0000750004-22-000025 | 10-Q | XBRL Viewer

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COVER - shares	6 Months Ended
COVER - shares	Jun. 30, 2022	Aug. 05, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-11693
Entity Registrant Name	LIGHT & WONDER, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	81-0422894
Entity Address, Address Line One	6601 Bermuda Road
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89119
City Area Code	702
Local Phone Number	897-7150
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		94,329,699
Entity Central Index Key	0000750004
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $.001 par value
Trading Symbol	LNW
Security Exchange Name	NASDAQ
Preferred Stock Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue:
Total revenue	$ 610	$ 581	$ 1,183	$ 1,034
Operating expenses:
Selling, general and administrative	179	180	354	339
Research and development	56	48	109	93
Depreciation, amortization and impairments	107	96	215	193
Restructuring and other	42	30	78	51
Operating income	46	68	86	72
Other (expense) income:
Interest expense	(70)	(119)	(186)	(240)
Loss on debt financing transactions	(147)	0	(147)	0
Gain (loss) on remeasurement of debt and other	20	(7)	27	18
Other income, net	2	13	7	20
Total other expense, net	(195)	(113)	(299)	(202)
Net loss from continuing operations before income taxes	(149)	(45)	(213)	(130)
Income tax expense	(1)	(6)	(4)	(9)
Net loss from continuing operations	(150)	(51)	(217)	(139)
Net income from discontinued operations, net of tax(2)	3,445	164	3,540	243
Net income	3,295	113	3,323	104
Less: Net income attributable to noncontrolling interest	4	4	6	10
Net income attributable to L&W	$ 3,291	$ 109	$ 3,317	$ 94
Per Share - Basic:
Net loss from continuing operations (in dollars per share)	$ (1.62)	$ (0.58)	$ (2.33)	$ (1.55)
Net income from discontinued operations (in dollars per share)	36.23	1.71	36.94	2.53
Net income (loss) attributable to SGC (in dollars per share)	34.61	1.13	34.61	0.98
Per Share - Diluted:
Net loss from continuing operations (in dollars per share)	(1.62)	(0.58)	(2.33)	(1.55)
Net income from discontinued operations (in dollars per share)	36.23	1.71	36.94	2.53
Net income (loss) attributable to SGC (in dollars per share)	$ 34.61	$ 1.13	$ 34.61	$ 0.98
Weighted average number of shares used in per share calculations:
Basic (in shares)	95	96	96	96
Diluted (in shares)	95	96	96	96
Services
Revenue:
Total revenue	$ 445	$ 444	$ 876	$ 808
Operating expenses:
Cost of goods and services sold	92	96	182	183
Product sales
Revenue:
Total revenue	165	137	307	226
Operating expenses:
Cost of goods and services sold	$ 88	$ 63	$ 159	$ 103

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lottery Business
Gain on sale of Lottery Business before income taxes	$ 4,600.0
Discontinued Operations
Gain on sale of Lottery Business before income taxes	$ 4,568.0	$ 0.0	$ 4,568.0	$ 0.0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net income	$ 3,295	$ 113	$ 3,323	$ 104
Foreign currency translation (loss) gain, net of tax	(46)	1	(78)	1
Derivative financial instruments unrealized gain, net of tax	2	4	5	9
Other comprehensive (loss) income from continuing operations	(44)	5	(73)	10
Other comprehensive (loss) income from discontinued operations	(4)	6	(12)	9
Total comprehensive income	3,247	124	3,238	123
Less: comprehensive income attributable to noncontrolling interest	4	4	6	10
Comprehensive income attributable to L&W	3,243	120	$ 3,232	$ 113
Noncontrolling Interest
Net income	$ 4	$ 4

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 928	$ 585
Restricted cash	44	41
Receivables, net of allowance for credit losses $46 and $52, respectively	415	423
Inventories	129	98
Prepaid expenses, deposits and other current assets	126	88
Assets of businesses held for sale	106	497
Total current assets	1,748	1,732
Non-current assets:
Restricted cash	7	9
Receivables, net of allowance for credit losses $2 and $2, respectively	15	17
Property and equipment, net	205	213
Operating lease right-of-use assets	51	51
Goodwill	2,932	2,892
Intangible assets, net	837	946
Software, net	121	117
Deferred income taxes	93	349
Other assets	43	80
Assets of businesses held for sale	429	1,477
Total assets	6,481	7,883
Current liabilities:
Current portion of long-term debt	24	44
Accounts payable	164	204
Accrued liabilities	359	428
Income taxes payable	681	16
Liabilities of businesses held for sale	26	282
Total current liabilities	1,254	974
Deferred income taxes	143	35
Operating lease liabilities	40	40
Other long-term liabilities	158	170
Long-term debt, excluding current portion	3,878	8,646
Liabilities of businesses held for sale	42	124
Total liabilities	5,515	9,989
Commitments and contingencies (Note 16)
Stockholders’ equity (deficit):
Common stock, par value $0.001 per share, 199 shares authorized; 115 and 114 shares issued, respectively, and 94 and 97 shares outstanding, respectively	1	1
Additional paid-in capital	1,375	1,337
Retained earnings (accumulated loss)	159	(3,158)
Treasury stock, at cost, 21 and 17 shares, respectively	(378)	(175)
Accumulated other comprehensive loss	(346)	(261)
Total L&W stockholders’ equity (deficit)	811	(2,256)
Noncontrolling interest	155	150
Total stockholders’ equity (deficit)	966	(2,106)
Total liabilities and stockholders’ equity (deficit)	$ 6,481	$ 7,883

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 46	$ 52
Accounts Receivable, Allowance for Credit Loss, Noncurrent	$ 2	$ 2
Common stock, par value (in dollars per share)	$ 0.0000001	$ 0.0000001
Common stock, shares authorized (in shares)	199,000,000	199,000,000
Common stock, shares issued (in shares)	115,000,000	114,000,000
Common stock, shares outstanding (in shares)	94,000,000	97,000,000
Treasury stock, at cost, shares held (in shares)	21,000,000	17,000,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 3,323	$ 104
Less: Income from discontinued operations, net of tax	(3,540)	(243)
Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities from continuing operations	369	245
Changes in working capital accounts, excluding the effects of acquisitions	(145)	0
Changes in deferred income taxes and other	6	4
Net cash provided by operating activities from continuing operations	13	110
Net cash provided by operating activities from discontinued operations	44	162
Net cash provided by operating activities	57	272
Cash flows from investing activities:
Capital expenditures	(100)	(75)
Acquisitions of businesses, net of cash acquired	(116)	0
Proceeds from settlement of cross-currency interest rate swaps	50	0
Other	(4)	9
Net cash used in investing activities from continuing operations	(170)	(66)
Net cash provided by (used in) investing activities from discontinued operations(1)	5,629	(32)
Net cash provided by (used in) investing activities	5,459	(98)
Cash flows from financing activities:
Borrowings under SGI revolving credit facility	230	0
Repayments under SGI revolving credit facility	(230)	(250)
Proceeds from issuance of senior notes and term loans	2,200	0
Repayment of notes and term loans (including redemption premium)	(6,984)	0
Payments on long-term debt	(98)	(21)
Payments of debt issuance and deferred financing costs	(37)	0
Payments on license obligations	(24)	(24)
Purchase of treasury stock	(203)	0
Purchase of SciPlay’s common stock	7	0
Net redemptions of common stock under stock-based compensation plans and other	(33)	(21)
Net cash used in financing activities from continuing operations	(5,186)	(316)
Net cash used in financing activities from discontinued operations	(3)	(8)
Net cash used in financing activities	(5,189)	(324)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(6)	0
Increase (decrease) in cash, cash equivalents and restricted cash	321	(150)
Cash, cash equivalents and restricted cash, beginning of period	701	1,143
Cash, cash equivalents and restricted cash, end of period	1,022	993
Less: Cash, cash equivalents and restricted cash of discontinued operations	43	74
Cash, cash equivalents and restricted cash of continuing operations, end of period	979	919
Supplemental cash flow information:
Cash paid for interest	219	229
Income taxes paid	23	13
Distributed earnings from equity investments	4	15
Supplemental non-cash transactions:
Non-cash interest expense	9	12
Discontinued Operations
Cash flows from operating activities:
Less: Income from discontinued operations, net of tax	$ (3,540)	$ (243)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Lottery Business
Proceeds from sale of Lottery Business, net of cash, cash equivalents and restricted cash transferred	$ 5,659.0

Description of the Business and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of the Business and Summary of Significant Accounting Policies

Description of the Business

We are a leading cross-platform global game company with a focus on content and digital markets. Our portfolio of revenue-generating activities in our continuing operations primarily includes supplying game content and gaming machines, CMSs and table game products and services to licensed gaming entities; providing social casino and other mobile games to retail customers, including casual gaming; and providing a comprehensive suite of digital RMG, distribution platforms, content, products and services to various gaming entities. Our portfolio of revenue-generating activities in the discontinued operations primarily has included providing instant and draw‑based lottery products, lottery systems and lottery content and services to lottery operators along with providing sports wagering solutions to various gaming entities.

We report our results of continuing operations in three business segments—Gaming, SciPlay and iGaming—representing our different products and services. Unless otherwise noted, amounts and disclosures included herein relate to our continuing operations.

Effective April 28, 2022, we changed our name to Light & Wonder, Inc. This change is in part due to the sale of the Lottery Business that will continue to use our previous name, Scientific Games, and also to align with our vision of becoming the leading cross-platform global game company.

On September 27, 2021, we entered into a definitive agreement to sell our Sports Betting Business to Endeavor Group Holdings, Inc. (“Endeavor”) in a cash and stock transaction. On June 30, 2022, we entered into an amendment to the agreement, under which the cash consideration was reduced from $1,000 million to $750 million and the stock consideration was reduced from approximately 7.6 million shares of Endeavor Class A common stock (valued at approximately $200 million as of the date of the purchase agreement) to approximately 2.3 million shares of Endeavor Class A common stock (valued at approximately $50 million as of the date of the amendment and based on the volume weighted average price of Endeavor Class A common stock in the twenty days before the date of the amendment). The amendment additionally waives the closing condition requiring regulatory approval by the Nevada Gaming Control Board and extends the agreement date to December 30, 2022 if certain conditions to closing are not met by September 27, 2022. The sale of the Sports Betting Business is expected to be completed in the third quarter of 2022, subject to applicable regulatory approvals and other customary conditions.

During the second quarter of 2022, we completed the previously announced divestiture of the Lottery Business and received $5.7 billion in gross cash proceeds.

We have reflected the financial results of these businesses as discontinued operations in our consolidated statements of operations and reflected the assets and liabilities of these businesses as held for sale in our consolidated balance sheets, for all periods presented and until the completion of disposition of these businesses. Refer to Note 2 for further information.

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The accompanying condensed consolidated financial statements include the accounts of L&W, its wholly owned subsidiaries, and those subsidiaries in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation.

In the opinion of L&W and its management, we have made all adjustments necessary to present fairly our consolidated financial position, results of operations, comprehensive income (loss) and cash flows for the periods presented. Such adjustments are of a normal, recurring nature. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2021 10-K. Interim results of operations are not necessarily indicative of results of operations to be expected for a full year.

Significant Accounting Policies

There have been no changes to our significant accounting policies described within the Notes of our 2021 10-K.

Computation of Basic and Diluted Net Income Attributable to L&W Per Share

Basic and diluted net income attributable to L&W per share is based upon net income attributable to L&W divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the effect of

the assumed exercise of stock options and RSUs only in the periods in which such effect would have been dilutive to net income from continuing operations.

Basic and diluted net income attributable to L&W per share were the same for all periods presented as all common stock equivalents would be anti-dilutive. We excluded 2 million of stock options and 2 million of RSUs outstanding as of June 30, 2022 from the diluted weighted-average common shares outstanding for the three and six months ended June 30, 2022. We excluded 2 million of stock options and 3 million of RSUs outstanding as of June 30, 2021 from the calculation of diluted weighted-average common shares outstanding for the three and six months ended June 30, 2021.

Acquisitions

SciPlay Acquisition of Alictus Yazilim Anonim Şirketi (“Alictus”)

On March 1, 2022, SciPlay acquired 80% of all issued and outstanding share capital of privately held Alictus, a Turkey-based hyper-casual game studio for approximately $106 million cash consideration, net of cash acquired. The remaining 20% will be acquired ratably for potential additional consideration payable annually based upon the achievement of specified revenue and earnings targets by Alictus during each of the five years following the acquisition date. Any future payments associated with the acquisition of the remaining 20% will represent a redeemable non-controlling interest, with a minimum payout of $0 million and a maximum payout of $200 million. The Alictus acquisition expands SciPlay’s business in the casual gaming market, growing its game pipeline and diversifying its revenue streams as it advances its strategy to be a diversified global game developer.

Playzido Limited (“Playzido”)

In April 2022, we acquired Playzido, a dynamic content creation platform provider and game supplier, which is expected to accelerate the pace at which we can partner with game studios and operators to expand our iGaming content offering.

We accounted for these acquisitions using the acquisition method of accounting, allocating the total consideration transferred to acquired tangible and intangible assets and assumed liabilities based on estimated fair values. The estimated fair values of the acquired assets, assumed liabilities and resulting goodwill are subject to adjustment as we finalize our purchase price accounting. The following table summarizes an aggregate disclosure related to the acquisitions above and is based on the preliminary purchase price allocation expected to be finalized by the fourth quarter of 2022:


Total Consideration		Cash paid, net of cash acquired(1)		Contingent consideration/Redeemable non-controlling interest(2)		Allocation of purchase price to Intangible assets, net(3)		Weighted average useful life of acquired intangible assets		Excess purchase price allocated to Goodwill(4)
$	147	$	113	$	25	$	40	6	Years	$	101



(1) Exclusive of $6 million acquired in short term investments.
(2) Fair values were determined using an income approach primarily based on reaching certain revenue and earnings-based metrics, with discount rates ranging between 2% and 16% and a maximum payout of up to $213 million.
(3) Intangible assets primarily consist of intellectual property, consisting of games technology and content platforms, and trade names. The fair value of these intangible assets was determined using an income approach method and level 3 inputs in the hierarchy as established by ASC 820. The discount rates used in the valuation analyses ranged between 16% and 18%. Royalty rates used for the trade names as well as acquired game content and related technology ranged between 1% and 3% and 20% and 21%, respectively.
(4) The factors contributing to the recognition of acquisition goodwill are based on game portfolio and platform diversification, expected synergies, assembled workforce and other strategic benefits. None of the resultant goodwill is expected to be deductible for income tax purposes.

The revenue and earnings associated with the above acquisitions are immaterial to our current and historical consolidated financial statements.

New Accounting Guidance - Not Yet Adopted

The FASB issued ASU No. 2020-04 and subsequently ASU No. 2021-01, Reference Rate Reform (Topic 848) in March 2020 and January 2021, respectively. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships, including derivative instruments impacted by changes in the interest rates used for discounting cash flows for computing variable margin settlements, subject to meeting certain criteria, that reference LIBOR or other reference rates expected to be discontinued by June 2023. The ASUs establish certain contract modification principles that entities can apply in other areas that may be affected by reference rate reform and certain elective hedge accounting expedients and exceptions. The ASUs may be applied prospectively. Based on our preliminary assessment completed to date, we do not expect the adoption of this guidance to have a significant impact on our consolidated financial statements.

We do not expect that any other recently issued accounting guidance will have a significant effect on our consolidated financial statements.

Discontinued Operations

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

During the second quarter of 2022, we completed the previously announced divestiture of the Lottery Business, received $5.7 billion in gross cash proceeds and recorded a pre-tax gain on sale of the Lottery Business of $4.6 billion.

