NVR (NVR) 10-Q 28 Jul 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 24, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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		3,743,620

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 529,313	$ 396,619
Inventory:
Land under development	46,685
Contract land deposits, net	358,405	379,844
Total assets	2,918,087	2,643,943
LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities	1,382,310	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 June 30, 2017 and December 31, 2016	206	206
Additional paid-in capital	1,607,958	1,515,828
Deferred compensation trust – 108,636 and 108,640 shares of NVR, Inc. common stock as of June 30, 2017 and December 31, 2016, respectively	(17,371)	(17,375)
Deferred compensation liability	17,371	17,375
Retained earnings	5,945,219	5,695,376
Less treasury stock at cost – 16,807,724 and 16,862,327 shares as of June 30, 2017 and December 31, 2016, respectively	(6,017,606)	(5,906,969)
Total shareholders' equity	1,535,777	1,304,441
Total liabilities and shareholders' equity	2,918,087	2,643,943
Homebuilding [Member]
ASSETS
Cash and cash equivalents	518,482	375,748
Restricted cash	15,963	17,561
Receivables	22,110	18,937
Inventory:
Lots and housing units, covered under sales agreements with customers	1,155,047	883,868
Unsold lots and housing units	147,195	145,065
Land under development	46,685	46,999
Building materials and other	16,024	16,168
Total Inventory	1,364,951	1,092,100
Assets related to consolidated variable interest entity	1,243	1,251
Contract land deposits, net	358,405	379,844
Property, plant and equipment, net	43,995	45,915
Reorganization value in excess of amounts allocable to identifiable assets, net	41,580	41,580
Goodwill and finite-lived intangible assets, net	1,908	2,599
Other assets	265,539	257,811
Total assets	2,634,176	2,233,346
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	271,899	251,212
Accrued expenses and other liabilities	317,168	336,318
Liabilities related to consolidated variable interest entity	874	882
Customer deposits	165,684	122,236
Senior notes	596,760	596,455
Total liabilities	1,352,385	1,307,103
Mortgage Banking [Member]
ASSETS
Cash and cash equivalents	9,632	19,657
Restricted cash	2,900	1,857
Mortgage loans held for sale, net	241,398	351,958
Inventory:
Property, plant and equipment, net	5,530	4,903
Reorganization value in excess of amounts allocable to identifiable assets, net	7,347	7,347
Other assets	17,104	24,875
Total assets	283,911	410,597
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and other liabilities	29,925	32,399
Total liabilities	$ 29,925	$ 32,399

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 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	108,636	108,640
Treasury stock, shares	16,807,724	16,862,327

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest expense	$ (5,914)	$ (4,814)	$ (11,750)	$ (9,902)
Income before taxes	208,968	144,720	341,129	248,032
Income tax expense	(61,091)	(53,044)	(90,329)	(91,053)
Net income	$ 147,877	$ 91,676	$ 250,800	$ 156,979
Basic earnings per share	$ 39.46	$ 23.51	$ 67.30	$ 40.34
Diluted earnings per share	$ 35.19	$ 22.01	$ 60.36	$ 37.82
Basic weighted average shares outstanding	3,748	3,900	3,726	3,892
Diluted weighted average shares outstanding	4,202	4,165	4,155	4,151
Homebuilding [Member]
Revenues	$ 1,512,714	$ 1,361,741	$ 2,760,301	$ 2,483,245
Other income	1,447	753	2,549	1,520
Cost of sales	(1,218,083)	(1,126,369)	(2,244,100)	(2,052,129)
Selling, general and administrative	(99,100)	(100,043)	(199,004)	(198,058)
Operating income	196,978	136,082	319,746	234,578
Interest expense	(5,641)	(4,554)	(11,219)	(9,396)
Income before taxes	191,337	131,528	308,527	225,182
Mortgage Banking [Member]
Mortgage banking fees	31,778	26,442	61,283	48,964
Interest income	1,554	1,437	3,215	3,111
Other income	506	409	815	667
General and administrative	(15,934)	(14,836)	(32,180)	(29,386)
Interest expense	(273)	(260)	(531)	(506)
Income before taxes	$ 17,631	$ 13,192	$ 32,602	$ 22,850

