0000750004-25-000016 | 10-K | XBRL Viewer

Property and equipment are stated at cost, and when placed into service, are depreciated using the straight-line method over the estimated useful lives of the assets as follows:


Item						Estimated Life in Years
Gaming equipment						1 - 5
Machinery and equipment						3 - 15
Transportation equipment						3 - 8
Furniture and fixtures						5 - 10
Buildings and improvements						15 - 40

Property and equipment, net consisted of the following:


	As of December 31,
	2024		2023
Land	$	6	$	6
Buildings and leasehold improvements	64		59
Gaming machinery and equipment	745		718
Furniture and fixtures	29		26
Construction in progress	9		7
Other property and equipment	102		94
Less: accumulated depreciation	(669)		(674)
Total property and equipment, net	$	286	$	236

Depreciation expense is excluded from cost of services, cost of products and other operating expenses and is separately presented within D&A.


	Year Ended December 31,
	2024		2023		2022
Depreciation expense	$	134	$	117	$	111

Inventories (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories consisted of the following:


	As of December 31,
	2024		2023
Parts and work-in-process	$	126	$	113
Finished goods	32		64
Total inventories	$	158	$	177

Business Segments

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Business Segments

We report our operations in three business segments—Gaming, SciPlay and iGaming—representing our different products and services. Our Gaming business segment generally sells game content and gaming machines, VGTs and VLTs (including conversion kits and parts), and leases or otherwise provides gaming content, gaming machines and server-based systems. It also sells and supports CMS-based software and hardware, licenses PTG content and supplies Shufflers and other table products utilities to commercial, tribal and governmental gaming operators. Our SciPlay business segment develops, markets and operates a portfolio of social games played on various online platforms. Our iGaming business segment provides a comprehensive suite of digital gaming content, distribution platforms and player account management systems, as well as various other iGaming content and services. See Note 3 for the products and services from which each reportable segment derives its revenues.

In evaluating financial performance, our CODM (defined as our Chief Executive Officer) focuses on adjusted earnings before interest, taxes, depreciation and amortization (“AEBITDA”) as management’s primary segment measure of profit or loss, which is described in footnote (5) to the below table. Our CODM uses business segment AEBITDA to evaluate the performance of each business segment and allocate resources. Additionally, AEBITDA is one of the key metrics used in our incentive compensation program. The accounting policies for our business segments are the same as those described in these Notes.

The following tables present our segment information:


	Year Ended December 31, 2024
	Gaming		SciPlay		iGaming		Total Reportable Segments		Unallocated and Reconciling Items(1)		Total
Total revenue	$	2,068	$	821	$	299	$	3,188	$	—	$	3,188
Cost of revenue(2)	(603)		(231)		(97)		(931)		—		(931)
Payroll and related(3)	(321)		(102)		(70)		(493)		—		(493)
Other segment reconciling items(4)	(117)		(216)		(34)		(367)		(153)		(520)
AEBITDA(5)	1,027		272		98		1,397		(153)		1,244
Reconciling items to net income from continuing operations before income taxes:

Restructuring and other	(2)		(1)		(4)		(7)		(87)		(94)

D&A									(361)		(361)
Interest expense									(293)		(293)
Loss on debt refinancing transactions									(2)		(2)

Other income, net									37		37
Stock-based compensation									(110)		(110)
Net income from continuing operations before income taxes											$	421
Assets as of December 31, 2024	$	3,964	$	444	$	735	$	5,143	$	278	$	5,421
Capital expenditures for the year ended December 31, 2024	$	238	$	18	$	24	$	280	$	14	$	294
(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total reportable business segments AEBITDA to our consolidated net income from continuing operations before income taxes.
(2) Excludes D&A.
(3) Excludes stock-based compensation.
(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance, and other operating expenses.
(5) AEBITDA is reconciled to net income (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- and disposition-related 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 (expense), net, including foreign currency gains or losses and earnings (loss) from equity investments; and (7) stock-based compensation. AEBITDA is presented as our primary segment measure of profit or loss.


	Year Ended December 31, 2023
	Gaming		SciPlay		iGaming		Total Reportable Segments		Unallocated and Reconciling Items(1)		Total
Total revenue	$	1,850	$	777	$	275	$	2,902	$	—	$	2,902
Cost of revenue(2)	(553)		(235)		(84)		(872)		—		(872)
Payroll and related(3)	(274)		(98)		(63)		(435)		—		(435)
Other segment reconciling items(4)	(105)		(201)		(33)		(339)		(138)		(477)
AEBITDA(5)	918		243		95		1,256		(138)		1,118
Reconciling items to net income from continuing operations before income taxes:
Restructuring and other	(11)		(10)		(25)		(46)		(46)		(92)
D&A									(384)		(384)
Interest expense									(309)		(309)
Loss on debt financing transactions									(15)		(15)

Other income, net									5		5
Stock-based compensation									(118)		(118)
Net income from continuing operations before income taxes											$	205

Assets as of December 31, 2023	$	4,023	$	473	$	712	$	5,208	$	344	$	5,552
Capital expenditures for the year ended December 31, 2023	$	181	$	18	$	30	$	229	$	13	$	242
(1) Includes amounts not allocated to the business segments (including corporate costs) and reconciling items to reconcile the total reportable business segments AEBITDA to our consolidated net loss from continuing operations before income taxes.
(2) Excludes D&A.
(3) Excludes stock-based compensation.
(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance, and other operating expenses.
(5) AEBITDA is described in footnote (5) to the first table in this Note 2.


	Year Ended December 31, 2022
	Gaming		SciPlay		iGaming		Total Reportable Segments		Unallocated and Reconciling Items(1)		Total
Total revenue	$	1,601	$	671	$	240	$	2,512	$	—	$	2,512
Cost of revenue(2)	(462)		(204)		(72)		(738)		—		(738)
Payroll and related(3)	(273)		(80)		(60)		(413)		—		(413)
Other segment reconciling items(4)	(99)		(200)		(28)		(327)		(121)		(448)
AEBITDA(5)	767		187		80		1,034		(121)		913
Reconciling items to consolidated net loss from continuing operations before income taxes:
Restructuring and other	(6)		(5)		(23)		(34)		(112)		(146)

D&A									(420)		(420)
Interest expense									(327)		(327)
Loss on debt financing transactions									(147)		(147)
Gain on remeasurement of debt and other									27		27
Other income, net									6		6
Stock-based compensation									(69)		(69)
Net loss from continuing operations before income taxes											$	(163)
Capital expenditures for the year ended December 31, 2022	$	151	$	12	$	32	$	195	$	21	$	216
(1) Includes amounts not allocated to the business segments (including corporate costs) and reconciling items to reconcile the total reportable business segments AEBITDA to our consolidated net loss from continuing operations before income taxes.
(2) Excludes D&A.
(3) Excludes stock-based compensation.
(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance, and other operating expenses.
(5) AEBITDA is described in footnote (5) to the first table in this Note 2.

The following tables present revenue by customer location and property and equipment by geographic location:


	Year Ended December 31,
	2024		2023		2022
Revenue:
U.S.	$	2,087	$	1,948	$	1,734
Other	1,101		954		778
Total	$	3,188	$	2,902	$	2,512


	As of December 31,
	2024		2023
Property and equipment, net:
U.S.	$	238	$	196
Other	48		40
Total	$	286	$	236

- 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

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Revenue:

Total revenue

$ 3,188

$ 2,902

$ 2,512

Operating expenses:

Cost of revenues

931

^[1]

872

^[2]

738

^[3]

Selling, general and administrative

872

808

717

Research and development

262

228

218

Depreciation, amortization and impairments

361

384

420

Restructuring and other

146

Operating income

668

518

273

Other (expense) income:

Interest expense

(293)

(309)

(327)

Loss on debt financing transactions

(2)

(15)

(147)

Gain on remeasurement of debt and other

Other income, net

Total other expense, net

(247)

(313)

(436)

Net income (loss) from continuing operations before income taxes

421

205

(163)

Income tax expense

(85)

(25)

(13)

Net income (loss) from continuing operations

336

180

(176)

Net income from discontinued operations, net of tax

^[4]

3,873

Net income

336

180

3,697

Less: Net income attributable to noncontrolling interest

Net income attributable to L&W

$ 336

$ 163

$ 3,675

Per Share - Basic:

Net income (loss) from continuing operations, basic (in usd per share)

$ 3.77

$ 1.79

$ (2.09)

Net income from discontinued operations, basic (in usd per share)

40.87

Net income attributable to L&W, basic (in usd per share)

3.77

1.79

38.78

Per Share - Diluted:

Net income (loss) from continuing operations, diluted (in shares)

3.68

1.75

(2.09)

Net income from discontinued operations, diluted (in shares)

40.87

Net income attributable to L&W, diluted (in shares)

$ 3.68

$ 1.75

$ 38.78

Weighted average number of shares used in per share calculations:

Basic shares (in shares)

Diluted shares (in shares)

Services

Revenue:

Total revenue

$ 2,105

$ 1,991

$ 1,795

Operating expenses:

Cost of revenues

^[5]

448

445

390

Products

Revenue:

Total revenue

1,083

911

717

Operating expenses:

Cost of revenues

^[5]

$ 483

$ 427

$ 348

[1]	(2) Excludes D&A.
[2]	(2) Excludes D&A.
[3]	(2) Excludes D&A.
[4]	(2) The year ended December 31, 2022 includes a pre-tax gain of $4,927 million on the sale of discontinued operations (see Note 1).
[5]	(1) Excludes D&A.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 35	$ 38
Accounts Receivable, Allowance for Credit Loss, Noncurrent	$ 5	$ 3
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	199,000,000	199,000,000
Common Stock, Shares, Issued	117,000,000	116,000,000
Common Stock, Shares, Outstanding	86,000,000	90,000,000
Treasury Stock, Common, Shares	31,000,000	26,000,000

SCHEDULE II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II Valuation and Qualifying Accounts

SCHEDULE II

LIGHT & WONDER, INC. AND SUBSIDIARIES

Valuation and Qualifying Accounts

Years Ended December 31, 2024, 2023 and 2022

(in millions)


Allowance for credit losses	Balance at beginning of period		Additions	Deductions(1)	Balance at end of period
Year Ended December 31, 2024	$	41	5	(6)	$	40
Year Ended December 31, 2023	$	40	5	(4)	$	41
Year Ended December 31, 2022	$	54	2	(16)	$	40




(1) Amounts written off, net of recovery, and related impact of foreign currency exchange.


Tax-related valuation allowance	Balance at beginning of period		Additions / (deductions)	Balance at end of period
Year Ended December 31, 2024	$	65	2	$	67
Year Ended December 31, 2023	$	68	(3)	$	65
Year Ended December 31, 2022	$	60	8	$	68


(1) Amounts written off, net of recovery, and related impact of foreign currency exchange.

Accounts Receivable and Notes Receivable and Credit Quality of Receivables - Components of Total Notes Receivable, Net (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Receivables, net

Notes receivable

^[1]

$ 102

$ 40

Accounts and notes receivable, net

682

543

Notes Receivable

Receivables, net

Notes receivable

722

584

Notes receivable allowance for doubtful accounts

(40)

(41)

Allowance for credit losses, beginning of period

(41)

(40)

Accounts and notes receivable, net

682

543

Provision

(5)

Charge-offs and recoveries

U.S. and Canada | Notes Receivable

Receivables, net

Notes receivable

369

344

Notes receivable allowance for doubtful accounts

(15)

(17)

Allowance for credit losses, beginning of period

(17)

Provision

Charge-offs and recoveries

International | Notes Receivable

Receivables, net

Notes receivable

353

240

Notes receivable allowance for doubtful accounts

(25)

(24)

Allowance for credit losses, beginning of period

(24)

Provision

(5)

Charge-offs and recoveries

Balances over 90 days past due | Notes Receivable

Receivables, net

Notes receivable

Notes receivable allowance for doubtful accounts, balances over 90 days past due

(16)

(15)

Notes receivable, net, balances over 90 days past due

Balances over 90 days past due | U.S. and Canada | Notes Receivable

Receivables, net

Notes receivable

Notes receivable allowance for doubtful accounts, balances over 90 days past due

(1)

(3)

Balances over 90 days past due | International | Notes Receivable

Receivables, net

Notes receivable

Notes receivable allowance for doubtful accounts, balances over 90 days past due

$ (15)

$ (12)

[1]	(1) Included $20 million and $69 million in Current and Long-term receivables, respectively, as of December 31, 2024, and $5 million and $23 million in Current and Long-term receivables, respectively, as of December 31, 2023, related to sales-type leases receivables.

Litigation (Details) € in Millions, $ in Billions				1 Months Ended
Litigation (Details) € in Millions, $ in Billions	Feb. 23, 2025 USD ($)	Sep. 15, 2022 USD ($)	Apr. 16, 2012 EUR (€)	Feb. 28, 2015 EUR (€)	May 31, 2013 USD ($)	May 31, 2013 COP ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 1993 USD ($)
Litigation
Loss contingency accrual							$ 89,000,000	$ 12,000,000
Legal contingencies, liability range							$ 12,000,000
Barcrest
Litigation
Litigation settlement amount \| €				€ 25.0
Third party erroneous winning jackpot face amount in excess of threshold \| €			€ 400.0
Third party loss \| €			€ 1.5
Litigation Settlement, Fee Expense \| €				€ 9.4
Ecosalud
Litigation
Litigation settlement amount					$ 30,000,000	$ 90
Putative Class Action Filed by Hannelore Boorn
Litigation
Loss Contingency, Claim Period		5 years
Loss Contingency, Triggering Amount in Lost Funds by Plaintiff		$ 5.00
TCS John Huxley Matter \| Subsequent Event
Litigation
Litigation settlement amount	$ 72,500,000
Guarantee of business revenue
Litigation
Legal contingencies, liability range									$ 5,000,000
Performance guarantee
Litigation
Surety bond									$ 4,000,000

Acquisitions

12 Months Ended

Dec. 31, 2024

Business Combinations [Abstract]

Acquisitions

We account for business combinations in accordance with ASC 805, which requires us to recognize all (and only) the assets acquired and liabilities assumed in the transaction and establishes the acquisition-date fair value as the measurement

objective for all assets acquired and liabilities assumed in a business combination, with certain exceptions for contract assets and contract liabilities in accordance with ASC 606. Certain provisions of this standard prescribe, among other things, the determination of acquisition-date fair value of consideration paid in a business combination (including contingent consideration) and the exclusion of transaction- and acquisition-related costs from acquisition accounting. If the assets acquired do not meet the definition of a business under the acquisition method of accounting, the transaction is accounted for as an acquisition of assets rather than a business combination. In an asset acquisition, we allocate the cost of the group of assets acquired to the individual assets acquired or liabilities assumed based on the relative fair values of net identifiable assets acquired and no goodwill is recorded.

2022 Acquisitions

In March 2022, SciPlay acquired 80% of all issued and outstanding share capital of privately held Alictus Yazilim Anonim Şirketi (“Alictus”), a Turkey-based hyper-casual game studio for approximately $108 million cash consideration, net of cash acquired. The remaining 20% was agreed to 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. For the additional stake acquired during 2023 and 2024, no payments were made, as specified revenue and earnings targets were not met. Any future payments associated with the acquisition of the remaining stake to be acquired represent a redeemable non-controlling interest, with a minimum payout of $0 million and a maximum payout of $200 million. The Alictus acquisition expanded SciPlay’s business in the casual gaming market.

In April 2022, we acquired Playzido Limited (“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. Playzido has been included in our iGaming business segment.

In October 2022, we acquired substantially all of the assets of House Advantage, LLC (“House Advantage”), a leading loyalty and marketing software and technology provider, which expands our Gaming systems offering with enhanced loyalty capabilities. House Advantage has been included in our Gaming business segment and was accounted for as an asset acquisition.

The following table summarizes an aggregate disclosure related to acquisitions completed during the year ended December 31, 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)
$	171	$	133	$	25	$	64	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, of which an estimated $15 million remains.
(3) Intangible assets primarily consist of intellectual property, consisting of games technology and content platforms, and trade names. For those acquired in business combinations, 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 all of the above acquisitions were not significant to our consolidated financial statements.

Stockholders' Equity (Deficit) - Restricted Stock Units (Details) - Restricted Stock Units - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of Restricted Stock Units (in shares) [Roll Forward]
Unvested units outstanding at the beginning of the period (in shares)	2.3
Number of RSUs granted (in shares)	1.5
Number of RSUs vested (in shares)	(1.7)
Number of RSUs cancelled (in shares)	(0.1)
Unvested units outstanding at the end of the period (in shares)	2.0	2.3
Weighted Average Grant Date Fair Value (in dollars per share) [Roll Forward]
Weighted average grant date fair value of unvested units outstanding at the beginning of the period (in usd per share)	$ 55.53
Fair value of RSUs granted (in usd per share)	99.11	$ 59.10
Fair value of RSUs vested (in usd per share)	69.64
Fair value of RSUs cancelled (in usd per share)	65.07
Weighted average grant date fair value of unvested units outstanding at the end of the period (in usd per share)	$ 75.49	$ 55.53

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of components of net loss from continuing operations before income taxes

The components of net income (loss) from continuing operations before income taxes are as follows:


	Year Ended December 31,
	2024		2023		2022
United States	$	191	$	92	$	(191)
Foreign	230		113		28
Net income (loss) from continuing operations before income tax expense	$	421	$	205	$	(163)

Schedule of components of the expense (benefit) for income taxes

The components of income tax expense (benefit) are as follows:


	Year Ended December 31,
	2024		2023		2022
Current
U.S. Federal	$	61	$	53	$	3
U.S. State	22		6		1
Foreign	84		50		38
Total	167		109		42
Deferred
U.S. Federal	(61)		(61)		3
U.S. State	(4)		(15)		1
Foreign	(17)		(8)		(33)
Total	(82)		(84)		(29)
Total income tax expense	$	85	$	25	$	13

Schedule of reconciliation of the U.S. federal statutory tax rate to the actual tax rate

The reconciliation of the U.S. federal statutory tax rate to the actual tax rate is as follows:


	Year Ended December 31,
	2024		2023		2022
Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State tax expense	2.2	%	1.8	%	(0.9)	%
Foreign earnings at rates different than U.S. federal rate	1.6	%	3.4	%	0.8	%
Foreign withholding taxes	0.9	%	3.1	%	(1.7)	%
Valuation allowance adjustments	1.5	%	3.4	%	6.3	%
Permanent items	(4.0)	%	(1.7)	%	0.7	%
Earnings from consolidated subsidiaries	—	%	—	%	(4.3)	%
Tax benefits from intraperiod tax allocation to discontinued operations	—	%	—	%	(29.8)	%
Tax credits	(2.5)	%	(4.7)	%	1.6	%
Impact of internal planning and restructuring	(3.0)	%	(6.4)	%	—	%
Impact of Divestitures	—	%	(6.9)	%	—	%
Other	2.6	%	(0.9)	%	(1.7)	%
Effective income tax rate	20.3	%	12.1	%	(8.0)	%

Schedule of deferred income taxes


	As of December 31,
	2024		2023
Deferred tax assets:
Reserves and other accrued expenses	$	90	$	65
Net operating loss carry forwards	82		82

Capitalized research and development expenditures	85		61
Interest limitation carry forwards	60		32
Stock compensation	33		33
Property and equipment	8		14
Differences in financial reporting and tax basis for:
Other	41		32
Less: Valuation allowance	(67)		(65)
Realizable deferred tax assets	332		254
Deferred tax liabilities:


Differences in financial reporting and tax basis for:
Identifiable intangible assets	(57)		(87)
Property and equipment	(35)		(25)
Other	(23)		(20)
Total deferred tax liabilities	(115)		(132)
Net deferred tax asset on balance sheet	$	217	$	122

Summary of net operating loss carryforward

At December 31, 2024, we had the following NOL, interest limitation, R&D credit, and state tax credit carry forwards:


	December 31, 2024
	Federal		State		Foreign
NOL carry forwards	$	—	$	521	$	238
Interest limitation carry forwards	159		105		80
R&D and state credit carry forwards	—		2		—

Summary of valuation allowance

At December 31, 2024 and 2023, we had the following valuation allowances:


	December 31,
	2024	2023
Federal	6	5
State	13	14
Foreign	48	46

Schedule of Unrecognized Tax Benefits Roll Forward

The Company had the following activity for unrecognized tax benefits:


	Year Ended December 31,
	2024		2023		2022
Balance at beginning of period	$	72	$	73	$	29
Tax positions related to current year additions	1		2		43
Additions for tax positions of prior years	4		1		1
Tax positions related to prior year reductions	—		(4)		—
Reductions due to lapse of statute of limitations on tax positions	(10)		—		—

Balance at end of period	$	67	$	72	$	73

Long-Term Debt - Ranking, Guarantees and Collateral (Details)	Dec. 31, 2024
Domestic Subsidiaries, LNWI And Guarantors
Debt Instrument [Line Items]
Debt Instrument, Property Lien, Capital Stock Percent	100.00%
Foreign Subsidiaries, LNWI And Guarantors
Debt Instrument [Line Items]
Debt Instrument, Property Lien, Capital Stock Percent	65.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Income Taxes - Carryforwards (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Interest limitation carry forwards	$ 60	$ 32
Federal
Operating Loss Carryforwards [Line Items]
NOL carry forwards	0
Interest limitation carry forwards	159
R&D and state credit carry forwards	0
State
Operating Loss Carryforwards [Line Items]
NOL carry forwards	521
Interest limitation carry forwards	105
R&D and state credit carry forwards	2
Foreign
Operating Loss Carryforwards [Line Items]
NOL carry forwards	238
Interest limitation carry forwards	80
R&D and state credit carry forwards	$ 0

Software, net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Minimum
Business Acquisition [Line Items]
Estimated economic life	2 years
Maximum
Business Acquisition [Line Items]
Estimated economic life	15 years
Internal use software
Business Acquisition [Line Items]
Capitalized computer software, additions	$ 87	$ 85
Internal use software \| Minimum
Business Acquisition [Line Items]
Estimated economic life	2 years
Internal use software \| Maximum
Business Acquisition [Line Items]
Estimated economic life	10 years
External use software \| Minimum
Business Acquisition [Line Items]
Estimated economic life	2 years
External use software \| Maximum
Business Acquisition [Line Items]
Estimated economic life	10 years
Regulatory approval costs \| Minimum
Business Acquisition [Line Items]
Estimated economic life	2 years
Regulatory approval costs \| Maximum
Business Acquisition [Line Items]
Estimated economic life	4 years