We have reflected the financial results of the Lottery Business and Sports Betting Business as discontinued operations in our consolidated statements of operations and reflected the assets and liabilities of these businesses as held for sale in our consolidated balance sheets, for all periods presented and until the completion of disposition of these businesses.

The summarized results of our discontinued operations were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Total revenue	$	51	$	299	$	339	$	575
Total cost of revenue(1)	18		144		168		283
Other operating expenses(2)	108		60		149		120



Operating (loss) income	(75)		95		22		172
Total other income, net	—		71		7		73
Net (loss) income from discontinued operations before income taxes	(75)		166		29		245
Gain on sale of Lottery Business before income taxes	4,568		—		4,568		—
Total net income from discontinued operations before income taxes	4,493		166		4,597		245
Income tax expense	(1,048)		(2)		(1,057)		(2)
Net income from discontinued operations, net of tax included in the consolidated statement of operations	$	3,445	$	164	$	3,540	$	243





(1) Excludes D&A.
(2) Includes D&A of $27 million and $53 million for the three and six months ended June 30, 2021, respectively, along with stock-based compensation of $4 million and $11 million for the three and six months ended June 30, 2022, respectively, and $5 million and $9 million for the three and six months ended June 30, 2021, respectively. Due to the discontinued operations classification of these businesses as of the third quarter of 2021, the D&A for these businesses has ceased and none was included for the three and six months ended June 30, 2022. The three and six months ended June 30, 2022 also include $78 million related to direct transaction closing fees.

The following table summarizes the major classes of assets and liabilities of businesses held for sale.


	As of
	June 30, 2022		December 31, 2021
ASSETS
Cash and cash equivalents	$	43	$	44
Restricted cash	—		22
Receivables, net	40		214
Inventories	—		94
Prepaid expenses deposits and other current assets	23		123
Total current assets of businesses held for sale	106		497
Property and equipment, net	8		217

Intangible assets and software, net	163		304

Goodwill	242		623
Equity investments	—		251
Other assets	16		82
Total non-current assets of businesses held for sale	429		1,477
Total assets of businesses held for sale	$	535	$	1,974

LIABILITIES
Accounts payable	$	1	$	95
Accrued liabilities and other	25		187
Total current liabilities of businesses held for sale	26		282
Operating lease liabilities	8		34

Other	34		90
Total non-current liabilities of businesses held for sale	42		124
Total liabilities of businesses held for sale	$	68	$	406

Revenue Recognition

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The following table disaggregates revenues by type within each of our business segments:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Gaming
Gaming operations(1)	$	163	$	181	$	319	$	294
Gaming machine sales	123		100		226		155
Gaming systems	60		52		111		94
Table products	44		34		89		68
Total	$	390	$	367	$	745	$	611






SciPlay
Mobile in-app purchases	$	138	$	136	$	277	$	269
Web in-app purchases and other(2)	22		18		41		36

Total	$	160	$	154	$	318	$	305


iGaming	$	60	$	60	$	120	$	118


(1) Gaming operations revenue for the three and six months ended June 30, 2021 benefited from $38 million and $44 million U.K. FOBT VAT recovery (the “VAT recovery”) received from certain U.K. customers related to a 2020 U.K. court ruling associated with overcharging of value-added tax for gaming operators that consequently reduced our net gaming revenues related to these customers and arrangements.
(2) Other primarily represents revenue generated from providing advertising platforms with access to SciPlay’s game software platform, which facilitates the placement of advertising inventory, which was not material in the periods presented.

The amount of rental income revenue that is outside the scope of ASC 606 was $118 million and $231 million for the three and six months ended June 30, 2022, respectively, and $119 million and $182 million for the three and six months ended June 30, 2021, respectively.

Contract Liabilities and Other Disclosures

The following table summarizes the activity in our contract liabilities for the reporting period:


	Six Months Ended June 30, 2022


Contract liability balance, beginning of period(1)	$	37
Liabilities recognized during the period	6
Amounts recognized in revenue from beginning balance	(11)
Contract liability balance, end of period(1)	$	32

(1) Contract liabilities are included within Accrued liabilities and Other long-term liabilities in our consolidated balance sheets.

The timing of revenue recognition, billings and cash collections results in billed receivables, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on our consolidated balance sheets. Other than contracts with customers with financing arrangements exceeding 12 months, revenue recognition is generally proximal to conversion to cash. The following table summarizes our balances in these accounts for the periods indicated (other than contract liabilities disclosed above):


	Receivables		Contract Assets(1)
Beginning of period balance	$	440	$	19
End of period balance, June 30, 2022	430		26



(1) Contract assets are included primarily within Prepaid expenses, deposits and other current assets in our consolidated balance sheets.

As of June 30, 2022, we did not have material unsatisfied performance obligations for contracts expected to be long-term or contracts for which we recognize revenue at an amount other than for which we have the right to invoice for goods or services delivered or performed.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Business Segments

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Business Segments

We report our operations in three business segments—Gaming, SciPlay and iGaming—representing our different products and services. A detailed discussion regarding the products and services from which each reportable business segment derives its revenue is included in Notes 3 and 4 in our 2021 10-K.

In evaluating financial performance, our Chief Operating Decision Maker focuses on AEBITDA as management’s primary segment measure of profit or loss, which is described in footnote (2) to the below table. The accounting policies of our business segments are the same as those described within the Notes in our 2021 10-K. The following tables present our segment information:


	Three Months Ended June 30, 2022
	Gaming		SciPlay		iGaming		Unallocated and Reconciling Items(1)		Total
Total revenue	$	390	$	160	$	60	$	—	$	610
AEBITDA(2)	179		41		21		(29)		$	212
Reconciling items to Net loss from continuing operations before income taxes:
D&A	(82)		(6)		(13)		(6)		(107)

Restructuring and other	(1)		(1)		(14)		(26)		(42)


Interest expense							(70)		(70)
Loss on debt refinancing transactions							(147)		(147)
Gain on remeasurement of debt and other							20		20
Other income, net							2		2
Stock-based compensation							(17)		(17)
Net loss from continuing operations before income taxes									$	(149)


(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total business segments AEBITDA to our consolidated net loss from continuing operations before income taxes.
(2) AEBITDA is reconciled to net loss from continuing operations before income taxes with the following adjustments: (1) depreciation and amortization expense and impairment charges (including goodwill impairments); (2) restructuring and other, which includes charges or expenses attributable to: (i) employee severance; (ii) management restructuring and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi) acquisition costs and other unusual items; (3) interest expense; (4) loss on debt refinancing transactions; (5) change in fair value of investments and remeasurement of debt and other; (6) other income, net, including foreign currency (gains) losses and earnings from equity investments; and (7) stock-based compensation. AEBITDA is presented as our primary segment measure of profit or loss.


	Three Months Ended June 30, 2021
	Gaming		SciPlay		iGaming		Unallocated and Reconciling Items(1)		Total
Total revenue	$	367	$	154	$	60	$	—	$	581
AEBITDA(2)	194		48		20		(30)		$	232
Reconciling items to Net loss from continuing operations before income taxes:
D&A	(72)		(4)		(13)		(7)		(96)

Restructuring and other	(3)		(1)		1		(27)		(30)


Interest expense							(119)		(119)

Loss on remeasurement of debt and other							(7)		(7)
Other income, net							11		11
Stock-based compensation							(36)		(36)
Net loss from continuing operations before income taxes									$	(45)


(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total business segments AEBITDA to our consolidated net loss from continuing operations before income taxes.
(2) AEBITDA is described in footnote (2) to the first table in this Note 4.



	Six Months Ended June 30, 2022
	Gaming		SciPlay		iGaming		Unallocated and Reconciling Items(1)		Total
Total revenue	$	745	$	318	$	120	$	—	$	1,183
AEBITDA(2)	350		85		41		(62)		$	414
Reconciling items to Net loss from continuing operations before income taxes:
D&A	(165)		(10)		(27)		(13)		(215)

Restructuring and other	(4)		(3)		(14)		(57)		(78)


Interest expense							(186)		(186)
Loss on debt refinancing transactions							(147)		(147)
Gain on remeasurement of debt and other							27		27
Other income, net							4		4
Stock-based compensation							(32)		(32)
Net loss from continuing operations before income taxes									$	(213)


(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total business segments AEBITDA to our consolidated net income from continuing operations before income taxes.
(2) AEBITDA is described in footnote (2) to the first table in this Note 4.


	Six Months Ended June 30, 2021
	Gaming		SciPlay		iGaming		Unallocated and Reconciling Items(1)		Total
Total revenue	$	611	$	305	$	118	$	—	$	1,034
AEBITDA(2)	301		94		41		(62)		$	374
Reconciling items to Net loss from continuing operations before income taxes:
D&A	(147)		(7)		(25)		(14)		(193)

Restructuring and other	(6)		(1)		—		(44)		(51)


Interest expense							(240)		(240)

Gain on remeasurement of debt and other							18		18
Other income, net							17		17
Stock-based compensation							(55)		(55)
Net loss from continuing operations before income taxes									$	(130)


(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total business segments AEBITDA to our consolidated net loss from continuing operations before income taxes.
(2) AEBITDA is described in footnote (2) to the first table in this Note 4.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Restructuring and other

6 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring and other

Restructuring and other includes charges or expenses attributable to: (i) employee severance; (ii) management restructuring and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi)

acquisition and disposition related costs and other unusual items. The following table summarizes pre-tax restructuring and other costs for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Employee severance and related	$	1	$	—	$	2	$	1

Strategic review and related	22		16		52		26
Contingent acquisition consideration(1)	12		—		12		—
Restructuring, integration and other	7		14		12		24
Total	$	42	$	30	$	78	$	51



(1) Represents contingent consideration fair value adjustment (see Note 12).

Receivables, Allowance for Credit Losses and Credit Quality of Receivables

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Receivables, Allowance for Credit Losses and Credit Quality of Receivables

Receivables

The following table summarizes the components of current and long-term receivables, net:


	As of
	June 30, 2022		December 31, 2021
Current:
Receivables	$	461	$	475
Allowance for credit losses	(46)		(52)
Current receivables, net	415		423
Long-term:
Receivables	17		19
Allowance for credit losses	(2)		(2)
Long-term receivables, net	15		17
Total receivables, net	$	430	$	440

Allowance for Credit Losses

We manage our receivable portfolios using both geography and delinquency as key credit quality indicators. The following summarizes geographical delinquencies of total receivables, net:


	As of
	June 30, 2022		Balances over 90 days past due		December 31, 2021		Balances over 90 days past due
Receivables:
U.S. and Canada	$	293	$	25	$	321	$	37
International	185		28		173		44
Total receivables	478		53		494		81

Receivables allowance:
U.S. and Canada	(21)		(6)		(18)		(6)
International	(27)		(25)		(36)		(19)
Total receivables allowance	(48)		(31)		(54)		(25)
Receivables, net	$	430	$	22	$	440	$	56

Account balances are charged against the allowances after all internal and external collection efforts have been exhausted and the potential for recovery is considered remote.

The activity in our allowance for receivable credit losses for each of the three and six months ended June 30, 2022 and 2021 is as follows:


	2022						2021
	Total		U.S. and Canada		International		Total
Beginning allowance for credit losses	$	(54)	$	(18)	$	(36)	$	(81)
Provision	(3)		(3)		—		1
Charge-offs and recoveries	7		—		7		2
Allowance for credit losses as of March 31	(50)		(21)		(29)		(78)
Provision	(1)		(1)		—		(2)
Charge-offs and recoveries	3		1		2		17
Allowance for credit losses as of June 30	$	(48)	$	(21)	$	(27)	$	(63)

As of June 30, 2022, 5% of our total receivables, net, were past due by over 90 days compared to 13% as of December 31, 2021.

Credit Quality of Receivables

We have certain concentrations of outstanding receivables in international locations that impact our assessment of the credit quality of our receivables. We monitor the macroeconomic and political environment in each of these locations in our assessment of the credit quality of our receivables. The international customers with significant concentrations (generally deemed to be exceeding 10%) of our receivables with terms longer than one year are primarily in the Latin America region (“LATAM”) and are primarily comprised of Mexico, Peru and Argentina. The following table summarizes our LATAM receivables:


	As of June 30, 2022
	Total		Current or Not Yet Due		Balances Over 90 days Past Due
Receivables	$	78	$	40	$	38
Allowance for credit losses	(25)		(14)		(11)
Receivables, net	$	53	$	26	$	27

We continuously review receivables and as information concerning credit quality arise, reassess our expectations of future losses and record an incremental reserve if warranted at that time. Our current allowance for credit losses represents our current expectation of credit losses; however future expectations could change as international unrest or other macro-economic factors impact the financial stability of our customers.

The fair value of receivables is estimated by discounting expected future cash flows using current interest rates at which similar loans would be made to borrowers with similar credit ratings and remaining maturities. As of June 30, 2022 and December 31, 2021, the fair value of receivables, net, approximated the carrying value due to contractual terms of receivables generally being less than 24 months.

Inventories

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	As of
	June 30, 2022		December 31, 2021
Parts and work-in-process	$	100	$	70
Finished goods	29		28
Total inventories	$	129	$	98

Parts and work-in-process include parts for gaming machines and our finished goods inventory primarily consists of gaming machines for sale.

Property and Equipment, net

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of the following:


	As of
	June 30, 2022		December 31, 2021
Land	$	6	$	6
Buildings and leasehold improvements	55		55
Gaming machinery and equipment	680		712
Furniture and fixtures	21		22
Construction in progress	14		9
Other property and equipment	88		84
Less: accumulated depreciation	(659)		(675)
Total property and equipment, net	$	205	$	213

Depreciation expense is excluded from Cost of services, Cost of product sales and Other operating expenses and is separately presented within D&A.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Depreciation expense	$	27	$	30	$	55	$	61

Intangible Assets, net and Goodwill

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net and Goodwill

Intangible Assets, net

The following tables present certain information regarding our intangible assets as of June 30, 2022 and December 31, 2021:


	As of
	June 30, 2022				December 31, 2021
	Gross Carrying Value		Accumulated Amortization		Net Balance		Gross Carrying Value		Accumulated Amortization		Net Balance
Amortizable intangible assets:
Customer relationships	$	905	$	(480)	$	425	$	911	$	(445)	$	466
Intellectual property	928		(690)		238		914		(670)		244
Licenses	439		(375)		64		472		(380)		92
Brand names	130		(102)		28		132		(97)		35
Trade names	163		(88)		75		158		(54)		104
Patents and other	14		(7)		7		12		(7)		5
Total intangible assets	$	2,579	$	(1,742)	$	837	$	2,599	$	(1,653)	$	946

The following reflects intangible amortization expense included within D&A:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Amortization expense	$	60	$	46	$	120	$	91

Goodwill

The table below reconciles the change in the carrying value of goodwill by business segment for the period from December 31, 2021 to June 30, 2022.


	Gaming(1)		SciPlay		iGaming		Totals
Balance as of December 31, 2021	$	2,405	$	126	$	361	$	2,892


Acquired goodwill	—		93		8		101
Foreign currency adjustments	(28)		(5)		(28)		(61)
Balance as of June 30, 2022	$	2,377	$	214	$	341	$	2,932

(1) Accumulated goodwill impairment charges for the Gaming segment as of June 30, 2022 were $989 million.

