XM Radio 2014 Annual Report Download - page 143
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position that meets this more likely than not threshold is then measured and recognized at the
largest amount of benefit that is greater than fifty percent likely to be realized upon effective
settlement with a taxing authority. Changes in recognition or measurement are reflected in the
period in which the change in judgment occurs. We record interest and penalties related to
uncertain tax positions in Income tax (expense) benefit in our consolidated statements of
comprehensive income.
As of December 31, 2014 and 2013, the gross liability for income taxes associated with
uncertain state tax positions was $1,432. If recognized, $1,432 of unrecognized tax benefits would
affect our effective tax rate. This liability is recorded in Other long-term liabilities. No penalties have
been accrued for. We do not currently anticipate that our existing reserves related to uncertain tax
positions as of December 31, 2014 will significantly increase or decrease during the twelve-month
period ending December 31, 2015; however, various events could cause our current expectations to
change in the future. Should our position with respect to the majority of these uncertain tax
positions be upheld, the effect would be recorded in our consolidated statements of comprehensive
income as part of the income tax provision. Our policy is to recognize interest and penalties
accrued on uncertain tax positions as part of income tax expense. We recorded interest expense of
$55 and $40 for the years ended December 31, 2014 and 2013, respectively, related to our
unrecognized tax benefits presented below.
Changes in our uncertain income tax positions, from January 1 through December 31 are
presented below:
2014 2013
Balance, beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,432 $1,432
Additions for tax positions from prior years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Balance, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,432 $1,432
We have federal and certain state income tax audits pending. We do not expect the ultimate
disposition of these audits to have a material adverse effect on our financial position or results of
operations.
(19) Subsequent Events
Stock Repurchase Program
For the period from January 1, 2015 to February 3, 2015, we repurchased 65,425,873 shares
of our common stock for an aggregate purchase price of $231,026, including fees and
commissions, on the open market.
F-37
SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Dollar amounts in thousands, unless otherwise stated)