NVR (NVR) 10-Q 28 Apr 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 25, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
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		3,747,778

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 493,761	$ 396,619
Inventory:
Land under development	63,684
Contract land deposits, net	369,703	379,844
Total assets	2,742,299	2,643,943
LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities	1,334,019	1,339,502
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, 2017 and December 31, 2016	206	206
Additional paid-in capital	1,570,270	1,515,828
Deferred compensation trust – 108,644 and 108,640 shares of NVR, Inc. common stock as of March 31, 2017 and December 31, 2016, respectively	(17,383)	(17,375)
Deferred compensation liability	17,383	17,375
Retained earnings	5,797,342	5,695,376
Less treasury stock at cost – 16,819,692 and 16,862,327 shares as of March 31, 2017 and December 31, 2016, respectively	(5,959,538)	(5,906,969)
Total shareholders' equity	1,408,280	1,304,441
Total liabilities and shareholders' equity	2,742,299	2,643,943
Homebuilding [Member]
ASSETS
Cash and cash equivalents	482,689	375,748
Restricted cash	14,857	17,561
Receivables	19,876	18,937
Inventory:
Lots and housing units, covered under sales agreements with customers	1,025,071	883,868
Unsold lots and housing units	129,931	145,065
Land under development	63,684	46,999
Building materials and other	13,748	16,168
Total Inventory	1,232,434	1,092,100
Assets related to consolidated variable interest entity	1,248	1,251
Contract land deposits, net	369,703	379,844
Property, plant and equipment, net	45,116	45,915
Reorganization value in excess of amounts allocable to identifiable assets, net	41,580	41,580
Goodwill and finite-lived intangible assets, net	2,254	2,599
Other assets	277,489	257,811
Total assets	2,487,246	2,233,346
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	237,700	251,212
Accrued expenses and other liabilities	317,828	336,318
Liabilities related to consolidated variable interest entity	879	882
Customer deposits	148,353	122,236
Senior notes	596,607	596,455
Total liabilities	1,301,367	1,307,103
Mortgage Banking [Member]
ASSETS
Cash and cash equivalents	9,862	19,657
Restricted cash	2,122	1,857
Mortgage loans held for sale, net	213,433	351,958
Inventory:
Property, plant and equipment, net	5,434	4,903
Reorganization value in excess of amounts allocable to identifiable assets, net	7,347	7,347
Other assets	16,855	24,875
Total assets	255,053	410,597
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and other liabilities	32,652	32,399
Total liabilities	$ 32,652	$ 32,399

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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	108,644	108,640
Treasury stock, shares	16,819,692	16,862,327

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest expense	$ (5,836)	$ (5,088)
Income before taxes	132,161	103,312
Income tax expense	(29,238)	(38,009)
Net income	$ 102,923	$ 65,303
Basic earnings per share	$ 27.78	$ 16.81
Diluted earnings per share	$ 25.12	$ 15.79
Basic weighted average shares outstanding	3,705	3,884
Diluted weighted average shares outstanding	4,097	4,135
Homebuilding [Member]
Revenues	$ 1,247,587	$ 1,121,504
Other income	1,102	767
Cost of sales	(1,026,017)	(925,760)
Selling, general and administrative	(99,904)	(98,015)
Operating income	122,768	98,496
Interest expense	(5,578)	(4,842)
Income before taxes	117,190	93,654
Mortgage Banking [Member]
Mortgage banking fees	29,505	22,522
Interest income	1,661	1,674
Other income	309	258
General and administrative	(16,246)	(14,550)
Interest expense	(258)	(246)
Income before taxes	$ 14,971	$ 9,658

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 102,923	$ 65,303
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	5,699	5,447
Equity-based compensation expense	10,589	10,549
Contract land deposit impairments (recoveries), net	1,717	(1,303)
Gain on sale of loans, net	(23,231)	(17,022)
Mortgage loans closed	(784,928)	(688,361)
Mortgage loans sold and principal payments on mortgage loans held for sale	955,647	839,297
Distribution of earnings from unconsolidated joint ventures	2,070	3,521
Net change in assets and liabilities:
Increase in inventory	(140,334)	(254,639)
Decrease (increase) in contract land deposits	8,424	(2,353)
Increase in receivables	(736)	(4,022)
Decrease in accounts payable and accrued expenses	(37,550)	(1,382)
Increase in customer deposits	26,117	15,587
Other, net	(16,024)	(10,615)
Net cash provided by (used in) operating activities	110,383	(39,993)
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(455)	(138)
Distribution of capital from unconsolidated joint ventures	2,480	4,017
Purchase of property, plant and equipment	(5,161)	(5,431)
Proceeds from the sale of property, plant and equipment	177	199
Net cash used in investing activities	(2,959)	(1,353)
Cash flows from financing activities:
Purchase of treasury stock	(85,547)	(87,101)
Distributions to partner in consolidated variable interest entity		(150)
Proceeds from the exercise of stock options	75,265	22,263
Net cash used in financing activities	(10,282)	(64,988)
Net increase (decrease) in cash and cash equivalents	97,142	(106,334)
Cash and cash equivalents, beginning of the period	396,619	425,316
Cash and cash equivalents, end of the period	493,761	318,982
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized	11,536	10,837
Income taxes paid during the period, net of refunds	$ 7,079	$ 16,516

