Company: LAWIL
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000750004-25-000016
Chunk: 68

Company: Light & Wonder, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 68
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 $29 million for the year ended December 31, 2023.

Restructuring and Other

The slight increase in restructuring and other was primarily due to higher charges related to certain legal matters, partially offset by lower professional service, legal and other costs related to the strategic review and related transactions. The year ended December 31, 2024 included $79 million in legal charges. The year ended December 31, 2023 included $15 million in costs associated with the SciPlay Merger and $7 million in professional services associated with the ASX listing. The year ended December 31, 2023 also included contingent consideration remeasurement charges of $19 million. 

Other Factors Affecting Net Income Attributable to L&W

Year Ended December 31,Factors Affecting Net Income Attributable to L&W(in millions)202420232024 vs. 2023Loss on debt financing transactions$(2)$(15)Loss on debt financing transactions included charges of $12 million in 2023 associated with premiums paid to redeem certain senior notes.Other income, net48 11 Other income, net, included a $28 million gain on sale of assets in 2024 as well as the impact of changes in foreign currency exchange rates.Income tax expense(1)(85)(25)The increase in income tax expense was primarily due to the increase in worldwide income as well as tax benefits of internal restructuring transactions in the prior-year period.(1) For additional information regarding the changes in our effective tax rates and the variance in our income tax expense, see Note 18.

54

Foreign Currency Exchange (“F/X”)

Our results are impacted by changes in foreign currency exchange rates used in the translation of foreign functional currencies into USD and the re-measurement of foreign currency transactions or balances. The impact of foreign currency exchange rate fluctuations represents the difference between current rates and prior-period rates applied to current activity. Our exposure to foreign currency volatility on revenue is as follows:

Year Ended December 31, 20242023($ in millions)Revenue% Consolidated RevenueF/X Impact on RevenueRevenue% Consolidated RevenueF/X Impact on RevenueForeign Currency:British Pound Sterling$158 5 %$3 $138 5 %$2 Euro207 6 %1 198 7 %4 Australian Dollar155 5 %(2)95 3 %(4)

BUSINESS SEGMENT RESULTS

The following presents information about our business segment results of operations