XML 28 R17.htm IDEA: XBRL DOCUMENT v3.25.3

Leases

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

9. Leases

The Company has entered into operating leases for land, office space, and certain Company vehicles and equipment and has entered into finance leases for certain Company vehicles and equipment. The leases will expire between 2025 and 2045. Right-of-use lease assets and lease liabilities consisted of the following (in millions):

			Balance Sheet Location						September 30, 2025						December 31, 2024
Right-of-use assets:
Operating lease			Other assets (non-current)						$	52.0					$	53.7
Finance lease			Property, plant and equipment, net						0.2						0.5
Total right-of-use assets									$	52.2					$	54.2
Lease liabilities:
Current portion of operating lease			Other current liabilities						$	12.7					$	12.9
Non-current portion of operating lease			Other liabilities						41.9						43.5
Finance lease			Debt obligations						0.2						0.6
Total lease liabilities									$	54.8					$	57.0

The following table summarizes the components of lease expense (in millions):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Finance lease cost:
Amortization of right-of-use assets						$	—					$	0.1					$	0.2					$	0.3
Net finance lease cost						—						0.1						0.2						0.3
Operating lease cost						4.4						4.1						13.2						13.0
Variable lease cost						0.2						0.1						0.5						0.4
Sublease income						—						(0.1)						—						(0.5)
Total non-current lease cost						$	4.6					$	4.2					13.9						13.2
Short-term lease costs						6.8						8.8						22.2						23.9
Total lease cost						$	11.4					$	13.0					$	36.1					$	37.1

Cash flow information related to leases is as follows (in millions):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)						$	4.4					$	4.6					$	14.3					$	14.4
Financing cash flows for finance leases						$	—					$	0.1					$	0.2					$	0.3
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases						$	5.5					$	7.4					$	10.6					$	13.6
Finance leases						$	—					$	—					$	0.1					$	—

(1) The above amounts exclude $4.0 million received during the nine months ended September 30, 2025, and $4.0 million received during the nine months ended September 30, 2024 for a lease modification incentive. See below for additional information.

On May 1, 2024, a subsidiary of DBMG amended the termination date of three property leases that had an original expiry date of March 31, 2031. In exchange, and as an inducement for DBMG to early terminate, the landlord agreed to pay DBMG $12.0 million in surrender fees in three equal installments, contingent on timely vacate and inspection milestones, of which DBMG received $4.0 million in surrender fees in 2024 and $4.0 million in surrender fees in 2025, with the remaining $4.0 million payment due to DBMG due within five business days of the vacate date in 2027 for the remaining property lease. After final surrender of the properties, DBMG will have no further obligations under these leases. The Company accounted for this transaction as a lease modification and recognized a $8.4 million gain on lease modification, which is included in Other operating (income) loss in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2024.

The weighted-average remaining lease terms and the weighted-average discount rates for the Company's leases were as follows:

						September 30, 2025						December 31, 2024
Weighted-average remaining lease term (years) - operating leases									6.8									7.4
Weighted-average remaining lease term (years) - finance leases						2.1						2.7
Weighted-average discount rate - operating leases						6.2		%				6.1		%
Weighted-average discount rate - finance leases						4.9		%				5.3		%

Future minimum lease commitments (undiscounted) as of September 30, 2025, were as follows (in millions):

			Operating Leases						Finance Leases
2025 (remaining period)			$	3.8					$	0.1
2026			14.2						0.1
2027			12.2						—
2028			9.3						—
2029			5.8						—
Thereafter			21.4						—
Total future minimum lease payments			66.7						0.2
Less: amounts representing interest			(12.1)						—
Total lease liability			$	54.6					$	0.2

Leases

9. Leases

The Company has entered into operating leases for land, office space, and certain Company vehicles and equipment and has entered into finance leases for certain Company vehicles and equipment. The leases will expire between 2025 and 2045. Right-of-use lease assets and lease liabilities consisted of the following (in millions):

			Balance Sheet Location						September 30, 2025						December 31, 2024
Right-of-use assets:
Operating lease			Other assets (non-current)						$	52.0					$	53.7
Finance lease			Property, plant and equipment, net						0.2						0.5
Total right-of-use assets									$	52.2					$	54.2
Lease liabilities:
Current portion of operating lease			Other current liabilities						$	12.7					$	12.9
Non-current portion of operating lease			Other liabilities						41.9						43.5
Finance lease			Debt obligations						0.2						0.6
Total lease liabilities									$	54.8					$	57.0

The following table summarizes the components of lease expense (in millions):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Finance lease cost:
Amortization of right-of-use assets						$	—					$	0.1					$	0.2					$	0.3
Net finance lease cost						—						0.1						0.2						0.3
Operating lease cost						4.4						4.1						13.2						13.0
Variable lease cost						0.2						0.1						0.5						0.4
Sublease income						—						(0.1)						—						(0.5)
Total non-current lease cost						$	4.6					$	4.2					13.9						13.2
Short-term lease costs						6.8						8.8						22.2						23.9
Total lease cost						$	11.4					$	13.0					$	36.1					$	37.1

Cash flow information related to leases is as follows (in millions):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)						$	4.4					$	4.6					$	14.3					$	14.4
Financing cash flows for finance leases						$	—					$	0.1					$	0.2					$	0.3
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases						$	5.5					$	7.4					$	10.6					$	13.6
Finance leases						$	—					$	—					$	0.1					$	—

(1) The above amounts exclude $4.0 million received during the nine months ended September 30, 2025, and $4.0 million received during the nine months ended September 30, 2024 for a lease modification incentive. See below for additional information.

On May 1, 2024, a subsidiary of DBMG amended the termination date of three property leases that had an original expiry date of March 31, 2031. In exchange, and as an inducement for DBMG to early terminate, the landlord agreed to pay DBMG $12.0 million in surrender fees in three equal installments, contingent on timely vacate and inspection milestones, of which DBMG received $4.0 million in surrender fees in 2024 and $4.0 million in surrender fees in 2025, with the remaining $4.0 million payment due to DBMG due within five business days of the vacate date in 2027 for the remaining property lease. After final surrender of the properties, DBMG will have no further obligations under these leases. The Company accounted for this transaction as a lease modification and recognized a $8.4 million gain on lease modification, which is included in Other operating (income) loss in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2024.

The weighted-average remaining lease terms and the weighted-average discount rates for the Company's leases were as follows:

						September 30, 2025						December 31, 2024
Weighted-average remaining lease term (years) - operating leases									6.8									7.4
Weighted-average remaining lease term (years) - finance leases						2.1						2.7
Weighted-average discount rate - operating leases						6.2		%				6.1		%
Weighted-average discount rate - finance leases						4.9		%				5.3		%

Future minimum lease commitments (undiscounted) as of September 30, 2025, were as follows (in millions):

			Operating Leases						Finance Leases
2025 (remaining period)			$	3.8					$	0.1
2026			14.2						0.1
2027			12.2						—
2028			9.3						—
2029			5.8						—
Thereafter			21.4						—
Total future minimum lease payments			66.7						0.2
Less: amounts representing interest			(12.1)						—
Total lease liability			$	54.6					$	0.2

X

- References

No definition available.

+ Details

Name:	us-gaap_LeasesAbstract
Namespace Prefix:	us-gaap_
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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

+ Details

Name:	us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

+ Details

Name:	us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration