WESCO leases substantially all of its real estate, as well as automobiles, trucks and other equipment under lease arrangements classified as operating.

The Company's finance leases, which are recorded in the Consolidated Balance Sheets as a component of property, buildings and equipment, current portion of long-term debt and long-term debt, are not material to the consolidated financial statements and notes thereto. Accordingly, finance leases have not been disclosed herein.

The following table sets forth supplemental balance sheet information related to operating leases for the periods presented:


	As of December 31,
(In thousands)	2020(1)		2019
Operating lease assets	$	534,705	$	235,834

Current operating lease liabilities(2)	128,322		62,046
Noncurrent operating lease liabilities	414,889		179,830
Total operating lease liabilities	$	543,211	$	241,876

(1) Operating lease assets and liabilities of $1.9 million and $2.1 million, respectively, are classified as held for sale as of December 31, 2020, as disclosed in Note 7, "Assets and Liabilities Held for Sale".

(2) Current operating lease liabilities are recorded as a component of other current liabilities in the Consolidated Balance Sheets.

The following table sets forth the Company's total lease cost, which is recorded as a component of selling, general and administrative expenses, for the periods presented:


	Year Ended December 31,
(In thousands)	2020		2019
Operating lease cost	$	127,725	$	73,613
Short-term lease cost	494		90
Variable lease cost	36,230		23,385
Total lease cost	$	164,449	$	97,088

Variable lease cost consists of the non-lease components described in Note 2, "Accounting Policies", as well as taxes and insurance for WESCO's leased real estate.

The following table sets forth supplemental cash flow information related to operating leases for the periods presented:


	Year Ended December 31,
(In thousands)	2020		2019
Operating cash flows from operating leases	$	117,106	$	75,775
Right-of-use assets obtained in exchange for new operating lease liabilities	121,207		60,586

As of December 31, 2020 and 2019, the weighted-average remaining lease term for operating leases was 6.1 years and 5.3 years, respectively. The weighted-average discount rate used to measure operating leases was 4.6% as of December 31, 2020 and 2019.

The following table sets forth the maturities of the Company's operating lease liabilities and reconciles the respective undiscounted payments to the operating lease liabilities in the Consolidated Balance Sheet as of December 31, 2020:


	(In thousands)
2021	$	155,071
2022	127,851
2023	100,746
2024	72,847
2025	46,730
Thereafter	124,127
Total undiscounted operating lease payments	627,372
Less: imputed interest	(84,161)
Total operating lease liabilities	$	543,211

Operating lease payments include $17.4 million related to options to extend lease terms that are reasonably certain of being exercised. As of December 31, 2020, the Company has additional leases related to facilities that have not yet commenced of $2.6 million. These operating leases will commence in 2021 with lease terms of seven to ten years.