XM Radio 2015 Annual Report Download - page 111

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respectively. We recognized a loss on disposal of assets of $7,384 during the year ended
December 31, 2015, which related to the disposal of certain obsolete terrestrial repeaters and
related parts. We did not recognize any loss on disposal of assets during the years ended
December 31, 2014 and 2013.
Satellites
We currently own a fleet of eight operating satellites. We are in the process of de-orbiting
XM-1, a satellite that is no longer in use and has also reached the end of its operational life. The
chart below provides certain information on our operating satellites:
Satellite Description Year Delivered
Estimated
End of
Depreciable
Life
FM-1* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2000 2013
FM-2* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2000 2013
FM-3* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2000 2015
FM-5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2009 2024
FM-6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2013 2028
XM-3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2005 2020
XM-4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2006 2021
XM-5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2010 2025
* Satellite was fully depreciated and was still in operation as of December 31, 2015.
(11) Related Party Transactions
In the normal course of business, we enter into transactions with related parties. Our related
parties include:
Liberty Media
Liberty Media has beneficially owned over 50% of our outstanding common stock since January
2013 and has two executives and one of its directors on our board of directors. Gregory B. Maffei,
the President and Chief Executive Officer of Liberty Media, is the Chairman of our board of
directors.
On October 9, 2013, we entered into an agreement with Liberty Media to repurchase $500,000
of our common stock from Liberty Media. Pursuant to that agreement, we repurchased $160,000 of
our common stock from Liberty Media in 2013 and in April 2014, we completed the final purchase
installment under this share repurchase agreement and repurchased the remaining $340,000 of our
shares of common stock from Liberty Media at a price of $3.66 per share. As there were certain
terms in the forward purchase contract that could have caused the obligation to not be fulfilled, the
instrument was recorded as a liability and was marked to fair value with $34,485 and $20,393
recorded to Loss on change in value of derivatives within our consolidated statements of
comprehensive income during the years ended December 31, 2014 and 2013, respectively.
During the years ended December 31, 2014 and 2013, we recognized $1,025 and $13,514 in
Interest expense, respectively, associated with the portion of the Exchangeable Notes, the 7.625%
Senior Notes due 2018 and the 8.75% Senior Notes due 2015 held by Liberty Media through
November 2014, October 2013 and August 2013, respectively.
F-20
SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Dollars and shares in thousands, except per share amounts)