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
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, 2016. 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, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. 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. On January 1, 2017, the Company adopted Accounting Standards Update (“ASU”) 2016-09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting • Recorded the excess tax benefit from stock option exercises as a reduction to income tax expense prospectively beginning January 1, 2017. In the prior year, the excess tax benefit was recorded to additional paid-in capital within shareholders’ equity. The excess tax benefit recognized in the first quarter of 2017 and 2016 was $19,900 and $6,284, respectively. • Presented the aforementioned excess tax benefit recognized as an operating activity on the statement of cash flows and retrospectively adjusted the prior year Statement of Cash Flows accordingly. In the prior year, the excess tax benefit was recognized as a cash inflow from financing activities and a corresponding cash outflow from operating activities. The retrospective adjustment resulted in a $6,284 decrease to net cash used by operating activities and a $6,284 increase to net cash used in financing activities in the Consolidated Statement of Cash Flows for the three months ended March 31, 2016. • Made the election to recognize forfeitures of equity-based awards in the period in which they occur. This election was applied using the modified retrospective transition method, which resulted in the Company recording a cumulative-effect adjustment, net of tax, to reduce beginning retained earnings by $957. In the prior year, the Company estimated forfeitures based on its historical forfeiture rate. No other adjustments were made as a result of the adoption of ASU 2016-09. The Company also adopted ASU 2015-11, Inventory – Simplifying the Measurement of Inventory For the three months ended March 31, 2017 and 2016, 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, 2017
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 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. The development entity’s equity investors bear the full risk during the development process. Unless and until a development entity completes finished building lots through the development process, 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, 2017, NVR controlled approximately 74,300 lots under Lot Purchase Agreements with third parties through deposits in cash and letters of credit totaling approximately $389,900 and $2,500, 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. In addition, NVR has certain properties under contract with land owners that are expected to yield approximately 8,700 lots, which are not included in the number of total lots controlled. Some of these properties may require rezoning or other approvals to achieve the expected yield. These properties are controlled with deposits in cash and letters of credit totaling approximately $11,800 and $100, respectively, as of March 31, 2017, of which approximately $7,300 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, 2017 and December 31, 2016 was as follows: March 31, 2017 December 31, 2016 Contract land deposits $ 401,737 $ 411,150 Loss reserve on contract land deposits (32,034 ) (31,306 ) Contract land deposits, net 369,703 379,844 Contingent obligations in the form of letters of credit 2,552 2,379 Specific performance obligations (1) 1,505 1,505 Total risk of loss $ 373,760 $ 383,728 (1) As of both March 31, 2017 and December 31, 2016, the Company was committed to purchase 10 finished lots under specific performance obligations.

Joint Ventures

Joint Ventures	3 Months Ended
	Mar. 31, 2017
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, 2017, the Company had an aggregate investment totaling approximately $47,700 in six JVs that are expected to produce approximately 7,400 finished lots, of which approximately 4,100 lots were controlled by the Company and the remaining approximately 3,300 lots were either under contract with unrelated parties or not currently under contract. In addition, NVR had additional funding commitments totaling approximately $5,800 in the aggregate to three of the JVs at March 31, 2017. The Company has determined that it is not the primary beneficiary of five 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 $47,400 and $49,000 at March 31, 2017 and December 31, 2016, 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 March 31, 2017 and December 31, 2016 of the consolidated JV were as follows: March 31, 2017 December 31, 2016 Assets: Cash $ 1,210 $ 1,214 Other assets 38 37 Total assets $ 1,248 $ 1,251 Liabilities and equity: Accrued expenses $ 547 $ 550 Equity 701 701 Total liabilities and equity $ 1,248 $ 1,251 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, 2017
Real Estate [Abstract]
Land Under Development	4. On a limited basis, NVR directly acquires raw land parcels already zoned for its intended use to develop into finished lots. Land under development includes the land acquisition costs, direct improvement costs, capitalized interest where applicable, and real estate taxes. In January 2017, the Company purchased a raw land parcel for approximately $14,400. The parcel is expected to produce approximately 90 lots. As of March 31, 2017, NVR directly owned a total of four None of the raw parcels had any indicators of impairment as of March 31, 2017. 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, 2017
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 Accounting Standards Codification 835-20, Interest Three Months Ended March 31, 2017 2016 Interest capitalized, beginning of period $ 5,106 $ 4,434 Interest incurred 6,559 6,388 Interest charged to interest expense (5,836 ) (5,088 ) Interest charged to cost of sales (265 ) (376 ) Interest capitalized, end of period $ 5,564 $ 5,358