Litigation	12 Months Ended
Litigation	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Litigation	We are involved in various legal proceedings, including those discussed 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 $89 million and $12 million for all of our legal matters that were contingencies as of December 31, 2024 and 2023, respectively. 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 below, and those related to the previously disclosed settlement agreement entered into in February 2015 with SNAI S.p.a. (“SNAI”), 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 $12 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, LNWI, 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, LNWI and the other shareholders of Wintech of up to $5 million if certain levels of lottery sales were not achieved. In addition, LNWI delivered to Ecosalud a $4 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, LNWI 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. LNWI filed separate actions opposing each resolution with the Tribunal Contencioso of Cundinamarca in Colombia (the “Tribunal”), which upheld both resolutions. LNWI 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 LNWI 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 LNWI to enforce the liquidation resolution and recover the claimed damages. In May 2013, the Tribunal denied LNWI’s merit defenses to the collection proceeding and issued an order of payment of approximately 90 billion Colombian pesos, or approximately $30 million, plus default interest (potentially accrued since 1994 at a 12% statutory interest rate). LNWI 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, LNWI filed a motion for clarification of the Council of State’s ruling, which was denied on April 15, 2021. On April 22, 2021, LNWI 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. On August 18, 2022, LNWI filed a constitutional challenge to the Council of State’s December 10, 2020 decision with that court, which was denied on October 7, 2022. On December 7, 2022, LNWI filed an appeal with the Council of State from the denial of the constitutional challenge, which was denied on May 24, 2023. On June 28, 2023, the Columbian Constitutional Court received the record of the constitutional appeal for further consideration, and on September 26, 2023, that court selected LNWI’s constitutional appeal for further consideration. On April 25, 2024, LNWI was notified that, by means of a decision dated April 5, 2024, a three-judge panel of the Colombian Constitutional Court denied LNWI’s constitutional appeal. On April 30, 2024, LNWI filed a motion to have that panel ruling declared null and void by the full Chamber of the Colombian Constitutional Court. On November 7, 2024, LNWI was notified that, by means of a decision dated August 8, 2024, the full Chamber of the Colombian Constitutional Court denied LNWI’s motion filed on April 30, 2024. LNWI 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. SNAI Litigation On April 16, 2012, certain VLTs operated by SNAI in Italy and supplied by Barcrest Group Limited (“Barcrest”) erroneously printed what appeared to be winning jackpot and other tickets with a face amount in excess of €400.0 million. SNAI has stated, and system data confirms, that no jackpots were actually won on that day. The terminals were deactivated by the Italian regulatory authority. Following the incident, we understand that the Italian regulatory authority revoked the certification of the version of the gaming system that Barcrest provided to SNAI and fined SNAI €1.5 million, but determined to not revoke SNAI’s concession to operate VLTs in Italy. In October 2012, SNAI filed a lawsuit in the Court of First Instance of Rome in Italy against Barcrest and The Global Draw Limited (“Global Draw”), our subsidiary which acquired Barcrest from IGT‑UK Group Limited, a subsidiary of IGT, claiming liability arising out of the April 2012 incident and asserting claims based on theories of breach of contract and tort. The lawsuit sought to terminate SNAI’s agreement with Barcrest and damages arising from the deactivation of the terminals, including among other things, lost profits, expenses and costs, potential awards to players who have sought to enforce what appeared to be winning jackpot and other tickets, compensation for lost profits sought by managers of the gaming locations where SNAI VLTs supplied by Barcrest were installed, damages to commercial reputation and any future damages arising from SNAI’s potential loss of its concession or inability to obtain a new concession. In February 2015, we entered into a settlement agreement with SNAI that provides, among other things, for us to make a €25.0 million upfront payment to SNAI, which payment was made in February 2015, and to indemnify SNAI against certain potential future losses. In connection with the settlement, the parties’ pending claims in the Court of First Instance of Rome were dismissed on February 19, 2015. To date, we have paid €9.4 million to SNAI pursuant to our indemnification obligations. TCS John Huxley Matter On March 15, 2019, TCS John Huxley America, Inc., TCS John Huxley Europe Ltd., TCS John Huxley Asia Ltd., and Taiwan Fulgent Enterprise Co., Ltd. brought a civil action in the United States District Court for the Northern District of Illinois against L&W, Bally Technologies, Inc. and LNW Gaming, Inc., f/k/a Bally Gaming, Inc. In the complaint, the plaintiffs assert federal antitrust claims arising from the defendants’ procurement of particular U.S. and South African patents. The plaintiffs allege that the defendants used those patents to create an allegedly illegal monopoly in the market for automatic card shufflers sold to regulated casinos in the United States. On April 10, 2019, the defendants filed a motion to dismiss the plaintiffs’ complaint with prejudice. On April 25, 2019, the district court denied the defendants’ motion to dismiss without prejudice pursuant to the court’s local rules, after the plaintiffs advised that they intended to file an amended complaint. The plaintiffs filed their amended complaint on May 3, 2019, and on May 22, 2019, the defendants filed a motion to dismiss the plaintiffs’ amended complaint with prejudice. On March 20, 2020, the district court denied the defendants’ motion to dismiss the plaintiffs’ amended complaint, and defendants filed an answer to the plaintiffs’ amended complaint on June 19, 2020. On June 3, 2020, the trial court granted the defendants’ request to bifurcate proceedings in the case, with discovery to occur first into the statute of limitations and release defenses asserted by the defendants in their motion to dismiss, before proceeding into broader discovery. The trial court set a September 18, 2020, deadline for the parties to complete discovery relating to the statute of limitations and release defenses. On October 28, 2020, the court issued an order extending until January 15, 2021 the deadline for the parties to complete discovery relating to the statute of limitations defense. On February 9, 2021, the defendants filed a motion for summary judgment on their statute of limitations defense, addressing whether plaintiffs had actual knowledge of their claims prior to the start of the limitations period. The district court denied that motion for summary judgment on September 20, 2021. On January 13, 2023, the district court entered an order requiring, among other things, that the plaintiffs make a formal written settlement demand by January 20, 2023, that the defendants respond to that demand in writing by January 27, 2023, and that the parties file a status report by January 31, 2023 confirming that they have complied with the district court’s order. On January 31, 2023, the parties filed a joint status report confirming that they have complied with the district court’s order to make and respond to a formal written demand. Discovery closed on June 1, 2023. On June 30, 2023, the defendants filed a motion for summary judgment. On March 28, 2024, the court issued an order granting in part and denying in part defendants’ motion for summary judgment. On April 30, 2024, the court issued an order setting the matter for a jury trial starting on May 5, 2025. On February 23, 2025, the parties finalized an agreement pursuant to which the Company will pay $72.5 million to resolve this matter. 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 L&W, Bally Technologies, Inc. and LNW Gaming, Inc., 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. On November 22, 2024, the district court dismissed the case with prejudice for failure to prosecute. 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 L&W, Bally Technologies, Inc. and LNW Gaming, Inc., 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 L&W, Bally Technologies, Inc. and LNW Gaming, Inc., 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. On June 10, 2022, plaintiff Alfred T. Giuliano filed a notice of voluntary dismissal without prejudice, and the court therefore denied as moot defendants’ motion to lift the stay in an order entered on March 28, 2023. On November 22, 2024, the district court ordered the case dismissed without prejudice. In re Automatic Card Shufflers Litigation 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 L&W, Bally Technologies, Inc. and LNW Gaming, Inc., 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. Discovery closed on December 1, 2023. On February 16, 2024, the respondents filed a motion for summary judgment, which is pending. Also on February 16, 2024, claimant filed a motion for partial summary judgment and a motion for class certification, which are pending. 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 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 L&W, Bally Technologies, Inc. and LNW Gaming, Inc., 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. The Court denied Respondents’ petition on August 9, 2022, and on August 16, 2022, Respondents appealed to the New York Appellate Division, First Department, which denied Respondents’ appeal on June 22, 2023. On April 15, 2022, Respondents filed a motion to dismiss the claimant’s complaint, which the Arbitrator denied on July 26, 2022. Discovery closed on December 1, 2023. On February 16, 2024, the respondents filed a motion for summary judgment. Also on February 16, 2024, claimant filed a motion for partial summary judgment and a motion for class certification. On December 9, 2024, the Arbitrator denied the motions for summary judgment and issued a class determination award, certifying a class. On January 9, 2025, Respondents filed a petition to vacate the award in New York Supreme Court. 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. Boorn Matter On September 15, 2022, plaintiff Hannelore Boorn filed a putative class action against L&W, SciPlay Corporation, and Appchi Media Ltd. in the Fayette Circuit Court of the Commonwealth of Kentucky. In her complaint, plaintiff sought to represent a putative class of all persons in Kentucky who, within the past five years, purchased and allegedly lost $5.00 or more worth of virtual coins, in a 24-hour period, playing SciPlay’s online social casino games. The complaint asserted claims for alleged violations of Kentucky’s “recovery of gambling losses” statute and for unjust enrichment, and sought unspecified money damages, the award of reasonable attorneys’ fees and costs, pre- and post-judgment interest, and injunctive and/or other declaratory relief. On October 18, 2022, defendants removed the action to the United States District Court for the Eastern District of Kentucky. On October 26, 2022, plaintiff filed a notice voluntarily dismissing the lawsuit without prejudice. On October 27, 2022, the district court entered an order dismissing the lawsuit. On November 17, 2022, claimant Hannelore Boorn filed an arbitration demand against respondents L&W, SciPlay Corporation, and Appchi Media Ltd. before the American Arbitration Association, pursuant to which she seeks declaratory judgments that (1) SciPlay’s online social casino games constitute gambling under Kentucky law, and (2) SciPlay’s terms of service are void under Kentucky law. On January 12, 2023, respondents filed their answering statement to plaintiff’s arbitration demand. On February 2, 2024, claimant filed a dispositive motion seeking a ruling that SciPlay’s terms of service are void under Kentucky law and that claimant’s claims are not arbitrable. On February 2, 2024, respondents filed a motion for summary disposition seeking dismissal of claimant’s claims. On May 30, 2024, the Arbitrators granted respondents’ dispositive motion, denied claimant’s dispositive motion, entered a Final Award in respondents’ favor, and dismissed claimant’s claims with prejudice. On August 9, 2024, respondents filed a motion in the District Court of Clark County, Nevada to confirm the Arbitrators’ Final Award and to have a final judgment entered in respondents’ favor, which the court granted on September 9, 2024. Allah Beautiful Matter On December 19, 2022, claimant Prince Imanifest Allah Beautiful filed an arbitration demand against respondent SciPlay Corporation before the American Arbitration Association. The demand asserts claims for alleged violations of New Jersey’s anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by New Jersey players of SciPlay’s online social casino games other than the claimant. On March 7, 2023, respondent filed its answering statement to claimant’s arbitration demand. On March 4, 2024, respondent filed a motion to dismiss the claimant’s arbitration demand, which the Arbitrators denied on April 24, 2024. On September 30, 2024, the parties entered into a written term sheet to resolve the matter, subject to the execution of a written settlement agreement and judicial approval of the settlement terms. On October 1, 2024, the Arbitrators granted respondent’s unopposed motion to stay the matter. Sprinkle Matter On December 12, 2022, claimant Matthew Sprinkle filed an arbitration demand against respondent SciPlay Corporation before the American Arbitration Association. The demand asserts claims for alleged violations of Ohio’s anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by Ohio players of SciPlay’s online social casino games other than the claimant. On March 7, 2023, respondent filed its answering statement to claimant’s arbitration demand. On March 4, 2024, respondent filed a motion to dismiss the claimant’s arbitration demand, which the Arbitrators denied on April 24, 2024. On September 30, 2024, the parties entered into a written term sheet to resolve the matter, subject to the execution of a written settlement agreement and judicial approval of the settlement terms. On October 1, 2024, the Arbitrators granted respondent’s unopposed motion to stay the matter. Andrea Sornberger Matter On March 8, 2023, plaintiff Andrea Sornberger filed a complaint against SciPlay Corporation and SciPlay Games, LLC in the Circuit Court of the Franklin County, Alabama. The complaint asserts claims for alleged violations of Alabama anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by Alabama players of SciPlay’s online social casino games other than the plaintiff, the award of interests and costs, and injunctive and other relief. On April 12, 2023, defendants removed the action to the United States District Court for the Northern District of Alabama. On August 24, 2023, plaintiff voluntarily dismissed her complaint without prejudice, and re-filed it in the Circuit Court of Franklin County, Alabama. On September 27, 2023, defendants removed the re-filed action to the United States District Court for the Northern District of Alabama. On October 26, 2023, plaintiff filed a motion to remand the action to the Circuit Court of Franklin County, Alabama, which is pending. On September 30, 2024, the parties entered into a written term sheet to resolve the matter, subject to the execution of a written settlement agreement and judicial approval of the settlement terms. On October 8, 2024, the Court granted the Plaintiff’s unopposed motion to stay the case and stayed the case until October 29, 2024. Roberts Matter On July 25, 2023, claimant Donovan Roberts filed an arbitration demand against respondent SciPlay Corporation before the American Arbitration Association. The demand asserts claims for alleged violations of Kentucky’s anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by Kentucky players of SciPlay’s online social casino games other than the claimant. On October 6, 2023, respondent filed its answering statement to claimant’s arbitration demand. On May 30, 2024, respondent filed a motion to dismiss the claimant’s arbitration demand. On August 12, 2024, the Arbitrators granted respondent’s motion to dismiss in part, and dismissed the claimant’s claims seeking to recover losses of other Kentucky residents. The Arbitrators allowed claimant’s claim for his own personal alleged losses to proceed. On September 30, 2024, the parties entered into a written term sheet to resolve the matter, subject to the execution of a written settlement agreement and judicial approval of the settlement terms. In response to respondent’s unopposed request to stay the matter, on October 3, 2024, the Arbitrators marked the case file inactive. Ebersole Matter On July 25, 2023, claimant Christopher Ebersole filed an arbitration demand against respondent SciPlay Corporation before the American Arbitration Association. The demand asserts claims for alleged violations of Ohio’s anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by Ohio players of SciPlay’s online social casino games other than the claimant. On October 12, 2023, respondent filed its answering statement to claimant’s arbitration demand. On April 1, 2024, respondent filed a motion to dismiss the claimant’s arbitration demand, which the Arbitrators denied on May 16, 2024. On September 30, 2024, the parties entered into a written term sheet to resolve the matter, subject to the execution of a written settlement agreement and judicial approval of the settlement terms. On October 1, 2024, the Arbitrators granted respondent’s unopposed motion to stay the matter. Murnaghan Matter On July 25, 2023, claimant Hope Murnaghan filed an arbitration demand against respondent SciPlay Corporation before the American Arbitration Association. The demand asserts claims for alleged violations of Massachusetts’ anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by Massachusetts players of SciPlay’s online social casino games other than the claimant. On October 12, 2023, respondent filed its answering statement to claimant’s arbitration demand. On April 1, 2024, respondent filed a motion to dismiss the claimant’s arbitration demand, which the Arbitrators denied on May 16, 2024. On September 30, 2024, the parties entered into a written term sheet to resolve the matter, subject to the execution of a written settlement agreement and judicial approval of the settlement terms. On October 1, 2024, the Arbitrators granted respondent’s unopposed motion to stay the matter. Ewing Matter On November 31, 2023, plaintiff Lauren Ewing filed a lawsuit against SciPlay Corporation and SciPlay Games LLC in the Circuit Court for the 14th Judicial District of Tennessee. The complaint asserts claims for alleged violations of Tennessee’s anti-gambling statutes and seeks unspecified money damages, including recover of monies allegedly lost by Tennessee players of SciPlay’s online social casino games. On December 15, 2023, defendants removed the action to the United States District Court for the Eastern District of Tennessee. On January 12, 2024, plaintiff filed a motion to remand the action to the Circuit Court for the 14th Judicial District of Tennessee, which is pending. On January 22, 2024, defendants filed a motion to dismiss plaintiff’s complaint and a motion to compel arbitration of plaintiff’s claims. On September 26, 2024, the United States District Court for the Eastern District of Tennessee granted plaintiff’s motion to remand the case to State court. In light of the remand order, the District Court did not rule on defendants’ motions to dismiss and to compel arbitration. On September 30, 2024, the parties entered into a written term sheet to resolve the matter, subject to the execution of a written settlement agreement and judicial approval of the settlement terms. On October 7, 2024, defendants filed a petition for permission to appeal the District Court’s remand order with the United States Court of Appeals for the Sixth Circuit, which is pending. On October 23, 2024, the District Court granted defendants’ motion to stay its remand order until the Sixth Circuit fully disposes of the petition for permission to appeal. Fuqua Matter On August 22, 2024, plaintiff Dianne Fuqua filed a complaint against SciPlay Corporation and SciPlay Games, LLC in the United States District Court for the Western District of Kentucky. The complaint asserts claims for alleged violations of Kentucky anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by Kentucky players of SciPlay’s online social casino games other than the plaintiff, the award of interests and costs, and unspecified other relief. On September 30, 2024, the parties entered into a written term sheet to resolve the matter, subject to the execution of a written settlement agreement and judicial approval of the settlement terms. On October 7, 2024, the Court granted Plaintiff’s unopposed motion to stay and stayed all deadlines for 30 days. On November 7, 2024, the Court extended the stay of all deadlines for another 30 days. Timothy Sornberger Matter On January 9, 2025, plaintiffs Timothy Sornberger, Donovan Roberts, Matthew Sprinkle, Hope Murnaghan, Luke Whitney, Prince Imanifest Allah Beautiful, and Christopher Ebersole filed a putative multistate class action complaint against SciPlay Corporation and SciPlay Games, LLC in the Circuit Court of Franklin County, Alabama. The complaint asserts claims for alleged violations of anti-gambling statutes of the states of Alabama, Tennessee, Kentucky, Ohio, New Jersey, and Massachusetts. The plaintiffs seek to represent putative classes of individuals in their respective home states who spent money playing SciPlay’s online social casino games during various periods of time. The complaint seeks unspecified money damages, including recovery of monies allegedly lost by players of SciPlay’s online social casino games in the enumerated states, the award of interests and costs, and unspecified other relief. On January 17, 2025, the court stayed all deadlines in the action, pending the filing of a motion for preliminary approval of a class action settlement. Aristocrat Matter (United States) On February 26, 2024, Aristocrat Technologies, Inc. and Aristocrat Technologies Australia Pty Limited brought a civil action in the United States District Court for the District of Nevada against L&W, LNW Gaming, Inc. and SciPlay Corporation. Plaintiffs assert claims for trade secret misappropriation, copyright infringement, trade dress infringement and unfair competition, and deceptive trade practices, relating to defendants’ DRAGON TRAINTM and JEWEL OF THE DRAGON® games. Plaintiffs’ operative complaint seeks preliminary and permanent injunctive relief, unspecified damages, the award of reasonable attorneys’ fees and costs, pre-judgment and post-judgment interest, and declaratory relief. Simultaneously with the filing of the complaint on February 26, 2024, the plaintiffs filed a motion to expedite discovery, which the court granted in part and denied in part on March 26, 2024. On April 9, 2024, defendants filed a motion to dismiss plaintiffs’ complaint, which the court granted in part and denied in part on June 24, 2024. On May 22, 2024, the plaintiffs filed a motion for a preliminary injunction, which the district court granted on September 23, 2024. On July 15, 2024, the plaintiffs filed a First Amended Complaint, which defendants answered on August 12, 2024. On November 21, 2024, the plaintiffs filed a motion to enforce the district court’s preliminary injunction, which the court denied on January 3, 2025. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We intend to defend against the claims in the lawsuit. Aristocrat Matter (Australia) On October 4, 2024, Aristocrat Technologies Australia Pty Limited brought a civil action in the Federal Court of Australia against L&W and LNW Gaming ANZ Pty Ltd., among other defendants. Plaintiff asserts claims for breach of confidence, breach of contract (against other defendants) and inducing breach of contract, and copyright infringement relating to defendants’ Dragon Train games. Plaintiff’s operative complaint seeks preliminary and permanent injunctive relief, unspecified damages, and the award of costs. On October 4, 2024, the plaintiff filed a motion for an interlocutory injunction, which it amended on November 12, 2024. On February 3, 2025, L&W and LNW Gaming ANZ Pty Ltd. filed a defense to plaintiff’s operative complaint. On February 6, 2025, the court denied plaintiff’s motion for interlocutory injunction. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We intend to defend against the claims in the lawsuit. Evolution Matter On May 28, 2024, Evolution Malta Limited, Evolution Gaming Malta Limited, and SIA Evolution Latvia brought a civil action in the United States District Court for the District of Nevada against L&W and LNW Gaming, Inc. Plaintiffs assert claims for patent infringement and trade secret misappropriation relating to defendants’ ROULETTEX® and POWERX® games. Plaintiffs’ complaint seeks preliminary and permanent injunctive relief, unspecified damages, the award of attorneys’ fees and costs, interest, and declaratory relief. On July 24, 2024, defendants filed a motion to dismiss plaintiffs’ complaint, which the court granted as to plaintiffs’ claims for patent infringement on February 11, 2025. On August 16, 2024, defendants filed a motion to stay discovery, which the court denied on November 7, 2024. On February 7, 2025, defendants filed a motion to compel arbitration of plaintiffs’ claims for trade secret misappropriation, or, in the alternative, to dismiss the claims, which is pending. 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.

Acquisitions - Schedule of Business Acquisitions (Details)
$ in Millions

1 Months Ended

12 Months Ended

Mar. 31, 2022

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2024

USD ($)

Business Combination, Consideration Transferred [Abstract]

Contingent consideration

$ 59

$ 15

Alictus

Business Combination, Consideration Transferred [Abstract]

Maximum contingent consideration payout

$ 200

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

Maximum | Acquisitions During Period

Business Combination, Consideration Transferred [Abstract]

Maximum contingent consideration payout

$ 213

Measurement Input, Discount Rate | Minimum

Business Combination, Consideration Transferred [Abstract]

Discount rate

16.00%

Measurement Input, Discount Rate | Maximum

Business Combination, Consideration Transferred [Abstract]

Discount rate

18.00%

Game Content and Technology | Royalty | Minimum

Business Combination, Consideration Transferred [Abstract]

Royalty rate

20.00%

Game Content and Technology | Royalty | Maximum

Business Combination, Consideration Transferred [Abstract]

Royalty rate

21.00%

Trade names | Royalty | Minimum

Business Combination, Consideration Transferred [Abstract]

Royalty rate

1.00%

Trade names | Royalty | Maximum

Business Combination, Consideration Transferred [Abstract]

Royalty rate

3.00%

Continuing Operations

Business Combination, Consideration Transferred [Abstract]

Business Combination, Consideration Transferred

171

Cash paid, net of cash acquired

^[1]

133

Contingent consideration

^[2]

Allocation of purchase price to Intangible assets, net

^[3]

$ 64

Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life

6 years

Excess purchase price allocated to Goodwill

^[4]

$ 101

Consideration, short term investments

$ 6

Continuing Operations | Acquisitions During Period

Business Combination, Consideration Transferred [Abstract]

Contingent consideration

$ 15

Continuing Operations | Alictus

Business Combination, Consideration Transferred [Abstract]

Business Combination, Consideration Transferred

$ 108

[1]	(1) Exclusive of $6 million acquired in short term investments.
[2]	(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, of which an estimated $15 million remains.
[3]	(3) Intangible assets primarily consist of intellectual property, consisting of games technology and content platforms, and trade names. For those acquired in business combinations, 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]	(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.

