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Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2012
Summary of Debt |
|  | December 31, |
|  | 2012 |  |  | 2011 |
Homebuilding: |  |  |  |  |  |  |  |
Other term debt: |  |  |  |  |  |  |  |
Capital lease obligations due in monthly installments through 2014 (a) |  | $ | 757 |  |  | $ | 1,613 |
Senior notes (b) |  | $ | 598,988 |  |  | $ | — |
Mortgage Banking: |  |  |  |  |  |  |  |
Master repurchase agreement (c) |  | $ | — |  |  | $ | — |
(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 $309 and $495 at December 31, 2012 and 2011, respectively.
(b) | On September 10, 2012, NVR completed an offering for $600,000 of 3.95% Senior Notes due 2022 (the “Notes”) under a shelf registration statement filed on September 5, 2012 with the Securities and Exchange Commission (the “SEC”). The Notes were issued at a discount to yield 3.97% and have been reflected net of the unamortized discount in the accompanying consolidated balance sheet. The offering of the Notes resulted in aggregate net proceeds of approximately $593,900, after deducting underwriting discounts and other offering expenses. The Notes mature on September 15, 2022 and bear interest at 3.95%, payable semi-annually in arrears on March 15 and September 15, commencing on March 15, 2013. The Notes are senior unsecured obligations and rank equally in right of payment with any of NVR’s existing and future unsecured senior indebtedness, will rank senior in right of payment to any of NVR’s future indebtedness that is by its terms expressly subordinated to the Notes and will be effectively subordinated to any of NVR’s existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. The indenture governing the Notes has, among other items, and subject to certain exceptions, covenants that restrict the Company’s ability to create, incur, assume or guarantee secured debt, enter into sale and leaseback transactions and conditions related to mergers and/or the sale of assets.
(c) | On August 1, 2012, 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 July 31, 2013.
Future Minimum Lease Payments Under Capital Lease | The following schedule provides future minimum lease payments under the capital lease together with the present value as of December 31, 2012:
Year Ending December 31, |
2013 |  | $ | 703 |
2014 |  |  | 117 |
2015 |  |  | — |
2016 |  |  | — |
2017 |  |  | — |
Thereafter |  |  | — |
|  |  | 820 |
Amount representing interest |  |  | (63 | )
|  | $ | 757 |
Debt Maturities | Maturities with respect to the Company’s debt as of December 31, 2012 are as follows:
Year Ending December 31, |
2013 |  | $ | 642 |
2014 |  |  | 115 |
2015 |  |  | — |
2016 |  |  | — |
2017 |  |  | — |
Thereafter |  |  | 600,000 |
Total |  | $ | 600,757 |

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- Definition Tabular disclosure of the aggregate amount of payments due on known contractual obligations for the five years following the date of the latest balance sheet and the combined aggregate amount of maturities of known contractual obligations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 303 -Paragraph a -Subparagraph 5 + Details
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- 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
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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 + Details
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