Leases

12 Months Ended

Dec. 31, 2024

Leases

Leases

Note 11. 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:

	Year Ended December 31,
	2024		2023		2022
	(in millions)
Operating lease cost	$	75.1	$	68.8	$	68.2
Variable fees and other(1)		30.9		28.6		23.2
Total lease cost	$	106.0	$	97.4	$	91.4

(1) Includes variable lease payments and costs of short-term leases.

Supplemental cash flow and balance sheet information is presented below:

	Year Ended December 31,
	2024		2023		2022
	(in millions)
Supplemental cash flow information:
Cash payments for operating leases	$	74.8	$	95.2	$	86.9
Right-of-use assets obtained in exchange for operating lease obligations	$	87.7	$	74.7	$	52.4
			December 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				4.6%		4.3%

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

	(in millions)
2025	$	72.5
2026		60.1
2027		48.7
2028		39.8
2029		32.3
Thereafter		67.9
Total operating lease payments		321.3
Less: imputed interest		(45.7)
Total operating lease liabilities	$	275.6