Fair Value Measurements - Additional Information (Details) - Interest rate swap - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) $ in Millions	Dec. 31, 2024	Apr. 30, 2022
Derivatives, Fair Value [Line Items]
Derivative, average fixed interest rate		2.832%
Notional amounts of the forward contracts	$ 700	$ 700

- Definition

Nominal or face amount used to calculate payments on the derivative asset.

+ References + Details

Inventories (Details) - USD ($) $ in Millions	12 Months Ended
Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Inventories
Parts and work-in-process	$ 126	$ 113
Finished goods	32	64
Total inventories	158	177
Inventory Write-down	$ 14	$ 14	$ 5

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

Business Combinations [Abstract]

Summary of allocation of purchase price

The following table summarizes an aggregate disclosure related to acquisitions completed during the year ended December 31, 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)
$	171	$	133	$	25	$	64	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, of which an estimated $15 million remains.
(3) Intangible assets primarily consist of intellectual property, consisting of games technology and content platforms, and trade names. For those acquired in business combinations, 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.

Restructuring and Other (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Restructuring Cost and Reserve [Line Items]

Restructuring and other

$ 94

$ 92

$ 146

Employee severance

Restructuring Cost and Reserve [Line Items]

Restructuring and other

Legal and related

Restructuring Cost and Reserve [Line Items]

Restructuring and other

Acquisition-related costs

Restructuring Cost and Reserve [Line Items]

Restructuring and other

^[1]

Contingent acquisition consideration

Restructuring Cost and Reserve [Line Items]

Restructuring and other

^[2]

Restructuring, integration and other

Restructuring Cost and Reserve [Line Items]

Restructuring and other

$ 8

$ 17

$ 24

[1]	(1) Includes costs associated with the SciPlay Merger, ASX listing, Divestitures (including ongoing separation activities), rebranding and related activities.
[2]	(2) Represents contingent consideration fair value adjustment (see Note 15).

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Description of the Business and Summary of Significant Accounting Policies (Details) - Discontinued Operations - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Sep. 30, 2022

Jun. 30, 2022

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Pre-tax gain on sale of discontinued operation

$ 359

Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]

Net income from discontinued operations, net of tax

Income tax expense

$ (85)

$ (25)

$ (13)

Lottery Business Segment

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain on sale of discontinued operations before income taxes

$ 4,600

Discontinued Operations

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Total revenue

371

Total cost of revenue

^[1]

177

Other operating expenses

^[2]

182

Operating income

Total other income, net

Net income from discontinued operations before income taxes

Gain on sale of discontinued operations before income taxes

4,927

Total net income from discontinued operations before income taxes

4,948

Income tax expense

(1,075)

Net income from discontinued operations, net of tax included in the consolidated statement of operations

3,873

Disposal group, stock-based compensation

Disposal group, direct transaction closing fees

$ 87

Lottery Business Segment

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Proceeds from divestiture of businesses

$ 5,700

Sports Betting Business

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Proceeds from divestiture of businesses

$ 793

[1]	(1) Excludes D&A.
[2]	(2) Includes stock-based compensation of $18 million and direct transaction closing fees of $87 million for the year ended December 31, 2022.

Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jan. 01, 2017	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 11, 2024	Feb. 25, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in USD per share)		$ 80.36
Cash received from exercise of stock options		$ 2
Shares repurchased into treasury stock		4,800,000	2,000,000
Purchase of treasury stock		$ 465	$ 171	$ 405
Share Repurchase Program, March 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount						$ 750
Share Repurchase Program, June 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount					$ 1,000
2003 Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for awards under incentive compensation plan (in shares)		27,000,000
Shares available for grant (in shares)		4,000,000
Preexisting Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance (less than)		100,000
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for awards under incentive compensation plan (in shares)		2,000,000
Maximum employee subscription rate		15.00%
Award expiration period		6 months
Discount from market price		15.00%
Shares issued (in shares)		45,000	38,000	50,000
Average price of shares issues (in usd per share)		$ 79.91	$ 63.85	$ 44.08
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period	10 years
Vesting period from first anniversary of grant	4 years
Granted (in USD per share)		80.36	0	$ 57.67
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of RSUs granted (in usd per share)		$ 99.11	$ 59.10
Unrecognized stock-based compensation expense relating to unvested awards that will be amortized		$ 93
Weighted-average period of amortization		1 year
Fair value at vesting date		$ 172	$ 62	$ 118
Minimum \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period from first anniversary of grant	3 years
Maximum \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period from first anniversary of grant	4 years

Stockholders' Equity (Deficit) (Tables)

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The following reflects total stock-based compensation expense recognized under all programs:


	Year Ended December 31,
		2024		2023		2022
Related to L&W stock options		$	—	$	—	$	1
Related to L&W RSUs		110		89		56
Related to SciPlay RSUs(1)		—		29		12
Total(2)		$	110	$	118	$	69

(1) Stock-based compensation expense related to SciPlay RSUs was for awards granted prior to the SciPlay Merger. Upon completion of the SciPlay Merger in 2023, these RSUs were converted to awards denominated in L&W shares.
(2) The years ended December 31, 2024, 2023 and 2022 include $43 million, $63 million and $24 million, respectively, classified as liability awards.

Schedule of change in the number of shares of Class A common stock

The following table sets forth the change in the number of shares of common stock outstanding during the fiscal years ended December 31, 2024 and 2023:


	December 31,
	2024	2023
Shares outstanding as of beginning of period	90	91
Shares issued as part of equity-based compensation plans and the employee stock purchase plan (“ESPP”), net of shares surrendered	1	1
Shares repurchased into treasury stock	(5)	(2)
Shares outstanding as of end of period	86	90

Share-based Payment Arrangement, Option, Activity

A summary of the changes in stock options outstanding under our equity-based compensation plans during 2024 is presented below:


	Number of Options	Weighted Average Remaining Contract Term (Years)	Weighted Average Exercise Price (per share)		Aggregate Intrinsic Value
Options outstanding as of December 31, 2023	1.5	3.1	$	34.98	$	72
Granted	—	—	$	80.36	$	—
Exercised	—	—	$	35.42	$	2
Cancelled	—	—	$	—	$	—
Options outstanding as of December 31, 2024	1.5	2.0	$	35.27	$	77
Options exercisable as of December 31, 2024	1.5	2.0	$	34.90	$	77
Options expected to vest as of December 31, 2024	—	8.5	$	79.12	$	—

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The weighted-average assumptions used in the model are outlined in the following table:


	2024		2023	2022
Assumptions:
Expected volatility	70	%	N/A	71	%
Risk-free interest rate	3.88	%	N/A	3.01	%
Dividend yield	—		N/A	—
Expected life (in years)	6		N/A	6

RSUs outstanding under equity-based compensation plans

A summary of the changes in RSUs outstanding under our equity-based compensation plans during 2024 is presented below:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested RSUs as of December 31, 2023	2.3	$	55.53
Granted	1.5	$	99.11
Vested	(1.7)	$	69.64
Cancelled	(0.1)	$	65.07
Unvested RSUs as of December 31, 2024	2.0	$	75.49

Description of the Business and Summary of Significant Accounting Policies - Future Payments of Minimum Guarantee Obligations (Details) - Payment guarantee - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
2025	$ 30	$ 31
2026	13
2027	10
2028	0
2029 and After	$ 0

Income Taxes - Components of Income Before Tax and Benefit for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Components of income (loss) before income taxes
United States	$ 191	$ 92	$ (191)
Foreign	230	113	28
Net income (loss) from continuing operations before income taxes	421	205	(163)
Current
U.S. Federal	61	53	3
U.S. State	22	6	1
Foreign	84	50	38
Total	167	109	42
Deferred
U.S. Federal	(61)	(61)	3
U.S. State	(4)	(15)	1
Foreign	(17)	(8)	(33)
Total	(82)	(84)	(29)
Total income tax expense	$ 85	$ 25	$ 13

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Discontinued Operations
Proceeds from sale of discontinued operations	$ 6,409.0

Business Segments - Additional Information (Details)	12 Months Ended
Business Segments - Additional Information (Details)	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Intangible Assets, net and Goodwill

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net and Goodwill

Intangible Assets, net

Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives of two to fifteen years with no estimated residual values, which materially approximates the expected pattern of use. Factors considered when assigning useful lives include legal, regulatory and contractual provisions, product obsolescence, demand, competition and other economic factors. The following tables present certain information regarding our intangible assets as of December 31, 2024 and 2023.


	As of December 31,
	2024						2023
	Gross Carrying Value		Accumulated Amortization		Net Balance			Gross Carrying Value		Accumulated Amortization		Net Balance
Amortizable intangible assets:
Customer relationships	$	898	$	(624)	$	274		$	904	$	(567)	$	337
Intellectual property	924		(801)		123			947		(771)		176
Licenses	290		(242)		48			290		(217)		73
Brand names	128		(125)		3			129		(120)		9
Trade names	161		(159)		2			163		(157)		6
Patents and other	11		(7)		4			11		(7)		4
Total intangible assets	$	2,412	$	(1,958)	$	454		$	2,444	$	(1,839)	$	605

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


	Year Ended December 31,
	2024		2023		2022
Amortization expense(1)	$	149	$	199	$	239
(1) The year ended December 31, 2023 includes an intangible assets non-cash impairment charge of $4 million related to SciPlay restructuring of a certain foreign studio.

Estimated intangible asset amortization expense for the year ending December 31, 2025 and each of the subsequent four years is as follows:


	Year Ending December 31,
	2025		2026		2027		2028		2029
Amortization expense	$	116	$	103	$	96	$	70	$	48

We assess the recoverability of long-lived assets and intangible assets with finite useful lives whenever events arise or circumstances change that indicate the carrying value of an asset may not be recoverable. Recoverability of long-lived assets (or asset groups) to be held and used is measured by a comparison of the carrying value of the asset (or asset group) to the expected net future undiscounted cash flows to be generated by that asset (or asset group). Any impairment of other long-lived assets and intangible assets with finite lives is measured by the amount by which the carrying value of the asset exceeds the fair market value of the asset.

During the fourth quarter of 2021 and as a result of corporate-wide rebranding, we determined that useful lives for certain of our finite-lived and previously indefinite-lived trade names in our Gaming business segment warranted a change. We first performed an impairment assessment, which indicated that carrying values of these trade names were not impaired. The change in useful life determination was treated as a change in estimate with a $109 million carrying value of these legacy trade names being amortized on a straight-line basis beginning in the fourth quarter of 2021 over twenty months, which materially approximated the expected pattern of use. The incremental expense of this change for the years ended December 31, 2023 and 2022 was $29 million and $59 million, respectively, and recorded in D&A.

Goodwill

The table below reconciles the change in the carrying value of goodwill, by business segment, for the period from December 31, 2022 to December 31, 2024.


	Gaming(1)		SciPlay		iGaming		Totals
Balance as of December 31, 2022	$	2,373	$	213	$	333	$	2,919
Foreign currency adjustments	15		(3)		14		26
Balance as of December 31, 2023	2,388		210		347		2,945
Foreign currency adjustments	(18)		(1)		(23)		(42)
Other	(13)		—		—		(13)
Balance as of December 31, 2024	$	2,357	$	209	$	324	$	2,890
(1) Accumulated goodwill impairment charges for the Gaming segment as of December 31, 2024 were $989 million.

Goodwill represents the excess of the purchase price over the fair value of the assets acquired and liabilities assumed of acquired companies. We test goodwill for impairment annually as of October 1 of each fiscal year or more frequently if events arise or circumstances change that indicate that it is “more likely than not” that the fair value of a reporting unit is less than its carrying value.

We evaluate goodwill at the reporting unit level by comparing the carrying value of each reporting unit to its fair value using a quantitative impairment test or qualitative assessment, as deemed appropriate. Under the qualitative assessment option, we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, which is commonly referred to as “Step 0.” If it is determined that it is not more likely than not that the fair value is less than the carrying value, goodwill is not considered impaired. For reporting units where we perform the quantitative test, we are required to compare the fair value of each reporting unit, which we primarily determine using an income approach based on the present value of discounted cash flows and a market approach, to the respective carrying value, which includes goodwill. If the fair value of the reporting unit is less than its carrying value, an impairment charge is recognized for the amount by which the carrying value exceeds the reporting unit’s fair value determined based on the quantitative test, not to exceed the total amount of goodwill allocated to that reporting unit.

We review our operating segments in accordance with ASC 350 to determine reporting units within our operating segments based on the availability of discrete financial information that is regularly reviewed by segment management. We determined that we have six reporting units: Gaming, U.K. Gaming, Casino Management Systems, Table Products, SciPlay and iGaming. For business segment information, see Note 2.

Our annual goodwill impairment tests as of October 1, 2024 indicated it was more likely than not that the fair values of each of our reporting units that have goodwill exceeded their respective carrying values.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 196	$ 425
Restricted cash	110	90
Receivables, net of allowance for credit losses of $35 and $38, respectively	585	506
Inventories	158	177
Prepaid expenses, deposits and other current assets	134	113
Total current assets	1,183	1,311
Non-current assets:
Restricted cash	6	6
Receivables, net of allowance for credit losses of $5 and $3, respectively	97	37
Property and equipment, net	286	236
Operating lease right-of-use assets	44	52
Goodwill	2,890	2,945
Intangible assets, net	454	605
Software, net	161	158
Deferred income taxes	229	142
Other assets	71	60
Total assets	5,421	5,552
Current liabilities:
Current portion of long-term debt	23	22
Accounts payable	216	241
Accrued liabilities	447	404
Income taxes payable	49	29
Total current liabilities	735	696
Deferred income taxes	12	20
Operating lease liabilities	31	39
Other long-term liabilities	160	180
Long-term debt, excluding current portion	3,847	3,852
Total liabilities	4,785	4,787
Commitments and contingencies (Note 19)
Stockholders’ equity:
Common stock, par value $0.001 per share, 199 shares authorized, 117 and 116 shares issued, respectively, and 86 and 90 shares outstanding, respectively	1	1
Additional paid-in capital	1,200	1,118
Retained earnings	1,016	680
Treasury stock, at cost, 31 and 26 shares, respectively	(1,216)	(751)
Accumulated other comprehensive loss	(365)	(283)
Total stockholders’ equity	636	765
Total liabilities and stockholders’ equity	$ 5,421	$ 5,552

Intangible Assets, net and Goodwill - Narrative (Details)
$ in Millions

12 Months Ended

Dec. 31, 2024

USD ($)

unit

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Finite-Lived Intangible Assets [Line Items]

Gross Carrying Value

$ 2,412

$ 2,444

Amortization of intangible assets

$ 149

199

^[1]

$ 239

Number of Reporting Units | unit

Minimum

Finite-Lived Intangible Assets [Line Items]

Finite-lived intangible asset useful life

2 years

Maximum

Finite-Lived Intangible Assets [Line Items]

Finite-lived intangible asset useful life

15 years

Trade names

Finite-Lived Intangible Assets [Line Items]

Gross Carrying Value

$ 161

163

Intangible Assets, Amortization Period | Trade names

Finite-Lived Intangible Assets [Line Items]

Finite-lived intangible asset useful life

20 months

Gross Carrying Value

$ 109

Amortization of intangible assets

$ 29

$ 59

[1]	(1) The year ended December 31, 2023 includes an intangible assets non-cash impairment charge of $4 million related to SciPlay restructuring of a certain foreign studio.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes - Valuation Allowance (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Valuation allowance
Valuation allowance	$ 67	$ 65
Federal
Valuation allowance
Valuation allowance	6	5
State
Valuation allowance
Valuation allowance	13	14
Foreign
Valuation allowance
Valuation allowance	$ 48	$ 46

Long-Term Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Outstanding Debt

The following table reflects our outstanding debt:


	As of December 31,
	2024								2023
	Final Maturity	Rate(s)	Face Value		Unamortized debt discount/premium and deferred financing costs, net		Book Value		Book Value
Senior Secured Credit Facilities:
LNWI Revolver	2027	variable	$	—	$	—	$	—	$	—
LNWI Term Loan B	2029	variable	2,156		(23)		2,133		2,141
LNWI Senior Notes:
2028 Unsecured Notes	2028	7.000%	700		(5)		695		694
2029 Unsecured Notes	2029	7.250%	500		(4)		496		495
2031 Unsecured Notes	2031	7.500%	550		(7)		543		543
Other	—	—	3		—		3		1
Total long-term debt outstanding			$	3,909	$	(39)	$	3,870	$	3,874
Less: current portion of long-term debt							(23)		(22)
Long-term debt, excluding current portion							$	3,847	$	3,852
Fair value of debt(1)			$	3,945

(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.

The following reflects the principal amount of debt payments due over the next five years and beyond as of December 31, 2024:


Due	Total Principal Due		Series of Debt	Principal Due per Series of Debt


2025	$	23	Term Loan B	$	22
			Other	1
2026	22		Term Loan B	21
			Other	1
2027	23		Term Loan B	22
			Drawn Revolving Credit Facility	—
			Other	1
2028	721		Term Loan B	21
			2028 Unsecured Notes	700
2029	2,570		Term Loan B	2,070
			2029 Unsecured Notes	500
2030 and beyond	550		2031 Unsecured Notes	550
Unamortized discount and deferred financing costs	(39)
Total debt book value as of December 31, 2024	$	3,870

Credit Agreement

L&W and certain of its subsidiaries are party to the LNWI Credit Agreement. As of December 31, 2024, this credit agreement included (a) the LNWI Revolver, a revolving credit facility of $750 million maturing April 14, 2027, with up to $350 million available for issuances of letters of credit and (b) the LNWI Term Loan B, a term loan facility with an initial aggregate principal amount of $2.2 billion that matures April 14, 2029.

On February 10, 2025, we entered into an amendment to the LNWI Credit Agreement. The amendment, among other things, (i) provides for new revolving commitments under the LNWI Revolver in an amount of $1.0 billion, which replace the existing revolving commitments (which were in an amount of $750 million), (ii) extends the maturity of the revolving commitments to the earlier of (x) February 10, 2030 and (y) such earlier date that is 91 days prior to the maturity of our existing term loans (scheduled to mature on April 14, 2029) and existing notes (the earliest maturity of which is scheduled for May 15, 2028), solely to the extent more than $500 million of such term loans and/or such applicable notes are outstanding on such earlier date, and subject to us having sufficient liquidity to repay such term loans and/or applicable notes at such time and (iii) reduces the applicable margin for the revolving loans bearing interest at Adjusted Term SOFR Rate (or an alternative benchmark rate for non-US dollar borrowings) to, based upon certain leverage tests, between 2.00% and 1.50% per annum, and for loans bearing interest at a base rate, between 1.00% and 0.50% per annum.

The LNWI Term Loan B amortizes in equal quarterly installments in an amount equal to 1.00% per annum of the stated principal amount thereof, with the remaining balance due at final maturity. LNWI may voluntarily prepay all or any portion of outstanding amounts under the LNWI Credit Agreement at any time, without premium or penalty, subject to redeployment costs in the case of a prepayment of Adjusted Term SOFR Rate (as defined in the LNWI Credit Agreement) loans on a day that is not the last day of the relevant interest period.

The interest rate for the Term Loan B is either (i) Adjusted Term SOFR Rate (as defined in the LNWI Credit Agreement) plus 2.25% per annum or (ii) a base rate plus 1.25% per annum. The interest rate for revolver borrowings as of December 31, 2024 is 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 LNWI’s Consolidated Net First Lien Leverage Ratio (as defined in the LNWI Credit Agreement) at the end of future fiscal quarters. LNWI is required to pay commitment fees to revolving lenders on the actual daily unused portion of the revolving commitments at a rate of 0.30% per annum through maturity, subject to a step-down to 0.25% per annum or a step-up to 0.35% per annum based upon the achievement of certain Consolidated Net First Lien Leverage Ratios.

2028, 2029 and 2031 Unsecured Notes

On August 23, 2023, LNWI issued $550 million in aggregate principal amount of its 2031 Unsecured Notes. The net proceeds of the 2031 Unsecured Notes offering, together with cash on hand, were used to redeem $550 million in previously outstanding notes and pay accrued and unpaid interest thereon plus related premiums, fees and expenses.

On November 26, 2019, LNWI issued $700 million in aggregate principal amount of its 2028 Unsecured Notes and $500 million in aggregate principal amount of its 2029 Unsecured Notes. We used the net proceeds of the 2028 Unsecured Notes and the 2029 Unsecured Notes, together with cash on hand and borrowings under the revolving credit facility, to redeem $1.4 billion in previously outstanding notes and pay accrued and unpaid interest thereon plus related premiums, fees, and costs, which redemption was completed on December 12, 2019, and to pay related fees and expenses of the offering.

The following table sets forth the date of the indenture, redemption prices and dates and ranking, guarantees and collateral for each of our outstanding series of notes:

Series of Notes

Indenture Date

Redeemable at Make Whole Price Prior To(1)

Ranking, Guarantees and Collateral

2028 Unsecured Notes

November 26, 2019

May 15, 2023

Senior Unsecured

2029 Unsecured Notes

November 26, 2019

November 15, 2024

Senior Unsecured

2031 Unsecured Notes

August 23, 2023

September 1, 2026

Senior Unsecured

(1) Refers to the date prior to which such series of notes may be redeemed at a redemption price equal to 100% of the principal amount of such notes plus accrued and unpaid interest, if any, to the date of redemption plus a “make whole” premium. On or after such date, such notes may be redeemed at the prices specified in the indenture governing such notes.

