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Leases | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
Leases | Leases The Company has operating and finance leases for mining and non-mining equipment, office space and certain other facilities under various non-cancellable agreements. Historically, the majority of the Company’s leases have been accounted for as operating leases. Refer to Note 1. “Summary of Significant Accounting Policies” for the Company’s policies regarding “Leases.” The Company and certain of its subsidiaries have guaranteed other subsidiaries’ performance under various lease obligations. Certain lease agreements are subject to the restrictive covenants of the Company’s credit facilities and include cross-acceleration provisions, under which the lessor could require remedies including, but not limited to, immediate recovery of the present value of any remaining lease payments. The Company typically agrees to indemnify lessors for the value of the property or equipment leased, should the property be damaged or lost during the course of the Company’s operations. The Company expects that losses with respect to leased property, if any, may be covered by insurance (subject to deductibles). Aside from indemnification of the lessor for the value of the property leased, the Company’s maximum potential obligations under its leases are equal to the respective future minimum lease payments, and the Company assumes that no amounts could be recovered from third parties. The components of lease expense for the periods presented below were as follows:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
| (Dollars in millions)
Operating lease cost: |  |  |  |  |
Operating leases | $ | 34.3 |  |  | $ | 36.9 |  |  | $ | 22.1 |
Short-term leases | 26.1 |  |  | 32.7 |  |  | 44.3 |
Variable leases | 5.0 |  |  | 4.7 |  |  | 8.7 |
Sublease income | (0.2) |  |  | (0.6) |  |  | (1.4) |
Total operating lease cost | $ | 65.2 |  |  | $ | 73.7 |  |  | $ | 73.7 |
Finance lease cost: |  |  |  |  |
Amortization of right-of-use assets | $ | 9.4 |  |  | $ | 8.8 |  |  | $ | 7.2 |
Interest on lease liabilities | 1.5 |  |  | 1.8 |  |  | 1.7 |
Total finance lease cost | $ | 10.9 |  |  | $ | 10.6 |  |  | $ | 8.9 |
Supplemental balance sheet information related to leases at December 31, 2025 and 2024 was as follows:
| December 31,
| 2025 |  | 2024
| (Dollars in millions)
Operating leases: |  |  |
Operating lease right-of-use assets | $ | 121.2 |  |  | $ | 119.3 |
Accounts payable and accrued expenses | $ | 36.0 |  |  | $ | 32.4 |
Operating lease liabilities, less current portion | 87.5 |  |  | 86.7 |
Total operating lease liabilities | $ | 123.5 |  |  | $ | 119.1 |
Finance leases: |  |  |
Property, plant, equipment and mine development | $ | 40.7 |  |  | $ | 46.8 |
Accumulated depreciation | (25.1) |  |  | (22.8) |
Property, plant, equipment and mine development, net | $ | 15.6 |  |  | $ | 24.0 |
Current portion of long-term debt | $ | 15.2 |  |  | $ | 15.8 |
Long-term debt, less current portion | 5.6 |  |  | 9.3 |
Total finance lease liabilities | $ | 20.8 |  |  | $ | 25.1 |
Weighted average remaining lease term (years) |  |  |
Operating leases | 4.0 |  | 4.0
Finance leases | 1.8 |  | 5.2
Weighted average discount rate |  |  |
Operating leases | 7.5 | % |  | 7.1 | %
Finance leases | 6.2 | % |  | 6.2 | %
Supplemental cash flow information related to leases for the periods presented below was as follows:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
| (Dollars in millions)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases | $ | 34.9 |  |  | $ | 34.1 |  |  | $ | 18.8 |
Operating cash flows for finance leases | 1.5 |  |  | 1.8 |  |  | 1.7 |
Financing cash flows for finance leases | 12.2 |  |  | 10.4 |  |  | 9.0 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | 58.9 |  |  | 84.9 |  |  | 55.6 |
Finance leases | 4.6 |  |  | 14.4 |  |  | 6.7 |
The Company's leases have remaining lease terms ranging from 1 year to 8.0 years, and may include options to extend the terms, as applicable. The contractual maturities of lease liabilities were as follows:
Period Ending December 31, |  | Operating Leases |  | Finance Leases
|  | (Dollars in millions)
2026 |  | $ | 41.4 |  |  | $ | 14.9 |
2027 |  | 34.6 |  |  | 5.3 |
2028 |  | 29.0 |  |  | 1.7 |
2029 |  | 18.8 |  |  | 0.4 |
2030 |  | 12.1 |  |  | 0.1 |
2030 and thereafter |  | 2.5 |  |  | — |
Total lease payments |  | 138.4 |  |  | 22.4 |
Less imputed interest |  | (14.9) |  |  | (1.6) |
Total lease liabilities |  | $ | 123.5 |  |  | $ | 20.8 |
