v3.26.1
LEASES
 3 Months Ended
Mar. 31, 2026
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 SheetMarch 31
2026		December 31
2025		March 31
2025
Assets 1
Operating lease ROU assets$686.0 $674.2 $711.9 
Accumulated amortization(160.1)(152.7)(145.9)
Operating leases, netOperating lease right-of-use assets, net525.9 521.5 566.0 
Finance lease ROU assets23.8 35.3 52.2 
Accumulated depreciation(11.6)(18.6)(23.8)
Finance leases, netProperty, plant & equipment, net12.2 16.7 28.4 
Total lease assets$538.1 $538.2 $594.4 
Liabilities 1
Current
Operating leases
Other current liabilities$45.6 $44.5 $51.2 
Finance leases
Other current liabilities4.3 5.8 10.7 
Noncurrent
Operating leases
Noncurrent operating lease liabilities525.8 522.6 556.1 
Finance leases
Other noncurrent liabilities5.6 5.0 6.9 
Total lease liabilities$581.3 $577.9 $624.9 
Lease Term and Discount Rate
Weighted-average remaining lease term (years)
Operating leases18.818.918.7
Finance leases2.52.42.1
Weighted-average discount rate
Operating leases4.8%4.8%4.7%
Finance leases4.4%4.0%3.4%
1.Balances at March 31, 2026 and December 31, 2025 exclude lease assets and liabilities classified as held for sale as detailed in Note 16.
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 second half of 2026.
The components of lease expense are as follows:
Three Months Ended
March 31
in millions20262025
Finance lease cost
Depreciation of right-of-use assets$1.7 $2.1 
Interest on lease liabilities0.1 0.2 
Operating lease cost20.7 20.4 
Short-term lease cost 1
10.4 12.1 
Variable lease cost4.8 4.0 
Sublease income(1.0)(0.9)
Sale and leaseback gain0.0 (4.6)
Total lease expense$36.7 $33.3 
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 $20.6 million and $20.0 million for the three months ended March 31, 2026 and 2025, respectively. Cash paid for finance leases (principal and interest) was $3.4 million and $3.1 million for the three months ended March 31, 2026 and 2025, 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 SheetMarch 31
2026		December 31
2025		March 31
2025
Assets 1
Operating lease ROU assets$686.0 $674.2 $711.9 
Accumulated amortization(160.1)(152.7)(145.9)
Operating leases, netOperating lease right-of-use assets, net525.9 521.5 566.0 
Finance lease ROU assets23.8 35.3 52.2 
Accumulated depreciation(11.6)(18.6)(23.8)
Finance leases, netProperty, plant & equipment, net12.2 16.7 28.4 
Total lease assets$538.1 $538.2 $594.4 
Liabilities 1
Current
Operating leases
Other current liabilities$45.6 $44.5 $51.2 
Finance leases
Other current liabilities4.3 5.8 10.7 
Noncurrent
Operating leases
Noncurrent operating lease liabilities525.8 522.6 556.1 
Finance leases
Other noncurrent liabilities5.6 5.0 6.9 
Total lease liabilities$581.3 $577.9 $624.9 
Lease Term and Discount Rate
Weighted-average remaining lease term (years)
Operating leases18.818.918.7
Finance leases2.52.42.1
Weighted-average discount rate
Operating leases4.8%4.8%4.7%
Finance leases4.4%4.0%3.4%
1.Balances at March 31, 2026 and December 31, 2025 exclude lease assets and liabilities classified as held for sale as detailed in Note 16.
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 second half of 2026.
The components of lease expense are as follows:
Three Months Ended
March 31
in millions20262025
Finance lease cost
Depreciation of right-of-use assets$1.7 $2.1 
Interest on lease liabilities0.1 0.2 
Operating lease cost20.7 20.4 
Short-term lease cost 1
10.4 12.1 
Variable lease cost4.8 4.0 
Sublease income(1.0)(0.9)
Sale and leaseback gain0.0 (4.6)
Total lease expense$36.7 $33.3 
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 $20.6 million and $20.0 million for the three months ended March 31, 2026 and 2025, respectively. Cash paid for finance leases (principal and interest) was $3.4 million and $3.1 million for the three months ended March 31, 2026 and 2025, respectively.