0000750004-23-000049 | 10-Q | XBRL Viewer

Operating Segments | Gaming

$ 731

$ 648

$ 2,131

$ 1,830

Operating Segments | Gaming | Gaming operations

465

419

1,354

1,163

Operating Segments | Gaming | Gaming machine sales

166

161

493

479

Operating Segments | Gaming | Gaming systems

172

140

503

366

Operating Segments | Gaming | Table products

197

181

Operating Segments | SciPlay

161

137

Operating Segments | SciPlay | Mobile in-app purchases

196

171

573

489

Operating Segments | SciPlay | Web in-app purchases and other

173

149

509

426

Operating Segments | iGaming

^[1]

$ 70

$ 58

$ 204

$ 178

[1]	(1) Other primarily represents advertising revenue, which was not material in the periods presented.

Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories consisted of the following:


	As of
	September 30, 2023		December 31, 2022
Parts and work-in-process	$	120	$	124
Finished goods	63		37
Total inventories	$	183	$	161

Business Segments

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Business Segments

We report our operations in three business segments—Gaming, SciPlay and iGaming—representing our different products and services. A detailed discussion regarding the products and services from which each reportable business segment derives its revenue is included in Notes 3 and 4 in our 2022 10-K.

In evaluating financial performance, our Chief Operating Decision Maker focuses on AEBITDA as management’s primary segment measure of profit or loss, which is described in footnote (2) to the below table. The accounting policies of our

business segments are the same as those described within the Notes in our 2022 10-K. The following tables present our segment information:


	Three Months Ended September 30, 2023
	Gaming		SciPlay		iGaming		Unallocated and Reconciling Items(1)		Total
Total revenue	$	465	$	196	$	70	$	—	$	731
AEBITDA(2)	235		61		25		(35)		$	286
Reconciling items to net income from continuing operations before income taxes:
D&A	(64)		(6)		(12)		(8)		(90)

Restructuring and other	(1)		(2)		(4)		(10)		(17)


Interest expense							(78)		(78)
Loss on debt financing transactions							(15)		(15)

Other income, net							39		39
Stock-based compensation							(31)		(31)
Net income from continuing operations before income taxes									$	94



(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total business segments AEBITDA to our consolidated net income from continuing operations before income taxes.
(2) AEBITDA is reconciled to net income (loss) from continuing operations before income taxes with the following adjustments: (1) depreciation and amortization expense and impairment charges (including goodwill impairments); (2) restructuring and other, which includes charges or expenses attributable to: (i) employee severance; (ii) management restructuring and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi) acquisition- and disposition-related costs and other unusual items; (3) interest expense; (4) loss on debt financing transactions; (5) change in fair value of investments and remeasurement of debt and other; (6) other (expense) income, net, including foreign currency gains or losses and earnings from equity investments; and (7) stock-based compensation. AEBITDA is presented as our primary segment measure of profit or loss.


	Three Months Ended September 30, 2022
	Gaming		SciPlay		iGaming		Unallocated and Reconciling Items(1)		Total
Total revenue	$	419	$	171	$	58	$	—	$	648
AEBITDA(2)	202		43		20		(30)		$	235
Reconciling items to net income from continuing operations before income taxes:
D&A	(81)		(6)		(10)		(5)		(102)

Restructuring and other	(1)		(1)		—		(25)		(27)


Interest expense							(68)		(68)


Other income, net							1		1
Stock-based compensation							(15)		(15)
Net income from continuing operations before income taxes									$	24



(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total business segments AEBITDA to our consolidated net income from continuing operations before income taxes.
(2) AEBITDA is described in footnote (2) to the first table in this Note 4.


	Nine Months Ended September 30, 2023
	Gaming		SciPlay		iGaming		Unallocated and Reconciling Items(1)		Total
Total revenue	$	1,354	$	573	$	204	$	—	$	2,131
AEBITDA(2)	673		174		72		(104)		$	815
Reconciling items to net income from continuing operations before income taxes:
D&A	(221)		(23)		(36)		(18)		(298)

Restructuring and other	(10)		(5)		(14)		(37)		(66)


Interest expense							(231)		(231)
Loss on debt financing transactions							(15)		(15)

Other income, net							19		19
Stock-based compensation							(85)		(85)
Net income from continuing operations before income taxes									$	139



(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total business segments AEBITDA to our consolidated net income from continuing operations before income taxes.
(2) AEBITDA is described in footnote (2) to the first table in this Note 4.



	Nine Months Ended September 30, 2022
	Gaming		SciPlay		iGaming		Unallocated and Reconciling Items(1)		Total
Total revenue	$	1,163	$	489	$	178	$	—	$	1,830
AEBITDA(2)	552		128		61		(93)		$	648
Reconciling items to net loss from continuing operations before income taxes:
D&A	(246)		(16)		(37)		(18)		(317)

Restructuring and other	(5)		(4)		(15)		(82)		(106)


Interest expense							(254)		(254)
Loss on debt financing transactions							(147)		(147)
Gain on remeasurement of debt and other							27		27
Other income, net							7		7
Stock-based compensation							(47)		(47)
Net loss from continuing operations before income taxes									$	(189)



(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total business segments AEBITDA to our consolidated net loss from continuing operations before income taxes.
(2) AEBITDA is described in footnote (2) to the first table in this Note 4.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Receivables, Allowance for Credit Losses and Credit Quality of Receivables - Allowance for Accounts and Notes Receivable Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Allowance for Credit Loss [Roll Forward]
Beginning allowance for credit losses	$ (42)	$ (40)	$ (40)	$ (48)	$ (50)	$ (54)
Provision	0	(4)	(1)	4	(1)	(3)
Charge-offs and recoveries	1	2	1	1	3	7
Ending allowance for credit losses	(41)	(42)	(40)	$ (43)	$ (48)	$ (50)
U.S. and Canada
Allowance for Credit Loss [Roll Forward]
Beginning allowance for credit losses	(18)	(19)	(18)
Provision	0	0	(1)
Charge-offs and recoveries	0	1	0
Ending allowance for credit losses	(18)	(18)	(19)
International
Allowance for Credit Loss [Roll Forward]
Beginning allowance for credit losses	(24)	(21)	(22)
Provision	0	(4)	0
Charge-offs and recoveries	1	1	1
Ending allowance for credit losses	$ (23)	$ (24)	$ (21)

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

Goodwill and Intangible Assets Disclosure [Abstract]

Description of the Business and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business and Summary of Significant Accounting Policies	Description of the Business We are a leading cross-platform global games company with a focus on content and digital markets. Our portfolio of revenue-generating activities primarily includes supplying game content and gaming machines, CMSs and table game products and services to licensed gaming entities; providing social casino and other mobile games, including casual gaming, to retail customers; and providing a comprehensive suite of digital gaming content, distribution platforms, player account management systems, as well as various other iGaming content and services. We report our results of operations in three business segments—Gaming, SciPlay and iGaming—representing our different products and services. Our common stock is listed on The Nasdaq Stock Market under the ticker symbol “LNW.” Our common stock is also listed as CDIs on the ASX and commenced active trading on May 22, 2023 (AEST) under the ticker symbol “LNW.” On October 23, 2023, we acquired the remaining approximately 17% equity interest in SciPlay not already owned by us pursuant to a merger (the “SciPlay Merger”) in an all-cash transaction of $496 million, excluding transaction fees and expenses. As a result of the SciPlay Merger, SciPlay ceased to be publicly traded and became a wholly owned subsidiary of L&W. Upon completion of the SciPlay Merger, the SciPlay Revolver was terminated. There were no borrowings outstanding under the SciPlay Revolver at the time of termination. We completed the sales of our former Lottery Business and Sports Betting Business during the second and third quarters of 2022, respectively. We have reflected the prior period financial results of these Divested Businesses as discontinued operations in our consolidated statements of operations. Refer to Note 2 for further information. Unless otherwise noted, amounts and disclosures included herein relate to our continuing operations. Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of L&W, its wholly owned subsidiaries, and those subsidiaries in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of L&W and its management, we have made all adjustments necessary to present fairly our consolidated financial position, results of operations, comprehensive income and cash flows for the periods presented. Such adjustments are of a normal, recurring nature. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2022 10-K. Interim results of operations are not necessarily indicative of results of operations to be expected for a full year. Significant Accounting Policies There have been no changes to our significant accounting policies described within the Notes of our 2022 10-K. Other Income, net Other income, net includes gains and losses from foreign currency transactions, interest income, earnings (losses) from equity investments and other items. Other income, net for the three and nine months ended September 30, 2023 primarily consisted of a gain of $30 million and a loss of $9 million, respectively, related to foreign currency transactions as well as $10 million and $28 million, respectively, in interest income. Foreign currency transaction gains and losses as well as interest income were not material for the three and nine months ended September 30, 2022. Computation of Basic and Diluted Net Income Attributable to L&W Per Share Basic and diluted net income attributable to L&W per share are based upon net income attributable to L&W divided by the weighted average number of common shares outstanding during the period. Diluted net income attributable to L&W per share reflects the effect of the assumed exercise of stock options and RSUs only in the periods in which such effect would have been dilutive to net income from continuing operations. For the three and nine months ended September 30, 2023, we included 1 million and 2 million, respectively, of common stock equivalents in the calculation of diluted net income attributable to L&W per share, and for the three months ended September 30, 2022, we included 2 million of common stock equivalents in the calculation of diluted net income attributable to L&W per share. Basic and diluted net income attributable to L&W per share were the same for the nine months ended September 30, 2022, as all common stock equivalents would have been anti-dilutive for that period. We excluded 2 million of stock options and 2 million of RSUs outstanding from the calculation of diluted weighted-average common shares outstanding for the nine months ended September 30, 2022. New Accounting Guidance There have been no recent accounting pronouncements or changes in accounting pronouncements since those described within the Notes of our 2022 10-K that are expected to have a material impact on our consolidated financial statements.

Intangible Assets, net and Goodwill (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Finite and Indefinite-lived Intangible Assets

The following tables present certain information regarding our intangible assets as of September 30, 2023 and December 31, 2022:


	As of
	September 30, 2023				December 31, 2022
	Gross Carrying Value		Accumulated Amortization		Net Balance		Gross Carrying Value		Accumulated Amortization		Net Balance
Amortizable intangible assets:
Customer relationships	$	899	$	(549)	$	350	$	902	$	(503)	$	399
Intellectual property	934		(747)		187		948		(714)		234
Licenses	374		(295)		79		371		(273)		98
Brand names	127		(116)		11		129		(108)		21
Trade names	162		(155)		7		162		(122)		40
Patents and other	11		(7)		4		12		(7)		5
Total intangible assets	$	2,507	$	(1,869)	$	638	$	2,524	$	(1,727)	$	797

Schedule of Amortization Expense

The following reflects intangible amortization expense included within Depreciation, amortization and impairments.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Amortization expense(1)	$	41	$	60	$	160	$	180

(1) The nine months ended September 30, 2023 include an intangible assets non-cash impairment charge of $4 million related to SciPlay restructuring of a certain foreign studio.

The following reflects amortization of software included within D&A:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Amortization expense	$	19	$	15	$	51	$	55

Reconciliation of the Carrying Amount of Goodwill, by Business Segment

The table below reconciles the change in the carrying value of goodwill by business segment for the period from December 31, 2022 to September 30, 2023.


	Gaming(1)		SciPlay		iGaming		Totals
Balance as of December 31, 2022	$	2,373	$	213	$	333	$	2,919



Foreign currency adjustments	(3)		(5)		(8)		(16)
Balance as of September 30, 2023	$	2,370	$	208	$	325	$	2,903

(1) Accumulated goodwill impairment charges for the Gaming segment as of September 30, 2023 were $989 million.

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 40	$ 38
Accounts receivable, allowance for credit loss, noncurrent	$ 1	$ 2
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	199,000,000	199,000,000
Common stock, shares issued (in shares)	116,000,000	115,000,000
Common stock, shares outstanding (in shares)	90,000,000	91,000,000
Treasury stock, at cost, shares held (in shares)	26,000,000	24,000,000

Long-term Debt - Narrative (Details) - USD ($) $ in Millions	Aug. 23, 2023	Sep. 30, 2023
Debt Instrument
Face value		$ 3,923
2031 Unsecured Notes \| Senior Notes
Debt Instrument
Face value	$ 550	$ 550
Net proceeds from issuance	$ 544
Rate(s)	7.50%	7.50%
Redemption price, percent of principal	100.00%
2025 Unsecured Notes \| Senior Notes
Debt Instrument
Face value		$ 0
Rate(s)		8.625%
Outstanding debt redeemed	$ 550

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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-Topic 470
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Receivables, Allowance for Credit Losses and Credit Quality of Receivables - Accounts and Notes Receivable, Net by Geography and Delinquency (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Recorded Investment, Past Due [Line Items]
Notes receivable	$ 529			$ 509
Notes receivable allowance	(41)	$ (42)	$ (40)	(40)	$ (43)	$ (48)	$ (50)	$ (54)
Total receivables, net	488			469
U.S. and Canada
Financing Receivable, Recorded Investment, Past Due [Line Items]
Notes receivable	331			297
Notes receivable allowance	(18)	(18)	(19)	(18)
International
Financing Receivable, Recorded Investment, Past Due [Line Items]
Notes receivable	198			212
Notes receivable allowance	(23)	$ (24)	$ (21)	(22)
Balances over 90 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Notes receivable	44			39
Notes receivable allowance	(18)			(27)
Total receivables, net	$ 26			$ 12
Financing receivable, percent past due	5.00%			3.00%
Balances over 90 days past due \| U.S. and Canada
Financing Receivable, Recorded Investment, Past Due [Line Items]
Notes receivable	$ 3			$ 5
Notes receivable allowance	(5)			(5)
Balances over 90 days past due \| International
Financing Receivable, Recorded Investment, Past Due [Line Items]
Notes receivable	41			34
Notes receivable allowance	$ (13)			$ (22)

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479294/326-20-55-80

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-URI https://asc.fasb.org//1943274/2147479294/326-20-55-79

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-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479344/326-20-45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)
-Publisher SEC

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (2)
-Publisher SEC

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph (a)
-Publisher SEC

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-14

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-Name Accounting Standards Codification
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-Topic 310
-Publisher FASB
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147479319/326-20-50-5

Revenue from Contract with Customer [Abstract]

Revenue Recognition

9 Months Ended

Sep. 30, 2023

Revenue Recognition

The following table disaggregates revenues by type within each of our business segments:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Gaming
Gaming operations	$	166	$	161	$	493	$	479
Gaming machine sales	172		140		503		366
Gaming systems	71		70		197		181
Table products	56		48		161		137
Total	$	465	$	419	$	1,354	$	1,163





SciPlay
Mobile in-app purchases	$	173	$	149	$	509	$	426
Web in-app purchases and other(1)	23		22		64		63

Total	$	196	$	171	$	573	$	489

iGaming	$	70	$	58	$	204	$	178


(1) Other primarily represents advertising revenue, which was not material in the periods presented.

The amount of rental income revenue that is outside the scope of ASC 606 was $127 million and $367 million for the three and nine months ended September 30, 2023, respectively, and $116 million and $347 million for the three and nine months ended September 30, 2022, respectively.

Contract Liabilities and Other Disclosures

The following table summarizes the activity in our contract liabilities for the reporting period:


	Nine Months Ended September 30, 2023


Contract liability balance, beginning of period(1)	$	36
Liabilities recognized during the period	15
Amounts recognized in revenue from beginning balance	(20)
Contract liability balance, end of period(1)	$	31

(1) Contract liabilities are included within Accrued liabilities and Other long-term liabilities in our consolidated balance sheets.

The timing of revenue recognition, billings and cash collections results in billed receivables, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on our consolidated balance sheets. Other than contracts with customers with financing arrangements exceeding 12 months, revenue recognition is generally proximal to conversion to cash. The following table summarizes our balances in these accounts for the periods indicated (other than contract liabilities disclosed above):


	Receivables		Contract Assets(1)
Beginning of period balance	$	469	$	24
End of period balance, September 30, 2023	488		20



(1) Contract assets are included primarily within Prepaid expenses, deposits and other current assets in our consolidated balance sheets.

