Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Schedule of allowance for credit losses |
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​ |
​ |
³Û±ð²¹°ù²õÌý±ð²Ô»å±ð»åÌý¶Ù±ð³¦±ð³¾²ú±ð°ùÌý31, |
​ |
​ |
​ |
2023 |
ÌýÌýÌýÌý |
2022 |
ÌýÌýÌýÌý |
2021 |
​ |
|
​ |
​ |
²¹³¾´Ç³Ü²Ô³Ù²õÌý¾±²ÔÌý³¾¾±±ô±ô¾±´Ç²Ô²õ |
​ |
Balance, beginning of period |
​ |
$ |
14 |
​ |
13 |
​ |
17 |
​ |
Provision charged to expense |
​ |
​ |
59 |
​ |
59 |
​ |
54 |
​ |
Write-offs, net of recoveries |
​ |
​ |
(56) |
​ |
(59) |
​ |
(58) |
​ |
Foreign currency translation adjustments |
​ |
​ |
— |
​ |
1 |
​ |
— |
​ |
Balance, end of period |
​ |
$ |
17 |
​ |
14 |
​ |
13 |
​ |
|
| Property, Plant and Equipment |
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​ |
​ |
Estimated |
​ |
December 31, |
​ |
​ |
ÌýÌýÌýÌý |
±«²õ±ð´Ú³Ü±ôÌý³¢¾±´Ú±ð |
ÌýÌýÌýÌý |
2023 |
ÌýÌýÌýÌý |
2022 |
​ |
|
​ |
​ |
​ |
​ |
²¹³¾´Ç³Ü²Ô³Ù²õÌý¾±²ÔÌý³¾¾±±ô±ô¾±´Ç²Ô²õ |
Ìý |
Land |
Ìý |
NA |
​ |
$ |
304 |
Ìý |
390 |
​ |
Buildings and improvements |
Ìý |
10Ìý-Ìý40Ìýyears |
​ |
Ìý |
706 |
Ìý |
972 |
​ |
Support equipment |
Ìý |
3Ìý-Ìý20Ìýyears |
​ |
Ìý |
744 |
Ìý |
864 |
​ |
Satellite system |
Ìý |
15Ìýyears |
​ |
Ìý |
1,799 |
Ìý |
1,944 |
​ |
Construction in progress |
Ìý |
NA |
​ |
Ìý |
525 |
Ìý |
311 |
​ |
Total property and equipment |
​ |
​ |
​ |
$ |
4,078 |
Ìý |
4,481 |
​ |
|
| Share-based compensation expense |
​
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
³Û±ð²¹°ù²õÌý±ð²Ô»å±ð»åÌý¶Ù±ð³¦±ð³¾²ú±ð°ùÌý31, |
Ìý |
​ |
ÌýÌýÌýÌý |
2023 |
ÌýÌýÌýÌý |
2022 |
ÌýÌýÌýÌý |
2021 |
Ìý |
|
​ |
​ |
²¹³¾´Ç³Ü²Ô³Ù²õÌý¾±²ÔÌý³¾¾±±ô±ô¾±´Ç²Ô²õ |
Ìý |
Cost of Sirius XM Holdings services: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Programming and content |
​ |
$ |
34 |
Ìý |
34 |
Ìý |
33 |
​ |
Customer service and billing |
​ |
Ìý |
5 |
Ìý |
6 |
Ìý |
6 |
​ |
Other |
​ |
Ìý |
6 |
Ìý |
6 |
Ìý |
6 |
​ |
Other operating expense |
​ |
Ìý |
46 |
Ìý |
39 |
Ìý |
36 |
​ |
Selling, general and administrative |
​ |
Ìý |
141 |
Ìý |
152 |
Ìý |
175 |
​ |
​ |
​ |
$ |
232 |
Ìý |
237 |
Ìý |
256 |
​ |
|
| Â鶹×îгöÆ· SiriusXM Group |
Ìý
|
| Schedule of revenue disaggregated by source |
​
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​ |
Years ended December 31, |
​ |
​ |
​ |
2023 |
​ |
2022 |
​ |
2021 |
​ |
|
​ |
amounts in millions |
​ |
Subscriber |
$ |
6,866 |
​ |
6,892 |
​ |
6,614 |
​ |
Advertising |
​ |
1,758 |
​ |
1,772 |
​ |
1,730 |
​ |
Equipment |
​ |
193 |
​ |
189 |
​ |
201 |
​ |
Other |
​ |
136 |
​ |
150 |
​ |
151 |
​ |
Total Sirius XM Holdings revenue |
$ |
8,953 |
​ |
9,003 |
​ |
8,696 |
​ |
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| Schedule for reconciliation of basic and diluted weighted average shares |
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​ |
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Years ended December 31, |
​ |
​ |
ÌýÌýÌýÌý |
2023 |
​ |
2022 |
​ |
2021 |
​ |
|
​ |
​ |
numberÌýofÌýsharesÌýinÌýmillions |
​ |
Basic WASO |
Ìý |
327 |
​ |
328 |
​ |
335 |
​ |
Potentially dilutive shares (a) |
Ìý |
16 |
​ |
17 |
​ |
2 |
​ |
Diluted WASO (b) |
Ìý |
343 |
​ |
345 |
​ |
337 |
​ |
| (a) |
Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Â鶹×îгöÆ· SiriusXM Group are reported since the result would be antidilutive. |
| (b) |
