Leases

6 Months Ended

Jun. 30, 2025

Leases

Leases

Note 8.  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				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(in millions)
Operating lease cost	$	21.2	$	17.6	$	41.3	$	35.2
Variable fees and other(1)		7.2		8.3		15.2		15.9
Total lease cost	$	28.4	$	25.9	$	56.5	$	51.1

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

Supplemental cash flow and balance sheet information is presented below:

	Six Months Ended
	June 30,
	2025		2024
	(in millions)
Supplemental cash flow information:
Cash payments for operating leases	$	55.8	$	51.3
Right-of-use assets obtained in exchange for operating lease obligations	$	64.3	$	54.0
	June 30,		December 31,
	2025		2024
Other lease information:
Weighted average remaining lease term—operating leases		6.7 years		6.3 years
Weighted average discount rate—operating leases		4.8%		4.6%

Maturities of operating lease liabilities as of June 30, 2025 are as follows:

	(in millions)
2025 (remaining six months)	$	39.8
2026		71.3
2027		60.3
2028		49.9
2029		41.4
Thereafter		100.9
Total operating lease payments		363.6
Less: imputed interest		(57.0)
Total operating lease liabilities	$	306.6