As of September 30, 2023, we did not have material unsatisfied performance obligations for contracts expected to be long-term or contracts for which we recognize revenue at an amount other than for which we have the right to invoice for goods or services delivered or performed.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

Restructuring and Related Activities [Abstract]

Restructuring and Other

9 Months Ended

Sep. 30, 2023

Restructuring and Other

Restructuring and other includes charges or expenses attributable to: (i) employee severance; (ii) management restructuring and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi)

acquisition- and disposition-related costs and other unusual items. The following table summarizes pre-tax restructuring and other costs for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Employee severance and related	$	2	$	5	$	15	$	7

Strategic review and related(1)	9		14		27		68
Contingent acquisition consideration(2)	1		—		10		12
Restructuring, integration and other	5		8		14		19
Total	$	17	$	27	$	66	$	106



(1) Includes costs associated with the SciPlay Merger, ASX listing, Divestitures (including ongoing separation activities), rebranding and related activities.
(2) Represents contingent consideration fair value adjustment (see Note 12).

Fair Value Measurements - Gains (Loss) and Interest Expense on Interest Rate Swap Contracts (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain recorded in accumulated other comprehensive loss, net of tax	$ 5	$ 24	$ 8	$ 29
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Interest income (expense) recorded related to interest rate swap contracts	$ 4	$ (2)	$ 11	$ (8)

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Discontinued Operations
Gain on sale of discontinued operations before income taxes	$ 362,000	$ 4,930,000

Income Taxes (Policies)	9 Months Ended
Income Taxes (Policies)	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	We consider new evidence (both positive and negative) at each reporting date that could affect our view of the future realization of deferred tax assets. We evaluate information such as historical financial results, historical taxable income, projected future taxable income, expected timing of the reversals of existing temporary differences and available prudent and feasible tax planning strategies in our analysis. Based on the available evidence, valuation allowances in certain U.S. and non-U.S. jurisdictions remain consistent as of September 30, 2023.

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

Revenue from Contract with Customer [Abstract]

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2023

Summary of Revenues by Type

The following table disaggregates revenues by type within each of our business segments:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Gaming
Gaming operations	$	166	$	161	$	493	$	479
Gaming machine sales	172		140		503		366
Gaming systems	71		70		197		181
Table products	56		48		161		137
Total	$	465	$	419	$	1,354	$	1,163





SciPlay
Mobile in-app purchases	$	173	$	149	$	509	$	426
Web in-app purchases and other(1)	23		22		64		63

Total	$	196	$	171	$	573	$	489

iGaming	$	70	$	58	$	204	$	178


(1) Other primarily represents advertising revenue, which was not material in the periods presented.

Summary of Balances in Receivables, Contract Assets and Contract Liabilities Accounts

The following table summarizes the activity in our contract liabilities for the reporting period:


	Nine Months Ended September 30, 2023


Contract liability balance, beginning of period(1)	$	36
Liabilities recognized during the period	15
Amounts recognized in revenue from beginning balance	(20)
Contract liability balance, end of period(1)	$	31

(1) Contract liabilities are included within Accrued liabilities and Other long-term liabilities in our consolidated balance sheets.

The following table summarizes our balances in these accounts for the periods indicated (other than contract liabilities disclosed above):


	Receivables		Contract Assets(1)
Beginning of period balance	$	469	$	24
End of period balance, September 30, 2023	488		20



(1) Contract assets are included primarily within Prepaid expenses, deposits and other current assets in our consolidated balance sheets.

Fair Value Measurements - Effect of Interest Rate Swap Contracts (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Total interest expense which reflects the effects of cash flow hedges	$ (78)	$ (68)	$ (231)	$ (254)
Hedged item	(5)	(5)	(15)	(12)
Derivative designated as hedging instrument	$ 9	$ 3	$ 26	$ 4

Amount of the cost of borrowed funds accounted for as interest expense.

Cash flows from operating activities:

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Less: Income from discontinued operations, net of tax

$ 112

$ 3,658

(3,855)

Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating activities from continuing operations

436

488

Changes in working capital accounts, excluding the effects of acquisitions

(81)

(641)

Changes in deferred income taxes and other

(44)

Net cash provided by (used in) operating activities from continuing operations

423

(346)

Net cash provided by operating activities from discontinued operations

Net cash provided by (used in) operating activities

423

(294)

Cash flows from investing activities:

Capital expenditures

(182)

(158)

Acquisitions of businesses, net of cash acquired

(4)

(118)

Proceeds from settlement of cross-currency interest rate swaps and other

(1)

Net cash used in investing activities from continuing operations

(187)

(224)

Net cash (used in) provided by investing activities from discontinued operations(1)

(3)

6,368

^[1]

Net cash (used in) provided by investing activities

(190)

6,144

Cash flows from financing activities:

Borrowings under revolving credit facilities

280

Repayments under revolving credit facilities

(280)

Proceeds from issuance of senior notes and term loans

550

2,200

Repayment of notes and term loans (including redemption premium)

(562)

(6,984)

Payments on long-term debt

(17)

(103)

Payments of debt issuance and deferred financing costs

(8)

(37)

Payments on license obligations

(26)

(30)

Purchase of L&W common stock

(145)

(203)

Net redemptions of common stock under stock-based compensation plans and other

(20)

(35)

Net cash used in financing activities from continuing operations

(251)

(5,210)

Net cash used in financing activities from discontinued operations

(3)

Net cash used in financing activities

(251)

(5,213)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(2)

(12)

(Decrease) increase in cash, cash equivalents and restricted cash

(20)

625

Cash, cash equivalents and restricted cash, beginning of period

967

701

Cash, cash equivalents and restricted cash, end of period

947

1,326

Less: Cash, cash equivalents and restricted cash of discontinued operations

Cash, cash equivalents and restricted cash of continuing operations, end of period

947

1,326

Supplemental cash flow information:

Cash paid for interest

221

271

Income taxes paid

119

497

Distributed earnings from equity investments

Cash paid for contingent consideration included in operating activities

Supplemental non-cash transactions:

Non-cash interest expense

Fair value of securities received in sale of discontinued operations

$ 0

$ 46

[1]	(1) The nine months ended September 30, 2022 include $6,409 million in gross cash proceeds from the sale of discontinued operations, net of cash, cash equivalents and restricted cash transferred.

Litigation (Details) $ in Millions, $ in Billions	1 Months Ended
Litigation (Details) $ in Millions, $ in Billions	Jun. 30, 1999 USD ($)	Jun. 30, 1999 COP ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 1993 USD ($)
Other Commitments [Line Items]
Loss contingency accrual			$ 11	$ 11
Contractual penalty			$ 13
Guarantee of Business Revenue
Other Commitments [Line Items]
Contractual penalty					$ 5
Loss contingency deposit of surety bond					$ 4
Ecosalud
Other Commitments [Line Items]
Litigation settlement, amount awarded to other party	$ 30	$ 90

Property and Equipment, net

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of the following:


	As of
	September 30, 2023		December 31, 2022
Land	$	6	$	6
Buildings and leasehold improvements	59		56
Gaming machinery and equipment	725		685
Furniture and fixtures	25		25
Construction in progress	10		9
Other property and equipment	99		88
Less: accumulated depreciation	(695)		(665)
Total property and equipment, net	$	229	$	204

Depreciation expense is excluded from cost of services, cost of products and other operating expenses and is separately presented within Depreciation, amortization and impairments.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Depreciation expense	$	30	$	27	$	87	$	82

