Leases

12 Months Ended

Dec. 31, 2022

Leases

Leases

Note 10. Leases

Our metals service center leases are comprised of processing and distribution facilities, equipment, trucks and trailers, ground leases and other leased spaces, such as depots, sales offices, storage and data centers. We also lease various office spaces. Our leases of facilities and other spaces expire at various times through 2045 and our ground leases expire at various times through 2068. Nearly all of our leases are operating leases; we have recognized finance right-of-use assets and obligations of less than $1.0 million.

The following is a summary of our lease cost:

	Year Ended December 31,
	2022		2021		2020
	(in millions)
Operating lease cost	$	91.4	$	82.2	$	82.1

Our operating lease costs include payments to various related parties that are not executive officers of the Company, in the amounts of $0.2 million, $1.9 million and $1.9 million in 2022, 2021 and 2020, respectively. These related party leases are for buildings leased to certain of the companies we have acquired and expire through 2023.

Supplemental cash flow and balance sheet information is presented below:

	Year Ended December 31,
	2022		2021		2020
	(in millions)
Supplemental cash flow information:
Cash payments for operating leases	$	86.9	$	81.7	$	81.7
Right-of-use assets obtained in exchange for operating lease obligations	$	52.4	$	46.8	$	58.8
			December 31,		December 31,
			2022		2021
Other lease information:
Weighted average remaining lease term—operating leases				6.6 years		5.8 years
Weighted average discount rate—operating leases				3.8%		3.3%

Maturities of operating lease liabilities as of December 31, 2022 are as follows:

	(in millions)
2023	$	59.1
2024		48.9
2025		36.3
2026		24.8
2027		17.5
Thereafter		64.8
Total operating lease payments		251.4
Less: imputed interest		(33.7)
Total operating lease liabilities	$	217.7