Leases

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in millions)
Operating lease cost	$	27.4	$	25.0	$	78.5	$	72.0

Supplemental cash flow and balance sheet information is presented below:

	Nine Months Ended
	September 30,
	2024		2023
	(in millions)
Supplemental cash flow information:
Cash payments for operating leases	$	78.0	$	70.6
Right-of-use assets obtained in exchange for operating lease obligations	$	66.3	$	55.6
	September 30,		December 31,
	2024		2023
Other lease information:
Weighted average remaining lease term—operating leases		5.9 years		5.8 years
Weighted average discount rate—operating leases		4.5%		4.3%

Maturities of operating lease liabilities as of September 30, 2024 are as follows:

	(in millions)
2024 (remaining three months)	$	18.7
2025		68.2
2026		55.6
2027		44.8
2028		36.7
Thereafter		93.6
Total operating lease payments		317.6
Less: imputed interest		(46.7)
Total operating lease liabilities	$	270.9