Litigation (Policies)	9 Months Ended
Litigation (Policies)	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	We record an accrual for legal contingencies when it is both probable that a liability has been incurred and the amount or range of the loss can be reasonably estimated (although, as discussed below, there may be an exposure to loss in excess of the accrued liability). We evaluate our accruals for legal contingencies at least quarterly and, as appropriate, establish new accruals or adjust existing accruals to reflect (1) the facts and circumstances known to us at the time, including information regarding negotiations, settlements, rulings and other relevant events and developments, (2) the advice and analyses of counsel and (3) the assumptions and judgment of management. Legal costs associated with our legal proceedings are expensed as incurred. We had accrued liabilities of $11 million for all of our legal matters that were contingencies as of September 30, 2023 and December 31, 2022. Substantially all of our legal contingencies are subject to significant uncertainties and, therefore, determining the likelihood of a loss and/or the measurement of any loss involves a series of complex judgments about future events. Consequently, the ultimate outcomes of our legal contingencies could result in losses in excess of amounts we have accrued. We may be unable to estimate a range of possible losses for some matters pending against us or our subsidiaries, even when the amount of damages claimed against us or our subsidiaries is stated because, among other things: (1) the claimed amount may be exaggerated or unsupported; (2) the claim may be based on a novel legal theory or involve a large number of parties; (3) there may be uncertainty as to the likelihood of a class being certified or the ultimate size of the class; (4) there may be uncertainty as to the outcome of pending appeals or motions; (5) the matter may not have progressed sufficiently through discovery or there may be significant factual or legal issues to be resolved or developed; and/or (6) there may be uncertainty as to the enforceability of legal judgments and outcomes in certain jurisdictions. Other matters have progressed sufficiently that we are able to estimate a range of possible loss. For those legal contingencies disclosed herein as well as those related to the previously disclosed settlement agreement entered into in February 2015 with SNAI S.p.a., as to which a loss is reasonably possible, whether in excess of a related accrued liability or where there is no accrued liability, and for which we are able to estimate a range of possible loss, the current estimated range is up to approximately $13 million in excess of the accrued liabilities (if any) related to those legal contingencies. This aggregate range represents management’s estimate of additional possible loss in excess of the accrued liabilities (if any) with respect to these matters based on currently available information, including any damages claimed by the plaintiffs, and is subject to significant judgment and a variety of assumptions and inherent uncertainties. For example, at the time of making an estimate, management may have only preliminary, incomplete, or inaccurate information about the facts underlying a claim; its assumptions about the future rulings of the court or other tribunal on significant issues, or the behavior and incentives of adverse parties, regulators, indemnitors or co‑defendants, may prove to be wrong; and the outcomes it is attempting to predict are often not amenable to the use of statistical or other quantitative analytical tools. In addition, from time to time an outcome may occur that management had not accounted for in its estimate because it had considered that outcome to be remote. Furthermore, as noted above, the aggregate range does not include any matters for which we are not able to estimate a range of possible loss. Accordingly, the estimated aggregate range of possible loss does not represent our maximum loss exposure. Any such losses could have a material adverse impact on our results of operations, cash flows or financial condition. The legal proceedings underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. Colombia Litigation Our subsidiary, LNWI, owned a minority interest in Wintech de Colombia S.A., or Wintech (now liquidated), which formerly operated the Colombian national lottery under a contract with Empresa Colombiana de Recursos para la Salud, S.A. (together with its successors, “Ecosalud”), an agency of the Colombian government. The contract provided for a penalty against Wintech, LNWI and the other shareholders of Wintech of up to $5.0 million if certain levels of lottery sales were not achieved. In addition, LNWI delivered to Ecosalud a $4.0 million surety bond as a further guarantee of performance under the contract. Wintech started the instant lottery in Colombia but, due to difficulties beyond its control, including, among other factors, social and political unrest in Colombia, frequently interrupted telephone service and power outages, and competition from another lottery being operated in a province of Colombia that we believe was in violation of Wintech’s exclusive license from Ecosalud, the projected sales level was not met for the year ended June 30, 1993. In 1993, Ecosalud issued a resolution declaring that the contract was in default. In 1994, Ecosalud issued a liquidation resolution asserting claims for compensation and damages against Wintech, LNWI and other shareholders of Wintech for, among other things, realization of the full amount of the penalty, plus interest, and the amount of the bond. LNWI filed separate actions opposing each resolution with the Tribunal Contencioso of Cundinamarca in Colombia (the “Tribunal”), which upheld both resolutions. LNWI appealed each decision to the Council of State. In May 2012, the Council of State upheld the contract default resolution, which decision was notified to us in August 2012. In October 2013, the Council of State upheld the liquidation resolution, which decision was notified to us in December 2013. In July 1996, Ecosalud filed a lawsuit against LNWI in the U.S. District Court for the Northern District of Georgia asserting many of the same claims asserted in the Colombia proceedings, including breach of contract, and seeking damages. In March 1997, the District Court dismissed Ecosalud’s claims. Ecosalud appealed the decision to the U.S. Court of Appeals for the Eleventh Circuit. The Court of Appeals affirmed the District Court’s decision in 1998. In June 1999, Ecosalud filed a collection proceeding against LNWI to enforce the liquidation resolution and recover the claimed damages. In May 2013, the Tribunal denied LNWI’s merit defenses to the collection proceeding and issued an order of payment of approximately 90 billion Colombian pesos, or approximately $30 million, plus default interest (potentially accrued since 1994 at a 12% statutory interest rate). LNWI filed an appeal to the Council of State, and on December 10, 2020, the Council of State issued a ruling affirming the Tribunal’s decision. On December 16, 2020, LNWI filed a motion for clarification of the Council of State’s ruling, which was denied on April 15, 2021. On April 22, 2021, LNWI filed a motion for reconsideration relating to that decision, which the Council of State denied on February 21, 2022. On May 24, 2022, the case was transferred from the Council of State to the Tribunal for further proceedings. On August 18, 2022, LNWI filed a constitutional challenge to the Council of State’s December 10, 2020 decision with that court, which was denied on October 7, 2022. On December 7, 2022, LNWI filed an appeal with the Council of State from the denial of the constitutional challenge, which was denied on May 24, 2023. On June 28, 2023, the Columbian Constitutional Court received the record of the constitutional appeal for further consideration, and on September 26, 2023, that court selected LNWI’s constitutional appeal for further consideration. LNWI believes it has various defenses, including on the merits, against Ecosalud’s claims. Although we believe these claims will not result in a material adverse effect on our consolidated results of operations, cash flows or financial position, it is not feasible to predict the final outcome, and we cannot assure that these claims will not ultimately be resolved adversely to us or result in material liability. TCS John Huxley Matter On March 15, 2019, TCS John Huxley America, Inc., TCS John Huxley Europe Ltd., TCS John Huxley Asia Ltd., and Taiwan Fulgent Enterprise Co., Ltd. brought a civil action in the United States District Court for the Northern District of Illinois against L&W, Bally Technologies, Inc. and LNW Gaming, Inc., f/k/a Bally Gaming, Inc. In the complaint, the plaintiffs assert federal antitrust claims arising from the defendants’ procurement of particular U.S. and South African patents. The plaintiffs allege that the defendants used those patents to create an allegedly illegal monopoly in the market for automatic card shufflers sold to regulated casinos in the United States. On April 10, 2019, the defendants filed a motion to dismiss the plaintiffs’ complaint with prejudice. On April 25, 2019, the district court denied the defendants’ motion to dismiss without prejudice pursuant to the court’s local rules, after the plaintiffs advised that they intended to file an amended complaint. The plaintiffs filed their amended complaint on May 3, 2019, and on May 22, 2019, the defendants filed a motion to dismiss the plaintiffs’ amended complaint with prejudice. On March 20, 2020, the district court denied the defendants’ motion to dismiss the plaintiffs’ amended complaint, and defendants filed an answer to the plaintiffs’ amended complaint on June 19, 2020. On June 3, 2020, the trial court granted the defendants’ request to bifurcate proceedings in the case, with discovery to occur first into the statute of limitations and release defenses asserted by the defendants in their motion to dismiss, before proceeding into broader discovery. The trial court set a September 18, 2020, deadline for the parties to complete discovery relating to the statute of limitations and release defenses. On October 28, 2020, the court issued an order extending until January 15, 2021 the deadline for the parties to complete discovery relating to the statute of limitations defense. On February 9, 2021, the defendants filed a motion for summary judgment on their statute of limitations defense, addressing whether plaintiffs had actual knowledge of their claims prior to the start of the limitations period. The district court denied that motion for summary judgment on September 20, 2021. On January 13, 2023, the district court entered an order requiring, among other things, that the plaintiffs make a formal written settlement demand by January 20, 2023, that the defendants respond to that demand in writing by January 27, 2023, and that the parties file a status report by January 31, 2023 confirming that they have complied with the district court’s order. On January 31, 2023, the parties filed a joint status report confirming that they have complied with the district court’s order to make and respond to a formal written demand. Discovery closed on June 1, 2023. On June 30, 2023, the defendants filed a motion for summary judgment, which is pending. We are unable at this time to estimate a range of reasonably possible losses above the amount we have accrued for this matter due to the complexity of the plaintiffs’ claims, and the unpredictability of the outcome of the proceedings in the district court, and on any appeal therefrom. Tonkawa Tribe Matter On September 3, 2020, the Tonkawa Tribe of Indians of Oklahoma d/b/a Tonkawa Enterprises filed a putative class action complaint in the United States District Court for the District of Nevada against L&W, Bally Technologies, Inc. and LNW Gaming, Inc., f/k/a Bally Gaming, Inc. On October 5, 2020, the plaintiff filed a first amended complaint to add Cow Creek Band of Umpqua Tribe of Indians and the Umpqua Indian Development Corp., d/b/a Seven Feathers Casino as a plaintiff. On October 26, 2020, the plaintiffs filed a second amended complaint. In the complaint, the plaintiffs assert federal antitrust claims arising from the defendants’ procurement of particular U.S. patents. The plaintiffs allege that the defendants used those patents to create an allegedly illegal monopoly in the market for card shufflers sold or leased to regulated casinos in the United States. The plaintiffs seek to represent a putative class of all regulated United States casinos directly leasing or purchasing card shufflers from the defendants on or after April 1, 2009. The complaint seeks unspecified money damages, the award of plaintiff’s costs of suit, including reasonable attorneys’ fees and expert fees, and the award of pre-judgment and post-judgment interest. On November 19, 2020, the defendants filed a motion to dismiss plaintiffs’ second amended complaint or, in the alternative, to compel arbitration of plaintiffs’ claims. On November 20, 2020, Plaintiffs filed a motion for partial summary judgment, seeking a finding that defendants are collaterally estopped from re-litigating issues litigated in the 2018 litigation versus Shuffle Tech International Corp., Aces Up Gaming, and Poydras-Talrick Holdings. On August 27, 2021, the Nevada district court entered an order transferring the lawsuit to the United States District Court for the Northern District of Illinois. On May 19, 2022, the Illinois district court granted defendants’ motion to compel arbitration of plaintiffs’ individual claims; stayed all proceedings in the lawsuit pending resolution of the arbitral process; and accordingly dismissed all pending motions without prejudice as moot. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the lawsuit are without merit, and intend to vigorously defend against them. Giuliano and Rancho’s Club Casino Matter On September 4, 2020, Alfred T. Giuliano, as liquidation trustee for RIH Acquisition NJ, LLC d/b/a The Atlantic Club Casino Hotel filed a putative class action complaint in the United States District Court for the Northern District of Illinois against L&W, Bally Technologies, Inc. and LNW Gaming, Inc., f/k/a Bally Gaming, Inc. In the complaint, the plaintiffs assert federal antitrust claims arising from the defendants’ procurement of particular U.S. patents. The plaintiffs allege that the defendants used those patents to create an allegedly illegal monopoly in the market for automatic card shufflers sold or leased in the United States. The plaintiffs seek to represent a putative class of all persons and entities that directly purchased or leased automatic card shufflers within the United States from the Defendants, or any predecessor, subsidiary, or affiliate thereof, at any time between April 1, 2009, and the present. The complaint seeks unspecified money damages, which the complaint asks the court to treble, the award of plaintiff’s costs of suit, including attorneys’ fees, and the award of pre-judgment and post-judgment interest. On September 8, 2020, Rancho’s Club Casino, Inc., d/b/a Magnolia House Casino filed a putative class action complaint in the United States District Court for the Northern District of Illinois against L&W, Bally Technologies, Inc. and LNW Gaming, Inc., f/k/a Bally Gaming, Inc. In the complaint, the plaintiff asserts federal antitrust claims arising from the defendants’ procurement of particular U.S. patents. The plaintiff alleges that the defendants used those patents to create an allegedly illegal monopoly in the market for automatic card shufflers sold or leased in the United States. The plaintiff seeks to represent a putative class of all persons and entities that directly purchased or leased automatic card shufflers within the United States from the defendants, or any predecessor, subsidiary, or affiliate thereof, at any time between April 1, 2009, and the present. The complaint seeks unspecified money damages, which the complaint asks the court to treble, the award of plaintiff’s costs of suit, including attorneys’ fees, and the award of pre-judgment and post-judgment interest. On October 29, 2020, the trial court consolidated the Giuliano and Rancho’s Club Casino matters. On October 30, 2020, the plaintiffs in the consolidated action filed a first amended consolidated complaint. On November 9, 2020, the defendants filed a motion to dismiss the plaintiffs’ first amended consolidated complaint, and also filed a motion to compel arbitration of plaintiff Alfred T. Giuliano’s individual claims. On May 19, 2022, the Illinois district court granted defendants’ motion to compel arbitration; stayed all proceedings in the lawsuit pending resolution of the arbitral process; and accordingly dismissed all pending motions without prejudice. On May 31, 2022, defendants filed a motion to lift the stay of the lawsuit for the limited purpose of amending the court’s May 19, 2022 order to confirm that plaintiff Alfred T. Giuliano must proceed to arbitration on an individual basis rather than a class-wide basis. On June 10, 2022, plaintiff Alfred T. Giuliano filed a notice of voluntary dismissal without prejudice, and the court therefore denied as moot defendants’ motion to lift the stay in an order entered on March 28, 2023. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the consolidated lawsuit are without merit, and intend to vigorously defend against them. In re Automatic Card Shufflers Litigation Matter On April 2, 2021, Casino Queen, Inc. and Casino Queen Marquette, Inc. filed a putative class action complaint in the United States District Court for the Northern District of Illinois against L&W, Bally Technologies, Inc. and LNW Gaming, Inc., f/k/a Bally Gaming, Inc. In the complaint, the plaintiffs assert federal antitrust claims arising from the defendants’ procurement of particular U.S. patents. The plaintiffs allege that the defendants used those patents to create an allegedly illegal monopoly in the market for automatic card shufflers sold or leased in the United States. The plaintiffs seek to represent a putative class of all persons and entities that directly purchased or leased automatic card shufflers within the United States from the defendants, or any predecessor, subsidiary, or affiliate thereof, at any time between April 1, 2009, and the present. The complaint seeks unspecified money damages, which the complaint asks the court to treble, the award of plaintiffs’ costs of suit, including attorneys’ fees, and the award of pre-judgment and post-judgment interest. On June 11, 2021, the defendants filed a motion to dismiss plaintiffs’ complaint, which the court denied on May 19, 2022. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the lawsuit are without merit, and intend to vigorously defend against them. Mohawk Gaming Enterprises Matter On November 9, 2020, Mohawk Gaming Enterprises LLC, d/b/a Akwesasne Mohawk Casino Resort, filed a demand for a putative class arbitration before the American Arbitration Association against L&W, Bally Technologies, Inc. and LNW Gaming, Inc., f/k/a Bally Gaming, Inc. (“Respondents”). In the complaint, the claimant asserts federal antitrust claims arising from the respondents’ procurement of particular U.S. patents. The claimant alleges that the respondents used those patents to create an allegedly illegal monopoly in the market for automatic card shufflers sold or leased in the United States. The claimant seeks to represent a putative class of all persons and entities that directly purchased or leased automatic card shufflers within the United States from the respondents, or any predecessor, subsidiary, or affiliate thereof, at any time between April 1, 2009, and the present. The complaint seeks unspecified money damages, which the complaint asks the arbitration panel to treble, and the award of claimant’s costs of suit, including attorneys’ fees. Respondents filed their answering statement on December 9, 2020. On October 29, 2021, the claimant filed a memorandum in support of class arbitration, which Respondents opposed on December 3, 2021. On February 8, 2022, the Arbitrator issued a clause construction award, finding that the arbitration could proceed on behalf of a class or classes. On February 11, 2022, Respondents filed a petition to vacate the award in the New York Supreme Court. The Court denied Respondents’ petition on August 9, 2022, and on August 16, 2022, Respondents appealed to the New York Appellate Division, First Department, which denied Respondents’ appeal on June 22, 2023. On April 15, 2022, Respondents filed a motion to dismiss the claimant’s complaint, which the Arbitrator denied on July 26, 2022. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the arbitration demand are without merit, and intend to vigorously defend against them. Boorn Matter On September 15, 2022, plaintiff Hannelore Boorn filed a putative class action against L&W, SciPlay Corporation, and Appchi Media Ltd. in the Fayette Circuit Court of the Commonwealth of Kentucky. In her complaint, plaintiff seeks to represent a putative class of all persons in Kentucky who, within the past five years, purchased and allegedly lost $5.00 or more worth of chips, in a 24-hour period, playing SciPlay’s online social casino games. The complaint asserts claims for alleged violations of Kentucky’s “recovery of gambling losses” statute and for unjust enrichment, and seeks unspecified money damages, the award of reasonable attorneys’ fees and costs, pre- and post-judgment interest, and injunctive and/or other declaratory relief. On October 18, 2022, defendants removed the action to the United States District Court for the Eastern District of Kentucky. On October 26, 2022, the plaintiff filed a notice voluntarily dismissing the lawsuit without prejudice. On October 27, 2022, the district court entered an order dismissing the lawsuit. On November 17, 2022, the plaintiff filed an arbitration demand against defendants before the American Arbitration Association, pursuant to which she seeks declaratory judgments that (1) SciPlay’s online social casino games constitute gambling under Kentucky law, and (2) SciPlay’s terms of service are void under Kentucky law. On January 12, 2023, the respondents filed their answering statement to plaintiff’s arbitration demand. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the arbitration demand are without merit, and intend to vigorously defend against them. Allah Beautiful Matter On December 19, 2022, claimant Prince Imanifest Allah Beautiful filed an arbitration demand against respondent SciPlay Corporation before the American Arbitration Association. The complaint asserts claims for alleged violations of New Jersey’s anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by New Jersey players of SciPlay’s online social casino games other than the claimant. On March 7, 2023, the respondent filed its answering statement to claimant’s arbitration demand. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the arbitration demand are without merit, and intend to vigorously defend against them. Sprinkle Matter On December 12, 2022, claimant Matthew Sprinkle filed an arbitration demand against respondent SciPlay Corporation before the American Arbitration Association. The complaint asserts claims for alleged violations of Ohio’s anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by Ohio players of SciPlay’s online social casino games other than the claimant. On March 7, 2023, the respondent filed its answering statement to claimant’s arbitration demand. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the arbitration demand are without merit, and intend to vigorously defend against them. Sornberger Matter On March 8, 2023, plaintiff Andrea Sornberger filed a complaint against SciPlay Corporation and SciPlay Games, LLC in the Circuit Court of the Franklin County, Alabama. The complaint asserts claims for alleged violations of Alabama anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by Alabama players of SciPlay’s online social casino games other than the plaintiff, the award of interests and costs, and injunctive and other relief. On April 12, 2023, defendants removed the action to the United States District Court for the Northern District of Alabama. On August 24, 2023, plaintiff voluntarily dismissed her complaint without prejudice, and re-filed it in the Circuit Court of Franklin County, Alabama. On September 27, 2023, defendants removed the re-filed action to the United States District Court for the Northern District of Alabama. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the lawsuit are without merit, and intend to vigorously defend against them. Roberts Matter On July 25, 2023, claimant Donovan Roberts filed an arbitration demand against respondent SciPlay Corporation before the American Arbitration Association. The complaint asserts claims for alleged violations of Kentucky’s anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by Kentucky players of SciPlay’s online social casino games other than the claimant. On October 6, 2023, the respondent filed its answering statement to claimant’s arbitration demand. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the arbitration demand are without merit, and intend to vigorously defend against them. Ebersole Matter On July 25, 2023, claimant Christopher Ebersole filed an arbitration demand against respondent SciPlay Corporation before the American Arbitration Association. The complaint asserts claims for alleged violations of Ohio’s anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by Ohio players of SciPlay’s online social casino games other than the claimant. On October 12, 2023, the respondent filed its answering statement to claimant’s arbitration demand. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the arbitration demand are without merit, and intend to vigorously defend against them. Murnaghan Matter On July 25, 2023, claimant Hope Murnaghan filed an arbitration demand against respondent SciPlay Corporation before the American Arbitration Association. The complaint asserts claims for alleged violations of Massachusetts’ anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by Massachusetts players of SciPlay’s online social casino games other than the claimant. On October 12, 2023, the respondent filed its answering statement to claimant’s arbitration demand. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the arbitration demand are without merit, and intend to vigorously defend against them.

Fair Value Measurements - Fair Value of Hedges (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Interest rate swap \| Other assets
Derivatives, Fair Value [Line Items]
Derivative fair value	$ 40	$ 30

Business Segments (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Operating Information by Segment

The following tables present our segment information:


	Three Months Ended September 30, 2023
	Gaming		SciPlay		iGaming		Unallocated and Reconciling Items(1)		Total
Total revenue	$	465	$	196	$	70	$	—	$	731
AEBITDA(2)	235		61		25		(35)		$	286
Reconciling items to net income from continuing operations before income taxes:
D&A	(64)		(6)		(12)		(8)		(90)

Restructuring and other	(1)		(2)		(4)		(10)		(17)


Interest expense							(78)		(78)
Loss on debt financing transactions							(15)		(15)

Other income, net							39		39
Stock-based compensation							(31)		(31)
Net income from continuing operations before income taxes									$	94



(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total business segments AEBITDA to our consolidated net income from continuing operations before income taxes.
(2) AEBITDA is reconciled to net income (loss) from continuing operations before income taxes with the following adjustments: (1) depreciation and amortization expense and impairment charges (including goodwill impairments); (2) restructuring and other, which includes charges or expenses attributable to: (i) employee severance; (ii) management restructuring and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi) acquisition- and disposition-related costs and other unusual items; (3) interest expense; (4) loss on debt financing transactions; (5) change in fair value of investments and remeasurement of debt and other; (6) other (expense) income, net, including foreign currency gains or losses and earnings from equity investments; and (7) stock-based compensation. AEBITDA is presented as our primary segment measure of profit or loss.


	Three Months Ended September 30, 2022
	Gaming		SciPlay		iGaming		Unallocated and Reconciling Items(1)		Total
Total revenue	$	419	$	171	$	58	$	—	$	648
AEBITDA(2)	202		43		20		(30)		$	235
Reconciling items to net income from continuing operations before income taxes:
D&A	(81)		(6)		(10)		(5)		(102)

Restructuring and other	(1)		(1)		—		(25)		(27)


Interest expense							(68)		(68)


Other income, net							1		1
Stock-based compensation							(15)		(15)
Net income from continuing operations before income taxes									$	24



(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total business segments AEBITDA to our consolidated net income from continuing operations before income taxes.
(2) AEBITDA is described in footnote (2) to the first table in this Note 4.


	Nine Months Ended September 30, 2023
	Gaming		SciPlay		iGaming		Unallocated and Reconciling Items(1)		Total
Total revenue	$	1,354	$	573	$	204	$	—	$	2,131
AEBITDA(2)	673		174		72		(104)		$	815
Reconciling items to net income from continuing operations before income taxes:
D&A	(221)		(23)		(36)		(18)		(298)

Restructuring and other	(10)		(5)		(14)		(37)		(66)


Interest expense							(231)		(231)
Loss on debt financing transactions							(15)		(15)

Other income, net							19		19
Stock-based compensation							(85)		(85)
Net income from continuing operations before income taxes									$	139



(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total business segments AEBITDA to our consolidated net income from continuing operations before income taxes.
(2) AEBITDA is described in footnote (2) to the first table in this Note 4.



	Nine Months Ended September 30, 2022
	Gaming		SciPlay		iGaming		Unallocated and Reconciling Items(1)		Total
Total revenue	$	1,163	$	489	$	178	$	—	$	1,830
AEBITDA(2)	552		128		61		(93)		$	648
Reconciling items to net loss from continuing operations before income taxes:
D&A	(246)		(16)		(37)		(18)		(317)

Restructuring and other	(5)		(4)		(15)		(82)		(106)


Interest expense							(254)		(254)
Loss on debt financing transactions							(147)		(147)
Gain on remeasurement of debt and other							27		27
Other income, net							7		7
Stock-based compensation							(47)		(47)
Net loss from continuing operations before income taxes									$	(189)



(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total business segments AEBITDA to our consolidated net loss from continuing operations before income taxes.
(2) AEBITDA is described in footnote (2) to the first table in this Note 4.

COVER - shares	9 Months Ended
COVER - shares	Sep. 30, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-11693
Entity Registrant Name	LIGHT & WONDER, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	81-0422894
Entity Address, Address Line One	6601 Bermuda Road
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89119
City Area Code	702
Local Phone Number	897-7150
Title of 12(b) Security	Common Stock, $.001 par value
Trading Symbol	LNW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		90,047,398
Entity Central Index Key	0000750004
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

Our total operating lease expense for the three and nine months ended September 30, 2023 was $6 million and $17 million, respectively, and $6 million and $16 million for the three and nine months ended September 30, 2022, respectively. The total amount of variable and short-term lease payments was immaterial for all periods presented.

