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Long-Term and Other Debt (Tables) | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Schedule of Outstanding Debt | The following table reflects our outstanding debt:
| As of
| June 30, 2019 |  | December 31, 2018
| Final Maturity |  | Rate(s) |  | Face value |  | Unamortized debt discount/premium and deferred financing costs, net |  | Book value |  | Book value
Senior Secured Credit Facilities: |  |  |  |  |  |  |  |  |  |  |
Revolver | 2020 |  | variable |  | $ | 45 |  |  | $ | — |  |  | $ | 45 |  |  | $ | 325 |
Term Loan B-5 | 2024 |  | variable |  | 4,122 |  |  | (66 | ) |  | 4,056 |  |  | 4,071 |
SciPlay Revolver | 2024 |  | variable |  | — |  |  | — |  |  | — |  |  | — |
Senior Notes: |  |  |  |  |  |  |  |  |  |  |
2025 Secured Notes(2) | 2025 |  | 5.000% |  | 1,250 |  |  | (16 | ) |  | 1,234 |  |  | 1,233 |
2026 Secured Euro Notes(3) | 2026 |  | 3.375% |  | 370 |  |  | (5 | ) |  | 365 |  |  | 367 |
2022 Unsecured Notes | 2022 |  | 10.000% |  | 1,200 |  |  | (11 | ) |  | 1,189 |  |  | 2,176 |
2026 Unsecured Euro Notes(3) | 2026 |  | 5.500% |  | 285 |  |  | (4 | ) |  | 281 |  |  | 282 |
2026 Unsecured Notes | 2026 |  | 8.250% |  | 1,100 |  |  | (15 | ) |  | 1,085 |  |  | — |
Subordinated Notes: |  |  |  |  |  |  |  |  |  |  |
2020 Notes | 2020 |  | 6.250% |  | 244 |  |  | (1 | ) |  | 243 |  |  | 242 |
2021 Notes | 2021 |  | 6.625% |  | 341 |  |  | (3 | ) |  | 338 |  |  | 337 |
Finance lease obligations as of June 30, 2019 payable monthly through 2019 and other(4) | 2019 |  | 3.900% |  | 11 |  |  | — |  |  | 11 |  |  | 4 |
Total long-term debt outstanding |  |  |  |  | $ | 8,968 |  |  | $ | (121 | ) |  | $ | 8,847 |  |  | $ | 9,037 |
Less: current portion of long-term debt |  |  |  |  |  |  |  |  | (45 | ) |  | (45 | )
Long-term debt, excluding current portion |  |  |  |  |  |  |  |  | $ | 8,802 |  |  | $ | 8,992 |
Fair value of debt(1) |  |  |  |  | $ | 9,066 |  |  |  |  |  |  |
(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. (2) Includes cross-currency interest rate swap agreements that we entered into in 2018 in the amount of $460 million U.S. Dollar-denominated 2025 Secured Notes to a fixed-rate Euro-denominated debt, with a fixed annual weighted average interest rate of approximately 2.946% (see Note 16 in our 2018 10-K). (3) We designated a portion of our 2026 Secured Euro Notes as a net investment non-derivative hedge of our investments in certain of our international subsidiaries that use the Euro as their functional currency in order to reduce the volatility in our operating results caused by the change in foreign currency exchange rates of the Euro relative to the U.S. Dollar (see Note 12 for additional information). The total change in the face value of the 2026 Secured Euro Notes and 2026 Unsecured Euro Notes due to changes in foreign currency exchange rates since the issuance was a reduction of $58 million, of which a $3 million loss and a $2 million gain were recognized on remeasurement of debt in the Consolidated Statements of Operations for the three and six months ended June 30, 2019, respectively. (4) Includes $10 million related to certain revenue transactions presented as debt in accordance with ASC 470.
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 for the three and six months ended June 30, 2019 and 2018:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Repayment and cancellation of principal balance at premium | $ | 50 |  |  | $ | — |  |  | $ | 50 |  |  | $ | 110 |
Unamortized debt (premium) discount and deferred financing costs, net | 10 |  |  | — |  |  | 10 |  |  | (30 | )
Third party debt issuance fees | — |  |  | — |  |  | — |  |  | 13 |
Total loss on debt financing transactions | $ | 60 |  |  | $ | — |  |  | $ | 60 |  |  | $ | 93 |

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