Telford Fire Safety Remediation |
9 Months Ended |
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Sep. 30, 2026 | |
| Restructuring and Related Activities [Abstract] | |
| Telford Fire Safety Remediation | 17. Telford Fire Safety Remediation The accompanying consolidated balance sheets include an estimated liability of approximately $442 million and $321 million as of September 30, 2026 and December 31, 2025, respectively, related to fire safety remediation efforts for buildings historically developed by our subsidiary, Telford Homes. The $121 million net increase compared to year end 2025 reflects an expansion in the estimated scope and cost of remediation works of $168 million, net of the amount spent during the period. The primary drivers of the increase are fire engineer assessments, updated surveys, design evolution, regulatory feedback, the addition of internal fire containment work and incremental direct program costs. The estimated cost of remediation is based on the best information available at the reporting date and reflects the subjective, complex, and variable nature of these remediation activities. Significant assumptions include building-specific remediation requirements, expected timing of completion, construction and remediation costs, availability of materials and qualified fire safety professionals, potential discoveries during remediation, and changes in regulatory requirements and approvals. We continue to actively monitor regulatory developments and remediation progress and will update our estimates as additional information becomes available.
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