Company: LAWIL
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000750004-25-000016
Chunk: 138

Company: Light & Wonder, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 138
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As of December 31,20242023Gross CarryingValueAccumulatedAmortizationNet BalanceGross CarryingValueAccumulatedAmortizationNet BalanceAmortizable intangible assets:   Customer relationships$898 $(624)$274 $904 $(567)$337 Intellectual property 924 (801)123 947 (771)176 Licenses290 (242)48 290 (217)73 Brand names128 (125)3 129 (120)9 Trade names161 (159)2 163 (157)6 Patents and other11 (7)4 11 (7)4 Total intangible assets$2,412 $(1,958)$454 $2,444 $(1,839)$605 The following reflects intangible amortization expense included within D&A: Year Ended December 31,202420232022Amortization expense(1)$149 $199 $239 (1) The year ended December 31, 2023 includes an intangible assets non-cash impairment charge of $4 million related to SciPlay restructuring of a certain foreign studio.Estimated intangible asset amortization expense for the year ending December 31, 2025 and each of the subsequent four years is as follows:Year Ending December 31,20252026202720282029Amortization expense$116 $103 $96 $70 $48 We assess the recoverability of long-lived assets and intangible assets with finite useful lives whenever events arise or circumstances change that indicate the carrying value of an asset may not be recoverable. Recoverability of long-lived assets (or asset groups) to be held and used is measured by a comparison of the carrying value of the asset (or asset group) to the expected net future undiscounted cash flows to be generated by that asset (or asset group). Any impairment of other long-lived assets and intangible assets with finite lives is measured by the amount by which the carrying value of the asset exceeds the fair market value of the asset.During the fourth quarter of 2021 and as a result of corporate-wide rebranding, we determined that useful lives for certain of our finite-lived and previously indefinite-lived trade names in our Gaming business segment warranted a change. We first performed an impairment assessment, which indicated that carrying values of these trade names were not impaired. The change in useful life determination was treated