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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2024
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Changes in Stockholders’ Equity The following tables present certain information regarding our stockholders’ equity as of September 30, 2024 and 2023:
| Nine Months Ended September 30, 2024
| Common Stock |  | Additional Paid in Capital |  | Retained Earnings |  | Treasury Stock |  | Accumulated Other Comprehensive Loss |  |  |  | Total
January 1, 2024 | $ | 1 |  |  | $ | 1,118 |  |  | $ | 680 |  |  | $ | (751) |  |  | $ | (283) |  |  |  |  | $ | 765 |
Settlement of liability awards | — |  |  | 65 |  |  | — |  |  | — |  |  | — |  |  |  |  | 65 |
Vesting of RSUs, net of tax withholdings and other | — |  |  | (43) |  |  | — |  |  | — |  |  | — |  |  |  |  | (43) |
Purchase of treasury stock(1) | — |  |  | — |  |  | — |  |  | (25) |  |  | — |  |  |  |  | (25) |
Stock-based compensation | — |  |  | 14 |  |  | — |  |  | — |  |  | — |  |  |  |  | 14 |
Net income | — |  |  | — |  |  | 82 |  |  | — |  |  | — |  |  |  |  | 82 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | (23) |  |  |  |  | (23) |
March 31, 2024 | $ | 1 |  |  | $ | 1,154 |  |  | $ | 762 |  |  | $ | (776) |  |  | $ | (306) |  |  |  |  | $ | 835 |
Vesting of RSUs, net of tax withholdings and other | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  |  |  | 1 |
Purchase of treasury stock(1) | — |  |  | — |  |  | — |  |  | (151) |  |  | — |  |  |  |  | (151) |
Stock-based compensation | — |  |  | 20 |  |  | — |  |  | — |  |  | — |  |  |  |  | 20 |
Net income | — |  |  | — |  |  | 82 |  |  | — |  |  | — |  |  |  |  | 82 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  |  |  | (1) |
June 30, 2024 | $ | 1 |  |  | $ | 1,175 |  |  | $ | 844 |  |  | $ | (927) |  |  | $ | (307) |  |  |  |  | $ | 786 |
Vesting of RSUs, net of tax withholdings and other | — |  |  | (10) |  |  | — |  |  | — |  |  | — |  |  |  |  | (10) |
Purchase of treasury stock(1) | — |  |  | — |  |  | — |  |  | (45) |  |  | — |  |  |  |  | (45) |
Stock-based compensation | — |  |  | 17 |  |  | — |  |  | — |  |  | — |  |  |  |  | 17 |
Net income | — |  |  | — |  |  | 64 |  |  | — |  |  | — |  |  |  |  | 64 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | 46 |  |  |  |  | 46 |
September 30, 2024 | $ | 1 |  |  | $ | 1,182 |  |  | $ | 908 |  |  | $ | (972) |  |  | $ | (261) |  |  |  |  | $ | 858 |
(1) Includes excise taxes of $1 million for the nine months ended September 30, 2024.