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 250,800	$ 156,979
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,494	10,934
Equity-based compensation expense	21,467	21,378
Contract land deposit impairments (recoveries), net	3,567	(1,436)
Gain on sale of loans, net	(47,474)	(36,687)
Mortgage loans closed	(1,772,432)	(1,558,775)
Mortgage loans sold and principal payments on mortgage loans held for sale	1,936,118	1,644,385
Distribution of earnings from unconsolidated joint ventures	3,611	6,135
Net change in assets and liabilities:
Increase in inventory	(272,851)	(240,708)
Decrease (increase) in contract land deposits	17,872	(30,340)
Increase in receivables	(2,888)	(7,406)
(Decrease) increase in accounts payable and accrued expenses	(3,013)	35,357
Increase in customer deposits	43,448	30,781
Other, net	(9,988)	(18,025)
Net cash provided by operating activities	179,731	12,572
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(455)	(321)
Distribution of capital from unconsolidated joint ventures	4,270	7,003
Purchase of property, plant and equipment	(9,784)	(11,773)
Proceeds from the sale of property, plant and equipment	472	446
Net cash used in investing activities	(5,497)	(4,645)
Cash flows from financing activities:
Purchase of treasury stock	(159,506)	(96,508)
Distributions to partner in consolidated variable interest entity		(150)
Proceeds from the exercise of stock options	117,966	27,909
Net cash used in financing activities	(41,540)	(68,749)
Net increase (decrease) in cash and cash equivalents	132,694	(60,822)
Cash and cash equivalents, beginning of the period	396,619	425,316
Cash and cash equivalents, end of the period	529,313	364,494
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized	11,293	9,566
Income taxes paid during the period, net of refunds	$ 99,370	$ 90,078

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 during the three months ended June 30, 2017 and 2016 was $16,464 and $2,394, respectively. The excess tax benefit recognized during the six months ended June 30, 2017 and 2016 was $36,364 and $8,678, 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 an $8,678 increase to net cash provided by operating activities and an $8,678 increase to net cash used in financing activities in the Consolidated Statement of Cash Flows for the six months ended June 30, 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 and six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2017, NVR controlled approximately 79,100 lots under Lot Purchase Agreements with third parties through deposits in cash and letters of credit totaling approximately $380,900 and $2,400, 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 8,400 lots, which are not included in the number of total lots controlled. Some of these properties may require rezoning or other approvals to achieve the expected yield. These properties are controlled with deposits in cash and letters of credit totaling approximately $11,600 and $200, respectively, as of June 30, 2017, of which approximately $5,500 is refundable if certain contractual conditions are not met. 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 June 30, 2017 and December 31, 2016 was as follows: June 30, 2017 December 31, 2016 Contract land deposits $ 392,503 $ 411,150 Loss reserve on contract land deposits (34,098 ) (31,306 ) Contract land deposits, net 358,405 379,844 Contingent obligations in the form of letters of credit 2,575 2,379 Specific performance obligations (1) 1,505 1,505 Total risk of loss $ 362,485 $ 383,728 (1) As of both June 30, 2017 and December 31, 2016, the Company was committed to purchase 10 finished lots under specific performance obligations.

Joint Ventures

Joint Ventures	6 Months Ended
	Jun. 30, 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 June 30, 2017, the Company had an aggregate investment totaling approximately $44,000 in six JVs that are expected to produce approximately 7,350 finished lots, of which approximately 4,050 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 June 30, 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 $43,600 and $49,000 at June 30, 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 June 30, 2017 and December 31, 2016 of the consolidated JV were as follows: June 30, 2017 December 31, 2016 Assets: Cash $ 1,199 $ 1,214 Other assets 44 37 Total assets $ 1,243 $ 1,251 Liabilities and equity: Accrued expenses $ 542 $ 550 Equity 701 701 Total liabilities and equity $ 1,243 $ 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	6 Months Ended
	Jun. 30, 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 June 30, 2017, NVR directly owned a total of four None of the raw parcels had any indicators of impairment as of June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Interest capitalized, beginning of period $ 5,564 $ 5,358 $ 5,106 $ 4,434 Interest incurred 6,580 6,397 13,139 12,785 Interest charged to interest expense (5,914 ) (4,814 ) (11,750 ) (9,902 ) Interest charged to cost of sales (278 ) (2,365 ) (543 ) (2,741 ) Interest capitalized, end of period $ 5,952 $ 4,576 $ 5,952 $ 4,576

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2017 and 2016 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Weighted average number of shares outstanding used to calculate basic EPS 3,748 3,900 3,726 3,892 Dilutive securities: Stock options and restricted share units 454 265 429 259 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 4,202 4,165 4,155 4,151 The following stock options and restricted share units issued under equity incentive plans were outstanding during the three and six months ended June 30, 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Anti-dilutive securities 9 78 15 78

