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v3.22.2.2

Debt (Tables) | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Our debt as of September 30, 2022 and December 31, 2021 consisted of the following:
|  |  |  |  |  |  |  |  |  | Principal Amount at |  | Carrying value(a) at
Issuer / Borrower |  | Issued |  | Debt |  | Maturity Date |  | Interest Payable |  | September 30, 2022 |  | September 30, 2022 |  | December 31, 2021
Pandora (c) (d) |  | June 2018 |  | 1.75% Convertible Senior Notes |  | December 1, 2023 |  | semi-annually on June 1 and December 1 |  | $ | 193 |  |  | $ | 193 |  |  | $ | 177 |
Sirius XM (b) (f) |  | April 2022 |  | Incremental Term Loan |  | April 11, 2024 |  | variable fee paid monthly |  | 500 |  |  | 500 |  |  | — |
Sirius XM (b) |  | August 2021 |  | 3.125% Senior Notes |  | September 1, 2026 |  | semi-annually on March 1 and September 1 |  | 1,000 |  |  | 991 |  |  | 990 |
Sirius XM (b) |  | July 2017 |  | 5.00% Senior Notes |  | August 1, 2027 |  | semi-annually on February 1 and August 1 |  | 1,500 |  |  | 1,492 |  |  | 1,491 |
Sirius XM (b) |  | June 2021 |  | 4.00% Senior Notes |  | July 15, 2028 |  | semi-annually on January 15 and July 15 |  | 2,000 |  |  | 1,981 |  |  | 1,979 |
Sirius XM (b) |  | June 2019 |  | 5.500% Senior Notes |  | July 1, 2029 |  | semi-annually on January 1 and July 1 |  | 1,250 |  |  | 1,240 |  |  | 1,239 |
Sirius XM (b) |  | June 2020 |  | 4.125% Senior Notes |  | July 1, 2030 |  | semi-annually on January 1 and July 1 |  | 1,500 |  |  | 1,486 |  |  | 1,485 |
Sirius XM (b) |  | August 2021 |  | 3.875% Senior Notes |  | September 1, 2031 |  | semi-annually on March 1 and September 1 |  | 1,500 |  |  | 1,485 |  |  | 1,484 |
Sirius XM (e) |  | December 2012 |  | Senior Secured Revolving Credit Facility (the "Credit Facility") |  | August 31, 2026 |  | variable fee paid quarterly |  | 421 |  |  | 421 |  |  | — |
Sirius XM |  | Various |  | Finance leases |  | Various |  | n/a |  | n/a |  | 6 |  |  | — |
Total Debt |  | 9,795 |  |  | 8,845 |
Less: total current maturities |  | 2 |  |  | — |
Less: total deferred financing costs |  | 11 |  |  | 13 |
Total long-term debt |  | $ | 9,782 |  |  | $ | 8,832 |
(a)The carrying value of the obligations is net of any remaining unamortized original issue discount. (b)All material domestic subsidiaries, including Pandora and its subsidiaries, that guarantee the Credit Facility have guaranteed the incremental term loan and these notes. (c)Holdings has unconditionally guaranteed all of the payment obligations of Pandora under these notes. (d)We acquired $193 in principal amount of the 1.75% Convertible Senior Notes due 2023 as part of the acquisition of Pandora Media, Inc. in 2019. Prior to the adoption of ASU 2020-06, we allocated the principal amount of the 1.75% Convertible Senior Notes due 2023 between the liability and equity components. During the three months ended March 31, 2022, we adopted ASU 2020-06 as of January 1, 2022, which removed the separation model for convertible debt with cash conversion features, and we recorded a $14 decrease to the debt discount and a corresponding increase to accumulated deficit. Refer to Note 2 for more information on the adoption of ASU 2020-06. The 1.75% Convertible Senior Notes due 2023 were not convertible into common stock and were not redeemable as of September 30, 2022. As a result, we have classified the debt as Long-term within our unaudited consolidated balance sheets. (e)In August 2021, Sirius XM entered into an amendment to extend the maturity of the $1,750 Credit Facility to August 31, 2026. Sirius XM's obligations under the Credit Facility are guaranteed by certain of its material domestic subsidiaries, including Pandora and its subsidiaries, and are secured by a lien on substantially all of Sirius XM's assets and the assets of its material domestic subsidiaries. Interest on borrowings is payable on a monthly basis and accrues at a rate based on LIBOR plus an applicable rate. Sirius XM is also required to pay a variable fee on the average daily unused portion of the Credit Facility which is payable on a quarterly basis. The variable rate for the unused portion of the Credit Facility was 0.25% per annum as of September 30, 2022. All of Sirius XM's outstanding borrowings under the Credit Facility are classified as Long-term debt within our unaudited consolidated balance sheets due to the long-term maturity of this debt. (f)In April 2022, Sirius XM entered into an amendment to the Credit Facility to incorporate an Incremental Term Loan borrowing of $500 which matures on April 11, 2024. Interest on the Incremental Term Loan borrowing is based on the Adjusted Term Secured Overnight Financing Rate plus an applicable rate.

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