XML 59 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
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