Software, net

6 Months Ended

Jun. 30, 2022

Capitalized Computer Software, Net [Abstract]

Software, net

Software, net consisted of the following:


	As of
	June 30, 2022		December 31, 2021
Software	$	1,019	$	996
Accumulated amortization	(898)		(879)
Software, net	$	121	$	117

The following reflects amortization of software included within D&A:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Amortization expense	$	20	$	20	$	40	$	41

Long-Term and Other Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Long-Term and Other Debt

Outstanding Debt and Finance Leases

The following table reflects our outstanding debt (in order of priority and maturity):


	As of
	June 30, 2022								December 31, 2021
	Final Maturity	Rate(s)	Face value		Unamortized debt discount/premium and deferred financing costs, net		Book value		Book value
Senior Secured Credit Facilities:
SGI Term Loan B-5	2024	variable	$	—	$	—	$	—	$	3,982
SciPlay Revolver	2024	variable	—		—		—		—
SGI Revolver	2027	variable	—		—		—		—
SGI Term Loan B	2029	variable	2,200		(32)		2,168		—
SGI Senior Notes:
2025 Secured Notes	2025	5.000%	—		—		—		1,240
2026 Secured Euro Notes	2026	3.375%	—		—		—		364
2025 Unsecured Notes	2025	8.625%	550		(5)		545		544
2026 Unsecured Euro Notes	2026	5.500%	—		—		—		280
2026 Unsecured Notes	2026	8.250%	—		—		—		1,090
2028 Unsecured Notes	2028	7.000%	700		(8)		692		692
2029 Unsecured Notes	2029	7.250%	500		(6)		494		494


Other	2023	4.089%	3		—		3		4
Total long-term debt outstanding			$	3,953	$	(51)	$	3,902	$	8,690
Less: current portion of long-term debt							(24)		(44)
Long-term debt, excluding current portion							$	3,878	$	8,646
Fair value of debt(1)			$	3,742




(1) Fair value of our fixed rate and variable interest rate debt is classified within Level 2 in the fair value hierarchy and has been calculated based on the quoted market prices of our securities.

April 2022 Refinancing

On April 14, 2022, we completed a series of refinancing transactions, which, combined with other principal payments on the SGI Term Loan B-5 and SGI Revolver in April 2022, reduced the outstanding face value of our debt by $4,957 million, from $8,910 million as of March 31, 2022 to $3,953 million immediately after the completion of these transactions.

As a part of these transactions, we entered into the new credit agreements, which contains the following debt facilities:

•$2,200 million new term loan facility maturing in April 2029. The new term loan facility will bear interest at either (i) Adjusted Term SOFR Rate (as defined in the credit agreement) plus 3.00% per annum or (ii) a base rate plus 2.00% per annum. The new term loan facility amortizes in quarterly installments in aggregate amounts of equal to 1.00% of the original principal amount per year; and

•$750 million revolving credit facility maturing in April 2027. The new revolving credit facility will bear interest at either (i) Adjusted Term SOFR Rate (or an alternative benchmark rate for non-US dollar borrowings) plus 2.00% per annum or (ii) a base rate plus 1.00% per annum, with one 0.25% per annum step-up and one 0.25% per annum step-down based on SGI’s first lien net leverage ratio at the end of future fiscal quarters.

With the issuance of the new term loan facility and using the proceeds from the divestiture of the Lottery Business (see Note 1), we retired and redeemed the following outstanding debt and paid accrued and unpaid interest thereon plus related premiums, fees and expenses:


Debt instrument	Interest rate	Maturity	Face value as of March 31, 2022		Paid interest		Premium, other fees and expenses
SGI Term Loan B-5(1)	variable	2024	$	4,008	$	5	$	33
Senior Secured Notes	5.000%	2025	1,250		31		31
Senior Secured Euro Notes	3.375%	2026	361		2		6
Senior Unsecured Euro Notes	5.500%	2026	278		3		8
Senior Unsecured Notes	8.250%	2026	1,100		7		45
Total			$	6,997	$	48	$	123

(1) Premium, other fees and expenses include fees associated with SGI Term Loan B.

The new credit facilities are subject to customary affirmative covenants and negative covenants as well as a financial covenant. The financial covenant is solely for the benefit of the new revolving facility, is tested at the end of each fiscal quarter if the outstanding borrowings (excluding up to $5 million of undrawn letters of credit and any cash collateralized letters of credit) under the new revolving facility exceed 30% of the commitments under the new revolving facility, and requires that the Company not be in excess of a maximum consolidated net first lien leverage ratio of 4.50:1.00.

We were in compliance with the financial covenants under all debt agreements as of June 30, 2022 (for information regarding our financial covenants of all debt agreements, see Note 15 in our 2021 10-K).

Loss on Debt Refinancing Transactions

The following are components of the loss on debt financing transactions resulting from debt extinguishment and modification accounting for the three and six months ended June 30, 2022. No such transactions occurred during the three and six months ended June 30, 2021.


	Three and Six Months Ended June 30, 2022
Repayment of principal balance at premium	$	90
Unamortized debt (premium) discount and deferred financing costs, net	57

Total loss on debt refinancing transactions	$	147

For additional information regarding the terms of our credit facilities, Secured Notes and Unsecured Notes, which were unaffected by the April 2022 Refinancing transactions, see Note 15 in our 2021 10-K.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
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-Subparagraph (g)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value Measurements

The fair value of our financial assets and liabilities is determined by reference to market data and other valuation techniques as appropriate. We believe the fair value of our financial instruments, which are principally cash and cash equivalents, restricted cash, receivables, other current assets, accounts payable and accrued liabilities, approximates their recorded values. Our assets and liabilities measured at fair value on a recurring basis are described below.

Derivative Financial Instruments

As of and for the six months ended June 30, 2022, we held the following derivative instruments that were accounted for pursuant to ASC 815:

Interest Rate Swap Contracts

We used interest rate swap contracts as described below to mitigate gains or losses associated with the change in expected cash flows due to fluctuations in interest rates on our variable rate debt.

In February 2018, we entered into interest rate swap contracts to hedge a portion of our interest expense associated with our variable rate debt to effectively fix the interest rate that we pay. These interest rate swap contracts were designated as cash flow hedges under ASC 815. We paid interest at a weighted-average fixed rate of 2.4418% and received interest at a variable rate equal to one-month LIBOR. The total notional amount of interest rate swaps was $800 million. These hedges matured in February 2022.

In April 2022, we entered into new interest rate swap contracts to hedge a portion of our interest expense associated with our variable rate debt to effectively fix the interest rate that we pay. These interest rate swap contracts were designated as cash flow hedges under ASC 815. We pay interest at a weighted-average fixed rate of 2.8320% and receive interest at a variable rate equal to one-month CME Term SOFR. The total notional amount of interest rate swaps was $700 million as of June 30, 2022. These hedges mature in April 2027.

All gains and losses from these hedges were recorded in Other comprehensive income (loss) until the future underlying payment transactions occur. Any realized gains or losses resulting from the hedges were recognized (together with the hedged transaction) as Interest expense. We estimated the fair value of our interest rate swap contracts by discounting the future cash flows of both the fixed rate and variable rate interest payments based on market yield curves. The inputs used to measure the fair value of our interest rate swap contracts were categorized as Level 2 in the fair value hierarchy as established by ASC 820.

The following table shows the Gain (loss) and Interest expense recognized on our interest rate swap contracts:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Gain recorded in accumulated other comprehensive loss, net of tax	$	2	$	4	$	5	$	9
Interest expense recorded related to interest rate swap contracts	3		4		6		9

We do not expect to reclassify material amounts from Accumulated other comprehensive loss to interest expense in the next twelve months.

The following table shows the effect of interest rate swap contracts designated as cash flow hedges in the consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	Interest expense				Interest expense
Total interest expense which reflects the effects of cash flow hedges	$	(70)	$	(119)	$	(186)	$	(240)
Hedged item	(4)		(4)		(7)		(9)
Derivative designated as hedging instrument	1		—		1		—

Cross-Currency Interest Rate Swaps

We entered into certain cross-currency interest rate swap agreements to achieve more beneficial interest rates by effectively converting $460 million of our fixed-rate U.S. Dollar-denominated 2025 Secured Notes, including the semi-annual interest payments through October 2023, to fixed-rate Euro-denominated debt, with a fixed annual weighted average interest rate of approximately 2.946%. We designated these cross-currency interest rate swap agreements as a net investment hedge of our investments in certain of our international subsidiaries that use the Euro as their functional currency in order to reduce the volatility in our operating results caused by the changes in foreign currency exchange rates of the Euro relative to the U.S. Dollar.

We used the spot method to measure the effectiveness of our net investment hedge. Under this method, for each reporting period, the change in the fair value of the $460 million cross-currency interest rate swaps was reported in Foreign currency translation gain (loss) in Accumulated other comprehensive loss. The cross-currency basis spread (along with other components of the cross-currency swap’s fair value excluded from the spot method effectiveness assessment) were amortized and recorded to Interest expense. We evaluated the effectiveness of our net investment hedge at the beginning of each quarter.

In April 2022 and as a result of the April 2022 Refinancing, we settled our cross-currency interest rate swaps and received approximately $50 million in cash proceeds.

The following table shows the fair value of our hedges:

As of

Balance Sheet Line Item

June 30, 2022

December 31, 2021

Interest rate swaps(1)(2)

Other liabilities

—

Interest rate swaps(1)(3)

Other assets

—

Cross-currency interest rate swaps(1)(4)

Other assets

—

(1) The inputs used to measure the fair value of our interest rate swap contracts were categorized as Level 2 in the fair value hierarchy.

(2) Contracts matured in February 2022.

(3) Contracts mature in April 2027.

(4) Gains of $— million and $4 million for the three and six months ended June 30, 2022, respectively, and loss of $8 million and gain of $13 million for the three and six months ended June 30, 2021, respectively, are reflected in Foreign currency translation gain (loss) in Other comprehensive income (loss).

Net Investment Non-derivative Hedge — 2026 Secured Euro Notes

As a result of the April 2022 Refinancing described above, we redeemed all of 2026 Secured Euro Notes and no longer have a designated net investment hedge.

Contingent Acquisition Consideration Liabilities

In connection with our acquisitions, we have recorded certain contingent consideration liabilities (including redeemable non-controlling interest), of which the values are primarily based on reaching certain earnings-based metrics. The related liabilities were recorded at fair value on their respective acquisition dates as a part of the consideration transferred and are remeasured each reporting period (other than for redeemable non-controlling interest, which is measured based on its redemption value). The inputs used to measure the fair value of our liabilities are categorized as Level 3 in the fair value hierarchy.

The table below reconciles the change in the contingent acquisition consideration liabilities (including deferred purchase price) for the period from December 31, 2021 to June 30, 2022.


	Total		Included in Accrued Liabilities		Included in Other Long-Term Liabilities
Balance as of December 31, 2021	$	51	$	3	$	48
Additions	27
Payments	(3)
Fair value adjustments(1)	12
Balance as of June 30, 2022	$	87	$	37	$	50

(1) Amount included in Restructuring and other (see Note 5).

Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Stockholders' Deficit

Changes in Stockholders’ Equity (Deficit)

The following tables present certain information regarding our stockholders’ equity (deficit) as of June 30, 2022 and 2021:


	Six Months Ended June 30, 2022
	Common Stock		Additional Paid in Capital		Retained Earnings (Accumulated Loss)		Treasury Stock		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total
January 1, 2022	$	1	$	1,337	$	(3,158)	$	(175)	$	(261)	$	150	$	(2,106)
Settlement of liability awards and other, net	—		43		—		—		—		—		43
Vesting of RSUs, net of tax withholdings	—		(31)		—		—		—		—		(31)
Purchase of treasury stock	—		—		—		(51)		—		—		(51)
Stock-based compensation	—		17		—		—		—		—		17
Net income	—		—		26		—		—		2		28
Other comprehensive loss	—		—		—		—		(37)		—		(37)
March 31, 2022	$	1	$	1,366	$	(3,132)	$	(226)	$	(298)	$	152	$	(2,137)
Vesting of RSUs, net of tax withholdings and other	—		—		—		—		—		—		—
Purchase of treasury stock	—		—		—		(152)		—		—		(152)
Purchase of SciPlay’s common stock	—		(6)		—		—		—		(1)		(7)

Stock-based compensation	—		15		—		—		—		—		15
Net income	—		—		3,291		—		—		4		3,295
Other comprehensive loss(1)	—		—		—		—		(48)		—		(48)
June 30, 2022	$	1	$	1,375	$	159	$	(378)	$	(346)	$	155	$	966






(1) Includes reclassification of $23 million accumulated other comprehensive loss into income due to the sale of Lottery Business (see Note 2).


	Six Months Ended June 30, 2021
	Common Stock		Additional Paid in Capital		Accumulated Loss		Treasury Stock		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total
January 1, 2021	$	1	$	1,268	$	(3,529)	$	(175)	$	(218)	$	129	$	(2,524)
Vesting of RSUs, net of tax withholdings and other	—		(13)		—		—		—		—		(13)
Stock-based compensation	—		17		—		—		—		—		17
Net (loss) income	—		—		(15)		—		—		6		(9)
Other comprehensive income	—		—		—		—		8		—		8

March 31, 2021	$	1	$	1,272	$	(3,544)	$	(175)	$	(210)	$	135	$	(2,521)
Vesting of RSUs, net of tax withholdings and other	—		(4)		—		—		—		—		(4)

Stock-based compensation	—		31		—		—		—		—		31
Net income	—		—		109		—		—		4		113
Other comprehensive income	—		—		—		—		11		—		11
June 30, 2021	$	1	$	1,299	$	(3,435)	$	(175)	$	(199)	$	139	$	(2,370)

Stock Based Compensation

The following reflects total stock-based compensation expense recognized under all programs in our continuing operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Related to L&W stock options	$	1	$	16	$	1	$	22
Related to L&W RSUs	15		17		27		28
Related to SciPlay RSUs	1		3		4		5
Total	$	17	$	36	$	32	$	55

Restricted Stock Units

A summary of the changes in RSUs outstanding under our equity-based compensation plans during the three months ended June 30, 2022 is presented below:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested RSUs as of December 31, 2021	2.7	$	32.03
Granted	1.5	$	58.30
Vested	(1.7)	$	38.08
Cancelled	(0.3)	$	33.87
Unvested RSUs as of June 30, 2022	2.2	$	45.17

The weighted-average grant date fair value of RSUs granted during the six months ended June 30, 2022 and 2021 was $58.30 and $53.37, respectively. The fair value of each RSU grant is based on the market value of our common stock at the time of grant. As of June 30, 2022, we had $73 million in total unrecognized stock-based compensation expense relating to unvested RSUs that will be amortized over a weighted-average period of approximately two years, of which $5 million related to employees of discontinued operations. The fair value at vesting date of RSUs vested during the six months ended June 30, 2022 and 2021 was $62.4 million and $42.4 million, respectively.

Share Repurchase Programs

As described in Note 17 within our 2021 10-K and in our Current Report on Form 8-K filed with the SEC on March 1, 2022, our Board of Directors approved a share repurchase program under which the Company is authorized to repurchase, from time to time through February 25, 2025, up to an aggregate amount of $750 million of our outstanding common stock over a three-year period. During the six months ended June 30, 2022, we repurchased 3.7 million shares of common stock under the program at an aggregate cost of $203 million and an average of $55.39 per share.