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Shareholders' Equity	7 . 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 — — 250,800 — — — 250,800 Deferred compensation activity — — — — 4 (4 ) — Purchase of common stock for treasury — — — (159,506 ) — — (159,506 ) Equity-based compensation — 21,467 — — — — 21,467 Proceeds from stock options exercised — 117,966 — — — — 117,966 Treasury stock issued upon option exercise and restricted share vesting — (48,869 ) — 48,869 — — — Balance, June 30, 2017 $ 206 $ 1,607,958 $ 5,945,219 $ (6,017,606 ) $ (17,371 ) $ 17,371 $ 1,535,777 The Company repurchased 84 shares of its common stock during the six months ended June 30, 2017. The Company settles stock option exercises and vesting of restricted share units by issuing shares of treasury stock. Approximately 138 shares were issued from the treasury account during the six months ended June 30, 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	6 Months Ended
	Jun. 30, 2017
Product Warranties Disclosures [Abstract]
Product Warranties	8 . Product Warranties The Company establishes warranty and product liability reserves (“Warranty Reserve”) to provide for estimated future expenses as a result of construction and product defects, product recalls and litigation incidental to NVR’s homebuilding business. Liability estimates are determined based on management’s judgment, considering such factors as historical experience, the likely current cost of corrective action, manufacturers’ and subcontractors’ participation in sharing the cost of corrective action, consultations with third party experts such as engineers, and discussions with the Company’s general counsel and outside counsel retained to handle specific product liability cases. The following table reflects the changes in the Company’s Warranty Reserve during the three and six months ended June 30, 2017 and 2016: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Warranty reserve, beginning of period $ 93,503 $ 86,692 $ 93,895 $ 87,407 Provision 13,206 12,867 22,167 21,709 Payments (11,315 ) (11,606 ) (20,668 ) (21,163 ) Warranty reserve, end of period $ 95,394 $ 87,953 $ 95,394 $ 87,953

Segment Disclosures

Segment Disclosures	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segment Disclosures	9 . 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. The f ollowing tables present segment revenues, profit and assets, with reconciliations to the amounts reported for the consolidated enterprise, where applicable: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues: Homebuilding Mid Atlantic $ 872,148 $ 772,147 $ 1,594,416 $ 1,405,718 Homebuilding North East 127,541 108,766 233,771 205,919 Homebuilding Mid East 313,237 306,257 556,268 550,534 Homebuilding South East 199,788 174,571 375,846 321,074 Mortgage Banking 31,778 26,442 61,283 48,964 Total consolidated revenues $ 1,544,492 $ 1,388,183 $ 2,821,584 $ 2,532,209 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Profit before taxes: Homebuilding Mid Atlantic $ 100,621 $ 63,730 $ 165,109 $ 110,339 Homebuilding North East 14,112 5,578 23,218 9,643 Homebuilding Mid East 35,986 30,056 58,145 52,789 Homebuilding South East 22,911 15,825 37,481 28,611 Mortgage Banking 18,004 13,973 33,957 24,348 Total segment profit before taxes 191,634 129,162 317,910 225,730 Reconciling items: Contract land deposit reserve adjustment (1) (2,064 ) 1,307 (2,792 ) 2,636 Equity-based compensation expense (10,878 ) (10,829 ) (21,467 ) (21,378 ) Corporate capital allocation (2) 49,646 46,259 95,833 90,574 Unallocated corporate overhead (23,360 ) (26,517 ) (50,594 ) (56,026 ) Consolidation adjustments and other 9,614 9,877 13,427 15,862 Corporate interest expense (5,624 ) (4,539 ) (11,188 ) (9,366 ) Reconciling items sub-total 17,334 15,558 23,219 22,302 Consolidated profit before taxes $ 208,968 $ 144,720 $ 341,129 $ 248,032 June 30, 2017 December 31, 2016 Assets: Homebuilding Mid Atlantic $ 1,177,147 $ 1,054,779 Homebuilding North East 148,272 126,720 Homebuilding Mid East 274,846 222,736 Homebuilding South East 263,780 214,225 Mortgage Banking 276,564 403,250 Total segment assets 2,140,609 2,021,710 Reconciling items: Consolidated variable interest entity 1,243 1,251 Cash and cash equivalents 518,482 375,748 Deferred taxes 176,401 170,652 Intangible assets and goodwill 50,835 51,526 Contract land deposit reserve (34,098 ) (31,306 ) Consolidation adjustments and other 64,615 54,362 Reconciling items sub-total 777,478 622,233 Consolidated assets $ 2,918,087 $ 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 31,005 $ 28,766 $ 60,130 $ 55,951 Homebuilding North East 4,133 4,447 7,947 9,400 Homebuilding Mid East 7,535 7,458 14,277 14,157 Homebuilding South East 6,973 5,588 13,479 11,066 Total $ 49,646 $ 46,259 $ 95,833 $ 90,574

