Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
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Dec. 31, 2014
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Dec. 31, 2013
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Dec. 31, 2012
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Cash flows from operating activities: | |||
Net income | $ 281,630us-gaap_NetIncomeLoss | $ 266,477us-gaap_NetIncomeLoss | $ 180,588us-gaap_NetIncomeLoss |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 17,614us-gaap_DepreciationDepletionAndAmortization | 13,391us-gaap_DepreciationDepletionAndAmortization | 8,100us-gaap_DepreciationDepletionAndAmortization |
Excess income tax benefit from equity-based compensation | (9,437)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities | (20,636)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities | (14,319)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities |
Equity-based compensation expense | 63,227us-gaap_ShareBasedCompensation | 34,296us-gaap_ShareBasedCompensation | 64,841us-gaap_ShareBasedCompensation |
Contract land deposit recoveries | (225)nvr_ContractLandDepositImpairmentRecoveries | (5,313)nvr_ContractLandDepositImpairmentRecoveries | (2,003)nvr_ContractLandDepositImpairmentRecoveries |
Gain on sale of loans | (47,791)us-gaap_GainLossOnSaleOfMortgageLoans | (56,528)us-gaap_GainLossOnSaleOfMortgageLoans | (47,019)us-gaap_GainLossOnSaleOfMortgageLoans |
Deferred tax (benefit) expense | (4,176)us-gaap_DeferredIncomeTaxExpenseBenefit | (16,848)us-gaap_DeferredIncomeTaxExpenseBenefit | 11,843us-gaap_DeferredIncomeTaxExpenseBenefit |
Mortgage loans closed | (2,469,876)us-gaap_PaymentsForOriginationOfMortgageLoansHeldForSale | (2,307,796)us-gaap_PaymentsForOriginationOfMortgageLoansHeldForSale | (2,016,084)us-gaap_PaymentsForOriginationOfMortgageLoansHeldForSale |
Mortgage loans sold and principal payments on mortgage loans held for sale | 2,525,706us-gaap_ProceedsFromSaleOfMortgageLoansHeldForSale | 2,338,701us-gaap_ProceedsFromSaleOfMortgageLoansHeldForSale | 2,125,439us-gaap_ProceedsFromSaleOfMortgageLoansHeldForSale |
Distribution of earnings from unconsolidated joint ventures | 8,431us-gaap_EquityMethodInvestmentDividendsOrDistributions | 5,676us-gaap_EquityMethodInvestmentDividendsOrDistributions | 4,232us-gaap_EquityMethodInvestmentDividendsOrDistributions |
Net change in assets and liabilities: | |||
Increase in inventory | (127,729)us-gaap_IncreaseDecreaseInInventories | (52,861)us-gaap_IncreaseDecreaseInInventories | (97,750)us-gaap_IncreaseDecreaseInInventories |
Increase in contract land deposits | (57,566)us-gaap_IncreaseDecreaseInDepositsOutstanding | (40,034)us-gaap_IncreaseDecreaseInDepositsOutstanding | (53,942)us-gaap_IncreaseDecreaseInDepositsOutstanding |
Increase in receivables | (533)us-gaap_IncreaseDecreaseInReceivables | (260)us-gaap_IncreaseDecreaseInReceivables | (1,818)us-gaap_IncreaseDecreaseInReceivables |
Increase in accounts payable and accrued expenses | 60us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities | 113,121us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities | 71,932us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
Increase in customer deposits | 5,733us-gaap_IncreaseDecreaseInCustomerDeposits | 1,335us-gaap_IncreaseDecreaseInCustomerDeposits | 38,464us-gaap_IncreaseDecreaseInCustomerDeposits |
Other, net | (519)us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet | (2,499)us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet | (8,120)us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet |
Net cash provided by operating activities | 184,549us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations | 270,222us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations | 264,384us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations |
Cash flows from investing activities: | |||
Investments in and advances to unconsolidated joint ventures | (22,850)us-gaap_PaymentsToAcquireInterestInJointVenture | (1,000)us-gaap_PaymentsToAcquireInterestInJointVenture | |
Distribution of capital from unconsolidated joint ventures | 11,569us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital | 6,782us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital | 4,692us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital |
Purchase of property, plant and equipment | (31,672)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment | (19,016)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment | (12,365)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
Proceeds from the sale of property, plant and equipment | 1,021us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment | 607us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment | 319us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment |
Acquisition, net of cash acquired | (14,257)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired | ||
Net cash used in investing activities | (19,082)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations | (34,477)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations | (22,611)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations |
Cash flows from financing activities: | |||
Purchase of treasury stock | (567,544)us-gaap_PaymentsForRepurchaseOfCommonStock | (554,491)us-gaap_PaymentsForRepurchaseOfCommonStock | (227,281)us-gaap_PaymentsForRepurchaseOfCommonStock |
Net repayments under note payable and credit lines | (115)us-gaap_RepaymentsOfDebtAndCapitalLeaseObligations | (642)us-gaap_RepaymentsOfDebtAndCapitalLeaseObligations | (856)us-gaap_RepaymentsOfDebtAndCapitalLeaseObligations |
Repayments on loans assumed in acquisition | (21,910)us-gaap_RepaymentsOfAssumedDebt | ||
Repayments under non-recourse debt related to consolidated variable interest entity | (3,301)us-gaap_RepaymentsOfOtherDebt | (4,314)us-gaap_RepaymentsOfOtherDebt | (6,566)us-gaap_RepaymentsOfOtherDebt |
Borrowings under non-recourse debt related to consolidated variable interest entity | 3,105us-gaap_ProceedsFromOtherDebt | 6,157us-gaap_ProceedsFromOtherDebt | |