On May 9, 2022, SciPlay’s Board of Directors approved a share repurchase program under which it is authorized to repurchase, from time to time through May 9, 2024, up to an aggregate amount of $60 million of its outstanding Class A common stock. During the six months ended June 30, 2022, SciPlay repurchased 0.5 million shares of Class A common stock under the program at an aggregate cost of $7 million and an average of $13.76 per share.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	We consider new evidence (both positive and negative) at each reporting date that could affect our view of the future realization of deferred tax assets. We evaluate information such as historical financial results, historical taxable income, projected future taxable income, expected timing of the reversals of existing temporary differences and available prudent and feasible tax planning strategies in our analysis. Based on the available evidence, valuation allowances in certain U.S. and non-U.S. jurisdictions remain consistent as of June 30, 2022. Our income tax expense (including discrete items) was $1 million and $4 million for the three and six months ended June 30, 2022, respectively, and $6 million and $9 million for the three and six months ended June 30, 2021, respectively. In 2022, our effective tax rate differs from the U.S. statutory rate of 21% primarily as a result of not benefiting year to date losses in continuing operations in accordance with the intra-period tax expense/benefit allocation rules as generally prescribed under ASC 740-20. In all periods, we recorded tax expense relative to pre-tax earnings in jurisdictions without valuation allowances, including our 19% noncontrolling interest in SciPlay. The divestiture of the Lottery Business is estimated to generate approximately $665 million of net cash taxes, after considering the utilization of tax attributes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

Our total operating lease expense for the three and six months ended June 30, 2022 was $4 million and $10 million, respectively, and $5 million and $11 million for the three and six months ended June 30, 2021, respectively. The total amount of variable and short-term lease payments was immaterial for all periods presented.

Supplemental balance sheet and cash flow information related to operating leases is as follows:


	As of
	June 30, 2022			December 31, 2021
Operating lease right-of-use assets	$	51		$	51
Accrued liabilities	16			16
Operating lease liabilities	40			40
Total operating lease liabilities	$	56		$	56

Weighted average remaining lease term, units in years	4			4
Weighted average discount rate	5		%	5		%


	Six Months Ended June 30,
	2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	11		$	9
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	12		$	2

Lease liability maturities:


	Remainder of 2022		2023		2024		2025		2026		Thereafter		Less Imputed Interest		Total
Operating leases	$	9	$	17	$	14	$	11	$	7	$	3	$	(5)	$	56

As of June 30, 2022, we did not have material additional operating leases that have not yet commenced.

Litigation	6 Months Ended
Litigation	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Litigation	We are involved in various legal proceedings, which are described in Note 20 within our 2021 10-K. There have been no material changes to these matters since the 2021 10-K was filed with the SEC on March 1, 2022, except as described below. We record an accrual for legal contingencies when it is both probable that a liability has been incurred and the amount or range of the loss can be reasonably estimated (although, as discussed below, there may be an exposure to loss in excess of the accrued liability). We evaluate our accruals for legal contingencies at least quarterly and, as appropriate, establish new accruals or adjust existing accruals to reflect (1) the facts and circumstances known to us at the time, including information regarding negotiations, settlements, rulings and other relevant events and developments, (2) the advice and analyses of counsel and (3) the assumptions and judgment of management. Legal costs associated with our legal proceedings are expensed as incurred. We had accrued liabilities of $27 million for all of our legal matters that were contingencies both as of June 30, 2022 and December 31, 2021. Substantially all of our legal contingencies are subject to significant uncertainties and, therefore, determining the likelihood of a loss and/or the measurement of any loss involves a series of complex judgments about future events. Consequently, the ultimate outcomes of our legal contingencies could result in losses in excess of amounts we have accrued. We may be unable to estimate a range of possible losses for some matters pending against us or our subsidiaries, even when the amount of damages claimed against us or our subsidiaries is stated because, among other things: (1) the claimed amount may be exaggerated or unsupported; (2) the claim may be based on a novel legal theory or involve a large number of parties; (3) there may be uncertainty as to the likelihood of a class being certified or the ultimate size of the class; (4) there may be uncertainty as to the outcome of pending appeals or motions; (5) the matter may not have progressed sufficiently through discovery or there may be significant factual or legal issues to be resolved or developed; and/or (6) there may be uncertainty as to the enforceability of legal judgments and outcomes in certain jurisdictions. Other matters have progressed sufficiently that we are able to estimate a range of possible loss. For those legal contingencies disclosed in Note 20 in our 2021 10-K and this Note 16 as well as those related to the previously disclosed settlement agreement entered into in February 2015 with SNAI S.p.a., as to which a loss is reasonably possible, whether in excess of a related accrued liability or where there is no accrued liability, and for which we are able to estimate a range of possible loss, the current estimated range is up to approximately $13 million in excess of the accrued liabilities (if any) related to those legal contingencies. This aggregate range represents management’s estimate of additional possible loss in excess of the accrued liabilities (if any) with respect to these matters based on currently available information, including any damages claimed by the plaintiffs, and is subject to significant judgment and a variety of assumptions and inherent uncertainties. For example, at the time of making an estimate, management may have only preliminary, incomplete, or inaccurate information about the facts underlying a claim; its assumptions about the future rulings of the court or other tribunal on significant issues, or the behavior and incentives of adverse parties, regulators, indemnitors or co‑defendants, may prove to be wrong; and the outcomes it is attempting to predict are often not amenable to the use of statistical or other quantitative analytical tools. In addition, from time to time an outcome may occur that management had not accounted for in its estimate because it had considered that outcome to be remote. Furthermore, as noted above, the aggregate range does not include any matters for which we are not able to estimate a range of possible loss. Accordingly, the estimated aggregate range of possible loss does not represent our maximum loss exposure. Any such losses could have a material adverse impact on our results of operations, cash flows or financial condition. The legal proceedings underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. Colombia litigation Our subsidiary, SGI, owned a minority interest in Wintech de Colombia S.A., or Wintech (now liquidated), which formerly operated the Colombian national lottery under a contract with Empresa Colombiana de Recursos para la Salud, S.A. (together with its successors, “Ecosalud”), an agency of the Colombian government. The contract provided for a penalty against Wintech, SGI and the other shareholders of Wintech of up to $5.0 million if certain levels of lottery sales were not achieved. In addition, SGI delivered to Ecosalud a $4.0 million surety bond as a further guarantee of performance under the contract. Wintech started the instant lottery in Colombia but, due to difficulties beyond its control, including, among other factors, social and political unrest in Colombia, frequently interrupted telephone service and power outages, and competition from another lottery being operated in a province of Colombia that we believe was in violation of Wintech’s exclusive license from Ecosalud, the projected sales level was not met for the year ended June 30, 1993. In 1993, Ecosalud issued a resolution declaring that the contract was in default. In 1994, Ecosalud issued a liquidation resolution asserting claims for compensation and damages against Wintech, SGI and other shareholders of Wintech for, among other things, realization of the full amount of the penalty, plus interest, and the amount of the bond. SGI filed separate actions opposing each resolution with the Tribunal Contencioso of Cundinamarca in Colombia (the “Tribunal”), which upheld both resolutions. SGI appealed each decision to the Council of State. In May 2012, the Council of State upheld the contract default resolution, which decision was notified to us in August 2012. In October 2013, the Council of State upheld the liquidation resolution, which decision was notified to us in December 2013. In July 1996, Ecosalud filed a lawsuit against SGI in the U.S. District Court for the Northern District of Georgia asserting many of the same claims asserted in the Colombia proceedings, including breach of contract, and seeking damages. In March 1997, the District Court dismissed Ecosalud’s claims. Ecosalud appealed the decision to the U.S. Court of Appeals for the Eleventh Circuit. The Court of Appeals affirmed the District Court’s decision in 1998. In June 1999, Ecosalud filed a collection proceeding against SGI to enforce the liquidation resolution and recover the claimed damages. In May 2013, the Tribunal denied SGI’s merit defenses to the collection proceeding and issued an order of payment of approximately 90 billion Colombian pesos, or approximately $30.2 million, plus default interest (potentially accrued since 1994 at a 12% statutory interest rate). SGI filed an appeal to the Council of State, and on December 10, 2020, the Council of State issued a ruling affirming the Tribunal’s decision. On December 16, 2020, SGI filed a motion for clarification of the Council of State’s ruling, which was denied on April 15, 2021. On April 22, 2021, SGI filed a motion for reconsideration relating to that decision, which the Council of State denied on February 21, 2022. On May 24, 2022, the case was transferred from the Council of State to the Tribunal for further proceedings. SGI believes it has various defenses, including on the merits, against Ecosalud’s claims. Although we believe these claims will not result in a material adverse effect on our consolidated results of operations, cash flows or financial position, it is not feasible to predict the final outcome, and we cannot assure that these claims will not ultimately be resolved adversely to us or result in material liability. Tonkawa Tribe Matter On September 3, 2020, the Tonkawa Tribe of Indians of Oklahoma d/b/a Tonkawa Enterprises filed a putative class action complaint in the United States District Court for the District of Nevada against SGC, Bally Technologies, Inc. and SG Gaming, f/k/a Bally Gaming, Inc. On October 5, 2020, the plaintiff filed a first amended complaint to add Cow Creek Band of Umpqua Tribe of Indians and the Umpqua Indian Development Corp., d/b/a Seven Feathers Casino as a plaintiff. On October 26, 2020, the plaintiffs filed a second amended complaint. In the complaint, the plaintiffs assert federal antitrust claims arising from the defendants’ procurement of particular U.S. patents. The plaintiffs allege that the defendants used those patents to create an allegedly illegal monopoly in the market for card shufflers sold or leased to regulated casinos in the United States. The plaintiffs seek to represent a putative class of all regulated United States casinos directly leasing or purchasing card shufflers from the defendants on or after April 1, 2009. The complaint seeks unspecified money damages, the award of plaintiff’s costs of suit, including reasonable attorneys’ fees and expert fees, and the award of pre-judgment and post-judgment interest. On November 19, 2020, the defendants filed a motion to dismiss plaintiffs’ second amended complaint or, in the alternative, to compel arbitration of plaintiffs’ claims. On November 20, 2020, Plaintiffs filed a motion for partial summary judgment, seeking a finding that defendants are collaterally estopped from re-litigating issues litigated in the 2018 litigation versus Shuffle Tech International Corp., Aces Up Gaming, and Poydras-Talrick Holdings. On August 27, 2021, the Nevada district court entered an order transferring the lawsuit to the United States District Court for the Northern District of Illinois. On May 19, 2022, the Illinois district court granted defendants’ motion to compel arbitration of plaintiffs’ individual claims; stayed all proceedings in the lawsuit pending resolution of the arbitral process; and accordingly dismissed all pending motions without prejudice as moot. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the lawsuit are without merit, and intend to vigorously defend against them. Giuliano and Rancho’s Club Casino Matter On September 4, 2020, Alfred T. Giuliano, as liquidation trustee for RIH Acquisition NJ, LLC d/b/a The Atlantic Club Casino Hotel filed a putative class action complaint in the United States District Court for the Northern District of Illinois against SGC, Bally Technologies, Inc. and SG Gaming, f/k/a Bally Gaming, Inc. In the complaint, the plaintiffs assert federal antitrust claims arising from the defendants’ procurement of particular U.S. patents. The plaintiffs allege that the defendants used those patents to create an allegedly illegal monopoly in the market for automatic card shufflers sold or leased in the United States. The plaintiffs seek to represent a putative class of all persons and entities that directly purchased or leased automatic card shufflers within the United States from the Defendants, or any predecessor, subsidiary, or affiliate thereof, at any time between April 1, 2009, and the present. The complaint seeks unspecified money damages, which the complaint asks the court to treble, the award of plaintiff’s costs of suit, including attorneys’ fees, and the award of pre-judgment and post-judgment interest. On September 8, 2020, Rancho’s Club Casino, Inc., d/b/a Magnolia House Casino filed a putative class action complaint in the United States District Court for the Northern District of Illinois against SGC, Bally Technologies, Inc. and SG Gaming, f/k/a Bally Gaming, Inc. In the complaint, the plaintiff asserts federal antitrust claims arising from the defendants’ procurement of particular U.S. patents. The plaintiff alleges that the defendants used those patents to create an allegedly illegal monopoly in the market for automatic card shufflers sold or leased in the United States. The plaintiff seeks to represent a putative class of all persons and entities that directly purchased or leased automatic card shufflers within the United States from the defendants, or any predecessor, subsidiary, or affiliate thereof, at any time between April 1, 2009, and the present. The complaint seeks unspecified money damages, which the complaint asks the court to treble, the award of plaintiff’s costs of suit, including attorneys’ fees, and the award of pre-judgment and post-judgment interest. On October 29, 2020, the trial court consolidated the Giuliano and Rancho’s Club Casino matters. On October 30, 2020, the plaintiffs in the consolidated action filed a first amended consolidated complaint. On November 9, 2020, the defendants filed a motion to dismiss the plaintiffs’ first amended consolidated complaint, and also filed a motion to compel arbitration of plaintiff Alfred T. Giuliano’s individual claims. On May 19, 2022, the Illinois district court granted defendants’ motion to compel arbitration; stayed all proceedings in the lawsuit pending resolution of the arbitral process; and accordingly dismissed all pending motions without prejudice. On May 31, 2022, defendants filed a motion to lift the stay of the lawsuit for the limited purpose of amending the court’s May 19, 2022 order to confirm that plaintiff Alfred T. Giuliano must proceed to arbitration on an individual basis rather than a class-wide basis. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the consolidated lawsuit are without merit, and intend to vigorously defend against them. Casino Queen Matter On April 2, 2021, Casino Queen, Inc. and Casino Queen Marquette, Inc. filed a putative class action complaint in the United States District Court for the Northern District of Illinois against SGC, Bally Technologies, Inc. and SG Gaming, f/k/a Bally Gaming, Inc. In the complaint, the plaintiffs assert federal antitrust claims arising from the defendants’ procurement of particular U.S. patents. The plaintiffs allege that the defendants used those patents to create an allegedly illegal monopoly in the market for automatic card shufflers sold or leased in the United States. The plaintiffs seek to represent a putative class of all persons and entities that directly purchased or leased automatic card shufflers within the United States from the defendants, or any predecessor, subsidiary, or affiliate thereof, at any time between April 1, 2009, and the present. The complaint seeks unspecified money damages, which the complaint asks the court to treble, the award of plaintiffs’ costs of suit, including attorneys’ fees, and the award of pre-judgment and post-judgment interest. On June 11, 2021, the defendants filed a motion to dismiss plaintiffs’ complaint, which the court denied on May 19, 2022. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the lawsuit are without merit, and intend to vigorously defend against them. Mohawk Gaming Enterprises Matter On November 9, 2020, Mohawk Gaming Enterprises LLC, d/b/a Akwesasne Mohawk Casino Resort, filed a demand for a putative class arbitration before the American Arbitration Association against SGC, Bally Technologies, Inc. and SG Gaming, f/k/a Bally Gaming, Inc. (“Respondents”). In the complaint, the claimant asserts federal antitrust claims arising from the respondents’ procurement of particular U.S. patents. The claimant alleges that the respondents used those patents to create an allegedly illegal monopoly in the market for automatic card shufflers sold or leased in the United States. The claimant seeks to represent a putative class of all persons and entities that directly purchased or leased automatic card shufflers within the United States from the respondents, or any predecessor, subsidiary, or affiliate thereof, at any time between April 1, 2009, and the present. The complaint seeks unspecified money damages, which the complaint asks the arbitration panel to treble, and the award of claimant’s costs of suit, including attorneys’ fees. Respondents filed their answering statement on December 9, 2020. On October 29, 2021, the claimant filed a memorandum in support of class arbitration, which Respondents opposed on December 3, 2021. On February 8, 2022, the Arbitrator issued a clause construction award, finding that the arbitration could proceed on behalf of a class or classes. On February 11, 2022, Respondents filed a petition to vacate the award in the New York Supreme Court. On April 15, 2022, Respondents filed a motion to dismiss the claimant’s complaint, which the Arbitrator denied on July 26, 2022. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the arbitration demand are without merit, and intend to vigorously defend against them. For additional information regarding our pending litigation matters, see Note 20 in our 2021 10-K.