Supplemental balance sheet and cash flow information related to operating leases is as follows:


	As of
	September 30, 2023			December 31, 2022
Operating lease right-of-use assets	$	43		$	49
Accrued liabilities	17			17
Operating lease liabilities	30			37
Total operating lease liabilities	$	47		$	54
Weighted average remaining lease term, units in years	4			4
Weighted average discount rate	5		%	5		%


	Nine Months Ended September 30,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	15		$	15
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	3		$	17

Lease liability maturities:


	Remainder of 2023		2024		2025		2026		2027		Thereafter		Less Imputed Interest		Total
Operating leases	$	5	$	17	$	13	$	9	$	5	$	4	$	(6)	$	47

As of September 30, 2023, we did not have material additional operating leases that have not yet commenced.

Property and Equipment, net (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Components of Property and Equipment

Property and equipment, net consisted of the following:


	As of
	September 30, 2023		December 31, 2022
Land	$	6	$	6
Buildings and leasehold improvements	59		56
Gaming machinery and equipment	725		685
Furniture and fixtures	25		25
Construction in progress	10		9
Other property and equipment	99		88
Less: accumulated depreciation	(695)		(665)
Total property and equipment, net	$	229	$	204

Depreciation expense is excluded from cost of services, cost of products and other operating expenses and is separately presented within Depreciation, amortization and impairments.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Depreciation expense	$	30	$	27	$	87	$	82

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Oct. 23, 2023
Valuation Allowance [Line Items]
Income tax expense	$ 14	$ 4	$ 27	$ 8
Effective income tax rate reconciliation, at federal statutory income tax rate, percent	21.00%
SciPlay \| Subsequent Event
Valuation Allowance [Line Items]
Percentage of SciPlay stock owned by other parties					17.00%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Goodwill and Intangible Assets Disclosure [Abstract]

Long-term Debt - Loss on Debt Financing Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Disclosure [Abstract]
Repayment of principal balance at premium	$ 12	$ 0	$ 12	$ 90
Unamortized debt discount and deferred financing costs, net	3	0	3	57
Total loss on debt refinancing transactions	$ (15)	$ 0	$ (15)	$ (147)

Intangible Assets, net and Goodwill

9 Months Ended

Sep. 30, 2023

Intangible Assets, net and Goodwill

Intangible Assets, net

The following tables present certain information regarding our intangible assets as of September 30, 2023 and December 31, 2022:


	As of
	September 30, 2023				December 31, 2022
	Gross Carrying Value		Accumulated Amortization		Net Balance		Gross Carrying Value		Accumulated Amortization		Net Balance
Amortizable intangible assets:
Customer relationships	$	899	$	(549)	$	350	$	902	$	(503)	$	399
Intellectual property	934		(747)		187		948		(714)		234
Licenses	374		(295)		79		371		(273)		98
Brand names	127		(116)		11		129		(108)		21
Trade names	162		(155)		7		162		(122)		40
Patents and other	11		(7)		4		12		(7)		5
Total intangible assets	$	2,507	$	(1,869)	$	638	$	2,524	$	(1,727)	$	797

The following reflects intangible amortization expense included within Depreciation, amortization and impairments.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Amortization expense(1)	$	41	$	60	$	160	$	180

(1) The nine months ended September 30, 2023 include an intangible assets non-cash impairment charge of $4 million related to SciPlay restructuring of a certain foreign studio.

Goodwill

The table below reconciles the change in the carrying value of goodwill by business segment for the period from December 31, 2022 to September 30, 2023.


	Gaming(1)		SciPlay		iGaming		Totals
Balance as of December 31, 2022	$	2,373	$	213	$	333	$	2,919



Foreign currency adjustments	(3)		(5)		(8)		(16)
Balance as of September 30, 2023	$	2,370	$	208	$	325	$	2,903

(1) Accumulated goodwill impairment charges for the Gaming segment as of September 30, 2023 were $989 million.

Intangible Assets, net and Goodwill - Intangible Amortization Expense (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Amortization expense

$ 41

$ 60

$ 160

^[1]

$ 180

Intangible assets non-cash impairment charge

$ 4

[1]	(1) The nine months ended September 30, 2023 include an intangible assets non-cash impairment charge of $4 million related to SciPlay restructuring of a certain foreign studio.

Fair Value Measurements - Contingent Acquisition Consideration (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Mar. 31, 2023

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Balance as of December 31, 2022

$ 79

Payments

(23)

Fair value adjustments

^[1]

(10)

Other adjustments

(3)

^[2]

Balance as of September 30, 2023

Included in Accrued Liabilities

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Balance as of December 31, 2022

Balance as of September 30, 2023

Included in Other Long-Term Liabilities

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Balance as of December 31, 2022

$ 45

Balance as of September 30, 2023

$ 19

[1]	(1) Amount included in Restructuring and other (see Note 5).
[2]	(2) Primarily represents extinguishment of $3 million in redeemable non-controlling interest liability associated with SciPlay’s acquisition of Alictus Yazilim Anonim Şirketi in 2022, as specified financial targets for the first year were not met. The charge was recorded in other income, net in our consolidated statements of operations.

Long-term Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Long-term Debt

The following table reflects our outstanding debt (in order of priority and maturity):


	As of
	September 30, 2023								December 31, 2022
	Final Maturity	Rate(s)	Face value		Unamortized debt discount/premium and deferred financing costs, net		Book value		Book value
Senior Secured Credit Facilities:
SciPlay Revolver(1)	2024	variable	$	—	$	—	$	—	$	—
LNWI Revolver	2027	variable	—		—		—		—
LNWI Term Loan B	2029	variable	2,173		(27)		2,146		2,159
LNWI Senior Notes:
2025 Unsecured Notes	2025	8.625%	—		—		—		545
2028 Unsecured Notes	2028	7.000%	700		(6)		694		693
2029 Unsecured Notes	2029	7.250%	500		(5)		495		495
2031 Unsecured Notes	2031	7.500%	550		(8)		542		—
Other	—	—	—		—		—		2
Total long-term debt outstanding			$	3,923	$	(46)	$	3,877	$	3,894
Less: current portion of long-term debt							(22)		(24)
Long-term debt, excluding current portion							$	3,855	$	3,870
Fair value of debt(2)			$	3,895




(1) On October 23, 2023, upon completion of the SciPlay Merger, the SciPlay Revolver was terminated.
(2) 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.

Issuance of 2031 Unsecured Notes and Redemption of 2025 Unsecured Notes

On August 23, 2023, we issued $550 million in aggregate principal amount of 7.500% senior unsecured notes due 2031 pursuant to an indenture among LNWI, as issuer, the Company, the other guarantors party thereto and Deutsche Bank Trust Company Americas, as trustee. We received net proceeds of $544 million from the issuance. The 2031 Unsecured Notes bear interest at the rate of 7.500% per annum, which accrues from August 23, 2023, and is payable semiannually in arrears on March 1 and September 1 of each year, beginning on March 1, 2024. We may redeem some or all of the 2031 Unsecured Notes at any time prior to September 1, 2026, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, if any, to the date of the redemption plus a “make whole” premium. We may redeem some or all of the 2031 Unsecured Notes at any time on or after September 1, 2026, at the prices specified in the indenture.

The 2031 Unsecured Notes are senior obligations of LNWI, rank equally with all of its existing and future senior debt and rank senior to all of its existing and future debt that is expressly subordinated to the 2031 Unsecured Notes. The 2031 Unsecured Notes are guaranteed on a senior unsecured basis by the Company and all of its wholly owned domestic restricted subsidiaries (other than LNWI and certain immaterial subsidiaries), subject to customary exceptions. The net proceeds of the 2031 Unsecured Notes offering, together with cash on hand, were used to redeem all $550 million of the 2025 Unsecured Notes and to pay accrued and unpaid interest thereon plus related premiums, fees and expenses.

We were in compliance with the financial covenants under all debt agreements as of September 30, 2023 (for information regarding our financial covenants of all debt agreements, see Note 15 in our 2022 10-K).

Loss on Debt Financing Transactions

The following are components of the loss on debt financing transactions resulting from debt extinguishment and modification accounting for the three and nine months ended September 30, 2023 and 2022, respectively.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Repayment of principal balance at premium	$	12	$	—	$	12	$	90
Unamortized debt discount and deferred financing costs, net	3		—		3		57

Total loss on debt refinancing transactions	$	15	$	—	$	15	$	147

For additional information regarding the terms of our credit facilities and Senior Notes, see Note 15 in our 2022 10-K.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2023

Disposal Groups, Including Discontinued Operations

The summarized results of our discontinued operations were as follows:


	Three Months Ended September 30, 2022		Nine Months Ended September 30, 2022
Total revenue	$	32	$	371
Total cost of revenue	9		177
Other operating expenses(1)	31		180



Operating (loss) income	(8)		14
Total other income, net	2		10
Net (loss) income from discontinued operations before income taxes	(6)		24
Gain on sale of discontinued operations before income taxes	362		4,930
Total net income from discontinued operations before income taxes	356		4,954
Income tax expense	(41)		(1,099)
Net income from discontinued operations, net of tax included in the consolidated statement of operations	$	315	$	3,855






(1) The three and nine months ended September 30, 2022 include stock-based compensation of $7 million and $18 million, respectively, and $7 million and $85 million, respectively, related to direct transaction closing fees.

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 75	$ 328	$ 96	$ 3,645

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Schedule of Stockholders' Deficit

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	As of
	September 30, 2023		December 31, 2022
Parts and work-in-process	$	120	$	124
Finished goods	63		37
Total inventories	$	183	$	161

Parts and work-in-process include parts for gaming machines and our finished goods inventory primarily consists of gaming machines for sale.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Discontinued Operations
Proceeds from divestiture of businesses, net of cash divested	$ 6,409

Business Segments - Additional Information (Details)	9 Months Ended
Business Segments - Additional Information (Details)	Sep. 30, 2023 Segment
Segment Reporting [Abstract]
Number of business segments	3

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

The following tables present certain information regarding our stockholders’ equity as of September 30, 2023 and 2022:


	Nine Months Ended September 30, 2023
	Common Stock		Additional Paid in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total
January 1, 2023	$	1	$	1,370	$	517	$	(580)	$	(318)	$	171	$	1,161
Settlement of liability awards	—		25		—		—		—		—		25
Vesting of RSUs, net of tax withholdings and other	—		(14)		—		—		—		—		(14)
Purchase of treasury stock	—		—		—		(28)		—		—		(28)
Purchase of SciPlay’s Class A common stock	—		(8)		—		—		—		—		(8)
Stock-based compensation	—		15		—		—		—		—		15
Net income	—		—		22		—		—		5		27
Other comprehensive income	—		—		—		—		6		—		6
March 31, 2023	$	1	$	1,388	$	539	$	(608)	$	(312)	$	176	$	1,184
Vesting of RSUs, net of tax withholdings and other	—		1		—		—		—		—		1
Purchase of treasury stock	—		—		—		(5)		—		—		(5)
Purchase of SciPlay’s Class A common stock	—		(15)		—		—		—		—		(15)

Stock-based compensation	—		13		—		—		—		—		13
Net (loss) income	—		—		(1)		—		—		6		5
Other comprehensive income	—		—		—		—		47		—		47
June 30, 2023	$	1	$	1,387	$	538	$	(613)	$	(265)	$	182	$	1,230
Vesting of RSUs, net of tax withholdings and other	—		3		—		—		—		—		3
Purchase of treasury stock(1)	—		—		—		(113)		—		—		(113)

Stock-based compensation	—		12		—		—		—		—		12
Net income	—		—		75		—		—		5		80
Other comprehensive loss	—		—		—		—		(66)		—		(66)
September 30, 2023	$	1	$	1,402	$	613	$	(726)	$	(331)	$	187	$	1,146

(1) Includes excise taxes of $1 million for the three and nine months ended September 30, 2023.


	Nine Months Ended September 30, 2022
	Common Stock		Additional Paid in Capital		Retained Earnings (Accumulated Loss)		Treasury Stock		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total
January 1, 2022	$	1	$	1,337	$	(3,158)	$	(175)	$	(261)	$	150	$	(2,106)
Settlement of liability awards	—		43		—		—		—		—		43
Vesting of RSUs, net of tax withholdings and other	—		(31)		—		—		—		—		(31)
Purchase of treasury stock	—		—		—		(51)		—		—		(51)
Stock-based compensation	—		17		—		—		—		—		17
Net income	—		—		26		—		—		2		28
Other comprehensive loss	—		—		—		—		(37)		—		(37)

March 31, 2022	$	1	$	1,366	$	(3,132)	$	(226)	$	(298)	$	152	$	(2,137)
Vesting of RSUs, net of tax withholdings and other	—		—		—		—		—		—		—
Purchase of treasury stock	—		—		—		(152)		—		—		(152)
Purchase of SciPlay’s Class A common stock	—		(6)		—		—		—		(1)		(7)
Stock-based compensation	—		15		—		—		—		—		15
Net income	—		—		3,291		—		—		4		3,295
Other comprehensive loss(1)	—		—		—		—		(48)		—		(48)
June 30, 2022	$	1	$	1,375	$	159	$	(378)	$	(346)	$	155	$	966
Vesting of RSUs, net of tax withholdings and other	—		(3)		—		—		—		—		(3)
Purchase of SciPlay’s Class A common stock			(10)								(1)		(11)
Stock-based compensation	—		14		—		—		—		—		14
Net income	—		—		328		—		—		7		335
Other comprehensive loss(1)	—		—		—		—		(69)		—		(69)
September 30, 2022	$	1	$	1,376	$	487	$	(378)	$	(415)	$	161	$	1,232

(1) Includes reclassifications of $51 million and $74 million for the three and nine months ended September 30, 2022, respectively, from accumulated other comprehensive loss into income due to the sales of discontinued operations (see Note 2).

Schedule of Stock-based Compensation Expense Recognized

The following reflects total stock-based compensation expense recognized under all programs:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Related to L&W stock options	$	—	$	—	$	—	$	1
Related to L&W RSUs	19		12		59		39
Related to SciPlay RSUs	12		3		26		7
Total(1)	$	31	$	15	$	85	$	47

(1) Includes $19 million and $45 million classified as liability awards for the three and nine months ended September 30, 2023, respectively, and $6 million and $16 million for the three and nine months ended September 30, 2022, respectively.

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

A summary of the changes in RSUs outstanding under our equity-based compensation plans during the nine months ended September 30, 2023 is presented below:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested RSUs as of December 31, 2022	1.7	$	46.66
Granted	1.1	$	57.54
Vested	(1.0)	$	44.52
Cancelled	(0.1)	$	50.43
Unvested RSUs as of September 30, 2023	1.7	$	54.66

Software, net (Tables)

9 Months Ended

Sep. 30, 2023

Capitalized Computer Software, Net [Abstract]

Schedule of Software, net

Software, net consisted of the following:


	As of
	September 30, 2023		December 31, 2022
Software	$	1,116	$	1,064
Accumulated amortization	(965)		(919)
Software, net	$	151	$	145

Schedule of Amortization Expense

The following reflects intangible amortization expense included within Depreciation, amortization and impairments.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Amortization expense(1)	$	41	$	60	$	160	$	180

(1) The nine months ended September 30, 2023 include an intangible assets non-cash impairment charge of $4 million related to SciPlay restructuring of a certain foreign studio.

