Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

Note 10. Leases

Our metals service center leases are comprised of processing and distribution facilities, equipment, automobiles, 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,
	2023		2022		2021
	(in millions)
Operating lease cost	$	97.4	$	91.4	$	82.2

Supplemental cash flow and balance sheet information is presented below:

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Supplemental cash flow information:
Cash payments for operating leases	$	95.2	$	86.9	$	81.7
Right-of-use assets obtained in exchange for operating lease obligations	$	74.7	$	52.4	$	46.8
			December 31,		December 31,
			2023		2022
Other lease information:
Weighted average remaining lease term—operating leases				5.8 years		6.6 years
Weighted average discount rate—operating leases				4.3%		3.8%

The following is a summary of aggregate maturities of operating lease liabilities for each of the next five years and thereafter:

	(in millions)
2024	$	64.9
2025		52.1
2026		39.1
2027		29.6
2028		22.6
Thereafter		65.1
Total operating lease payments		273.4
Less: imputed interest		(38.3)
Total operating lease liabilities	$	235.1