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LEASES | 3 Months Ended
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Mar. 31, 2025
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 | March 31 2025 | December 31 2024 | March 31 2024
Assets |  |  |
Operating lease ROU assets |  | $ | 711.9 |  | $ | 673.2 |  | $ | 641.8 |
Accumulated amortization |  | (145.9) |  | (146.8) |  | (129.4) |
Operating leases, net | Operating lease right-of-use assets, net | 566.0 |  | 526.4 |  | 512.4 |
Finance lease ROU assets |  | 52.2 |  | 54.7 |  | 60.4 |
Accumulated depreciation |  | (23.8) |  | (24.3) |  | (21.5) |
Finance leases, net | Property, plant & equipment, net | 28.4 |  | 30.4 |  | 38.9 |
Total lease assets |  | $ | 594.4 |  | $ | 556.8 |  | $ | 551.3 |
Liabilities |  |  |
Current |  |  |
Operating | Other current liabilities | $ | 51.2 |  | $ | 49.3 |  | $ | 47.3 |
Finance | Other current liabilities | 10.7 |  | 10.7 |  | 11.7 |
Noncurrent |  |  |
Operating | Noncurrent operating lease liabilities | 556.1 |  | 521.4 |  | 508.2 |
Finance | Other noncurrent liabilities | 6.9 |  | 9.7 |  | 14.6 |
Total lease liabilities |  | $ | 624.9 |  | $ | 591.1 |  | $ | 581.8 |
Lease Term and Discount Rate |  |  |
Weighted-average remaining lease term (years) |  |  |
Operating leases | 18.7 | 18.9 | 19.4
Finance leases | 2.1 | 2.2 | 2.5
Weighted-average discount rate |  |  |
Operating leases | 4.7 | % | 4.5 | % | 4.4 | %
Finance leases | 3.4 | % | 3.2 | % | 2.6 | %
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 by the end of the current year. The components of lease expense are as follows:
| Three Months Ended March 31 |
in millions | 2025 | 2024 |  |
Finance lease cost |  |  |  |
Depreciation of right-of-use assets | $ | 2.1 |  | $ | 2.5 |  |  |
Interest on lease liabilities | 0.2 |  | 0.2 |  |  |
Operating lease cost | 20.4 |  | 18.8 |  |  |
Short-term lease cost 1 | 12.1 |  | 11.1 |  |  |
Variable lease cost | 4.0 |  | 5.3 |  |  |
Sublease income | (0.9) |  | (0.8) |  |  |
Sale and leaseback gain | (4.6) |  | 0.0 |  |  |
Total lease expense | $ | 33.3 |  | $ | 37.1 |  |  |
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 $20.0 million and $18.4 million for the three months ended March 31, 2025 and 2024, respectively. Cash paid for finance leases (principal and interest) was $3.1 million and $3.7 million for the three months ended March 31, 2025 and 2024, 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 | March 31 2025 | December 31 2024 | March 31 2024
Assets |  |  |
Operating lease ROU assets |  | $ | 711.9 |  | $ | 673.2 |  | $ | 641.8 |
Accumulated amortization |  | (145.9) |  | (146.8) |  | (129.4) |
Operating leases, net | Operating lease right-of-use assets, net | 566.0 |  | 526.4 |  | 512.4 |
Finance lease ROU assets |  | 52.2 |  | 54.7 |  | 60.4 |
Accumulated depreciation |  | (23.8) |  | (24.3) |  | (21.5) |
Finance leases, net | Property, plant & equipment, net | 28.4 |  | 30.4 |  | 38.9 |
Total lease assets |  | $ | 594.4 |  | $ | 556.8 |  | $ | 551.3 |
Liabilities |  |  |
Current |  |  |
Operating | Other current liabilities | $ | 51.2 |  | $ | 49.3 |  | $ | 47.3 |
Finance | Other current liabilities | 10.7 |  | 10.7 |  | 11.7 |
Noncurrent |  |  |
Operating | Noncurrent operating lease liabilities | 556.1 |  | 521.4 |  | 508.2 |
Finance | Other noncurrent liabilities | 6.9 |  | 9.7 |  | 14.6 |
Total lease liabilities |  | $ | 624.9 |  | $ | 591.1 |  | $ | 581.8 |
Lease Term and Discount Rate |  |  |
Weighted-average remaining lease term (years) |  |  |
Operating leases | 18.7 | 18.9 | 19.4
Finance leases | 2.1 | 2.2 | 2.5
Weighted-average discount rate |  |  |
Operating leases | 4.7 | % | 4.5 | % | 4.4 | %
Finance leases | 3.4 | % | 3.2 | % | 2.6 | %
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 by the end of the current year. The components of lease expense are as follows:
| Three Months Ended March 31 |
in millions | 2025 | 2024 |  |
Finance lease cost |  |  |  |
Depreciation of right-of-use assets | $ | 2.1 |  | $ | 2.5 |  |  |
Interest on lease liabilities | 0.2 |  | 0.2 |  |  |
Operating lease cost | 20.4 |  | 18.8 |  |  |
Short-term lease cost 1 | 12.1 |  | 11.1 |  |  |
Variable lease cost | 4.0 |  | 5.3 |  |  |
Sublease income | (0.9) |  | (0.8) |  |  |
Sale and leaseback gain | (4.6) |  | 0.0 |  |  |
Total lease expense | $ | 33.3 |  | $ | 37.1 |  |  |
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 $20.0 million and $18.4 million for the three months ended March 31, 2025 and 2024, respectively. Cash paid for finance leases (principal and interest) was $3.1 million and $3.7 million for the three months ended March 31, 2025 and 2024, 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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