Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Leases

Orion has entered into lease contracts as a lessee and is not acting as a lessor. Orion’s lease contracts are for operating assets such as rail cars, company cars, offices and office equipment, etc. Lease costs for the years ended December 31, are as follows:

	2025		2024		2023
	(In millions)
Finance lease costs	$	11.6	$	11.2	$	9.3
Operating lease costs	12.0		11.1		8.5
Short-term leasing costs	6.0		5.3		5.5
Total	$	29.6	$	27.6	$	23.3

ROU assets and lease liabilities related to operating and finance leases reflected in the Consolidated Balance Sheets, at December 31, are as follows:

	2025		2024
	(In millions)
ROU Assets
Operating leases	$	42.8	$	36.6
Finance leases	83.0		81.3
Total	$	125.8	$	117.9
Lease Liabilities(1)
Operating leases
Current	$	8.2	$	9.6
Long-term	35.3		26.5
	43.5		36.1
Finance leases
Current	6.3		5.6
Long-term	82.7		80.0
	89.0		85.6
Total	$	132.5	$	121.7

(1) Reflected in Current and Other liabilities in the Consolidated Balance Sheets.

As of December 31, 2025, a total of $13.3 million has been capitalized as Finance lease related to the La Porte facility project. For further information, see Note F. Property, Plant and Equipment above.

The weighted remaining average minimum lease period for finance and operating leases are 15.3 years and 7.7 years, respectively.

Maturities of operating and finance lease liabilities are as follows:

	Finance Leases		Operating Leases		Total
	(In millions)
Next 12 months	$	10.3	$	10.0	$	20.3
1 to 2 years	11.9		6.5		18.4
2 to 3 years	11.9		5.6		17.5
3 to 4 years	9.7		5.1		14.8
4 to 5 years	7.9		4.3		12.2
More than 5 years	73.2		21.3		94.5
Total undiscounted minimum lease payments	124.9		52.8		177.7
Imputed interest	35.9		9.3		45.2
Lease liability (current and non-current)	$	89.0	$	43.5	$	132.5

The weighted average discount rate applied to the lease liabilities for finance and operating leases are 4.8% and 5.7%, respectively.

Leases

Leases

Orion has entered into lease contracts as a lessee and is not acting as a lessor. Orion’s lease contracts are for operating assets such as rail cars, company cars, offices and office equipment, etc. Lease costs for the years ended December 31, are as follows:

	2025		2024		2023
	(In millions)
Finance lease costs	$	11.6	$	11.2	$	9.3
Operating lease costs	12.0		11.1		8.5
Short-term leasing costs	6.0		5.3		5.5
Total	$	29.6	$	27.6	$	23.3

ROU assets and lease liabilities related to operating and finance leases reflected in the Consolidated Balance Sheets, at December 31, are as follows:

	2025		2024
	(In millions)
ROU Assets
Operating leases	$	42.8	$	36.6
Finance leases	83.0		81.3
Total	$	125.8	$	117.9
Lease Liabilities(1)
Operating leases
Current	$	8.2	$	9.6
Long-term	35.3		26.5
	43.5		36.1
Finance leases
Current	6.3		5.6
Long-term	82.7		80.0
	89.0		85.6
Total	$	132.5	$	121.7

(1) Reflected in Current and Other liabilities in the Consolidated Balance Sheets.

As of December 31, 2025, a total of $13.3 million has been capitalized as Finance lease related to the La Porte facility project. For further information, see Note F. Property, Plant and Equipment above.

The weighted remaining average minimum lease period for finance and operating leases are 15.3 years and 7.7 years, respectively.

Maturities of operating and finance lease liabilities are as follows:

	Finance Leases		Operating Leases		Total
	(In millions)
Next 12 months	$	10.3	$	10.0	$	20.3
1 to 2 years	11.9		6.5		18.4
2 to 3 years	11.9		5.6		17.5
3 to 4 years	9.7		5.1		14.8
4 to 5 years	7.9		4.3		12.2
More than 5 years	73.2		21.3		94.5
Total undiscounted minimum lease payments	124.9		52.8		177.7
Imputed interest	35.9		9.3		45.2
Lease liability (current and non-current)	$	89.0	$	43.5	$	132.5

The weighted average discount rate applied to the lease liabilities for finance and operating leases are 4.8% and 5.7%, respectively.