Distributions to partner in consolidated variable interest entity | (931)us-gaap_PaymentsToMinorityShareholders | (1,250)us-gaap_PaymentsToMinorityShareholders | |
Excess income tax benefit from equity-based compensation | 9,437us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities | 20,636us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities | 14,319us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities |
Proceeds from issuance of Senior Notes due 2022 | 598,962us-gaap_ProceedsFromIssuanceOfUnsecuredDebt | ||
Debt issuance costs for Senior Notes due 2022 | (5,096)us-gaap_PaymentsOfDebtIssuanceCosts | ||
Proceeds from the exercise of stock options | 76,153us-gaap_ProceedsFromStockOptionsExercised | 13,957us-gaap_ProceedsFromStockOptionsExercised | 73,211us-gaap_ProceedsFromStockOptionsExercised |
Net cash (used in) provided by financing activities | (486,301)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations | (522,999)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations | 430,940us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations |
Net (decrease) increase in cash and cash equivalents | (320,834)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | (287,254)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | 672,713us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
Cash and cash equivalents, beginning of the year | 866,253us-gaap_CashAndCashEquivalentsAtCarryingValue | 1,153,507us-gaap_CashAndCashEquivalentsAtCarryingValue | 480,794us-gaap_CashAndCashEquivalentsAtCarryingValue |
Cash and cash equivalents, end of the year | 545,419us-gaap_CashAndCashEquivalentsAtCarryingValue | 866,253us-gaap_CashAndCashEquivalentsAtCarryingValue | 1,153,507us-gaap_CashAndCashEquivalentsAtCarryingValue |
Supplemental disclosures of cash flow information: | |||
Interest paid during the year, net of interest capitalized | 24,464us-gaap_InterestPaidNet | 24,876us-gaap_InterestPaidNet | 1,041us-gaap_InterestPaidNet |
Income taxes paid during the year, net of refunds | 181,840us-gaap_IncomeTaxesPaidNet | 113,224us-gaap_IncomeTaxesPaidNet | 59,604us-gaap_IncomeTaxesPaidNet |
Supplemental disclosures of non-cash activities: | |||
Increase in assets in connection with acquisition | 55,759us-gaap_NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1 | ||
Increase in liabilities in connection with acquisition | $ 41,502us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1 |
X | ||||||||||
- Definition
Amount of impairment or subsequent recovery related to contract land deposits. No definition available.
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow from realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash outflow for realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The gains (losses) included in earnings that represent the difference between the sale price and the carrying value of loans made to finance real estate acquisitions. This element refers to the gain (loss) and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the period in the amount of customer money held in customer accounts, including security deposits, collateral for a current or future transactions, initial payment of the cost of acquisition or for the right to enter into a contract or agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in monies given as security or collateral for items acquired or borrowed on a temporary basis. Deposits may also be paid as initial payment of the cost of acquisition or for the right to enter into a contract or agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in other assets used in operating activities less other operating liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets and liabilities, other noncurrent assets and liabilities, or a combination of other current and noncurrent assets and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the total amount due within one year (or one operating cycle) from all parties, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid for interest during the period net of cash paid for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The value of an asset or business acquired in a noncash (or part noncash) acquisition. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The total amount of [all] liabilities that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid for the origination of mortgages that are held for sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the investment in or advances to an entity in which the reporting entity shares control of the entity with another party or group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash outflow to a noncontrolling interest. Includes, but not limited to, reduction of noncontrolling interest ownership. Excludes dividends paid to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Cash dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporations that are returns of capital. Excludes dividends or distributions from equity method investments classified as operating activities. No definition available.
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- Definition
The cash inflow from the issuance of long-term debt that is not secured by collateral. Excludes proceeds from tax exempt unsecured debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from other borrowing not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash inflow from sales of loans that are secured with real estate mortgages and are held with the intention to resell in the near future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow from the repayments of a long-term debt originally issued by another party but is assumed by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow during the period from the repayment of aggregate short-term and long-term debt and payment of capital lease obligations. No definition available.
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X | ||||||||||
- Definition
The cash outflow for the payment of other borrowing not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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