Company: LAWIL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000750004-25-000031
Chunk: 41

Company: Light & Wonder, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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 March 31, 2025, we had $138 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, 2025 and 2024 was $110 million and $124 million, respectively.Share Repurchase ProgramsOn June 11, 2024, our Board of Directors approved a share repurchase program under which the Company is authorized to repurchase, from time to time through June 12, 2027, up to an aggregate amount of $1.0 billion of shares of outstanding common stock. During the three months ended March 31, 2025, we repurchased approximately 1.9 million shares of common stock under the repurchase program at an aggregate cost of $167 million (including excise tax).

(13) Income Taxes

We consider new evidence (both positive and negative) at each reporting date that could affect our view of the future realization of deferred tax assets. We evaluate information such as historical financial results, historical taxable income, projected future taxable income, expected timing of the reversals of existing temporary differences and available prudent and feasible tax planning strategies in our analysis. Based on the available evidence, valuation allowances in certain U.S. and non-U.S. jurisdictions remain consistent as of March 31, 2025.Our income tax expense (including discrete items) was $23 million and $18 million for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, our effective tax rate differed from the U.S. statutory rate of 21% primarily as a result of worldwide tax rates on foreign earnings. In all periods, we recorded tax expense relative to pre-tax earnings in jurisdictions without valuation allowances.

(14) Leases 

Our total operating lease expense for the three months ended March 31, 2025 and 2024 was $6 million and $7 million, respectively. The total amount of variable and short-term lease payments was immaterial for all periods presented.Supplemental balance sheet and cash flow information related to operating leases is as follows:As of March 31, 2025December 31, 2024Operating lease right-of-use assets$42 $44 Accrued liabilities17 16 Operating lease liabilities29 31 Total operating lease liabilities$46