Ranking, Guarantees and Collateral

Borrowings under the LNWI Credit Agreement are senior secured obligations of LNWI, rank equally to all of LNWI’s existing and future senior debt and rank senior to all of LNWI’s existing and future senior subordinated debt, if any. The

Unsecured Notes are senior unsecured obligations of LNWI, rank equally to all of LNWI’s existing and future senior debt and rank senior to all of LNWI’s existing and future senior subordinated debt, if any.

Borrowings under the LNWI Credit Agreement and the Senior Notes are guaranteed by us and each of our current and future direct and indirect wholly-owned domestic subsidiaries (other than LNWI and certain immaterial subsidiaries), subject to certain customary exceptions as set forth in the LNWI Credit Agreement and the indentures governing such notes. Borrowings under the LNWI Credit Agreement and the Senior Notes are structurally subordinated to all of the liabilities of our Non-Guarantor Subsidiaries.

The obligations under the LNWI Credit Agreement are secured by a first priority lien on (1) substantially all the property and assets (real and personal, tangible and intangible) of LNWI and the other guarantors, and (2) 100% of the capital stock (or other equity interests) of the direct domestic subsidiaries of L&W, LNWI and the guarantors and 65% of the capital stock (or other equity interests) of the direct foreign subsidiaries of L&W, LNWI and the guarantors, in each case, subject to certain customary exceptions.

Restrictive Covenants

The credit facilities are subject to customary affirmative and negative covenants as well as a financial covenant. The financial covenant in the LNWI Credit Agreement is solely for the benefit of the 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 revolving facility exceed 30% of the commitments under the revolving facility, and requires that L&W and its Restricted Subsidiaries not be in excess of a maximum Consolidated Net First Lien Leverage Ratio of 4.50:1.00.

Failure to comply with any of the covenants in these agreements could result in a default under these agreements and under other agreements containing cross-default provisions. Such a default would permit lenders to accelerate the maturity of the debt under these agreements and other agreements containing cross-default provisions and, in the case of the LNWI Credit Agreement, to foreclose upon any collateral securing such debt.

We were in compliance with the financial covenants under our debt agreements as of December 31, 2024.

Debt Issuance Costs and Loss on Debt Financing Transactions

We capitalize debt issuance costs associated with long-term financing arrangements and amortize the deferred debt issuance costs over the term of the arrangement using the effective interest method. The capitalized debt issuance costs associated with long-term debt financing, other than line-of-credit arrangements, are presented as a direct reduction from the carrying value of long-term debt, consistent with the treatment of unamortized debt discount. In connection with the credit agreement in April 2022, we capitalized $44 million in financing costs, $33 million of which were presented as a reduction to long-term debt and $11 million were related to our revolving facility and included in other assets on our consolidated balance sheets. In connection with the issuance of the 2031 Unsecured Notes, we capitalized $8 million in financing costs presented as a reduction to long-term debt.

The following are components of the loss on debt financing transactions resulting from debt extinguishment and modification accounting:


	Years Ended December 31,
	2024		2023		2022
Repayment of principal balance at premium	$	—	$	12	$	90
Unamortized debt discount and deferred financing costs, net	2		3		57

Total loss on debt financing transactions	$	2	$	15	$	147

- 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.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 336	$ 180	$ 3,697
Foreign currency translation (loss) gain, net of tax	(81)	42	(84)
Derivative financial instruments unrealized (loss) gain, net of tax	(1)	(7)	27
Total other comprehensive (loss) income	(82)	35	(57)
Total comprehensive income	254	215	3,640
Less: comprehensive income attributable to noncontrolling interest	0	(17)	(22)
Comprehensive income (loss) attributable to L&W	$ 254	$ 198	$ 3,618

- Definition

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

+ References + Details

- Definition

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

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- 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

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+ Details

Accounts Receivable and Notes Receivable and Credit Quality of Receivables

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Accounts Receivable and Notes Receivable and Credit Quality of Receivables

Receivables

Receivables are recorded at the invoiced amount less allowance for credit losses and imputed interest, if any. For a portion of our receivables, we have provided extended payment terms with installment payment terms greater than 12 months and, in certain international jurisdictions, up to 36 months. Interest income, if any, is recognized ratably over the life of the receivable, and any related fees or costs to establish the receivables are charged to selling, general and administrative expense as incurred, as they are immaterial. Actual or imputed interest, if any, is determined based on current market rates at the time the receivables with extended payment terms originated and is recorded ratably over the payment period, which approximates the effective interest method. We generally impute interest income on all receivables with payment terms greater than one year that do not contain a stated interest rate. Our general policy is to recognize interest on receivables until a receivable is deemed non-performing, which we define as payments being overdue by 180 days beyond the agreed-upon terms. When a receivable is deemed to be non-performing, the item is placed on non-accrual status and interest income is recognized on a cash basis. Accrued interest, non-performing receivables and interest income were immaterial for all periods presented.

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


	As of December 31,
	2024		2023
Current:
Receivables(1)	$	620	$	544
Allowance for credit losses	(35)		(38)
Current receivables, net	585		506
Long-term:
Receivables(1)	102		40
Allowance for credit losses	(5)		(3)
Long-term receivables, net	97		37
Total receivables, net	$	682	$	543
(1) Included $20 million and $69 million in Current and Long-term receivables, respectively, as of December 31, 2024, and $5 million and $23 million in Current and Long-term receivables, respectively, as of December 31, 2023, related to sales-type leases receivables.

Allowance for Credit Losses

The receivables allowance for credit losses is our best estimate of the amount of expected credit losses in our existing receivables over the contractual term. We evaluate our exposure to credit loss on both a collective and individual basis. We evaluate such receivables on a geographic basis and take into account any relevant available information, which begins with historical credit loss experience and consideration of current and expected conditions and market trends (such as general economic conditions, other microeconomic and macroeconomic considerations, etc.) and reasonable and supportable forecasts that could impact the collectability of such receivables over the contractual term individually or in the aggregate. Changes in circumstances relating to these factors may result in the need to increase or decrease our allowance for credit losses in the future.

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


	As of December 31, 2024				As of December 31, 2023
	Total		Balances over 90 days past due		Total		Balances over 90 days past due
Receivables:
U.S. and Canada	$	369	$	4	$	344	$	13
International	353		39		240		50
Total receivables	722		43		584		63
Receivables allowance:
U.S. and Canada	(15)		(1)		(17)		(3)
International	(25)		(15)		(24)		(12)
Total receivables allowance	(40)		(16)		(41)		(15)
Receivables, net	$	682	$	27	$	543	$	48

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 the years ended December 31, 2024 and 2023 is as follows:


	2024						2023
	Total		U.S. and Canada		International		Total
Beginning allowance for credit losses	$	(41)	$	(17)	$	(24)	$	(40)
Provision	(5)		—		(5)		(5)
Charge-offs and recoveries	6		2		4		4
Allowance for credit losses as of December 31	$	(40)	$	(15)	$	(25)	$	(41)

At December 31, 2024, 4% of our total receivables, net, were past due by over 90 days compared to 9% at December 31, 2023.

Credit Quality of Receivables

In our Gaming machine sales business, we file UCC-1 financing statements domestically in order to retain a security interest in the gaming machines that underlie a significant portion of our domestic receivables until the receivable balance is fully paid. However, the value of the gaming machines, if repossessed, may be less than the balance of the outstanding receivable. For international customers, depending on the country and our historic collection experience with the customer, we may obtain pledge agreements, bills of exchange, guarantees, post-dated checks or other forms of security agreements designed to enhance our ability to collect the receivables, although a majority of our international receivables do not have these features. In our Gaming operations business, because we own the Participation gaming machines that are leased or otherwise provided to the customer, in a bankruptcy the customer has to generally either accept or reject the lease or other agreement and, if rejected, our gaming machines are returned to us. Our receivables related to revenue earned on Participation gaming machines and all other revenue sources are typically unsecured claims.

Due to the significance of our gaming machines to the ongoing operations of our casino customers, we may be designated as a key vendor in any bankruptcy filing by a casino customer, which can enhance our position above other creditors in the bankruptcy. Due to our successful collection experience and our continuing relationship with casino customers and their businesses, it is infrequent that we repossess gaming machines from a customer in partial settlement of outstanding receivable balances. In those unusual instances where repossession occurs to mitigate our exposure on the related receivable, the repossessed gaming machines are subsequently resold in the used gaming machine market; however, we may not fully recover the receivable from this re-sale.

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 in the Latin America region (“LATAM”) and are primarily comprised of Mexico, Peru and Argentina. The following table summarizes our LATAM receivables:


	As of December 31, 2024
	Total		Current		Balances over 90 days past due
Receivables	$	73	$	50	$	23
Allowance for credit losses	(20)		(11)		(9)
Receivables, net	$	53	$	39	$	14

We continuously review receivables and, as information concerning credit quality and/or overall economic environment arises, 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 December 31, 2024 and 2023, the fair value of receivables, net, approximated the carrying value due to contractual terms of receivables generally being less than 24 months.

Description of the Business and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions			12 Months Ended
	Feb. 17, 2025 USD ($)	Oct. 23, 2023 USD ($)	Dec. 31, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Number of reportable segments \| Segment			3
Contingent consideration			$ 15	$ 59
Acquisition of SciPlay noncontrolling interest			0	496	$ 0
Advertising costs			177	160	162
Subsequent Event
Acquisition price at closing	$ 850
Subsequent Event \| Forecast
Contingent consideration	$ 200
SciPlay
Noncontrolling interest, ownership percentage		17.00%
Acquisition of SciPlay noncontrolling interest		$ 496
Noncontrolling interest, ownership percentage, parent		83.00%
Payment guarantee
Amortization related to licenses			$ 27	$ 30	$ 34

Business Segments - Reportable Segment (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Segment Reporting Information [Line Items]

Total revenue

$ 3,188

$ 2,902

$ 2,512

Cost of revenues

(931)

^[1]

(872)

^[2]

(738)

^[3]

Payroll and Related Expenses

493

^[4]

435

^[5]

413

^[6]

Other segment reconciling items(4)

(520)

^[7]

(477)

^[8]

(448)

^[9]

AEBITDA

1,244

^[10]

1,118

^[11]

913

^[12]

Restructuring and other

(94)

(92)

(146)

D&A

(361)

(384)

(420)

Interest expense

(293)

(309)

(327)

Loss on debt financing transactions

(2)

(15)

(147)

Gain on remeasurement of debt and other

Other income (expense), net

Stock-based compensation

(110)

(118)

(69)

Net income (loss) from continuing operations before income taxes

421

205

(163)

Assets

5,421

5,552

Capital expenditures for year ended

294

242

216

Gaming

Segment Reporting Information [Line Items]

Total revenue

2,068

1,850

1,601

SciPlay

Segment Reporting Information [Line Items]

Total revenue

821

777

671

iGaming

Segment Reporting Information [Line Items]

Total revenue

299

275

240

Operating Segments

Segment Reporting Information [Line Items]

Total revenue

3,188

2,902

2,512

Cost of revenues

931

^[1]

872

^[2]

738

^[3]

Payroll and Related Expenses

493

^[4]

435

^[5]

413

^[6]

Other segment reconciling items(4)

(367)

^[7]

(339)

^[8]

(327)

^[9]

AEBITDA

1,397

^[10]

1,256

^[11]

1,034

^[12]

Restructuring and other

(7)

(46)

(34)

Assets

5,143

5,208

Capital expenditures for year ended

280

229

195

Operating Segments | Gaming

Segment Reporting Information [Line Items]

Total revenue

2,068

1,850

1,601

Cost of revenues

603

^[1]

553

^[2]

462

^[3]

Payroll and Related Expenses

321

^[4]

274

^[5]

273

^[6]

Other segment reconciling items(4)

(117)

^[7]

(105)

^[8]

(99)

^[9]

AEBITDA

1,027

^[10]

918

^[11]

767

^[12]

Restructuring and other

(2)

(11)

(6)

Assets

3,964

4,023

Capital expenditures for year ended

238

181

151

Operating Segments | SciPlay

Segment Reporting Information [Line Items]

Total revenue

821

777

671

Cost of revenues

231

^[1]

235

^[2]

204

^[3]

Payroll and Related Expenses

102

^[4]

^[5]

^[6]

Other segment reconciling items(4)

(216)

^[7]

(201)

^[8]

(200)

^[9]

AEBITDA

272

^[10]

243

^[11]

187

^[12]

Restructuring and other

(1)

(10)

(5)

Assets

444

473

Capital expenditures for year ended

Operating Segments | iGaming

Segment Reporting Information [Line Items]

Total revenue

299

275

240

Cost of revenues

^[1]

^[2]

^[3]

Payroll and Related Expenses

^[4]

^[5]

^[6]

Other segment reconciling items(4)

(34)

^[7]

(33)

^[8]

(28)

^[9]

AEBITDA

^[10]

^[11]

^[12]

Restructuring and other

(4)

(25)

(23)

Assets

735

712

Capital expenditures for year ended

Unallocated and Reconciling Items

Segment Reporting Information [Line Items]

Total revenue

^[13]

^[14]

^[15]

Cost of revenues

^[1],[13]

^[2],[14]

^[3],[15]

Payroll and Related Expenses

^[4],[13]

^[5],[14]

^[6],[15]

Other segment reconciling items(4)

(153)

^[7],[13]

(138)

^[8],[14]

(121)

^[9],[15]

AEBITDA

(153)

^[10],[13]

(138)

^[11],[14]

(121)

^[12],[15]

Restructuring and other

(87)

^[13]

(46)

^[14]

(112)

^[15]

D&A

361

^[13]

384

^[14]

420

^[15]

Interest expense

293

^[13]

(309)

^[14]

(327)

^[15]

Loss on debt financing transactions

(2)

^[13]

(15)

^[14]

(147)

^[15]

Gain on remeasurement of debt and other

^[15]

Other income (expense), net

^[13]

^[14]

^[15]

Stock-based compensation

(110)

^[13]

(118)

^[14]

(69)

^[15]

Assets

278

^[13]

344

^[14]

Capital expenditures for year ended

$ 14

^[13]

$ 13

^[14]

$ 21

^[15]

[1]	(2) Excludes D&A.
[2]	(2) Excludes D&A.
[3]	(2) Excludes D&A.
[4]	(3) Excludes stock-based compensation.
[5]	(3) Excludes stock-based compensation.
[6]	(3) Excludes stock-based compensation.
[7]	(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance, and other operating expenses.
[8]	(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance, and other operating expenses.
[9]	(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance, and other operating expenses.
[10]	(5) AEBITDA is reconciled to net income (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- and disposition-related 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 (expense), net, including foreign currency gains or losses and earnings (loss) from equity investments; and (7) stock-based compensation. AEBITDA is presented as our primary segment measure of profit or loss.
[11]	(5) AEBITDA is described in footnote (5) to the first table in this Note 2.
[12]	(5) AEBITDA is described in footnote (5) to the first table in this Note 2.
[13]	(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total reportable business segments AEBITDA to our consolidated net income from continuing operations before income taxes.
[14]	(1) Includes amounts not allocated to the business segments (including corporate costs) and reconciling items to reconcile the total reportable business segments AEBITDA to our consolidated net loss from continuing operations before income taxes.
[15]	(1) Includes amounts not allocated to the business segments (including corporate costs) and reconciling items to reconcile the total reportable business segments AEBITDA to our consolidated net loss from continuing operations before income taxes.

Basic and Diluted Net Income (Loss) Attributable to L&W Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method

The below table presents a reconciliation of weighted average shares used in the calculation of basic and diluted earnings per share.


	Year Ended December 31,
	2024	2023	2022
Weighted average shares for basic earnings per share	89	91	95

RSUs	2	2	—
Weighted average shares for diluted earnings per share	91	93	95

Long-Term Debt - Debt Issuance Costs (Details) - USD ($) $ in Millions	Aug. 23, 2023	Apr. 30, 2022
Debt Instrument [Line Items]
Gross financing costs		$ 44
Revolving Credit Facility
Debt Instrument [Line Items]
Gross financing costs		11
Long-Term Debt
Debt Instrument [Line Items]
Gross financing costs	$ 8	$ 33

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Long-Term Debt - Unsecured Notes (Details) - USD ($) $ in Millions	Dec. 31, 2024	Nov. 26, 2019
Debt Instrument [Line Items]
Face Value	$ 3,909
Senior Notes \| 2031 Unsecured Notes
Debt Instrument [Line Items]
Face Value	550	$ 550
Senior Notes \| Senior Unsecured Notes Maturing 2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount		550
Senior Notes \| 2028 Unsecured Notes
Debt Instrument [Line Items]
Face Value	700	700
Senior Notes \| 2029 Unsecured Notes
Debt Instrument [Line Items]
Face Value	$ 500	500
Senior Notes \| Senior Unsecured Notes, maturing 2022
Debt Instrument [Line Items]
Face Value		$ 1,400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue Recognition - Summary of Revenue by Type (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Segment Reporting Information [Line Items]

Total revenue

$ 3,188

$ 2,902

$ 2,512

Gaming

Segment Reporting Information [Line Items]

Total revenue

2,068

1,850

1,601

SciPlay

Segment Reporting Information [Line Items]

Total revenue

821

777

671

iGaming

Segment Reporting Information [Line Items]

Total revenue

299

275

240

Gaming operations | Gaming

Segment Reporting Information [Line Items]

Total revenue

690

661

635

Gaming machine sales | Gaming

Segment Reporting Information [Line Items]

Total revenue

865

708

522

Gaming systems | Gaming

Segment Reporting Information [Line Items]

Total revenue

302

268

255

Table products | Gaming

Segment Reporting Information [Line Items]

Total revenue

211

213

189

Third-party platforms and other(1) | SciPlay

Segment Reporting Information [Line Items]

Total revenue

^[1]

733

768

671

Direct-to-consumer platforms | SciPlay

Segment Reporting Information [Line Items]

Total revenue

$ 88

$ 9

$ 0

[1]	(1) Other primarily represents advertising revenue, which was not material in the periods presented.

Accounts Receivable and Notes Receivable and Credit Quality of Receivables (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Summary of components of current and long-term accounts and notes receivable, net

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


	As of December 31,
	2024		2023
Current:
Receivables(1)	$	620	$	544
Allowance for credit losses	(35)		(38)
Current receivables, net	585		506
Long-term:
Receivables(1)	102		40
Allowance for credit losses	(5)		(3)
Long-term receivables, net	97		37
Total receivables, net	$	682	$	543
(1) Included $20 million and $69 million in Current and Long-term receivables, respectively, as of December 31, 2024, and $5 million and $23 million in Current and Long-term receivables, respectively, as of December 31, 2023, related to sales-type leases receivables.

Summary of the components of total notes receivable, net


	As of December 31, 2024				As of December 31, 2023
	Total		Balances over 90 days past due		Total		Balances over 90 days past due
Receivables:
U.S. and Canada	$	369	$	4	$	344	$	13
International	353		39		240		50
Total receivables	722		43		584		63
Receivables allowance:
U.S. and Canada	(15)		(1)		(17)		(3)
International	(25)		(15)		(24)		(12)
Total receivables allowance	(40)		(16)		(41)		(15)
Receivables, net	$	682	$	27	$	543	$	48

Schedule of activity in allowance for notes receivable

The activity in our allowance for receivable credit losses for the years ended December 31, 2024 and 2023 is as follows:


	2024						2023
	Total		U.S. and Canada		International		Total
Beginning allowance for credit losses	$	(41)	$	(17)	$	(24)	$	(40)
Provision	(5)		—		(5)		(5)
Charge-offs and recoveries	6		2		4		4
Allowance for credit losses as of December 31	$	(40)	$	(15)	$	(25)	$	(41)

Schedule of receivables by location - Latin America

The following table summarizes our LATAM receivables:


	As of December 31, 2024
	Total		Current		Balances over 90 days past due
Receivables	$	73	$	50	$	23
Allowance for credit losses	(20)		(11)		(9)
Receivables, net	$	53	$	39	$	14

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2024	Feb. 18, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-11693
Entity Registrant Name	LIGHT & WONDER, INC.
Entity Central Index Key	0000750004
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
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
Title of 12(b) Security	Common Stock, $.001 par value
Trading Symbol	LNW
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 7,160,478,533
Entity Common Stock, Shares Outstanding		84,466,317

Leases and Other Commitments

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Our operating leases primarily consist of real estate leases such as offices, warehouses and research and development facilities. Our leases have remaining lease terms ranging from one to nine years, some of which include options to extend the leases for up to three years or to terminate the leases within one year. Our finance leases are immaterial.

Our total operating lease expense was $24 million, $23 million and $22 million for the years ended December 31, 2024, 2023 and 2022, 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 December 31,
	2024			2023
Operating lease right-of-use assets	$	44		$	52
Accrued liabilities	16			19
Operating lease liabilities	31			39
Total operating lease liabilities	$	47		$	58


Weighted average remaining lease term, years	3			4
Weighted average discount rate	6		%	6		%


	Year Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	23	$	22	$	20
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	12	$	16	$	17

Lease liability maturities are as follows:


	2025		2026		2027		2028		2029		Thereafter		Less Imputed Interest		Total
Operating leases	$	19	$	15	$	9	$	7	$	2	$	—	$	(5)	$	47

As of December 31, 2024, we did not have material additional operating leases that have not yet commenced.

Other Commitments

U.S. 401(k) plan

We have a 401(k) plan for U.S.-based employees. Those employees who participate in our 401(k) plan are eligible to receive matching contributions from us for the first 6% of participant contributions (as defined in the plan document). Contribution expense for the years ended December 31, 2024, 2023 and 2022 amounted to $9 million, $9 million and $8 million, respectively.

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

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Total Minimum Guaranteed Obligations

The following are our total minimum guaranteed obligations for the periods presented:


	As of December 31,
	2024		2023
Current liabilities	$	30	$	31
Other long-term liabilities	23		53
Total minimum guarantee obligations	$	53	$	84
Weighted average remaining term (in years)	2		3

Schedule of Remaining Future Payments of Guarantee Obligations

The following are our remaining expected future payments of minimum guarantee obligations:


	Year Ending December 31,
	2025		2026		2027		2028		2029 and After
Expected future payments	$	30	$	13	$	10	$	—	$	—

Interest and Other Income

Other income, net for the years ended December 31, 2024, 2023 and 2022 primarily consisted of the following:


	Year Ended December 31,
	2024		2023		2022
Foreign currency transaction net loss	$	(6)	$	(29)	$	(13)
Interest income	20		34		17
Gain on sale of assets	28		—		1
Other, net	6		6		6
Total	$	48	$	11	$	11

Schedule of Discontinued Operations

The summarized results of our discontinued operations were as follows:



	Year Ended December 31, 2022
Total revenue	$	371
Total cost of revenue(1)	177
Other operating expenses(2)	182



Operating income	12
Total other income, net	9
Net income from discontinued operations before income taxes	21
Gain on sale of discontinued operations before income taxes	4,927
Total net income from discontinued operations before income taxes	4,948
Income tax expense	(1,075)
Net income from discontinued operations, net of tax included in the consolidated statement of operations	$	3,873
(1) Excludes D&A.
(2) Includes stock-based compensation of $18 million and direct transaction closing fees of $87 million for the year ended December 31, 2022.

