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Telford Fire Safety Remediation | 6 Months Ended
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Jun. 30, 2023
Restructuring and Related Activities [Abstract] |
Telford Fire Safety Remediation | Telford Fire Safety Remediation On March 16, 2023, Telford Homes entered into a legally binding agreement with the U.K. government, under which Telford Homes will (1) take responsibility for performing or funding self-remediation works relating to certain life-critical fire-safety issues on all Telford Homes-constructed buildings of 11 meters in height or greater in England constructed in the last 30 years (in-scope buildings) and (2) withdraw Telford Homes-developed buildings from the government-sponsored Building Safety Fund (BSF) and Aluminum Composite Material (ACM) Funds or reimburse the government funds for the cost of remediation of in-scope buildings. The accompanying consolidated balance sheets include an estimated liability of approximately $193.2 million and $185.9 million as of June 30, 2023 and December 31, 2022, respectively, related to remediation efforts. The balance increased as of June 30, 2023 primarily due to the movement of foreign exchange rates, partially offset by certain insignificant costs incurred for work performed during the quarter. We did not record any additional provision this quarter as the June 30, 2023 balance remains our best estimate of potential losses associated with overall remediation efforts. The potential liability and number of buildings affected may change as in-scope buildings are assessed, scopes of remediation are agreed with interested parties (freeholders and leaseholders) and the required remediation work is tendered for each building, all of which is anticipated to result in a lengthy process. We will continue to assess new information as it becomes available and adjust our estimated liability accordingly.

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