Leases

6 Months Ended

Jun. 30, 2019

Leases

Leases

Note 7.  Leases

Our metals service center leases are comprised of processing and distribution facilities, ground leases and other leased spaces, such as depots, sales offices and storage. We also lease various office buildings, including our corporate headquarters in Los Angeles, California. Our leases of facilities and other spaces expire at various times through 2031 and our ground leases expire at various times through 2068. Nearly all of our leases are operating leases. Information regarding the insignificant amount of finance leases we have is not meaningful to an understanding of our lease obligations.  

The following is a summary of our lease cost:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
	(in millions)
Operating lease cost	$	21.1	$	20.5	$	41.9	$	40.4

Supplemental cash flow and balance sheet information is presented below:

	June 30,
	2019
	(in millions)
Supplemental cash flow information:
Cash payments for operating leases (six months ended)	$	41.4
Right-of-use assets obtained in exchange for lease obligations (six months ended)	$	28.6
Other lease information:
Weighted average remaining lease term—operating leases		5.7 years
Weighted average discount rate—operating leases		4.5%

Maturities of operating lease liabilities as of June 30, 2019 are as follows:

	(in millions)
2019 (remaining six months)	$	31.4
2020		53.7
2021		41.5
2022		30.4
2023		23.3
Thereafter		55.7
Total minimum lease payments		236.0
Less: imputed interest		(46.7)
Total operating lease liabilities	$	189.3

As previously presented in our consolidated financial statements for the year ended December 31, 2018, included in our Annual Report on Form 10-K, future minimum payments under previous lease accounting guidance for non-cancelable operating leases were as follows:

	(in millions)
2019	$	59.5
2020		45.5
2021		32.9
2022		22.7
2023		16.2
Thereafter		40.7
Total minimum lease payments	$	217.5