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Benefit Plans | 3 Months Ended
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Mar. 31, 2020
Retirement Benefits [Abstract] |
Benefit Plans | Benefit Plans We recognized share-based payment expense of $55 and $70 for the three months ended March 31, 2020 and 2019, respectively. This amount includes $21 of share-based compensation expense recorded in Acquisition and other related costs in our unaudited consolidated statements of comprehensive income during the three months ended March 31, 2019. 2015 Long-Term Stock Incentive Plan In May 2015, our stockholders approved the Sirius XM Holdings Inc. 2015 Long-Term Stock Incentive Plan (the “2015 Plan”). Employees, consultants and members of our board of directors are eligible to receive awards under the 2015 Plan. The 2015 Plan provides for the grant of stock options, restricted stock awards, restricted stock units and other stock-based awards that the compensation committee of our board of directors deems appropriate. Stock-based awards granted under the 2015 Plan are generally subject to a graded vesting requirement, which is generally three to four years from the grant date. Stock options generally expire ten years from the date of grant. Restricted stock units include performance-based restricted stock units (“PRSUs”), the vesting of which are subject to the achievement of performance goals and the employee's continued employment and generally cliff vest on the third anniversary of the grant date. Each restricted stock unit entitles the holder to receive one share of common stock upon vesting. As of March 31, 2020, 158 shares of common stock were available for future grants under the 2015 Plan. In connection with the Pandora Acquisition, we assumed all shares available for issuance (including any shares that later become available for issuance in accordance with the terms of the applicable plans) under each of the 2014 Stock Incentive Plan of AdsWizz Inc., the Pandora Media, Inc. 2011 Equity Incentive Plan, the Pandora Media, Inc. 2004 Stock Plan and the TheSavageBeast.com, Inc. 2000 Stock Incentive Plan, which were previously approved by stockholders of Pandora or the applicable adopting entity. All shares available under these stock plans became additional shares available for grant pursuant to the terms of the 2015 Plan (as adjusted, to the extent appropriate, to reflect the application of the exchange ratio). Subject to certain limitations set forth in the 2015 Plan, such shares may be used for awards under the 2015 Plan. Other Plans We maintain six share-based benefit plans in addition to the 2015 Plan — the Sirius XM Radio Inc. 2009 Long-Term Stock Incentive Plan, the Amended and Restated Sirius Satellite Radio 2003 Long-Term Stock Incentive Plan, the 2014 Stock Incentive Plan of AdsWizz Inc., the Pandora Media, Inc. 2011 Equity Incentive Plan, the Pandora Media, Inc. 2004 Stock Plan and the TheSavageBeast.com, Inc. 2000 Stock Incentive Plan. Excluding dividend equivalent units granted as a result of a declared dividend, no further awards may be made under these plans. The following table summarizes the weighted-average assumptions used to compute the fair value of options granted to employees:
| For the Three Months Ended March 31,
| 2020 |  | 2019
Risk-free interest rate | 1.4% |  | 2.5%
Expected life of options — years | 3.82 |  | 3.36
Expected stock price volatility | 25% |  | 26%
Expected dividend yield | 0.7% |  | 0.8%
The following table summarizes stock option activity under our share-based plans for the three months ended March 31, 2020:
| Options |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of December 31, 2019 | 208 |  |  | $ | 4.46 |  |  |  |  |
Granted | 7 |  |  | $ | 7.20 |  |  |  |  |
Exercised | (11 | ) |  | $ | 4.17 |  |  |  |  |
Forfeited, cancelled or expired | (1 | ) |  | $ | 5.93 |  |  |  |  |
Outstanding as of March 31, 2020 | 203 |  |  | $ | 4.56 |  |  | 5.51 |  | $ | 165 |
Exercisable as of March 31, 2020 | 144 |  |  | $ | 4.03 |  |  | 4.67 |  | $ | 153 |
The weighted average grant date fair value per stock option granted during the three months ended March 31, 2020 was $1.41. The total intrinsic value of stock options exercised during the three months ended March 31, 2020 and 2019 was $32 and $10, respectively. During the three months ended March 31, 2020, the number of net settled shares which were issued as a result of stock option exercises was 3. We recognized share-based payment expense associated with stock options of $11 and $20 for the three months ended March 31, 2020 and 2019, respectively. The following table summarizes the restricted stock unit, including PRSU, activity under our share-based plans for the three months ended March 31, 2020:
| Shares |  | Grant Date Fair Value Per Share
Nonvested as of December 31, 2019 | 75 |  |  | $ | 5.95 |
Granted | 6 |  |  | $ | 7.18 |
Vested | (8 | ) |  | $ | 5.81 |
