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Leases

9 Months Ended

Sep. 30, 2025

Leases

Leases

Note 8.  Leases

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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.

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The following is a summary of our lease cost:

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​	​	​	​	​	​	​	​	​	​	​	​
​	Three Months Ended					​	Nine Months Ended
​	September 30,					​	September 30,
​	2025			2024			2025			2024
​	(in millions)
Operating lease cost	$	21.0	​	$	19.2	​	$	62.3	​	$	54.4
Variable fees and other(1)	​	7.9	​	​	8.2	​	​	23.1	​	​	24.1
Total lease cost	$	28.9		$	27.4		$	85.4	​	$	78.5

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

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Supplemental cash flow and balance sheet information is presented below:

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​	​	​	​	​	​
​	Nine Months Ended
​	September 30,
​	2025			2024
​	(in millions)
Supplemental cash flow information:	​	​	​	​	​
Cash payments for operating leases	$	84.5	​	$	78.0
Right-of-use assets obtained in exchange for operating lease obligations	$	81.5	​	$	66.3
​	​	​	​	​	​
​	September 30,		​	December 31,
​	2025		​	2024
Other lease information:	​	​	​	​	​
Weighted average remaining lease term—operating leases	​	6.6 years	​	​	6.3 years
Weighted average discount rate—operating leases	​	4.9%	​	​	4.6%

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

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​	​	​	​	​	​
​	​	​	​	(in millions)
2025 (remaining three months)	​	​	​	$	20.5
2026	​	​	​	​	74.6
2027	​	​	​	​	63.7
2028	​	​	​	​	53.2
2029	​	​	​	​	44.4
Thereafter	​	​	​	​	106.6
Total operating lease payments	​	​	​	​	363.0
Less: imputed interest	​	​	​	​	(56.2)
Total operating lease liabilities	​	​	​	$	306.8

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- References

No definition available.

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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