 2,110 — 3,236 Total fair value measurement $ 147 $ 2,724 $ 5,789 $ (1,984 ) $ 6,676

Land Under Development - Additi

Land Under Development - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 29, 2016USD ($)Lot	Mar. 31, 2016USD ($)LotParcel
Real Estate [Abstract]
Aggregate additional funding commitments related to raw land property under joint development		$ 17,500
Number of finished lots under contract with unrelated parties | Lot		130
Expected development credits that will offset the aggregate additional funding commitments related to raw land property development		$ 9,300
Number of raw parcels of land owned | Parcel		5
Carrying value of raw parcels of land		$ 163,826
Number of finished lots expected to be developed from raw parcels of land | Lot		1,700
Acquisition costs of land under development and finished lots	$ 150,000
Number of lots expected to be produced from raw land acquisition | Lot	1,000
Carrying value of the land under development which was acquired during the current year		$ 108,000
Carrying value of unsold finished lots		26,000
Carrying value of sold finished lots		$ 13,000
Number of lots under contract with unrelated party | Lot	160
Lots sold to unrelated party | Lot		34
Amount of lots sold to unrelated parties under contract		$ 10,500

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - Senior Notes due 2022 [Member]	3 Months Ended
	Mar. 31, 2016
Debt Instrument [Line Items]
Senior notes interest rate	3.95%
Senior notes maturity	Sep. 15, 2022

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Thousands	Mar. 31, 2016USD ($)Lot	Dec. 31, 2015USD ($)
Variable Interest Entity [Line Items]
Contract land deposits	$ 387,861	$ 385,534
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	69,100
Contract land deposits in cash	$ 380,500
Letters of credit related to lots	$ 3,500
Contract on Raw Ground with Landowners [Member]
Variable Interest Entity [Line Items]
Lots controlled by NVR | Lot	9,300
Contract land deposits	$ 7,400
Letters of credit related to land contract	350
Refundable deposits and letters of credit	$ 3,800

Variable Interest Entities - To

Variable Interest Entities - Total Risk of Loss Related to Contract Land Deposits (Detail) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Variable Interest Entity Reporting Entity Involvement Maximum Loss Exposure [Abstract]
Contract land deposits		$ 387,861	$ 385,534
Loss reserve on contract land deposits		(40,910)	(42,239)
Contract land deposits, net		346,951	343,295
Contingent obligations in the form of letters of credit		3,889	3,302
Contingent specific performance obligations	[1]	1,505	1,505
Total risk of loss		$ 352,345	$ 348,102
[1]	As of both March 31, 2016 and December 31, 2015, the Company was committed to purchase 10 finished lots under specific performance obligations.

Variable Interest Entities - 32

Variable Interest Entities - Total Risk of Loss Related to Contract Land Deposits (Parenthetical) (Detail) - Lot	Mar. 31, 2016	Dec. 31, 2015
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	Mar. 31, 2016USD ($)LotJointVenture	Dec. 31, 2015USD ($)
Joint Ventures [Line Items]
Aggregate investment | $	$ 55,700
Number of joint ventures | JointVenture	6
Expected production of finished lots | Lot	7,900
Total lots under contract with company under the joint venture | Lot	4,600
Total lots either under contract with unrelated parties or not under the current contract | Lot	3,300
Additional funding commitments in the aggregate | $	$ 6,700
Number of joint ventures with additional funding commitment | JointVenture	3
Number of joint ventures NVR is not primary beneficiary | JointVenture	5
Other Assets [Member]
Joint Ventures [Line Items]
Aggregate investment | $	$ 55,200	$ 59,800

Joint Ventures - Condensed Bala

Joint Ventures - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Assets:
Cash	$ 318,982	$ 425,316	$ 532,513	$ 545,419
Land under development	163,826
Liabilities and equity:
Equity	1,256,463	1,239,165
Total liabilities and shareholders' equity	2,541,651	2,511,718
Consolidated Joint Venture
Assets:
Cash	995	990
Other assets	326	379
Land under development	410	380
Total assets	1,731	1,749
Liabilities and equity:
Accrued expenses	858	567
Equity	873	1,182
Total liabilities and shareholders' equity	$ 1,731	$ 1,749