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value	10 . 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 June 30, 2017 was $630,000. 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 $596,760 at June 30, 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 111 basis points of the loan amount as of June 30, 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 recorded at fair value when closed, and thereafter are carried at the lower of cost or fair value, net of deferred origination costs, until sold. Fair value is measured using Level 2 inputs. The fair value of loans held for sale of $241,398 included on the accompanying condensed consolidated balance sheet has been increased by $1,057 from the aggregate principal balance of $240,341. The undesignated derivative instruments are included on the accompanying condensed consolidated balance sheet, as of June 30, 2017, as follows: Fair Value Balance Sheet Location Rate lock commitments: Gross assets $ 6,559 Gross liabilities 5,048 Net rate lock commitments $ 1,511 NVRM - Other assets Forward sales contracts: Gross assets $ 3,003 Gross liabilities 26 Net forward sales contracts $ 2,977 NVRM - Other assets The fair value measurement as of June 30, 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 $ 655,409 $ (2,645 ) $ (2,111 ) $ 6,267 $ — $ 1,511 Forward sales contracts $ 777,148 — — — 2,977 2,977 Mortgages held for sale $ 240,341 (997 ) (549 ) 2,603 — 1,057 Total fair value measurement $ (3,642 ) $ (2,660 ) $ 8,870 $ 2,977 $ 5,545 For the three and six months ended June 30, 2017, NVRM recorded a fair value adjustment to income of $3,376 and $1,359, respectively. For the three and six months ended June 30, 2016, NVRM recorded a fair value adjustment to income of $589 and a fair value adjustment to expense of $67, 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	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	1 1 . Debt Senior Notes As of June 30, 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 was renewed in July 2017 with materially consistent terms and conditions and expires on

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 2 . 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. The Company has entered a consent decree with the EPA and DOJ to settle this matter. The consent decree includes injunctive relief and payment of a civil penalty, which was accrued as of June 30, 2017. The consent decree has been submitted for approval in the U.S. District Court for the District of New Jersey. The Company believes the disposition of this matter will not have a material adverse effect on its results of operations and liquidity or on its financial condition. 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	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	1 3 . Income Taxes The Company’s effective tax rate for the three and six months ended June 30, 2017 was 29.2% and 26.5%, respectively. For both the three and six months ended June 30, 2016, the Company’s effective tax rate was 36.7%. 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. During the three and six months ended June 30, 2017, the Company recognized $16,464 and $36,364, respectively, in excess tax benefits. During the three and six months ended June 30, 2016, excess tax benefits of $2,394 and $8,678, respectively, were recorded to additional paid-in capital within shareholders’ equity.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2017
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	1 4 . 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 In May 2017, FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718), Scope of Modification Accounting.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016 was as follows: June 30, 2017 December 31, 2016 Contract land deposits $ 392,503 $ 411,150 Loss reserve on contract land deposits (34,098 ) (31,306 ) Contract land deposits, net 358,405 379,844 Contingent obligations in the form of letters of credit 2,575 2,379 Specific performance obligations (1) 1,505 1,505 Total risk of loss $ 362,485 $ 383,728 (1) As of both June 30, 2017 and December 31, 2016, the Company was committed to purchase 10 finished lots under specific performance obligations.

Joint Ventures (Tables)

Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2017
Consolidated Joint Venture
Schedule Of Equity Method Investments [Line Items]
Condensed Balance Sheets	The condensed balance sheets as of June 30, 2017 and December 31, 2016 of the consolidated JV were as follows: June 30, 2017 December 31, 2016 Assets: Cash $ 1,199 $ 1,214 Other assets 44 37 Total assets $ 1,243 $ 1,251 Liabilities and equity: Accrued expenses $ 542 $ 550 Equity 701 701 Total liabilities and equity $ 1,243 $ 1,251

Capitalized Interest (Tables)

Capitalized Interest (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2017 and 2016 was as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Interest capitalized, beginning of period $ 5,564 $ 5,358 $ 5,106 $ 4,434 Interest incurred 6,580 6,397 13,139 12,785 Interest charged to interest expense (5,914 ) (4,814 ) (11,750 ) (9,902 ) Interest charged to cost of sales (278 ) (2,365 ) (543 ) (2,741 ) Interest capitalized, end of period $ 5,952 $ 4,576 $ 5,952 $ 4,576