The following reflects amortization of software included within D&A:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Amortization expense	$	19	$	15	$	51	$	55

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Rental income revenue	$ 127	$ 116	$ 367	$ 347

Revenue Recognition - Summary of Contract Liabilities (Details)
$ in Millions

9 Months Ended

Sep. 30, 2023

USD ($)

Change In Contract Liabilities [Roll Forward]

Contract liability balance, beginning of period

$ 36

^[1]

Liabilities recognized during the period

Amounts recognized in revenue from beginning balance

(20)

Contract liability balance, end of period

$ 31

^[1]

[1]	(1) Contract liabilities are included within Accrued liabilities and Other long-term liabilities in our consolidated balance sheets.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Revenue:

Selling, general and administrative

$ 731

$ 648

$ 2,131

$ 1,830

Operating expenses:

204

181

599

535

Research and development

168

163

102

298

317

Loss on debt financing transactions

106

Operating income

147

362

175

Other (expense) income:

Interest expense

(78)

(68)

(231)

(254)

(15)

(147)

Gain on remeasurement of debt and other

Other income, net

Total other expense, net

(53)

(65)

(223)

(364)

Net income (loss) from continuing operations before income taxes

139

(189)

Income tax expense

(14)

(4)

(27)

(8)

Net income (loss) from continuing operations

112

(197)

Net income from discontinued operations, net of tax(2)

315

^[1]

3,855

^[1]

Less: Net income attributable to noncontrolling interest

335

112

3,658

Net income attributable to L&W

$ 75

$ 328

$ 96

$ 3,645

Per Share - Basic:

Net income (loss) from continuing operations (in dollars per share)

$ 0.83

$ 0.14

$ 1.05

$ (2.20)

Net income from discontinued operations (in dollars per share)

3.33

40.43

Net income attributable to L&W (in dollars per share)

0.83

3.47

1.05

38.23

Per Share - Diluted:

Net income (loss) from continuing operations (in dollars per share)

0.81

0.14

1.03

(2.20)

Net income from discontinued operations (in dollars per share)

3.28

40.43

Net income attributable to L&W (in dollars per share)

$ 0.81

$ 3.42

$ 1.03

$ 38.23

Weighted average number of shares used in per share calculations:

Revenue:

$ 503

$ 453

$ 1,476

$ 1,329

Operating expenses:

Cost of goods and services sold

^[2]

113

101

331

283

Products

Revenue:

Cost of goods and services sold

228

195

655

501

Operating expenses:

^[2]

$ 105

$ 92

$ 307

$ 251

[1]	(2) The three and nine months ended September 30, 2022 include a pre-tax gain of $362 million and $4,930 million, respectively, on the sale of discontinued operations (see Note 2).
[2]	(1) Excludes depreciation, amortization, and impairments.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of gains (loss) on interest rate swap contracts

The following table shows the gain and interest expense recognized on our interest rate swap contracts:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Gain recorded in accumulated other comprehensive loss, net of tax	$	5	$	24	$	8	$	29
Interest income (expense) recorded related to interest rate swap contracts	4		(2)		11		(8)

Schedule of the effect of interest rate swap contracts designated as cash flow hedges

The following table shows the effect of interest rate swap contracts designated as cash flow hedges on interest expense in the consolidated statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Total interest expense which reflects the effects of cash flow hedges	$	(78)	$	(68)	$	(231)	$	(254)
Hedged item	(5)		(5)		(15)		(12)
Derivative designated as hedging instrument	9		3		26		4

Fair value of liabilities measured on recurring basis

The following table shows the fair value of our hedges:


		As of
	Balance Sheet Line Item	September 30, 2023		December 31, 2022

Interest rate swaps	Other assets	$	40	$	30

Asset Acquisition, Contingent Consideration

The table below reconciles the change in the contingent acquisition consideration liabilities (including deferred purchase price) for the period from December 31, 2022 to September 30, 2023.


	Total		Included in Accrued Liabilities		Included in Other Long-Term Liabilities
Balance as of December 31, 2022	$	79	$	34	$	45

Payments	(23)
Fair value adjustments(1)	10
Other adjustments(2)	(3)
Balance as of September 30, 2023	$	63	$	44	$	19

(1) Amount included in Restructuring and other (see Note 5).
(2) Primarily represents extinguishment of $3 million in redeemable non-controlling interest liability associated with SciPlay’s acquisition of Alictus Yazilim Anonim Şirketi in 2022, as specified financial targets for the first year were not met. The charge was recorded in other income, net in our consolidated statements of operations.

Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Stockholders' Equity

Changes in Stockholders’ Equity (Deficit)

The following tables present certain information regarding our stockholders’ equity as of September 30, 2023 and 2022:


	Nine Months Ended September 30, 2023
	Common Stock		Additional Paid in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total
January 1, 2023	$	1	$	1,370	$	517	$	(580)	$	(318)	$	171	$	1,161
Settlement of liability awards	—		25		—		—		—		—		25
Vesting of RSUs, net of tax withholdings and other	—		(14)		—		—		—		—		(14)
Purchase of treasury stock	—		—		—		(28)		—		—		(28)
Purchase of SciPlay’s Class A common stock	—		(8)		—		—		—		—		(8)
Stock-based compensation	—		15		—		—		—		—		15
Net income	—		—		22		—		—		5		27
Other comprehensive income	—		—		—		—		6		—		6
March 31, 2023	$	1	$	1,388	$	539	$	(608)	$	(312)	$	176	$	1,184
Vesting of RSUs, net of tax withholdings and other	—		1		—		—		—		—		1
Purchase of treasury stock	—		—		—		(5)		—		—		(5)
Purchase of SciPlay’s Class A common stock	—		(15)		—		—		—		—		(15)

Stock-based compensation	—		13		—		—		—		—		13
Net (loss) income	—		—		(1)		—		—		6		5
Other comprehensive income	—		—		—		—		47		—		47
June 30, 2023	$	1	$	1,387	$	538	$	(613)	$	(265)	$	182	$	1,230
Vesting of RSUs, net of tax withholdings and other	—		3		—		—		—		—		3
Purchase of treasury stock(1)	—		—		—		(113)		—		—		(113)

Stock-based compensation	—		12		—		—		—		—		12
Net income	—		—		75		—		—		5		80
Other comprehensive loss	—		—		—		—		(66)		—		(66)
September 30, 2023	$	1	$	1,402	$	613	$	(726)	$	(331)	$	187	$	1,146

(1) Includes excise taxes of $1 million for the three and nine months ended September 30, 2023.


	Nine Months Ended September 30, 2022
	Common Stock		Additional Paid in Capital		Retained Earnings (Accumulated Loss)		Treasury Stock		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total
January 1, 2022	$	1	$	1,337	$	(3,158)	$	(175)	$	(261)	$	150	$	(2,106)
Settlement of liability awards	—		43		—		—		—		—		43
Vesting of RSUs, net of tax withholdings and other	—		(31)		—		—		—		—		(31)
Purchase of treasury stock	—		—		—		(51)		—		—		(51)
Stock-based compensation	—		17		—		—		—		—		17
Net income	—		—		26		—		—		2		28
Other comprehensive loss	—		—		—		—		(37)		—		(37)

March 31, 2022	$	1	$	1,366	$	(3,132)	$	(226)	$	(298)	$	152	$	(2,137)
Vesting of RSUs, net of tax withholdings and other	—		—		—		—		—		—		—
Purchase of treasury stock	—		—		—		(152)		—		—		(152)
Purchase of SciPlay’s Class A common stock	—		(6)		—		—		—		(1)		(7)
Stock-based compensation	—		15		—		—		—		—		15
Net income	—		—		3,291		—		—		4		3,295
Other comprehensive loss(1)	—		—		—		—		(48)		—		(48)
June 30, 2022	$	1	$	1,375	$	159	$	(378)	$	(346)	$	155	$	966
Vesting of RSUs, net of tax withholdings and other	—		(3)		—		—		—		—		(3)
Purchase of SciPlay’s Class A common stock			(10)								(1)		(11)
Stock-based compensation	—		14		—		—		—		—		14
Net income	—		—		328		—		—		7		335
Other comprehensive loss(1)	—		—		—		—		(69)		—		(69)
September 30, 2022	$	1	$	1,376	$	487	$	(378)	$	(415)	$	161	$	1,232

(1) Includes reclassifications of $51 million and $74 million for the three and nine months ended September 30, 2022, respectively, from accumulated other comprehensive loss into income due to the sales of discontinued operations (see Note 2).

Stock-based Compensation

The following reflects total stock-based compensation expense recognized under all programs:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Related to L&W stock options	$	—	$	—	$	—	$	1
Related to L&W RSUs	19		12		59		39
Related to SciPlay RSUs	12		3		26		7
Total(1)	$	31	$	15	$	85	$	47

(1) Includes $19 million and $45 million classified as liability awards for the three and nine months ended September 30, 2023, respectively, and $6 million and $16 million for the three and nine months ended September 30, 2022, respectively.

Restricted Stock Units

A summary of the changes in RSUs outstanding under our equity-based compensation plans during the nine months ended September 30, 2023 is presented below:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested RSUs as of December 31, 2022	1.7	$	46.66
Granted	1.1	$	57.54
Vested	(1.0)	$	44.52
Cancelled	(0.1)	$	50.43
Unvested RSUs as of September 30, 2023	1.7	$	54.66

The weighted-average grant date fair value of RSUs granted during the nine months ended September 30, 2023 and 2022 was $57.54 and $57.26, respectively. The fair value of each RSU grant is based on the market value of our common stock at the time of grant. As of September 30, 2023, we had $58 million in total unrecognized stock-based compensation expense relating to unvested RSUs that will be amortized over a weighted-average period of approximately two years. The fair value at vesting date of RSUs vested during the nine months ended September 30, 2023 and 2022 was $58 million and $72 million, respectively.

Series A Junior Participating Preferred Stock and Rights Agreement

The 2018 Amended and Restated Rights Agreement, as described in Note 17 of our 2022 10-K, expired on June 19, 2023. Immediately prior to its expiration, no shares of Series A Junior Participating Preferred Stock were outstanding and no preferred share purchase rights had been exercised. At the time of the expiration of the agreement, the preferred share purchase rights expired and are no longer outstanding.

Share Repurchase Programs

On March 1, 2022, our Board of Directors approved a share repurchase program under which we are authorized to repurchase, from time to time through February 25, 2025, up to an aggregate amount of $750 million of our outstanding common stock. During the nine months ended September 30, 2023, we repurchased 2.1 million shares of common stock under the program at an aggregate cost of $146 million (including excise tax).

On May 9, 2022, SciPlay’s Board of Directors approved a share repurchase program under which it is authorized to repurchase, from time to time through May 9, 2024, up to an aggregate amount of $60 million of its outstanding Class A common stock. On May 3, 2023, SciPlay’s Board of Directors approved another share repurchase program under which it is authorized to repurchase, from time to time through May 3, 2024, up to an aggregate amount of $60 million of its outstanding Class A common stock. During the nine months ended September 30, 2023, SciPlay repurchased 1.4 million shares of Class A common stock under the programs at an aggregate cost of $23 million. As described in Note 1, on October 23, 2023, we completed the SciPlay Merger, and upon its completion, the SciPlay share repurchase program was terminated.

Software, net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Software, net (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Capitalized Computer Software, Net [Abstract]
Software	$ 1,116		$ 1,116		$ 1,064
Accumulated amortization	(965)		(965)		(919)
Software, net	151		151		$ 145
Amortization expense	$ 19	$ 15	$ 51	$ 55

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 891	$ 914
Restricted cash	50	47
Receivables, net of allowance for credit losses of $40 and $38, respectively	477	455
Inventories	183	161
Prepaid expenses, deposits and other current assets	119	117
Total current assets	1,720	1,694
Non-current assets:
Restricted cash	6	6
Receivables, net of allowance for credit losses of $1 and $2, respectively	11	14
Property and equipment, net	229	204
Operating lease right-of-use assets	43	49
Goodwill	2,903	2,919
Intangible assets, net	638	797
Software, net	151	145
Deferred income taxes	112	114
Other assets	74	67
Total assets	5,887	6,009
Current liabilities:
Current portion of long-term debt	22	24
Accounts payable	162	154
Accrued liabilities	403	380
Income taxes payable	32	64
Total current liabilities	619	622
Deferred income taxes	43	87
Operating lease liabilities	30	37
Other long-term liabilities	194	232
Long-term debt, excluding current portion	3,855	3,870
Total liabilities	4,741	4,848
Commitments and contingencies (Note 16)
Stockholders’ equity:
Common stock, par value $0.001 per share, 199 shares authorized; 116 and 115 shares issued, respectively, and 90 and 91 shares outstanding, respectively	1	1
Additional paid-in capital	1,402	1,370
Retained earnings	613	517
Treasury stock, at cost, 26 and 24 shares, respectively	(726)	(580)
Accumulated other comprehensive loss	(331)	(318)
Total L&W stockholders’ equity	959	990
Noncontrolling interest	187	171
Total stockholders’ equity	1,146	1,161
Total liabilities and stockholders’ equity	$ 5,887	$ 6,009

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value Measurements

The fair value of our financial assets and liabilities is determined by reference to market data and other valuation techniques as appropriate. We believe the fair value of our financial instruments, which are principally cash and cash equivalents, restricted cash, receivables, other current assets, accounts payable and accrued liabilities, approximates their recorded values. Our assets and liabilities measured at fair value on a recurring basis are described below.

Derivative Financial Instruments

As of September 30, 2023, we held the following derivative instruments that were accounted for pursuant to ASC 815:

Interest Rate Swap Contracts

We use interest rate swap contracts as described below to mitigate gains or losses associated with the change in expected cash flows due to fluctuations in interest rates on our variable rate debt.

In April 2022, we entered into interest rate swap contracts to hedge a portion of our interest expense associated with our new variable rate debt to effectively fix the interest rate that we pay. These interest rate swap contracts were designated as cash flow hedges under ASC 815. We pay interest at a weighted-average fixed rate of 2.8320% and receive interest at a variable rate equal to one-month Chicago Mercantile Exchange Term SOFR. The total notional amount of interest rate swaps was $700 million as of September 30, 2023. These hedges mature in April 2027. We also previously had interest rate swap contracts that matured in February 2022.

All gains and losses from these hedges were recorded in other comprehensive income (loss) until the future underlying payment transactions occur. Any realized gains or losses resulting from the hedges were recognized (together with the hedged transaction) as interest expense. We estimated the fair value of our interest rate swap contracts by discounting the future cash flows of both the fixed rate and variable rate interest payments based on market yield curves. The inputs used to measure the fair value of our interest rate swap contracts were categorized as Level 2 in the fair value hierarchy as established by ASC 820.

The following table shows the gain and interest expense recognized on our interest rate swap contracts:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Gain recorded in accumulated other comprehensive loss, net of tax	$	5	$	24	$	8	$	29
Interest income (expense) recorded related to interest rate swap contracts	4		(2)		11		(8)

We do not expect to reclassify material amounts from accumulated other comprehensive loss to interest expense in the next twelve months.

The following table shows the effect of interest rate swap contracts designated as cash flow hedges on interest expense in the consolidated statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Total interest expense which reflects the effects of cash flow hedges	$	(78)	$	(68)	$	(231)	$	(254)
Hedged item	(5)		(5)		(15)		(12)
Derivative designated as hedging instrument	9		3		26		4

The following table shows the fair value of our hedges:


		As of
	Balance Sheet Line Item	September 30, 2023		December 31, 2022

Interest rate swaps	Other assets	$	40	$	30

Contingent Acquisition Consideration Liabilities

In connection with our acquisitions, we have recorded certain contingent consideration liabilities (including redeemable non-controlling interest), of which the values are primarily based on reaching certain earnings-based metrics. The related liabilities were recorded at fair value on their respective acquisition dates as a part of the consideration transferred and are remeasured each reporting period (other than for redeemable non-controlling interest, which is measured based on its redemption value). The inputs used to measure the fair value of our liabilities are categorized as Level 3 in the fair value hierarchy.

The table below reconciles the change in the contingent acquisition consideration liabilities (including deferred purchase price) for the period from December 31, 2022 to September 30, 2023.


	Total		Included in Accrued Liabilities		Included in Other Long-Term Liabilities
Balance as of December 31, 2022	$	79	$	34	$	45

Payments	(23)
Fair value adjustments(1)	10
Other adjustments(2)	(3)
Balance as of September 30, 2023	$	63	$	44	$	19

(1) Amount included in Restructuring and other (see Note 5).
(2) Primarily represents extinguishment of $3 million in redeemable non-controlling interest liability associated with SciPlay’s acquisition of Alictus Yazilim Anonim Şirketi in 2022, as specified financial targets for the first year were not met. The charge was recorded in other income, net in our consolidated statements of operations.

Intangible Assets, net and Goodwill - Reconciliation of the Carrying Amount of Goodwill (Details)
$ in Millions

9 Months Ended

Sep. 30, 2023

USD ($)

$ 2,919

(16)

2,903

Gaming

2,373

^[1]

(3)

^[1]

Accumulated goodwill impairment charges

2,370

^[1]

989

SciPlay

213

(5)

208

iGaming

333

(8)

$ 325

[1]	(1) Accumulated goodwill impairment charges for the Gaming segment as of September 30, 2023 were $989 million.

