Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.5.0.2
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2016
Accounting Policies [Abstract]  
Summary of assets and liabilities measured at fair value
Our assets and liabilities measured at fair value were as follows:
 
September 30, 2016
 
December 31, 2015
 
Level 1
 
Level 2
 
Level 3
 
Total Fair
Value
 
Level 1
 
Level 2
 
Level 3
 
Total Fair
Value
Assets:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Sirius XM Canada Holdings Inc. (“Sirius XM Canada”) - investment (a)
$
171,297

 
—

 
—

 
$
171,297

 
$
141,850

 
—

 
—

 
$
141,850

Liabilities:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Debt (b)
—

 
$
6,422,566

 
—

 
$
6,422,566

 
—

 
$
5,649,173

 
—

 
$
5,649,173

(a)
This amount approximates fair value.  The carrying value of our investment in Sirius XM Canada was $5,853 and $0 as of September 30, 2016 and December 31, 2015, respectively.
(b)
The fair value for non-publicly traded instruments is based upon estimates from a market maker and brokerage firm.  Refer to Note 10 for information related to the carrying value of our debt as of September 30, 2016 and December 31, 2015.
Early adoption impact of previously reported results
The adoption of this ASU impacted our previously reported quarterly results during fiscal year 2016 as follows:
 
For the Three Months Ended

For the Six Months Ended
 
March 31, 2016

June 30, 2016

June 30, 2016
Income statements:
As reported
 
As adjusted
 
As reported
 
As adjusted
 
As reported

As adjusted
Income tax expense
$
(109,343
)
 
$
(108,242
)
 
$
(108,260
)

$
(106,310
)

$
(217,603
)

$
(214,552
)
Net income
$
171,339


$
172,440


$
173,015


$
174,965


$
344,354


$
347,405

Net income per common share - basic
$
0.03

 
$
0.03

 
$
0.04

 
$
0.04

 
$
0.07

 
$
0.07

Net income per common share - diluted
$
0.03

 
$
0.03

 
$
0.03

 
$
0.04

 
$
0.07

 
$
0.07