| Summary of related party balances |
We had the following related party balances associated with Sirius XM Canada:
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June 30, 2017 |
|
December 31, 2016 |
Related party current assets |
$ |
12,085 |
|
|
$ |
6,170 |
|
Related party long-term assets |
$ |
449,417 |
|
|
$ |
8,918 |
|
Related party current liabilities |
$ |
2,840 |
|
|
$ |
2,840 |
|
Related party long-term liabilities |
$ |
6,535 |
|
|
$ |
7,955 |
|
|
| Schedule of related party revenues and other income |
We recorded the following revenue and other (expense) income associated with Sirius XM Canada in our unaudited consolidated statements of comprehensive income:
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For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenue (a)(b)
|
$ |
28,129 |
|
|
$ |
10,667 |
|
|
$ |
40,345 |
|
|
$ |
20,578 |
|
Other (expense) income |
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|
|
|
|
|
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|
|
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Share of net (loss) earnings (b)
|
$ |
(5,197 |
) |
|
$ |
2,177 |
|
|
$ |
(2,183 |
) |
|
$ |
8,451 |
|
Dividends (c)
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,796 |
|
|
$ |
3,575 |
|
Interest income (d)
|
$ |
803 |
|
|
$ |
— |
|
|
$ |
803 |
|
|
$ |
— |
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(a) |
Prior to the Transaction, under our legacy agreements with Sirius XM Canada, we received a percentage-based royalty of 10% and 15% for certain types of subscription revenue earned by Sirius XM Canada for the use of Sirius and XM platforms, respectively, and additional royalties for premium services and royalties for activation fees and reimbursements for other charges. We record revenue from Sirius XM Canada as Other revenue in our unaudited consolidated statements of comprehensive income.
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(b) |
Prior to the Transaction, we recognized our proportionate share of revenue and earnings or losses attributable to Sirius XM Canada as they occurred as Other revenue and as a component of Other (expense) income, respectively, in our unaudited consolidated statements of comprehensive income on a one month lag. As a result of the Transaction, there is no longer a one-month lag for recognizing our proportionate share of revenue and earnings or losses attributable to Sirius XM Canada.
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(c) |
Sirius XM Canada paid dividends to us on a gross basis of $3,973 during the three months ended June 30, 2016, and $3,796 and $7,548 during the six months ended June 30, 2017 and 2016, respectively. These dividends were first recorded as a reduction to our investment balance in Sirius XM Canada to the extent a balance existed and then as Other (expense) income for the remaining portion. Sirius XM Canada did not pay any dividends to us during the three months ended June 30, 2017.
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(d) |
This interest income relates to the loan to Sirius XM Canada and is recorded as Other (expense) income in our unaudited consolidated statements of comprehensive income. |
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