If you like, you can take the payout over time and receive the entire $550 million. (Assuming you win, of course.)
Or you could take the entire $360.2 million and put it into U.S. Treasuries for 50 years. Then you could describe the current payout as being $800 million (or whatever $360.2 million with 50 years interest equals.)
Let’s be honest. The current lottery is for $360.2 million, not $550 million.