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 50
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Description of the Business and Summary of Significant Accounting Policies - Minimum Guarantees (Details) - Payment guarantee - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Current liabilities	$ 30	$ 31
Other long-term liabilities	23	53
Total minimum guarantee obligations	$ 53	$ 84
Weighted average remaining term (in years)	2 years	3 years

Software, net (Tables)

12 Months Ended

Dec. 31, 2024

Research and Development [Abstract]

Schedule of Capitalized Computer Software

Software, net consisted of the following:


	As of December 31,
	2024		2023
Software	$	1,137	$	1,083
Accumulated amortization	(976)		(925)
Software, net	$	161	$	158

Schedule of Software Amortization Expense

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


	Year Ended December 31,
	2024		2023		2022
Amortization expense(1)	$	149	$	199	$	239
(1) The year ended December 31, 2023 includes an intangible assets non-cash impairment charge of $4 million related to SciPlay restructuring of a certain foreign studio.

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


	Year Ended December 31,
	2024		2023		2022
Amortization expense	$	78	$	68	$	70

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income taxes are determined using the liability method of accounting for income taxes, under which deferred tax assets (“DTAs”) and deferred tax liabilities (“DTLs”) are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities. If, based upon all available evidence, both positive and negative, it is more likely than not that such DTAs will not be realized, a valuation allowance is recorded.

Management assessed the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of existing DTAs in each taxpaying jurisdiction. On the basis of this evaluation, as of December 31, 2024, a valuation allowance of $67 million has been recorded to recognize only the portion of the DTAs that are more likely than not to be realized; however, the amount of the DTAs considered realizable could be adjusted if estimates of future taxable income during the carry forward period change or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as projections for future growth.

We apply a recognition threshold and measurement attribute related to uncertain tax positions taken or expected to be taken on our tax returns. We recognize a tax benefit for financial reporting of an uncertain income tax position when it has a greater than 50% likelihood of being sustained upon examination by the taxing authorities. We measure the tax benefit of an uncertain tax position based on the largest benefit that has a greater than 50% likelihood of being ultimately realized including evaluation of settlements.

The components of net income (loss) from continuing operations before income taxes are as follows:


	Year Ended December 31,
	2024		2023		2022
United States	$	191	$	92	$	(191)
Foreign	230		113		28
Net income (loss) from continuing operations before income tax expense	$	421	$	205	$	(163)

The components of income tax expense (benefit) are as follows:


	Year Ended December 31,
	2024		2023		2022
Current
U.S. Federal	$	61	$	53	$	3
U.S. State	22		6		1
Foreign	84		50		38
Total	167		109		42
Deferred
U.S. Federal	(61)		(61)		3
U.S. State	(4)		(15)		1
Foreign	(17)		(8)		(33)
Total	(82)		(84)		(29)
Total income tax expense	$	85	$	25	$	13

The reconciliation of the U.S. federal statutory tax rate to the actual tax rate is as follows:


	Year Ended December 31,
	2024		2023		2022
Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State tax expense	2.2	%	1.8	%	(0.9)	%
Foreign earnings at rates different than U.S. federal rate	1.6	%	3.4	%	0.8	%
Foreign withholding taxes	0.9	%	3.1	%	(1.7)	%
Valuation allowance adjustments	1.5	%	3.4	%	6.3	%
Permanent items	(4.0)	%	(1.7)	%	0.7	%
Earnings from consolidated subsidiaries	—	%	—	%	(4.3)	%
Tax benefits from intraperiod tax allocation to discontinued operations	—	%	—	%	(29.8)	%
Tax credits	(2.5)	%	(4.7)	%	1.6	%
Impact of internal planning and restructuring	(3.0)	%	(6.4)	%	—	%
Impact of Divestitures	—	%	(6.9)	%	—	%
Other	2.6	%	(0.9)	%	(1.7)	%
Effective income tax rate	20.3	%	12.1	%	(8.0)	%

Our 2024 effective tax rate was impacted by the effect of worldwide tax rates on foreign earnings, offset by tax benefits of internal restructuring and tax credits. Our 2023 effective tax rate was impacted by the effect of worldwide tax rates on foreign earnings, offset by tax benefits of internal restructurings and the impact of the 2022 Divestitures. Our 2022 effective tax rate was impacted by not benefiting from year-to-date losses in continuing operations in accordance with the intraperiod tax expense (benefit) allocation rules as generally prescribed under ASC 740-20.

The Divestitures generated $674 million of net cash taxes, after usage of tax attributes. Of this amount, $641 million was paid in the year ended December 31, 2022 and the remainder was paid in the year ended December 31, 2023.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying values of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The deferred income tax balances are established using the enacted statutory tax rates and are adjusted for changes in such rates in the period of change.


	As of December 31,
	2024		2023
Deferred tax assets:
Reserves and other accrued expenses	$	90	$	65
Net operating loss carry forwards	82		82

Capitalized research and development expenditures	85		61
Interest limitation carry forwards	60		32
Stock compensation	33		33
Property and equipment	8		14
Differences in financial reporting and tax basis for:
Other	41		32
Less: Valuation allowance	(67)		(65)
Realizable deferred tax assets	332		254
Deferred tax liabilities:


Differences in financial reporting and tax basis for:
Identifiable intangible assets	(57)		(87)
Property and equipment	(35)		(25)
Other	(23)		(20)
Total deferred tax liabilities	(115)		(132)
Net deferred tax asset on balance sheet	$	217	$	122

At December 31, 2024, we had the following NOL, interest limitation, R&D credit, and state tax credit carry forwards:


	December 31, 2024
	Federal		State		Foreign
NOL carry forwards	$	—	$	521	$	238
Interest limitation carry forwards	159		105		80
R&D and state credit carry forwards	—		2		—

The state and foreign NOL carryforwards can be carried forward for periods that vary from five years to indefinitely. State tax credits expire through 2031. The interest limitation carryforwards can be carried forward indefinitely in all applicable jurisdictions.

At December 31, 2024 and 2023, we had the following valuation allowances:


	December 31,
	2024	2023
Federal	6	5
State	13	14
Foreign	48	46

Undistributed earnings of subsidiaries are accounted for as a temporary difference, except that DTLs are not recorded for undistributed earnings of foreign subsidiaries that are deemed to be indefinitely reinvested in foreign jurisdictions. The Tax Cuts and Jobs Act of 2017 (“Tax Act”) required the Company to compute a tax on previously undistributed earnings and profits of its foreign subsidiaries upon transition from a worldwide tax system to a territorial tax system during the year ended December 31, 2017. The repatriation of such amounts in the future should generally be exempt from income taxes in the U.S. (as a result of the Tax Act) and in those jurisdictions that have a similar territorial system of taxation. Substantially all of our current year foreign cash flows are not intended to be indefinitely reinvested offshore, and therefore the tax effects of repatriation (including applicable withholding taxes) of such cash flows are provided for in our financial reporting.

Unrecognized Tax Benefits

The total amount of unrecognized tax benefits (“UTBs”) as of December 31, 2024 was $67 million. Of this amount, $67 million, if recognized, would be included in our Consolidated Statements of Operations and have an impact on our effective tax rate. During the fourth quarter of 2024, we recognized approximately $10 million of tax benefits due to expiration of statutes of limitations on tax positions.

We recognize interest and penalties for unrecognized tax benefits in income tax expense. The amounts recognized for interest and penalties during the years ended December 31, 2024, 2023 and 2022 were not material.

We file income tax returns in the U.S. Federal jurisdiction and various state and foreign jurisdictions. We are generally not subject to examination for periods prior to December 31, 2020; however, as we utilize our NOLs, prior periods can be subject to examination. During the second quarter of 2024, the Company was notified by the Internal Revenue Service that the Company’s U.S. federal income tax returns for tax years 2021 and 2022 are subject to examination. There are no other ongoing material U.S. state, local or non-U.S. examinations by tax authorities.

The Company had the following activity for unrecognized tax benefits:


	Year Ended December 31,
	2024		2023		2022
Balance at beginning of period	$	72	$	73	$	29
Tax positions related to current year additions	1		2		43
Additions for tax positions of prior years	4		1		1
Tax positions related to prior year reductions	—		(4)		—
Reductions due to lapse of statute of limitations on tax positions	(10)		—		—

Balance at end of period	$	67	$	72	$	73

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Fair Value Measurements - Effect of Interest Rate Swap Contracts Designated as Cash Flow Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Total interest expense which reflects the effects of cash flow hedges	$ (293)	$ (309)	$ (327)
Hedged item	(20)	(20)	(17)
Derivative designated as hedging instrument	$ 37	$ 35	$ 10

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

Long-Term Debt - Credit Agreement and Revolver (Details) - USD ($) $ in Millions		12 Months Ended
	Feb. 10, 2025	Dec. 31, 2024	May 15, 2028
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage		0.30%
Face Value		$ 3,909
Subsequent Event \| Forecast
Debt Instrument [Line Items]
Face Value			$ 500
Secured Debt \| Term Loan Facility and Revolving Credit Facility, April 2022
Debt Instrument [Line Items]
Face Value		$ 5
The Credit Agreement \| Revolving Credit Facility \| Base Rate, Step Up
Debt Instrument [Line Items]
Margin spread on debt		0.25%
Debt Instrument, Leverage Ratio		0.35%
The Credit Agreement \| Revolving Credit Facility \| Base Rate, Step Down
Debt Instrument [Line Items]
Margin spread on debt		0.25%
Debt Instrument, Leverage Ratio		0.25%
The Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 750
The Credit Agreement \| Revolving Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000
The Credit Agreement \| Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Margin spread on debt		1.00%
The Credit Agreement \| Revolving Credit Facility \| Base Rate \| Minimum \| Subsequent Event
Debt Instrument [Line Items]
Margin spread on debt	0.50%
The Credit Agreement \| Revolving Credit Facility \| Base Rate \| Maximum \| Subsequent Event
Debt Instrument [Line Items]
Margin spread on debt	1.00%
The Credit Agreement \| Revolving Credit Facility \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Margin spread on debt		2.00%
The Credit Agreement \| Revolving Credit Facility \| Adjusted Secured Overnight Financing Rate \| Minimum \| Subsequent Event
Debt Instrument [Line Items]
Margin spread on debt	1.50%
The Credit Agreement \| Revolving Credit Facility \| Adjusted Secured Overnight Financing Rate \| Maximum \| Subsequent Event
Debt Instrument [Line Items]
Margin spread on debt	2.00%
The Credit Agreement \| Revolving Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 350
The Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 2,200
Debt Instrument, Amortization Percentage		1.00%
The Credit Agreement \| Term Loan \| Base Rate
Debt Instrument [Line Items]
Margin spread on debt		1.25%
The Credit Agreement \| Term Loan \| Adjusted Secured Overnight Financing Rate
Debt Instrument [Line Items]
Margin spread on debt		2.25%

Business Segments (Policies)	12 Months Ended
Business Segments (Policies)	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting, Policy	We report our operations in three business segments—Gaming, SciPlay and iGaming—representing our different products and services. Our Gaming business segment generally sells game content and gaming machines, VGTs and VLTs (including conversion kits and parts), and leases or otherwise provides gaming content, gaming machines and server-based systems. It also sells and supports CMS-based software and hardware, licenses PTG content and supplies Shufflers and other table products utilities to commercial, tribal and governmental gaming operators. Our SciPlay business segment develops, markets and operates a portfolio of social games played on various online platforms. Our iGaming business segment provides a comprehensive suite of digital gaming content, distribution platforms and player account management systems, as well as various other iGaming content and services. See Note 3 for the products and services from which each reportable segment derives its revenues. In evaluating financial performance, our CODM (defined as our Chief Executive Officer) focuses on adjusted earnings before interest, taxes, depreciation and amortization (“AEBITDA”) as management’s primary segment measure of profit or loss, which is described in footnote (5) to the below table. Our CODM uses business segment AEBITDA to evaluate the performance of each business segment and allocate resources. Additionally, AEBITDA is one of the key metrics used in our incentive compensation program. The accounting policies for our business segments are the same as those described in these Notes.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 41
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+ Details

Accrued Liabilities (Details) - USD ($)
$ in Millions

Dec. 31, 2024

Dec. 31, 2023

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Compensation and benefits(1)

^[1]

$ 140

$ 139

Accrued interest

Accrued licenses

Legal matters

Contract liabilities (including customer advances, deposits and funds held on behalf of customers)

Taxes, other than income

Operating lease liabilities

Contingent acquisition consideration liabilities

Other

Total

447

404

Liability Classified Equity Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Compensation and benefits(1)

$ 44

$ 67

[1]	(1) Includes $44 million and $67 million in liability-classified equity awards as of December 31, 2024 and 2023, respectively.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Millions	Total	Common Stock	Additional Paid in Capital	Retained Earnings (Accumulated Loss)	Treasury Stock	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Beginning balance at Dec. 31, 2021	$ (2,106)	$ 1	$ 1,337	$ (3,158)	$ (175)	$ (261)	$ 150
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Settlement of liability awards	43		43
Vesting of RSUs, net of tax withholdings and other	(35)		(35)
Purchase of treasury stock	405				405
Purchase of SciPlay Class A common stock	(37)		(35)				(2)
Stock-based compensation	61		60				1
Net income	3,697			3,675			22
Other comprehensive loss	(57)					(57)
Ending balance at Dec. 31, 2022	1,161	1	1,370	517	(580)	(318)	171
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Settlement of liability awards	25		25
Vesting of RSUs, net of tax withholdings and other	(9)		(9)
Purchase of treasury stock	171				171
Purchase of SciPlay Class A common stock	(23)		(23)				0
Acquisition of SciPlay noncontrolling interest	488		300				188
Stock-based compensation	55		55				0
Net income	180			163			17
Other comprehensive loss	35					35
Ending balance at Dec. 31, 2023	765	1	1,118	680	(751)	(283)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Settlement of liability awards	67		67
Vesting of RSUs, net of tax withholdings and other	(52)		(52)
Purchase of treasury stock	465				(465)
Stock-based compensation	67		67
Net income	336			336
Other comprehensive loss	(82)					(82)
Ending balance at Dec. 31, 2024	$ 636	$ 1	$ 1,200	$ 1,016	$ (1,216)	$ (365)	$ 0

Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balance at the beginning of the period

$ (283)

$ (318)

$ (261)

Change during period

(82)

(131)

Reclassified into operations(3)

^[1]

Balance at the end of the period

(365)

(283)

(318)

Foreign Currency Items

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balance at the beginning of the period

(300)

(342)

(245)

Change during period

(81)

(158)

Reclassified into operations(3)

^[1]

Balance at the end of the period

(381)

(300)

(342)

Derivative Financial Instruments

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balance at the beginning of the period

^[2]

(3)

Change during period

^[2]

(1)

(7)

Reclassified into operations(3)

^[2]

^[1]

Balance at the end of the period

^[2]

Other comprehensive income (loss), tax benefit (expense)

(2)

(7)

Unrecognized pension benefit costs, net of taxes

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balance at the beginning of the period

^[3]

(13)

Change during period

^[3]

Reclassified into operations(3)

^[3]

^[1]

Balance at the end of the period

^[3]

$ 0

Other comprehensive income (loss), tax benefit (expense)

$ (3)

[1]	(3) Reclassifications are due to the sales of discontinued operations (see Note 1).
[2]	(1) The change during the period is net of income taxes of $— million, $2 million and $7 million in 2024, 2023 and 2022, respectively.
[3]	(2) The change during the period is net of income taxes of $3 million in 2022.

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

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+ Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

Intangible Assets, net and Goodwill - Goodwill (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Goodwill

Balance at the beginning of the period

$ 2,945.0

$ 2,919.0

Foreign currency adjustments

(42.0)

26.0

Other

(13.0)

Balance at the end of the period

2,890.0

2,945.0

Gaming

Goodwill

Balance at the beginning of the period

^[1]

2,388.0

2,373.0

Foreign currency adjustments

^[1]

(18.0)

15.0

Other

^[1]

(13.0)

Balance at the end of the period

^[1]

2,357.0

2,388.0

Accumulated goodwill impairment charges

989.0

SciPlay

Goodwill

Balance at the beginning of the period

210.0

213.0

Foreign currency adjustments

(1.0)

(3.0)

Balance at the end of the period

209.0

210.0

iGaming

Goodwill

Balance at the beginning of the period

347.0

333.0

Foreign currency adjustments

(23.0)

14.0

Balance at the end of the period

$ 324.0

$ 347.0

[1]	(1) Accumulated goodwill impairment charges for the Gaming segment as of December 31, 2024 were $989 million.

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Inventories

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined on the first-in, first-out or weighted moving average method. Our inventory primarily consists of gaming machines and table products for sale and related parts. We determine the lower of cost or net realizable value of our inventory based on estimates of potentially excess and obsolete inventories after considering historical and forecasted demand and average selling prices. Our policy is to continuously review and assess the value of our inventory. We continuously monitor demand, assess our internal outlook and rationalize our product roadmap, all of which could result in recording adjustments to the valuation of inventory.

Inventories consisted of the following:


	As of December 31,
	2024		2023
Parts and work-in-process	$	126	$	113
Finished goods	32		64
Total inventories	$	158	$	177

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

We record inventory valuation charges in cost of products and recorded charges of $14 million, $14 million and $5 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Property and Equipment, net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment are stated at cost, and when placed into service, are depreciated using the straight-line method over the estimated useful lives of the assets as follows:


Item						Estimated Life in Years
Gaming equipment						1 - 5
Machinery and equipment						3 - 15
Transportation equipment						3 - 8
Furniture and fixtures						5 - 10
Buildings and improvements						15 - 40

Costs incurred for equipment associated with specific Gaming contracts not yet placed into service are classified as construction in progress and are not depreciated until placed into service. Leasehold improvements are amortized over the lesser of the term of the corresponding lease or their useful life.

We periodically review the estimated useful lives of our fixed assets and assess the recoverability of long-lived assets (or asset groups) whenever events or changes in circumstances indicate that the carrying value of such an asset (or asset groups) may not be recoverable.

Property and equipment, net consisted of the following:


	As of December 31,
	2024		2023
Land	$	6	$	6
Buildings and leasehold improvements	64		59
Gaming machinery and equipment	745		718
Furniture and fixtures	29		26
Construction in progress	9		7
Other property and equipment	102		94
Less: accumulated depreciation	(669)		(674)
Total property and equipment, net	$	286	$	236

Depreciation expense is excluded from cost of services, cost of products and other operating expenses and is separately presented within D&A.


	Year Ended December 31,
	2024		2023		2022
Depreciation expense	$	134	$	117	$	111

Accounts Receivable and Notes Receivable and Credit Quality of Receivables - Additional Information (Details)	Dec. 31, 2024	Dec. 31, 2023
Balances over 90 days past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Percent Past Due	4.00%	9.00%

Revenue Recognition - Opening and Closing Balances (Details) - USD ($)
$ in Millions

Dec. 31, 2024

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Receivables

$ 682

$ 543

Contract with Customer, Asset, Net

^[1]

$ 43

$ 24

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

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Activity for unrecognized tax benefits [Roll Forward]
Balance at beginning of period	$ 72	$ 73	$ 29
Tax positions related to current year additions	1	2	43
Additions for tax positions of prior years	4	1	1
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	0	(4)	0
Reductions due to lapse of statute of limitations on tax positions	(10)	0	0
Balance at end of period	$ 67	$ 72	$ 73

Basic and Diluted Net Income (Loss) Attributable to L&W Per Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average shares for basic earnings per share	89	91	95
Weighted average shares for diluted earnings per share	91	93	95
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			2
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in shares)	2	2	0
Antidilutive securities excluded from computation of earnings per share (in shares)			2

Stockholders' Equity (Deficit) - Changes in Common Stock (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares outstanding as of beginning of period (in shares)	90,000,000	91,000,000
Shares issued as part of equity-based compensation plans and the ESPP, net of shares surrendered (in shares)	1,000,000	1,000,000
Shares repurchased into treasury stock	(4,800,000)	(2,000,000)
Shares outstanding as of end of period (in shares)	86,000,000	90,000,000

Software, net

12 Months Ended

Dec. 31, 2024

Research and Development [Abstract]

Software, net

We capitalize direct costs used in the development of internal-use software. Amounts capitalized are amortized over a period of two to ten years on a straight-line basis.

We purchase, license and incur costs to develop external use software to be used in the products we sell, lease or market to customers. Costs incurred in creating software are expensed when incurred as R&D until technological feasibility has been established, after which costs are capitalized up to the date the software is available for general release to customers. Generally, the software we develop reaches technological feasibility when a working model of the software is available. We capitalize the payments made for software that we purchase or license for use in our products that has previously met the technological feasibility criteria prior to our purchase or license. Amortization of capitalized software costs is recorded over the estimated economic life, which is typically two to ten years.

For our new game themes, we have determined that such products generally reach technological feasibility when internal testing is complete and the product is ready to be submitted to gaming regulators for approval. We incur and capitalize regulatory approval costs for our game themes after technological feasibility is achieved. Amortization of regulatory approval costs is recorded over the estimated economic life, which is typically two to four years.

Software, net consisted of the following:


	As of December 31,
	2024		2023
Software	$	1,137	$	1,083
Accumulated amortization	(976)		(925)
Software, net	$	161	$	158

In the years ended December 31, 2024 and 2023, we capitalized $87 million and $85 million, respectively, of development expenditures.

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


	Year Ended December 31,
	2024		2023		2022
Amortization expense	$	78	$	68	$	70

Restructuring and Other

12 Months Ended

Dec. 31, 2024

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:


	Year Ended December 31,
	2024		2023		2022
Employee severance and related	$	6	$	16	$	10
Legal and related (see Note 19)	79		—		8
Strategic review and related(1)	1		40		83
Contingent acquisition considerations(2)	—		19		21
Restructuring, integration and other	8		17		24
Total	$	94	$	92	$	146
(1) Includes costs associated with the SciPlay Merger, ASX listing, Divestitures (including ongoing separation activities), rebranding and related activities.
(2) Represents contingent consideration fair value adjustment (see Note 15).

