Ambac adopted the New Lease Standard, as defined and further described in Note 2. Basis of Presentation and Significant Accounting Policies. Ambac is the lessee and lessor for certain lease agreements further described below.

Ambac is the lessee in operating leases of corporate offices, a data center and equipment. Our leases, in effect at December 31, 2019, have remaining lease terms ranging from less than 1 year to 11 years. Our data center lease has an automatic renewal of one-year

unless either party elects to terminate by providing 120 days notice prior to the renewal. This renewal feature is not recognized in the lease liability or right-of-use asset as it is not reasonably certain we will elect to renew. No other leases contain extension or termination provisions.

Lease costs are included in operating expenses on the Consolidated Statement of Total Comprehensive Income (Loss). The components of lease costs, net of sub-lessor income, is as follows:



Year Ended December 31,	2019
Operating lease cost	$	7
Variable lease cost	—
Sublease income	(1		)
Total lease cost	$	7

Ambac is required to make variable lease payments under certain leases which primarily related to variable costs of the lessor. Such costs include taxes, insurance, maintenance and electricity and are less than a million dollars for the year ended December 31, 2019.



Year Ended December 31,	2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	6
Right-of-use assets obtained in exchange for operating lease liabilities (non-cash)⁽¹⁾	30

Supplemental balance sheet information related to leases is as follows:



December 31,	2019
Operating leases:
Operating lease right of use assets	$	25
Operating lease liabilities	29
Weighted average remaining lease term:
Operating leases	9.9 years
Weighted average discount rate:
Operating leases	7.9		%

Operating lease right of use assets and operating lease liabilities are included in Other assets and Other liabilities, respectively, on the consolidated balance sheet.

Future undiscounted lease payments, gross of sublease receipts, to be made are as follows:



As of December 31, 2019	Operating Leases
2020	$	4
2021	4
2022	4
2023	4
2024	4
Thereafter	22
Total lease payments	42
Less: imputed interest	(13		)
Total	$	29

Ambac is the lessor in one operating sublease of corporate office space which has a remaining term of 10.0 years. There are no extension or termination provisions.

Future undiscounted lease payments to be received are as follows:



As of December 31, 2019	Operating Leases
2020	$	1
2021	1
2022	1
2023	1
2024	1
Thereafter	6
Total lease receipts	$	12