Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.8.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
Summary of assets and liabilities measured at fair value
Our assets and liabilities measured at fair value were as follows:
 
December 31, 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)
$
—

 
480,472

 
—

 
$
480,472

 
$
—

 
—

 
—

 
$
—

Sirius XM Canada - investment (b)
$
—

 
—

 
—

 
$
—

 
$
178,696

 
—

 
—

 
$
178,696

Liabilities:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Debt (c)
—

 
$
6,987,473

 
—

 
$
6,987,473

 
—

 
$
6,008,205

 
—

 
$
6,008,205

(a)
During the year ended December 31, 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 11 for information on this transaction.
(b)
During the year ended December 31, 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 11 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 $341,214 and $8,615 as of December 31, 2017 and 2016, respectively. Additionally, as part of this transaction we loaned Sirius XM Canada $130,794. The carrying value of the loan as of December 31, 2017 was $140,073 and approximated its fair value.
(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 December 31, 2017 and 2016.