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Long-Term and Other Debt (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt
The following table reflects our outstanding debt (in order of priority and maturity):
As of
March 31, 2022December 31, 2021
Final MaturityRate(s)Face valueUnamortized debt discount/premium and deferred financing costs, netBook valueBook value
Senior Secured Credit Facilities:
SGI Revolver2024variable$160 $— $160 $— 
SGI Term Loan B-52024variable4,008 (32)3,976 3,982 
SciPlay Revolver2024variable— — — — 
SGI Senior Notes:
2025 Secured Notes(1)
20255.000%1,250 (10)1,240 1,240 
2026 Secured Euro Notes(2)
20263.375%361 (3)358 364 
2025 Unsecured Notes20258.625%550 (6)544 544 
2026 Unsecured Euro Notes(2)
20265.500%278 (2)276 280 
2026 Unsecured Notes20268.250%1,100 (10)1,090 1,090 
2028 Unsecured Notes20287.000%700 (8)692 692 
2029 Unsecured Notes20297.250%500 (6)494 494 
Other(3)
20234.089%3 — 3 4 
Total long-term debt outstanding$8,910 $(77)$8,833 $8,690 
Less: current portion of long-term debt(44)(44)
Long-term debt, excluding current portion$8,789 $8,646 
Fair value of debt(4)
$9,058 
(1) 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 $73 million, of which a gain of $7 million was recognized on remeasurement of debt in the Consolidated Statements of Operations for the three months ended March 31, 2022.
(3) Primarily comprised of 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 Retired and Redeemed Debt and Interest Payments
With the issuance of the new term loan facility and using the proceeds from the divestitures of the Lottery Business (see Note 1), we retired and redeemed the following outstanding debt and paid accrued and unpaid interest thereon plus related premiums, fees and expenses:
Debt instrumentInterest rateMaturityFace value as of March 31, 2022Paid interestPremium, other fees and expenses
SGI Term Loan B-5variable2024$4,008 $5 $33 
Senior Secured Notes5.000%20251,250 31 31 
Senior Secured Euro Notes3.375%2026361 2 6 
Senior Unsecured Euro Notes5.500%2026278 3 8 
Senior Unsecured Notes8.250%20261,100 7 45 
Total$6,997 $48 $123