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Long-Term and Other Debt (Tables)
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt The following table reflects our outstanding debt (in order of priority and maturity):
As of
September 30, 2021December 31, 2020
Final MaturityRate(s)Face valueUnamortized debt discount/premium and deferred financing costs, netBook valueBook value
Senior Secured Credit Facilities:
SGI Revolver2024variable$135 $— $135 $535 
SGI Term Loan B-52024variable4,028 (39)3,989 4,012 
SciPlay Revolver2024variable— — — — 
SGI Senior Notes:
2025 Secured Notes(1)
20255.000%1,250 (11)1,239 1,237 
2026 Secured Euro Notes(2)
20263.375%377 (4)373 395 
2025 Unsecured Notes20258.625%550 (7)543 542 
2026 Unsecured Euro Notes(2)
20265.500%290 (3)287 303 
2026 Unsecured Notes20268.250%1,100 (11)1,089 1,088 
2028 Unsecured Notes20287.000%700 (8)692 691 
2029 Unsecured Notes20297.250%500 (6)494 493 
Finance lease obligations as of September 30, 2021 payable monthly through 2023 and other(3)
20234.219%5 — 5 7 
Total long-term debt outstanding$8,935 $(89)$8,846 $9,303 
Less: current portion of long-term debt(44)(44)
Long-term debt, excluding current portion$8,802 $9,259 
Fair value of debt(4)
$9,202 
(1) In connection with the February 2018 Refinancing (see Note 15 in our 2020 10-K), we entered into certain cross-currency interest rate swap agreements to achieve more attractive interest rates by effectively converting $460 million of the fixed-rate, U.S. Dollar-denominated 2025 Secured Notes, including the semi-annual interest payments through October 2023, to a fixed-rate Euro-denominated debt, with a fixed annual weighted average interest rate of approximately 2.946%. These cross-currency swaps have been designated as a hedge of our net investment in certain subsidiaries.
(2) We designated a portion of our 2026 Secured Euro Notes as a net investment non-derivative hedge of our investments in certain of our international subsidiaries that use the Euro as their functional currency in order to reduce the volatility in our operating results caused by the change in foreign currency exchange rates of the Euro relative to the U.S. Dollar (see Note 12 for additional information). The total change in the face value of the 2026 Secured Euro Notes and 2026 Unsecured Euro Notes due to changes in foreign currency exchange rates since the issuance was a reduction of $46 million, of which gains of $12 million and $30 million were recognized on remeasurement of debt in the Consolidated Statements of Operations for the three and nine months ended September 30, 2021, respectively.
(3) Includes $5 million related to certain revenue transactions presented as debt in accordance with ASC 470.
(4) Fair value of our fixed rate and variable interest rate debt is classified within Level 2 in the fair value hierarchy and has been calculated based on the quoted market prices of our securities.