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Leases
6 Months Ended
Jun. 30, 2023
Leases  
Leases

Note 6.  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, 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 recognized finance right-of-use assets and obligations of less than $1.0 million.

The following is a summary of our lease cost:

Three Months Ended

Six Months Ended

June 30,

June 30,

2023

   

2022

   

2023

   

2022

(in millions)

Operating lease cost

$

23.4

$

23.6

$

47.0

$

46.6

Supplemental cash flow and balance sheet information is presented below:

Six Months Ended

June 30,

2023

   

2022

(in millions)

Supplemental cash flow information:

Cash payments for operating leases

$

46.7

$

43.9

Right-of-use assets obtained in exchange for operating lease obligations

$

35.6

$

27.7

June 30,

December 31,

2023

2022

Other lease information:

Weighted average remaining lease term—operating leases

6.1 years

6.6 years

Weighted average discount rate—operating leases

4.0%

3.8%

Maturities of operating lease liabilities as of June 30, 2023 are as follows:

(in millions)

2023 (remaining six months)

$

32.3

2024

57.1

2025

44.2

2026

31.5

2027

23.1

Thereafter

72.2

Total operating lease payments

260.4

Less: imputed interest

(35.8)

Total operating lease liabilities

$

224.6