XML 74 R26.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2011
Debt [Abstract] |
Debt |
|  | December 31, |
|  | 2011 |  |  | 2010 |
Homebuilding: |  |  |  |  |  |  |  |
Other term debt: |  |  |  |  |  |  |  |
Capital lease obligations due in monthly installments through 2014 (a) |  | $ | 1,613 |  |  | $ | 1,751 |
Mortgage Banking: |  |  |  |  |  |  |  |
Master repurchase agreement (b) |  | $ | — |  |  | $ | 90,338 |
(a) | The capital lease obligation has a fixed interest rate of 13.0% and is collateralized by buildings and equipment with a net book value of approximately $495 and $681 at December 31, 2011 and 2010, respectively.
The following schedule provides future minimum lease payments under the capital lease together with the present value as of December 31, 2011:
Year ending December 31, |
2012 |  | $ | 609 |
2013 |  |  | 644 |
2014 |  |  | 725 |
2015 |  |  | — |
2016 |  |  | — |
Thereafter |  |  | — |
|  |  | 1,978 |
Amount representing interest |  |  | (365 | )
|  | $ | 1,613 |
(b) | On August 2, 2011, NVRM entered into a revolving mortgage repurchase agreement with U.S. Bank National Association (the “Repurchase Agreement”). The purpose of the Repurchase Agreement is to finance the origination of mortgage loans by NVRM. The Repurchase Agreement provides for loan purchases up to $25,000, subject to certain sub limits. The Repurchase Agreement expires on August 1, 2012.
Advances under the Repurchase Agreement carry a Pricing Rate based on the Libor Rate plus the Libor Margin, or the Default Pricing Rate, as determined under the Repurchase Agreement, provided that the Pricing Rate shall not be less than 3.75%. There are several restrictions on purchased loans, including that they cannot be sold to others, they cannot be pledged to anyone other than the agent, and they cannot support any other borrowing or repurchase agreement. At December 31, 2011 there was no debt outstanding under the Repurchase Agreement. There were no borrowing base limitations at December 31, 2011. The average Pricing Rate for amounts outstanding under the previous repurchase agreement at December 31, 2010 was 4.1%. The Repurchase Agreement contains various affirmative and negative covenants. The negative covenants include among others, certain limitations on transactions involving acquisitions, mergers, the incurrence of debt, sale of assets and creation of liens upon any of its Mortgage Notes. Additional covenants include (i) a tangible net worth requirement, (ii) a minimum liquidity requirement, (iii) a minimum net income requirement, and (iv) a maximum leverage ratio requirement. The Company was in compliance with all covenants under the Repurchase Agreement at December 31, 2011.
Future Minimum Lease Payments Under Capital Leases |
Year ending December 31, |
2012 |  | $ | 609 |
2013 |  |  | 644 |
2014 |  |  | 725 |
2015 |  |  | — |
2016 |  |  | — |
Thereafter |  |  | — |
|  |  | 1,978 |
Amount representing interest |  |  | (365 | )
|  | $ | 1,613 |
Debt Outstanding Maturities |
Year ending December 31, |
2012 |  | $ | 421 |
2013 |  |  | 520 |
2014 |  |  | 672 |
2015 |  |  | — |
2016 |  |  | — |
Thereafter |  |  | — |
Total |  | $ | 1,613 |

X
- Definition Tabular disclosure of future outstanding debt payments as of the latest balance sheet presented in aggregate and for each of the five years succeeding fiscal years. + References No definition available. + Details
Name: | nvr_DebtMaturitiesOutstandingTableTextBlock
Namespace Prefix: | nvr_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 840 -SubTopic 30 -Publisher FASB -Number -Article -Subparagraph (b) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 + Details
Name: | us-gaap_ScheduleOfFutureMinimumLeasePaymentsForCapitalLeasesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration