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Long-Term and Other Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of debt outstanding
The following table reflects our outstanding debt:
As of December 31,
20212020
 Final MaturityRate(s)Face ValueUnamortized debt discount/premium and deferred financing costs, netBook ValueBook Value
Senior Secured Credit Facilities:
SGI Revolver2024variable$— $— $— $535 
SGI Term Loan B-52024variable4,018 (36)3,982 4,012 
SciPlay Revolver2024variable— — — — 
SGI Senior Notes:
2025 Secured Notes(1)
20255.000%1,250 (10)1,240 1,237 
2026 Secured Euro Notes(2)
20263.375%367 (3)364 395 
2025 Unsecured Notes20258.625%550 (6)544 542 
2026 Unsecured Euro Notes(2)
20265.500%283 (3)280 303 
2026 Unsecured Notes20268.250%1,100 (10)1,090 1,088 
2028 Unsecured Notes20287.000%700 (8)692 691 
2029 Unsecured Notes20297.250%500 (6)494 493 
Other(3)
20234.089%4 — 4 7 
Total long-term debt outstanding$8,772 $(82)$8,690 $9,303 
Less: current portion of long-term debt(44)(44)
Long-term debt, excluding current portion$8,646 $9,259 
Fair value of debt(4)
$9,009 
(1) We entered into certain cross-currency interest rate swap agreements to achieve more attractive interest rates by effectively converting $460 million of the fixed-rate, U.S. Dollar-denominated 2025 Secured Notes, including the semi-annual interest payments through October 2023, to a fixed-rate Euro-denominated debt, with a fixed annual weighted average interest rate of approximately 2.946%. These cross-currency swaps have been designated as a hedge of our net investment in certain subsidiaries.
(2) We designated a portion of our 2026 Secured Euro Notes as a net investment non-derivative hedge of our investments in certain of our international subsidiaries that use the Euro as their functional currency in order to reduce the volatility in our operating results caused by the change in foreign currency exchange rates of the Euro relative to the U.S. Dollar (see Note 16 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 $62 million, of which a gain of $41 million, a loss of $51 million and a gain of $9 million were recognized on remeasurement of debt in the Consolidated Statements of Operations for the years ended December 31, 2021, 2020, and 2019, respectively.
(3) Primarily comprised of certain revenue transactions presented as debt in accordance with ASC 470.
(4) Fair value of our fixed rate and variable interest rate debt is classified within Level 2 in the fair value hierarchy and has been calculated based on the quoted market prices of our securities.
Schedule of debt and capital lease payments due over the next five years and beyond The following reflects the principal amount of debt and finance lease payments due over the next five years and beyond as of December 31, 2021:
DueTotal Principal DueSeries of Debt/Finance leasePrincipal Due per Series of Debt/Lease
2022$44 Term Loan B-5$42 
Other2 
202344 Term Loan B-542 
Other2 
20243,934 Term Loan B-53,934 
Drawn Revolving Credit Facility— 
20251,800 2025 Secured Notes1,250 
2025 Unsecured Notes550 
20261,750 2026 Secured Euro Notes367 
2026 Unsecured Euro Notes283 
2026 Unsecured Notes1,100 
2027 and beyond1,200 2028 Unsecured Notes700 
2029 Unsecured Notes500 
Unamortized deferred financing costs and discount/premium(82)
Total debt book value as of December 31, 2021
$8,690 
Schedule of components of extinguishment and modification of debt
The following are components of the loss on debt financing transactions resulting from debt extinguishment and modification accounting:
Years Ended December 31,
202120202019
Repurchase and cancellation of principal balance at premium $— $— $80 
Unamortized debt (premium) discount and deferred financing costs, net— — 20 
Third party debt issuance fees— 1 — 
Total loss on debt financing transactions$— $1 $100