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Long-Term and Other Debt (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of debt outstanding
The following reflects outstanding debt:
 
As of December 31,
 
2019
 
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

Revolver
2024
 
variable

 
195

 
—

 
195

 
—

Term Loan B-5
2024
 
variable

 
4,102

 
(60
)
 
4,042

 
4,071

SciPlay Revolver
2024
 
variable

 
—

 
—

 
—

 
—

Senior Notes:
 
 
 
 
 
 
 
 

 
 
2025 Secured Notes(1)
2025
 
5.000%

 
1,250

 
(15
)
 
1,235

 
1,233

2026 Secured Euro Notes(2)
2026
 
3.375%

 
364

 
(5
)
 
359

 
367

2022 Unsecured Notes
2022
 
10.000%

 
—

 
—

 
—

 
2,176

2026 Unsecured Euro Notes(2)
2026
 
5.500%

 
280

 
(4
)
 
276

 
282

2026 Unsecured Notes
2026
 
8.250%

 
1,100

 
(15
)
 
1,085

 
—

2028 Unsecured Notes
2028
 
7.000%
 
700

 
(10
)
 
690

 
—

2029 Unsecured Notes
2029
 
7.250%
 
500

 
(7
)
 
493

 
—

Subordinated Notes:
 
 
 
 
 
 
 
 

 
 
2020 Notes
2020
 
6.250%

 
—

 
—

 
—

 
242

2021 Notes
2021
 
6.625%

 
341

 
(2
)
 
339

 
337

Finance lease obligations as of December 31, 2019 payable monthly through 2023 and other(3)
2023
 
4.652
%
 
11

 
—

 
11

 
4

Total long-term debt outstanding
 
 
 
 
$
8,843

 
$
(118
)
 
$
8,725

 
$
9,037

Less: current portion of long-term debt
 
 
 
 
 
 
 
 
(45
)
 
(45
)
Long-term debt, excluding current portion
 
 
 
 
 
 
 
 
$
8,680

 
$
8,992

Fair value of debt(4)
 
 
 
 
$
9,181

 
 
 
 
 
 

(1) In connection with the February 2018 Refinancing (as defined below), 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 $68 million, of which gains of $9 million and $43 million were recognized on remeasurement of debt in the Consolidated Statements of Operations for the years ended December 31, 2019 and 2018, respectively.
(3) Includes $9 million related to 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, 2019:
 
 
Total
 
2020
 
2021
 
2022
 
2023
 
2024
 
After 2024
Senior Secured Credit Facilities
 
$
4,297

 
$
42

 
$
42

 
$
42

 
$
42

 
$
4,129

 
$
—

Senior Notes
 
4,194

 
—

 
—

 
—

 
—

 
—

 
4,194

Subordinated Notes
 
341

 
—

 
341

 
—

 
—

 
—

 
—

Finance lease obligations and other
 
11

 
3

 
3

 
3

 
2

 
—

 
—

Total long-term debt outstanding
 
$
8,843

 
$
45

 
$
386

 
$
45

 
$
44

 
$
4,129

 
$
4,194

Unamortized deferred financing costs and discount/premium
 
(118
)
 
 
 
 
 
 
 
 
 
 
 
 
Total debt book value
 
$
8,725

 
 

 
 

 
 

 
 

 
 

 
 
Schedule of components of extinguishment and modification of debt
 
Years Ended December 31,
 
2019
 
2018
 
2017
Repurchase and cancellation of principal balance at premium
$
80

 
$
110

 
$
—

Unamortized debt (premium) discount and deferred financing costs, net
20

 
(30
)
 
26

Third party debt issuance fees
—

 
13

 
12

Total loss on debt financing transactions
$
100

 
$
93

 
$
38