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2017
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, 2017 and 2016 Three Months Ended March 31, 2017 2016 Weighted average number of shares outstanding used to calculate basic EPS 3,705 3,884 Dilutive securities: Stock options and restricted share units 392 251 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 4,097 4,135 The following stock options and restricted share units issued under equity incentive plans were outstanding during the three months ended March 31, 2017 and 2016, 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, 2017 2016 Anti-dilutive securities 79 46

Excess Reorganization Value, Go

Excess Reorganization Value, Goodwill and Other Intangibles	3 Months Ended
	Mar. 31, 2017
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, 2017, goodwill and net finite-lived intangible assets totaled $441 and $1,813, respectively. The remaining finite-lived intangible assets are amortized on a straight-line basis over a weighted average life of three years. The Company completed the annual impairment assessment of the excess reorganization value and goodwill during the first quarter of 2017 and determined that there was no impairment.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2017
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, 2016 $ 206 $ 1,515,828 $ 5,695,376 $ (5,906,969 ) $ (17,375 ) $ 17,375 $ 1,304,441 Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax — 1,566 (957 ) — — — 609 Net income — — 102,923 — — — 102,923 Deferred compensation activity — — — — (8 ) 8 — Purchase of common stock for treasury — — — (85,547 ) — — (85,547 ) Equity-based compensation — 10,589 — — — — 10,589 Proceeds from stock options exercised — 75,265 — — — — 75,265 Treasury stock issued upon option exercise and restricted share vesting — (32,978 ) — 32,978 — — — Balance, March 31, 2017 $ 206 $ 1,570,270 $ 5,797,342 $ (5,959,538 ) $ (17,383 ) $ 17,383 $ 1,408,280 The Company repurchased 51 shares of its common stock during the three months ended March 31, 2017. The Company settles stock option exercises and vesting of restricted share units by issuing shares of treasury stock. Approximately 94 shares were issued from the treasury account during the three months ended March 31, 2017 in settlement of stock 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, 2017
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, 2017 and 2016: Three Months Ended March 31, 2017 2016 Warranty reserve, beginning of period $ 93,895 $ 87,407 Provision 8,961 8,842 Payments (9,353 ) (9,557 ) Warranty reserve, end of period $ 93,503 $ 86,692

Segment Disclosures

Segment Disclosures	3 Months Ended
	Mar. 31, 2017
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 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 March 31, 2017 2016 Revenues: Homebuilding Mid Atlantic $ 722,268 $ 633,571 Homebuilding North East 106,231 97,153 Homebuilding Mid East 243,031 244,277 Homebuilding South East 176,057 146,503 Mortgage Banking 29,505 22,522 Total consolidated revenues $ 1,277,092 $ 1,144,026 Three Months Ended March 31, 2017 2016 Profit before taxes: Homebuilding Mid Atlantic $ 64,489 $ 46,609 Homebuilding North East 9,106 4,065 Homebuilding Mid East 22,159 22,733 Homebuilding South East 14,569 12,786 Mortgage Banking 15,953 10,375 Total segment profit before taxes 126,276 96,568 Reconciling items: Contract land deposit reserve adjustment (1) (728 ) 1,329 Equity-based compensation expense (10,589 ) (10,549 ) Corporate capital allocation (2) 46,187 44,315 Unallocated corporate overhead (27,234 ) (29,509 ) Consolidation adjustments and other 3,813 5,985 Corporate interest expense (5,564 ) (4,827 ) Reconciling items sub-total 5,885 6,744 Consolidated profit before taxes $ 132,161 $ 103,312 March 31, 2017 December 31, 2016 Assets: Homebuilding Mid Atlantic $ 1,125,721 $ 1,054,779 Homebuilding North East 137,409 126,720 Homebuilding Mid East 254,915 222,736 Homebuilding South East 230,127 214,225 Mortgage Banking 247,706 403,250 Total segment assets 1,995,878 2,021,710 Reconciling items: Consolidated variable interest entity 1,248 1,251 Cash and cash equivalents 482,689 375,748 Deferred taxes 173,611 170,652 Intangible assets and goodwill 51,181 51,526 Contract land deposit reserve (32,034 ) (31,306 ) Consolidation adjustments and other 69,726 54,362 Reconciling items sub-total 746,421 622,233 Consolidated assets $ 2,742,299 $ 2,643,943 (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, 2017 2016 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 29,124 $ 27,186 Homebuilding North East 3,814 4,953 Homebuilding Mid East 6,742 6,699 Homebuilding South East 6,507 5,477 Total $ 46,187 $ 44,315