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Revenue from Contract with Customer [Abstract]

Revenue Recognition - Balances in Receivables and Contract Asset Accounts (Details) - USD ($)
$ in Millions

Sep. 30, 2023

Dec. 31, 2022

Receivables

$ 488

$ 469

Contract Assets

^[1]

$ 20

$ 24

[1]	(1) Contract assets are included primarily within Prepaid expenses, deposits and other current assets in our consolidated balance sheets.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	We consider new evidence (both positive and negative) at each reporting date that could affect our view of the future realization of deferred tax assets. We evaluate information such as historical financial results, historical taxable income, projected future taxable income, expected timing of the reversals of existing temporary differences and available prudent and feasible tax planning strategies in our analysis. Based on the available evidence, valuation allowances in certain U.S. and non-U.S. jurisdictions remain consistent as of September 30, 2023. Our income tax expense (including discrete items) was $14 million and $27 million for the three and nine months ended September 30, 2023, respectively, and $4 million and $8 million for the three and nine months ended September 30, 2022, respectively. In 2023, our effective tax rate differs from the U.S. statutory rate of 21% primarily as a result of certain non-deductible items including foreign exchange losses, offset by tax benefits from internal restructuring transactions in the first quarter of 2023. In all periods, we recorded tax expense relative to pre-tax earnings in jurisdictions without valuation allowances, including our former 17% noncontrolling interest in SciPlay.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Business Segments (Policies)	9 Months Ended
Business Segments (Policies)	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	We report our operations in three business segments—Gaming, SciPlay and iGaming—representing our different products and services. A detailed discussion regarding the products and services from which each reportable business segment derives its revenue is included in Notes 3 and 4 in our 2022 10-K. In evaluating financial performance, our Chief Operating Decision Maker focuses on AEBITDA as management’s primary segment measure of profit or loss, which is described in footnote (2) to the below table. The accounting policies of our business segments are the same as those described within the Notes in our 2022 10-K.

Disclosure of accounting policy for segment reporting.

Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]

Stockholders' Equity - Stock Based Compensation Expense (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Related to L&W stock options

^[1]

$ 31

$ 15

$ 85

$ 47

Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]

Related to L&W RSUs

Related to L&W RSUs | SciPlay

Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]

Liability Awards

Capitalized Computer Software, Net [Abstract]

$ 19

$ 6

$ 45

$ 16

[1]	(1) Includes $19 million and $45 million classified as liability awards for the three and nine months ended September 30, 2023, respectively, and $6 million and $16 million for the three and nine months ended September 30, 2022, respectively.

Property and Equipment, net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (695)		$ (695)		$ (665)
Total property and equipment, net	229		229		204
Depreciation expense	30	$ 27	87	$ 82
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6		6		6
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	59		59		56
Gaming machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	725		725		685
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	25		25		25
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	10		10		9
Other property and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 99		$ 99		$ 88

Receivables, Allowance for Credit Losses and Credit Quality of Receivables - Schedule of LATAM Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Net, Current	$ 477	$ 455
Latin America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	56
Allowance for credit losses	(17)
Receivables, net	39
Latin America \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	38
Allowance for credit losses	(9)
Accounts Receivable, Net, Current	29
Latin America \| Balances over 90 days past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	18
Allowance for credit losses	(8)
Accounts Receivable, Net, Current	$ 10

Software, net

9 Months Ended

Sep. 30, 2023

Software, net

Software, net consisted of the following:


	As of
	September 30, 2023		December 31, 2022
Software	$	1,116	$	1,064
Accumulated amortization	(965)		(919)
Software, net	$	151	$	145

The following reflects amortization of software included within D&A:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Amortization expense	$	19	$	15	$	51	$	55

Stockholders' Equity - Schedule of Changes in Equity (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Sep. 30, 2023

Sep. 30, 2022

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Settlement of liability awards

$ 1,230

$ 1,184

$ 1,161

$ 966

$ (2,137)

$ (2,106)

$ 1,161

$ (2,106)

Vesting of RSUs, net of tax withholdings and other

(14)

(3)

(31)

Purchase of treasury stock

(113)

^[1]

(5)

(28)

(152)

(51)

(15)

(8)

(11)

(7)

Other comprehensive income (loss)

335

3,295

112

3,658

(66)

(69)

^[2]

(48)

^[2]

(37)

Excise taxes included in purchase of treasury stock

1,146

1,230

1,184

1,232

966

(2,137)

1,146

1,232

Common Stock

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Additional Paid in Capital

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Settlement of liability awards

1,387

1,388

1,370

1,375

1,366

1,337

1,370

1,337

Vesting of RSUs, net of tax withholdings and other

(14)

(3)

(31)

(8)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

1,402

1,387

1,388

1,376

1,375

1,366

1,402

1,376

Retained Earnings

538

539

517

159

(3,132)

(3,158)

517

(3,158)

(1)

328

3,291

Increase (Decrease) in Stockholders' Equity [Roll Forward]

613

538

539

487

159

(3,132)

613

487

Treasury Stock

Purchase of treasury stock

(613)

(608)

(580)

(378)

(226)

(175)

(580)

(175)

(113)

^[1]

(5)

(28)

(51)

Accumulated Other Comprehensive Loss

(726)

(613)

(608)

(378)

(226)

(726)

(378)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive income (loss)

(265)

(312)

(318)

(346)

(298)

(261)

(318)

(261)

(66)

(69)

^[2]

(48)

^[2]

(37)

Accumulated Other Comprehensive Loss | Discontinued Operations

(331)

(265)

(312)

(415)

(346)

(298)

(331)

(415)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive income (loss)

Noncontrolling Interest

Increase (Decrease) in Stockholders' Equity [Roll Forward]

182

176

171

155

152

150

171

150

(1)

Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]

$ 187

$ 182

$ 176

$ 161

$ 155

$ 152

$ 187

$ 161

[1]	(1) Includes excise taxes of $1 million for the three and nine months ended September 30, 2023.
[2]	(1) Includes reclassifications of $51 million and $74 million for the three and nine months ended September 30, 2022, respectively, from accumulated other comprehensive loss into income due to the sales of discontinued operations (see Note 2).

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease expenses	$ 6	$ 6	$ 17	$ 16

Stockholders' Equity - Narrative (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Mar. 31, 2022

Sep. 30, 2023

Sep. 30, 2022

Jun. 19, 2023

Unrecognized stock based compensation

$ 58,000,000

Unrecognized stock based compensation, period for recognition

2 years

Stock purchase program, aggregate cost

113,000,000

^[1]

$ 5,000,000

$ 28,000,000

$ 152,000,000

$ 51,000,000

Share Repurchase Program, March 2022

Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]

Stock repurchase program, authorized amount

750,000,000

$ 750,000,000

Stock repurchase program, shares acquired (in shares)

2,100,000

Stock purchase program, aggregate cost

$ 146,000,000

Share Repurchase Program, May 2022

Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]

Stock repurchase program, authorized amount

60,000,000

$ 60,000,000

Stock repurchase program, shares acquired (in shares)

1,400,000

Stock purchase program, aggregate cost

$ 23,000,000

Share Repurchase Program, May 2023

Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]

Stock repurchase program, authorized amount

$ 60,000,000

Amended and Restated Rights Agreement | Series A Preferred Stock

Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]

Preferred shares outstanding (in shares)

Amended and Restated Rights Agreement | Series A Preferred Stock | Preferred Stock Purchase Rights

Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]

Preferred shares issued on exercise (in shares)

Related to L&W RSUs

Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]

Granted (in dollars per share)

$ 57.54

$ 57.26

Awards vested in period, fair value

$ 58,000,000

$ 72,000,000

[1]	(1) Includes excise taxes of $1 million for the three and nine months ended September 30, 2023.

Description of the Business and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of L&W, its wholly owned subsidiaries, and those subsidiaries in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation.
Principles of Consolidation	In the opinion of L&W and its management, we have made all adjustments necessary to present fairly our consolidated financial position, results of operations, comprehensive income and cash flows for the periods presented. Such adjustments are of a normal, recurring nature. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2022 10-K. Interim results of operations are not necessarily indicative of results of operations to be expected for a full year.
Significant Accounting Policies	There have been no changes to our significant accounting policies described within the Notes of our 2022 10-K.
Other Income (Expense), net	Other income, net includes gains and losses from foreign currency transactions, interest income, earnings (losses) from equity investments and other items.
Computation of Basic and Diluted Net Income Attributable to L&W Per Share	Basic and diluted net income attributable to L&W per share are based upon net income attributable to L&W divided by the weighted average number of common shares outstanding during the period. Diluted net income attributable to L&W per share reflects the effect of the assumed exercise of stock options and RSUs only in the periods in which such effect would have been dilutive to net income from continuing operations.
New Accounting Guidance	There have been no recent accounting pronouncements or changes in accounting pronouncements since those described within the Notes of our 2022 10-K that are expected to have a material impact on our consolidated financial statements.

Description of the Business and Summary of Significant Accounting Policies - Narrative (Details) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
	Oct. 23, 2023 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 shares	Sep. 30, 2023 USD ($) Segment shares	Sep. 30, 2022 shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of business segments \| Segment				3
Foreign currency transaction gain (loss) \| $		$ 30		$ (9)
Interest income \| $		$ 10		$ 28
Common stock equivalents included in calculation of diluted net income \| shares		1	2	2
Employee Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares) \| shares					2
Related to L&W RSUs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares) \| shares					2
SciPlay \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of SciPlay stock owned by other parties	17.00%
SciPlay Acquisition \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Acquisitions related to continuing operations, total consideration \| $	$ 496

Revenue Recognition (Policies)	9 Months Ended
Revenue Recognition (Policies)	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	The timing of revenue recognition, billings and cash collections results in billed receivables, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on our consolidated balance sheets. Other than contracts with customers with financing arrangements exceeding 12 months, revenue recognition is generally proximal to conversion to cash.

Disclosure of accounting policy for revenue from contract with customer.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483426/235-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

Restructuring and Other (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Employee severance and related

$ 17

$ 27

$ 66

$ 106

Strategic review and related

Contingent acquisition consideration

^[1]

Restructuring, integration and other

^[2]

$ 5

$ 8

$ 14

$ 19

[1]	(1) Includes costs associated with the SciPlay Merger, ASX listing, Divestitures (including ongoing separation activities), rebranding and related activities.
[2]	(2) Represents contingent consideration fair value adjustment (see Note 12).

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Summary of Components of Accounts and Notes Receivable, Net

Receivables, Allowance for Credit Losses and Credit Quality of Receivables (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

The following table summarizes the components of current and long-term receivables, net:


	As of
	September 30, 2023		December 31, 2022
Current:
Receivables	$	517	$	493
Allowance for credit losses	(40)		(38)
Current receivables, net	477		455
Long-term:
Receivables	12		16
Allowance for credit losses	(1)		(2)
Long-term receivables, net	11		14
Total receivables, net	$	488	$	469

The following summarizes geographical delinquencies of total receivables, net:


	As of
	September 30, 2023		Balances over 90 days past due		December 31, 2022		Balances over 90 days past due
Receivables:
U.S. and Canada	$	331	$	3	$	297	$	5
International	198		41		212		34
Total receivables	529		44		509		39
Receivables allowance:
U.S. and Canada	(18)		(5)		(18)		(5)
International	(23)		(13)		(22)		(22)
Total receivables allowance	(41)		(18)		(40)		(27)
Receivables, net	$	488	$	26	$	469	$	12

The following table summarizes our LATAM receivables:


	As of September 30, 2023
	Total		Current		Balances over 90 days past due
Receivables	$	56	$	38	$	18
Allowance for credit losses	(17)		(9)		(8)
Receivables, net	$	39	$	29	$	10

Accounts Receivable, Allowance for Credit Loss

The activity in our allowance for receivable credit losses for each of the three and nine months ended September 30, 2023 and 2022 is as follows:


	2023						2022
	Total		U.S. and Canada		International		Total
Beginning allowance for credit losses	$	(40)	$	(18)	$	(22)	$	(54)
Provision	(1)		(1)		—		(3)
Charge-offs and recoveries	1		—		1		7
Allowance for credit losses as of March 31	$	(40)	$	(19)	$	(21)	$	(50)
Provision	(4)		—		(4)		(1)
Charge-offs and recoveries	2		1		1		3
Allowance for credit losses as of June 30	$	(42)	$	(18)	$	(24)	$	(48)
Provision	—		—		—		4
Charge-offs and recoveries	1		—		1		1
Allowance for credit losses as of September 30	$	(41)	$	(18)	$	(23)	$	(43)

Intangible Assets, net and Goodwill - Schedule of Finite and Indefinite-lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Amortizable intangible assets:
Amortizable intangible assets, gross carrying value	$ 2,507	$ 2,524
Amortizable intangible assets, accumulated amortization	(1,869)	(1,727)
Amortizable intangible assets, net balance	638	797
Customer relationships
Amortizable intangible assets:
Amortizable intangible assets, gross carrying value	899	902
Amortizable intangible assets, accumulated amortization	(549)	(503)
Amortizable intangible assets, net balance	350	399
Intellectual property
Amortizable intangible assets:
Amortizable intangible assets, gross carrying value	934	948
Amortizable intangible assets, accumulated amortization	(747)	(714)
Amortizable intangible assets, net balance	187	234
Licenses
Amortizable intangible assets:
Amortizable intangible assets, gross carrying value	374	371
Amortizable intangible assets, accumulated amortization	(295)	(273)
Amortizable intangible assets, net balance	79	98
Brand names
Amortizable intangible assets:
Amortizable intangible assets, gross carrying value	127	129
Amortizable intangible assets, accumulated amortization	(116)	(108)
Amortizable intangible assets, net balance	11	21
Trade names
Amortizable intangible assets:
Amortizable intangible assets, gross carrying value	162	162
Amortizable intangible assets, accumulated amortization	(155)	(122)
Amortizable intangible assets, net balance	7	40
Patents and other
Amortizable intangible assets:
Amortizable intangible assets, gross carrying value	11	12
Amortizable intangible assets, accumulated amortization	(7)	(7)
Amortizable intangible assets, net balance	$ 4	$ 5

Receivables, Allowance for Credit Losses and Credit Quality of Receivables - Components of Accounts and Notes Receivable, Net (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current:
Receivables	$ 517	$ 493
Allowance for credit losses	(40)	(38)
Current receivables, net	477	455
Long-term:
Receivables	12	16
Allowance for credit losses	(1)	(2)
Long-term receivables, net	11	14
Total receivables, net	$ 488	$ 469

Stockholders' Equity - Schedule of Restricted Stock Units (Details) - Related to L&W RSUs - $ / shares shares in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Number of Restricted Stock Units
Unvested RSU's at beginning of period (in shares)	1.7
Granted (in shares)	1.1
Vested (in shares)	(1.0)
Cancelled (in shares)	(0.1)
Unvested RSU's at end of period (in shares)	1.7
Weighted Average Grant Date Fair Value
Unvested RSU's at beginning of period (in dollars per share)	$ 46.66
Granted (in dollars per share)	57.54	$ 57.26
Vested (in dollars per share)	44.52
Cancelled (in dollars per share)	50.43
Unvested RSU's at end of period (in dollars per share)	$ 54.66

Leases - Supplemental Operating Lease Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Assets and Liabilities, Lessee [Abstract]
Operating lease right-of-use assets	$ 43		$ 49
Accrued liabilities	17		17
Operating lease liabilities	30		37
Total operating lease liabilities	$ 47		$ 54
Weighted average remaining lease term, units in years	4 years		4 years
Weighted average discount rate	5.00%		5.00%
Cash Flow, Operating Activities, Lessee [Abstract]
Operating cash flows for operating leases	$ 15	$ 15
Operating leases	$ 3	$ 17

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Supplemental Operating Lease Information

Supplemental balance sheet and cash flow information related to operating leases is as follows:


	As of
	September 30, 2023			December 31, 2022
Operating lease right-of-use assets	$	43		$	49
Accrued liabilities	17			17
Operating lease liabilities	30			37
Total operating lease liabilities	$	47		$	54
Weighted average remaining lease term, units in years	4			4
Weighted average discount rate	5		%	5		%


	Nine Months Ended September 30,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	15		$	15
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	3		$	17

Maturities of Lease Liabilities

Lease liability maturities:


	Remainder of 2023		2024		2025		2026		2027		Thereafter		Less Imputed Interest		Total
Operating leases	$	5	$	17	$	13	$	9	$	5	$	4	$	(6)	$	47