Capitalized Interest - Summary

Capitalized Interest - Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest Costs Incurred Capitalized [Abstract]
Interest capitalized, beginning of period	$ 4,434	$ 4,072
Interest incurred	6,388	6,263
Interest expense	(5,088)	(5,918)
Interest charged to cost of sales	(376)	(146)
Interest capitalized, end of period	$ 5,358	$ 4,271

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
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS	3,884	4,057
Dilutive securities:
Stock options and restricted share units	251	178
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS	4,135	4,235

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
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Anti-dilutive securities	46	28

Excess Reorganization Value, 38

Excess Reorganization Value, Goodwill and Other Intangibles - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	$ 441,000
Finite-lived intangible assets	$ 3,195,000
Weighted average life of finite-lived intangible assets	3 years
Finite-lived intangible assets, accumulated amortization	$ 5,583,000
Amortization expense	346,000	$ 346,000
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
	Mar. 31, 2016	Mar. 31, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 1,239,165
Net income	65,303	$ 39,058
Purchase of common stock for treasury	(87,101)
Equity-based compensation	10,549
Excess tax benefit from equity benefit plan activity	6,284
Proceeds from stock options exercised	22,263
Ending Balance	1,256,463
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	206
Ending Balance	206
Additional Paid-In-Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	1,447,795
Equity-based compensation	10,549
Excess tax benefit from equity benefit plan activity	6,284
Proceeds from stock options exercised	22,263
Treasury stock issued upon option exercise and restricted share vesting	(19,891)
Ending Balance	1,467,000
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	5,270,114
Net income	65,303
Ending Balance	5,335,417
Treasury Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(5,478,950)
Purchase of common stock for treasury	(87,101)
Treasury stock issued upon option exercise and restricted share vesting	19,891
Ending Balance	(5,546,160)
Deferred Compensation Trust [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(17,333)
Deferred compensation activity	(10)
Ending Balance	(17,343)
Deferred Compensation Liability [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	17,333
Deferred compensation activity	10
Ending Balance	$ 17,343

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) shares in Thousands	3 Months Ended
	Mar. 31, 2016shares
Equity [Abstract]
Common stock repurchased	56
Reissued shares during the period, shares	60

Product Warranties - Summary of

Product Warranties - Summary of Changes in Product Warranties Reserve (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Movement In Standard And Extended Product Warranty Increase Decrease Roll Forward
Warranty reserve, beginning of period	$ 87,407	$ 94,060
Provision	8,842	9,081
Payments	(9,557)	(13,398)
Warranty reserve, end of period	$ 86,692	$ 89,743

Segment Disclosures - Additiona

Segment Disclosures - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016Segment
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
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Revenue Reconciling Item [Line Items]
Total consolidated revenues	$ 1,144,026	$ 957,749
Homebuilding [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	1,121,504	941,538
Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	633,571	556,120
Homebuilding [Member] | North East [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	97,153	82,993
Homebuilding [Member] | Mid East [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	244,277	185,429
Homebuilding [Member] | South East [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	146,503	116,996
Mortgage Banking [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Mortgage Banking	$ 22,522	$ 16,211

Segment Disclosures - Profit be

Segment Disclosures - Profit before Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	$ 103,312	$ 62,363
Equity-based compensation expense	(10,549)	(13,399)
Corporate interest expense	(5,088)	(5,918)
Homebuilding [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	93,654	56,584
Corporate interest expense	(4,842)	(5,782)
Mortgage Banking [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	9,658	5,779
Corporate interest expense	(246)	(136)
Operating Segments [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	96,568	73,052
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	46,609	44,566
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	4,065	5,983
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	22,733	7,063
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	12,786	8,815
Operating Segments [Member] | Mortgage Banking [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	10,375	6,625
Reconciling Items [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	6,744	(10,689)
Contract land deposit reserve adjustment	1,329	903
Equity-based compensation expense	(10,549)	(13,399)
Corporate capital allocation	44,315	36,945
Unallocated corporate overhead	(29,509)	(29,984)
Consolidation adjustments and other	5,985	649
Corporate interest expense	(4,827)	(5,803)
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	27,186	23,411
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	4,953	3,310
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	6,699	5,935
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	$ 5,477	$ 4,289

