| 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, 2014 |
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December 31, 2013 |
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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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Sirius XM Canada Holdings Inc. ("Sirius XM Canada") - investment (a) |
$ |
303,500 |
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— |
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— |
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$ |
303,500 |
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$ |
432,200 |
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— |
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— |
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$ |
432,200 |
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Sirius XM Canada - fair value of host contract of debenture (b) |
$ |
— |
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— |
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— |
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$ |
— |
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$ |
— |
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— |
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3,641 |
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$ |
3,641 |
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Sirius XM Canada - fair value of embedded derivative of debenture (b) |
$ |
— |
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— |
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— |
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$ |
— |
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$ |
— |
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— |
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57 |
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$ |
57 |
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Liabilities: |
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Debt (c) |
$ |
— |
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5,270,623 |
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— |
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$ |
5,270,623 |
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$ |
— |
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4,066,755 |
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— |
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$ |
4,066,755 |
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Share Repurchase Agreement (d) |
$ |
— |
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— |
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— |
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$ |
— |
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$ |
— |
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15,702 |
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— |
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$ |
15,702 |
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(a) |
This amount approximates fair value. The carrying value of our investment in Sirius XM Canada was $1,292 and $26,972 as of September 30, 2014 and December 31, 2013, respectively.
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(b) |
As of December 31, 2013, we held an investment in CAD $4,000 face value of 8% convertible unsecured subordinated debentures issued by Sirius XM Canada for which the embedded conversion feature was bifurcated from the host contract. Sirius XM Canada redeemed and converted the debentures during the three months ended March 31, 2014.
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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 13 for information related to the carrying value of our debt as of September 30, 2014 and December 31, 2013.
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(d) |
The final installment under the share repurchase agreement with Liberty Media was settled on April 25, 2014. The fair value of the derivative associated with the share repurchase agreement was determined using observable inputs, including the U.S. spot LIBOR curve and other available market data and was recorded in our unaudited consolidated balance sheets in Related party current liabilities, with changes in fair value recorded to our unaudited statements of comprehensive income |
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