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2017
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, 2017 was $619,020. 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 $596,607 at March 31, 2017. 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 NVR’s homebuyers with fixed expiration dates. The commitments become effective when the borrowers "lock-in" a specified interest rate within time frames established by NVRM. All 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 110 basis points of the loan amount as of March 31, 2017, 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 15% 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 $213,433 included on the accompanying condensed consolidated balance sheet has been increased by $992 from the aggregate principal balance of $212,441. The undesignated derivative instruments are included on the accompanying condensed consolidated balance sheet, as of March 31, 2017, as follows: Fair Value Balance Sheet Location Rate lock commitments: Gross assets $ 7,844 Gross liabilities 3,324 Net rate lock commitments $ 4,520 NVRM - Other assets Forward sales contracts: Gross assets $ 131 Gross liabilities 3,474 Net forward sales contracts $ 3,343 NVRM - Accounts payable and other liabilities The fair value measurement as of March 31, 2017 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 $ 603,327 $ (2,871 ) $ 1,771 $ 5,620 $ — $ 4,520 Forward sales contracts $ 752,360 — — — (3,343 ) (3,343 ) Mortgages held for sale $ 212,441 (979 ) (409 ) 2,380 — 992 Total fair value measurement $ (3,850 ) $ 1,362 $ 8,000 $ (3,343 ) $ 2,169 For the three months ended March 31, 2017 and 2016, NVRM recorded a fair value adjustment to expense of $2,017 and $657, 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, 2017
Debt Disclosure [Abstract]
Debt	12. Debt Senior Notes As of March 31, 2017, 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 and unamortized debt issuance costs in the accompanying condensed consolidated balance sheet. Credit Agreement NVR has an unsecured Credit Agreement (the “Credit Agreement”), which provides for aggregate revolving loan commitments of $200,000 (the “Facility”). Under the Credit Agreement, the Company may request increases of up to $300,000 to the Facility in the form of revolving loan commitments or term loans to the extent that new or existing lenders agree to provide additional revolving loan or term loan commitments. Repurchase Agreement NVRM provides for its mortgage origination and other operating activities using cash generated from its operations, borrowings from its parent company, NVR, as well as a revolving mortgage repurchase agreement (the “Repurchase Agreement”), which is non-recourse to NVR. The Repurchase Agreement provides for loan purchases up to $150,000, subject to certain sub-limits, 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, 2017
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, in 2015 the Company recorded a liability and corresponding expense associated with an estimated civil penalty amount. 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	14 . Income Taxes The Company’s effective tax rate during the three months ended March 31, 2017 and 2016 was 22.1% and 36.8%, respectively. The 2017 effective tax rate was reduced as a result of the Company’s adoption of ASU 2016-09, which requires the excess tax benefit from stock option exercises to be recorded as a reduction to income tax expense in the period stock options are exercised. The Company recognized $19,900 in excess tax benefit in the first quarter of 2017. In the first quarter of 2016, an excess tax benefit of $6,284 was recorded to additional paid-in capital within shareholders’ equity.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	1 5 . Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) In June 2016, FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) In August 2016, FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments In November 2016, FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash In January 2017, FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 and December 31, 2016 was as follows: March 31, 2017 December 31, 2016 Contract land deposits $ 401,737 $ 411,150 Loss reserve on contract land deposits (32,034 ) (31,306 ) Contract land deposits, net 369,703 379,844 Contingent obligations in the form of letters of credit 2,552 2,379 Specific performance obligations (1) 1,505 1,505 Total risk of loss $ 373,760 $ 383,728 (1) As of both March 31, 2017 and December 31, 2016, the Company was committed to purchase 10 finished lots under specific performance obligations.

