Company: LAWIL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000750004-25-000048
Chunk: 102

Company: Light & Wonder, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 102
---
 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.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its impact on our consolidated financial statements. 

(14) Leases 

Our total operating lease expense for the three and six months ended June 30, 2025 was $7 million and $13 million, respectively, and $6 million and $12 million for the three and six months ended June 30, 2024, respectively. The total amount of variable and short-term lease payments was immaterial for all periods presented.

25

Supplemental balance sheet and cash flow information related to operating leases is as follows:As of June 30, 2025December 31, 2024Operating lease right-of-use assets$44 $44 Accrued liabilities19 16 Operating lease liabilities30 31 Total operating lease liabilities$49 $47 Weighted average remaining lease term, years33Weighted average discount rate6 %6 %Six Months Ended June 30,20252024Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows for operating leases$10 $11 Right-of-use assets obtained in exchange for new lease liabilities:Operating leases$7 $2 Lease liability maturities:Remainder of 20252026202720282029ThereafterLess Imputed InterestTotalOperating leases$11 $19 $12 $8 $2 $1 $(4)$49 As of June 30, 2025, we did not have material additional operating leases that have not yet commenced.

(15) Litigation

We are involved in various legal proceedings, including those discussed below. We record an accrual for legal contingencies when it is both probable that a liability has been incurred and the amount or range of the loss can be reasonably estimated (although, as discussed below, there may be an exposure to loss in excess of