Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.19.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Summary of assets and liabilities measured at fair value
Our assets and liabilities measured at fair value were as follows:
 
March 31, 2019
 
December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Total Fair
Value
 
Level 1
 
Level 2
 
Level 3
 
Total Fair
Value
Assets:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Pandora investment (a)
—

 
—

 
—

 
$
—

 
—

 
$
523

 
—

 
$
523

Liabilities:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Debt (b)
—

 
$
7,403

 
—

 
$
7,403

 
—

 
$
6,633

 
—

 
$
6,633

(a)
During the year ended December 31, 2017, Sirius XM completed a $480 preferred stock investment in Pandora. Prior to the Pandora Acquisition, we elected the fair value option to account for this investment. This investment was canceled in conjunction with the Pandora Acquisition. Refer to Note 2 for information on this acquisition.
(b)
The fair value for non-publicly traded debt 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 March 31, 2019 and December 31, 2018.
Schedule of new ASU adoption impact on financial statements
The effect of the changes made to our consolidated balance sheet as of January 1, 2019 for the adoption of ASU 2016-02 is included in the table below.
 
Balance at December 31, 2018
 
Adjustments Due to ASU 2016-02
 
Balance at January 1, 2019
Balance Sheet
 
 
 
 
 
Assets:
 
 
 
 
 
Operating lease right-of-use assets
$
—

 
$
347

 
$
347

 
 
 
 
 
 
Liabilities:
 
 
 
 
 
Accounts payable and accrued expenses
$
736

 
$
(1
)
 
$
735

Operating lease current liabilities
—

 
30

 
30

Operating lease liabilities
—

 
339

 
339

Other long-term liabilities
102

 
(21
)
 
81