Stockholders' Equity (Deficit)

3 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Deficit

Changes in Stockholders’ Equity

The following tables present certain information regarding our stockholders’ equity as of March 31, 2024 and 2023:

	Three Months Ended March 31, 2024
	Common Stock		Additional Paid in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Loss		Total
January 1, 2024	$	1	$	1,118	$	680	$	(751)	$	(283)	$	765
Settlement of liability awards	—		65		—		—		—		65
Vesting of RSUs, net of tax withholdings and other	—		(43)		—		—		—		(43)
Purchase of treasury stock	—		—		—		(25)		—		(25)
Stock-based compensation	—		14		—		—		—		14
Net income	—		—		82		—		—		82
Other comprehensive loss	—		—		—		—		(23)		(23)
March 31, 2024	$	1	$	1,154	$	762	$	(776)	$	(306)	$	835

	Three Months Ended March 31, 2023
	Common Stock		Additional Paid in Capital		Accumulated Loss		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

Stock-based Compensation

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

	Three Months Ended March 31,
	2024		2023
Related to L&W RSUs	$	22	$	19
Related to SciPlay RSUs	—		7
Total(1)	$	22	$	26
(1) Includes $8 million and $11 million of stock-based compensation classified as liability awards as of March 31, 2024 and 2023, respectively.

Restricted Stock Units

A summary of the changes in RSUs outstanding under our equity-based compensation plans during the three months ended March 31, 2024 is presented below:

	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested RSUs as of December 31, 2023	2.3	$	55.53
Granted	1.3	$	99.65
Vested	(1.2)	$	73.52
Cancelled	—	$	49.73
Unvested RSUs as of March 31, 2024	2.4	$	71.10

The weighted-average grant date fair value of RSUs granted during the three months ended March 31, 2024 and 2023 was $99.65 and $56.93, 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 March 31, 2024, we had $144 million of unrecognized stock-based compensation expense relating to unvested RSUs amortized over a weighted-average period of approximately 1.5 years. The fair value at vesting date of RSUs vested during the three months ended March 31, 2024 and 2023 was $124 million and $44 million, respectively.

Share Repurchase Program

On March 1, 2022, our Board of Directors approved a share repurchase program under which the Company is authorized to repurchase, from time to time through February 25, 2025, up to an aggregate amount of $750 million of shares of our outstanding common stock. During the three months ended March 31, 2024, we repurchased approximately 0.2 million shares of common stock under the program at an aggregate cost of $25 million (including excise tax).