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Long-Term and Other Debt (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Schedule of debt outstanding | The following reflects outstanding debt:
| As of December 31,
| 2019 |  | 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 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 325 |
Revolver | 2024 |  | variable |  |  | 195 |  |  | — |  |  | 195 |  |  | — |
Term Loan B-5 | 2024 |  | variable |  |  | 4,102 |  |  | (60 | ) |  | 4,042 |  |  | 4,071 |
SciPlay Revolver | 2024 |  | variable |  |  | — |  |  | — |  |  | — |  |  | — |
Senior Notes: |  |  |  |  |  |  |  |  |  |  |
2025 Secured Notes(1) | 2025 |  | 5.000% |  |  | 1,250 |  |  | (15 | ) |  | 1,235 |  |  | 1,233 |
2026 Secured Euro Notes(2) | 2026 |  | 3.375% |  |  | 364 |  |  | (5 | ) |  | 359 |  |  | 367 |
2022 Unsecured Notes | 2022 |  | 10.000% |  |  | — |  |  | — |  |  | — |  |  | 2,176 |
2026 Unsecured Euro Notes(2) | 2026 |  | 5.500% |  |  | 280 |  |  | (4 | ) |  | 276 |  |  | 282 |
2026 Unsecured Notes | 2026 |  | 8.250% |  |  | 1,100 |  |  | (15 | ) |  | 1,085 |  |  | — |
2028 Unsecured Notes | 2028 |  | 7.000% |  | 700 |  |  | (10 | ) |  | 690 |  |  | — |
2029 Unsecured Notes | 2029 |  | 7.250% |  | 500 |  |  | (7 | ) |  | 493 |  |  | — |
Subordinated Notes: |  |  |  |  |  |  |  |  |  |  |
2020 Notes | 2020 |  | 6.250% |  |  | — |  |  | — |  |  | — |  |  | 242 |
2021 Notes | 2021 |  | 6.625% |  |  | 341 |  |  | (2 | ) |  | 339 |  |  | 337 |
Finance lease obligations as of December 31, 2019 payable monthly through 2023 and other(3) | 2023 |  | 4.652 | % |  | 11 |  |  | — |  |  | 11 |  |  | 4 |
Total long-term debt outstanding |  |  |  |  | $ | 8,843 |  |  | $ | (118 | ) |  | $ | 8,725 |  |  | $ | 9,037 |
Less: current portion of long-term debt |  |  |  |  |  |  |  |  | (45 | ) |  | (45 | )
Long-term debt, excluding current portion |  |  |  |  |  |  |  |  | $ | 8,680 |  |  | $ | 8,992 |
Fair value of debt(4) |  |  |  |  | $ | 9,181 |  |  |  |  |  |  |
(1) In connection with the February 2018 Refinancing (as defined below), we entered into certain cross-currency interest rate swap agreements to achieve more attractive interest rates by effectively converting $460 million of the fixed-rate, U.S. Dollar-denominated 2025 Secured Notes, including the semi-annual interest payments through October 2023, to a fixed-rate Euro-denominated debt, with a fixed annual weighted average interest rate of approximately 2.946%. These cross-currency swaps have been designated as a hedge of our net investment in certain subsidiaries. (2) 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 16 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 $68 million, of which gains of $9 million and $43 million were recognized on remeasurement of debt in the Consolidated Statements of Operations for the years ended December 31, 2019 and 2018, respectively. (3) Includes $9 million related to certain revenue transactions presented as debt in accordance with ASC 470. (4) 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 and finance lease payments due over the next five years and beyond as of December 31, 2019:
|  | Total |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | After 2024
Senior Secured Credit Facilities |  | $ | 4,297 |  |  | $ | 42 |  |  | $ | 42 |  |  | $ | 42 |  |  | $ | 42 |  |  | $ | 4,129 |  |  | $ | — |
Senior Notes |  | 4,194 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,194 |
Subordinated Notes |  | 341 |  |  | — |  |  | 341 |  |  | — |  |  | — |  |  | — |  |  | — |
Finance lease obligations and other |  | 11 |  |  | 3 |  |  | 3 |  |  | 3 |  |  | 2 |  |  | — |  |  | — |
Total long-term debt outstanding |  | $ | 8,843 |  |  | $ | 45 |  |  | $ | 386 |  |  | $ | 45 |  |  | $ | 44 |  |  | $ | 4,129 |  |  | $ | 4,194 |
Unamortized deferred financing costs and discount/premium |  | (118 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total debt book value |  | $ | 8,725 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Schedule of components of extinguishment and modification of debt |
| Years Ended December 31,
| 2019 |  | 2018 |  | 2017
Repurchase and cancellation of principal balance at premium | $ | 80 |  |  | $ | 110 |  |  | $ | — |
Unamortized debt (premium) discount and deferred financing costs, net | 20 |  |  | (30 | ) |  | 26 |
Third party debt issuance fees | — |  |  | 13 |  |  | 12 |
Total loss on debt financing transactions | $ | 100 |  |  | $ | 93 |  |  | $ | 38 |

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