Intangible Assets, net and Goodwill - Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Schedule of Finite Lived Intangible and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 2,412	$ 2,444
Accumulated Amortization	(1,958)	(1,839)
Net Balance	454	605
Customer relationships
Schedule of Finite Lived Intangible and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Value	898	904
Accumulated Amortization	(624)	(567)
Net Balance	274	337
Intellectual property
Schedule of Finite Lived Intangible and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Value	924	947
Accumulated Amortization	(801)	(771)
Net Balance	123	176
Licenses
Schedule of Finite Lived Intangible and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Value	290	290
Accumulated Amortization	(242)	(217)
Net Balance	48	73
Brand names
Schedule of Finite Lived Intangible and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Value	128	129
Accumulated Amortization	(125)	(120)
Net Balance	3	9
Trade names
Schedule of Finite Lived Intangible and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Value	161	163
Accumulated Amortization	(159)	(157)
Net Balance	2	6
Patents and other
Schedule of Finite Lived Intangible and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Value	11	11
Accumulated Amortization	(7)	(7)
Net Balance	$ 4	$ 4

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


	As of December 31,
	2024		2023
Compensation and benefits(1)	$	140	$	139
Accrued interest	31		35
Accrued licenses	31		31
Legal matters	89		12
Contract liabilities (including customer advances, deposits and funds held on behalf of customers)	21		25
Taxes, other than income	16		10
Operating lease liabilities	16		19
Contingent acquisition consideration liabilities	8		39
Other	95		94
Total	$	447	$	404
(1) Includes $44 million and $67 million in liability-classified equity awards as of December 31, 2024 and 2023, respectively.

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (669)	$ (674)
Total property and equipment, net	286	236
Depreciation expense	134	117	$ 111
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6	6
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	64	59
Gaming machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	745	718
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	29	26
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	9	7
Other property and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 102	$ 94

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of losses (gains) on interest rate swaps

The following table shows the (loss) gain and interest income (expense) on our interest rate swap contracts:


	Year Ended December 31,
	2024		2023		2022
(Loss) gain recorded in accumulated other comprehensive loss, net of tax	$	(1)	$	(7)	$	27
Interest income (expense) recorded related to interest rate swap contracts	17		15		(7)

Schedule of 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 on interest expense in the consolidated statements of operations:


	Year Ended December 31,
	2024		2023		2022
Total interest expense which reflects the effects of cash flow hedges	$	(293)	$	(309)	$	(327)
Hedged item	(20)		(20)		(17)
Derivative designated as hedging instrument	37		35		10

Schedule of fair value hedges

The following table shows the fair value of our hedges:


		As of December 31,
	Balance Sheet Line Item	2024		2023

Interest rate swaps(1)	Other assets	$	19	$	20
(1) The inputs used to measure the fair value of our interest rate swap contracts are categorized as Level 2 in the fair value hierarchy.

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, 2023 to December 31, 2024.


	Total		Included in Accrued Liabilities		Included in Other Long-Term Liabilities
Balance as of December 31, 2023	$	59	$	39	$	20

Payments	(39)
Fair value adjustments	—
Other adjustments(1)	(5)
Balance as of December 31, 2024	$	15	$	8	$	7
(1) Represents extinguishment of $5 million in redeemable non-controlling interest liability associated with SciPlay’s acquisition of Alictus Yazilim Anonim Şirketi in 2022, as specified financial targets for the year were not met. The gain was recorded in other income, net in our consolidated statements of operations.

Revenue Recognition

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

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


	Year Ended December 31,
	2024		2023		2022
Gaming
Gaming operations	$	690	$	661	$	635
Gaming machine sales	865		708		522
Gaming systems	302		268		255
Table products	211		213		189
Total	$	2,068	$	1,850	$	1,601
SciPlay
Third-party platforms and other(1)	$	733	$	768	$	671
Direct-to-consumer platforms	88		9		—
Total	$	821	$	777	$	671
iGaming	$	299	$	275	$	240
(1) Other primarily represents advertising revenue, which was not material in the periods presented.

General

We evaluate the recognition of revenue and rental income based on the criteria set forth in ASC 606 or ASC 842, as appropriate. Revenue is recognized net of incentive rebates and discounts when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Sales taxes and all other items of a similar nature are excluded from the measurement of the transaction price, and shipping and handling activities are treated as a fulfillment of our promise to transfer the goods and are, hence, included in cost of products.

Our credit terms are predominately short term in nature. We also grant extended payment terms under certain Gaming contracts, with financing terms of more than 12 months, generally where the sale is secured by the related equipment sold. For these contracts with customers for which the financing component is determined to be significant to the contract, and that have financing terms of more than 12 months, the contract transaction price is adjusted for the effect of a financing component (time value of money).

Any sales commissions associated with the sale or placement of our products and services are expensed as incurred, as contracts associated with sales commissions are generally completed within a one-year period.

Contracts with Customers with Multiple Promised Goods and Services

We enter into contracts with customers that include multiple promises (such as gaming machines, gaming systems hardware and software, installation, service and maintenance, warranties and maintenance bundled promises). For such contracts, the transaction price is allocated to each distinct performance obligation using an estimate of stand-alone selling price, which is generally based on observable prices or a cost plus margin approach. The establishment of stand-alone selling price requires judgment as to whether there is a sufficient quantity of items sold or substantively renewed on a stand-alone basis, and those prices demonstrate an appropriate level of concentration to conclude that a stand-alone selling price exists.

The guidance in ASC 606 requires that we apply judgments or estimates to determine both the performance obligations and the stand-alone selling prices of identified performance obligations. Contracts with multiple promised goods and services described above will often involve significant judgment in determining whether each promise is distinct or should be combined with other promises in such contracts in concluding on the distinct performance obligations for such contracts. Such judgment generally requires an assessment of the level of integration and interdependency between individual components, particularly in our gaming systems contracts with customers. Associated with these same contracts, we also apply significant judgment to determine the stand-alone selling prices of the identified performance obligations.

Gaming Operations

Gaming operations revenues are generated by providing customers access to proprietary land-based gaming equipment and content, electronic table game products and VLTs under a variety of recurring operating, service or rental contracts, for which consideration is based upon a percentage of Coin-in, a percentage of Net win, or a fixed daily/monthly fee, with

variability generally resolved in the reporting period. For these contracts with customers, we generally transfer control and recognize revenue or rental income over time based on the amount we expect to receive as described and classify such revenue or rental income as services revenue. Payments from customers under these contracts are typically due on a monthly basis. Jackpot expense for our WAP services is recorded as a reduction to revenue, which decreased revenue by $23 million, $17 million and $23 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The amount of rental income revenue in services revenue within the consolidated statements of operations that is outside the scope of ASC 606 was $539 million, $498 million and $466 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Gaming Machine Sales

These contracts with customers include the sale of gaming machines, including game content, electronic table game products and parts (including game themes and conversion kits). We transfer control and recognize revenue from the sale of gaming machines at a point in time upon delivery of gaming machines to our customers or distributors pursuant to the terms of the contract.

Gaming Systems

Gaming systems contracts with customers can include a comprehensive suite of technology solutions provided to gaming operators, including perpetual licenses to core system solutions and non-core system solutions and other applications and tools. Gaming systems products also include the iVIEW touch screen display, which facilitates the player experience, bonus features, customer service, employee functions and ongoing hardware and software maintenance services and upgrades.

Determination of performance obligations and timing of the transfer of control varies by contract. Generally, these contracts contain multiple promised goods and services, including the following: (i) core system software license; (ii) non-core system software license(s); (iii) professional services; (iv) system-based hardware; (v) in-game hardware products and (vi) software and hardware maintenance and product support.

Control transfers, and we recognize revenue, from the sale of perpetual gaming systems licenses and various hardware products at a point in time when the gaming system is available for use by a customer which is no earlier than the commencement of the license term, and for the hardware products upon delivery. For contracts that include new core gaming system installations, control is not considered transferred until control of the core gaming system license is transferred as the additional promises are generally highly dependent on the core gaming system. Software and hardware maintenance and product support services are considered stand-ready obligations; therefore, control transfers and revenue is recognized over time over the term of the maintenance and support period.

Table Products

Table products revenue is generated from supplying and maintaining or selling table game products, primarily including automatic card shufflers, deck checkers, table roulette chip sorters and other land-based table gaming equipment. We transfer control and recognize revenue from the sale of table products at a point in time upon delivery to our customers or distributors pursuant to the terms of the contract. For supply and maintenance contracts, for which consideration is primarily based on a fixed monthly fee, we generally transfer control and recognize rental income over the term of the supply period and classify such rental income as service revenue. Such contracts are generally short-term in nature. We also license our proprietary table games content, for which revenue is recognized at a point in time under the licensing of intellectual property guidance as such licenses are functional licenses or over time for subscription arrangements to our proprietary table games content library.

SciPlay

SciPlay in-app purchase revenues are generated from the sale of virtual coins, chips and bingo cards (“coins, chips and cards”), which players can use to play casino‑style slot games, table games and bingo games (i.e., spin in the case of slot games, bet in the case of table games and use bingo cards in the case of bingo games). SciPlay distributes its games through various global social online platforms, such as Facebook, Apple, Google, Amazon and Microsoft, as well as its own proprietary direct-to-consumer in-app purchase platform. Control transfers, and SciPlay recognizes revenues, from player purchases of coins, chips and cards as the coins, chips and cards are consumed for game play and cannot be redeemed nor exchanged for cash. SciPlay determined through a review of play behavior that game players generally do not purchase additional coins, chips and cards until their existing coins, chips and cards balances have been substantially consumed. As SciPlay is able to track the duration between purchases of coins, chips and cards for individual game players for specific games, SciPlay is able to reliably estimate the period of time over which coins, chips and cards are consumed. Accordingly, for most games, SciPlay recognizes revenue using an item-based revenue model. Because SciPlay has control over the content and functionality of games before

they are accessed by the end user, SciPlay has determined it is the principal and, as a result, revenues are recorded on a gross basis. Payment processing fees paid to third-party platform providers (such as Facebook, Apple, Amazon, Google and Microsoft) and to our direct-to-consumer payment processor are recorded within cost of services.

SciPlay also has contractual relationships with various advertising service providers for advertisements within certain games. Revenue from advertisements is recognized at a point in time when the advertisements are displayed. The transaction price is generally determined by a master contract or third-party statement of activity and based on the stated revenue share percentages. These revenues were immaterial for all periods presented.

All SciPlay revenue is classified as services revenue.

iGaming

iGaming revenue is generated from various games made available via our aggregation platforms, remote gaming servers and various other platforms, which deliver a wide spectrum of internally developed and branded games and popular third-party provided games to gaming operators. iGaming revenue is also generated from platform technology solutions, which provide gaming operators optional portals for reporting and administrative functions. We provide daily access to these platforms and are typically compensated based on variable consideration, such as a percentage of net gaming revenue with variability generally resolved in the reporting period. All iGaming revenue is classified as services revenue.

Contract Liabilities and Other Disclosures

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


	Year Ended December 31, 2024
Contract liability balance, beginning of period(1)	$	27
Liabilities recognized during the period	16
Amounts recognized in revenue from beginning balance	(22)
Contract liability balance, end of period(1)	$	21
(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 opening and closing balances in our receivables and contract assets:


	Receivables		Contract Assets(1)
End of period balance, December 31, 2023	$	543	$	24
End of period balance, December 31, 2024	682		43


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

- 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.

+ References

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

Business Segments - Revenue and Long-Lived Assets by Geographic Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Geographic Segments
Total revenue	$ 3,188	$ 2,902	$ 2,512
Property and equipment, net	286	236
U.S.
Geographic Segments
Total revenue	2,087	1,948	1,734
Property and equipment, net	238	196
Other
Geographic Segments
Total revenue	1,101	954	$ 778
Property and equipment, net	$ 48	$ 40

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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

Fair Value Measurements - Contingent Acquisition Consideration (Details)
$ in Millions

12 Months Ended

Dec. 31, 2024

USD ($)

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Beginning balance

$ 59

Payments

(39)

Fair value adjustments

Other adjustments

^[1]

Ending balance

Alictus | SciPlay

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Other adjustments

Accrued liabilities

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Beginning balance

Ending balance

Included in Other Long-Term Liabilities

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Beginning balance

Ending balance

$ 7

[1]

(1) Represents extinguishment of $5 million in redeemable non-controlling interest liability associated with SciPlay’s acquisition of Alictus Yazilim Anonim Şirketi in 2022, as specified financial targets for the year were not met. The gain was recorded in other income, net in our consolidated statements of operations.

Fair Value of Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset and liability in an orderly transaction between market participants at the measurement date. We estimate the fair value of our assets and liabilities when required using an established three-level hierarchy in accordance with ASC 820.

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 year ended December 31, 2024, we held the following derivative instruments that were accounted for pursuant to ASC 815:

Interest Rate Swap Contracts

We use interest rate swap contracts as described below to manage exposure to interest rate fluctuations by reducing the uncertainty of future cash flows on a portion of our variable rate debt.

In April 2022, 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 pay interest at a weighted-average fixed rate of 2.8320% and receive interest at a variable rate equal to one-month Chicago Mercantile Exchange Term SOFR. The total notional amount of these interest rate swaps was $700 million as of December 31, 2024. These hedges mature in April 2027. We also previously had interest rate swap contracts that matured in February 2022.

Our hedges are highly effective in offsetting changes in our future expected cash flows due to the fluctuation in the variable rates associated with our variable rate debt. We qualitatively monitor the effectiveness of these hedges on a quarterly basis. As a result of the effective matching of the critical terms on our variable rate interest expense being hedged to the hedging instruments being used, we expect these hedges to remain highly effective.

All gains and losses from these hedges are recorded in other comprehensive income (loss) until the future underlying payment transactions occur. Any realized gains or losses resulting from the hedges are recognized (together with the hedged transaction) as interest expense. We estimate 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 are categorized as Level 2 in the fair value hierarchy as established by ASC 820.

The following table shows the (loss) gain and interest income (expense) on our interest rate swap contracts:


	Year Ended December 31,
	2024		2023		2022
(Loss) gain recorded in accumulated other comprehensive loss, net of tax	$	(1)	$	(7)	$	27
Interest income (expense) recorded related to interest rate swap contracts	17		15		(7)

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 on interest expense in the consolidated statements of operations:


	Year Ended December 31,
	2024		2023		2022
Total interest expense which reflects the effects of cash flow hedges	$	(293)	$	(309)	$	(327)
Hedged item	(20)		(20)		(17)
Derivative designated as hedging instrument	37		35		10

The following table shows the fair value of our hedges:


		As of December 31,
	Balance Sheet Line Item	2024		2023

Interest rate swaps(1)	Other assets	$	19	$	20
(1) The inputs used to measure the fair value of our interest rate swap contracts are categorized as Level 2 in the fair value hierarchy.

Contingent Acquisition Consideration Liabilities

In connection with our acquisitions, we have recorded certain contingent acquisition 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, 2023 to December 31, 2024.


	Total		Included in Accrued Liabilities		Included in Other Long-Term Liabilities
Balance as of December 31, 2023	$	59	$	39	$	20

Payments	(39)
Fair value adjustments	—
Other adjustments(1)	(5)
Balance as of December 31, 2024	$	15	$	8	$	7
(1) Represents extinguishment of $5 million in redeemable non-controlling interest liability associated with SciPlay’s acquisition of Alictus Yazilim Anonim Şirketi in 2022, as specified financial targets for the year were not met. The gain was recorded in other income, net in our consolidated statements of operations.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation allowance
Deferred Tax Assets, Valuation Allowance	$ (67)	$ (65)
Income taxes paid	164	147	$ 692
Unrecognized tax benefits	67	72	73	$ 29
Unrecognized tax benefits	$ 10	$ 0	0
Lottery Business Segment
Valuation allowance
Disposal Group, Including Discontinued Operation, Accrued Income Tax Payable			674
Income taxes paid			$ 641

Acquisitions - Narrative (Details) - USD ($)
$ in Millions

1 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2022

Continuing Operations

Business Acquisition [Line Items]

Total consideration

$ 171

Cash paid, net of cash acquired

^[1]

$ 133

Alictus

Business Acquisition [Line Items]

Business Acquisition, Percentage of Voting Interests Acquired

80.00%

Business Acquisition, Percentage of Voting Interests, Contingent Consideration

0.20

Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low

$ 0

Maximum contingent consideration payout

200

Alictus | Continuing Operations

Business Acquisition [Line Items]

Total consideration

$ 108

[1]	(1) Exclusive of $6 million acquired in short term investments.

Long-Term Debt - Maturities of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2025	$ 23
2026	22
2027	23
2028	721
2029	2,570
2030 and beyond	550
Unamortized discount and deferred financing costs	39
Total debt book value as of December 31, 2024	3,870	$ 3,874
Capital Lease Obligations
Debt Instrument [Line Items]
2025	1
2026	1
2027	1
Term Loan \| Secured Debt
Debt Instrument [Line Items]
2025	22
2026	21
2027	22
2028	21
2029	2,070
Senior Secured Revolver, Maturing 2027 \| Secured Debt
Debt Instrument [Line Items]
2027	0
2028 Unsecured Notes \| Unsecured Debt
Debt Instrument [Line Items]
2028	700
2029 Unsecured Notes \| Unsecured Debt
Debt Instrument [Line Items]
2029	500
2031 Unsecured Notes \| Unsecured Debt
Debt Instrument [Line Items]
2030 and beyond	$ 550

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from External Customer [Line Items]
(Reduction) increase in revenue	$ 3,188	$ 2,902	$ 2,512
Operating Lease, Lease Income	539	498	466
Gaming
Revenue from External Customer [Line Items]
(Reduction) increase in revenue	2,068	1,850	1,601
Gaming operations \| Gaming
Revenue from External Customer [Line Items]
(Reduction) increase in revenue	690	661	635
Weighted Area Progressive Services \| Gaming
Revenue from External Customer [Line Items]
(Reduction) increase in revenue	$ 23	$ 17	$ 23

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity (Deficit)

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Deficit

The following reflects total stock-based compensation expense recognized under all programs:


	Year Ended December 31,
		2024		2023		2022
Related to L&W stock options		$	—	$	—	$	1
Related to L&W RSUs		110		89		56
Related to SciPlay RSUs(1)		—		29		12
Total(2)		$	110	$	118	$	69

(1) Stock-based compensation expense related to SciPlay RSUs was for awards granted prior to the SciPlay Merger. Upon completion of the SciPlay Merger in 2023, these RSUs were converted to awards denominated in L&W shares.
(2) The years ended December 31, 2024, 2023 and 2022 include $43 million, $63 million and $24 million, respectively, classified as liability awards.

The following table sets forth the change in the number of shares of common stock outstanding during the fiscal years ended December 31, 2024 and 2023:


	December 31,
	2024	2023
Shares outstanding as of beginning of period	90	91
Shares issued as part of equity-based compensation plans and the employee stock purchase plan (“ESPP”), net of shares surrendered	1	1
Shares repurchased into treasury stock	(5)	(2)
Shares outstanding as of end of period	86	90

L&W Stock-Based and Other Incentive Compensation

Pursuant to our incentive stock plans, we offer stock-based compensation in the form of stock options and RSUs to employees and our non-employee directors. The terms of such stock option and RSU awards, including the vesting schedule of such awards, are determined at our discretion and subject to the terms of the applicable equity-based compensation plan. We also offer an ESPP, which allows for a total of up to 2 million shares of common stock to be purchased by eligible employees under offerings made each January 1 and July 1. Employees participate through payroll deductions up to a maximum of 15% of eligible compensation. The term of each offering period is six months, and shares are purchased on the last day of the offering period at a 15% discount to the stock’s market value. For offering periods in 2024, 2023 and 2022, we issued approximately 45,000, 38,000 and 50,000 shares of common stock, respectively, at average prices of $79.91, $63.85 and $44.08 per share, respectively.

Options granted over the last several years have generally become exercisable in four equal installments beginning on the first anniversary of the date of grant or when certain performance targets are determined to have been met. All such options have been granted with a maximum term of ten years. RSUs typically vest in three or four equal installments beginning on the first anniversary of the date of grant or when certain performance targets are determined to have been met.

We recognize expense for stock-based compensation plans based on the estimated grant date fair value of the related awards in accordance with ASC 718. Stock options are granted with exercise prices that are not less than the fair market value of our common stock on the date of grant. We periodically grant certain stock-based awards that are contingent upon L&W or certain of our subsidiaries achieving certain pre-determined financial performance targets. Upon determining that the performance target is probable, the fair value of the award is recognized over the service period. Determining the probability of achieving a performance target requires estimates and judgment.

As of December 31, 2024, we had approximately 27 million shares of common stock authorized for awards under the 2003 Incentive Compensation Plan, as amended and restated (the “2003 Plan”) (plus available shares from a pre-existing equity-based compensation plan). As of December 31, 2024, we had approximately 4 million shares reserved under the 2003 Plan for future grants of equity awards and less than 0.1 million shares available under a pre-existing plan.

Stock Options

A summary of the changes in stock options outstanding under our equity-based compensation plans during 2024 is presented below:


	Number of Options	Weighted Average Remaining Contract Term (Years)	Weighted Average Exercise Price (per share)		Aggregate Intrinsic Value
Options outstanding as of December 31, 2023	1.5	3.1	$	34.98	$	72
Granted	—	—	$	80.36	$	—
Exercised	—	—	$	35.42	$	2
Cancelled	—	—	$	—	$	—
Options outstanding as of December 31, 2024	1.5	2.0	$	35.27	$	77
Options exercisable as of December 31, 2024	1.5	2.0	$	34.90	$	77
Options expected to vest as of December 31, 2024	—	8.5	$	79.12	$	—

No stock options were granted during the period ended December 31, 2023. The weighted-average grant date fair value of options granted during 2024 and 2022 was $80.36 and $57.67, respectively. The aggregate intrinsic value of the options exercised during the years ended December 31, 2024, 2023 and 2022 was approximately $2 million, $14 million and $3 million, respectively.

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. The weighted-average assumptions used in the model are outlined in the following table:


	2024		2023	2022
Assumptions:
Expected volatility	70	%	N/A	71	%
Risk-free interest rate	3.88	%	N/A	3.01	%
Dividend yield	—		N/A	—
Expected life (in years)	6		N/A	6

The computation of the expected volatility is based on historical daily stock prices over a period commensurate with the expected life of the option. Expected life is based on annual historical employee exercise behavior of option grants with similar vesting periods and option expiration dates. The risk-free interest rate is based on the yield of zero-coupon U.S. Treasury securities of comparable terms.