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2017 and 2016 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Weighted average number of shares outstanding used to calculate basic EPS 3,748 3,900 3,726 3,892 Dilutive securities: Stock options and restricted share units 454 265 429 259 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 4,202 4,165 4,155 4,151
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following stock options and restricted share units issued under equity incentive plans were outstanding during the three and six months ended June 30, 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Anti-dilutive securities 9 78 15 78

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 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 — — 250,800 — — — 250,800 Deferred compensation activity — — — — 4 (4 ) — Purchase of common stock for treasury — — — (159,506 ) — — (159,506 ) Equity-based compensation — 21,467 — — — — 21,467 Proceeds from stock options exercised — 117,966 — — — — 117,966 Treasury stock issued upon option exercise and restricted share vesting — (48,869 ) — 48,869 — — — Balance, June 30, 2017 $ 206 $ 1,607,958 $ 5,945,219 $ (6,017,606 ) $ (17,371 ) $ 17,371 $ 1,535,777

Product Warranties (Tables)

Product Warranties (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2017 and 2016: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Warranty reserve, beginning of period $ 93,503 $ 86,692 $ 93,895 $ 87,407 Provision 13,206 12,867 22,167 21,709 Payments (11,315 ) (11,606 ) (20,668 ) (21,163 ) Warranty reserve, end of period $ 95,394 $ 87,953 $ 95,394 $ 87,953

Segment Disclosures (Tables)

Segment Disclosures (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Revenues	The f ollowing tables present segment revenues, profit and assets, with reconciliations to the amounts reported for the consolidated enterprise, where applicable: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues: Homebuilding Mid Atlantic $ 872,148 $ 772,147 $ 1,594,416 $ 1,405,718 Homebuilding North East 127,541 108,766 233,771 205,919 Homebuilding Mid East 313,237 306,257 556,268 550,534 Homebuilding South East 199,788 174,571 375,846 321,074 Mortgage Banking 31,778 26,442 61,283 48,964 Total consolidated revenues $ 1,544,492 $ 1,388,183 $ 2,821,584 $ 2,532,209
Profit before Taxes	Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Profit before taxes: Homebuilding Mid Atlantic $ 100,621 $ 63,730 $ 165,109 $ 110,339 Homebuilding North East 14,112 5,578 23,218 9,643 Homebuilding Mid East 35,986 30,056 58,145 52,789 Homebuilding South East 22,911 15,825 37,481 28,611 Mortgage Banking 18,004 13,973 33,957 24,348 Total segment profit before taxes 191,634 129,162 317,910 225,730 Reconciling items: Contract land deposit reserve adjustment (1) (2,064 ) 1,307 (2,792 ) 2,636 Equity-based compensation expense (10,878 ) (10,829 ) (21,467 ) (21,378 ) Corporate capital allocation (2) 49,646 46,259 95,833 90,574 Unallocated corporate overhead (23,360 ) (26,517 ) (50,594 ) (56,026 ) Consolidation adjustments and other 9,614 9,877 13,427 15,862 Corporate interest expense (5,624 ) (4,539 ) (11,188 ) (9,366 ) Reconciling items sub-total 17,334 15,558 23,219 22,302 Consolidated profit before taxes $ 208,968 $ 144,720 $ 341,129 $ 248,032 (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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 31,005 $ 28,766 $ 60,130 $ 55,951 Homebuilding North East 4,133 4,447 7,947 9,400 Homebuilding Mid East 7,535 7,458 14,277 14,157 Homebuilding South East 6,973 5,588 13,479 11,066 Total $ 49,646 $ 46,259 $ 95,833 $ 90,574
Assets	June 30, 2017 December 31, 2016 Assets: Homebuilding Mid Atlantic $ 1,177,147 $ 1,054,779 Homebuilding North East 148,272 126,720 Homebuilding Mid East 274,846 222,736 Homebuilding South East 263,780 214,225 Mortgage Banking 276,564 403,250 Total segment assets 2,140,609 2,021,710 Reconciling items: Consolidated variable interest entity 1,243 1,251 Cash and cash equivalents 518,482 375,748 Deferred taxes 176,401 170,652 Intangible assets and goodwill 50,835 51,526 Contract land deposit reserve (34,098 ) (31,306 ) Consolidation adjustments and other 64,615 54,362 Reconciling items sub-total 777,478 622,233 Consolidated assets $ 2,918,087 $ 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 31,005 $ 28,766 $ 60,130 $ 55,951 Homebuilding North East 4,133 4,447 7,947 9,400 Homebuilding Mid East 7,535 7,458 14,277 14,157 Homebuilding South East 6,973 5,588 13,479 11,066 Total $ 49,646 $ 46,259 $ 95,833 $ 90,574

