Note L — Leases

The information pertaining to leases on the consolidated balance sheet is as follows:


(in thousands)	Classification	As of December 31, 2019
Assets
Operating lease right-of-use assets	Operating lease right-of-use assets	$	110,559
Finance lease right-of-use assets	Other assets		1,488
Total lease assets		$	112,047
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	34,342
Finance	Current portion of long-term debt		370
Noncurrent
Operating	Operating lease liabilities		88,418
Finance	Long-term debt, less current portion		1,135
Total lease liabilities		$	124,265

The components of lease cost recognized in the consolidated statement of operations are as follows:


	For the Year Ended
(in thousands)	2019
Operating lease cost	$	44,081
Finance lease cost
Amortization of right-of-use assets		312
Interest on lease liabilities		28
Sublease income		(240)
Short-term lease cost		613
Variable lease cost		5,476
Total lease cost	$	50,270

Maturities of our lease liabilities, by year and in the aggregate, under operating and financing obligations with terms of one year or more at December 31, 2019 are as follows:


	Finance		Operating
(in thousands)	Leases		Leases		Total Leases
2020		422		38,972		39,394
2021		355		34,384		34,739
2022		267		26,416		26,683
2023		185		17,797		17,982
2024		148		10,530		10,678
Thereafter		289		8,975		9,264
Total lease payments		1,666		137,074		138,740
Imputed interest		(161)		(14,314)		(14,475)
Total	$	1,505	$	122,760	$	124,265

The lease term and discount rates are as follows:


	As of December 31, 2019
Weighted average remaining lease term (years)
Operating leases	3.98
Finance leases	5.17
Weighted average discount rate
Operating leases	5.29	%
Finance leases	4.01	%

Supplemental cash flow information related to leases is as follows:


	For the Year Ended
(in thousands)	December 31, 2019
Cash flows for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	44,111
Operating cash flows from finance leases		28
Financing cash flows from finance leases		325
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		46,254
Finance leases		1,245

As previously disclosed in our 2018 Annual Report on Form 10-K and under previous lease accounting, future minimum rental payments, by year and in the aggregate, under operating and financing obligations as of December 31, 2018 were as follows:


	Operating		Capital
(in thousands)	Leases		Leases

2019	$	39,378	$	249
2020		29,641		175
2021		21,303		109
2022		14,479		28
2023		9,193		—
Thereafter		10,008		—
	$	124,002	$	561

In August 2019, we entered into a lease agreement for a distribution facility in Georgia. The commencement date of the lease is expected to be in April 2020. The initial term of the lease is 127 months, with the option to extend the lease for up to two consecutive 60-month terms. The lease provides for annual base rent of approximately $1.0 million in the first year after a seven-month rent-free period following the lease commencement date, with subsequent annual increases of approximately 2%. In connection with the lease, the landlord has provided a tenant improvement allowance of $2.2 million to build-out certain improvements to the distribution facility.