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v3.22.1

Long-Term and Other Debt (Tables) | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Outstanding Debt | The following table reflects our outstanding debt (in order of priority and maturity):
| As of
| March 31, 2022 |  | December 31, 2021
| 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 |  | $ | 160 |  |  | $ | — |  |  | $ | 160 |  |  | $ | — |
SGI Term Loan B-5 | 2024 |  | variable |  | 4,008 |  |  | (32) |  |  | 3,976 |  |  | 3,982 |
SciPlay Revolver | 2024 |  | variable |  | — |  |  | — |  |  | — |  |  | — |
SGI Senior Notes: |  |  |  |  |  |  |  |  |  |  |
2025 Secured Notes(1) | 2025 |  | 5.000% |  | 1,250 |  |  | (10) |  |  | 1,240 |  |  | 1,240 |
2026 Secured Euro Notes(2) | 2026 |  | 3.375% |  | 361 |  |  | (3) |  |  | 358 |  |  | 364 |
2025 Unsecured Notes | 2025 |  | 8.625% |  | 550 |  |  | (6) |  |  | 544 |  |  | 544 |
2026 Unsecured Euro Notes(2) | 2026 |  | 5.500% |  | 278 |  |  | (2) |  |  | 276 |  |  | 280 |
2026 Unsecured Notes | 2026 |  | 8.250% |  | 1,100 |  |  | (10) |  |  | 1,090 |  |  | 1,090 |
2028 Unsecured Notes | 2028 |  | 7.000% |  | 700 |  |  | (8) |  |  | 692 |  |  | 692 |
2029 Unsecured Notes | 2029 |  | 7.250% |  | 500 |  |  | (6) |  |  | 494 |  |  | 494 |
Other(3) | 2023 |  | 4.089% |  | 3 |  |  | — |  |  | 3 |  |  | 4 |
Total long-term debt outstanding |  |  |  |  | $ | 8,910 |  |  | $ | (77) |  |  | $ | 8,833 |  |  | $ | 8,690 |
Less: current portion of long-term debt |  |  |  |  |  |  |  |  | (44) |  |  | (44) |
Long-term debt, excluding current portion |  |  |  |  |  |  |  |  | $ | 8,789 |  |  | $ | 8,646 |
Fair value of debt(4) |  |  |  |  | $ | 9,058 |  |  |  |  |  |  |
(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 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 $73 million, of which a gain of $7 million was recognized on remeasurement of debt in the Consolidated Statements of Operations for the three months ended March 31, 2022.
(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 Retired and Redeemed Debt and Interest Payments | With the issuance of the new term loan facility and using the proceeds from the divestitures of the Lottery Business (see Note 1), we retired and redeemed the following outstanding debt and paid accrued and unpaid interest thereon plus related premiums, fees and expenses:
Debt instrument |  | Interest rate |  | Maturity |  | Face value as of March 31, 2022 |  | Paid interest |  | Premium, other fees and expenses
SGI Term Loan B-5 |  | variable |  | 2024 |  | $ | 4,008 |  |  | $ | 5 |  |  | $ | 33 |
Senior Secured Notes |  | 5.000% |  | 2025 |  | 1,250 |  |  | 31 |  |  | 31 |
Senior Secured Euro Notes |  | 3.375% |  | 2026 |  | 361 |  |  | 2 |  |  | 6 |
Senior Unsecured Euro Notes |  | 5.500% |  | 2026 |  | 278 |  |  | 3 |  |  | 8 |
Senior Unsecured Notes |  | 8.250% |  | 2026 |  | 1,100 |  |  | 7 |  |  | 45 |
Total |  |  |  |  |  | $ | 6,997 |  |  | $ | 48 |  |  | $ | 123 |

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