RELIANCE, INC. Leases Disclosure
NOTE 11. LEASES
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, and storage. 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.
The following is a summary of our lease cost (in millions):
Year Ended December 31, | 2025 | | 2024 | | 2023 | |||
Operating lease cost | $ | 86.3 | $ | 75.1 | $ | 68.8 | ||
Variable fees and other(1) | 28.1 | 30.9 | 28.6 | |||||
Total lease cost | $ | 114.4 | $ | 106.0 | $ | 97.4 | ||
| (1) | Includes variable lease payments and costs of short-term leases. |
Supplemental cash flow and balance sheet information is presented below (in millions):
Year Ended December 31, | 2025 | | 2024 | | 2023 | |||
Supplemental cash flow information: | ||||||||
Cash payments for operating leases | $ | 113.2 | $ | 74.8 | $ | 95.2 | ||
Right-of-use assets obtained in exchange for operating lease obligations | $ | 112.6 | $ | 87.7 | $ | 74.7 | ||
December 31, | 2025 | 2024 | ||||||
Other lease information: | ||||||||
Weighted average remaining lease term—operating leases | 6.4 years | 6.3 years | ||||||
Weighted average discount rate—operating leases | 4.9% | 4.6% | ||||||
Maturities of operating lease liabilities as of December 31, 2025 are as follows (in millions):
2026 | $ | 81.4 | ||||||
2027 | 70.2 | |||||||
2028 | 59.1 | |||||||
2029 | 49.9 | |||||||
2030 | 36.6 | |||||||
Thereafter | 78.0 | |||||||
Total operating lease payments | 375.2 | |||||||
Less: imputed interest | (56.6) | |||||||
Total operating lease liabilities | $ | 318.6 |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.