Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.7.0.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2017
Accounting Policies [Abstract]  
Summary of assets and liabilities measured at fair value
Our assets and liabilities measured at fair value were as follows:
 
June 30, 2017
 
December 31, 2016
 
Level 1
 
Level 2
 
Level 3
 
Total Fair
Value
 
Level 1
 
Level 2
 
Level 3
 
Total Fair
Value
Assets:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Pandora - investment (a)
—

 
$
173,104

 
—

 
$
173,104

 
—

 
—

 
—

 
$
—

Sirius XM Canada - investment (b)
—

 
—

 
—

 
N/A
 
$
178,696

 
—

 
—

 
$
178,696

Liabilities:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Debt (c)
—

 
$
6,735,887

 
—

 
$
6,735,887

 
—

 
$
6,008,205

 
—

 
$
6,008,205

(a)
During the three months ended June 30, 2017, we entered into an investment agreement with Pandora. We have elected the fair value option to account for this investment. Refer to Note 11 for information on this transaction.
(b)
During the three months ended June 30, 2017, we completed a recapitalization of Sirius XM Canada. Following this recapitalization, Sirius XM Canada ceased to be a publicly traded company. Refer to Note 10 for information on this transaction. The amount as of December 31, 2016 approximated fair value.  The carrying value of our investment in Sirius XM Canada was $313,698 and $8,615 as of June 30, 2017 and December 31, 2016, respectively.
(c)
The fair value for non-publicly traded instruments is based upon estimates from a market maker and brokerage firm.  Refer to Note 12 for information related to the carrying value of our debt as of June 30, 2017 and December 31, 2016.