Litigation	9 Months Ended
Litigation	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Litigation	We are involved in various legal proceedings, which are described below. We record an accrual for legal contingencies when it is both probable that a liability has been incurred and the amount or range of the loss can be reasonably estimated (although, as discussed below, there may be an exposure to loss in excess of the accrued liability). We evaluate our accruals for legal contingencies at least quarterly and, as appropriate, establish new accruals or adjust existing accruals to reflect (1) the facts and circumstances known to us at the time, including information regarding negotiations, settlements, rulings and other relevant events and developments, (2) the advice and analyses of counsel and (3) the assumptions and judgment of management. Legal costs associated with our legal proceedings are expensed as incurred. We had accrued liabilities of $11 million for all of our legal matters that were contingencies as of September 30, 2023 and December 31, 2022. Substantially all of our legal contingencies are subject to significant uncertainties and, therefore, determining the likelihood of a loss and/or the measurement of any loss involves a series of complex judgments about future events. Consequently, the ultimate outcomes of our legal contingencies could result in losses in excess of amounts we have accrued. We may be unable to estimate a range of possible losses for some matters pending against us or our subsidiaries, even when the amount of damages claimed against us or our subsidiaries is stated because, among other things: (1) the claimed amount may be exaggerated or unsupported; (2) the claim may be based on a novel legal theory or involve a large number of parties; (3) there may be uncertainty as to the likelihood of a class being certified or the ultimate size of the class; (4) there may be uncertainty as to the outcome of pending appeals or motions; (5) the matter may not have progressed sufficiently through discovery or there may be significant factual or legal issues to be resolved or developed; and/or (6) there may be uncertainty as to the enforceability of legal judgments and outcomes in certain jurisdictions. Other matters have progressed sufficiently that we are able to estimate a range of possible loss. For those legal contingencies disclosed herein as well as those related to the previously disclosed settlement agreement entered into in February 2015 with SNAI S.p.a., as to which a loss is reasonably possible, whether in excess of a related accrued liability or where there is no accrued liability, and for which we are able to estimate a range of possible loss, the current estimated range is up to approximately $13 million in excess of the accrued liabilities (if any) related to those legal contingencies. This aggregate range represents management’s estimate of additional possible loss in excess of the accrued liabilities (if any) with respect to these matters based on currently available information, including any damages claimed by the plaintiffs, and is subject to significant judgment and a variety of assumptions and inherent uncertainties. For example, at the time of making an estimate, management may have only preliminary, incomplete, or inaccurate information about the facts underlying a claim; its assumptions about the future rulings of the court or other tribunal on significant issues, or the behavior and incentives of adverse parties, regulators, indemnitors or co‑defendants, may prove to be wrong; and the outcomes it is attempting to predict are often not amenable to the use of statistical or other quantitative analytical tools. In addition, from time to time an outcome may occur that management had not accounted for in its estimate because it had considered that outcome to be remote. Furthermore, as noted above, the aggregate range does not include any matters for which we are not able to estimate a range of possible loss. Accordingly, the estimated aggregate range of possible loss does not represent our maximum loss exposure. Any such losses could have a material adverse impact on our results of operations, cash flows or financial condition. The legal proceedings underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. Colombia Litigation Our subsidiary, LNWI, owned a minority interest in Wintech de Colombia S.A., or Wintech (now liquidated), which formerly operated the Colombian national lottery under a contract with Empresa Colombiana de Recursos para la Salud, S.A. (together with its successors, “Ecosalud”), an agency of the Colombian government. The contract provided for a penalty against Wintech, LNWI and the other shareholders of Wintech of up to $5.0 million if certain levels of lottery sales were not achieved. In addition, LNWI delivered to Ecosalud a $4.0 million surety bond as a further guarantee of performance under the contract. Wintech started the instant lottery in Colombia but, due to difficulties beyond its control, including, among other factors, social and political unrest in Colombia, frequently interrupted telephone service and power outages, and competition from another lottery being operated in a province of Colombia that we believe was in violation of Wintech’s exclusive license from Ecosalud, the projected sales level was not met for the year ended June 30, 1993. In 1993, Ecosalud issued a resolution declaring that the contract was in default. In 1994, Ecosalud issued a liquidation resolution asserting claims for compensation and damages against Wintech, LNWI and other shareholders of Wintech for, among other things, realization of the full amount of the penalty, plus interest, and the amount of the bond. LNWI filed separate actions opposing each resolution with the Tribunal Contencioso of Cundinamarca in Colombia (the “Tribunal”), which upheld both resolutions. LNWI appealed each decision to the Council of State. In May 2012, the Council of State upheld the contract default resolution, which decision was notified to us in August 2012. In October 2013, the Council of State upheld the liquidation resolution, which decision was notified to us in December 2013. In July 1996, Ecosalud filed a lawsuit against LNWI in the U.S. District Court for the Northern District of Georgia asserting many of the same claims asserted in the Colombia proceedings, including breach of contract, and seeking damages. In March 1997, the District Court dismissed Ecosalud’s claims. Ecosalud appealed the decision to the U.S. Court of Appeals for the Eleventh Circuit. The Court of Appeals affirmed the District Court’s decision in 1998. In June 1999, Ecosalud filed a collection proceeding against LNWI to enforce the liquidation resolution and recover the claimed damages. In May 2013, the Tribunal denied LNWI’s merit defenses to the collection proceeding and issued an order of payment of approximately 90 billion Colombian pesos, or approximately $30 million, plus default interest (potentially accrued since 1994 at a 12% statutory interest rate). LNWI filed an appeal to the Council of State, and on December 10, 2020, the Council of State issued a ruling affirming the Tribunal’s decision. On December 16, 2020, LNWI filed a motion for clarification of the Council of State’s ruling, which was denied on April 15, 2021. On April 22, 2021, LNWI filed a motion for reconsideration relating to that decision, which the Council of State denied on February 21, 2022. On May 24, 2022, the case was transferred from the Council of State to the Tribunal for further proceedings. On August 18, 2022, LNWI filed a constitutional challenge to the Council of State’s December 10, 2020 decision with that court, which was denied on October 7, 2022. On December 7, 2022, LNWI filed an appeal with the Council of State from the denial of the constitutional challenge, which was denied on May 24, 2023. On June 28, 2023, the Columbian Constitutional Court received the record of the constitutional appeal for further consideration, and on September 26, 2023, that court selected LNWI’s constitutional appeal for further consideration. LNWI believes it has various defenses, including on the merits, against Ecosalud’s claims. Although we believe these claims will not result in a material adverse effect on our consolidated results of operations, cash flows or financial position, it is not feasible to predict the final outcome, and we cannot assure that these claims will not ultimately be resolved adversely to us or result in material liability. TCS John Huxley Matter On March 15, 2019, TCS John Huxley America, Inc., TCS John Huxley Europe Ltd., TCS John Huxley Asia Ltd., and Taiwan Fulgent Enterprise Co., Ltd. brought a civil action in the United States District Court for the Northern District of Illinois against L&W, Bally Technologies, Inc. and LNW Gaming, Inc., f/k/a Bally Gaming, Inc. In the complaint, the plaintiffs assert federal antitrust claims arising from the defendants’ procurement of particular U.S. and South African patents. The plaintiffs allege that the defendants used those patents to create an allegedly illegal monopoly in the market for automatic card shufflers sold to regulated casinos in the United States. On April 10, 2019, the defendants filed a motion to dismiss the plaintiffs’ complaint with prejudice. On April 25, 2019, the district court denied the defendants’ motion to dismiss without prejudice pursuant to the court’s local rules, after the plaintiffs advised that they intended to file an amended complaint. The plaintiffs filed their amended complaint on May 3, 2019, and on May 22, 2019, the defendants filed a motion to dismiss the plaintiffs’ amended complaint with prejudice. On March 20, 2020, the district court denied the defendants’ motion to dismiss the plaintiffs’ amended complaint, and defendants filed an answer to the plaintiffs’ amended complaint on June 19, 2020. On June 3, 2020, the trial court granted the defendants’ request to bifurcate proceedings in the case, with discovery to occur first into the statute of limitations and release defenses asserted by the defendants in their motion to dismiss, before proceeding into broader discovery. The trial court set a September 18, 2020, deadline for the parties to complete discovery relating to the statute of limitations and release defenses. On October 28, 2020, the court issued an order extending until January 15, 2021 the deadline for the parties to complete discovery relating to the statute of limitations defense. On February 9, 2021, the defendants filed a motion for summary judgment on their statute of limitations defense, addressing whether plaintiffs had actual knowledge of their claims prior to the start of the limitations period. The district court denied that motion for summary judgment on September 20, 2021. On January 13, 2023, the district court entered an order requiring, among other things, that the plaintiffs make a formal written settlement demand by January 20, 2023, that the defendants respond to that demand in writing by January 27, 2023, and that the parties file a status report by January 31, 2023 confirming that they have complied with the district court’s order. On January 31, 2023, the parties filed a joint status report confirming that they have complied with the district court’s order to make and respond to a formal written demand. Discovery closed on June 1, 2023. On June 30, 2023, the defendants filed a motion for summary judgment, which is pending. We are unable at this time to estimate a range of reasonably possible losses above the amount we have accrued for this matter due to the complexity of the plaintiffs’ claims, and the unpredictability of the outcome of the proceedings in the district court, and on any appeal therefrom. Tonkawa Tribe Matter On September 3, 2020, the Tonkawa Tribe of Indians of Oklahoma d/b/a Tonkawa Enterprises filed a putative class action complaint in the United States District Court for the District of Nevada against L&W, Bally Technologies, Inc. and LNW Gaming, Inc., f/k/a Bally Gaming, Inc. On October 5, 2020, the plaintiff filed a first amended complaint to add Cow Creek Band of Umpqua Tribe of Indians and the Umpqua Indian Development Corp., d/b/a Seven Feathers Casino as a plaintiff. On October 26, 2020, the plaintiffs filed a second amended complaint. In the complaint, the plaintiffs assert federal antitrust claims arising from the defendants’ procurement of particular U.S. patents. The plaintiffs allege that the defendants used those patents to create an allegedly illegal monopoly in the market for card shufflers sold or leased to regulated casinos in the United States. The plaintiffs seek to represent a putative class of all regulated United States casinos directly leasing or purchasing card shufflers from the defendants on or after April 1, 2009. The complaint seeks unspecified money damages, the award of plaintiff’s costs of suit, including reasonable attorneys’ fees and expert fees, and the award of pre-judgment and post-judgment interest. On November 19, 2020, the defendants filed a motion to dismiss plaintiffs’ second amended complaint or, in the alternative, to compel arbitration of plaintiffs’ claims. On November 20, 2020, Plaintiffs filed a motion for partial summary judgment, seeking a finding that defendants are collaterally estopped from re-litigating issues litigated in the 2018 litigation versus Shuffle Tech International Corp., Aces Up Gaming, and Poydras-Talrick Holdings. On August 27, 2021, the Nevada district court entered an order transferring the lawsuit to the United States District Court for the Northern District of Illinois. On May 19, 2022, the Illinois district court granted defendants’ motion to compel arbitration of plaintiffs’ individual claims; stayed all proceedings in the lawsuit pending resolution of the arbitral process; and accordingly dismissed all pending motions without prejudice as moot. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the lawsuit are without merit, and intend to vigorously defend against them. Giuliano and Rancho’s Club Casino Matter On September 4, 2020, Alfred T. Giuliano, as liquidation trustee for RIH Acquisition NJ, LLC d/b/a The Atlantic Club Casino Hotel filed a putative class action complaint in the United States District Court for the Northern District of Illinois against L&W, Bally Technologies, Inc. and LNW Gaming, Inc., f/k/a Bally Gaming, Inc. In the complaint, the plaintiffs assert federal antitrust claims arising from the defendants’ procurement of particular U.S. patents. The plaintiffs allege that the defendants used those patents to create an allegedly illegal monopoly in the market for automatic card shufflers sold or leased in the United States. The plaintiffs seek to represent a putative class of all persons and entities that directly purchased or leased automatic card shufflers within the United States from the Defendants, or any predecessor, subsidiary, or affiliate thereof, at any time between April 1, 2009, and the present. The complaint seeks unspecified money damages, which the complaint asks the court to treble, the award of plaintiff’s costs of suit, including attorneys’ fees, and the award of pre-judgment and post-judgment interest. On September 8, 2020, Rancho’s Club Casino, Inc., d/b/a Magnolia House Casino filed a putative class action complaint in the United States District Court for the Northern District of Illinois against L&W, Bally Technologies, Inc. and LNW Gaming, Inc., f/k/a Bally Gaming, Inc. In the complaint, the plaintiff asserts federal antitrust claims arising from the defendants’ procurement of particular U.S. patents. The plaintiff alleges that the defendants used those patents to create an allegedly illegal monopoly in the market for automatic card shufflers sold or leased in the United States. The plaintiff seeks to represent a putative class of all persons and entities that directly purchased or leased automatic card shufflers within the United States from the defendants, or any predecessor, subsidiary, or affiliate thereof, at any time between April 1, 2009, and the present. The complaint seeks unspecified money damages, which the complaint asks the court to treble, the award of plaintiff’s costs of suit, including attorneys’ fees, and the award of pre-judgment and post-judgment interest. On October 29, 2020, the trial court consolidated the Giuliano and Rancho’s Club Casino matters. On October 30, 2020, the plaintiffs in the consolidated action filed a first amended consolidated complaint. On November 9, 2020, the defendants filed a motion to dismiss the plaintiffs’ first amended consolidated complaint, and also filed a motion to compel arbitration of plaintiff Alfred T. Giuliano’s individual claims. On May 19, 2022, the Illinois district court granted defendants’ motion to compel arbitration; stayed all proceedings in the lawsuit pending resolution of the arbitral process; and accordingly dismissed all pending motions without prejudice. On May 31, 2022, defendants filed a motion to lift the stay of the lawsuit for the limited purpose of amending the court’s May 19, 2022 order to confirm that plaintiff Alfred T. Giuliano must proceed to arbitration on an individual basis rather than a class-wide basis. On June 10, 2022, plaintiff Alfred T. Giuliano filed a notice of voluntary dismissal without prejudice, and the court therefore denied as moot defendants’ motion to lift the stay in an order entered on March 28, 2023. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the consolidated lawsuit are without merit, and intend to vigorously defend against them. In re Automatic Card Shufflers Litigation Matter On April 2, 2021, Casino Queen, Inc. and Casino Queen Marquette, Inc. filed a putative class action complaint in the United States District Court for the Northern District of Illinois against L&W, Bally Technologies, Inc. and LNW Gaming, Inc., f/k/a Bally Gaming, Inc. In the complaint, the plaintiffs assert federal antitrust claims arising from the defendants’ procurement of particular U.S. patents. The plaintiffs allege that the defendants used those patents to create an allegedly illegal monopoly in the market for automatic card shufflers sold or leased in the United States. The plaintiffs seek to represent a putative class of all persons and entities that directly purchased or leased automatic card shufflers within the United States from the defendants, or any predecessor, subsidiary, or affiliate thereof, at any time between April 1, 2009, and the present. The complaint seeks unspecified money damages, which the complaint asks the court to treble, the award of plaintiffs’ costs of suit, including attorneys’ fees, and the award of pre-judgment and post-judgment interest. On June 11, 2021, the defendants filed a motion to dismiss plaintiffs’ complaint, which the court denied on May 19, 2022. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the lawsuit are without merit, and intend to vigorously defend against them. Mohawk Gaming Enterprises Matter On November 9, 2020, Mohawk Gaming Enterprises LLC, d/b/a Akwesasne Mohawk Casino Resort, filed a demand for a putative class arbitration before the American Arbitration Association against L&W, Bally Technologies, Inc. and LNW Gaming, Inc., f/k/a Bally Gaming, Inc. (“Respondents”). In the complaint, the claimant asserts federal antitrust claims arising from the respondents’ procurement of particular U.S. patents. The claimant alleges that the respondents used those patents to create an allegedly illegal monopoly in the market for automatic card shufflers sold or leased in the United States. The claimant seeks to represent a putative class of all persons and entities that directly purchased or leased automatic card shufflers within the United States from the respondents, or any predecessor, subsidiary, or affiliate thereof, at any time between April 1, 2009, and the present. The complaint seeks unspecified money damages, which the complaint asks the arbitration panel to treble, and the award of claimant’s costs of suit, including attorneys’ fees. Respondents filed their answering statement on December 9, 2020. On October 29, 2021, the claimant filed a memorandum in support of class arbitration, which Respondents opposed on December 3, 2021. On February 8, 2022, the Arbitrator issued a clause construction award, finding that the arbitration could proceed on behalf of a class or classes. On February 11, 2022, Respondents filed a petition to vacate the award in the New York Supreme Court. The Court denied Respondents’ petition on August 9, 2022, and on August 16, 2022, Respondents appealed to the New York Appellate Division, First Department, which denied Respondents’ appeal on June 22, 2023. On April 15, 2022, Respondents filed a motion to dismiss the claimant’s complaint, which the Arbitrator denied on July 26, 2022. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the arbitration demand are without merit, and intend to vigorously defend against them. Boorn Matter On September 15, 2022, plaintiff Hannelore Boorn filed a putative class action against L&W, SciPlay Corporation, and Appchi Media Ltd. in the Fayette Circuit Court of the Commonwealth of Kentucky. In her complaint, plaintiff seeks to represent a putative class of all persons in Kentucky who, within the past five years, purchased and allegedly lost $5.00 or more worth of chips, in a 24-hour period, playing SciPlay’s online social casino games. The complaint asserts claims for alleged violations of Kentucky’s “recovery of gambling losses” statute and for unjust enrichment, and seeks unspecified money damages, the award of reasonable attorneys’ fees and costs, pre- and post-judgment interest, and injunctive and/or other declaratory relief. On October 18, 2022, defendants removed the action to the United States District Court for the Eastern District of Kentucky. On October 26, 2022, the plaintiff filed a notice voluntarily dismissing the lawsuit without prejudice. On October 27, 2022, the district court entered an order dismissing the lawsuit. On November 17, 2022, the plaintiff filed an arbitration demand against defendants before the American Arbitration Association, pursuant to which she seeks declaratory judgments that (1) SciPlay’s online social casino games constitute gambling under Kentucky law, and (2) SciPlay’s terms of service are void under Kentucky law. On January 12, 2023, the respondents filed their answering statement to plaintiff’s arbitration demand. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the arbitration demand are without merit, and intend to vigorously defend against them. Allah Beautiful Matter On December 19, 2022, claimant Prince Imanifest Allah Beautiful filed an arbitration demand against respondent SciPlay Corporation before the American Arbitration Association. The complaint asserts claims for alleged violations of New Jersey’s anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by New Jersey players of SciPlay’s online social casino games other than the claimant. On March 7, 2023, the respondent filed its answering statement to claimant’s arbitration demand. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the arbitration demand are without merit, and intend to vigorously defend against them. Sprinkle Matter On December 12, 2022, claimant Matthew Sprinkle filed an arbitration demand against respondent SciPlay Corporation before the American Arbitration Association. The complaint asserts claims for alleged violations of Ohio’s anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by Ohio players of SciPlay’s online social casino games other than the claimant. On March 7, 2023, the respondent filed its answering statement to claimant’s arbitration demand. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the arbitration demand are without merit, and intend to vigorously defend against them. Sornberger Matter On March 8, 2023, plaintiff Andrea Sornberger filed a complaint against SciPlay Corporation and SciPlay Games, LLC in the Circuit Court of the Franklin County, Alabama. The complaint asserts claims for alleged violations of Alabama anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by Alabama players of SciPlay’s online social casino games other than the plaintiff, the award of interests and costs, and injunctive and other relief. On April 12, 2023, defendants removed the action to the United States District Court for the Northern District of Alabama. On August 24, 2023, plaintiff voluntarily dismissed her complaint without prejudice, and re-filed it in the Circuit Court of Franklin County, Alabama. On September 27, 2023, defendants removed the re-filed action to the United States District Court for the Northern District of Alabama. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the lawsuit are without merit, and intend to vigorously defend against them. Roberts Matter On July 25, 2023, claimant Donovan Roberts filed an arbitration demand against respondent SciPlay Corporation before the American Arbitration Association. The complaint asserts claims for alleged violations of Kentucky’s anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by Kentucky players of SciPlay’s online social casino games other than the claimant. On October 6, 2023, the respondent filed its answering statement to claimant’s arbitration demand. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the arbitration demand are without merit, and intend to vigorously defend against them. Ebersole Matter On July 25, 2023, claimant Christopher Ebersole filed an arbitration demand against respondent SciPlay Corporation before the American Arbitration Association. The complaint asserts claims for alleged violations of Ohio’s anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by Ohio players of SciPlay’s online social casino games other than the claimant. On October 12, 2023, the respondent filed its answering statement to claimant’s arbitration demand. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the arbitration demand are without merit, and intend to vigorously defend against them. Murnaghan Matter On July 25, 2023, claimant Hope Murnaghan filed an arbitration demand against respondent SciPlay Corporation before the American Arbitration Association. The complaint asserts claims for alleged violations of Massachusetts’ anti-gambling statutes and seeks unspecified money damages, including recovery of monies allegedly lost by Massachusetts players of SciPlay’s online social casino games other than the claimant. On October 12, 2023, the respondent filed its answering statement to claimant’s arbitration demand. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the arbitration demand are without merit, and intend to vigorously defend against them.

