v3.25.2
LEASES
 6 Months Ended
Jun. 30, 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 millionsClassification on the Balance SheetJune 30
2025		December 31
2024		June 30
2024
Assets
Operating lease ROU assets$700.4 $673.2 $646.9 
Accumulated amortization(154.3)(146.8)(135.1)
Operating leases, netOperating lease right-of-use assets, net546.1 526.4 511.8 
Finance lease ROU assets52.2 54.7 59.0 
Accumulated depreciation(25.8)(24.3)(22.2)
Finance leases, netProperty, plant & equipment, net26.4 30.4 36.8 
Total lease assets$572.5 $556.8 $548.6 
Liabilities
Current
OperatingOther current liabilities$51.0 $49.3 $47.9 
FinanceOther current liabilities9.2 10.7 11.7 
Noncurrent
Operating Noncurrent operating lease liabilities536.1 521.4 507.5 
FinanceOther noncurrent liabilities5.7 9.7 13.6 
Total lease liabilities$602.0 $591.1 $580.7 
Lease Term and Discount Rate
Weighted-average remaining lease term (years)
Operating leases18.818.919.2
Finance leases2.02.22.4
Weighted-average discount rate
Operating leases4.7%4.5%4.4%
Finance leases3.5%3.2%2.9%
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
June 30		Six Months Ended
June 30
in millions2025202420252024
Finance lease cost
Depreciation of right-of-use assets$2.1 $2.4 $4.2 $4.9 
Interest on lease liabilities0.1 0.2 0.3 0.4 
Operating lease cost20.2 18.9 40.6 37.7 
Short-term lease cost 1
12.0 11.6 24.1 22.7 
Variable lease cost4.6 4.4 8.6 9.7 
Sublease income(0.8)(0.8)(1.6)(1.6)
Sale and leaseback gain0.0 0.0 (4.6)0.0 
Total lease expense$38.2 $36.7 $71.6 $73.8 
1Includes 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 $40.2 million and $36.7 million for the six months ended June 30, 2025 and 2024, respectively. Cash paid for finance leases (principal and interest) was $6.1 million and $7.3 million for the six months ended June 30, 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 millionsClassification on the Balance SheetJune 30
2025		December 31
2024		June 30
2024
Assets
Operating lease ROU assets$700.4 $673.2 $646.9 
Accumulated amortization(154.3)(146.8)(135.1)
Operating leases, netOperating lease right-of-use assets, net546.1 526.4 511.8 
Finance lease ROU assets52.2 54.7 59.0 
Accumulated depreciation(25.8)(24.3)(22.2)
Finance leases, netProperty, plant & equipment, net26.4 30.4 36.8 
Total lease assets$572.5 $556.8 $548.6 
Liabilities
Current
OperatingOther current liabilities$51.0 $49.3 $47.9 
FinanceOther current liabilities9.2 10.7 11.7 
Noncurrent
Operating Noncurrent operating lease liabilities536.1 521.4 507.5 
FinanceOther noncurrent liabilities5.7 9.7 13.6 
Total lease liabilities$602.0 $591.1 $580.7 
Lease Term and Discount Rate
Weighted-average remaining lease term (years)
Operating leases18.818.919.2
Finance leases2.02.22.4
Weighted-average discount rate
Operating leases4.7%4.5%4.4%
Finance leases3.5%3.2%2.9%
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
June 30		Six Months Ended
June 30
in millions2025202420252024
Finance lease cost
Depreciation of right-of-use assets$2.1 $2.4 $4.2 $4.9 
Interest on lease liabilities0.1 0.2 0.3 0.4 
Operating lease cost20.2 18.9 40.6 37.7 
Short-term lease cost 1
12.0 11.6 24.1 22.7 
Variable lease cost4.6 4.4 8.6 9.7 
Sublease income(0.8)(0.8)(1.6)(1.6)
Sale and leaseback gain0.0 0.0 (4.6)0.0 
Total lease expense$38.2 $36.7 $71.6 $73.8 
1Includes 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 $40.2 million and $36.7 million for the six months ended June 30, 2025 and 2024, respectively. Cash paid for finance leases (principal and interest) was $6.1 million and $7.3 million for the six months ended June 30, 2025 and 2024, respectively.