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Stockholders' Equity (Deficit) (Tables) | 12 Months Ended
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Dec. 31, 2023
Stockholders' Equity Note [Abstract] |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following reflects total stock-based compensation expense recognized under all programs:
|  |  | Year Ended December 31,
|  |  |  |  | 2023 |  | 2022 |  | 2021
Related to L&W stock options |  |  |  |  | $ | — |  |  | $ | 1 |  |  | $ | 31 |
Related to L&W RSUs |  |  |  |  | 89 |  |  | 56 |  |  | 75 |
Related to SciPlay RSUs(1) |  |  |  |  | 29 |  |  | 12 |  |  | 7 |
Total(2) |  |  |  |  | $ | 118 |  |  | $ | 69 |  |  | $ | 113 |
(1) Stock-based compensation expense related to SciPlay RSUs was for awards granted prior to the SciPlay Merger. Upon completion of the SciPlay Merger, these RSUs were converted to awards denominated in L&W shares, as discussed below within SciPlay Long-Term Incentive Plan and Modification.
(2) The years ended December 31, 2023, 2022 and 2021 include $63 million, $24 million and $34 million, respectively, classified as liability awards.
Schedule of change in the number of shares of Class A common stock | The following table sets forth the change in the number of shares of common stock outstanding during the fiscal years ended December 31, 2023 and 2022:
|  | December 31,
|  | 2023 |  | 2022
Shares outstanding as of beginning of period |  | 91 |  |  | 97 |
Shares issued as part of equity-based compensation plans and the employee stock purchase plan (“ESPP”), net of shares surrendered |  | 1 |  |  | 1 |
Shares repurchased into treasury stock |  | (2) |  |  | (7) |
Shares outstanding as of end of period |  | 90 |  |  | 91 |
Share-based Payment Arrangement, Option, Activity | A summary of the changes in stock options outstanding under our equity-based compensation plans during 2023 is presented below:
| Number of Options |  | Weighted Average Remaining Contract Term (Years) |  | Weighted Average Exercise Price (per share) |  | Aggregate Intrinsic Value
Options outstanding as of December 31, 2022 | 1.8 |  |  | 3.5 |  | $ | 34.40 |  |  | $ | 45 |
Granted | — |  |  | — |  |  | $ | — |  |  | $ | — |
Exercised | (0.3) |  |  | — |  |  | $ | 31.81 |  |  | $ | 14 |
Cancelled | — |  |  | — |  |  | $ | — |  |  | $ | — |
Options outstanding as of December 31, 2023 | 1.5 |  |  | 3.1 |  | $ | 34.98 |  |  | $ | 72 |
Options exercisable as of December 31, 2023 | 1.5 |  |  | 3.0 |  | $ | 34.85 |  |  | $ | 72 |
Options expected to vest as of December 31, 2023 | — |  |  | 7.2 |  | $ | 54.56 |  |  | $ | — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The weighted-average assumptions used in the model are outlined in the following table:
|  |  | 2022 |  | 2021
Assumptions: |  |  |  |  |
Expected volatility |  |  | 71 | % |  | 74 | %
Risk-free interest rate |  |  | 3.01 | % |  | 0.96 | %
Dividend yield |  |  | — |  |  | — |
Expected life (in years) |  |  | 6 |  | 6
RSUs outstanding under equity-based compensation plans | A summary of the changes in RSUs outstanding under our equity-based compensation plans during 2023 is presented below:
| Number of Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Unvested RSUs as of December 31, 2022 | 1.7 |  |  | $ | 46.66 |
Granted | 1.2 |  |  | $ | 59.10 |
SciPlay Converted RSUs | 0.6 |  |  | $ | 54.57 |
Vested | (1.0) |  |  | $ | 45.00 |
Cancelled | (0.2) |  |  | $ | 50.38 |
Unvested RSUs as of December 31, 2023 | 2.3 |  |  | $ | 55.53 |

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