Long-Term and Other Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of debt outstanding

The following table reflects our outstanding debt:

	As of December 31,
	2020									2019
	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		$	535	$	—	$	535	$	195
SGI Term Loan B-5	2024	variable		4,060		(48)		4,012		4,042
SciPlay Revolver	2024	variable		—		—		—		—
SGI Senior Notes:
2025 Secured Notes(1)	2025	5.000	%	1,250		(13)		1,237		1,235
2026 Secured Euro Notes(2)	2026	3.375	%	399		(4)		395		359
2025 Unsecured Notes	2025	8.625	%	550		(8)		542		—
2026 Unsecured Euro Notes(2)	2026	5.500	%	306		(3)		303		276
2026 Unsecured Notes	2026	8.250	%	1,100		(12)		1,088		1,085
2028 Unsecured Notes	2028	7.000	%	700		(9)		691		690
2029 Unsecured Notes	2029	7.250	%	500		(7)		493		493
SGI Subordinated Notes:
2021 Notes	2020	6.250	%	—		—		—		339
Finance lease obligations as of December 31, 2020 payable monthly through 2023 and other(3)	2023	4.217	%	7		—		7		11
Total long-term debt outstanding				$	9,407	$	(104)	$	9,303	$	8,725
Less: current portion of long-term debt								(44)		(45)
Long-term debt, excluding current portion								$	9,259	$	8,680
Fair value of debt(4)				$	9,574
(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 $7 million, of which a loss of $51 million and 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, 2020, 2019, and 2018, respectively.
(3) Includes $7 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, 2020:

Due	Total Principal Due		Series of Debt/Finance lease	Principal Due per Series of Debt/Lease
2021	$	44	Term Loan B-5	$	42
			Finance lease obligation and other	2
2022	45		Term Loan B-5	42
			Finance lease obligation and other	3
2023	44		Term Loan B-5	42
			Finance lease obligation and other	2
2024	4,469		Term Loan B-5	3,934
			Drawn Revolving Credit Facility	535
2025	1,800		2025 Secured Notes	1,250
			2025 Unsecured Notes	550
2026 and beyond	3,005		2026 Secured Euro Notes	399
			2026 Unsecured Euro Notes	306
			2026 Unsecured Notes	1,100
			2028 Unsecured Notes	700
			2029 Unsecured Notes	500
Unamortized deferred financing costs and discount/premium	(104)
Total debt book value as of December 31, 2020	$	9,303

Schedule of components of extinguishment and modification of debt

	Years Ended December 31,
	2020		2019		2018
Repurchase and cancellation of principal balance at premium	$	—	$	80	$	110
Unamortized debt (premium) discount and deferred financing costs, net	—		20		(30)
Third party debt issuance fees	1		—		13
Total loss on debt financing transactions	$	1	$	100	$	93