Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v2.4.0.8
Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2014
Long-term Debt, Unclassified [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block]
Debt is summarized as follows:
 
 
 
Carrying value
 
Outstanding Principal June 30, 2014
 
 
June 30,
2014
 
December 31,
2013
 
amounts in millions
Corporate level notes and loans:
 
 
 
 
 
Liberty 1.375% Cash Convertible Notes due 2023
$
1,000

 
1,025

 
1,002

Margin Loans
250

 
250

 
920

Subsidiary notes and loans
 
 
 
 
 
SIRIUS XM 7% Exchangeable Senior Subordinated Notes due 2014
491

 
504

 
520

SIRIUS XM 5.875% Senior Notes due 2020
650

 
643

 
643

SIRIUS XM 5.75% Senior Notes due 2021
600

 
595

 
594

SIRIUS XM 5.25% Senior Notes due 2022
400

 
407

 
407

SIRIUS XM 4.25% Senior Notes due 2020
500

 
495

 
494

SIRIUS XM 4.625% Senior Notes due 2023
500

 
495

 
495

SIRIUS XM 6% Senior Notes due 2024
1,500

 
1,483

 
—

SIRIUS XM Credit Facility
—

 
—

 
460

      Other subsidiary debt
42

 
42

 
20

Total debt
$
5,933

 
5,939

 
5,555

Less debt classified as current
 
 
(762
)
 
(777
)
Total long-term debt
 
 
$
5,177

 
4,778

Value of shares pledged as collateral pursuant to the margin loan agreements
As of June 30, 2014, the values of shares pledged as collateral pursuant to the remaining margin loan agreement are as follows:
 
 
Number of Shares Pledged
 
 
 
 
as Collateral as of
 
Share value as of
Investment
 
June 30, 2014
 
June 30, 2014
 
 
amounts in millions
SIRIUS XM
 
719.9

 
$
2,491

Live Nation
 
8.1

 
$
199

Time Warner, Inc.
 
3.6

 
$
254

Viacom, Inc.
 
3.5

 
$
306

Time Warner Cable, Inc.
 
1.1

 
$
164

Time, Inc.
 
0.5

 
$
11


Fair Value of Debt
The fair value, based on quoted market prices of the same instruments but not considered to be active markets (Level 2), of SIRIUS XM's publicly traded debt securities, not reported at fair value, are as follows (amounts in millions):
 
June 30, 2014
SIRIUS XM 5.875% Senior Notes due 2020
$
690

SIRIUS XM 5.75% Senior Notes due 2021
$
631

SIRIUS XM 7% Exchangeable Senior Subordinated Notes due 2014
$
942

SIRIUS XM 5.25% Senior Notes due 2022
$
431

SIRIUS XM 4.25% Senior Notes due 2020
$
494

SIRIUS XM 4.625% Senior Notes due 2023
$
479

SIRIUS XM 6% Senior Notes due 2024
$
1,564


Due to the variable rate nature of the Credit Facility, margin loans and other debt the Company believes that the carrying amount approximates fair value at June 30, 2014.