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Leases

9 Months Ended

Sep. 30, 2019

Note 7. Leases

Our metals service center leases are comprised of processing and distribution facilities, equipment, trucks and trailers, ground leases and other leased spaces, such as depots, sales offices and storage. We also lease various office buildings, including our corporate headquarters in Los Angeles, California. Our leases of facilities and other spaces expire at various times through 2031 and our ground leases expire at various times through 2068. Nearly all of our leases are operating leases. Information regarding the insignificant amount of finance leases we have is not meaningful to an understanding of our lease obligations.

The following is a summary of our lease cost:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
	(in millions)
Operating lease cost	$	20.9	$	21.2	$	62.8	$	61.6

Supplemental cash flow and balance sheet information is presented below:


	September 30,
	2019
	(in millions)
Supplemental cash flow information:
Cash payments for operating leases (nine months ended)	$	62.6
Right-of-use assets obtained in exchange for lease obligations (nine months ended)	$	53.2

Other lease information:
Weighted average remaining lease term—operating leases		5.8 years
Weighted average discount rate—operating leases		4.4%

Maturities of operating lease liabilities as of September 30, 2019 are as follows:


	(in millions)
2019 (remaining three months)	$	15.8
2020		56.0
2021		44.4
2022		32.5
2023		24.6
Thereafter		58.0
Total operating lease payments		231.3
Less: imputed interest		(31.4)
Total operating lease liabilities	$	199.9

As previously presented in our consolidated financial statements for the year ended December 31, 2018, included in our Annual Report on Form 10-K, future minimum payments under previous lease accounting guidance for non-cancelable operating leases were as follows:


	(in millions)
2019	$	59.5
2020		45.5
2021		32.9
2022		22.7
2023		16.2
Thereafter		40.7
Total operating lease payments	$	217.5