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Long-Term and Other Debt (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt
The following table reflects our outstanding debt:
 
As of
 
September 30, 2019
 
December 31, 2018
 
Final Maturity
 
Rate(s)
 
Face value
 
Unamortized debt discount/premium and deferred financing costs, net
 
Book value
 
Book value
Senior Secured Credit Facilities:
 
 
 
 
 
 
 
 
 
 
 
Revolver
2020
 
variable
 
$
—

 
$
—

 
$
—

 
$
325

Term Loan B-5
2024
 
variable
 
4,112

 
(63
)
 
4,049

 
4,071

 SciPlay Revolver
2024
 
variable
 
—

 
—

 
—

 
—

Senior Notes:
 
 
 
 
 
 
 
 
 
 
 
2025 Secured Notes(1)
2025
 
5.000%
 
1,250

 
(16
)
 
1,234

 
1,233

2026 Secured Euro Notes(2)
2026
 
3.375%
 
355

 
(5
)
 
350

 
367

2022 Unsecured Notes
2022
 
10.000%
 
1,200

 
(10
)
 
1,190

 
2,176

2026 Unsecured Euro Notes(2)
2026
 
5.500%
 
273

 
(4
)
 
269

 
282

    2026 Unsecured Notes
2026
 
8.250%
 
1,100

 
(15
)
 
1,085

 
—

Subordinated Notes:
 
 
 
 
 
 
 
 
 
 
 
2020 Notes
2020
 
6.250%
 
244

 
(1
)
 
243

 
242

2021 Notes
2021
 
6.625%
 
341

 
(2
)
 
339

 
337

Finance lease obligations as of September 30, 2019 payable monthly through 2019 and other(3)
2019
 
3.900%
 
11

 
—

 
11

 
4

Total long-term debt outstanding
 
 
 
 
$
8,886

 
$
(116
)
 
$
8,770

 
$
9,037

Less: current portion of long-term debt
 
 
 
 
 
 
 
 
(288
)
 
(45
)
Long-term debt, excluding current portion
 
 
 
 
 
 
 
 
$
8,482

 
$
8,992

Fair value of debt(4)
 
 
 
 
$
9,056

 
 
 
 
 
 

(1) Includes cross-currency interest rate swap agreements that we entered into in 2018, which converted $460 million of U.S. Dollar-denominated 2025 Secured Notes to a fixed-rate Euro-denominated debt, with a fixed annual weighted average interest rate of approximately 2.946% (see Note 16 in our 2018 10-K).
(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 $85 million, of which gains of $19 million and $21 million were recognized on remeasurement of debt in the Consolidated Statements of Operations for the three and nine months ended September 30, 2019, respectively.
(3) Includes $9 million related to certain revenue transactions presented as debt in accordance with ASC 470.
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 for the nine months ended September 30, 2019 and 2018, none of which were incurred during the three-month periods:
 
Nine Months Ended September 30,
 
2019
 
2018
Repayment and cancellation of principal balance at premium
$
50

 
$
110

Unamortized debt (premium) discount and deferred financing costs, net
10

 
(30
)
Third party debt issuance fees
—

 
13

Total loss on debt financing transactions
$
60


$
93