| Nine Months Ended September 30, 2023
| Common Stock |  | Additional Paid in Capital |  | Retained Earnings |  | Treasury Stock |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interest |  | Total
January 1, 2023 | $ | 1 |  |  | $ | 1,370 |  |  | $ | 517 |  |  | $ | (580) |  |  | $ | (318) |  |  | $ | 171 |  |  | $ | 1,161 |
Settlement of liability awards | — |  |  | 25 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25 |
Vesting of RSUs, net of tax withholdings and other | — |  |  | (14) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (14) |
Purchase of treasury stock | — |  |  | — |  |  | — |  |  | (28) |  |  | — |  |  | — |  |  | (28) |
Purchase of SciPlay’s Class A common stock | — |  |  | (8) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8) |
Stock-based compensation | — |  |  | 15 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |
Net income | — |  |  | — |  |  | 22 |  |  | — |  |  | — |  |  | 5 |  |  | 27 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 6 |
March 31, 2023 | $ | 1 |  |  | $ | 1,388 |  |  | $ | 539 |  |  | $ | (608) |  |  | $ | (312) |  |  | $ | 176 |  |  | $ | 1,184 |
Vesting of RSUs, net of tax withholdings and other | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Purchase of treasury stock | — |  |  | — |  |  | — |  |  | (5) |  |  | — |  |  | — |  |  | (5) |
Purchase of SciPlay’s Class A common stock | — |  |  | (15) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (15) |
Stock-based compensation | — |  |  | 13 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13 |
Net (loss) income | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | 6 |  |  | 5 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | 47 |  |  | — |  |  | 47 |
June 30, 2023 | $ | 1 |  |  | $ | 1,387 |  |  | $ | 538 |  |  | $ | (613) |  |  | $ | (265) |  |  | $ | 182 |  |  | $ | 1,230 |
Vesting of RSUs, net of tax withholdings and other | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |
Purchase of treasury stock(1) | — |  |  | — |  |  | — |  |  | (113) |  |  | — |  |  | — |  |  | (113) |
Stock-based compensation | — |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12 |
Net income | — |  |  | — |  |  | 75 |  |  | — |  |  | — |  |  | 5 |  |  | 80 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | (66) |  |  | — |  |  | (66) |
September 30, 2023 | $ | 1 |  |  | $ | 1,402 |  |  | $ | 613 |  |  | $ | (726) |  |  | $ | (331) |  |  | $ | 187 |  |  | $ | 1,146 |
(1) Includes excise taxes of $1 million for the three and nine months ended September 30, 2023.
Stock-based Compensation The following reflects total stock-based compensation expense recognized under all programs:
|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
|  |  |  |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Related to L&W RSUs |  |  |  |  | $ | 29 |  |  | $ | 19 |  |  | $ | 82 |  |  | $ | 59 |  |  |
Related to SciPlay RSUs |  |  |  |  | — |  |  | 12 |  |  | — |  |  | 26 |  |  |
Total(1) |  |  |  |  | $ | 29 |  |  | $ | 31 |  |  | $ | 82 |  |  | $ | 85 |  |  |
(1) Includes $12 million and $31 million of stock-based compensation classified as liability awards for the three and nine months ended September 30, 2024, respectively, and $19 million and $45 million for the three and nine months ended September 30, 2023, respectively.
Restricted Stock Units A summary of the changes in RSUs outstanding under our equity-based compensation plans during the nine months ended September 30, 2024 is presented below:
| Number of Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Unvested RSUs as of December 31, 2023 | 2.3 |  |  | $ | 55.53 |
Granted | 1.4 |  |  | $ | 99.59 |
Vested | (1.6) |  |  | $ | 69.47 |
Cancelled | (0.1) |  |  | $ | 59.55 |
Unvested RSUs as of September 30, 2024 | 2.0 |  |  | $ | 74.58 |
The weighted-average grant date fair value of RSUs granted during the nine months ended September 30, 2024 and 2023 was $99.59 and $57.54, respectively. The fair value of each RSU grant is based on the market value of our common stock at the time of grant. As of September 30, 2024, we had $107 million of unrecognized stock-based compensation expense relating to unvested RSUs amortized over a weighted-average period of approximately 1.2 years. The fair value at vesting date of RSUs vested during the nine months ended September 30, 2024 and 2023 was $163 million and $58 million, respectively. Share Repurchase Programs On March 1, 2022, our Board of Directors approved a share repurchase program under which the Company was authorized to repurchase up to an aggregate amount of $750 million of shares of our outstanding common stock. We fully exhausted the authorized share repurchase amount under the program in the second quarter of 2024. On June 11, 2024, our Board of Directors approved a new share repurchase program under which the Company is authorized to repurchase, from time to time through June 12, 2027, up to an aggregate amount of $1.0 billion of shares of our outstanding common stock. During the nine months ended September 30, 2024, we repurchased approximately 2.3 million shares of common stock under the repurchase programs at an aggregate cost of $221 million (including excise tax), of which 0.4 million shares with an aggregate cost of $45 million (including excise tax) were under the new June 2024 share repurchase program.

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