Joint Ventures (Tables)

Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2017
Consolidated Joint Venture
Schedule Of Equity Method Investments [Line Items]
Condensed Balance Sheets	The condensed balance sheets as of March 31, 2017 and December 31, 2016 of the consolidated JV were as follows: March 31, 2017 December 31, 2016 Assets: Cash $ 1,210 $ 1,214 Other assets 38 37 Total assets $ 1,248 $ 1,251 Liabilities and equity: Accrued expenses $ 547 $ 550 Equity 701 701 Total liabilities and equity $ 1,248 $ 1,251

Capitalized Interest (Tables)

Capitalized Interest (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 and 2016 was as follows: Three Months Ended March 31, 2017 2016 Interest capitalized, beginning of period $ 5,106 $ 4,434 Interest incurred 6,559 6,388 Interest charged to interest expense (5,836 ) (5,088 ) Interest charged to cost of sales (265 ) (376 ) Interest capitalized, end of period $ 5,564 $ 5,358

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 and 2016 Three Months Ended March 31, 2017 2016 Weighted average number of shares outstanding used to calculate basic EPS 3,705 3,884 Dilutive securities: Stock options and restricted share units 392 251 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 4,097 4,135
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, 2017 and 2016, 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, 2017 2016 Anti-dilutive securities 79 46

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2016 $ 206 $ 1,515,828 $ 5,695,376 $ (5,906,969 ) $ (17,375 ) $ 17,375 $ 1,304,441 Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax — 1,566 (957 ) — — — 609 Net income — — 102,923 — — — 102,923 Deferred compensation activity — — — — (8 ) 8 — Purchase of common stock for treasury — — — (85,547 ) — — (85,547 ) Equity-based compensation — 10,589 — — — — 10,589 Proceeds from stock options exercised — 75,265 — — — — 75,265 Treasury stock issued upon option exercise and restricted share vesting — (32,978 ) — 32,978 — — — Balance, March 31, 2017 $ 206 $ 1,570,270 $ 5,797,342 $ (5,959,538 ) $ (17,383 ) $ 17,383 $ 1,408,280

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 and 2016: Three Months Ended March 31, 2017 2016 Warranty reserve, beginning of period $ 93,895 $ 87,407 Provision 8,961 8,842 Payments (9,353 ) (9,557 ) Warranty reserve, end of period $ 93,503 $ 86,692

Segment Disclosures (Tables)

Segment Disclosures (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 2016 Revenues: Homebuilding Mid Atlantic $ 722,268 $ 633,571 Homebuilding North East 106,231 97,153 Homebuilding Mid East 243,031 244,277 Homebuilding South East 176,057 146,503 Mortgage Banking 29,505 22,522 Total consolidated revenues $ 1,277,092 $ 1,144,026
Profit before Taxes	Three Months Ended March 31, 2017 2016 Profit before taxes: Homebuilding Mid Atlantic $ 64,489 $ 46,609 Homebuilding North East 9,106 4,065 Homebuilding Mid East 22,159 22,733 Homebuilding South East 14,569 12,786 Mortgage Banking 15,953 10,375 Total segment profit before taxes 126,276 96,568 Reconciling items: Contract land deposit reserve adjustment (1) (728 ) 1,329 Equity-based compensation expense (10,589 ) (10,549 ) Corporate capital allocation (2) 46,187 44,315 Unallocated corporate overhead (27,234 ) (29,509 ) Consolidation adjustments and other 3,813 5,985 Corporate interest expense (5,564 ) (4,827 ) Reconciling items sub-total 5,885 6,744 Consolidated profit before taxes $ 132,161 $ 103,312 (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, 2017 2016 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 29,124 $ 27,186 Homebuilding North East 3,814 4,953 Homebuilding Mid East 6,742 6,699 Homebuilding South East 6,507 5,477 Total $ 46,187 $ 44,315
Assets	March 31, 2017 December 31, 2016 Assets: Homebuilding Mid Atlantic $ 1,125,721 $ 1,054,779 Homebuilding North East 137,409 126,720 Homebuilding Mid East 254,915 222,736 Homebuilding South East 230,127 214,225 Mortgage Banking 247,706 403,250 Total segment assets 1,995,878 2,021,710 Reconciling items: Consolidated variable interest entity 1,248 1,251 Cash and cash equivalents 482,689 375,748 Deferred taxes 173,611 170,652 Intangible assets and goodwill 51,181 51,526 Contract land deposit reserve (32,034 ) (31,306 ) Consolidation adjustments and other 69,726 54,362 Reconciling items sub-total 746,421 622,233 Consolidated assets $ 2,742,299 $ 2,643,943
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, 2017 2016 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 29,124 $ 27,186 Homebuilding North East 3,814 4,953 Homebuilding Mid East 6,742 6,699 Homebuilding South East 6,507 5,477 Total $ 46,187 $ 44,315

