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Leases

12 Months Ended

Dec. 31, 2020

Note 10. Leases

We adopted accounting changes on January 1, 2019 that required lessees to recognize most long-term leases on the balance sheet using a modified retrospective transition method. Our lease cost for the year ended December 31, 2018 below is presented under previous lease accounting guidance.

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, storage and data centers. 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 2045 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:


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Operating lease cost	$	82.1	$	84.4	$	82.7

Our operating lease costs include payments to various related parties that are not executive officers of the Company, in the amounts of $1.9 million, $2.5 million and $4.1 million in 2020, 2019 and 2018, respectively. These related party leases are for buildings leased to certain of the companies we have acquired and expire in various years through 2023.

Supplemental cash flow and balance sheet information is presented below:


	Year Ended December 31,
	2020		2019

	(in millions)
Supplemental cash flow information:
Cash payments for operating leases	$	81.7	$	84.6
Right-of-use assets obtained in exchange for operating lease obligations	$	58.8	$	71.1

	December 31,		December 31,
	2020		2019
Other lease information:
Weighted average remaining lease term—operating leases		5.7 years		5.6 years
Weighted average discount rate—operating leases		3.7%		4.3%

Maturities of operating lease liabilities as of December 31, 2020 are as follows:


	(in millions)
2021	$	57.9
2022		46.8
2023		37.1
2024		29.6
2025		19.8
Thereafter		64.7
Total operating lease payments		255.9
Less: imputed interest		(50.8)
Total operating lease liabilities	$	205.1