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LEASES
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Lessee, Operating Leases
8. LEASES
Wesco leases substantially all of its real estate, as well as automobiles, trucks, information technology hardware, 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)20222021
Operating lease assets$625,082 $530,863 
Current operating lease liabilities(1)
129,545 129,881 
Noncurrent operating lease liabilities510,433 414,248 
Total operating lease liabilities$639,978 $544,129 
(1)    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)202220212020
Operating lease cost$175,848 $169,892 $127,725 
Short-term lease cost4,770 3,578 494 
Variable lease cost45,742 49,464 36,230 
Total lease cost$226,360 $222,934 $164,449 
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)202220212020
Operating cash flows from operating leases$171,702 $153,626 $117,106 
Right-of-use assets obtained in exchange for new operating lease liabilities(1)
267,093 157,523 121,207 
(1)    Includes $20.1 million of operating lease liabilities acquired in the business combination with Rahi Systems, as disclosed in Note 6, “Acquisitions and Disposals”.
As of December 31, 2022 and 2021, the weighted-average remaining lease term for operating leases was approximately 6 years. The weighted-average discount rate used to measure operating leases was 4.0% and 4.2% as of December 31, 2022 and 2021, respectively.
The following table sets forth the maturities of the Company's operating lease liabilities and reconciles the respective undiscounted payments to the total operating lease liabilities in the Consolidated Balance Sheet as of December 31, 2022:
(In thousands)
2023$158,550 
2024137,728 
2025106,522 
202689,439 
202766,835 
Thereafter170,921 
Total undiscounted operating lease payments729,995 
Less: imputed interest(90,017)
Total operating lease liabilities$639,978 
Operating lease payments include $17.5 million related to options to extend real estate lease terms that are reasonably certain of being exercised. As of December 31, 2022, the Company has additional leases related to facilities that have not yet commenced totaling $45.6 million. These operating leases, which are not recorded in the Consolidated Balance Sheet as of December 31, 2022, will commence in 2023 with lease terms of 5 to 10 years.