XML 30 R18.htm IDEA: XBRL DOCUMENT
v3.19.1

Leases Leases | 3 Months Ended
--- | ---
Mar. 31, 2019
Lease Expense [Abstract] |
Lessee, Finance Leases [Text Block] | Leases We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Our leases have remaining lease terms of up to 10 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the lease. On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842), which requires lessees to recognize most leases on the balance sheet as ROU assets with corresponding lease liabilities. See Note 1 for additional discussion regarding the adoption of Topic 842. The ROU assets and lease liabilities are recognized based on the present value of lease payments over the lease term, discounted using our incremental borrowing rate at the commencement date of the lease. We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). We elected to exclude these leases from the recognition requirements under Topic 842, and these leases have not been included in our recognized ROU assets and lease liabilities. We entered into a finance lease for production equipment on March 29, 2019. The finance lease is recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. We did not incur any lease cost for the finance lease which commenced on March 29, 2019. The components of lease expense were as follows:
|  | Three Months Ended March 31, 2019
Lease expense |  |
Operating lease expense |  | $ | 7,560 |
Short-term lease expense |  | 5,605 |
Total lease expense |  | $ | 13,165 |
Other information related to leases was as follows:
|  | Three Months Ended March 31, 2019
Supplemental Cash Flows Information: |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows - operating leases |  | $ | 6,563 |
ROU assets obtained in exchange for lease obligations: |  |
Operating leases |  | $ | 5,980 |
Finance leases |  | $ | 535 |
Weighted-average remaining lease term (in years): |  |
Operating leases |  | 4.8 |
Finance leases |  | 7.0 |
Weighted-average discount rate: |  |
Operating leases |  | 3.7 | %
Finance leases |  | 3.4 | %
We are committed under multiple non-cancellable operating and finance leases involving office space, model homes, production facilities, automobiles and equipment. Future minimum lease payments under these leases as of March 31, 2019 were as follows:
Years Ending December 31, |  | Operating Leases |  | Finance Leases
2019 |  | $ | 24,838 |  |  | $ | 51 |
2020 |  | 22,182 |  |  | 69 |
2021 |  | 17,123 |  |  | 69 |
2022 |  | 13,423 |  |  | 69 |
2023 |  | 9,917 |  |  | 69 |
Thereafter |  | 14,347 |  |  | 292 |
Total minimum lease payments |  | 101,830 |  |  | 619 |
Less: |  |  |  |
Imputed interest |  | (8,732 | ) |  | (84 | )
Short-term lease payments |  | (6,899 | ) |  | — |
Total lease liability |  | $ | 86,199 |  |  | $ | 535 |
Lessee, Operating Leases [Text Block] | Leases We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Our leases have remaining lease terms of up to 10 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the lease. On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842), which requires lessees to recognize most leases on the balance sheet as ROU assets with corresponding lease liabilities. See Note 1 for additional discussion regarding the adoption of Topic 842. The ROU assets and lease liabilities are recognized based on the present value of lease payments over the lease term, discounted using our incremental borrowing rate at the commencement date of the lease. We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). We elected to exclude these leases from the recognition requirements under Topic 842, and these leases have not been included in our recognized ROU assets and lease liabilities. We entered into a finance lease for production equipment on March 29, 2019. The finance lease is recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. We did not incur any lease cost for the finance lease which commenced on March 29, 2019. The components of lease expense were as follows:
|  | Three Months Ended March 31, 2019
Lease expense |  |
Operating lease expense |  | $ | 7,560 |
Short-term lease expense |  | 5,605 |
Total lease expense |  | $ | 13,165 |
Other information related to leases was as follows:
|  | Three Months Ended March 31, 2019
Supplemental Cash Flows Information: |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows - operating leases |  | $ | 6,563 |
ROU assets obtained in exchange for lease obligations: |  |
Operating leases |  | $ | 5,980 |
Finance leases |  | $ | 535 |
Weighted-average remaining lease term (in years): |  |
Operating leases |  | 4.8 |
Finance leases |  | 7.0 |
Weighted-average discount rate: |  |
Operating leases |  | 3.7 | %
Finance leases |  | 3.4 | %
We are committed under multiple non-cancellable operating and finance leases involving office space, model homes, production facilities, automobiles and equipment. Future minimum lease payments under these leases as of March 31, 2019 were as follows:
Years Ending December 31, |  | Operating Leases |  | Finance Leases
2019 |  | $ | 24,838 |  |  | $ | 51 |
2020 |  | 22,182 |  |  | 69 |
2021 |  | 17,123 |  |  | 69 |
2022 |  | 13,423 |  |  | 69 |
2023 |  | 9,917 |  |  | 69 |
Thereafter |  | 14,347 |  |  | 292 |
Total minimum lease payments |  | 101,830 |  |  | 619 |
Less: |  |  |  |
Imputed interest |  | (8,732 | ) |  | (84 | )
Short-term lease payments |  | (6,899 | ) |  | — |
Total lease liability |  | $ | 86,199 |  |  | $ | 535 |

X
- Definition Lease Expense [Abstract] + References No definition available. + Details
Name: | nvr_LeaseExpenseAbstract
Namespace Prefix: | nvr_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration