Company: LAWIL
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000750004-25-000016
Chunk: 122

Company: Light & Wonder, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 122
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 GuidanceThe FASB issued ASU No. 2023-07, Segment Reporting (Topic 820) in November 2023. The new guidance enhances reportable segment disclosure requirements. Public entities are required to disclose significant segment expenses and other segment items by reportable segment if they are regularly provided to the Chief Operating Decision Maker (“CODM”) and included in each reported measure of segment profit or loss. Additionally, disclosure of the titles and positions of the CODM is required on an annual basis, as well as an explanation of how the CODM uses the reported measure(s) and other disclosures. 

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We adopted this standard during the current fiscal year and applied it retrospectively to all prior periods as presented in Note 2. The adoption of this guidance did not have a material effect on our consolidated financial statements.The FASB issued ASU No. 2023-09, Income Taxes (Topic 740) in December 2023. The new guidance enhances income tax disclosures, specifically as it pertains to the rate reconciliation, income taxes paid and certain other disclosures disaggregated by jurisdiction. The amendments in ASU No. 2023-09 are effective for all public entities for fiscal years beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of adopting this guidance.The FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) in November 2024. This new guidance requires public companies to disclose, in the notes to the financial statements, specified information about certain costs and expenses at each interim and annual reporting period, including purchases of inventory, employee compensation, depreciation and intangible asset amortization that is included in each relevant expense caption. This guidance also requires a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, among other increased disclosures. The amendments in ASU No. 2024-03 are effective for all public entities for fiscal years beginning after December 15, 2026, and early adoption is permitted. We are currently evaluating the impact of adopting this guidance.We do not expect that any other recently issued accounting guidance will have a significant effect on our consolidated financial statements.

(2) Business Segments

We report our operations in three business segments—Gaming, SciPlay and iGaming—representing our different products and services. Our Gaming business segment generally sells game content and gaming