Forfeited | (2 | ) |  | $ | 5.94 |
Nonvested as of March 31, 2020 | 71 |  |  | $ | 6.07 |
The total intrinsic value of restricted stock units, including PRSUs, vesting during the three months ended March 31, 2020 and 2019 was $58 and $74, respectively. During the three months ended March 31, 2020, the number of net settled shares which were issued as a result of restricted stock units vesting totaled 5. During the three months ended March 31, 2020, we granted 3 PRSUs to certain employees. We believe it is probable that the performance target applicable to these PRSUs will be achieved. In connection with the cash dividends paid during the three months ended March 31, 2020, we granted less than 1 restricted stock units, including PRSUs, in accordance with the terms of existing award agreements. These grants did not result in any additional incremental share-based payment expense being recognized during the three months ended March 31, 2020. We recognized share-based payment expense associated with restricted stock units, including PRSUs, of $44 and $50 for the three months ended March 31, 2020 and 2019, respectively. Total unrecognized compensation costs related to unvested share-based payment awards for stock options and restricted stock units, including PRSUs, granted to employees, members of our board of directors and third parties at March 31, 2020 and December 31, 2019 was $397 and $415, respectively. The total unrecognized compensation costs at March 31, 2020 are expected to be recognized over a weighted-average period of 2.3 years. 401(k) Savings Plans Sirius XM Radio Inc. 401(k) Savings Plan Sirius XM sponsors the Sirius XM Radio Inc. 401(k) Savings Plan (the “Sirius XM Plan”) for eligible employees. The Sirius XM Plan allows eligible employees to voluntarily contribute from 1% to 50% of their pre-tax eligible earnings, subject to certain defined limits. We match 50% of an employee’s voluntary contributions per pay period on the first 6% of an employee’s pre-tax salary up to a maximum of 3% of eligible compensation. We may also make additional discretionary matching, true-up matching and non-elective contributions to the Sirius XM Plan. Employer matching contributions under the Sirius XM Plan vest at a rate of 33.33% for each year of employment and are fully vested after three years of employment for all current and future contributions. Our cash employer matching contributions are not used to purchase shares of our common stock on the open market, unless the employee elects our common stock as their investment option for this contribution. Pandora Media, LLC 401(k) Profit Sharing Plan and Trust Pandora sponsors the Pandora Media, LLC 401(k) Profit Sharing Plan and Trust (the “Pandora Plan”) for eligible employees. The Pandora Plan allows eligible employees to voluntarily contribute from 1% to 75% of their pre-tax eligible earnings, subject to certain defined limits. Effective January 1, 2020, we began matching 50% of an employee’s voluntary contributions per pay period on the first 6% of an employee’s pre-tax salary up to a maximum of 3% of eligible compensation. We recognized expenses of $5 and $2 for the three months ended March 31, 2020 and 2019, respectively, in connection with the Sirius XM and Pandora Plans. Sirius XM Holdings Inc. Deferred Compensation Plan The Sirius XM Holdings Inc. Deferred Compensation Plan (the “DCP”) allows members of our board of directors and certain eligible employees to defer all or a portion of their base salary, cash incentive compensation and/or board of directors’ cash compensation, as applicable. Pursuant to the terms of the DCP, we may elect to make additional contributions beyond amounts deferred by participants, but we are under no obligation to do so. We have established a grantor (or “rabbi”) trust to facilitate the payment of our obligations under the DCP. Contributions to the DCP, net of withdrawals, for each of the three months ended March 31, 2020 and 2019 was $6. As of March 31, 2020 and December 31, 2019, the fair value of the investments held in the trust were $36 and $34, respectively, which is included in Other long-term assets in our unaudited consolidated balance sheets and classified as trading securities. Trading gains and losses associated with these investments are recorded in Other (expense) income within our unaudited consolidated statements of comprehensive income. The associated liability is recorded within Other long-term liabilities in our unaudited consolidated balance sheets, and any increase or decrease in the liability is recorded in General and administration expense within our unaudited consolidated statements of comprehensive income. For the three months ended March 31, 2020 and 2019, we recorded unrealized (losses) gains on investments held in the trust of $(5) and $2, respectively.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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