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LEASES | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
LEASES | LEASES Our portfolio of nonmineral leases is composed of leases for real estate (including office buildings, aggregates sales yards and terminals, and concrete and asphalt sites) and equipment (including railcars and rail track, barges, and office, plant and mobile equipment). Lease right-of-use (ROU) assets and liabilities and the weighted-average lease terms and discount rates are as follows:
dollars in millions | Classification on the Balance Sheet | September 30 2024 | December 31 2023 | September 30 2023
Assets |  |  |
Operating lease ROU assets |  | $ | 651.4 |  | $ | 636.1 |  | $ | 644.8 |
Accumulated amortization |  | (143.1) |  | (124.4) |  | (113.4) |
Operating leases, net | Operating lease right-of-use assets, net | 508.3 |  | 511.7 |  | 531.4 |
Finance lease ROU assets |  | 55.8 |  | 62.3 |  | 85.8 |
Accumulated depreciation |  | (23.2) |  | (20.2) |  | (22.1) |
Finance leases, net | Property, plant & equipment, net | 32.6 |  | 42.1 |  | 63.7 |
Total lease assets |  | $ | 540.9 |  | $ | 553.8 |  | $ | 595.1 |
Liabilities |  |  |
Current |  |  |
Operating | Other current liabilities | $ | 48.7 |  | $ | 47.3 |  | $ | 48.2 |
Finance | Other current liabilities | 11.4 |  | 12.5 |  | 18.4 |
Noncurrent |  |  |
Operating | Noncurrent operating lease liabilities | 503.5 |  | 507.4 |  | 525.4 |
Finance | Other noncurrent liabilities | 11.8 |  | 16.6 |  | 22.7 |
Total lease liabilities |  | $ | 575.4 |  | $ | 583.8 |  | $ | 614.7 |
Lease Term and Discount Rate |  |  |
Weighted-average remaining lease term (years) |  |  |
Operating leases | 19.1 | 19.5 | 19.4
Finance leases | 2.3 | 2.5 | 2.5
Weighted-average discount rate |  |  |
Operating leases | 4.4 | % | 4.3 | % | 4.3 | %
Finance leases | 3.1 | % | 2.4 | % | 2.0 | %
The decreases from September 30, 2023 in total lease assets and liabilities presented above primarily relate to the November 2023 sale of concrete operations in Texas (see Note 16 for additional information). Our lease agreements do not contain material residual value guarantees, restrictive covenants or early termination options. In addition to the lease assets and liabilities presented in the table above, we entered into an agreement to lease a terminal in California and expect to have all permits in place associated with all lease commencement options in the fourth quarter of 2024. The components of lease expense are as follows:
| Three Months Ended September 30 | Nine Months Ended September 30
in millions | 2024 | 2023 | 2024 | 2023
Finance lease cost |  |  |  |
Depreciation of right-of-use assets | $ | 2.3 |  | $ | 3.3 |  | $ | 7.2 |  | $ | 10.1 |
Interest on lease liabilities | 0.2 |  | 0.2 |  | 0.5 |  | 0.7 |
Operating lease cost | 19.0 |  | 19.1 |  | 56.6 |  | 58.3 |
Short-term lease cost 1 | 12.2 |  | 14.8 |  | 34.9 |  | 38.5 |
Variable lease cost | 5.5 |  | 4.9 |  | 15.1 |  | 15.0 |
Sublease income | (0.7) |  | (0.8) |  | (2.0) |  | (2.7) |
Total lease expense | $ | 38.5 |  | $ | 41.5 |  | $ | 112.3 |  | $ | 119.9 |
1 Includes the cost of leases with an initial term of one year or less (including those with terms of one month or less). Cash paid for operating leases was $55.3 million and $55.0 million for the nine months ended September 30, 2024 and 2023, respectively. Cash paid for finance leases (principal and interest) was $10.5 million and $17.9 million for the nine months ended September 30, 2024 and 2023, respectively.
