Quarterly report [Sections 13 or 15(d)]

Debt (Tables)

v3.25.1
Debt (Tables)
3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Our debt as of March 31, 2025 and December 31, 2024 consisted of the following:
          Principal Amount at
Carrying value(a) at
Issuer / Borrower Issued Debt Maturity Date Interest
Payable
March 31, 2025 March 31, 2025 December 31, 2024
Sirius XM Holdings notes and loans:
Sirius XM Holdings(b)
March 2023
3.75% Convertible Senior Notes
March 15, 2028
Semi-annually in arrears on March 15 and September 15
$ 575  $ 596  $ 594 
Sirius XM notes and loans:
Sirius XM(c)
September 2024
Incremental Term Loan (the “Delayed Draw Incremental Term Loan”)
September 9, 2027 variable fee paid quarterly 1,073  1,073  1,086 
Sirius XM
December 2012
Senior Secured Revolving Credit Facility (the “Credit Facility”)
August 31, 2026 variable fee paid quarterly 100  100  — 
Sirius XM(c)
August 2021
3.125% Senior Notes
September 1, 2026 semi-annually on March 1 and September 1 1,000  997  996 
Sirius XM(c)
July 2017
5.00% Senior Notes
August 1, 2027 semi-annually on February 1 and August 1 1,500  1,496  1,495 
Sirius XM(c)
June 2021
4.00% Senior Notes
July 15, 2028 semi-annually on January 15 and July 15 2,000  1,989  1,988 
Sirius XM(c)
June 2019
5.500% Senior Notes
July 1, 2029 semi-annually on January 1 and July 1 1,250  1,243  1,243 
Sirius XM(c)
June 2020
4.125% Senior Notes
July 1, 2030 semi-annually on January 1 and July 1 1,500  1,490  1,490 
Sirius XM(c)
August 2021
3.875% Senior Notes
September 1, 2031 semi-annually on March 1 and September 1 1,500  1,488  1,488 
Sirius XM Various Finance leases Various  n/a  n/a 11 
Total debt
10,481  10,391 
Less: total current maturities
61  61 
Less: total deferred financing costs, net
15  16 
Total long-term debt $ 10,405  $ 10,314 
(a)The carrying value of the obligations is net of any remaining unamortized original issue discount except for the debt measured at fair value noted in (b) below.
(b)Measured at fair value.
(c)On September 3, 2024, Sirius XM added a parent guarantee from Sirius XM Inc. to each series of Sirius XM notes in connection with the conversion of Sirius XM into a Delaware limited liability company. All material domestic subsidiaries of Sirius XM, including Pandora and its subsidiaries, that guarantee the Credit Facility have guaranteed the Delayed Draw Incremental Term Loan and these notes.
The fair values, based on quoted market prices of the same instruments but not considered to be active markets (Level 2), of Sirius XM’s debt securities, not reported at fair value, whose carrying value does not approximate fair value, are as follows:
March 31, 2025 December 31, 2024
Sirius XM 3.125% Senior Notes due 2026
$ 968  $ 960 
Sirius XM 5.0% Senior Notes due 2027
$ 1,466  $ 1,459 
Sirius XM 4.0% Senior Notes due 2028
$ 1,863  $ 1,843 
Sirius XM 5.50% Senior Notes due 2029
$ 1,206  $ 1,198 
Sirius XM 4.125% Senior Notes due 2030
$ 1,331  $ 1,311 
Sirius XM 3.875% Senior Notes due 2031
$ 1,281  $ 1,258