Discontinued Operations - Income Statement and Balance Sheet Disclosures (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Jun. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]

Income tax expense

$ (14,000)

$ (4,000)

$ (27,000)

$ (8,000)

Net income from discontinued operations, net of tax included in the consolidated statement of operations

$ 0

3,855,000

Discontinued Operations

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Proceeds from divestiture of businesses, net of cash divested

6,409,000

Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]

Other operating expenses(1)

32,000

371,000

Total cost of revenue

9,000

177,000

^[1]

31,000

180,000

Operating (loss) income

(8,000)

14,000

Total other income, net

2,000

10,000

Net (loss) income from discontinued operations before income taxes

(6,000)

24,000

Gain on sale of discontinued operations before income taxes

362,000

4,930,000

Total net income from discontinued operations before income taxes

356,000

4,954,000

Income tax expense

(41,000)

(1,099,000)

Net income from discontinued operations, net of tax included in the consolidated statement of operations

315,000

3,855,000

Discontinued operations, stock-based compensation

7,000

18,000

Disposal group, direct transaction closing fees

7,000

$ 85,000

Discontinued Operations | Lottery Business

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Proceeds from divestiture of businesses, net of cash divested

$ 5,700,000

Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]

Gain on sale of discontinued operations before income taxes

$ 4,600,000

Discontinued Operations | Sports Betting Business Segment

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Proceeds from divestiture of businesses, net of cash divested

796,000

Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]

Gain on sale of discontinued operations before income taxes

$ 362,000

[1]	(1) The three and nine months ended September 30, 2022 include stock-based compensation of $7 million and $18 million, respectively, and $7 million and $85 million, respectively, related to direct transaction closing fees.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 80	$ 335	$ 112	$ 3,658
Foreign currency translation loss, net of tax	(71)	(105)	(21)	(183)
Derivative financial instruments unrealized gain, net of tax	5	24	8	29
Other comprehensive loss from continuing operations	(66)	(81)	(13)	(154)
Other comprehensive income from discontinued operations	0	12	0	0
Total comprehensive income	14	266	99	3,504
Less: comprehensive income attributable to noncontrolling interest	5	7	16	13
Comprehensive income attributable to L&W	$ 9	$ 259	$ 83	$ 3,491

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount of Net Income (Loss) attributable to noncontrolling interest.

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Schedule of Outstanding Debt

Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

The following table reflects our outstanding debt (in order of priority and maturity):


	As of
	September 30, 2023								December 31, 2022
	Final Maturity	Rate(s)	Face value		Unamortized debt discount/premium and deferred financing costs, net		Book value		Book value
Senior Secured Credit Facilities:
SciPlay Revolver(1)	2024	variable	$	—	$	—	$	—	$	—
LNWI Revolver	2027	variable	—		—		—		—
LNWI Term Loan B	2029	variable	2,173		(27)		2,146		2,159
LNWI Senior Notes:
2025 Unsecured Notes	2025	8.625%	—		—		—		545
2028 Unsecured Notes	2028	7.000%	700		(6)		694		693
2029 Unsecured Notes	2029	7.250%	500		(5)		495		495
2031 Unsecured Notes	2031	7.500%	550		(8)		542		—
Other	—	—	—		—		—		2
Total long-term debt outstanding			$	3,923	$	(46)	$	3,877	$	3,894
Less: current portion of long-term debt							(22)		(24)
Long-term debt, excluding current portion							$	3,855	$	3,870
Fair value of debt(2)			$	3,895




(1) On October 23, 2023, upon completion of the SciPlay Merger, the SciPlay Revolver was terminated.
(2) 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 Components of Extinguishment and Modification of Debt


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Repayment of principal balance at premium	$	12	$	—	$	12	$	90
Unamortized debt discount and deferred financing costs, net	3		—		3		57

Total loss on debt refinancing transactions	$	15	$	—	$	15	$	147

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

Receivables, Allowance for Credit Losses and Credit Quality of Receivables

Leases - Maturities of Lease Liabilities (Details) $ in Millions	Sep. 30, 2023 USD ($)
Leases [Abstract]
Remainder of 2023	$ 5
2024	17
2025	13
2026	9
2027	5
Thereafter	4
Less Imputed Interest	(6)
Total	$ 47

Receivables, Allowance for Credit Losses and Credit Quality of Receivables

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Receivables

The following table summarizes the components of current and long-term receivables, net:


	As of
	September 30, 2023		December 31, 2022
Current:
Receivables	$	517	$	493
Allowance for credit losses	(40)		(38)
Current receivables, net	477		455
Long-term:
Receivables	12		16
Allowance for credit losses	(1)		(2)
Long-term receivables, net	11		14
Total receivables, net	$	488	$	469

Allowance for Credit Losses

We manage our receivable portfolios using both geography and delinquency as key credit quality indicators. The following summarizes geographical delinquencies of total receivables, net:


	As of
	September 30, 2023		Balances over 90 days past due		December 31, 2022		Balances over 90 days past due
Receivables:
U.S. and Canada	$	331	$	3	$	297	$	5
International	198		41		212		34
Total receivables	529		44		509		39
Receivables allowance:
U.S. and Canada	(18)		(5)		(18)		(5)
International	(23)		(13)		(22)		(22)
Total receivables allowance	(41)		(18)		(40)		(27)
Receivables, net	$	488	$	26	$	469	$	12

Account balances are charged against the allowances after all internal and external collection efforts have been exhausted and the potential for recovery is considered remote.

The activity in our allowance for receivable credit losses for each of the three and nine months ended September 30, 2023 and 2022 is as follows:


	2023						2022
	Total		U.S. and Canada		International		Total
Beginning allowance for credit losses	$	(40)	$	(18)	$	(22)	$	(54)
Provision	(1)		(1)		—		(3)
Charge-offs and recoveries	1		—		1		7
Allowance for credit losses as of March 31	$	(40)	$	(19)	$	(21)	$	(50)
Provision	(4)		—		(4)		(1)
Charge-offs and recoveries	2		1		1		3
Allowance for credit losses as of June 30	$	(42)	$	(18)	$	(24)	$	(48)
Provision	—		—		—		4
Charge-offs and recoveries	1		—		1		1
Allowance for credit losses as of September 30	$	(41)	$	(18)	$	(23)	$	(43)

As of September 30, 2023 and December 31, 2022, 5% and 3%, respectively, of our total receivables, net, were past due by over 90 days.

Credit Quality of Receivables

We have certain concentrations of outstanding receivables in international locations that impact our assessment of the credit quality of our receivables. We monitor the macroeconomic and political environment in each of these locations in our assessment of the credit quality of our receivables. The international customers with significant concentrations (generally deemed to be exceeding 10%) of our receivables with terms longer than one year are primarily in the Latin America region (“LATAM”) and are primarily comprised of Mexico, Peru and Argentina. The following table summarizes our LATAM receivables:


	As of September 30, 2023
	Total		Current		Balances over 90 days past due
Receivables	$	56	$	38	$	18
Allowance for credit losses	(17)		(9)		(8)
Receivables, net	$	39	$	29	$	10

We continuously review receivables and, as information concerning credit quality arises, reassess our expectations of future losses and record an incremental reserve if warranted at that time. Our current allowance for credit losses represents our current expectation of credit losses; however, future expectations could change as international unrest or other macro-economic factors impact the financial stability of our customers.

The fair value of receivables is estimated by discounting expected future cash flows using current interest rates at which similar loans would be made to borrowers with similar credit ratings and remaining maturities. As of September 30, 2023 and December 31, 2022, the fair value of receivables, net, approximated the carrying value due to contractual terms of receivables generally being less than 24 months.

Restructuring and Other (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Other Costs

The following table summarizes pre-tax restructuring and other costs for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Employee severance and related	$	2	$	5	$	15	$	7

Strategic review and related(1)	9		14		27		68
Contingent acquisition consideration(2)	1		—		10		12
Restructuring, integration and other	5		8		14		19
Total	$	17	$	27	$	66	$	106



(1) Includes costs associated with the SciPlay Merger, ASX listing, Divestitures (including ongoing separation activities), rebranding and related activities.
(2) Represents contingent consideration fair value adjustment (see Note 12).

Long-term Debt - Schedule of Outstanding Debt (Details) - USD ($)
$ in Millions

Sep. 30, 2023

Aug. 23, 2023

Dec. 31, 2022

Unamortized debt discount/premium and deferred financing costs, net

$ 3,923

Less: current portion of long-term debt

3,877

$ 3,894

(22)

(24)

Long-term debt, excluding current portion

3,855

3,870

Fair value of debt

^[1]

3,895

Secured Debt | Senior Secured Credit Facilities | SciPlay Revolver

Unamortized debt discount/premium and deferred financing costs, net

^[2]

^[2]

Secured Debt | Senior Secured Credit Facilities | LNWI Revolver

^[2]

Unamortized debt discount/premium and deferred financing costs, net

Secured Debt | Senior Secured Credit Facilities | LNWI Term Loan B

Unamortized debt discount/premium and deferred financing costs, net

2,173

Senior Notes | 2025 Unsecured Notes

$ 2,146

2,159

8.625%

Unamortized debt discount/premium and deferred financing costs, net

$ 0

Senior Notes | 2028 Unsecured Notes

$ 0

545

7.00%

Unamortized debt discount/premium and deferred financing costs, net

$ 700

Senior Notes | 2029 Unsecured Notes

$ 694

693

7.25%

Unamortized debt discount/premium and deferred financing costs, net

$ 500

Senior Notes | 2031 Unsecured Notes

$ 495

495

7.50%

Unamortized debt discount/premium and deferred financing costs, net

$ 550

542

Other | Other

Unamortized debt discount/premium and deferred financing costs, net

$ 0

$ 2

[1]	(2) 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.
[2]	(1) On October 23, 2023, upon completion of the SciPlay Merger, the SciPlay Revolver was terminated.

Fair Value Measurements - Additional Information (Details) - Cash Flow Hedging - Designated as Hedging Instrument - Interest rate swap $ in Millions	Sep. 30, 2023 USD ($)
Derivative [Line Items]
Derivative average fixed interest rate	2.832%
Notional amount	$ 700

Business Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

$ 731

$ 648

$ 2,131

$ 1,830

Reconciling items to net income from continuing operations before income taxes:

^[1]

286

235

815

648

(90)

(102)

(298)

(317)

Loss on debt financing transactions

(17)

(27)

(66)

(106)

Interest expense

(78)

(68)

(231)

(254)

(15)

(147)

Gain on remeasurement of debt and other

Other income (expense), net

Net income (loss) from continuing operations before income taxes

(31)

(15)

(85)

(47)

139

(189)

Operating Segments | Gaming

465

419

1,354

1,163

Reconciling items to net income from continuing operations before income taxes:

^[1]

235

202

673

552

(64)

(81)

(221)

(246)

Operating Segments | SciPlay

(1)

(10)

(5)

196

171

573

489

Reconciling items to net income from continuing operations before income taxes:

^[1]

174

128

(6)

(23)

(16)

Operating Segments | iGaming

(2)

(1)

(5)

(4)

204

178

Reconciling items to net income from continuing operations before income taxes:

^[1]

(12)

(10)

(36)

(37)

Unallocated and Reconciling Items

(4)

(14)

(15)

^[2]

Reconciling items to net income from continuing operations before income taxes:

^[1],[2]

(35)

(30)

(104)

(93)

^[2]

(8)

(5)

(18)

Loss on debt financing transactions

^[2]

(10)

(25)

(37)

(82)

Interest expense

^[2]

(78)

(68)

(231)

(254)

(15)

(147)

Gain on remeasurement of debt and other

^[2]

Other income (expense), net

^[2]

$ (15)