XML 79 R45.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Long-Term and Other Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of debt outstanding | The following table reflects our outstanding debt:
| As of December 31,
| 2021 |  | 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 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 535 |
SGI Term Loan B-5 | 2024 |  | variable |  | 4,018 |  |  | (36) |  |  | 3,982 |  |  | 4,012 |
SciPlay Revolver | 2024 |  | variable |  | — |  |  | — |  |  | — |  |  | — |
SGI Senior Notes: |  |  |  |  |  |  |  |  |  |  |
2025 Secured Notes(1) | 2025 |  | 5.000% |  | 1,250 |  |  | (10) |  |  | 1,240 |  |  | 1,237 |
2026 Secured Euro Notes(2) | 2026 |  | 3.375% |  | 367 |  |  | (3) |  |  | 364 |  |  | 395 |
2025 Unsecured Notes | 2025 |  | 8.625% |  | 550 |  |  | (6) |  |  | 544 |  |  | 542 |
2026 Unsecured Euro Notes(2) | 2026 |  | 5.500% |  | 283 |  |  | (3) |  |  | 280 |  |  | 303 |
2026 Unsecured Notes | 2026 |  | 8.250% |  | 1,100 |  |  | (10) |  |  | 1,090 |  |  | 1,088 |
2028 Unsecured Notes | 2028 |  | 7.000% |  | 700 |  |  | (8) |  |  | 692 |  |  | 691 |
2029 Unsecured Notes | 2029 |  | 7.250% |  | 500 |  |  | (6) |  |  | 494 |  |  | 493 |
Other(3) | 2023 |  | 4.089% |  | 4 |  |  | — |  |  | 4 |  |  | 7 |
Total long-term debt outstanding |  |  |  |  | $ | 8,772 |  |  | $ | (82) |  |  | $ | 8,690 |  |  | $ | 9,303 |
Less: current portion of long-term debt |  |  |  |  |  |  |  |  | (44) |  |  | (44) |
Long-term debt, excluding current portion |  |  |  |  |  |  |  |  | $ | 8,646 |  |  | $ | 9,259 |
Fair value of debt(4) |  |  |  |  | $ | 9,009 |  |  |  |  |  |  |
(1) 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 $62 million, of which a gain of $41 million, a loss of $51 million and a gain of $9 million were recognized on remeasurement of debt in the Consolidated Statements of Operations for the years ended December 31, 2021, 2020, and 2019, respectively.
(3) Primarily comprised of 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, 2021:
Due |  | Total Principal Due |  |  |  | Series of Debt/Finance lease |  | Principal Due per Series of Debt/Lease
2022 |  | $ | 44 |  |  |  |  | Term Loan B-5 |  | $ | 42 |
|  |  | Other |  | 2 |
2023 |  | 44 |  |  |  |  | Term Loan B-5 |  | 42 |
|  |  | Other |  | 2 |
2024 |  | 3,934 |  |  |  |  | Term Loan B-5 |  | 3,934 |
|  |  | Drawn Revolving Credit Facility |  | — |
2025 |  | 1,800 |  |  |  |  | 2025 Secured Notes |  | 1,250 |
|  |  | 2025 Unsecured Notes |  | 550 |
2026 |  | 1,750 |  |  |  |  | 2026 Secured Euro Notes |  | 367 |
|  |  | 2026 Unsecured Euro Notes |  | 283 |
|  |  | 2026 Unsecured Notes |  | 1,100 |
2027 and beyond |  | 1,200 |  |  |  |  | 2028 Unsecured Notes |  | 700 |
|  |  | 2029 Unsecured Notes |  | 500 |
Unamortized deferred financing costs and discount/premium |  | (82) |  |  |  |  |  |  |
Total debt book value as of December 31, 2021 |  | $ | 8,690 |  |  |  |  |  |  |
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,
| 2021 |  | 2020 |  | 2019
Repurchase and cancellation of principal balance at premium | $ | — |  |  | $ | — |  |  | $ | 80 |
Unamortized debt (premium) discount and deferred financing costs, net | — |  |  | — |  |  | 20 |
Third party debt issuance fees | — |  |  | 1 |  |  | — |
Total loss on debt financing transactions | $ | — |  |  | $ | 1 |  |  | $ | 100 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69B -URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69E -URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of debt extinguished which may include, amount of gain (loss), the income tax effect and the per share amount of the aggregate gain (loss), net of the related income tax. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7516071&loc=d3e13374-112631 + Details
Name: | us-gaap_ScheduleOfExtinguishmentOfDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration