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LEASES | 12 Months Ended
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Dec. 31, 2023
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 millions) | 2023 |  | 2022
Operating lease assets | $ | 761.2 |  |  | $ | 625.1 |
Current operating lease liabilities(1) | 156.7 |  |  | 129.5 |
Noncurrent operating lease liabilities | 641.7 |  |  | 510.4 |
Total operating lease liabilities | $ | 798.4 |  |  | $ | 640.0 |
(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 millions) | 2023 |  | 2022 |  | 2021
Operating lease cost | $ | 197.0 |  |  | $ | 175.8 |  |  | $ | 169.9 |
Short-term lease cost | 8.9 |  |  | 4.8 |  |  | 3.6 |
Variable lease cost | 53.2 |  |  | 45.7 |  |  | 49.5 |
Total lease cost | $ | 259.1 |  |  | $ | 226.4 |  |  | $ | 222.9 |
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 millions) | 2023 |  | 2022 |  | 2021
Operating cash flows from operating leases | $ | 174.5 |  |  | $ | 171.7 |  |  | $ | 153.6 |
Right-of-use assets obtained in exchange for new operating lease liabilities(1) | 296.9 |  |  | 267.1 |  |  | 157.5 |
(1) The year ended December 31, 2022 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, 2023 and 2022, the weighted-average remaining lease term for operating leases was approximately 6 years. The weighted-average discount rate used to measure operating leases was 4.3% and 4.0% as of December 31, 2023 and 2022, 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, 2023:
| (In millions)
2024 | $ | 191.2 |
2025 | 172.3 |
2026 | 146.7 |
2027 | 119.0 |
2028 | 87.4 |
Thereafter | 188.8 |
Total undiscounted operating lease payments | 905.4 |
Less: imputed interest | (107.0) |
Total operating lease liabilities | $ | 798.4 |
Operating lease payments include $14.1 million related to options to extend real estate lease terms that are reasonably certain of being exercised. As of December 31, 2023, the Company has additional leases related to facilities that have not yet commenced totaling $45.7 million. These operating leases, which are not recorded in the Consolidated Balance Sheet as of December 31, 2023, will commence in 2024 with lease terms of 1 to 10 years.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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