The following discussion should be read in conjunction with our Condensed Consolidated Financial Statements and related Notes thereto in Item 1, "Financial Statements" in this Quarterly Report on Form 10-Q and our Consolidated Financial Statements and related Notes thereto for the year ended December 31, 2021 in our Annual Report on Form 10-K filed on February 23, 2022.

First Quarter 2022 vs. First Quarter 2021 performance highlights

*A reconciliation of the non-GAAP financial measure to the comparable GAAP measure is included in the subsequent table.

Adjusted net income attributable to Ryerson Holding Corporation

Components of Results of Operations

Sales, cost of materials sold, gross profit, and operating expense control are the principal factors that impact our profitability.

Results of Operations - Comparison of Three Months Ended March 31, 2022 to Three Months Ended March 31, 2021

The following table sets forth our condensed consolidated statements of income data for the three months ended March 31, 2022 and 2021:

The following charts show the Company's percentage of sales by major product lines for the three months ended March 31, 2022 and 2021:

Average selling price per ton sold $ 3,312 $ 2,113 $ 1,199

Average cost of materials sold per ton $ 2,535 $ 1,749 $ 786

The first quarter of 2021 included a gain on sale of assets of $20.3 million from the sale and leaseback of our Renton, Washington, facility.

Interest and other expense on debt $ (10.3 ) (0.6 )% $ (13.5 ) (1.2 )% $ (3.2 )

Other income and (expense), net $ (5.7 ) (0.3 )% $ 0.3

believe that net debt provides a clearer perspective of the Company's overall debt profile. Net debt should not be used as a substitute for total debt outstanding as determined in accordance with GAAP.

Below is a reconciliation of cash and cash equivalents to total liquidity:

Below is a reconciliation of total debt to net debt:

The following table summarizes the Company's cash flows:

Total debt in the Condensed Consolidated Balance Sheet decreased to $551.3 million at March 31, 2022 from $639.3 million at December 31, 2021, mainly due to cash generated from operating activities in the first three months of 2022.

The Company leases various assets including real estate, trucks, trailers, mobile equipment, processing equipment, and IT equipment. We have noncancelable operating leases expiring at various times through 2036, and finance leases expiring at various times through 2028. The total amount of future lease payments is estimated to be $272 million, with $43 million over the next 12 months. Including leases signed but not yet commenced as of March 31, 2022, total future lease payments is estimated to be $465 million.

Our primary areas of market risk include changes in interest rates, foreign currency exchange rates, and commodity prices. We continually monitor these risks and develop strategies to manage them.

Evaluation of Disclosure Controls and Procedures

Changes in Internal Controls Over Financial Reporting

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