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LEASES
 3 Months Ended
Mar. 31, 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:
in millionsClassification on the Balance SheetMarch 31
2024		December 31
2023		March 31
2023
Assets
Operating lease ROU assets$641.8 $636.1 $669.6 
Accumulated amortization(129.4)(124.4)(100.1)
Operating leases, netOperating lease right-of-use assets, net512.4 511.7 569.5 
Finance lease ROU assets60.4 62.3 91.6 
Accumulated depreciation(21.5)(20.2)(16.6)
Finance leases, netProperty, plant & equipment, net38.9 42.1 75.0 
Total lease assets$551.3 $553.8 $644.5 
Liabilities
Current
OperatingOther current liabilities$47.3 $47.3 $48.6 
FinanceOther current liabilities11.7 12.5 21.3 
Noncurrent
Operating Noncurrent operating lease liabilities508.2 507.4 545.9 
FinanceOther noncurrent liabilities14.6 16.6 30.5 
Total lease liabilities$581.8 $583.8 $646.3 
Lease Term and Discount Rate
Weighted-average remaining lease term (years)
Operating leases19.419.519.6
Finance leases2.52.52.8
Weighted-average discount rate
Operating leases4.4 %4.3 %4.0 %
Finance leases2.6 %2.4 %1.9 %
The decreases from March 31, 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 by the middle of 2024.
The components of lease expense are as follows:
Three Months Ended
March 31
in millions20242023
Finance lease cost
Depreciation of right-of-use assets$2.5 $3.4 
Interest on lease liabilities0.2 0.2 
Operating lease cost18.8 19.4 
Short-term lease cost 1
11.1 11.7 
Variable lease cost5.3 5.1 
Sublease income(0.8)(0.8)
Total lease expense$37.1 $39.0 
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 $18.4 million and $18.3 million for the three months ended March 31, 2024 and 2023, respectively. Cash paid for finance leases (principal and interest) was $3.7 million and $6.1 million for the three months ended March 31, 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:
in millionsClassification on the Balance SheetMarch 31
2024		December 31
2023		March 31
2023
Assets
Operating lease ROU assets$641.8 $636.1 $669.6 
Accumulated amortization(129.4)(124.4)(100.1)
Operating leases, netOperating lease right-of-use assets, net512.4 511.7 569.5 
Finance lease ROU assets60.4 62.3 91.6 
Accumulated depreciation(21.5)(20.2)(16.6)
Finance leases, netProperty, plant & equipment, net38.9 42.1 75.0 
Total lease assets$551.3 $553.8 $644.5 
Liabilities
Current
OperatingOther current liabilities$47.3 $47.3 $48.6 
FinanceOther current liabilities11.7 12.5 21.3 
Noncurrent
Operating Noncurrent operating lease liabilities508.2 507.4 545.9 
FinanceOther noncurrent liabilities14.6 16.6 30.5 
Total lease liabilities$581.8 $583.8 $646.3 
Lease Term and Discount Rate
Weighted-average remaining lease term (years)
Operating leases19.419.519.6
Finance leases2.52.52.8
Weighted-average discount rate
Operating leases4.4 %4.3 %4.0 %
Finance leases2.6 %2.4 %1.9 %
The decreases from March 31, 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 by the middle of 2024.
The components of lease expense are as follows:
Three Months Ended
March 31
in millions20242023
Finance lease cost
Depreciation of right-of-use assets$2.5 $3.4 
Interest on lease liabilities0.2 0.2 
Operating lease cost18.8 19.4 
Short-term lease cost 1
11.1 11.7 
Variable lease cost5.3 5.1 
Sublease income(0.8)(0.8)
Total lease expense$37.1 $39.0 
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 $18.4 million and $18.3 million for the three months ended March 31, 2024 and 2023, respectively. Cash paid for finance leases (principal and interest) was $3.7 million and $6.1 million for the three months ended March 31, 2024 and 2023, respectively.