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Undesignated Derivative Instruments	The undesignated derivative instruments are included on the accompanying condensed consolidated balance sheet, as of June 30, 2017, as follows: Fair Value Balance Sheet Location Rate lock commitments: Gross assets $ 6,559 Gross liabilities 5,048 Net rate lock commitments $ 1,511 NVRM - Other assets Forward sales contracts: Gross assets $ 3,003 Gross liabilities 26 Net forward sales contracts $ 2,977 NVRM - Other assets
Fair Value Measurement	The fair value measurement as of June 30, 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 $ 655,409 $ (2,645 ) $ (2,111 ) $ 6,267 $ — $ 1,511 Forward sales contracts $ 777,148 — — — 2,977 2,977 Mortgages held for sale $ 240,341 (997 ) (549 ) 2,603 — 1,057 Total fair value measurement $ (3,642 ) $ (2,660 ) $ 8,870 $ 2,977 $ 5,545

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax	$ 609		$ 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)		(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	$ 16,464		36,364
Excess tax benefit recognized		$ 2,394		$ 8,678
Increase to net cash provided by operating activities			8,678
Increase to net cash used in financing activities			$ 8,678

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Thousands	Jun. 30, 2017USD ($)Lot	Dec. 31, 2016USD ($)
Variable Interest Entity [Line Items]
Contract land deposits in cash	$ 392,503	$ 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	79,100
Contract land deposits in cash under Lot Purchase Agreements	$ 380,900
Letters of credit related to lots	$ 2,400
Contract on Raw Ground with Landowners [Member]
Variable Interest Entity [Line Items]
Lots controlled by NVR | Lot	8,400
Contract land deposits in cash	$ 11,600
Letters of credit related to land contract	200
Refundable deposits and letters of credit	$ 5,500

Variable Interest Entities - To

Variable Interest Entities - Total Risk of Loss Related to Contract Land Deposits (Detail) - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016
Variable Interest Entity Reporting Entity Involvement Maximum Loss Exposure [Abstract]
Contract land deposits		$ 392,503	$ 411,150
Loss reserve on contract land deposits		(34,098)	(31,306)
Contract land deposits, net		358,405	379,844
Contingent obligations in the form of letters of credit		2,575	2,379
Specific performance obligations	[1]	1,505	1,505
Total risk of loss		$ 362,485	$ 383,728
[1]	As of both June 30, 2017 and December 31, 2016, the Company was committed to purchase 10 finished lots under specific performance obligations.

Variable Interest Entities - 31

Variable Interest Entities - Total Risk of Loss Related to Contract Land Deposits (Parenthetical) (Detail) - Lot	Jun. 30, 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	Jun. 30, 2017USD ($)LotJointVenture	Dec. 31, 2016USD ($)
Joint Ventures [Line Items]
Aggregate investment | $	$ 44,000
Number of joint ventures | JointVenture	6
Expected production of finished lots | Lot	7,350
Total lots controlled by company under the joint venture | Lot	4,050
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 | $	$ 43,600	$ 49,000

Joint Ventures - Condensed Bala

Joint Ventures - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Assets:
Cash	$ 529,313	$ 396,619	$ 364,494	$ 425,316
Liabilities and equity:
Equity	1,535,777	1,304,441
Total liabilities and shareholders' equity	2,918,087	2,643,943
Consolidated Joint Venture
Assets:
Cash	1,199	1,214
Other assets	44	37
Total assets	1,243	1,251
Liabilities and equity:
Accrued expenses	542	550
Equity	701	701
Total liabilities and shareholders' equity	$ 1,243	$ 1,251

Land Under Development - Additi

Land Under Development - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 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	$ 46,685
Number of finished lots expected to be developed from raw parcels of land | Lot	550
Aggregate additional funding commitments related to raw land property under joint development	$ 10,000
Expected development credits that will offset the aggregate additional funding commitments related to raw land property development	$ 5,400

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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest Costs Incurred Capitalized [Abstract]
Interest capitalized, beginning of period	$ 5,564	$ 5,358	$ 5,106	$ 4,434
Interest incurred	6,580	6,397	13,139	12,785
Interest expense	(5,914)	(4,814)	(11,750)	(9,902)
Interest charged to cost of sales	(278)	(2,365)	(543)	(2,741)
Interest capitalized, end of period	$ 5,952	$ 4,576	$ 5,952	$ 4,576

