Company: LAWIL
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000750004-25-000016
Chunk: 154

Company: Light & Wonder, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 154
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 follows: Year Ended December 31, 202420232022United States$191 $92 $(191)Foreign230 113 28 Net income (loss) from continuing operations before income tax expense $421 $205 $(163)The components of income tax expense (benefit) are as follows: Year Ended December 31, 202420232022Current U.S. Federal$61 $53 $3 U.S. State22 6 1 Foreign84 50 38 Total167 109 42 Deferred U.S. Federal(61)(61)3 U.S. State(4)(15)1 Foreign(17)(8)(33)Total(82)(84)(29)Total income tax expense$85 $25 $13 

105

The reconciliation of the U.S. federal statutory tax rate to the actual tax rate is as follows: Year Ended December 31, 202420232022Statutory U.S. federal income tax rate21.0 %21.0 %21.0 %State tax expense2.2 %1.8 %(0.9)%Foreign earnings at rates different than U.S. federal rate1.6 %3.4 %0.8 %Foreign withholding taxes0.9 %3.1 %(1.7)%Valuation allowance adjustments1.5 %3.4 %6.3 %Permanent items(4.0)%(1.7)%0.7 %Earnings from consolidated subsidiaries— %— %(4.3)%Tax benefits from intraperiod tax allocation to discontinued operations— %— %(29.8)%Tax credits(2.5)%(4.7)%1.6 %Impact of internal planning and restructuring(3.0)%(6.4)%— %Impact of Divestitures— %(6.9)%— %Other2.6 %(0.9)%(1.7)%Effective income tax rate20.3 %12.1 %(8.0)%Our 2024 effective tax rate was impacted by the effect of worldwide tax rates on foreign earnings, offset by tax benefits of internal restructuring and tax credits. Our 2023 effective tax rate was impacted by the effect of worldwide tax rates on foreign earnings, offset by tax benefits of internal restructurings and the impact of the