We lease our corporate headquarters, which includes approximately 151,000 square feet of executive offices, research and development, and business operations, in Hayward, California. This includes approximately 14,500 square feet of leased space that commenced in April 2022, with related tenant improvement allowances totaling approximately $6 million. We also lease approximately 109,000 square feet in Brisbane, California. Both leases: are non-cancelable; extend through 2031; have two options, at our sole discretion, to extend the lease terms for a period of eight years each; and require monthly lease payments that are subject to annual increases throughout the lease term.

In October 2022, we entered into an agreement to sublease approximately 31,000 unfinished square feet of our Brisbane office to another company. This sublease includes a tenant improvement allowance to be paid by us of $9 million. Under the terms of the agreement, we will receive sublease income of approximately $3 million per year which will be recognized on a straight-line basis over the lease term. This sublease is non-cancelable, is expected to commence in 2023 and extends through 2028, with the sublessee having options to extend the lease term and/or to lease additional space within the building.

At December 31, 2022 and 2021, our lease portfolio had a weighted average remaining term of 9.0 years and 10.0 years, respectively, and a weighted average discount rate of 5.2% and 5.1%, respectively.

The following table summarizes information related to our leases, all of which are classified as operating (in millions):


	As of December 31,
Location in Consolidated Balance Sheets	2022		2021
Assets:
Other noncurrent assets - right-of-use assets	$	100	$	105
Prepaid expenses and other current assets - net tenant receivable		-		3
Liabilities:
Other current liabilities - net current operating lease liabilities		3		-
Other noncurrent liabilities		117		117

For the years ended December 31, 2022, 2021 and 2020, the Company incurred lease expense of $18 million, $7 million, and $3 million, respectively. Lease costs include rent expense, which consists primarily of our proportionate share of operating expenses, property taxes, and insurance which we have elected to include in lease costs.

The following table summarizes our cash and non-cash information related to our operating leases (in millions):


	Years Ended December 31,
	2022		2021		2020
Cash paid for amounts included in measurement of lease liabilities	$	11	$	5	$	2
Cash received from tenant improvement allowances		8		3		-
Right-of-use assets obtained in exchange for new operating lease liabilities		3		95		8
Recognition of tenant improvement allowance receivable included in Other current liabilities		6		11		1

The following table summarizes our future minimum lease payments at December 31, 2022 (in millions):


Year Ending December 31,	Operating Leases
2023	$	15
2024		16
2025		16
2026		17
2027		18
Thereafter		77
Total undiscounted future minimum lease payments		159
Less: Imputed interest		(33	)
Total present value of lease liabilities	$	126

As of December 31, 2022, we have a tenant allowance receivable of $6 million expected to be received within one year. This amount is included as offset to our lease liability in Other current liabilities on the Consolidated Balance Sheet.

As of December 31, 2022, we have provided deposits for letters of credit totaling $3 million to secure our obligations under our leases, which are included in Other noncurrent assets on the Consolidated Balance Sheet.