Long-Term and Other Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The following table reflects our outstanding debt:

	As of
	March 31, 2021								December 31, 2020
	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	$	435	$	—	$	435	$	535
SGI Term Loan B-5	2024	variable	4,050		(46)		4,004		4,012
SciPlay Revolver	2024	variable	—		—		—		—
SGI Senior Notes:
2025 Secured Notes(1)	2025	5.000%	1,250		(12)		1,238		1,237
2026 Secured Euro Notes(2)	2026	3.375%	381		(4)		377		395
2025 Unsecured Notes	2025	8.625%	550		(7)		543		542
2026 Unsecured Euro Notes(2)	2026	5.500%	293		(3)		290		303
2026 Unsecured Notes	2026	8.250%	1,100		(12)		1,088		1,088
2028 Unsecured Notes	2028	7.000%	700		(9)		691		691
2029 Unsecured Notes	2029	7.250%	500		(6)		494		493
Finance lease obligations as of March 31, 2021 payable monthly through 2023 and other(3)	2023	4.217%	6		—		6		7
Total long-term debt outstanding			$	9,265	$	(99)	$	9,166	$	9,303
Less: current portion of long-term debt							(44)		(44)
Long-term debt, excluding current portion							$	9,122	$	9,259
Fair value of debt(4)			$	9,454
(1) In connection with the February 2018 Refinancing (see Note 15 in our 2020 10-K), 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 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 $38 million, of which a $25 million gain was recognized on remeasurement of debt in the Consolidated Statements of Operations for the three months ended March 31, 2021.
(3) Includes $6 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.