Company: LAWIL
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000750004-25-000016
Chunk: 133

Company: Light & Wonder, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 133
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, 2024As of December 31, 2023TotalBalances over 90 days past dueTotalBalances over 90 days past dueReceivables:U.S. and Canada$369 $4 $344 $13 International353 39 240 50      Total receivables722 43 584 63 Receivables allowance:U.S. and Canada(15)(1)(17)(3)International(25)(15)(24)(12)Total receivables allowance(40)(16)(41)(15)Receivables, net$682 $27 $543 $48 Account balances are charged against the allowances after all internal and external collection efforts have been exhausted and the potential for recovery is considered remote.The activity in our allowance for receivable credit losses for the years ended December 31, 2024 and 2023 is as follows:20242023TotalU.S. and CanadaInternationalTotalBeginning allowance for credit losses$(41)$(17)$(24)$(40)Provision(5)— (5)(5)Charge-offs and recoveries6 2 4 4 Allowance for credit losses as of December 31$(40)$(15)$(25)$(41)

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At December 31, 2024, 4% of our total receivables, net, were past due by over 90 days compared to 9% at December 31, 2023.Credit Quality of ReceivablesIn our Gaming machine sales business, we file UCC-1 financing statements domestically in order to retain a security interest in the gaming machines that underlie a significant portion of our domestic receivables until the receivable balance is fully paid. However, the value of the gaming machines, if repossessed, may be less than the balance of the outstanding receivable. For international customers, depending on the country and our historic collection experience with the customer, we may obtain pledge agreements, bills of exchange, guarantees, post-dated checks or other forms of security agreements designed to enhance our ability to collect the receivables, although a majority of our international receivables do not have these features. In our Gaming operations business, because we own the Participation gaming machines that are leased or otherwise provided to the customer, in a bankruptcy the customer has to generally either accept or reject the lease or other agreement and, if rejected, our gaming machines are returned to us.