Company: LAWIL
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000750004-25-000016
Chunk: 121

Company: Light & Wonder, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 121
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)$(13)Interest income20 34 17 Gain on sale of assets28 — 1 Other, net6 6 6 Total$48 $11 $11 Foreign currency translation and Comprehensive incomeWe have significant operations where the local currency is the functional currency, including our operations in the U.K., Europe, Australia and Canada. Assets and liabilities of foreign operations are translated at period-end rates of exchange and results of operations are translated at the average rates of exchange for the period. Gains or losses resulting from translating the foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive loss in stockholders’ equity.In addition to unrealized gains and losses from our foreign currency translation adjustments, our comprehensive income includes the effective portion of derivative financial instruments designated as hedging instruments. For periods prior to 2023, comprehensive income also included net investment non-derivative hedge of our investments in certain of our international subsidiaries and certain gains or losses associated with pension or other post-retirement benefits, including prior service costs or credits and transition assets or obligations.Discontinued operationsWe completed the Divestitures of our former Lottery Business and Sports Betting Business during 2022. For the sale of our former Lottery Business completed during the second quarter of 2022, we received $5.7 billion in gross cash proceeds and recorded a pre-tax gain of $4.6 billion. For the sale of our former Sports Betting Business completed during the third quarter of 2022, we received $793 million in gross proceeds and recorded a pre-tax gain of $359 million. We have reflected the prior period financial results of these Divested Businesses as discontinued operations in our consolidated statements of operations. The summarized results of our discontinued operations were as follows:Year Ended December 31, 2022Total revenue$371 Total cost of revenue(1)177 Other operating expenses(2)182 Operating income12 Total other income, net9 Net income from discontinued operations before income taxes21 Gain on sale of discontinued operations before income taxes4,927 Total net income from discontinued operations before income taxes4,948 Income tax expense(1,075)Net income from discontinued operations, net of tax included in the consolidated statement of operations$3,873 (1) Excludes D&A.(2) Includes stock-based compensation of $18 million and direct transaction closing fees of $87 million for the year ended December 31, 2022. New Accounting