Leases

3 Months Ended

Mar. 31, 2024

Leases

Leases

Note 7.  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 an insignificant amount of recognized finance right-of-use assets and obligations.

The following is a summary of our lease cost:

	Three Months Ended March 31,
	2024		2023
	(in millions)
Operating lease cost	$	25.2	$	23.6

Supplemental cash flow and balance sheet information is presented below:

	Three Months Ended March 31,
	2024		2023
	(in millions)
Supplemental cash flow information:
Cash payments for operating leases	$	25.3	$	23.5
Right-of-use assets obtained in exchange for operating lease obligations	$	28.2	$	15.6
	March 31,		December 31,
	2024		2023
Other lease information:
Weighted average remaining lease term—operating leases		6.3 years		5.8 years
Weighted average discount rate—operating leases		4.5%		4.3%

Maturities of operating lease liabilities as of March 31, 2024 are as follows:

	(in millions)
2024 (remaining nine months)	$	50.2
2025		55.3
2026		42.3
2027		32.1
2028		24.7
Thereafter		67.6
Total operating lease payments		272.2
Less: imputed interest		(38.1)
Total operating lease liabilities	$	234.1