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Product Warranties | 6 Months Ended
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Jun. 30, 2016
Product Warranties Disclosures [Abstract] |
Product Warranties |
9. | 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, 2016 and 2015:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Warranty reserve, beginning of period |  | $ | 86,692 |  |  | $ | 89,743 |  |  | $ | 87,407 |  |  | $ | 94,060 |
Provision |  |  | 12,867 |  |  |  | 11,144 |  |  |  | 21,709 |  |  |  | 20,226 |
Payments |  |  | (11,606 | ) |  |  | (15,013 | ) |  |  | (21,163 | ) |  |  | (28,412 | )
Warranty reserve, end of period |  | $ | 87,953 |  |  | $ | 85,874 |  |  | $ | 87,953 |  |  | $ | 85,874 |

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- Definition The entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=68068213&loc=d3e12565-110249 + Details
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