LEASES | LEASES Our portfolio of nonmineral leases is composed of leases for real estate (including office buildings, aggregates sales yards and terminals, and concrete and asphalt sites) and equipment (including railcars and rail track, barges, and office, plant and mobile equipment). Lease right-of-use (ROU) assets and liabilities and the weighted-average lease terms and discount rates are as follows:
dollars in millions | Classification on the Balance Sheet | September 30 2024 | December 31 2023 | September 30 2023
Assets |  |  |
Operating lease ROU assets |  | $ | 651.4 |  | $ | 636.1 |  | $ | 644.8 |
Accumulated amortization |  | (143.1) |  | (124.4) |  | (113.4) |
Operating leases, net | Operating lease right-of-use assets, net | 508.3 |  | 511.7 |  | 531.4 |
Finance lease ROU assets |  | 55.8 |  | 62.3 |  | 85.8 |
Accumulated depreciation |  | (23.2) |  | (20.2) |  | (22.1) |
Finance leases, net | Property, plant & equipment, net | 32.6 |  | 42.1 |  | 63.7 |
Total lease assets |  | $ | 540.9 |  | $ | 553.8 |  | $ | 595.1 |
Liabilities |  |  |
Current |  |  |
Operating | Other current liabilities | $ | 48.7 |  | $ | 47.3 |  | $ | 48.2 |
Finance | Other current liabilities | 11.4 |  | 12.5 |  | 18.4 |
Noncurrent |  |  |
Operating | Noncurrent operating lease liabilities | 503.5 |  | 507.4 |  | 525.4 |
Finance | Other noncurrent liabilities | 11.8 |  | 16.6 |  | 22.7 |
Total lease liabilities |  | $ | 575.4 |  | $ | 583.8 |  | $ | 614.7 |
Lease Term and Discount Rate |  |  |
Weighted-average remaining lease term (years) |  |  |
Operating leases | 19.1 | 19.5 | 19.4
Finance leases | 2.3 | 2.5 | 2.5
Weighted-average discount rate |  |  |
Operating leases | 4.4 | % | 4.3 | % | 4.3 | %
Finance leases | 3.1 | % | 2.4 | % | 2.0 | %
The decreases from September 30, 2023 in total lease assets and liabilities presented above primarily relate to the November 2023 sale of concrete operations in Texas (see Note 16 for additional information). Our lease agreements do not contain material residual value guarantees, restrictive covenants or early termination options. In addition to the lease assets and liabilities presented in the table above, we entered into an agreement to lease a terminal in California and expect to have all permits in place associated with all lease commencement options in the fourth quarter of 2024. The components of lease expense are as follows:
| Three Months Ended September 30 | Nine Months Ended September 30
in millions | 2024 | 2023 | 2024 | 2023
Finance lease cost |  |  |  |
Depreciation of right-of-use assets | $ | 2.3 |  | $ | 3.3 |  | $ | 7.2 |  | $ | 10.1 |
Interest on lease liabilities | 0.2 |  | 0.2 |  | 0.5 |  | 0.7 |
Operating lease cost | 19.0 |  | 19.1 |  | 56.6 |  | 58.3 |
Short-term lease cost 1 | 12.2 |  | 14.8 |  | 34.9 |  | 38.5 |
Variable lease cost | 5.5 |  | 4.9 |  | 15.1 |  | 15.0 |
Sublease income | (0.7) |  | (0.8) |  | (2.0) |  | (2.7) |
Total lease expense | $ | 38.5 |  | $ | 41.5 |  | $ | 112.3 |  | $ | 119.9 |
1 Includes the cost of leases with an initial term of one year or less (including those with terms of one month or less). Cash paid for operating leases was $55.3 million and $55.0 million for the nine months ended September 30, 2024 and 2023, respectively. Cash paid for finance leases (principal and interest) was $10.5 million and $17.9 million for the nine months ended September 30, 2024 and 2023, respectively.

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- 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
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- 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
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