At December 31, 2024, unrecognized stock-based compensation expense relating to unvested stock options was not material. During the year ended December 31, 2024, we received $2 million in cash from the exercise of stock options.

Restricted Stock Units

A summary of the changes in RSUs outstanding under our equity-based compensation plans during 2024 is presented below:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested RSUs as of December 31, 2023	2.3	$	55.53
Granted	1.5	$	99.11
Vested	(1.7)	$	69.64
Cancelled	(0.1)	$	65.07
Unvested RSUs as of December 31, 2024	2.0	$	75.49

The weighted-average grant date fair value of RSUs granted during 2024 and 2023 was $99.11 and $59.10, respectively. The fair value of each RSU grant is based on the market value of our common stock at the time of grant. At December 31, 2024, we had $93 million of unrecognized stock-based compensation expense relating to all unvested RSUs amortized over a weighted-average period of approximately 1.0 year. The fair value at vesting date of RSUs vested during the years ended December 31, 2024, 2023 and 2022 was $172 million, $62 million and $118 million, respectively.

Share Repurchase Program

On March 1, 2022, our Board of Directors approved a share repurchase program under which the Company was authorized to repurchase up to an aggregate amount of $750 million of shares of outstanding common stock. We fully exhausted the authorized share repurchase amount under the program in the second quarter of 2024.

On June 11, 2024, our Board of Directors approved a new share repurchase program under which the Company is authorized to repurchase, from time to time through June 12, 2027, up to an aggregate amount of $1.0 billion of shares of outstanding common stock. Repurchases under the share repurchase program may be effected at the discretion of the Transaction Committee of the Board of Directors through one or more open market repurchases, privately negotiated transactions, including block trades, accelerated share repurchases, issuer tender offers or other derivative contracts or instruments, “10b5-1” plan, or other financial or other arrangements, or a combination of the foregoing. The share repurchase program may be suspended or discontinued at any time.

During the year ended December 31, 2024, we repurchased 4.8 million shares of common stock under the repurchase programs at an aggregate cost of $465 million (including excise tax).

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restructuring and Other (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Summary of Restructuring and Other Costs

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


	Year Ended December 31,
	2024		2023		2022
Employee severance and related	$	6	$	16	$	10
Legal and related (see Note 19)	79		—		8
Strategic review and related(1)	1		40		83
Contingent acquisition considerations(2)	—		19		21
Restructuring, integration and other	8		17		24
Total	$	94	$	92	$	146
(1) Includes costs associated with the SciPlay Merger, ASX listing, Divestitures (including ongoing separation activities), rebranding and related activities.
(2) Represents contingent consideration fair value adjustment (see Note 15).

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Summary of Revenue by Type Within Each Business Segment

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


	Year Ended December 31,
	2024		2023		2022
Gaming
Gaming operations	$	690	$	661	$	635
Gaming machine sales	865		708		522
Gaming systems	302		268		255
Table products	211		213		189
Total	$	2,068	$	1,850	$	1,601
SciPlay
Third-party platforms and other(1)	$	733	$	768	$	671
Direct-to-consumer platforms	88		9		—
Total	$	821	$	777	$	671
iGaming	$	299	$	275	$	240
(1) Other primarily represents advertising revenue, which was not material in the periods presented.

Summary of Contract Liabilities

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


	Year Ended December 31, 2024
Contract liability balance, beginning of period(1)	$	27
Liabilities recognized during the period	16
Amounts recognized in revenue from beginning balance	(22)
Contract liability balance, end of period(1)	$	21
(1) Contract liabilities are included within Accrued liabilities and Other long-term liabilities in our consolidated balance sheets.

The following table summarizes our opening and closing balances in our receivables and contract assets:


	Receivables		Contract Assets(1)
End of period balance, December 31, 2023	$	543	$	24
End of period balance, December 31, 2024	682		43


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

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Las Vegas, Nevada

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2024

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Schedule of accumulated balances for each classification of comprehensive (loss) income

The accumulated balances for each classification of other comprehensive loss are presented below:


	Foreign Currency Items		Derivative Financial Instruments(1)		Unrecognized pension benefit costs, net of taxes(2)		Accumulated Other Comprehensive Loss
Balance at January 1, 2022	$	(245)	$	(3)	$	(13)	$	(261)
Change during period	(158)		27		—		(131)
Reclassified into operations(3)	61		—		13		74
Balance at December 31, 2022	$	(342)	$	24	$	—	$	(318)
Change during period	42		(7)		—		35
Reclassified into operations	—		—		—		—
Balance at December 31, 2023	$	(300)	$	17	$	—	$	(283)
Change during period	(81)		(1)		—		(82)
Reclassified into operations	—		—		—		—
Balance at December 31, 2024	$	(381)	$	16	$	—	$	(365)

(1) The change during the period is net of income taxes of $— million, $2 million and $7 million in 2024, 2023 and 2022, respectively.
(2) The change during the period is net of income taxes of $3 million in 2022.
(3) Reclassifications are due to the sales of discontinued operations (see Note 1).

Leases and Other Commitments - Maturity Schedule (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 19
2026	15
2027	9
2028	7
2029	2
Thereafter	0
Less Imputed Interest	5
Total operating lease liabilities	$ 47	$ 58

Fair Value Measurements - Schedule of Fair Value of Hedges (Details) - USD ($)
$ in Millions

Dec. 31, 2024

Dec. 31, 2023

Other assets | Interest rate swap

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Derivative fair value

^[1]

$ 19

$ 20

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

Stockholders' Equity (Deficit) - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Options
Options outstanding at beginning of period (in shares)	1.5
Granted (in shares)	0.0
Exercised (in shares)	0.0
Cancelled (in shares)	0.0
Options outstanding at end of period (in shares)	1.5	1.5
Options exercisable (in shares)	1.5
Options expected to vest (in shares)	0.0
Weighted Average Exercise Price (per share)
Options outstanding at beginning of period (in USD per share)	$ 34.98
Granted (in USD per share)	80.36
Exercised (in USD per share)	35.42
Cancelled (in USD per share)	0
Options outstanding at end of period (in USD per share)	35.27	$ 34.98
Options exercisable at end of period (in usd per share)	34.90
Options expected to vest (in USD per share)	$ 79.12
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding, Weighted Average Remaining Contract Term (Years)	2 years	3 years 1 month 6 days
Options exercisable, Weighted Average Remaining Contractual Term (Years)	2 years
Options expected to vest, Weighted Average Remaining Contract Term (years)	8 years 6 months
Options outstanding at beginning of period, Aggregate Intrinsic Value	$ 72
Exercised, aggregate intrinsic value	2	$ 14	$ 3
Options outstanding at end of period, Aggregate Intrinsic Value	77	$ 72
Options exercisable, Aggregate Intrinsic Value	77
Options expected to vest, Aggregate Intrinsic Value	$ 0

Accounts Receivable and Notes Receivable and Credit Quality of Receivables - Components of Accounts and Notes Receivable (Details) - USD ($)
$ in Millions

Dec. 31, 2024

Dec. 31, 2023

Current:

Receivables(1)

^[1]

$ 620

$ 544

Receivables, net of allowance for credit losses, current

(35)

(38)

Current receivables, net

585

506

Long-term:

Notes receivable

^[1]

102

Receivables, net of allowance for credit losses, noncurrent

(5)

(3)

Long-term receivables, net

Total accounts and notes receivable, net

682

543

Sales-type Lease, Lease Receivable

Sales-type Lease, Lease Receivable, Noncurrent

$ 69

$ 23

[1]	(1) Included $20 million and $69 million in Current and Long-term receivables, respectively, as of December 31, 2024, and $5 million and $23 million in Current and Long-term receivables, respectively, as of December 31, 2023, related to sales-type leases receivables.

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2024

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Accumulated Other Comprehensive Loss

The accumulated balances for each classification of other comprehensive loss are presented below:


	Foreign Currency Items		Derivative Financial Instruments(1)		Unrecognized pension benefit costs, net of taxes(2)		Accumulated Other Comprehensive Loss
Balance at January 1, 2022	$	(245)	$	(3)	$	(13)	$	(261)
Change during period	(158)		27		—		(131)
Reclassified into operations(3)	61		—		13		74
Balance at December 31, 2022	$	(342)	$	24	$	—	$	(318)
Change during period	42		(7)		—		35
Reclassified into operations	—		—		—		—
Balance at December 31, 2023	$	(300)	$	17	$	—	$	(283)
Change during period	(81)		(1)		—		(82)
Reclassified into operations	—		—		—		—
Balance at December 31, 2024	$	(381)	$	16	$	—	$	(365)

(1) The change during the period is net of income taxes of $— million, $2 million and $7 million in 2024, 2023 and 2022, respectively.
(2) The change during the period is net of income taxes of $3 million in 2022.
(3) Reclassifications are due to the sales of discontinued operations (see Note 1).

Basic and Diluted Net Income (Loss) Attributable to L&W Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Basic and Diluted Loss 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.

The below table presents a reconciliation of weighted average shares used in the calculation of basic and diluted earnings per share.


	Year Ended December 31,
	2024	2023	2022
Weighted average shares for basic earnings per share	89	91	95

RSUs	2	2	—
Weighted average shares for diluted earnings per share	91	93	95

Basic and diluted net income attributable to L&W per share was the same for the year ended December 31, 2022, as all common stock equivalents would have been anti-dilutive due to the net loss from continuing operations in that period. We excluded 2 million of stock options and 2 million of RSUs outstanding as of December 31, 2022 from the calculation of diluted weighted-average common shares outstanding for the year ended December 31, 2022.

Leases and Other Commitments - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Renewal Term	3 years
Operating Lease, Option To Terminate, Term	1 year
Lease, Cost	$ 24.0	$ 23.0	$ 22.0
Employer matching contribution, percentage of match	6.00%
401(k) Contribution expense	$ 9.0	$ 9.0	$ 8.0
Minimum
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	1 year
Maximum
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	9 years

Intangible Assets, net and Goodwill - Intangible Asset Amortization Expense (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Amortization of intangible assets

$ 149

$ 199

^[1]

$ 239

Noncash intangible asset impairment charge

$ 4

116

103

$ 48

[1]	(1) The year ended December 31, 2023 includes an intangible assets non-cash impairment charge of $4 million related to SciPlay restructuring of a certain foreign studio.

Description of the Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Description of the Business and Summary of Significant Accounting Policies

Description of the Business

We are a leading cross-platform global games company with a focus on content and digital markets. Our portfolio of revenue-generating activities primarily includes supplying game content and gaming machines, CMSs and table game products and services to licensed gaming entities; providing social casino and other online games, including casual gaming, to retail customers; and providing a comprehensive suite of digital gaming content, distribution platforms, player account management systems, as well as various other iGaming content and services. We report our results of operations in three business segments—Gaming, SciPlay and iGaming—representing our different products and services.

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP. The accompanying 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.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Pending Acquisition

On February 17, 2025, we entered into a purchase agreement with Grover Gaming, Inc. and G2 Gaming, Inc. to acquire certain assets and assume certain liabilities constituting Grover Charitable Gaming, a leading provider of electronic pull-tabs distributed over five U.S. states: North Dakota, Ohio, Virginia, Kentucky and New Hampshire. The total consideration to be paid in connection with this transaction consists of $850 million in cash at closing, subject to certain customary purchase price adjustments as set forth in the purchase agreement, and up to $200 million in cash in the aggregate in the form of contingent acquisition consideration payments over a four-year period based on achievement of certain revenue and business expansion metrics. The transaction is expected to close during the second quarter of 2025, subject to required regulatory and other approvals and customary closing conditions.

Significant Accounting Policies

Additional accounting policy disclosures are provided within the applicable Notes.

Cash and cash equivalents

Cash and cash equivalents include all cash balances and highly liquid investments with an original maturity of three months or less. We place our temporary cash investments with high credit quality financial institutions. At times, such investments in U.S. accounts may be in excess of the Federal Deposit Insurance Corporation insurance limit.

Restricted cash

We are required by gaming regulations to maintain sufficient reserves in restricted cash accounts to be used for the purpose of funding payments to WAP jackpot winners. These restricted cash balances are based primarily on the jackpot meters displayed to slot players or for previously won jackpots and vary by jurisdiction. Compliance with maintaining adequate restricted cash balances and complying with appropriate investment guidelines for jackpot funding is periodically reported to gaming authorities. Additionally, restricted cash includes Gaming operation transactions collected on behalf of certain customers and funds that the Company designated as restricted associated with certain collections for Dragon Train game sales in which control of the units has transferred to a customer, but the title transfer is pending until the final payment is made.

Minimum guarantees under licensing agreements

We enter into long-term license agreements with third parties in which we are obligated to pay a minimum guaranteed amount of royalties, typically periodically over the life of the contract. These license agreements provide us with access to a portfolio of major brands to be used across our business segments in building our strong brand presence across multiple channels of distributions. We account for the minimum guaranteed obligations within accrued and other long-term liabilities at the onset of the license arrangement and record a corresponding licensed asset within intangible assets, net. The licensed

intangible assets related to the minimum guaranteed obligations are amortized over the term of the license agreement with the amortization expense recorded in D&A. The long-term liability related to the minimum guaranteed obligations is reduced as payments are made as required under the license agreement. We assess the recoverability of license agreements whenever events arise or circumstances change that indicate the carrying value of the licensed asset may not be recoverable. Recoverability of the licensed asset and the amount of impairment, if any, are determined using our policy for intangible assets with finite useful lives.

Amortization expense related to these licenses and recorded in D&A for the years ended December 31, 2024, 2023 and 2022 was $27 million, $30 million and $34 million, respectively.

The following are our total minimum guaranteed obligations for the periods presented:


	As of December 31,
	2024		2023
Current liabilities	$	30	$	31
Other long-term liabilities	23		53
Total minimum guarantee obligations	$	53	$	84
Weighted average remaining term (in years)	2		3

The following are our remaining expected future payments of minimum guarantee obligations:


	Year Ending December 31,
	2025		2026		2027		2028		2029 and After
Expected future payments	$	30	$	13	$	10	$	—	$	—

Other assets

We capitalize debt issuance costs associated with long-term line-of-credit arrangements and amortize such amounts ratably over the term of the arrangement as an adjustment to interest expense. Other assets also include the fair value of our interest rate swaps and other long-term deposits and investments.

We assess the recoverability of our other long-term assets whenever events arise or circumstances change that indicate the carrying value of the asset may not be recoverable.

Other long-term liabilities

We record various liabilities with terms longer than one year past the balance sheet date, including income taxes payable, license liabilities, WAP annuity liabilities and contingent consideration liabilities.

Noncontrolling interest

On October 23, 2023, we acquired the remaining approximately 17% equity interest in SciPlay not already owned by us pursuant to a merger (the “SciPlay Merger”) in an all-cash transaction of $496 million, excluding transaction fees and expenses. Prior to the SciPlay Merger, we owned a controlling financial interest in SciPlay, approximately 83% of SciPlay’s outstanding common stock, and we have consolidated SciPlay for all periods presented. The noncontrolling interest share of equity in SciPlay is reflected as noncontrolling interest in the accompanying consolidated financial statements for periods prior to October 23, 2023. As a result of SciPlay Merger, SciPlay ceased to be publicly traded and became a wholly-owned subsidiary of L&W.

Advertising costs

The cost of advertising is expensed as incurred and totaled $177 million, $160 million and $162 million in 2024, 2023 and 2022, respectively.

R&D

R&D relates primarily to software product development costs incurred until technological feasibility has been established and costs that do not meet internal-use software capitalization criteria. Employee-related costs associated with product development are included in R&D. Such costs are expensed as incurred.

Other income, net

Other income, net for the years ended December 31, 2024, 2023 and 2022 primarily consisted of the following:


	Year Ended December 31,
	2024		2023		2022
Foreign currency transaction net loss	$	(6)	$	(29)	$	(13)
Interest income	20		34		17
Gain on sale of assets	28		—		1
Other, net	6		6		6
Total	$	48	$	11	$	11

Foreign currency translation and Comprehensive income

We have significant operations where the local currency is the functional currency, including our operations in the U.K., Europe, Australia and Canada. Assets and liabilities of foreign operations are translated at period-end rates of exchange and results of operations are translated at the average rates of exchange for the period. Gains or losses resulting from translating the foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive loss in stockholders’ equity.

In addition to unrealized gains and losses from our foreign currency translation adjustments, our comprehensive income includes the effective portion of derivative financial instruments designated as hedging instruments. For periods prior to 2023, comprehensive income also included net investment non-derivative hedge of our investments in certain of our international subsidiaries and certain gains or losses associated with pension or other post-retirement benefits, including prior service costs or credits and transition assets or obligations.

Discontinued operations

We completed the Divestitures of our former Lottery Business and Sports Betting Business during 2022. For the sale of our former Lottery Business completed during the second quarter of 2022, we received $5.7 billion in gross cash proceeds and recorded a pre-tax gain of $4.6 billion. For the sale of our former Sports Betting Business completed during the third quarter of 2022, we received $793 million in gross proceeds and recorded a pre-tax gain of $359 million. We have reflected the prior period financial results of these Divested Businesses as discontinued operations in our consolidated statements of operations.

The summarized results of our discontinued operations were as follows:



	Year Ended December 31, 2022
Total revenue	$	371
Total cost of revenue(1)	177
Other operating expenses(2)	182



Operating income	12
Total other income, net	9
Net income from discontinued operations before income taxes	21
Gain on sale of discontinued operations before income taxes	4,927
Total net income from discontinued operations before income taxes	4,948
Income tax expense	(1,075)
Net income from discontinued operations, net of tax included in the consolidated statement of operations	$	3,873
(1) Excludes D&A.
(2) Includes stock-based compensation of $18 million and direct transaction closing fees of $87 million for the year ended December 31, 2022.

New Accounting Guidance

The FASB issued ASU No. 2023-07, Segment Reporting (Topic 820) in November 2023. The new guidance enhances reportable segment disclosure requirements. Public entities are required to disclose significant segment expenses and other segment items by reportable segment if they are regularly provided to the Chief Operating Decision Maker (“CODM”) and included in each reported measure of segment profit or loss. Additionally, disclosure of the titles and positions of the CODM is required on an annual basis, as well as an explanation of how the CODM uses the reported measure(s) and other disclosures.

We adopted this standard during the current fiscal year and applied it retrospectively to all prior periods as presented in Note 2. The adoption of this guidance did not have a material effect on our consolidated financial statements.

The FASB issued ASU No. 2023-09, Income Taxes (Topic 740) in December 2023. The new guidance enhances income tax disclosures, specifically as it pertains to the rate reconciliation, income taxes paid and certain other disclosures disaggregated by jurisdiction. The amendments in ASU No. 2023-09 are effective for all public entities for fiscal years beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of adopting this guidance.

The FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) in November 2024. This new guidance requires public companies to disclose, in the notes to the financial statements, specified information about certain costs and expenses at each interim and annual reporting period, including purchases of inventory, employee compensation, depreciation and intangible asset amortization that is included in each relevant expense caption. This guidance also requires a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, among other increased disclosures. The amendments in ASU No. 2024-03 are effective for all public entities for fiscal years beginning after December 15, 2026, and early adoption is permitted. We are currently evaluating the impact of adopting this guidance.

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

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Reserves and other accrued expenses	$ 90	$ 65
Net operating loss carry forwards	82	82
Capitalized research and development expenditures	85	61
Interest limitation carry forwards	60	32
Stock compensation	33	33
Property and equipment	8	14
Differences in financial reporting and tax basis for:
Other	41	32
Less: Valuation allowance	(67)	(65)
Realizable deferred tax assets	332	254
Differences in financial reporting and tax basis for:
Identifiable intangible assets	(57)	(87)
Property and equipment	(35)	(25)
Other	(23)	(20)
Total deferred tax liabilities	(115)	(132)
Deferred Tax Assets, Net	$ 217	$ 122

Accrued Liabilities

12 Months Ended

Dec. 31, 2024

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following:


	As of December 31,
	2024		2023
Compensation and benefits(1)	$	140	$	139
Accrued interest	31		35
Accrued licenses	31		31
Legal matters	89		12
Contract liabilities (including customer advances, deposits and funds held on behalf of customers)	21		25
Taxes, other than income	16		10
Operating lease liabilities	16		19
Contingent acquisition consideration liabilities	8		39
Other	95		94
Total	$	447	$	404
(1) Includes $44 million and $67 million in liability-classified equity awards as of December 31, 2024 and 2023, respectively.

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

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Use of Estimates

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents

Restricted cash

Minimum Guarantees

Minimum guarantees under licensing agreements

Other Assets

Other assets

We assess the recoverability of our other long-term assets whenever events arise or circumstances change that indicate the carrying value of the asset may not be recoverable.

Other Long-Term Liabilities

Other long-term liabilities

Noncontrolling Interest

Noncontrolling interest

Advertising Costs

Advertising costs

The cost of advertising is expensed as incurred and totaled $177 million, $160 million and $162 million in 2024, 2023 and 2022, respectively.

R&D

Other Income and Other Expense Disclosure

Other income, net

Other income, net for the years ended December 31, 2024, 2023 and 2022 primarily consisted of the following:


	Year Ended December 31,
	2024		2023		2022
Foreign currency transaction net loss	$	(6)	$	(29)	$	(13)
Interest income	20		34		17
Gain on sale of assets	28		—		1
Other, net	6		6		6
Total	$	48	$	11	$	11

Foreign Currency Translation

Foreign currency translation and Comprehensive income

Comprehensive Loss

Discontinued Operations

New Accounting Guidance

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

Long-Term Debt - Gain (Loss) on Debt Financing Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Repayment of principal balance at premium	$ 0	$ 12	$ 90
Unamortized debt discount and deferred financing costs, net	2	3	57
Total loss on debt financing transactions	$ 2	$ 15	$ 147

Description of the Business and Summary of Significant Accounting Policies (Details) - Other Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Foreign Currency Transaction Loss, before Tax	$ (6)	$ (29)	$ (13)
Interest Income, Other	20	34	17
Gain (Loss) on Disposition of Other Assets	28	0	1
Other Income	6	6	6
Other income, net	$ 48	$ 11	$ 11

SCHEDULE II Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

SEC Schedule, 12-09, Allowance, Credit Loss

Allowance for valuation and qualifying accounts

Balance at Beginning of Period

$ 41

$ 40

$ 54

Additions

Deductions

^[1]

(6)

(4)

(16)

Balance at End of Period

Tax-Related valuation allowance

Allowance for valuation and qualifying accounts

Balance at Beginning of Period

Additions

Deductions

(3)

Balance at End of Period

$ 67

$ 65

$ 68

[1]	(1) Amounts written off, net of recovery, and related impact of foreign currency exchange.

