麻豆最新出品

(7)听听Investments in Affiliates Accounted for Using the Equity Method

麻豆最新出品 has various investments accounted for using the equity method. The following table includes the Company鈥檚 carrying amount and percentage ownership and market value (Level听1) of the more significant investments in affiliates at December听31, 2020, and the carrying amount at December听31, 2019:

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The following table presents the Company鈥檚 share of earnings (losses) of affiliates:

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Sirius XM Canada

As of December 31, 2020, Sirius XM Holdings holds a 70% equity interest and 33% voting interest in Sirius听XM Canada Holdings, Inc. (鈥淪irius XM Canada鈥�). Sirius XM Canada is accounted for as an equity method investment as Sirius XM Holdings does not have the ability to direct the most significant activities that impact Sirius XM Canada鈥檚 economic performance.

Sirius XM Holdings has a loan to Sirius XM Canada in the aggregate amount of $123听million as of December 31, 2020. The loan is denominated in Canadian dollars and is considered a long-term investment with any unrealized gains or losses reported within Accumulated other comprehensive (loss) income. Such loan has a term of fifteen years, bears interest at a rate of 7.62% per annum and includes customary covenants and events of default, including an event of default relating to Sirius XM Canada鈥檚 failure to maintain specified leverage ratios.

Sirius XM Holdings also entered into a Services Agreement and an Advisory Services Agreement with Sirius XM Canada. Each agreement has a thirty year term. Pursuant to the Services Agreement, Sirius XM Canada currently pays Sirius XM Holdings 25% of its gross revenue on a monthly basis and pursuant to the Advisory Services Agreement, Sirius XM Canada pays Sirius XM Holdings 5% of its gross revenue on a monthly basis.

Sirius XM Holdings had approximately $20听million and $22听million in related party current assets as of December听31, 2020 and 2019, respectively. At December听31, 2019, Sirius XM Holdings had approximately $4听million in related party liabilities, which are recorded in other current liabilities in the consolidated balance sheet. Sirius XM Holdings recorded approximately $97听million, $98听million and $97听million in revenue for the years ended December听31, 2020, 2019 and 2018, respectively, associated with these various agreements. Sirius XM Canada paid dividends to Sirius XM Holdings of $2听million during each of the years ended December听31, 2020, 2019 and 2018.

SoundCloud

In February 2020, Sirius XM Holdings completed a $75 million investment in Series G Membership Units of SoundCloud Holdings, LLC (鈥淪oundCloud鈥�). The Series G Units are convertible at the option of the holders at any time into shares of ordinary membership units of SoundCloud at a ratio of one ordinary membership unit for each Series G Unit. The investment in SoundCloud is accounted for as an equity method investment as Sirius XM Holdings does not have the ability to direct the most significant activities that impact SoundCloud's economic performance.

In addition to Sirius XM Holdings鈥� investment in SoundCloud, Pandora has an agreement with SoundCloud to be its exclusive U.S. ad sales representative. Through this arrangement, Pandora offers advertisers the ability to execute campaigns in the U.S. across the Pandora and SoundCloud listening platforms. Sirius XM Holdings recorded revenue share expense related to this agreement of $55 million and $40 million during years ended December 31, 2020, and 2019, respectively. 听Sirius XM Holdings also had related party liabilities of $24 million as of December 31, 2020 related to this agreement.