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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 336 $ 180 $ 3,697
Less: Income from discontinued operations, net of tax [1] 0 0 (3,873)
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating activities from continuing operations:      
Depreciation, amortization and impairments 361 384 420
Contingent acquisition considerations fair value adjustments (6) 16 21
Change in deferred income taxes (108) (84) (29)
Stock-based compensation [2] 110 118 69
Non-cash interest expense 9 10 14
Provision for bad debts and inventory charges 14 12 0
Loss on debt financing transactions 2 15 147
Gain on remeasurement of debt and other 0 0 (27)
Foreign currency transaction net losses, (gain) on sale of assets and other, net (10) 21 (1)
Changes in assets and liabilities, net of effects of acquisitions:      
Receivables (148) (68) (35)
Inventories 2 (29) (65)
Other assets and liabilities (14) (10) (40)
Income taxes payable, net 25 (40) (649)
Accounts payable and accrued liabilities 59 65 (74)
Net cash provided by (used in) operating activities from continuing operations 632 590 (425)
Net cash provided by operating activities from discontinued operations 0 0 44
Net cash provided by (used in) operating activities 632 590 (381)
Cash flows from investing activities:      
Capital expenditures 294 242 216
Acquisitions of businesses and assets, net of cash acquired (5) (4) (136)
Proceeds from settlement of cross-currency interest rate swaps 0 0 50
Proceeds from sale of investments and other, net 41 (2) 50
Net cash used in investing activities from continuing operations (258) (248) (252)
Net cash (used in) provided by investing activities from discontinued operations(1) [3] 0 (3) 6,368
Net cash (used in) provided by investing activities (258) (251) 6,116
Cash flows from financing activities:      
Borrowings under revolving credit facilities 0 205 280
Repayments under revolving credit facilities 0 (205) (280)
Proceeds from issuance of senior notes and term loans 0 550 2,200
Repayments of notes and term loans (including redemption premium) 0 (562) (6,984)
Payments on long-term debt (11) (22) (109)
Payments of debt issuance and deferred financing costs (4) (8) (37)
Payments on license obligations (34) (31) (35)
Payments of contingent acquisition considerations (16) (14) (14)
Purchase of L&W common stock (462) (170) (405)
Purchase of SciPlay’s Class A common stock 0 (23) (37)
Acquisition of SciPlay noncontrolling interest 0 496 0
Net redemptions of common stock under stock-based compensation plans and other (50) (12) (39)
Net cash used in financing activities from continuing operations (577) (788) (5,460)
Net cash used in financing activities from discontinued operations 0 0 (3)
Net cash used in financing activities (577) (788) (5,463)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (6) 3 (6)
(Decrease) increase in cash, cash equivalents and restricted cash (209) (446) 266
Cash, cash equivalents and restricted cash, beginning of period 521 967 701
Cash, cash equivalents and restricted cash, end of period 312 521 967
Less: Cash, cash equivalents and restricted cash of discontinued operations 0 0 0
Cash, cash equivalents and restricted cash of continuing operations, end of period 312 521 967
Supplemental cash flow information:      
Cash paid for interest 286 306 351
Income taxes paid 164 147 692
Distributed earnings from equity investments 2 4 6
Cash paid for contingent acquisition considerations included in operating activities $ 22 $ 17 $ 7
[1]
(2) The year ended December 31, 2022 includes a pre-tax gain of $4,927 million on the sale of discontinued operations (see Note 1).
[2]
(2) The years ended December 31, 2024, 2023 and 2022 include $43 million, $63 million and $24 million, respectively, classified as liability awards.
[3]
(1) The year ended December 31, 2022 includes $6,409 million in gross cash proceeds from the sale of discontinued operations, net of cash, cash equivalents and restricted cash transferred.