Description of the Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The accompanying condensed consolidated financial statements include the accounts of L&W, its wholly owned subsidiaries, and those subsidiaries in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation.
Principles of Consolidation	In the opinion of L&W and its management, we have made all adjustments necessary to present fairly our consolidated financial position, results of operations, comprehensive income (loss) and cash flows for the periods presented. Such adjustments are of a normal, recurring nature. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2021 10-K. Interim results of operations are not necessarily indicative of results of operations to be expected for a full year.
Significant Accounting Policies	There have been no changes to our significant accounting policies described within the Notes of our 2021 10-K.
Computation of Basic and Diluted Net Income Attributable to L&W Per Share	Basic and diluted net income attributable to L&W per share is based upon net income attributable to L&W divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the effect of the assumed exercise of stock options and RSUs only in the periods in which such effect would have been dilutive to net income from continuing operations.
Acquisitions	We accounted for these acquisitions using the acquisition method of accounting, allocating the total consideration transferred to acquired tangible and intangible assets and assumed liabilities based on estimated fair values. The estimated fair values of the acquired assets, assumed liabilities and resulting goodwill are subject to adjustment as we finalize our purchase price accounting.
New Accounting Guidance	The FASB issued ASU No. 2020-04 and subsequently ASU No. 2021-01, Reference Rate Reform (Topic 848) in March 2020 and January 2021, respectively. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships, including derivative instruments impacted by changes in the interest rates used for discounting cash flows for computing variable margin settlements, subject to meeting certain criteria, that reference LIBOR or other reference rates expected to be discontinued by June 2023. The ASUs establish certain contract modification principles that entities can apply in other areas that may be affected by reference rate reform and certain elective hedge accounting expedients and exceptions. The ASUs may be applied prospectively. Based on our preliminary assessment completed to date, we do not expect the adoption of this guidance to have a significant impact on our consolidated financial statements.We do not expect that any other recently issued accounting guidance will have a significant effect on our consolidated financial statements.

Discontinued Operations (Policies)	6 Months Ended
Discontinued Operations (Policies)	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	We have reflected the financial results of the Lottery Business and Sports Betting Business as discontinued operations in our consolidated statements of operations and reflected the assets and liabilities of these businesses as held for sale in our consolidated balance sheets, for all periods presented and until the completion of disposition of these businesses.

Revenue Recognition (Policies)	6 Months Ended
Revenue Recognition (Policies)	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	The timing of revenue recognition, billings and cash collections results in billed receivables, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on our consolidated balance sheets. Other than contracts with customers with financing arrangements exceeding 12 months, revenue recognition is generally proximal to conversion to cash.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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+ Details

Business Segments (Policies)	6 Months Ended
Business Segments (Policies)	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	We report our operations in three business segments—Gaming, SciPlay and iGaming—representing our different products and services. A detailed discussion regarding the products and services from which each reportable business segment derives its revenue is included in Notes 3 and 4 in our 2021 10-K. In evaluating financial performance, our Chief Operating Decision Maker focuses on AEBITDA as management’s primary segment measure of profit or loss, which is described in footnote (2) to the below table. The accounting policies of our business segments are the same as those described within the Notes in our 2021 10-K.

Income Taxes (Policies)	6 Months Ended
Income Taxes (Policies)	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	We consider new evidence (both positive and negative) at each reporting date that could affect our view of the future realization of deferred tax assets. We evaluate information such as historical financial results, historical taxable income, projected future taxable income, expected timing of the reversals of existing temporary differences and available prudent and feasible tax planning strategies in our analysis. Based on the available evidence, valuation allowances in certain U.S. and non-U.S. jurisdictions remain consistent as of June 30, 2022.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Litigation (Policies)	6 Months Ended
Litigation (Policies)	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	We record an accrual for legal contingencies when it is both probable that a liability has been incurred and the amount or range of the loss can be reasonably estimated (although, as discussed below, there may be an exposure to loss in excess of the accrued liability). We evaluate our accruals for legal contingencies at least quarterly and, as appropriate, establish new accruals or adjust existing accruals to reflect (1) the facts and circumstances known to us at the time, including information regarding negotiations, settlements, rulings and other relevant events and developments, (2) the advice and analyses of counsel and (3) the assumptions and judgment of management. Legal costs associated with our legal proceedings are expensed as incurred. We had accrued liabilities of $27 million for all of our legal matters that were contingencies both as of June 30, 2022 and December 31, 2021. Substantially all of our legal contingencies are subject to significant uncertainties and, therefore, determining the likelihood of a loss and/or the measurement of any loss involves a series of complex judgments about future events. Consequently, the ultimate outcomes of our legal contingencies could result in losses in excess of amounts we have accrued. We may be unable to estimate a range of possible losses for some matters pending against us or our subsidiaries, even when the amount of damages claimed against us or our subsidiaries is stated because, among other things: (1) the claimed amount may be exaggerated or unsupported; (2) the claim may be based on a novel legal theory or involve a large number of parties; (3) there may be uncertainty as to the likelihood of a class being certified or the ultimate size of the class; (4) there may be uncertainty as to the outcome of pending appeals or motions; (5) the matter may not have progressed sufficiently through discovery or there may be significant factual or legal issues to be resolved or developed; and/or (6) there may be uncertainty as to the enforceability of legal judgments and outcomes in certain jurisdictions. Other matters have progressed sufficiently that we are able to estimate a range of possible loss. For those legal contingencies disclosed in Note 20 in our 2021 10-K and this Note 16 as well as those related to the previously disclosed settlement agreement entered into in February 2015 with SNAI S.p.a., as to which a loss is reasonably possible, whether in excess of a related accrued liability or where there is no accrued liability, and for which we are able to estimate a range of possible loss, the current estimated range is up to approximately $13 million in excess of the accrued liabilities (if any) related to those legal contingencies. This aggregate range represents management’s estimate of additional possible loss in excess of the accrued liabilities (if any) with respect to these matters based on currently available information, including any damages claimed by the plaintiffs, and is subject to significant judgment and a variety of assumptions and inherent uncertainties. For example, at the time of making an estimate, management may have only preliminary, incomplete, or inaccurate information about the facts underlying a claim; its assumptions about the future rulings of the court or other tribunal on significant issues, or the behavior and incentives of adverse parties, regulators, indemnitors or co‑defendants, may prove to be wrong; and the outcomes it is attempting to predict are often not amenable to the use of statistical or other quantitative analytical tools. In addition, from time to time an outcome may occur that management had not accounted for in its estimate because it had considered that outcome to be remote. Furthermore, as noted above, the aggregate range does not include any matters for which we are not able to estimate a range of possible loss. Accordingly, the estimated aggregate range of possible loss does not represent our maximum loss exposure. Any such losses could have a material adverse impact on our results of operations, cash flows or financial condition. The legal proceedings underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate.

Description of the Business and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes an aggregate disclosure related to the acquisitions above and is based on the preliminary purchase price allocation expected to be finalized by the fourth quarter of 2022:


Total Consideration		Cash paid, net of cash acquired(1)		Contingent consideration/Redeemable non-controlling interest(2)		Allocation of purchase price to Intangible assets, net(3)		Weighted average useful life of acquired intangible assets		Excess purchase price allocated to Goodwill(4)
$	147	$	113	$	25	$	40	6	Years	$	101



(1) Exclusive of $6 million acquired in short term investments.
(2) Fair values were determined using an income approach primarily based on reaching certain revenue and earnings-based metrics, with discount rates ranging between 2% and 16% and a maximum payout of up to $213 million.
(3) Intangible assets primarily consist of intellectual property, consisting of games technology and content platforms, and trade names. The fair value of these intangible assets was determined using an income approach method and level 3 inputs in the hierarchy as established by ASC 820. The discount rates used in the valuation analyses ranged between 16% and 18%. Royalty rates used for the trade names as well as acquired game content and related technology ranged between 1% and 3% and 20% and 21%, respectively.
(4) The factors contributing to the recognition of acquisition goodwill are based on game portfolio and platform diversification, expected synergies, assembled workforce and other strategic benefits. None of the resultant goodwill is expected to be deductible for income tax purposes.

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The summarized results of our discontinued operations were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Total revenue	$	51	$	299	$	339	$	575
Total cost of revenue(1)	18		144		168		283
Other operating expenses(2)	108		60		149		120



Operating (loss) income	(75)		95		22		172
Total other income, net	—		71		7		73
Net (loss) income from discontinued operations before income taxes	(75)		166		29		245
Gain on sale of Lottery Business before income taxes	4,568		—		4,568		—
Total net income from discontinued operations before income taxes	4,493		166		4,597		245
Income tax expense	(1,048)		(2)		(1,057)		(2)
Net income from discontinued operations, net of tax included in the consolidated statement of operations	$	3,445	$	164	$	3,540	$	243





(1) Excludes D&A.
(2) Includes D&A of $27 million and $53 million for the three and six months ended June 30, 2021, respectively, along with stock-based compensation of $4 million and $11 million for the three and six months ended June 30, 2022, respectively, and $5 million and $9 million for the three and six months ended June 30, 2021, respectively. Due to the discontinued operations classification of these businesses as of the third quarter of 2021, the D&A for these businesses has ceased and none was included for the three and six months ended June 30, 2022. The three and six months ended June 30, 2022 also include $78 million related to direct transaction closing fees.

The following table summarizes the major classes of assets and liabilities of businesses held for sale.


	As of
	June 30, 2022		December 31, 2021
ASSETS
Cash and cash equivalents	$	43	$	44
Restricted cash	—		22
Receivables, net	40		214
Inventories	—		94
Prepaid expenses deposits and other current assets	23		123
Total current assets of businesses held for sale	106		497
Property and equipment, net	8		217

Intangible assets and software, net	163		304

Goodwill	242		623
Equity investments	—		251
Other assets	16		82
Total non-current assets of businesses held for sale	429		1,477
Total assets of businesses held for sale	$	535	$	1,974

LIABILITIES
Accounts payable	$	1	$	95
Accrued liabilities and other	25		187
Total current liabilities of businesses held for sale	26		282
Operating lease liabilities	8		34

Other	34		90
Total non-current liabilities of businesses held for sale	42		124
Total liabilities of businesses held for sale	$	68	$	406

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Summary of Revenues by Type

The following table disaggregates revenues by type within each of our business segments:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Gaming
Gaming operations(1)	$	163	$	181	$	319	$	294
Gaming machine sales	123		100		226		155
Gaming systems	60		52		111		94
Table products	44		34		89		68
Total	$	390	$	367	$	745	$	611






SciPlay
Mobile in-app purchases	$	138	$	136	$	277	$	269
Web in-app purchases and other(2)	22		18		41		36

Total	$	160	$	154	$	318	$	305


iGaming	$	60	$	60	$	120	$	118


(1) Gaming operations revenue for the three and six months ended June 30, 2021 benefited from $38 million and $44 million U.K. FOBT VAT recovery (the “VAT recovery”) received from certain U.K. customers related to a 2020 U.K. court ruling associated with overcharging of value-added tax for gaming operators that consequently reduced our net gaming revenues related to these customers and arrangements.
(2) Other primarily represents revenue generated from providing advertising platforms with access to SciPlay’s game software platform, which facilitates the placement of advertising inventory, which was not material in the periods presented.

Summary of Balances in Receivables and Contract Asset Accounts

The following table summarizes the activity in our contract liabilities for the reporting period:


	Six Months Ended June 30, 2022


Contract liability balance, beginning of period(1)	$	37
Liabilities recognized during the period	6
Amounts recognized in revenue from beginning balance	(11)
Contract liability balance, end of period(1)	$	32

(1) Contract liabilities are included within Accrued liabilities and Other long-term liabilities in our consolidated balance sheets.

The following table summarizes our balances in these accounts for the periods indicated (other than contract liabilities disclosed above):


	Receivables		Contract Assets(1)
Beginning of period balance	$	440	$	19
End of period balance, June 30, 2022	430		26



(1) Contract assets are included primarily within Prepaid expenses, deposits and other current assets in our consolidated balance sheets.

Business Segments (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Operating Information by Segment

The following tables present our segment information:


	Three Months Ended June 30, 2022
	Gaming		SciPlay		iGaming		Unallocated and Reconciling Items(1)		Total
Total revenue	$	390	$	160	$	60	$	—	$	610
AEBITDA(2)	179		41		21		(29)		$	212
Reconciling items to Net loss from continuing operations before income taxes:
D&A	(82)		(6)		(13)		(6)		(107)

Restructuring and other	(1)		(1)		(14)		(26)		(42)


Interest expense							(70)		(70)
Loss on debt refinancing transactions							(147)		(147)
Gain on remeasurement of debt and other							20		20
Other income, net							2		2
Stock-based compensation							(17)		(17)
Net loss from continuing operations before income taxes									$	(149)


(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total business segments AEBITDA to our consolidated net loss from continuing operations before income taxes.
(2) AEBITDA is reconciled to net loss from continuing operations before income taxes with the following adjustments: (1) depreciation and amortization expense and impairment charges (including goodwill impairments); (2) restructuring and other, which includes charges or expenses attributable to: (i) employee severance; (ii) management restructuring and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi) acquisition costs and other unusual items; (3) interest expense; (4) loss on debt refinancing transactions; (5) change in fair value of investments and remeasurement of debt and other; (6) other income, net, including foreign currency (gains) losses and earnings from equity investments; and (7) stock-based compensation. AEBITDA is presented as our primary segment measure of profit or loss.


	Three Months Ended June 30, 2021
	Gaming		SciPlay		iGaming		Unallocated and Reconciling Items(1)		Total
Total revenue	$	367	$	154	$	60	$	—	$	581
AEBITDA(2)	194		48		20		(30)		$	232
Reconciling items to Net loss from continuing operations before income taxes:
D&A	(72)		(4)		(13)		(7)		(96)

Restructuring and other	(3)		(1)		1		(27)		(30)


Interest expense							(119)		(119)

Loss on remeasurement of debt and other							(7)		(7)
Other income, net							11		11
Stock-based compensation							(36)		(36)
Net loss from continuing operations before income taxes									$	(45)


(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total business segments AEBITDA to our consolidated net loss from continuing operations before income taxes.
(2) AEBITDA is described in footnote (2) to the first table in this Note 4.



	Six Months Ended June 30, 2022
	Gaming		SciPlay		iGaming		Unallocated and Reconciling Items(1)		Total
Total revenue	$	745	$	318	$	120	$	—	$	1,183
AEBITDA(2)	350		85		41		(62)		$	414
Reconciling items to Net loss from continuing operations before income taxes:
D&A	(165)		(10)		(27)		(13)		(215)

Restructuring and other	(4)		(3)		(14)		(57)		(78)


Interest expense							(186)		(186)
Loss on debt refinancing transactions							(147)		(147)
Gain on remeasurement of debt and other							27		27
Other income, net							4		4
Stock-based compensation							(32)		(32)
Net loss from continuing operations before income taxes									$	(213)


(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total business segments AEBITDA to our consolidated net income from continuing operations before income taxes.
(2) AEBITDA is described in footnote (2) to the first table in this Note 4.


	Six Months Ended June 30, 2021
	Gaming		SciPlay		iGaming		Unallocated and Reconciling Items(1)		Total
Total revenue	$	611	$	305	$	118	$	—	$	1,034
AEBITDA(2)	301		94		41		(62)		$	374
Reconciling items to Net loss from continuing operations before income taxes:
D&A	(147)		(7)		(25)		(14)		(193)

Restructuring and other	(6)		(1)		—		(44)		(51)


Interest expense							(240)		(240)

Gain on remeasurement of debt and other							18		18
Other income, net							17		17
Stock-based compensation							(55)		(55)
Net loss from continuing operations before income taxes									$	(130)


(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total business segments AEBITDA to our consolidated net loss from continuing operations before income taxes.
(2) AEBITDA is described in footnote (2) to the first table in this Note 4.

