v3.26.1
Leases
 12 Months Ended
Dec. 31, 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 2026 and 2045. Right-of-use lease assets and lease liabilities consisted of the following (in millions):

Balance Sheet LocationDecember 31,
20252024
Right-of-use assets:
Operating lease
Other assets (non-current)$52.9 $53.7 
Finance lease
Property, plant and equipment, net0.1 0.5 
Total right-of-use assets$53.0 $54.2 
Lease liabilities:
Current portion of operating lease
Other current liabilities$12.9 $12.9 
Non-current portion of operating lease
Other liabilities42.9 43.5 
Finance lease
Debt obligations
0.1 0.6 
Total lease liabilities$55.9 $57.0 

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

Year Ended December 31,
20252024
Finance lease cost:
Amortization of right-of-use assets$0.2 $0.4 
Interest on lease liabilities— 0.1 
Net finance lease cost0.2 0.5 
Operating lease cost18.2 17.5 
Variable lease cost0.6 0.6 
Sublease income— (0.7)
Total non-current lease cost
19.0 17.9 
Short-term lease costs
27.1 30.0 
Total lease cost
$46.1 $47.9 

Based on the short-term leases executed as of December 31, 2025, the Company expects that it will incur approximately $12.1 million in estimated short-term lease costs for the year ended December 31, 2026.

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

Year Ended December 31,
20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)
$19.4 $19.3 
Operating cash flows for finance leases
$— $0.1 
Financing cash flows for finance leases
$0.3 $0.4 
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases$15.6 $18.5 
Finance leases$0.1 $— 
(1) The above amounts exclude $4.0 million received during the year ended December 31, 2025, and $4.0 million received during the year ended December 31, 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 $8.7 million gain on lease modification, which is included in Other operating income in the Consolidated Statement of Operations for the year ended December 31, 2024.

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

December 31,
20252024
Weighted-average remaining lease term (years) - operating leases6.67.4
Weighted-average remaining lease term (years) - finance leases2.12.7
Weighted-average discount rate - operating leases6.4 %6.1 %
Weighted-average discount rate - finance leases5.0 %5.3 %

Future minimum lease commitments (undiscounted) as of December 31, 2025, were as follows (in millions):

Operating
Leases		Finance
Leases
2026$15.5 $0.1 
202713.6 — 
202810.1 — 
20296.5 — 
20304.9 — 
Thereafter17.2 — 
Total future minimum lease payments67.8 0.1 
Less: amounts representing interest(12.0)— 
Total lease liability
$55.8 $0.1 
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 2026 and 2045. Right-of-use lease assets and lease liabilities consisted of the following (in millions):

Balance Sheet LocationDecember 31,
20252024
Right-of-use assets:
Operating lease
Other assets (non-current)$52.9 $53.7 
Finance lease
Property, plant and equipment, net0.1 0.5 
Total right-of-use assets$53.0 $54.2 
Lease liabilities:
Current portion of operating lease
Other current liabilities$12.9 $12.9 
Non-current portion of operating lease
Other liabilities42.9 43.5 
Finance lease
Debt obligations
0.1 0.6 
Total lease liabilities$55.9 $57.0 

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

Year Ended December 31,
20252024
Finance lease cost:
Amortization of right-of-use assets$0.2 $0.4 
Interest on lease liabilities— 0.1 
Net finance lease cost0.2 0.5 
Operating lease cost18.2 17.5 
Variable lease cost0.6 0.6 
Sublease income— (0.7)
Total non-current lease cost
19.0 17.9 
Short-term lease costs
27.1 30.0 
Total lease cost
$46.1 $47.9 

Based on the short-term leases executed as of December 31, 2025, the Company expects that it will incur approximately $12.1 million in estimated short-term lease costs for the year ended December 31, 2026.

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

Year Ended December 31,
20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)
$19.4 $19.3 
Operating cash flows for finance leases
$— $0.1 
Financing cash flows for finance leases
$0.3 $0.4 
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases$15.6 $18.5 
Finance leases$0.1 $— 
(1) The above amounts exclude $4.0 million received during the year ended December 31, 2025, and $4.0 million received during the year ended December 31, 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 $8.7 million gain on lease modification, which is included in Other operating income in the Consolidated Statement of Operations for the year ended December 31, 2024.

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

December 31,
20252024
Weighted-average remaining lease term (years) - operating leases6.67.4
Weighted-average remaining lease term (years) - finance leases2.12.7
Weighted-average discount rate - operating leases6.4 %6.1 %
Weighted-average discount rate - finance leases5.0 %5.3 %

Future minimum lease commitments (undiscounted) as of December 31, 2025, were as follows (in millions):

Operating
Leases		Finance
Leases
2026$15.5 $0.1 
202713.6 — 
202810.1 — 
20296.5 — 
20304.9 — 
Thereafter17.2 — 
Total future minimum lease payments67.8 0.1 
Less: amounts representing interest(12.0)— 
Total lease liability
$55.8 $0.1