The Company leases various assets including real estate, trucks, trailers, mobile equipment, processing equipment, and IT equipment. The Company has noncancelable operating leases expiring at various times through 2029, and finance leases expiring at various times through 2025.

The Company has made an accounting policy election not to record leases with an initial term of twelve months or less (“short term leases”) on the balance sheet as allowed within ASC 842. Short term lease expense is recognized on a straight-line basis over the lease term. The Company has elected to apply the practical expedient that allows for the combination of lease and non-lease components for all asset classes. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification for leases that existed at the transition date.

Many of our real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to 5 years or more. To determine the expected lease term, we include any noncancelable periods within the lease agreement as well as any periods covered by an option to extend the lease if we are reasonably certain to exercise the option. The equipment leases do not typically include options for renewal but do include options for purchase at the end of the lease. We determine the likelihood of exercising the option for purchase by assessing the option price versus the estimated fair value at the end of the lease term to determine if the option price is low enough that we are reasonably certain to exercise it. The depreciable life of finance lease assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Lease payments include fixed payments, the exercise price of a purchase option that is reasonably certain of exercise, variable payments based on a known index, and the amount probable that the Company will owe under a residual value guarantee. Variable lease payments that are not based on a known index are not included in lease payments and rather are expensed as incurred.

The discount rate used to determine the amount of right of use assets, lease liabilities, and lease classification is the interest rate implicit in the lease, when known. If the rate implicit in the lease is not known, the Company will use its incremental borrowing rate defined as the interest rate swap rate that approximates the lease term plus the long-term expected spread on the $1.0 billion revolving credit facility amended as of September 23, 2019 (the “Ryerson Credit Facility”).

We sublease certain real estate to third parties for facilities that we have closed.

The following table summarizes the location and amount of lease assets and lease liabilities reported in our Condensed Consolidated Balance Sheet as of September 30, 2019:

		September 30,
Leases	Balance Sheet Location	2019
		(In millions)
Assets
Operating lease assets	Operating lease assets	$	79.5
Finance lease assets	Property, plant, and equipment, net^(a)		55.0
Total lease assets		$	134.5
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	17.7
Finance	Other accrued liabilities		13.2
Noncurrent
Operating	Noncurrent operating lease liabilities		68.2
Finance	Other noncurrent liabilities		20.7
Total lease liabilities		$	119.8

The following table summarizes the location and amount of lease expense reported in our Condensed Consolidated Statements of Comprehensive Income for the three and nine month periods ended September 30, 2019:

		Three Months Ended September 30,		Nine Months Ended September 30,
Lease Expense	Location of Lease Expense Recognized in Income	2019		2019
		(In millions)
Operating lease expense	Warehousing, delivery, selling, general, and administrative	$	5.5	$	16.6
Finance lease expense
Amortization of lease assets	Warehousing, delivery, selling, general, and administrative		1.7		5.1
Interest on lease liabilities	Interest and other expense on debt		0.4		1.3
Variable lease expense	Warehousing, delivery, selling, general, and administrative		0.8		2.2
Short-term lease expense	Warehousing, delivery, selling, general, and administrative		0.2		1.3
Total lease expense		$	8.6	$	26.5

The following table presents maturity analysis of lease liabilities at September 30, 2019:

Maturity of Lease Liabilities	Operating Leases^(a)			Finance Leases
	(In millions)
2019	$	5.5		$	4.2
2020		20.3			13.4
2021		18.4			8.6
2022		14.8			5.2
2023		11.6			2.9
After 2023		24.9			2.3
Total lease payments		95.5			36.6
Less: Interest^(b)		(9.6	)		(2.7	)
Present value of lease liabilities^(c)	$	85.9		$	33.9

The following table shows the weighted-average remaining lease term and discount rate for operating and finance leases, respectively, at September 30, 2019:

	September 30,
Lease Term and Discount Rate	2019

Weighted-average remaining lease term (years)
Operating leases		5.6
Finance leases		2.8
Weighted-average discount rate
Operating leases		3.8	%
Finance leases		4.8	%

Information reported in our Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2019 is summarized below:

	Nine Months Ended September 30,
Other Information	2019
	(In millions)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	15.3
Operating cash flows from finance leases		1.3
Financing cash flows from finance leases		9.8
Assets obtained in exchange for lease obligations:
Adoption of accounting principal ASC 842		82.3
Operating leases		12.5
Finance leases		1.2