Leases | Leases The Company has operating and finance leases for mining and non-mining equipment, office space and certain other facilities under various non-cancellable agreements. Historically, the majority of the Company’s leases have been accounted for as operating leases. Refer to Note 1. “Summary of Significant Accounting Policies” for the Company’s policies regarding “Leases.” The Company and certain of its subsidiaries have guaranteed other subsidiaries’ performance under various lease obligations. Certain lease agreements are subject to the restrictive covenants of the Company’s credit facilities and include cross-acceleration provisions, under which the lessor could require remedies including, but not limited to, immediate recovery of the present value of any remaining lease payments. The Company typically agrees to indemnify lessors for the value of the property or equipment leased, should the property be damaged or lost during the course of the Company’s operations. The Company expects that losses with respect to leased property, if any, may be covered by insurance (subject to deductibles). Aside from indemnification of the lessor for the value of the property leased, the Company’s maximum potential obligations under its leases are equal to the respective future minimum lease payments, and the Company assumes that no amounts could be recovered from third parties. The components of lease expense for the periods presented below were as follows:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
| (Dollars in millions)
Operating lease cost: |  |  |  |  |
Operating leases | $ | 34.3 |  |  | $ | 36.9 |  |  | $ | 22.1 |
Short-term leases | 26.1 |  |  | 32.7 |  |  | 44.3 |
Variable leases | 5.0 |  |  | 4.7 |  |  | 8.7 |
Sublease income | (0.2) |  |  | (0.6) |  |  | (1.4) |
Total operating lease cost | $ | 65.2 |  |  | $ | 73.7 |  |  | $ | 73.7 |
Finance lease cost: |  |  |  |  |
Amortization of right-of-use assets | $ | 9.4 |  |  | $ | 8.8 |  |  | $ | 7.2 |
Interest on lease liabilities | 1.5 |  |  | 1.8 |  |  | 1.7 |
Total finance lease cost | $ | 10.9 |  |  | $ | 10.6 |  |  | $ | 8.9 |
Supplemental balance sheet information related to leases at December 31, 2025 and 2024 was as follows:
| December 31,
| 2025 |  | 2024
| (Dollars in millions)
Operating leases: |  |  |
Operating lease right-of-use assets | $ | 121.2 |  |  | $ | 119.3 |
Accounts payable and accrued expenses | $ | 36.0 |  |  | $ | 32.4 |
Operating lease liabilities, less current portion | 87.5 |  |  | 86.7 |
Total operating lease liabilities | $ | 123.5 |  |  | $ | 119.1 |
Finance leases: |  |  |
Property, plant, equipment and mine development | $ | 40.7 |  |  | $ | 46.8 |
Accumulated depreciation | (25.1) |  |  | (22.8) |
Property, plant, equipment and mine development, net | $ | 15.6 |  |  | $ | 24.0 |
Current portion of long-term debt | $ | 15.2 |  |  | $ | 15.8 |
Long-term debt, less current portion | 5.6 |  |  | 9.3 |
Total finance lease liabilities | $ | 20.8 |  |  | $ | 25.1 |
Weighted average remaining lease term (years) |  |  |
Operating leases | 4.0 |  | 4.0
Finance leases | 1.8 |  | 5.2
Weighted average discount rate |  |  |
Operating leases | 7.5 | % |  | 7.1 | %
Finance leases | 6.2 | % |  | 6.2 | %
Supplemental cash flow information related to leases for the periods presented below was as follows:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
| (Dollars in millions)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases | $ | 34.9 |  |  | $ | 34.1 |  |  | $ | 18.8 |
Operating cash flows for finance leases | 1.5 |  |  | 1.8 |  |  | 1.7 |
Financing cash flows for finance leases | 12.2 |  |  | 10.4 |  |  | 9.0 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | 58.9 |  |  | 84.9 |  |  | 55.6 |
Finance leases | 4.6 |  |  | 14.4 |  |  | 6.7 |
The Company's leases have remaining lease terms ranging from 1 year to 8.0 years, and may include options to extend the terms, as applicable. The contractual maturities of lease liabilities were as follows:
Period Ending December 31, |  | Operating Leases |  | Finance Leases
|  | (Dollars in millions)
2026 |  | $ | 41.4 |  |  | $ | 14.9 |
2027 |  | 34.6 |  |  | 5.3 |
2028 |  | 29.0 |  |  | 1.7 |
2029 |  | 18.8 |  |  | 0.4 |
2030 |  | 12.1 |  |  | 0.1 |
2030 and thereafter |  | 2.5 |  |  | — |
Total lease payments |  | 138.4 |  |  | 22.4 |
Less imputed interest |  | (14.9) |  |  | (1.6) |
Total lease liabilities |  | $ | 123.5 |  |  | $ | 20.8 |

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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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