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Undesignated Derivative Instruments	The undesignated derivative instruments are included on the accompanying condensed consolidated balance sheet, as of March 31, 2017, as follows: Fair Value Balance Sheet Location Rate lock commitments: Gross assets $ 7,844 Gross liabilities 3,324 Net rate lock commitments $ 4,520 NVRM - Other assets Forward sales contracts: Gross assets $ 131 Gross liabilities 3,474 Net forward sales contracts $ 3,343 NVRM - Accounts payable and other liabilities
Fair Value Measurement	The fair value measurement as of March 31, 2017 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 $ 603,327 $ (2,871 ) $ 1,771 $ 5,620 $ — $ 4,520 Forward sales contracts $ 752,360 — — — (3,343 ) (3,343 ) Mortgages held for sale $ 212,441 (979 ) (409 ) 2,380 — 992 Total fair value measurement $ (3,850 ) $ 1,362 $ 8,000 $ (3,343 ) $ 2,169

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax	$ 609
Retained Earnings [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax	(957)
Accounting Standards Update (“ASU”) 2016-09 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Excess tax benefit from option exercises recognized as a reduction to income tax expense	$ 19,900
Excess tax benefit recognized		$ 6,284
Decrease to net cash used by operating activities		6,284
Increase to net cash used in financing activities		$ 6,284

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Thousands	Mar. 31, 2017USD ($)Lot	Dec. 31, 2016USD ($)
Variable Interest Entity [Line Items]
Contract land deposits in cash	$ 401,737	$ 411,150
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	74,300
Contract land deposits in cash under Lot Purchase Agreements	$ 389,900
Letters of credit related to lots	$ 2,500
Contract on Raw Ground with Landowners [Member]
Variable Interest Entity [Line Items]
Lots controlled by NVR | Lot	8,700
Contract land deposits in cash	$ 11,800
Letters of credit related to land contract	100
Refundable deposits and letters of credit	$ 7,300

Variable Interest Entities - To

Variable Interest Entities - Total Risk of Loss Related to Contract Land Deposits (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Variable Interest Entity Reporting Entity Involvement Maximum Loss Exposure [Abstract]
Contract land deposits		$ 401,737	$ 411,150
Loss reserve on contract land deposits		(32,034)	(31,306)
Contract land deposits, net		369,703	379,844
Contingent obligations in the form of letters of credit		2,552	2,379
Specific performance obligations	[1]	1,505	1,505
Total risk of loss		$ 373,760	$ 383,728
[1]	As of both March 31, 2017 and December 31, 2016, 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, 2017	Dec. 31, 2016
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, 2017USD ($)LotJointVenture	Dec. 31, 2016USD ($)
Joint Ventures [Line Items]
Aggregate investment | $	$ 47,700
Number of joint ventures | JointVenture	6
Expected production of finished lots | Lot	7,400
Total lots controlled by company under the joint venture | Lot	4,100
Total lots either under contract with unrelated parties or not under the current contract | Lot	3,300
Additional funding commitments in the aggregate | $	$ 5,800
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 | $	$ 47,400	$ 49,000

Joint Ventures - Condensed Bala

Joint Ventures - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Assets:
Cash	$ 493,761	$ 396,619	$ 318,982	$ 425,316
Liabilities and equity:
Equity	1,408,280	1,304,441
Total liabilities and shareholders' equity	2,742,299	2,643,943
Consolidated Joint Venture
Assets:
Cash	1,210	1,214
Other assets	38	37
Total assets	1,248	1,251
Liabilities and equity:
Accrued expenses	547	550
Equity	701	701
Total liabilities and shareholders' equity	$ 1,248	$ 1,251

Land Under Development - Additi

Land Under Development - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)LotParcel	Jan. 31, 2017USD ($)Lot
Real Estate [Abstract]
Acquisition costs of raw land parcel		$ 14,400
Number of lots expected to be produce from raw land parcel | Lot		90
Number of raw parcels of land owned | Parcel	4
Carrying value of raw parcels of land	$ 63,684
Number of finished lots expected to be developed from raw parcels of land | Lot	700
Aggregate additional funding commitments related to raw land property under joint development	$ 11,200
Expected development credits that will offset the aggregate additional funding commitments related to raw land property development	$ 6,200

