LEASES	12 Months Ended
Dec. 31, 2021
LEASES [Abstract]
LEASES	NOTE 7: LEASESOur 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 reflected on our December 31 balance sheets and the weighted-average lease term and discount rate are as follows: dollars in millionsClassification on the Balance Sheet2021 2020 Assets Operating lease ROU assets $ 771.1 $ 482.5 Accumulated amortization (79.7) (59.4) Operating leases, netOperating lease right-of-use assets, net 691.4 423.1 Finance lease assets 129.2 7.8 Accumulated amortization (8.8) (1.6) Finance leases, netProperty, plant & equipment, net 120.4 6.2 Total lease assets $ 811.8 $ 429.3 Liabilities Current OperatingOther current liabilities$ 49.2 $ 37.0 FinanceOther current liabilities 35.4 2.0 Noncurrent Operating Noncurrent operating lease liabilities 642.5 399.6 FinanceOther noncurrent liabilities 60.5 4.1 Total lease liabilities $ 787.6 $ 442.7 Lease Term and Discount Rate Weighted-average remaining lease term (years) Operating leases 21.0 9.5 Finance leases 3.3 4.2 Weighted-average discount rate Operating leases3.8% 3.6% Finance leases1.3% 1.4% The increases in ROU assets and liabilities presented above primarily relate to the acquisition of U.S. Concrete (see Note 19 for additional information). Our lease agreements do not contain residual value guarantees, restrictive covenants or early termination options that we deem material. We have not sought or been granted any material lease concessions as a result of the COVID-19 pandemic.Our building leases have remaining noncancelable periods of 0 - 17 years and lease terms (including options to extend) of 0 - 25 years. Key factors in determining the certainty of lease renewals include the location of the building, the value of leasehold improvements and the cost to relocate. Rental payments for certain of our building leases are periodically adjusted for inflation, and this variable component is recognized as expense when incurred. Many of our building leases contain common area maintenance charges which we include in the calculation of our lease liability (the lease consideration is not allocated between the lease and non-lease components).Our aggregates sales yard leases have remaining noncancelable periods of 0 - 27 years and lease terms of 0 - 77 years. The key factor in determining the certainty of lease renewals is the financial impact of extending the lease, including the reserve life of the sourcing aggregates quarry. Certain aggregates sales yard lease agreements include rental payments based on a percentage of sales over contractual levels or the number of shipments received into the sales yard. Variable payments for these sales yards comprise a majority of the overall variable lease cost presented in the table below.Our concrete and asphalt site leases have remaining noncancelable periods of 0 - 18 years and lease terms of 0 - 77 years. The key factor in determining the certainty of lease renewals is the financial impact of extending the lease, including the reserve life of the sourcing aggregates quarry. Rental payments are generally fixed for our concrete and asphalt sites. Our rail (car and track) leases have remaining noncancelable periods of 0 - 4 years and lease terms of 0 - 63 years. Key factors in determining the certainty of lease renewals include the market rental rate for comparable assets and, in some cases, the cost incurred to restore the asset. Rental payments are fixed for our rail leases. The majority of our rail leases contain substitution rights that allow the supplier to replace damaged equipment. Because these rights are generally limited to either replacing railcars or moving our placement on rail track for purposes of repair or maintenance, we do not consider these substitution rights to be substantive and have recorded a lease liability and ROU asset for all leased rail.Our barge leases have remaining noncancelable periods of 0 - 6 years and lease terms of 0 - 13 years. Key factors in determining the certainty of lease renewals include the market rental rate for comparable assets and, in some cases, the cost incurred to restore the asset. Rental payments are fixed. Like our rail leases, our barge leases contain non-substantive substitution rights that are limited to replacing barges in need of repair or maintenance.Office, plant and mobile equipment leases have remaining noncancelable periods of 0 - 5 years and lease terms of 0 - 5 years. The key factor in determining the certainty of lease renewals is the market rental rate for comparable assets. Rental payments are generally fixed for our equipment leases with terms greater than 1 year. The significant majority of our short-term lease cost presented in the table below is derived from office and plant equipment leases with terms of 1 year or less.The components of lease expense for the years ended December 31, 2021, 2020 and 2019 are as follows: in millions2021 2020 2019 Lease Cost Finance lease cost Amortization of right-of-use assets$ 7.1 $ 1.6 $ 0.1 Interest on lease liabilities 0.6 (0.1) 0.0 Operating lease cost 71.0 58.5 56.5 Short-term lease cost 1 27.3 30.5 35.4 Variable lease cost 10.6 12.9 13.7 Sublease income (3.1) (2.7) (3.0) Total lease cost$ 113.5 $ 100.7 $ 102.7 1Our short-term lease cost includes the cost of leases with an initial term of one month or less. Cash paid for operating leases was $64.4 million for 2021 and $54.9 million for 2020. Cash paid for finance leases was $14.0 million for 2021 and $1.7 million for 2020.Maturity analysis on an undiscounted basis of our lease liabilities (see Note 12 for mineral lease payments) as of December 31, 2021 is as follows: Operating Finance in millionsLeases Leases Maturity of Lease Liabilities 2022$ 72.5 $ 33.9 2023 66.0 27.1 2024 63.3 19.7 2025 61.0 12.2 2026 56.3 5.3 Thereafter 797.2 0.0 Total minimum lease payments$ 1,116.3 $ 98.2 Less: Lease payments representing interest 424.6 2.3 Present value of future minimum lease payments$ 691.7 $ 95.9 Less: Current obligations under leases 49.2 35.4 Long-term lease obligations$ 642.5 $ 60.5

