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Telford Fire Safety Remediation | 3 Months Ended
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Mar. 31, 2024
Restructuring and Related Activities [Abstract] |
Telford Fire Safety Remediation | Telford Fire Safety Remediation The accompanying consolidated balance sheets include an estimated liability of approximately $188.9 million (of which $101.3 million was current) and $192.1 million (of which $82.2 million was current) as of March 31, 2024 and December 31, 2023, respectively, related to the remediation efforts. The balance decreased as of March 31, 2024 primarily due to the movement of foreign exchange rates and certain insignificant costs incurred for work performed so far this year. There were no significant adjustments made during the three months ended March 31, 2024 related to the Telford Fire Safety Remediation provision. Management obtained additional fire safety assessments, reviewed various inputs and assumptions, including bids from subcontractors, and believes the above balance remains our best estimate of future losses associated with overall remediation efforts. The estimated remediation costs for in-scope buildings are subjective, highly complex and dependent on a number of variables outside of Telford Homes’ control. These include, but are not limited to, individual remediation requirements for each building, the time required for the remediation to be completed, cost of construction or remediation materials, availability of construction materials, potential discoveries made during remediation that could necessitate incremental work, investigation costs, availability of qualified fire safety engineers, potential business disruption costs, potential changes to or new regulations and regulatory approval. We will continue to assess new information as it becomes available during the remediation process and adjust our estimated liability accordingly.

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