Restructuring and other (Tables)

6 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Other Costs

The following table summarizes pre-tax restructuring and other costs for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Employee severance and related	$	1	$	—	$	2	$	1

Strategic review and related	22		16		52		26
Contingent acquisition consideration(1)	12		—		12		—
Restructuring, integration and other	7		14		12		24
Total	$	42	$	30	$	78	$	51



(1) Represents contingent consideration fair value adjustment (see Note 12).

Receivables, Allowance for Credit Losses and Credit Quality of Receivables (Tables)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Summary of Components of Accounts and Notes Receivable, Net

The following table summarizes the components of current and long-term receivables, net:


	As of
	June 30, 2022		December 31, 2021
Current:
Receivables	$	461	$	475
Allowance for credit losses	(46)		(52)
Current receivables, net	415		423
Long-term:
Receivables	17		19
Allowance for credit losses	(2)		(2)
Long-term receivables, net	15		17
Total receivables, net	$	430	$	440

The following summarizes geographical delinquencies of total receivables, net:


	As of
	June 30, 2022		Balances over 90 days past due		December 31, 2021		Balances over 90 days past due
Receivables:
U.S. and Canada	$	293	$	25	$	321	$	37
International	185		28		173		44
Total receivables	478		53		494		81

Receivables allowance:
U.S. and Canada	(21)		(6)		(18)		(6)
International	(27)		(25)		(36)		(19)
Total receivables allowance	(48)		(31)		(54)		(25)
Receivables, net	$	430	$	22	$	440	$	56

The following table summarizes our LATAM receivables:


	As of June 30, 2022
	Total		Current or Not Yet Due		Balances Over 90 days Past Due
Receivables	$	78	$	40	$	38
Allowance for credit losses	(25)		(14)		(11)
Receivables, net	$	53	$	26	$	27

Accounts Receivable, Allowance for Credit Loss

The activity in our allowance for receivable credit losses for each of the three and six months ended June 30, 2022 and 2021 is as follows:


	2022						2021
	Total		U.S. and Canada		International		Total
Beginning allowance for credit losses	$	(54)	$	(18)	$	(36)	$	(81)
Provision	(3)		(3)		—		1
Charge-offs and recoveries	7		—		7		2
Allowance for credit losses as of March 31	(50)		(21)		(29)		(78)
Provision	(1)		(1)		—		(2)
Charge-offs and recoveries	3		1		2		17
Allowance for credit losses as of June 30	$	(48)	$	(21)	$	(27)	$	(63)

Inventories (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories consisted of the following:


	As of
	June 30, 2022		December 31, 2021
Parts and work-in-process	$	100	$	70
Finished goods	29		28
Total inventories	$	129	$	98

Property and Equipment, net (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Components of Property and Equipment

Property and equipment, net consisted of the following:


	As of
	June 30, 2022		December 31, 2021
Land	$	6	$	6
Buildings and leasehold improvements	55		55
Gaming machinery and equipment	680		712
Furniture and fixtures	21		22
Construction in progress	14		9
Other property and equipment	88		84
Less: accumulated depreciation	(659)		(675)
Total property and equipment, net	$	205	$	213

Depreciation expense is excluded from Cost of services, Cost of product sales and Other operating expenses and is separately presented within D&A.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Depreciation expense	$	27	$	30	$	55	$	61

Intangible Assets, net and Goodwill (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite and Indefinite-lived Intangible Assets

The following tables present certain information regarding our intangible assets as of June 30, 2022 and December 31, 2021:


	As of
	June 30, 2022				December 31, 2021
	Gross Carrying Value		Accumulated Amortization		Net Balance		Gross Carrying Value		Accumulated Amortization		Net Balance
Amortizable intangible assets:
Customer relationships	$	905	$	(480)	$	425	$	911	$	(445)	$	466
Intellectual property	928		(690)		238		914		(670)		244
Licenses	439		(375)		64		472		(380)		92
Brand names	130		(102)		28		132		(97)		35
Trade names	163		(88)		75		158		(54)		104
Patents and other	14		(7)		7		12		(7)		5
Total intangible assets	$	2,579	$	(1,742)	$	837	$	2,599	$	(1,653)	$	946

Schedule of Amortization Expense

The following reflects intangible amortization expense included within D&A:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Amortization expense	$	60	$	46	$	120	$	91

The following reflects amortization of software included within D&A:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Amortization expense	$	20	$	20	$	40	$	41

Reconciliation of the Carrying Amount of Goodwill, by Business Segment

The table below reconciles the change in the carrying value of goodwill by business segment for the period from December 31, 2021 to June 30, 2022.


	Gaming(1)		SciPlay		iGaming		Totals
Balance as of December 31, 2021	$	2,405	$	126	$	361	$	2,892


Acquired goodwill	—		93		8		101
Foreign currency adjustments	(28)		(5)		(28)		(61)
Balance as of June 30, 2022	$	2,377	$	214	$	341	$	2,932

(1) Accumulated goodwill impairment charges for the Gaming segment as of June 30, 2022 were $989 million.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Software, net (Tables)

6 Months Ended

Jun. 30, 2022

Capitalized Computer Software, Net [Abstract]

Schedule of Software, net

Software, net consisted of the following:


	As of
	June 30, 2022		December 31, 2021
Software	$	1,019	$	996
Accumulated amortization	(898)		(879)
Software, net	$	121	$	117

Schedule of Amortization Expense

The following reflects intangible amortization expense included within D&A:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Amortization expense	$	60	$	46	$	120	$	91

The following reflects amortization of software included within D&A:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Amortization expense	$	20	$	20	$	40	$	41

Long-Term and Other Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The following table reflects our outstanding debt (in order of priority and maturity):


	As of
	June 30, 2022								December 31, 2021
	Final Maturity	Rate(s)	Face value		Unamortized debt discount/premium and deferred financing costs, net		Book value		Book value
Senior Secured Credit Facilities:
SGI Term Loan B-5	2024	variable	$	—	$	—	$	—	$	3,982
SciPlay Revolver	2024	variable	—		—		—		—
SGI Revolver	2027	variable	—		—		—		—
SGI Term Loan B	2029	variable	2,200		(32)		2,168		—
SGI Senior Notes:
2025 Secured Notes	2025	5.000%	—		—		—		1,240
2026 Secured Euro Notes	2026	3.375%	—		—		—		364
2025 Unsecured Notes	2025	8.625%	550		(5)		545		544
2026 Unsecured Euro Notes	2026	5.500%	—		—		—		280
2026 Unsecured Notes	2026	8.250%	—		—		—		1,090
2028 Unsecured Notes	2028	7.000%	700		(8)		692		692
2029 Unsecured Notes	2029	7.250%	500		(6)		494		494


Other	2023	4.089%	3		—		3		4
Total long-term debt outstanding			$	3,953	$	(51)	$	3,902	$	8,690
Less: current portion of long-term debt							(24)		(44)
Long-term debt, excluding current portion							$	3,878	$	8,646
Fair value of debt(1)			$	3,742




(1) Fair value of our fixed rate and variable interest rate debt is classified within Level 2 in the fair value hierarchy and has been calculated based on the quoted market prices of our securities.

Schedule of Retired and Redeemed Debt and Interest Payments


Debt instrument	Interest rate	Maturity	Face value as of March 31, 2022		Paid interest		Premium, other fees and expenses
SGI Term Loan B-5(1)	variable	2024	$	4,008	$	5	$	33
Senior Secured Notes	5.000%	2025	1,250		31		31
Senior Secured Euro Notes	3.375%	2026	361		2		6
Senior Unsecured Euro Notes	5.500%	2026	278		3		8
Senior Unsecured Notes	8.250%	2026	1,100		7		45
Total			$	6,997	$	48	$	123

(1) Premium, other fees and expenses include fees associated with SGI Term Loan B.

Schedule of Components of Extinguishment and Modification of Debt


	Three and Six Months Ended June 30, 2022
Repayment of principal balance at premium	$	90
Unamortized debt (premium) discount and deferred financing costs, net	57

Total loss on debt refinancing transactions	$	147

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Paragraph 1
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+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of gains (loss) on interest rate swap contracts

The following table shows the Gain (loss) and Interest expense recognized on our interest rate swap contracts:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Gain recorded in accumulated other comprehensive loss, net of tax	$	2	$	4	$	5	$	9
Interest expense recorded related to interest rate swap contracts	3		4		6		9

Schedule of the effect of interest rate swap contracts designated as cash flow hedges

The following table shows the effect of interest rate swap contracts designated as cash flow hedges in the consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	Interest expense				Interest expense
Total interest expense which reflects the effects of cash flow hedges	$	(70)	$	(119)	$	(186)	$	(240)
Hedged item	(4)		(4)		(7)		(9)
Derivative designated as hedging instrument	1		—		1		—

Fair value of liabilities measured on recurring basis

The following table shows the fair value of our hedges:

As of

Balance Sheet Line Item

June 30, 2022

December 31, 2021

Interest rate swaps(1)(2)

Other liabilities

—

Interest rate swaps(1)(3)

Other assets

—

Cross-currency interest rate swaps(1)(4)

Other assets

—

(1) The inputs used to measure the fair value of our interest rate swap contracts were categorized as Level 2 in the fair value hierarchy.

(2) Contracts matured in February 2022.

(3) Contracts mature in April 2027.

Asset Acquisition, Contingent Consideration

The table below reconciles the change in the contingent acquisition consideration liabilities (including deferred purchase price) for the period from December 31, 2021 to June 30, 2022.


	Total		Included in Accrued Liabilities		Included in Other Long-Term Liabilities
Balance as of December 31, 2021	$	51	$	3	$	48
Additions	27
Payments	(3)
Fair value adjustments(1)	12
Balance as of June 30, 2022	$	87	$	37	$	50

(1) Amount included in Restructuring and other (see Note 5).

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Stockholders' Deficit

The following tables present certain information regarding our stockholders’ equity (deficit) as of June 30, 2022 and 2021:


	Six Months Ended June 30, 2022
	Common Stock		Additional Paid in Capital		Retained Earnings (Accumulated Loss)		Treasury Stock		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total
January 1, 2022	$	1	$	1,337	$	(3,158)	$	(175)	$	(261)	$	150	$	(2,106)
Settlement of liability awards and other, net	—		43		—		—		—		—		43
Vesting of RSUs, net of tax withholdings	—		(31)		—		—		—		—		(31)
Purchase of treasury stock	—		—		—		(51)		—		—		(51)
Stock-based compensation	—		17		—		—		—		—		17
Net income	—		—		26		—		—		2		28
Other comprehensive loss	—		—		—		—		(37)		—		(37)
March 31, 2022	$	1	$	1,366	$	(3,132)	$	(226)	$	(298)	$	152	$	(2,137)
Vesting of RSUs, net of tax withholdings and other	—		—		—		—		—		—		—
Purchase of treasury stock	—		—		—		(152)		—		—		(152)
Purchase of SciPlay’s common stock	—		(6)		—		—		—		(1)		(7)

Stock-based compensation	—		15		—		—		—		—		15
Net income	—		—		3,291		—		—		4		3,295
Other comprehensive loss(1)	—		—		—		—		(48)		—		(48)
June 30, 2022	$	1	$	1,375	$	159	$	(378)	$	(346)	$	155	$	966






(1) Includes reclassification of $23 million accumulated other comprehensive loss into income due to the sale of Lottery Business (see Note 2).


	Six Months Ended June 30, 2021
	Common Stock		Additional Paid in Capital		Accumulated Loss		Treasury Stock		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total
January 1, 2021	$	1	$	1,268	$	(3,529)	$	(175)	$	(218)	$	129	$	(2,524)
Vesting of RSUs, net of tax withholdings and other	—		(13)		—		—		—		—		(13)
Stock-based compensation	—		17		—		—		—		—		17
Net (loss) income	—		—		(15)		—		—		6		(9)
Other comprehensive income	—		—		—		—		8		—		8

March 31, 2021	$	1	$	1,272	$	(3,544)	$	(175)	$	(210)	$	135	$	(2,521)
Vesting of RSUs, net of tax withholdings and other	—		(4)		—		—		—		—		(4)

Stock-based compensation	—		31		—		—		—		—		31
Net income	—		—		109		—		—		4		113
Other comprehensive income	—		—		—		—		11		—		11
June 30, 2021	$	1	$	1,299	$	(3,435)	$	(175)	$	(199)	$	139	$	(2,370)

Schedule of Stock-based Compensation Expense Recognized

The following reflects total stock-based compensation expense recognized under all programs in our continuing operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Related to L&W stock options	$	1	$	16	$	1	$	22
Related to L&W RSUs	15		17		27		28
Related to SciPlay RSUs	1		3		4		5
Total	$	17	$	36	$	32	$	55

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

A summary of the changes in RSUs outstanding under our equity-based compensation plans during the three months ended June 30, 2022 is presented below:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested RSUs as of December 31, 2021	2.7	$	32.03
Granted	1.5	$	58.30
Vested	(1.7)	$	38.08
Cancelled	(0.3)	$	33.87
Unvested RSUs as of June 30, 2022	2.2	$	45.17

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Schedule of Supplemental Operating Lease Information

Supplemental balance sheet and cash flow information related to operating leases is as follows:


	As of
	June 30, 2022			December 31, 2021
Operating lease right-of-use assets	$	51		$	51
Accrued liabilities	16			16
Operating lease liabilities	40			40
Total operating lease liabilities	$	56		$	56

Weighted average remaining lease term, units in years	4			4
Weighted average discount rate	5		%	5		%


	Six Months Ended June 30,
	2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	11		$	9
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	12		$	2

Maturities of Lease Liabilities

Lease liability maturities:


	Remainder of 2022		2023		2024		2025		2026		Thereafter		Less Imputed Interest		Total
Operating leases	$	9	$	17	$	14	$	11	$	7	$	3	$	(5)	$	56

Description of the Business and Summary of Significant Accounting Policies - Narrative (Details) shares in Millions, $ in Millions			1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) shares	Sep. 27, 2021 USD ($) shares	Apr. 30, 2022 USD ($)	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 shares	Jun. 30, 2022 USD ($) Segment shares	Jun. 30, 2021 shares	Mar. 01, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of business segments \| Segment						3
Discontinued Operations, Disposed of by Sale \| Sports Betting Business \| Endeavor Group Holdings, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses	$ 750.0	$ 1,000.0
Noncash, consideration, shares received (in shares) \| shares	2.3	7.6		2.3		2.3
Noncash consideration amount received	$ 50.0	$ 200.0
Continuing Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Acquisitions related to continuing operations, total consideration			$ 147.0
Lottery Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses				$ 5,700.0
Alictus
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business acquisition, percentage of voting interests acquired								80.00%
Business acquisition, percentage of voting interests, contingent consideration								0.20
Contingent consideration arrangements, range of outcomes, value, low	0.0			0.0		$ 0.0
Contingent consideration arrangements, maximum payout	200.0			200.0		200.0
Alictus \| Continuing Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Acquisitions related to continuing operations, total consideration						106.0
Acquisitions During Period
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent consideration arrangements, maximum payout	$ 213.0			$ 213.0		$ 213.0
Related to L&W RSUs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares) \| shares				2.0	3.0	2.0	3.0
Employee Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares) \| shares				2.0	2.0	2.0	2.0

