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Benefit Plans (Tables) | 9 Months Ended
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Sep. 30, 2024
Retirement Benefits [Abstract] |
Schedule of Fair Value of Options Granted | The following table summarizes the weighted-average assumptions used to compute the fair value of options granted to employees, members of our board of directors and non-employees under the Sirius XM Awards:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  |  | 2023 |  | 2024 |  | 2023 |  |
Risk-free interest rate |  |  | 4.3% |  | 4.4% |  | 4.0% |  |
Expected life of options — years |  |  | 3.76 |  | 3.76 |  | 3.80 |  |
Expected stock price volatility |  |  | 42% |  | 40% |  | 32% |  |
Expected dividend yield |  |  | 2.0% |  | 2.8% |  | 2.0% |  |
Schedule of Stock Options Activity Under Share-based Payment Plans | The following table presents the number and weighted average exercise price ("WAEP") of options to purchase shares of our common stock granted to certain officers, employees and directors of Liberty Media, as well as the weighted average remaining life and aggregate intrinsic value of the options. The shares and WAEP have been adjusted for the exchange ratio of 0.8375 shares of Sirius XM Holdings per share of SplitCo. Refer to Note 1 for more information.
| Options (000's) |  | WAEP |  | Weighted average remaining life (years) |  | Aggregate intrinsic value
Outstanding at January 1, 2024 | 5 |  |  | $ | 34.78 |  |  |  |  |
Exercised | (1) |  |  | $ | 30.98 |  |  |  |  |
Forfeited/Cancelled | — |  |  | $ | — |  |  |  |  |
Transfer to Sirius XM Holdings (1) | (4) |  |  | $ | 35.56 |  |  |  |  |
Outstanding at September 30, 2024 | — |  |  |  |  |  |  |
(1)As discussed in the paragraph above, outstanding stock options to purchase shares of SplitCo common stock were accelerated and became fully vested and exchanged into stock options to purchase shares of our common stock, adjusted based on the SplitCo Award Exchange Ratio. The following table summarizes stock option activity under our share-based plans for the nine months ended September 30, 2024:
| Options |  | WAEP |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of January 1, 2024 | 12 |  |  | $ | 56.02 |  |  |  |  |
Granted | 3 |  |  | $ | 41.95 |  |  |  |  |
Exercised | — |  |  | $ | 33.58 |  |  |  |  |
Forfeited, cancelled or expired | (1) |  |  | $ | 50.53 |  |  |  |  |
Transfer in from SplitCo (1) | 4 |  |  | $ | 35.56 |  |  |  |  |
Outstanding as of September 30, 2024 | 18 |  |  | $ | 49.66 |  |  | 4.68 |  | $ | — |
Exercisable as of September 30, 2024 | 13 |  |  | $ | 49.96 |  |  | 3.59 |  | $ | — |
(1)As discussed above, outstanding stock options to purchase shares of SplitCo common stock were accelerated and became fully vested and exchanged into stock options to purchase shares of our common stock adjusted based on the SplitCo Award Exchange Ratio under the Transitional Plan.
Schedule of Restricted Stock Unit and Stock Award Activity | The following table summarizes the RSUs, including PRSUs, activity under our share-based plans for the nine months ended September 30, 2024:
| Shares |  | GDFV Per Share
Nonvested as of January 1, 2024 | 9 |  |  | $ | 55.91 |
Granted | 6 |  |  | $ | 33.33 |
Vested | (3) |  |  | $ | 56.53 |
Forfeited | (1) |  |  | $ | 53.90 |
Nonvested as of September 30, 2024 | 11 |  |  | $ | 43.37 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount | Included in the accompanying unaudited consolidated statements of operations are the following amounts of share-based compensation expense:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of services: |  |  |  |  |  |  |
Programming and content | $ | 9 |  |  | $ | 10 |  |  | $ | 26 |  |  | $ | 25 |
Customer service and billing | 1 |  |  | 1 |  |  | 4 |  |  | 4 |
Transmission | 1 |  |  | 2 |  |  | 4 |  |  | 4 |
Sales and marketing | 11 |  |  | 13 |  |  | 34 |  |  | 33 |
Engineering, design, and development | 11 |  |  | 11 |  |  | 34 |  |  | 33 |
General and administrative | 25 |  |  | 20 |  |  | 52 |  |  | 52 |
| $ | 58 |  |  | $ | 57 |  |  | $ | 154 |  |  | $ | 151 |

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