Leases and Other Commitments (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lease, Cost [Table Text Block]

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


	As of December 31,
	2024			2023
Operating lease right-of-use assets	$	44		$	52
Accrued liabilities	16			19
Operating lease liabilities	31			39
Total operating lease liabilities	$	47		$	58


Weighted average remaining lease term, years	3			4
Weighted average discount rate	6		%	6		%


	Year Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	23	$	22	$	20
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	12	$	16	$	17

Future minimum lease payments required under our leasing arrangements

Lease liability maturities are as follows:


	2025		2026		2027		2028		2029		Thereafter		Less Imputed Interest		Total
Operating leases	$	19	$	15	$	9	$	7	$	2	$	—	$	(5)	$	47

Stockholders' Equity (Deficit) - Stock Options Valuation Assumptions (Details) - Stock Options	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	70.00%	71.00%
Risk-free interest rate	3.88%	3.01%
Dividend yield	0.00%	0.00%
Expected life (in years)	6 years	6 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stockholders' Equity (Deficit) - Stock Based Compensation Expense Under All Programs (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based compensation

^[1]

$ 110

$ 118

$ 69

Stock Options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based compensation

Restricted Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based compensation

110

Restricted Stock Units | SciPlay

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based compensation

^[2]

Liability Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based compensation

$ 43

$ 63

$ 24

[1]	(2) The years ended December 31, 2024, 2023 and 2022 include $43 million, $63 million and $24 million, respectively, classified as liability awards.
[2]	(1) Stock-based compensation expense related to SciPlay RSUs was for awards granted prior to the SciPlay Merger. Upon completion of the SciPlay Merger in 2023, these RSUs were converted to awards denominated in L&W shares.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Effective Income Tax Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of the U.S. federal statutory tax rate to the actual tax rate is as follows:
Statutory U.S. federal income tax rate	21.00%	21.00%	21.00%
State tax expense	2.20%	1.80%	(0.90%)
Foreign earnings at rates different than U.S. federal rate	1.60%	3.40%	0.80%
Foreign withholding taxes	0.90%	3.10%	(1.70%)
Valuation allowance adjustments	1.50%	3.40%	6.30%
Permanent items	(4.00%)	(1.70%)	0.70%
Earnings from consolidated subsidiaries	0	0	(0.043)
Tax benefits from intraperiod tax allocation to discontinued operations	0	0	(0.298)
Tax credits	(2.50%)	(4.70%)	1.60%
Impact of internal planning and restructuring	(3.00%)	(6.40%)	0.00%
Impact of Divestitures	0.00%	(6.90%)	0.00%
Other	2.60%	(0.90%)	(1.70%)
Effective income tax rate	20.30%	12.10%	(8.00%)

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 336	$ 163	$ 3,675

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property and Equipment, net - Property and Equipment Estimated Lives (Details)	Dec. 31, 2024
Gaming equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	1 year
Gaming equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	5 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	15 years
Transportation equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	3 years
Transportation equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	8 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	5 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	10 years
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	15 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful life	40 years

Long-Term Debt - Restrictive Covenants (Details) $ in Millions	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Face Value	$ 3,909
Term Loan Facility and Revolving Credit Facility, April 2022 \| Secured Debt
Debt Instrument [Line Items]
Face Value	$ 5
Debt Instrument, Covenant Terms, Maximum Ratio of Borrowings Exceeding Commitments	0.30
Debt Instrument, Covenant, Leverage Ratio, Maximum	4.50

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Cash flows from operating activities:

Net income

$ 336

$ 180

$ 3,697

Less: Income from discontinued operations, net of tax

^[1]

(3,873)

Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating activities from continuing operations:

Depreciation, amortization and impairments

361

384

420

Contingent acquisition considerations fair value adjustments

(6)

Change in deferred income taxes

(108)

(84)

(29)

Stock-based compensation

^[2]

110

118

Non-cash interest expense

Provision for bad debts and inventory charges

Loss on debt financing transactions

147

Gain on remeasurement of debt and other

(27)

Foreign currency transaction net losses, (gain) on sale of assets and other, net

(10)

(1)

Changes in assets and liabilities, net of effects of acquisitions:

Receivables

(148)

(68)

(35)

Inventories

(29)

(65)

Other assets and liabilities

(14)

(10)

(40)

Income taxes payable, net

(40)

(649)

Accounts payable and accrued liabilities

(74)

Net cash provided by (used in) operating activities from continuing operations

632

590

(425)

Net cash provided by operating activities from discontinued operations

Net cash provided by (used in) operating activities

632

590

(381)

Cash flows from investing activities:

Capital expenditures

294

242

216

Acquisitions of businesses and assets, net of cash acquired

(5)

(4)

(136)

Proceeds from settlement of cross-currency interest rate swaps

Proceeds from sale of investments and other, net

(2)

Net cash used in investing activities from continuing operations

(258)

(248)

(252)

Net cash (used in) provided by investing activities from discontinued operations(1)

^[3]

(3)

6,368

Net cash (used in) provided by investing activities

(258)

(251)

6,116

Cash flows from financing activities:

Borrowings under revolving credit facilities

205

280

Repayments under revolving credit facilities

(205)

(280)

Proceeds from issuance of senior notes and term loans

550

2,200

Repayments of notes and term loans (including redemption premium)

(562)

(6,984)

Payments on long-term debt

(11)

(22)

(109)

Payments of debt issuance and deferred financing costs

(4)

(8)

(37)

Payments on license obligations

(34)

(31)

(35)

Payments of contingent acquisition considerations

(16)

(14)

Purchase of L&W common stock

(462)

(170)

(405)

Purchase of SciPlay’s Class A common stock

(23)

(37)

Acquisition of SciPlay noncontrolling interest

496

Net redemptions of common stock under stock-based compensation plans and other

(50)

(12)

(39)

Net cash used in financing activities from continuing operations

(577)

(788)

(5,460)

Net cash used in financing activities from discontinued operations

(3)

Net cash used in financing activities

(577)

(788)

(5,463)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(6)

(Decrease) increase in cash, cash equivalents and restricted cash

(209)

(446)

266

Cash, cash equivalents and restricted cash, beginning of period

521

967

701

Cash, cash equivalents and restricted cash, end of period

312

521

967

Less: Cash, cash equivalents and restricted cash of discontinued operations

Cash, cash equivalents and restricted cash of continuing operations, end of period

312

521

967

Supplemental cash flow information:

Cash paid for interest

286

306

351

Income taxes paid

164

147

692

Distributed earnings from equity investments

Cash paid for contingent acquisition considerations included in operating activities

$ 22

$ 17

$ 7

[1]	(2) The year ended December 31, 2022 includes a pre-tax gain of $4,927 million on the sale of discontinued operations (see Note 1).
[2]	(2) The years ended December 31, 2024, 2023 and 2022 include $43 million, $63 million and $24 million, respectively, classified as liability awards.
[3]	(1) The year ended December 31, 2022 includes $6,409 million in gross cash proceeds from the sale of discontinued operations, net of cash, cash equivalents and restricted cash transferred.

Software, net - Summary of Software and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Research and Development [Abstract]
Software	$ 1,137	$ 1,083
Accumulated amortization	(976)	(925)
Software, net	161	158
Capitalized computer software, amortization	$ 78	$ 68	$ 70

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Discontinued Operations
Gain on sale of discontinued operations before income taxes	$ 4,927

Business Segments (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Operating Information by Segment

The following tables present our segment information:


	Year Ended December 31, 2024
	Gaming		SciPlay		iGaming		Total Reportable Segments		Unallocated and Reconciling Items(1)		Total
Total revenue	$	2,068	$	821	$	299	$	3,188	$	—	$	3,188
Cost of revenue(2)	(603)		(231)		(97)		(931)		—		(931)
Payroll and related(3)	(321)		(102)		(70)		(493)		—		(493)
Other segment reconciling items(4)	(117)		(216)		(34)		(367)		(153)		(520)
AEBITDA(5)	1,027		272		98		1,397		(153)		1,244
Reconciling items to net income from continuing operations before income taxes:

Restructuring and other	(2)		(1)		(4)		(7)		(87)		(94)

D&A									(361)		(361)
Interest expense									(293)		(293)
Loss on debt refinancing transactions									(2)		(2)

Other income, net									37		37
Stock-based compensation									(110)		(110)
Net income from continuing operations before income taxes											$	421
Assets as of December 31, 2024	$	3,964	$	444	$	735	$	5,143	$	278	$	5,421
Capital expenditures for the year ended December 31, 2024	$	238	$	18	$	24	$	280	$	14	$	294
(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total reportable business segments AEBITDA to our consolidated net income from continuing operations before income taxes.
(2) Excludes D&A.
(3) Excludes stock-based compensation.
(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance, and other operating expenses.
(5) AEBITDA is reconciled to net income (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- and disposition-related 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 (expense), net, including foreign currency gains or losses and earnings (loss) from equity investments; and (7) stock-based compensation. AEBITDA is presented as our primary segment measure of profit or loss.


	Year Ended December 31, 2023
	Gaming		SciPlay		iGaming		Total Reportable Segments		Unallocated and Reconciling Items(1)		Total
Total revenue	$	1,850	$	777	$	275	$	2,902	$	—	$	2,902
Cost of revenue(2)	(553)		(235)		(84)		(872)		—		(872)
Payroll and related(3)	(274)		(98)		(63)		(435)		—		(435)
Other segment reconciling items(4)	(105)		(201)		(33)		(339)		(138)		(477)
AEBITDA(5)	918		243		95		1,256		(138)		1,118
Reconciling items to net income from continuing operations before income taxes:
Restructuring and other	(11)		(10)		(25)		(46)		(46)		(92)
D&A									(384)		(384)
Interest expense									(309)		(309)
Loss on debt financing transactions									(15)		(15)

Other income, net									5		5
Stock-based compensation									(118)		(118)
Net income from continuing operations before income taxes											$	205

Assets as of December 31, 2023	$	4,023	$	473	$	712	$	5,208	$	344	$	5,552
Capital expenditures for the year ended December 31, 2023	$	181	$	18	$	30	$	229	$	13	$	242
(1) Includes amounts not allocated to the business segments (including corporate costs) and reconciling items to reconcile the total reportable business segments AEBITDA to our consolidated net loss from continuing operations before income taxes.
(2) Excludes D&A.
(3) Excludes stock-based compensation.
(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance, and other operating expenses.
(5) AEBITDA is described in footnote (5) to the first table in this Note 2.


	Year Ended December 31, 2022
	Gaming		SciPlay		iGaming		Total Reportable Segments		Unallocated and Reconciling Items(1)		Total
Total revenue	$	1,601	$	671	$	240	$	2,512	$	—	$	2,512
Cost of revenue(2)	(462)		(204)		(72)		(738)		—		(738)
Payroll and related(3)	(273)		(80)		(60)		(413)		—		(413)
Other segment reconciling items(4)	(99)		(200)		(28)		(327)		(121)		(448)
AEBITDA(5)	767		187		80		1,034		(121)		913
Reconciling items to consolidated net loss from continuing operations before income taxes:
Restructuring and other	(6)		(5)		(23)		(34)		(112)		(146)

D&A									(420)		(420)
Interest expense									(327)		(327)
Loss on debt financing transactions									(147)		(147)
Gain on remeasurement of debt and other									27		27
Other income, net									6		6
Stock-based compensation									(69)		(69)
Net loss from continuing operations before income taxes											$	(163)
Capital expenditures for the year ended December 31, 2022	$	151	$	12	$	32	$	195	$	21	$	216
(1) Includes amounts not allocated to the business segments (including corporate costs) and reconciling items to reconcile the total reportable business segments AEBITDA to our consolidated net loss from continuing operations before income taxes.
(2) Excludes D&A.
(3) Excludes stock-based compensation.
(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance, and other operating expenses.
(5) AEBITDA is described in footnote (5) to the first table in this Note 2.

Schedule of the Service and Sales Revenue by Customer Location and Long-Lived Assets by Geographic Segment

The following tables present revenue by customer location and property and equipment by geographic location:


	Year Ended December 31,
	2024		2023		2022
Revenue:
U.S.	$	2,087	$	1,948	$	1,734
Other	1,101		954		778
Total	$	3,188	$	2,902	$	2,512


	As of December 31,
	2024		2023
Property and equipment, net:
U.S.	$	238	$	196
Other	48		40
Total	$	286	$	236

Litigation (Policies)	12 Months Ended
Litigation (Policies)	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies, Policy	We are involved in various legal proceedings, including those discussed 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 $89 million and $12 million for all of our legal matters that were contingencies as of December 31, 2024 and 2023, respectively. 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 below, and those related to the previously disclosed settlement agreement entered into in February 2015 with SNAI S.p.a. (“SNAI”), 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 $12 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.

Fair Value Measurements - Gains (Losses) on Interest Rate Swaps (Details) - Interest rate swap - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net income attributable to L&W	$ (1)	$ (7)	$ 27
Interest income (expense) recorded related to interest rate swap contracts	$ 17	$ 15	$ (7)

Intangible Assets, net and Goodwill (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

The following tables present certain information regarding our intangible assets as of December 31, 2024 and 2023.


	As of December 31,
	2024						2023
	Gross Carrying Value		Accumulated Amortization		Net Balance			Gross Carrying Value		Accumulated Amortization		Net Balance
Amortizable intangible assets:
Customer relationships	$	898	$	(624)	$	274		$	904	$	(567)	$	337
Intellectual property	924		(801)		123			947		(771)		176
Licenses	290		(242)		48			290		(217)		73
Brand names	128		(125)		3			129		(120)		9
Trade names	161		(159)		2			163		(157)		6
Patents and other	11		(7)		4			11		(7)		4
Total intangible assets	$	2,412	$	(1,958)	$	454		$	2,444	$	(1,839)	$	605

Schedule of Intangible Asset Amortization Expense

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


	Year Ended December 31,
	2024		2023		2022
Amortization expense(1)	$	149	$	199	$	239
(1) The year ended December 31, 2023 includes an intangible assets non-cash impairment charge of $4 million related to SciPlay restructuring of a certain foreign studio.

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


	Year Ended December 31,
	2024		2023		2022
Amortization expense	$	78	$	68	$	70

Schedule of Estimated Intangible Asset Amortization Expense

Estimated intangible asset amortization expense for the year ending December 31, 2025 and each of the subsequent four years is as follows:


	Year Ending December 31,
	2025		2026		2027		2028		2029
Amortization expense	$	116	$	103	$	96	$	70	$	48

Schedule of Goodwill Reconciliation

The table below reconciles the change in the carrying value of goodwill, by business segment, for the period from December 31, 2022 to December 31, 2024.


	Gaming(1)		SciPlay		iGaming		Totals
Balance as of December 31, 2022	$	2,373	$	213	$	333	$	2,919
Foreign currency adjustments	15		(3)		14		26
Balance as of December 31, 2023	2,388		210		347		2,945
Foreign currency adjustments	(18)		(1)		(23)		(42)
Other	(13)		—		—		(13)
Balance as of December 31, 2024	$	2,357	$	209	$	324	$	2,890
(1) Accumulated goodwill impairment charges for the Gaming segment as of December 31, 2024 were $989 million.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Leases and Other Commitments - Schedule of Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 44	$ 52
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities	Accrued liabilities
Operating lease liabilities	$ 16	$ 19
Operating lease liabilities	31	39
Total operating lease liabilities	$ 47	$ 58
Weighted average remaining lease term, years	3 years	4 years
Weighted average discount rate	6.00%	6.00%
Operating cash flows for operating leases	$ 23	$ 22	$ 20
Operating leases	$ 12	$ 16	$ 17

Revenue Recognition (Policies)	12 Months Ended
Revenue Recognition (Policies)	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	We evaluate the recognition of revenue and rental income based on the criteria set forth in ASC 606 or ASC 842, as appropriate. Revenue is recognized net of incentive rebates and discounts when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Sales taxes and all other items of a similar nature are excluded from the measurement of the transaction price, and shipping and handling activities are treated as a fulfillment of our promise to transfer the goods and are, hence, included in cost of products. Our credit terms are predominately short term in nature. We also grant extended payment terms under certain Gaming contracts, with financing terms of more than 12 months, generally where the sale is secured by the related equipment sold. For these contracts with customers for which the financing component is determined to be significant to the contract, and that have financing terms of more than 12 months, the contract transaction price is adjusted for the effect of a financing component (time value of money). Any sales commissions associated with the sale or placement of our products and services are expensed as incurred, as contracts associated with sales commissions are generally completed within a one-year period.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Accounts Receivable and Notes Receivable and Credit Quality of Receivables - Allowance for Notes Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Receivables, net	$ 585	$ 506
Latin America
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Receivables	73
Allowance for credit losses	(20)
Receivables, net	53
Latin America \| Current
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Receivables	50
Allowance for credit losses	(11)
Receivables, net	39
Latin America \| Balances over 90 days past due
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Receivables	23
Allowance for credit losses	(9)
Receivables, net	$ 14

Long-Term Debt - Outstanding Debt (Details) - USD ($)
$ in Millions

Dec. 31, 2024

Dec. 31, 2023

Nov. 26, 2019

Debt Instrument [Line Items]

Face Value

$ 3,909

Unamortized debt discount/premium and deferred financing costs, net

(39)

Book Value

3,870

$ 3,874

Less: current portion of long-term debt

(23)

(22)

Long-term debt, excluding current portion

3,847

3,852

Fair value of debt

^[1]

$ 3,945

Senior Notes | 2028 Unsecured Notes

Debt Instrument [Line Items]

Rate(s)

7.00%

Face Value

$ 700

Unamortized debt discount/premium and deferred financing costs, net

(5)

Book Value

$ 695

694

Senior Notes | 2029 Unsecured Notes

Debt Instrument [Line Items]

Rate(s)

7.25%

Face Value

$ 500

500

Unamortized debt discount/premium and deferred financing costs, net

(4)

Book Value

$ 496

495

Senior Notes | 2031 Unsecured Notes

Debt Instrument [Line Items]

Rate(s)

7.50%

Face Value

$ 550

Unamortized debt discount/premium and deferred financing costs, net

(7)

Book Value

$ 543

543

Capital Lease Obligations | Other

Debt Instrument [Line Items]

Rate(s)

0.00%

Face Value

$ 3

Unamortized debt discount/premium and deferred financing costs, net

Book Value

Revolving Credit Facility | Secured Debt | LNWI Revolver

Debt Instrument [Line Items]

Face Value

Unamortized debt discount/premium and deferred financing costs, net

Book Value

Revolving Credit Facility | Secured Debt | LNWI Term Loan B

Debt Instrument [Line Items]

Face Value

2,156

Unamortized debt discount/premium and deferred financing costs, net

Book Value

$ 2,133

$ 2,141

[1]	(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.

Income Taxes (Policies)	12 Months Ended
Income Taxes (Policies)	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax, Policy	Income taxes are determined using the liability method of accounting for income taxes, under which deferred tax assets (“DTAs”) and deferred tax liabilities (“DTLs”) are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities. If, based upon all available evidence, both positive and negative, it is more likely than not that such DTAs will not be realized, a valuation allowance is recorded. Management assessed the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of existing DTAs in each taxpaying jurisdiction. On the basis of this evaluation, as of December 31, 2024, a valuation allowance of $67 million has been recorded to recognize only the portion of the DTAs that are more likely than not to be realized; however, the amount of the DTAs considered realizable could be adjusted if estimates of future taxable income during the carry forward period change or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as projections for future growth. We apply a recognition threshold and measurement attribute related to uncertain tax positions taken or expected to be taken on our tax returns. We recognize a tax benefit for financial reporting of an uncertain income tax position when it has a greater than 50% likelihood of being sustained upon examination by the taxing authorities. We measure the tax benefit of an uncertain tax position based on the largest benefit that has a greater than 50% likelihood of being ultimately realized including evaluation of settlements.

- 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

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of debt outstanding

The following table reflects our outstanding debt:


	As of December 31,
	2024								2023
	Final Maturity	Rate(s)	Face Value		Unamortized debt discount/premium and deferred financing costs, net		Book Value		Book Value
Senior Secured Credit Facilities:
LNWI Revolver	2027	variable	$	—	$	—	$	—	$	—
LNWI Term Loan B	2029	variable	2,156		(23)		2,133		2,141
LNWI Senior Notes:
2028 Unsecured Notes	2028	7.000%	700		(5)		695		694
2029 Unsecured Notes	2029	7.250%	500		(4)		496		495
2031 Unsecured Notes	2031	7.500%	550		(7)		543		543
Other	—	—	3		—		3		1
Total long-term debt outstanding			$	3,909	$	(39)	$	3,870	$	3,874
Less: current portion of long-term debt							(23)		(22)
Long-term debt, excluding current portion							$	3,847	$	3,852
Fair value of debt(1)			$	3,945

(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 debt and capital lease payments due over the next five years and beyond

The following reflects the principal amount of debt payments due over the next five years and beyond as of December 31, 2024:


Due	Total Principal Due		Series of Debt	Principal Due per Series of Debt


2025	$	23	Term Loan B	$	22
			Other	1
2026	22		Term Loan B	21
			Other	1
2027	23		Term Loan B	22
			Drawn Revolving Credit Facility	—
			Other	1
2028	721		Term Loan B	21
			2028 Unsecured Notes	700
2029	2,570		Term Loan B	2,070
			2029 Unsecured Notes	500
2030 and beyond	550		2031 Unsecured Notes	550
Unamortized discount and deferred financing costs	(39)
Total debt book value as of December 31, 2024	$	3,870

Summary of note ranking, guarantees, and collateral

The following table sets forth the date of the indenture, redemption prices and dates and ranking, guarantees and collateral for each of our outstanding series of notes:

Series of Notes

Indenture Date

Redeemable at Make Whole Price Prior To(1)

Ranking, Guarantees and Collateral

2028 Unsecured Notes

November 26, 2019

May 15, 2023

Senior Unsecured

2029 Unsecured Notes

November 26, 2019

November 15, 2024

Senior Unsecured

2031 Unsecured Notes

August 23, 2023

September 1, 2026

Senior Unsecured

Schedule of components of extinguishment and modification of debt

The following are components of the loss on debt financing transactions resulting from debt extinguishment and modification accounting:


	Years Ended December 31,
	2024		2023		2022
Repayment of principal balance at premium	$	—	$	12	$	90
Unamortized debt discount and deferred financing costs, net	2		3		57

Total loss on debt financing transactions	$	2	$	15	$	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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details