Discontinued Operations

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

We completed the Divestitures in 2022 and reflected the prior period financial results of the Divested Businesses as discontinued operations in our consolidated statements of operations. For the sale of our former Lottery Business completed during the second quarter of 2022, we received $5.7 billion in gross cash proceeds and recorded a pre-tax gain of $4.6 billion. For the sale of our former Sports Betting Business completed during the third quarter of 2022, we received $793 million in gross proceeds and recorded a pre-tax gain of $359 million.

The summarized results of our discontinued operations were as follows:

	Years Ended December 31,
	2022		2021
Total revenue	$	371	$	1,157
Total cost of revenue(1)	177		587
Other operating expenses(2)	182		233
Operating income	12		337
Total other income, net	9		101
Net income from discontinued operations before income taxes	21		438
Gain on sale of discontinued operations before income taxes	4,927		—
Total net income from discontinued operations before income taxes	4,948		438
Income tax expense	(1,075)		(72)
Net income from discontinued operations, net of tax included in the consolidated statement of operations	$	3,873	$	366
(1) Excludes D&A.
(2) Includes D&A of $79 million for the year ended December 31, 2021, stock-based compensation of $18 million and $24 million for the years ended December 31, 2022 and 2021, respectively, and direct transaction closing fees of $87 million for the year ended December 31, 2022. Due to the discontinued operations classification of the Divested Businesses as of the third quarter of 2021, D&A ceased and is not included for the year ended December 31, 2022.