Segment Disclosures - Assets (D

Segment Disclosures - Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 2,541,651	$ 2,511,718
Cash and cash equivalents	318,982	425,316	$ 532,513	$ 545,419
Contract land deposit reserve	(40,910)	(42,239)
Homebuilding [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	2,306,540	2,132,168
Consolidated variable interest entity	1,731	1,749
Cash and cash equivalents	302,945	397,522
Intangible assets and goodwill	3,636	3,982
Mortgage Banking [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	235,111	379,550
Cash and cash equivalents	15,042	26,804
Operating Segments [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	2,009,370	1,895,779
Operating Segments [Member] | Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	1,204,871	994,804
Operating Segments [Member] | Homebuilding [Member] | North East [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	136,718	133,106
Operating Segments [Member] | Homebuilding [Member] | Mid East [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	250,580	220,094
Operating Segments [Member] | Homebuilding [Member] | South East [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	189,437	175,572
Operating Segments [Member] | Mortgage Banking [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	227,764	372,203
Reconciling Items [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	532,281	615,939
Consolidated variable interest entity	1,731	1,749
Cash and cash equivalents	302,945	397,522
Deferred taxes	164,932	161,805
Intangible assets and goodwill	52,563	52,909
Contract land deposit reserve	(40,910)	(42,239)
Consolidation adjustments and other	$ 51,020	$ 44,193

Segment Disclosures - Corporate

Segment Disclosures - Corporate Capital Allocation Charge (Detail) - Reconciling Items [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 44,315	$ 36,945
Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	27,186	23,411
Homebuilding [Member] | North East [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	4,953	3,310
Homebuilding [Member] | Mid East [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	6,699	5,935
Homebuilding [Member] | South East [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 5,477	$ 4,289

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement Gain/(Loss)	$ 6,676
Homebuilding [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	595,999		$ 595,847
Homebuilding [Member] | Senior Notes due 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	595,999
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	615,000
Mortgage Banking [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of mortgage loans held for sale	189,191		$ 319,553
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)	(657)	$ (422)
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	$ 409,435
Average basis points of loan amount	1.07%
Fallout rate of measuring fair value of rate lock commitments	13.00%
Total Fair Value Measurement Gain/(Loss)	$ 5,424
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	525,038
Total Fair Value Measurement Gain/(Loss)	(1,984)
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	185,955
Fair value of mortgage loans held for sale	189,191
Total Fair Value Measurement Gain/(Loss)	$ 3,236

Fair Value - Undesignated Deriv

Fair Value - Undesignated Derivative Instruments (Detail) - Mortgage Banking [Member] - Level 2 [Member] - Fair Value, Measurements, Recurring [Member] $ in Thousands	Mar. 31, 2016USD ($)
Rate Lock Commitments [Member]
Derivatives Fair Value [Line Items]
Gross assets	$ 6,081
Gross liabilities	657
Net rate lock commitments	5,424
Forward Sales Contracts [Member]
Derivatives Fair Value [Line Items]
Gross assets	44
Gross liabilities	2,028
Net forward sales contracts	$ 1,984

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurement (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain/(Loss) From Loan Sale	$ 147
Interest Rate Movement Effect	2,724
Servicing Rights Value	5,789
Security Price Change	(1,984)
Total Fair Value Measurement Gain/(Loss)	6,676
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	409,435
Assumed Gain/(Loss) From Loan Sale	(230)
Interest Rate Movement Effect	1,975
Servicing Rights Value	3,679
Total Fair Value Measurement Gain/(Loss)	5,424
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	525,038
Security Price Change	(1,984)
Total Fair Value Measurement Gain/(Loss)	(1,984)
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	185,955
Assumed Gain/(Loss) From Loan Sale	377
Interest Rate Movement Effect	749
Servicing Rights Value	2,110
Total Fair Value Measurement Gain/(Loss)	$ 3,236

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Repurchase agreement maximum loan borrowing capacity	$ 150,000,000
Repurchase agreement current loan borrowing capacity	$ 145,000,000
Expiration date of repurchase agreement	Jul. 27, 2016
Debt outstanding under repurchase agreement	$ 0
Increase in commitment available under repurchase agreement	50,000,000
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
Debt issuance cost	$ 3,285,000	$ 3,413,000