LEASES

12 Months Ended

Dec. 31, 2021

NOTE 7: LEASESOur 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 reflected on our December 31 balance sheets and the weighted-average lease term and discount rate are as follows: dollars in millionsClassification on the Balance Sheet2021 2020 Assets Operating lease ROU assets $ 771.1 $ 482.5 Accumulated amortization (79.7) (59.4) Operating leases, netOperating lease right-of-use assets, net 691.4 423.1 Finance lease assets 129.2 7.8 Accumulated amortization (8.8) (1.6) Finance leases, netProperty, plant & equipment, net 120.4 6.2 Total lease assets $ 811.8 $ 429.3 Liabilities Current OperatingOther current liabilities$ 49.2 $ 37.0 FinanceOther current liabilities 35.4 2.0 Noncurrent Operating Noncurrent operating lease liabilities 642.5 399.6 FinanceOther noncurrent liabilities 60.5 4.1 Total lease liabilities $ 787.6 $ 442.7 Lease Term and Discount Rate Weighted-average remaining lease term (years) Operating leases 21.0 9.5 Finance leases 3.3 4.2 Weighted-average discount rate Operating leases3.8% 3.6% Finance leases1.3% 1.4% The increases in ROU assets and liabilities presented above primarily relate to the acquisition of U.S. Concrete (see Note 19 for additional information). Our lease agreements do not contain residual value guarantees, restrictive covenants or early termination options that we deem material. We have not sought or been granted any material lease concessions as a result of the COVID-19 pandemic.Our building leases have remaining noncancelable periods of 0 - 17 years and lease terms (including options to extend) of 0 - 25 years. Key factors in determining the certainty of lease renewals include the location of the building, the value of leasehold improvements and the cost to relocate. Rental payments for certain of our building leases are periodically adjusted for inflation, and this variable component is recognized as expense when incurred. Many of our building leases contain common area maintenance charges which we include in the calculation of our lease liability (the lease consideration is not allocated between the lease and non-lease components).Our aggregates sales yard leases have remaining noncancelable periods of 0 - 27 years and lease terms of 0 - 77 years. The key factor in determining the certainty of lease renewals is the financial impact of extending the lease, including the reserve life of the sourcing aggregates quarry. Certain aggregates sales yard lease agreements include rental payments based on a percentage of sales over contractual levels or the number of shipments received into the sales yard. Variable payments for these sales yards comprise a majority of the overall variable lease cost presented in the table below.Our concrete and asphalt site leases have remaining noncancelable periods of 0 - 18 years and lease terms of 0 - 77 years. The key factor in determining the certainty of lease renewals is the financial impact of extending the lease, including the reserve life of the sourcing aggregates quarry. Rental payments are generally fixed for our concrete and asphalt sites. Our rail (car and track) leases have remaining noncancelable periods of 0 - 4 years and lease terms of 0 - 63 years. Key factors in determining the certainty of lease renewals include the market rental rate for comparable assets and, in some cases, the cost incurred to restore the asset. Rental payments are fixed for our rail leases. The majority of our rail leases contain substitution rights that allow the supplier to replace damaged equipment. Because these rights are generally limited to either replacing railcars or moving our placement on rail track for purposes of repair or maintenance, we do not consider these substitution rights to be substantive and have recorded a lease liability and ROU asset for all leased rail.Our barge leases have remaining noncancelable periods of 0 - 6 years and lease terms of 0 - 13 years. Key factors in determining the certainty of lease renewals include the market rental rate for comparable assets and, in some cases, the cost incurred to restore the asset. Rental payments are fixed. Like our rail leases, our barge leases contain non-substantive substitution rights that are limited to replacing barges in need of repair or maintenance.Office, plant and mobile equipment leases have remaining noncancelable periods of 0 - 5 years and lease terms of 0 - 5 years. The key factor in determining the certainty of lease renewals is the market rental rate for comparable assets. Rental payments are generally fixed for our equipment leases with terms greater than 1 year. The significant majority of our short-term lease cost presented in the table below is derived from office and plant equipment leases with terms of 1 year or less.The components of lease expense for the years ended December 31, 2021, 2020 and 2019 are as follows: in millions2021 2020 2019 Lease Cost Finance lease cost Amortization of right-of-use assets$ 7.1 $ 1.6 $ 0.1 Interest on lease liabilities 0.6 (0.1) 0.0 Operating lease cost 71.0 58.5 56.5 Short-term lease cost 1 27.3 30.5 35.4 Variable lease cost 10.6 12.9 13.7 Sublease income (3.1) (2.7) (3.0) Total lease cost$ 113.5 $ 100.7 $ 102.7 1Our short-term lease cost includes the cost of leases with an initial term of one month or less. Cash paid for operating leases was $64.4 million for 2021 and $54.9 million for 2020. Cash paid for finance leases was $14.0 million for 2021 and $1.7 million for 2020.Maturity analysis on an undiscounted basis of our lease liabilities (see Note 12 for mineral lease payments) as of December 31, 2021 is as follows: Operating Finance in millionsLeases Leases Maturity of Lease Liabilities 2022$ 72.5 $ 33.9 2023 66.0 27.1 2024 63.3 19.7 2025 61.0 12.2 2026 56.3 5.3 Thereafter 797.2 0.0 Total minimum lease payments$ 1,116.3 $ 98.2 Less: Lease payments representing interest 424.6 2.3 Present value of future minimum lease payments$ 691.7 $ 95.9 Less: Current obligations under leases 49.2 35.4 Long-term lease obligations$ 642.5 $ 60.5