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
	Mar. 31, 2017	Mar. 31, 2016
Interest Costs Incurred Capitalized [Abstract]
Interest capitalized, beginning of period	$ 5,106	$ 4,434
Interest incurred	6,559	6,388
Interest expense	(5,836)	(5,088)
Interest charged to cost of sales	(265)	(376)
Interest capitalized, end of period	$ 5,564	$ 5,358

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, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS	3,705	3,884
Dilutive securities:
Stock options and restricted share units	392	251
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS	4,097	4,135

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, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Anti-dilutive securities	79	46

Excess Reorganization Value, 39

Excess Reorganization Value, Goodwill and Other Intangibles - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	$ 441,000
Finite-lived intangible assets	$ 1,813,000
Weighted average life of finite-lived intangible assets	3 years
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, 2017	Mar. 31, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 1,304,441
Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax	609
Net income	102,923	$ 65,303
Purchase of common stock for treasury	(85,547)
Equity-based compensation	10,589
Proceeds from stock options exercised	75,265
Ending Balance	1,408,280
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	1,515,828
Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax	1,566
Equity-based compensation	10,589
Proceeds from stock options exercised	75,265
Treasury stock issued upon option exercise and restricted share vesting	(32,978)
Ending Balance	1,570,270
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	5,695,376
Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax	(957)
Net income	102,923
Ending Balance	5,797,342
Treasury Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(5,906,969)
Purchase of common stock for treasury	(85,547)
Treasury stock issued upon option exercise and restricted share vesting	32,978
Ending Balance	(5,959,538)
Deferred Compensation Trust [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(17,375)
Deferred compensation activity	(8)
Ending Balance	(17,383)
Deferred Compensation Liability [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	17,375
Deferred compensation activity	8
Ending Balance	$ 17,383

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) shares in Thousands	3 Months Ended
	Mar. 31, 2017shares
Equity [Abstract]
Common stock repurchased	51
Reissued shares during the period, shares	94

Product Warranties - Summary of

Product Warranties - Summary of Changes in Product Warranties Reserve (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Product Warranties Disclosures [Abstract]
Warranty reserve, beginning of period	$ 93,895	$ 87,407
Provision	8,961	8,842
Payments	(9,353)	(9,557)
Warranty reserve, end of period	$ 93,503	$ 86,692

Segment Disclosures - Additiona

Segment Disclosures - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017Segment
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
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Revenue Reconciling Item [Line Items]
Total consolidated revenues	$ 1,277,092	$ 1,144,026
Homebuilding [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	1,247,587	1,121,504
Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	722,268	633,571
Homebuilding [Member] | North East [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	106,231	97,153
Homebuilding [Member] | Mid East [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	243,031	244,277
Homebuilding [Member] | South East [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	176,057	146,503
Mortgage Banking [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Mortgage Banking	$ 29,505	$ 22,522

Segment Disclosures - Profit be

Segment Disclosures - Profit before Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	$ 132,161	$ 103,312
Equity-based compensation expense	(10,589)	(10,549)
Corporate interest expense	(5,836)	(5,088)
Homebuilding [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	117,190	93,654
Corporate interest expense	(5,578)	(4,842)
Mortgage Banking [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	14,971	9,658
Corporate interest expense	(258)	(246)
Operating Segments [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	126,276	96,568
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	64,489	46,609
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	9,106	4,065
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	22,159	22,733
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	14,569	12,786
Operating Segments [Member] | Mortgage Banking [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	15,953	10,375
Corporate and Reconciling Items [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	5,885	6,744
Contract land deposit reserve adjustment	(728)	1,329
Equity-based compensation expense	(10,589)	(10,549)
Corporate capital allocation	46,187	44,315
Unallocated corporate overhead	(27,234)	(29,509)
Consolidation adjustments and other	3,813	5,985
Corporate interest expense	(5,564)	(4,827)
Corporate and 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	29,124	27,186
Corporate and 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	3,814	4,953
Corporate and 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	6,742	6,699
Corporate and 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	$ 6,507	$ 5,477