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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS	3,748	3,900	3,726	3,892
Dilutive securities:
Stock options and restricted share units	454	265	429	259
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS	4,202	4,165	4,155	4,151

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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Anti-dilutive securities	9	78	15	78

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Changes in Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 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		609
Net income	147,877	$ 91,676	250,800	$ 156,979
Purchase of common stock for treasury			(159,506)
Equity-based compensation			21,467
Proceeds from stock options exercised			117,966
Ending Balance	1,535,777		1,535,777
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			206
Ending Balance	206		206
Additional Paid-In-Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			1,515,828
Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax	1,566		1,566
Equity-based compensation			21,467
Proceeds from stock options exercised			117,966
Treasury stock issued upon option exercise and restricted share vesting			(48,869)
Ending Balance	1,607,958		1,607,958
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)		(957)
Net income			250,800
Ending Balance	5,945,219		5,945,219
Treasury Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			(5,906,969)
Purchase of common stock for treasury			(159,506)
Treasury stock issued upon option exercise and restricted share vesting			48,869
Ending Balance	(6,017,606)		(6,017,606)
Deferred Compensation Trust [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			(17,375)
Deferred compensation activity			4
Ending Balance	(17,371)		(17,371)
Deferred Compensation Liability [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			17,375
Deferred compensation activity			(4)
Ending Balance	$ 17,371		$ 17,371

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) shares in Thousands	6 Months Ended
	Jun. 30, 2017shares
Equity [Abstract]
Common stock repurchased	84
Reissued shares during the period, shares	138

Product Warranties - Summary of

Product Warranties - Summary of Changes in Product Warranties Reserve (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Product Warranties Disclosures [Abstract]
Warranty reserve, beginning of period	$ 93,503	$ 86,692	$ 93,895	$ 87,407
Provision	13,206	12,867	22,167	21,709
Payments	(11,315)	(11,606)	(20,668)	(21,163)
Warranty reserve, end of period	$ 95,394	$ 87,953	$ 95,394	$ 87,953

Segment Disclosures - Additiona

Segment Disclosures - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Revenue Reconciling Item [Line Items]
Total consolidated revenues	$ 1,544,492	$ 1,388,183	$ 2,821,584	$ 2,532,209
Homebuilding [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	1,512,714	1,361,741	2,760,301	2,483,245
Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	872,148	772,147	1,594,416	1,405,718
Homebuilding [Member] | North East [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	127,541	108,766	233,771	205,919
Homebuilding [Member] | Mid East [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	313,237	306,257	556,268	550,534
Homebuilding [Member] | South East [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	199,788	174,571	375,846	321,074
Mortgage Banking [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Mortgage Banking	$ 31,778	$ 26,442	$ 61,283	$ 48,964

Segment Disclosures - Profit be

Segment Disclosures - Profit before Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	$ 208,968	$ 144,720	$ 341,129	$ 248,032
Equity-based compensation expense			(21,467)	(21,378)
Corporate interest expense	(5,914)	(4,814)	(11,750)	(9,902)
Homebuilding [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	191,337	131,528	308,527	225,182
Corporate interest expense	(5,641)	(4,554)	(11,219)	(9,396)
Mortgage Banking [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	17,631	13,192	32,602	22,850
Corporate interest expense	(273)	(260)	(531)	(506)
Operating Segments [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	191,634	129,162	317,910	225,730
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	100,621	63,730	165,109	110,339
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	14,112	5,578	23,218	9,643
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	35,986	30,056	58,145	52,789
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	22,911	15,825	37,481	28,611
Operating Segments [Member] | Mortgage Banking [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	18,004	13,973	33,957	24,348
Corporate and Reconciling Items [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	17,334	15,558	23,219	22,302
Contract land deposit reserve adjustment	(2,064)	1,307	(2,792)	2,636
Equity-based compensation expense	(10,878)	(10,829)	(21,467)	(21,378)
Corporate capital allocation	49,646	46,259	95,833	90,574
Unallocated corporate overhead	(23,360)	(26,517)	(50,594)	(56,026)
Consolidation adjustments and other	9,614	9,877	13,427	15,862
Corporate interest expense	(5,624)	(4,539)	(11,188)	(9,366)
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	31,005	28,766	60,130	55,951
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	4,133	4,447	7,947	9,400
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	7,535	7,458	14,277	14,157
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	$ 6,973	$ 5,588	$ 13,479	$ 11,066

