Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of debt outstanding

The following table reflects our outstanding debt:

	As of December 31,
	2023								2022
	Final Maturity	Rate(s)	Face Value		Unamortized debt discount/premium and deferred financing costs, net		Book Value		Book Value
Senior Secured Credit Facilities:
LNWI Revolver	2027	variable	$	—	$	—	$	—	$	—
LNWI Term Loan B	2029	variable	2,167		(26)		2,141		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		(7)		543		—
Other	—	—	1		—		1		2
Total long-term debt outstanding			$	3,918	$	(44)	$	3,874	$	3,894
Less: current portion of long-term debt							(22)		(24)
Long-term debt, excluding current portion							$	3,852	$	3,870
Fair value of debt(1)			$	3,968
(1) 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 payments due over the next five years and beyond as of December 31, 2023:

Due	Total Principal Due		Series of Debt	Principal Due per Series of Debt
2024	$	22	Term Loan B	$	22
2025	22		Term Loan B	22
2026	23		Term Loan B	22
			Other	1
2027	22		Term Loan B	22
			Drawn Revolving Credit Facility	—
2028	722		Term Loan B	22
			2028 Unsecured Notes	700
2029 and beyond	3,107		Term Loan B	2,057
			2029 Unsecured Notes	500
			2031 Unsecured Notes	550
Unamortized discount and deferred financing costs	(44)
Total debt book value as of December 31, 2023	$	3,874

Summary of note ranking, guarantees, and collateral

The following table sets forth the date of the indenture, redemption prices and dates and ranking, guarantees and collateral for each of our outstanding series of notes:

Series of Notes	Indenture Date	Redeemable at Make Whole Price Prior To(1)	Ranking, Guarantees and Collateral
2028 Unsecured Notes	November 26, 2019	May 15, 2023	Senior Unsecured
2029 Unsecured Notes	November 26, 2019	November 15, 2024	Senior Unsecured
2031 Unsecured Notes	August 23, 2023	September 1, 2026	Senior Unsecured
(1) Refers to the date prior to which such series of notes may be redeemed at a redemption price equal to 100% of the principal amount of such notes plus accrued and unpaid interest, if any, to the date of redemption plus a “make whole” premium. On or after such date, such notes may be redeemed at the prices specified in the indenture governing such notes.

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,
	2023		2022		2021
Repayment of principal balance at premium	$	12	$	90	$	—
Unamortized debt discount and deferred financing costs, net	3		57		—
Total loss on debt financing transactions	$	15	$	147	$	—