Description of the Business and Summary of Significant Accounting Policies - Schedule of Business Acquisitions (Details) $ in Millions	1 Months Ended	6 Months Ended
	Apr. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Combination, Consideration Transferred [Abstract]
Contingent consideration/Redeemable non-controlling interest		$ 87	$ 51
Excess purchase price allocated to Goodwill		101
Acquisitions During Period
Business Combination, Consideration Transferred [Abstract]
Contingent consideration arrangements, maximum payout		$ 213
Minimum
Business Combination, Consideration Transferred [Abstract]
Business combination, contingent consideration, discount rate		0.02
Maximum
Business Combination, Consideration Transferred [Abstract]
Business combination, contingent consideration, discount rate		0.16
Measurement Input, Discount Rate \| Minimum
Business Combination, Consideration Transferred [Abstract]
Business combination, intangibles, discount rate	16.00%
Measurement Input, Discount Rate \| Maximum
Business Combination, Consideration Transferred [Abstract]
Business combination, intangibles, discount rate	18.00%
Royalty \| Minimum \| Game Content and Technology
Business Combination, Consideration Transferred [Abstract]
Business combination, royalty rate	20.00%
Royalty \| Minimum \| Trade names
Business Combination, Consideration Transferred [Abstract]
Business combination, royalty rate	1.00%
Royalty \| Maximum \| Game Content and Technology
Business Combination, Consideration Transferred [Abstract]
Business combination, royalty rate	21.00%
Royalty \| Maximum \| Trade names
Business Combination, Consideration Transferred [Abstract]
Business combination, royalty rate	3.00%
Continuing Operations
Business Combination, Consideration Transferred [Abstract]
Total Consideration	$ 147
Contingent consideration/Redeemable non-controlling interest	25
Allocation of purchase price to Intangible assets, net	$ 40
Weighted average useful life of acquired intangible assets	6 years
Excess purchase price allocated to Goodwill	$ 101
Continuing Operations \| Playzido Limited
Business Combination, Consideration Transferred [Abstract]
Total Consideration	6
Cash paid, net of cash acquired	$ 113

Discontinued Operations - Narrative (Details) - Lottery Business $ in Millions	3 Months Ended
	Jun. 30, 2022 USD ($)
Condensed Financial Statements
Proceeds from divestiture of businesses	$ 5,700.0
Gain on sale of Lottery Business before income taxes	$ 4,600.0

Discontinued Operations - Income Statement and Balance Sheet Disclosures (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Income tax expense	$ (1.0)	$ (6.0)	$ (4.0)	$ (9.0)
Net income from discontinued operations, net of tax included in the consolidated statement of operations			3,540.0	243.0
Disposal group, depreciation and amortization		27.0		53.0
Disposal group, direct transaction closing fees	78.0		78.0
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract]
Total current assets of businesses held for sale	106.0		106.0		$ 497.0
Total non-current assets of businesses held for sale	429.0		429.0		1,477.0
Total current liabilities of businesses held for sale	26.0		26.0		282.0
Operating lease liabilities	56.0		56.0		56.0
Total non-current liabilities of businesses held for sale	42.0		42.0		$ 124.0
Lottery Business
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Gain on sale of Lottery Business before income taxes	4,600.0
Discontinued Operations
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Total revenue	51.0	299.0	339.0	575.0
Total cost of revenue	18.0	144.0	168.0	283.0
Other operating expenses	108.0	60.0	149.0	120.0
Operating (loss) income	(75.0)	95.0	22.0	172.0
Total other income, net	0.0	71.0	7.0	73.0
Net (loss) income from discontinued operations before income taxes	(75.0)	166.0	29.0	245.0
Gain on sale of Lottery Business before income taxes	4,568.0	0.0	4,568.0	0.0
Total net income from discontinued operations before income taxes	4,493.0	166.0	4,597.0	245.0
Income tax expense	1,048.0	2.0	(1,057.0)	(2.0)
Net income from discontinued operations, net of tax included in the consolidated statement of operations	3,445.0	164.0	3,540.0	243.0
Discontinued operations, stock-based compensation	4.0	5.0	11.0	9.0
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract]
Cash and cash equivalents	43.0	44.0	43.0	44.0
Restricted cash	0.0	22.0	0.0	22.0
Receivables, net	40.0	214.0	40.0	214.0
Inventories	0.0	94.0	0.0	94.0
Prepaid expenses deposits and other current assets	23.0	123.0	23.0	123.0
Total current assets of businesses held for sale	106.0	497.0	106.0	497.0
Property and equipment, net	8.0	217.0	8.0	217.0
Intangible assets and software, net	163.0	304.0	163.0	304.0
Goodwill	242.0	623.0	242.0	623.0
Equity investments	0.0	251.0	0.0	251.0
Other assets	16.0	82.0	16.0	82.0
Total non-current assets of businesses held for sale	429.0	1,477.0	429.0	1,477.0
Total assets of businesses held for sale	535.0	1,974.0	535.0	1,974.0
Accounts payable	1.0	95.0	1.0	95.0
Accrued liabilities and other	25.0	187.0	25.0	187.0
Total current liabilities of businesses held for sale	26.0	282.0	26.0	282.0
Operating lease liabilities	8.0	34.0	8.0	34.0
Other	34.0	90.0	34.0	90.0
Total non-current liabilities of businesses held for sale	42.0	124.0	42.0	124.0
Total liabilities of businesses held for sale	$ 68.0	$ 406.0	$ 68.0	$ 406.0

Revenue Recognition - Summary of Revenue by Type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 610	$ 581	$ 1,183	$ 1,034
U.K. FOBT VAT Recovery		38		44
Gaming
Disaggregation of Revenue [Line Items]
Total revenue	390	367	745	611
Gaming \| Gaming operations
Disaggregation of Revenue [Line Items]
Total revenue	163	181	319	294
Gaming \| Gaming machine sales
Disaggregation of Revenue [Line Items]
Total revenue	123	100	226	155
Gaming \| Gaming systems
Disaggregation of Revenue [Line Items]
Total revenue	60	52	111	94
Gaming \| Table products
Disaggregation of Revenue [Line Items]
Total revenue	44	34	89	68
SciPlay
Disaggregation of Revenue [Line Items]
Total revenue	160	154	318	305
SciPlay \| Mobile in-app purchases
Disaggregation of Revenue [Line Items]
Total revenue	138	136	277	269
SciPlay \| Web in-app purchases and other
Disaggregation of Revenue [Line Items]
Total revenue	22	18	41	36
iGaming
Disaggregation of Revenue [Line Items]
Total revenue	$ 60	$ 60	$ 120	$ 118

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Operating Lease, Lease Income	$ 118	$ 119	$ 231	$ 182

Revenue Recognition - Summary of Contract Liabilities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Change In Contract Liabilities [Roll Forward]
Contract liability balance, beginning of period	$ 37
Liabilities recognized during the period	6
Amounts recognized in revenue from beginning balance	(11)
Contract liability balance, end of period	$ 32

Revenue Recognition - Balances in Receivables and Contract Asset Accounts (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Receivables	$ 430	$ 440
Contract Assets	$ 26	$ 19

Business Segments - Additional Information (Details)	6 Months Ended
Business Segments - Additional Information (Details)	Jun. 30, 2022 Segment
Segment Reporting [Abstract]
Number of business segments	3

Business Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 610	$ 581	$ 1,183	$ 1,034
AEBITDA	212	232	414	374
Reconciling items to Net loss from continuing operations before income taxes:
Depreciation, amortization and impairments	(107)	(96)	(215)	(193)
Restructuring and other	(42)	(30)	(78)	(51)
Interest expense	(70)	(119)	(186)	(240)
Total loss on debt refinancing transactions	(147)	0	(147)	0
Gain on remeasurement of debt and other	20	(7)	27	18
Other income, net	2	11	4	17
Stock-based compensation	(17)	(36)	(32)	(55)
Net loss from continuing operations before income taxes	(149)	(45)	(213)	(130)
Unallocated and Reconciling Items
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
AEBITDA	(29)	(30)	(62)	(62)
Reconciling items to Net loss from continuing operations before income taxes:
Depreciation, amortization and impairments	6	(7)	(13)	(14)
Restructuring and other	26	(27)	(57)	(44)
Interest expense	(70)	(119)	(186)	(240)
Total loss on debt refinancing transactions	147
Gain on remeasurement of debt and other	20	(7)	27	18
Other income, net	2	11	4	17
Stock-based compensation	(17)	(36)	(32)	(55)
Gaming
Segment Reporting Information [Line Items]
Total revenue	390	367	745	611
AEBITDA	179	194	350	301
Reconciling items to Net loss from continuing operations before income taxes:
Depreciation, amortization and impairments	82	(72)	(165)	(147)
Restructuring and other	1	(3)	(4)	(6)
SciPlay
Segment Reporting Information [Line Items]
Total revenue	160	154	318	305
AEBITDA	41	48	85	94
Reconciling items to Net loss from continuing operations before income taxes:
Depreciation, amortization and impairments	6	(4)	(10)	(7)
Restructuring and other	1	(1)	(3)	(1)
iGaming
Segment Reporting Information [Line Items]
Total revenue	60	60	120	118
AEBITDA	21	20	41	41
Reconciling items to Net loss from continuing operations before income taxes:
Depreciation, amortization and impairments	13	(13)	(27)	(25)
Restructuring and other	$ 14	$ 1	$ (14)	$ 0

Restructuring and other (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Restructuring and other (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring and other	$ 42	$ 30	$ 78	$ 51
Employee severance and related
Restructuring Cost and Reserve [Line Items]
Restructuring and other	1	0	2	1
Strategic review and related
Restructuring Cost and Reserve [Line Items]
Restructuring and other	22	16	52	26
Contingent acquisition consideration
Restructuring Cost and Reserve [Line Items]
Restructuring and other	12	0	12	0
Restructuring, integration and other
Restructuring Cost and Reserve [Line Items]
Restructuring and other	$ 7	$ 14	$ 12	$ 24

Receivables, Allowance for Credit Losses and Credit Quality of Receivables - Components of Accounts and Notes Receivable, Net (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current:
Receivables	$ 461	$ 475
Allowance for credit losses	(46)	(52)
Current receivables, net	415	423
Long-term:
Receivables	17	19
Allowance for credit losses	(2)	(2)
Long-term receivables, net	15	17
Financing Receivable, after Allowance for Credit Loss, Total	$ 430	$ 440

Receivables, Allowance for Credit Losses and Credit Quality of Receivables - Accounts and Notes Receivable, Net by Geography and Delinquency (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Recorded Investment, Past Due [Line Items]
Notes receivable	$ 478		$ 494
Notes receivable allowance	(48)	$ (50)	(54)	$ (63)	$ (78)	$ (81)
Long-term receivables, net	430		440
UNITED STATES
Financing Receivable, Recorded Investment, Past Due [Line Items]
Notes receivable	293		321
Notes receivable allowance	(21)		(18)
International
Financing Receivable, Recorded Investment, Past Due [Line Items]
Notes receivable	185		173
Notes receivable allowance	(27)	$ (29)	(36)
Balances Over 90 days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Notes receivable	53		81
Notes receivable allowance for balances over 90 days past due	(31)		(25)
Notes receivable, net, balances over 90 days past due	22		56
Balances Over 90 days Past Due \| UNITED STATES
Financing Receivable, Recorded Investment, Past Due [Line Items]
Notes receivable	25		37
Notes receivable allowance for balances over 90 days past due	(6)		(6)
Balances Over 90 days Past Due \| International
Financing Receivable, Recorded Investment, Past Due [Line Items]
Notes receivable	28		44
Notes receivable allowance for balances over 90 days past due	$ (25)		$ (19)

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953401-111524

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 79
-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922352-210448

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 45
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=124255206&loc=SL82895884-210446

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 5
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 80
-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922355-210448

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (2)

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph (a)

+ Details

Receivables, Allowance for Credit Losses and Credit Quality of Receivables - Allowance for Accounts and Notes Receivable Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Allowance for notes receivable
Financing Receivable, Allowance for Credit Loss	$ (50)	$ (54)	$ (78)	$ (81)
Provision for Loan, Lease, and Other Losses	(1)	(3)	(2)	1
Financing Receivable, Allowance for Credit Loss, Recovery	3	7	17	2
Financing Receivable, Allowance for Credit Loss	$ (48)	(50)	$ (63)	$ (78)
Balances Over 90 days Past Due
Allowance for notes receivable
Financing Receivable, Percent Past Due	5.00%		13.00%
International
Allowance for notes receivable
Financing Receivable, Allowance for Credit Loss	$ (29)	(36)
Provision for Loan, Lease, and Other Losses	0	0
Financing Receivable, Allowance for Credit Loss, Recovery	2	7
Financing Receivable, Allowance for Credit Loss	(27)	(29)
UNITED STATES
Allowance for notes receivable
Financing Receivable, Allowance for Credit Loss	(21)	(18)
Provision for Loan, Lease, and Other Losses	(1)	(3)
Financing Receivable, Allowance for Credit Loss, Recovery	1	0
Financing Receivable, Allowance for Credit Loss	$ (21)	$ (21)

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Receivables, Allowance for Credit Losses and Credit Quality of Receivables - Schedule of LATAM Receivables (Details) - Latin America $ in Millions	Jun. 30, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss	$ 78
Accounts Receivable, Allowance for Credit Loss	(25)
Accounts Receivable, after Allowance for Credit Loss	53
Current or Not Yet Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss	40
Accounts Receivable, Allowance for Credit Loss	(14)
Accounts Receivable, after Allowance for Credit Loss	26
Balances Over 90 days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss	38
Accounts Receivable, Allowance for Credit Loss	(11)
Accounts Receivable, after Allowance for Credit Loss	$ 27

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Parts and work-in-process	$ 100	$ 70
Finished goods	29	28
Inventories	$ 129	$ 98

Property and Equipment, net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (659)		$ (659)		$ (675)
Total property and equipment, net	205		205		213
Depreciation expense	27	$ 30	55	$ 61
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6		6		6
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	55		55		55
Gaming machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	680		680		712
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	21		21		22
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	14		14		9
Other property and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 88		$ 88		$ 84

Intangible Assets, net and Goodwill - Schedule of Finite and Indefinite-lived Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Amortizable intangible assets:
Amortizable intangible assets, gross carrying value	$ 2,579	$ 2,599
Amortizable intangible assets, accumulated amortization	(1,742)	(1,653)
Amortizable intangible assets, net balance	837	946
Customer relationships
Amortizable intangible assets:
Amortizable intangible assets, gross carrying value	905	911
Amortizable intangible assets, accumulated amortization	(480)	(445)
Amortizable intangible assets, net balance	425	466
Intellectual property
Amortizable intangible assets:
Amortizable intangible assets, gross carrying value	928	914
Amortizable intangible assets, accumulated amortization	(690)	(670)
Amortizable intangible assets, net balance	238	244
Licenses
Amortizable intangible assets:
Amortizable intangible assets, gross carrying value	439	472
Amortizable intangible assets, accumulated amortization	(375)	(380)
Amortizable intangible assets, net balance	64	92
Brand names
Amortizable intangible assets:
Amortizable intangible assets, gross carrying value	130	132
Amortizable intangible assets, accumulated amortization	(102)	(97)
Amortizable intangible assets, net balance	28	35
Trade names
Amortizable intangible assets:
Amortizable intangible assets, gross carrying value	163	158
Amortizable intangible assets, accumulated amortization	(88)	(54)
Amortizable intangible assets, net balance	75	104
Patents and other
Amortizable intangible assets:
Amortizable intangible assets, gross carrying value	14	12
Amortizable intangible assets, accumulated amortization	(7)	(7)
Amortizable intangible assets, net balance	$ 7	$ 5

Intangible Assets, net and Goodwill - Intangible Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 60	$ 46	$ 120	$ 91

