XM Radio 2015 Annual Report Download - page 113

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Canada as Other revenue in our consolidated statements of comprehensive income. The license
and services agreement entered into with Sirius Canada will expire in 2017. The license
agreement entered into with XM Canada will expire in 2020.
(b) We recognize our proportionate share of earnings or losses of Sirius XM Canada as they occur
as a component of Other income in our consolidated statements of comprehensive income on a
one month lag. This amount included amortization related to the equity method intangible assets
of $363 and $1,454 for the years ended December 31, 2014 and 2013, respectively, and for
2014, this also included a gain of $1,251 related to the fair value received in excess of the
carrying value associated with the redemption of our investment in Sirius XM Canada’s 8%
convertible unsecured subordinated debentures in February 2014. As of December 31, 2015, we
had $840 in losses related to our investment in Sirius XM Canada that we had not recorded in
our consolidated financial statements since our investment balance is zero. Future equity income
will be offset by these losses prior to recording equity income in our results.
(c) Sirius XM Canada paid gross dividends to us of $15,645, $43,492 and $16,796 during the years
ended December 31, 2015, 2014 and 2013, respectively. These dividends were first recorded as
a reduction to our investment balance in Sirius XM Canada to the extent a balance existed and
then as Other income for the remaining portion.
(12) Investments
Long Term Restricted Investments
Restricted investments relate to reimbursement obligations under letters of credit issued for the
benefit of lessors of certain of our office space. As of December 31, 2015 and 2014, our Long-term
restricted investments were $9,888 and $5,922, respectively. During the year ended December 31,
2015, we increased our letters of credit by $3,966 associated with leased office space.
(13) Debt
Our debt as of December 31, 2015 and 2014 consisted of the following:
Issuer /
Borrower Issued Debt
Maturity
Date
Interest
Payable
Principal
Amount at
December 31,
2015
December 31,
2015
December 31,
2014
Carrying value(a) at
Sirius XM(b) ..... May 2013 4.25% Senior Notes
(the “4.25% Notes”)
May 15,
2020
semi-annually
on May 15 and
November 15
$ 500,000 $ 496,282 $ 495,529
Sirius XM(b) ..... September
2013
5.875% Senior Notes
(the “5.875% Notes”)
October 1,
2020
semi-annually
on April 1 and
October 1
650,000 644,720 643,790
Sirius XM(b) ..... August 2013 5.75% Senior Notes
(the “5.75% Notes”)
August 1,
2021
semi-annually
on February 1
and August 1
600,000 595,720 595,091
Sirius XM(b) ..... May 2013 4.625% Senior Notes
(the “4.625% Notes”)
May 15,
2023
semi-annually
on May 15 and
November 15
500,000 495,602 495,116
Sirius XM(b) ..... May 2014 6.00% Senior Notes
(the “6.00% Notes”)
July 15,
2024
semi-annually
on January 15
and July 15
1,500,000 1,485,196 1,483,918
Sirius XM(b)(c) . . . March 2015 5.375% Senior Notes
(the “5.375% Notes”)
April 15,
2025
semi-annually
on April 15
and October
15
1,000,000 989,446 —
F-22
SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Dollars and shares in thousands, except per share amounts)