| Summary of assets and liabilities measured at fair value |
Our assets and liabilities measured at fair value were as follows:
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September 30, 2017 |
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December 31, 2016 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total Fair
Value |
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Level 1 |
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Level 2 |
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Level 3 |
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Total Fair
Value |
Assets: |
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Pandora - investment (a)
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— |
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$ |
552,245 |
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— |
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$ |
552,245 |
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— |
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— |
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— |
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$ |
— |
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Sirius XM Canada - investment (b)
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— |
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— |
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— |
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N/A |
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$ |
178,696 |
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— |
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— |
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$ |
178,696 |
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Liabilities: |
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Debt (c)
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— |
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$ |
7,081,843 |
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— |
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$ |
7,081,843 |
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— |
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$ |
6,008,205 |
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$ |
6,008,205 |
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(a) |
During the nine months ended September 30, 2017, Sirius XM completed a $480,000 investment in Pandora. We have elected the fair value option to account for this investment. Refer to Note 10 for information on this transaction.
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(b) |
During the nine months ended September 30, 2017, Sirius XM 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 $323,593 and $8,615 as of September 30, 2017 and December 31, 2016, respectively. Additionally, as part of this transaction we loaned Sirius XM Canada $130,794. The carrying value of the loan as of September 30, 2017 was $141,189 and approximated its fair value.
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(c) |
The fair value for non-publicly traded instruments is based upon estimates from a market maker and brokerage firm. Refer to Note 11 for information related to the carrying value of our debt as of September 30, 2017 and December 31, 2016.
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