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Long-Term and Other Debt | 6 Months Ended
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Jun. 30, 2021
Debt Disclosure [Abstract] |
Long-Term and Other Debt | Long-Term and Other Debt Outstanding Debt and Finance Leases The following table reflects our outstanding debt (in order of priority and maturity):
| As of
| June 30, 2021 |  | December 31, 2020
| Final Maturity |  | Rate(s) |  | Face value |  | Unamortized debt discount/premium and deferred financing costs, net |  | Book value |  | Book value
Senior Secured Credit Facilities: |  |  |  |  |  |  |  |  |  |  |
SGI Revolver | 2024 |  | variable |  | $ | 285 |  |  | $ | — |  |  | $ | 285 |  |  | $ | 535 |
SGI Term Loan B-5 | 2024 |  | variable |  | 4,039 |  |  | (42) |  |  | 3,997 |  |  | 4,012 |
SciPlay Revolver | 2024 |  | variable |  | — |  |  | — |  |  | — |  |  | — |
SGI Senior Notes: |  |  |  |  |  |  |  |  |  |  |
2025 Secured Notes(1) | 2025 |  | 5.000% |  | 1,250 |  |  | (12) |  |  | 1,238 |  |  | 1,237 |
2026 Secured Euro Notes(2) | 2026 |  | 3.375% |  | 386 |  |  | (4) |  |  | 382 |  |  | 395 |
2025 Unsecured Notes | 2025 |  | 8.625% |  | 550 |  |  | (7) |  |  | 543 |  |  | 542 |
2026 Unsecured Euro Notes(2) | 2026 |  | 5.500% |  | 297 |  |  | (3) |  |  | 294 |  |  | 303 |
2026 Unsecured Notes | 2026 |  | 8.250% |  | 1,100 |  |  | (11) |  |  | 1,089 |  |  | 1,088 |
2028 Unsecured Notes | 2028 |  | 7.000% |  | 700 |  |  | (9) |  |  | 691 |  |  | 691 |
2029 Unsecured Notes | 2029 |  | 7.250% |  | 500 |  |  | (6) |  |  | 494 |  |  | 493 |
Finance lease obligations as of June 30, 2021 payable monthly through 2023 and other(3) | 2023 |  | 4.217% |  | 6 |  |  | — |  |  | 6 |  |  | 7 |
Total long-term debt outstanding |  |  |  |  | $ | 9,113 |  |  | $ | (94) |  |  | $ | 9,019 |  |  | $ | 9,303 |
Less: current portion of long-term debt |  |  |  |  |  |  |  |  | (44) |  |  | (44) |
Long-term debt, excluding current portion |  |  |  |  |  |  |  |  | $ | 8,975 |  |  | $ | 9,259 |
Fair value of debt(4) |  |  |  |  | $ | 9,399 |  |  |  |  |  |  |
(1) In connection with the February 2018 Refinancing (see Note 15 in our 2020 10-K), 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 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 $29 million, of which a $7 million loss and a $18 million gain were recognized on remeasurement of debt in the Consolidated Statements of Operations for the three and six months ended June 30, 2021, respectively.
(3) Includes $6 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.
We were in compliance with the financial covenants under all debt agreements as of June 30, 2021 (for information regarding our financial covenants of all debt agreements, see Notes 1 and 15 in our 2020 10-K). Subsequent to June 30, 2021, we amended our Credit Agreement to provide for additional flexibility on executing the recently announced strategic transactions, including among other items: (a) extended the time period for conversion of securities into cash for purposes of satisfying the 75% minimum cash proceeds requirement from 180- to 365 days for proceeds received from the intended disposition of our Sports Betting business (“the Disposition Transaction”), (b) amend the basket for non-cash consideration received in connection with a permitted disposition, (c) permit any capital stock received as consideration in the Disposition Transactions and (d) require that at least 25% of the net cash proceeds received from the Disposition Transactions will be used to prepay outstanding term loans within ten business days of the Disposition Transactions. For additional information regarding the terms of our credit facilities, Secured Notes and Unsecured Notes, see Note 15 in our 2020 10-K.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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