Segment Disclosures - Assets (D

Segment Disclosures - Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 2,742,299	$ 2,643,943
Cash and cash equivalents	493,761	396,619	$ 318,982	$ 425,316
Contract land deposit reserve	(32,034)	(31,306)
Homebuilding [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	2,487,246	2,233,346
Consolidated variable interest entity	1,248	1,251
Cash and cash equivalents	482,689	375,748
Intangible assets and goodwill	2,254	2,599
Mortgage Banking [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	255,053	410,597
Cash and cash equivalents	9,862	19,657
Operating Segments [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	1,995,878	2,021,710
Operating Segments [Member] | Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	1,125,721	1,054,779
Operating Segments [Member] | Homebuilding [Member] | North East [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	137,409	126,720
Operating Segments [Member] | Homebuilding [Member] | Mid East [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	254,915	222,736
Operating Segments [Member] | Homebuilding [Member] | South East [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	230,127	214,225
Operating Segments [Member] | Mortgage Banking [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	247,706	403,250
Corporate and Reconciling Items [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	746,421	622,233
Consolidated variable interest entity	1,248	1,251
Cash and cash equivalents	482,689	375,748
Deferred taxes	173,611	170,652
Intangible assets and goodwill	51,181	51,526
Contract land deposit reserve	(32,034)	(31,306)
Consolidation adjustments and other	$ 69,726	$ 54,362

Segment Disclosures - Corporate

Segment Disclosures - Corporate Capital Allocation Charge (Detail) - Corporate and Reconciling Items [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 46,187	$ 44,315
Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	29,124	27,186
Homebuilding [Member] | North East [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	3,814	4,953
Homebuilding [Member] | Mid East [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	6,742	6,699
Homebuilding [Member] | South East [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 6,507	$ 5,477

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement Gain/(Loss)	$ 2,169
Homebuilding [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	596,607		$ 596,455
Homebuilding [Member] | Senior Notes due 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	596,607
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	619,020
Mortgage Banking [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of mortgage loans held for sale	213,433		$ 351,958
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 expense	2,017	$ 657
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	$ 603,327
Average basis points of loan amount	1.10%
Fallout rate of measuring fair value of rate lock commitments	15.00%
Total Fair Value Measurement Gain/(Loss)	$ 4,520
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	752,360
Total Fair Value Measurement Gain/(Loss)	(3,343)
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	212,441
Fair value of mortgage loans held for sale	213,433
Total Fair Value Measurement Gain/(Loss)	$ 992

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, 2017USD ($)
Rate Lock Commitments [Member]
Derivatives Fair Value [Line Items]
Gross assets	$ 7,844
Gross liabilities	3,324
Net rate lock commitments	4,520
Forward Sales Contracts [Member]
Derivatives Fair Value [Line Items]
Gross assets	131
Gross liabilities	3,474
Net forward sales contracts	$ 3,343

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurement (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain/(Loss) From Loan Sale	$ (3,850)
Interest Rate Movement Effect	1,362
Servicing Rights Value	8,000
Security Price Change	(3,343)
Total Fair Value Measurement Gain/(Loss)	2,169
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	603,327
Assumed Gain/(Loss) From Loan Sale	(2,871)
Interest Rate Movement Effect	1,771
Servicing Rights Value	5,620
Total Fair Value Measurement Gain/(Loss)	4,520
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	752,360
Security Price Change	(3,343)
Total Fair Value Measurement Gain/(Loss)	(3,343)
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	212,441
Assumed Gain/(Loss) From Loan Sale	(979)
Interest Rate Movement Effect	(409)
Servicing Rights Value	2,380
Total Fair Value Measurement Gain/(Loss)	$ 992

Debt - Additional Information (

Debt - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)
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 date	Sep. 15, 2022
Senior notes interest rate	3.95%
Frequency of senior notes payment	semi-annually in arrears on March 15 and September 15
Credit Agreement [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum loan borrowing capacity	$ 200,000,000
Increase in commitment available	$ 300,000,000
Expiration date	Jul. 15, 2021
Debt outstanding	$ 0
Credit Agreement [Member] | Revolving Credit Facility [Member] | Sublimit for Issuance of Letters of Credit [Member]
Debt Instrument [Line Items]
Maximum loan borrowing capacity	100,000,000
Letters of credit outstanding	8,900,000
Credit Agreement [Member] | Revolving Credit Facility [Member] | Sublimit for Swing Line Commitment [Member]
Debt Instrument [Line Items]
Maximum loan borrowing capacity	25,000,000
Repurchase Agreement [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum loan borrowing capacity	150,000,000
Increase in commitment available	$ 50,000,000
Expiration date	Jul. 26, 2017
Debt outstanding	$ 0
Borrowing base limitations	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax [Line Items]
Effective tax rate	22.10%	36.80%
Accounting Standards Update (“ASU”) 2016-09 [Member]
Income Tax [Line Items]
Excess tax benefit from option exercises recognized as a reduction to income tax expense	$ 19,900
Excess tax benefit recognized		$ 6,284