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Telford Fire Safety Remediation
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Telford Fire Safety Remediation Telford Fire Safety Remediation
The accompanying consolidated balance sheets include an estimated liability of approximately $196 million (of which $129 million was current) and $204 million (of which $102 million was current) as of September 30, 2025 and December 31, 2024, respectively, related to fire safety remediation efforts for buildings historically developed by our subsidiary, Telford Homes.
The estimated cost of remediation was based on the best information available at that time, acknowledging the subjective, highly complex, and variable nature of these remediation costs. Key variables previously identified included individual remediation requirements, time for completion, cost and availability of materials, potential discoveries made during
remediation, investigation costs, availability of qualified fire safety engineers, potential business disruption costs, and changes to or new regulations and regulatory approval.
During the three months ended September 30, 2025, developments have occurred that, while reinforcing the probability of additional remediation obligations, have introduced a high degree of uncertainty regarding the ultimate scope, nature, and cost of these works. These developments include, but are not limited to, evolving regulatory interpretation, expanded scope of required works, conflicting technical assessments and increased commercial and operational uncertainty.
We are actively working to navigate these complexities and will continue to evaluate the potential impact on the company’s estimates as further information emerges on regulatory expectations, design requirements, and contractor pricing.