Segment Disclosures - Assets (D

Segment Disclosures - Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 2,918,087	$ 2,643,943
Cash and cash equivalents	529,313	396,619	$ 364,494	$ 425,316
Contract land deposit reserve	(34,098)	(31,306)
Homebuilding [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	2,634,176	2,233,346
Consolidated variable interest entity	1,243	1,251
Cash and cash equivalents	518,482	375,748
Intangible assets and goodwill	1,908	2,599
Mortgage Banking [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	283,911	410,597
Cash and cash equivalents	9,632	19,657
Operating Segments [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	2,140,609	2,021,710
Operating Segments [Member] | Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	1,177,147	1,054,779
Operating Segments [Member] | Homebuilding [Member] | North East [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	148,272	126,720
Operating Segments [Member] | Homebuilding [Member] | Mid East [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	274,846	222,736
Operating Segments [Member] | Homebuilding [Member] | South East [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	263,780	214,225
Operating Segments [Member] | Mortgage Banking [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	276,564	403,250
Corporate and Reconciling Items [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	777,478	622,233
Consolidated variable interest entity	1,243	1,251
Cash and cash equivalents	518,482	375,748
Deferred taxes	176,401	170,652
Intangible assets and goodwill	50,835	51,526
Contract land deposit reserve	(34,098)	(31,306)
Consolidation adjustments and other	$ 64,615	$ 54,362

Segment Disclosures - Corporate

Segment Disclosures - Corporate Capital Allocation Charge (Detail) - Corporate and Reconciling Items [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 49,646	$ 46,259	$ 95,833	$ 90,574
Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	31,005	28,766	60,130	55,951
Homebuilding [Member] | North East [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	4,133	4,447	7,947	9,400
Homebuilding [Member] | Mid East [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	7,535	7,458	14,277	14,157
Homebuilding [Member] | South East [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 6,973	$ 5,588	$ 13,479	$ 11,066

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement Gain/(Loss)			$ 5,545
Homebuilding [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	$ 596,760		596,760		$ 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	596,760		596,760
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	630,000		630,000
Mortgage Banking [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of mortgage loans held for sale	241,398		241,398		$ 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 income (expense)	3,376	$ 589	1,359	$ (67)
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	$ 655,409		$ 655,409
Average basis points of loan amount	1.11%		1.11%
Fallout rate of measuring fair value of rate lock commitments	15.00%		15.00%
Total Fair Value Measurement Gain/(Loss)			$ 1,511
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	$ 777,148		777,148
Total Fair Value Measurement Gain/(Loss)			2,977
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	240,341		240,341
Fair value of mortgage loans held for sale	$ 241,398		241,398
Total Fair Value Measurement Gain/(Loss)			$ 1,057

Fair Value - Undesignated Deriv

Fair Value - Undesignated Derivative Instruments (Detail) - Mortgage Banking [Member] - Level 2 [Member] - Fair Value, Measurements, Recurring [Member] $ in Thousands	Jun. 30, 2017USD ($)
Rate Lock Commitments [Member]
Derivatives Fair Value [Line Items]
Gross assets	$ 6,559
Gross liabilities	5,048
Net rate lock commitments and forward sales contracts	1,511
Forward Sales Contracts [Member]
Derivatives Fair Value [Line Items]
Gross assets	3,003
Gross liabilities	26
Net rate lock commitments and forward sales contracts	$ 2,977

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurement (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain/(Loss) From Loan Sale	$ (3,642)
Interest Rate Movement Effect	(2,660)
Servicing Rights Value	8,870
Security Price Change	2,977
Total Fair Value Measurement Gain/(Loss)	5,545
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	655,409
Assumed Gain/(Loss) From Loan Sale	(2,645)
Interest Rate Movement Effect	(2,111)
Servicing Rights Value	6,267
Total Fair Value Measurement Gain/(Loss)	1,511
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	777,148
Security Price Change	2,977
Total Fair Value Measurement Gain/(Loss)	2,977
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	240,341
Assumed Gain/(Loss) From Loan Sale	(997)
Interest Rate Movement Effect	(549)
Servicing Rights Value	2,603
Total Fair Value Measurement Gain/(Loss)	$ 1,057

Debt - Additional Information (

Debt - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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	8,600,000
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. 25, 2018
Debt outstanding	$ 0
Borrowing base limitations	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax [Line Items]
Effective tax rate	29.20%	36.70%	26.50%	36.70%
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	$ 16,464		$ 36,364
Excess tax benefit recognized		$ 2,394		$ 8,678