Intangible Assets, net and Goodwill - Reconciliation of the Carrying Amount of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Balance at the beginning of the period	$ 2,892
Acquired goodwill	101
Foreign currency adjustments	(61)
Balance at the end of the period	2,932
Gaming
Goodwill [Roll Forward]
Balance at the beginning of the period	2,405
Acquired goodwill	0
Foreign currency adjustments	(28)
Balance at the end of the period	2,377
Goodwill, Impaired, Accumulated Impairment Loss	989
SciPlay
Goodwill [Roll Forward]
Balance at the beginning of the period	126
Acquired goodwill	93
Foreign currency adjustments	(5)
Balance at the end of the period	214
iGaming
Goodwill [Roll Forward]
Balance at the beginning of the period	361
Acquired goodwill	8
Foreign currency adjustments	(28)
Balance at the end of the period	$ 341

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Software, net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Software, net (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Capitalized Computer Software, Net [Abstract]
Software	$ 1,019		$ 1,019		$ 996
Accumulated amortization	(898)		(898)		(879)
Software, net	121		121		$ 117
Capitalized Computer Software, Amortization	$ 20	$ 20	$ 40	$ 41

Long-Term and Other Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Millions	Apr. 14, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Feb. 28, 2018
Debt Instrument
Face value			$ 6,997
Paid interest	$ 48
Premium, other fees and expenses	$ 123	$ 51
Total long-term debt outstanding		$ 3,902		$ 8,690
2025 Secured Notes
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage					2.946%
Senior Notes \| 2025 Secured Notes
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage	5.00%	5.00%
Face value		$ 0	1,250
Paid interest	$ 31
Premium, other fees and expenses	$ 31	0
Total long-term debt outstanding		$ 0		1,240
Senior Notes \| 2026 Secured Euro Notes
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage	3.375%	3.375%
Face value		$ 0	361
Paid interest	$ 2
Premium, other fees and expenses	$ 6	0
Total long-term debt outstanding		$ 0		364
Senior Notes \| 2025 Unsecured Notes
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage		8.625%
Face value		$ 550
Premium, other fees and expenses		5
Total long-term debt outstanding		$ 545		544
Senior Notes \| 2026 Unsecured Euro Notes
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage	5.50%	5.50%
Face value		$ 0	278
Paid interest	$ 3
Premium, other fees and expenses	$ 8	0
Total long-term debt outstanding		$ 0		280
Senior Notes \| 2026 Unsecured Notes
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage	8.25%	8.25%
Face value		$ 0	1,100
Paid interest	$ 7
Premium, other fees and expenses	45	0
Total long-term debt outstanding		$ 0		1,090
Senior Notes \| 2028 Unsecured Notes
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage		7.00%
Face value		$ 700
Premium, other fees and expenses		8
Total long-term debt outstanding		$ 692		692
Senior Notes \| 2029 Unsecured Notes
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage		7.25%
Face value		$ 500
Premium, other fees and expenses		6
Total long-term debt outstanding		$ 494		494
Capital Lease Obligations \| Capital lease obligations as of period end payable monthly and other
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage		4.089%
Face value		$ 3
Premium, other fees and expenses		0
Total long-term debt outstanding		3		4
Senior Secured Credit Facilities \| Secured Debt \| SGI Revolver
Debt Instrument
Face value		0
Premium, other fees and expenses		0
Total long-term debt outstanding		0		0
Senior Secured Credit Facilities \| Secured Debt \| SGI Term Loan B-5
Debt Instrument
Face value		0	$ 4,008
Paid interest	5
Premium, other fees and expenses	$ 33	0
Total long-term debt outstanding		0		3,982
Senior Secured Credit Facilities \| Secured Debt \| SciPlay Revolver
Debt Instrument
Face value		0
Premium, other fees and expenses		0
Total long-term debt outstanding		$ 0		$ 0

Long-Term and Other Debt - Narrative (Details) - USD ($) $ in Millions	Apr. 14, 2022	Jun. 30, 2022	Mar. 31, 2022
Debt Instrument
Debt Instrument, Face Amount, Decrease (Increase) Due to Refinancing	$ 4,957
Principal debt amount	3,953	$ 3,953	$ 8,910
Face value			$ 6,997
Senior Secured Credit Facilities \| Credit Facility, Term Loan, Maturing 2029 \| Secured Debt
Debt Instrument
Face value	$ 2,200
Debt Instrument, Interest Rate, Stated Percentage	2.00%
Debt Instrument, Periodic Payment, Percentage of Principal	0.0100
Senior Secured Credit Facilities \| Credit Facility, Term Loan, Maturing 2029 \| Secured Debt \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	3.00%
Senior Secured Credit Facilities \| Revolver, Maturing 2027 \| Secured Debt
Debt Instrument
Face value	$ 750
Debt Instrument, Interest Rate, Stated Percentage	1.00%
Debt Instrument, Interest Rate, Increase (Decrease)	0.25%
Senior Secured Credit Facilities \| Revolver, Maturing 2027 \| Secured Debt \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	2.00%
Term Loan Facility and Revolving Credit Facility, April 2022 \| Secured Debt
Debt Instrument
Face value	$ 5
Debt Instrument, Covenant Terms, Maximum Ratio of Borrowings Exceeding Commitments	0.30
Debt Instrument, Covenant, Leverage Ratio, Maximum	4.50

Long-Term and Other Debt - Schedule of Retired and Redeemed Debt and Interest Payments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Apr. 14, 2022	Mar. 31, 2022	Dec. 31, 2021	Feb. 28, 2018
Debt Instrument
Face value			$ 6,997
Unamortized debt discount/premium and deferred financing costs, net	$ 51	$ 123
Book value	3,902			$ 8,690
Less: current portion of long-term debt	(24)			(44)
Long-term debt, excluding current portion	3,878			8,646
Fair value of debt	$ 3,742
Senior Secured Notes, Maturing 2025
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage					2.946%
Senior Notes \| Senior Secured Notes, Maturing 2025
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage	5.00%	5.00%
Face value	$ 0		1,250
Unamortized debt discount/premium and deferred financing costs, net	0	$ 31
Book value	$ 0			1,240
Senior Notes \| 2026 Secured Euro Notes
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage	3.375%	3.375%
Face value	$ 0		361
Unamortized debt discount/premium and deferred financing costs, net	0	$ 6
Book value	$ 0			364
Senior Notes \| 2026 Unsecured Euro Notes
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage	5.50%	5.50%
Face value	$ 0		278
Unamortized debt discount/premium and deferred financing costs, net	0	$ 8
Book value	$ 0			280
Senior Notes \| 2026 Unsecured Notes
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage	8.25%	8.25%
Face value	$ 0		1,100
Unamortized debt discount/premium and deferred financing costs, net	0	$ 45
Book value	0			1,090
Senior Secured Credit Facilities \| Secured Debt \| SGI Term Loan B-5
Debt Instrument
Face value	0		$ 4,008
Unamortized debt discount/premium and deferred financing costs, net	0	$ 33
Book value	0			3,982
Senior Secured Credit Facilities \| Secured Debt \| SGI Revolver
Debt Instrument
Face value	0
Unamortized debt discount/premium and deferred financing costs, net	0
Book value	0			0
Senior Secured Credit Facilities \| Secured Debt \| SGI Term Loan B
Debt Instrument
Face value	2,200
Unamortized debt discount/premium and deferred financing costs, net	32
Book value	$ 2,168			$ 0

Long-Term and Other Debt - Loss on Debt Refinancing (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument
Repayment of principal balance at premium	$ 90		$ 90
Unamortized debt discount/premium and deferred financing costs, net	57		57
Total loss on debt refinancing transactions	$ 147	$ 0	$ 147	$ 0

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Apr. 30, 2022	Apr. 14, 2022	Dec. 31, 2021	Feb. 28, 2018
Derivative [Line Items]
Contingent consideration	$ 87			$ 51
Included in Accrued Liabilities
Derivative [Line Items]
Contingent consideration	$ 37			$ 3
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap
Derivative [Line Items]
Derivative average fixed interest rate	2.832%				2.4418%
Derivative, Notional Amount	$ 700				$ 800
Senior Secured Notes, Maturing 2025
Derivative [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					2.946%
Senior Secured Notes, Maturing 2025 \| Senior Notes
Derivative [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.00%		5.00%
Senior Secured Notes, Maturing 2025 \| Senior Notes \| Cross-currency interest rate swaps
Derivative [Line Items]
Long-term debt					$ 460
2026 Secured Euro Notes \| Senior Notes
Derivative [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.375%		3.375%
April 2022 Refinancing \| Senior Notes \| Cross-currency interest rate swaps
Derivative [Line Items]
Proceeds from settlement of derivative instrument		$ 50

Fair Value Measurements - Gains (Loss) and Interest Expense on Interest Rate Swap Contracts (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain recorded in accumulated other comprehensive loss, net of tax	$ 2	$ 4	$ 5	$ 9
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense recorded related to interest rate swap contracts	$ 3	$ 4	$ 6	$ 9

Fair Value Measurements - Effect of Interest Rate Swap Contracts (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Total interest expense which reflects the effects of cash flow hedges	$ (70)	$ (119)	$ (186)	$ (240)
Hedged item	(4)	(4)	(7)	(9)
Derivative designated as hedging instrument	$ 1	$ 0	$ 1	$ 0

Fair Value Measurements - Fair Value of Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative designated as hedging instrument	$ 1	$ 0	$ 1	$ 0
Interest rate swap \| Other liabilities
Derivatives, Fair Value [Line Items]
Derivative fair value	0		0		$ 3
Interest rate swap \| Other assets
Derivatives, Fair Value [Line Items]
Derivative fair value	1		1		0
Cross-currency interest rate swaps \| Other assets
Derivatives, Fair Value [Line Items]
Derivative fair value	0		0		$ 42
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax	$ 0	$ (8)	$ 4	$ 13

Fair Value Measurements - Contingent Acquisition Consideration (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration/Redeemable non-controlling interest	$ 87	$ 51
Additions	27
Payments	(3)
Fair value adjustments	12
Included in Accrued Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration/Redeemable non-controlling interest	37	3
Included in Other Long-Term Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration/Redeemable non-controlling interest	$ 50	$ 48

Stockholders' Equity - Schedule of Changes in Equity (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	$ (2,137)	$ (2,106)	$ (2,521)	$ (2,524)	$ (2,106)	$ (2,524)
Settlement of liability awards and other, net		43
Vesting of RSUs, net of tax withholdings and other	0	(31)	(4)	(13)
Purchase of treasury stock	(152)	(51)
Purchase of SciPlay’s common stock	(7)
Stock-based compensation	15	17	31	17
Net income	3,295	28	113	(9)	3,323	104
Other comprehensive loss	(48)	(37)	11	8
Stockholders' equity, ending balance	966	(2,137)	(2,370)	(2,521)	966	(2,370)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	1	1	1	1	1	1
Stockholders' equity, ending balance	1	1	1	1	1	1
Additional Paid in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	1,366	1,337	1,272	1,268	1,337	1,268
Settlement of liability awards and other, net		43
Vesting of RSUs, net of tax withholdings and other	0	(31)	(4)	(13)
Purchase of SciPlay’s common stock	6
Stock-based compensation	15	17	31	17
Stockholders' equity, ending balance	1,375	1,366	1,299	1,272	1,375	1,299
Retained Earnings (Accumulated Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	(3,132)	(3,158)	(3,544)	(3,529)	(3,158)	(3,529)
Net income	3,291	26	109	(15)
Stockholders' equity, ending balance	159	(3,132)	(3,435)	(3,544)	159	(3,435)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	(226)	(175)	(175)	(175)	(175)	(175)
Purchase of treasury stock	(152)	(51)
Stockholders' equity, ending balance	(378)	(226)	(175)	(175)	(378)	(175)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	(298)	(261)	(210)	(218)	(261)	(218)
Other comprehensive loss	(48)	(37)	11	8
Stockholders' equity, ending balance	(346)	(298)	(199)	(210)	(346)	(199)
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance	152	150	135	129	150	129
Purchase of SciPlay’s common stock	(1)
Net income	4	2	4	6
Stockholders' equity, ending balance	$ 155	$ 152	$ 139	$ 135	$ 155	$ 139

Stockholders' Equity - Stock Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 17	$ 36	$ 32	$ 55
Related to L&W stock options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	1	16	1	22
Related to L&W RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	15	17	27	28
Related to L&W RSUs \| SciPlay
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 1	$ 3	$ 4	$ 5

Stockholders' Equity - Schedule of Restricted Stock Units (Details) - Related to L&W RSUs - $ / shares shares in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Number of Restricted Stock Units
Unvested RSU's at beginning of period (in shares)	2.7
Granted (in shares)	1.5
Vested (in shares)	(1.7)
Cancelled (in shares)	(0.3)
Unvested RSU's at end of period (in shares)	2.2
Weighted Average Grant Date Fair Value
Unvested RSU's at beginning of period (in dollars per share)	$ 32.03
Granted (in dollars per share)	58.30	$ 53.37
Vested (in dollars per share)	38.08
Cancelled (in dollars per share)	33.87
Unvested RSU's at end of period (in dollars per share)	$ 45.17

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unrecognized stock based compensation	$ 73,000,000		$ 73,000,000
Unrecognized stock based compensation, period for recognition			2 years
Stock purchase program, aggregate cost	152,000,000	$ 51,000,000
Share Repurchase Program, March 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock repurchase program, authorized amount	750,000,000		$ 750,000,000
Stock repurchase program, shares acquired (in shares)			3.7
Stock purchase program, aggregate cost			$ 203,000,000
Stock purchase program, average cost per share (in usd per share)			$ 55.39
Share Repurchase Program, May 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock repurchase program, authorized amount	60,000,000		$ 60,000,000
Stock repurchase program, shares acquired (in shares)			0.5
Stock purchase program, aggregate cost			$ 7,000,000
Stock purchase program, average cost per share (in usd per share)			$ 13.76
Discontinued Operations
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unrecognized stock based compensation	$ 5,000,000		$ 5,000,000
Related to L&W RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Granted (in dollars per share)			$ 58.30	$ 53.37
Awards vested in period, fair value			$ 62,400,000	$ 42,400,000

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Valuation Allowance [Line Items]
Income Tax Expense (Benefit)	$ 1	$ 6	$ 4	$ 9
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Lottery Business
Valuation Allowance [Line Items]
Disposal Group, Including Discontinued Operation, Accrued Income Tax Payable	$ 665		$ 665
Other SciPlay Owners
Valuation Allowance [Line Items]
Percentage of SciPlay stock owned by other parties	19.00%		19.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease expenses	$ 4	$ 5	$ 10	$ 11

Leases - Supplemental Operating Lease Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Leases [Abstract]
Operating lease right-of-use assets	$ 51		$ 51
Accrued liabilities	16		16
Operating lease liabilities	40		40
Total operating lease liabilities	$ 56		$ 56
Weighted average remaining lease term, units in years	4 years		4 years
Weighted average discount rate	5.00%		5.00%
Operating cash flows for operating leases	$ 11	$ 9
Operating lease right-of-use assets obtained in exchange for new lease liabilities	$ 12	$ 2

Leases - Maturities of Lease Liabilities (Details) $ in Millions	Jun. 30, 2022 USD ($)
Leases [Abstract]
Remainder of 2022	$ 9
2023	17
2024	14
2025	11
2026	7
Thereafter	3
Less Imputed Interest	(5)
Total	$ 56

Litigation (Details) $ in Millions, $ in Billions	1 Months Ended
Litigation (Details) $ in Millions, $ in Billions	Jun. 30, 1999 USD ($)	Jun. 30, 1999 COP ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 1993 USD ($)
Other Commitments [Line Items]
Loss contingency accrual			$ 27.0	$ 27.0
Contractual penalty			$ 13.0
Guarantee of Business Revenue
Other Commitments [Line Items]
Contractual penalty					$ 5.0
Loss Contingency Deposit of Surety Bond					$ 4.0
Ecosalud
Other Commitments [Line Items]
Litigation Settlement, Amount Awarded to Other Party	$ 30.2	$ 90