For periods in which share settlement of the 2.125% Exchangeable Senior Debentures due 2048 and 2.75% Exchangeable Senior Debentures due 2049, which could have been settled in shares of Series C Â鶹×îгöÆ· SiriusXM common stock, and 3.75% Convertible Senior Notes due 2028, which may be settled in shares of Series A Â鶹×îгöÆ· SiriusXM common stock, is dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instruments during the period, net of tax where appropriate. As disclosed in note 9, the settlement of the 2.125% Exchangeable Senior Debentures due 2048 changed to solely cash, pursuant to a supplemental indenture entered into during February 2023. Accordingly, the impact of share settlement of the 2.125% Exchangeable Senior Debentures due 2048 was considered for purposes of calculating diluted WASO prior to the execution of the supplemental indenture. Ìý
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​
Additionally, a hypothetical mark to market adjustment on the shares of Series A Â鶹×îгöÆ· SiriusXM common stock included in the Securities Basket (as defined in note 9) underlying the warrants was included in the numerator adjustment in periods in which cash settlement of the warrants would have been more dilutive than share settlement.
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Years ended December 31, |
​ |
​ |
​ |
2023 |
ÌýÌýÌýÌý |
2022 |
​ |
2021 |
​ |
|
​ |
​ |
²¹³¾´Ç³Ü²Ô³Ù²õÌý¾±²ÔÌý³¾¾±±ô±ô¾±´Ç²Ô²õ |
​ |
Basic earnings (loss) attributable to Â鶹×îгöÆ· SiriusXM stockholders |
$ |
829 |
​ |
1,292 |
​ |
599 |
​ |
Adjustments |
​ |
1 |
​ |
(31) |
​ |
— |
​ |
Diluted earnings (loss) attributable to Â鶹×îгöÆ· SiriusXM stockholders |
$ |
830 |
​ |
1,261 |
​ |
599 |
​ |
|
| Braves Group |
Ìý
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| Schedule of revenue disaggregated by source |
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Years ended December 31, |
​ |
​ |
​ |
2023 |
​ |
2022 |
​ |
2021 |
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|
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amounts in millions |
​ |
Baseball |
$ |
318 |
​ |
535 |
​ |
526 |
​ |
Mixed-Use Development |
​ |
32 |
​ |
53 |
​ |
42 |
​ |
Total Braves Holdings revenue |
$ |
350 |
​ |
588 |
​ |
568 |
​ |
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| Schedule for reconciliation of basic and diluted weighted average shares |
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January 1, 2023 to |
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Years ended December 31, |
​ |
​ |
ÌýÌýÌýÌý |
July 18, 2023 |
ÌýÌýÌýÌý |
2022 |
​ |
2021 |
​ |
|
​ |
​ |
numberÌýofÌýsharesÌýinÌýmillions |
​ |
Basic WASO |
Ìý |
53 |
Ìý |
53 |
​ |
52 |
​ |
Potentially dilutive shares (a) |
Ìý |
1 |
Ìý |
— |
​ |
10 |
​ |
Diluted WASO (b) |
Ìý |
54 |
Ìý |
53 |
​ |
62 |
​ |
| (a) |
Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Braves Group are reported since the result would be antidilutive. |
| (b) |
As described in note 2, the intergroup interests in the Braves Group held by the Formula One Group and the Â鶹×îгöÆ· SiriusXM Group were settled and extinguished in connection with the Split-Off. The intergroup interests were quasi-equity interests that were not represented by outstanding shares of common stock; rather, the Formula One Group and the Â鶹×îгöÆ· SiriusXM Group had attributed values in the Braves Group which are generally stated in terms of a number of shares of stock issuable to the Formula One Group and the Â鶹×îгöÆ· SiriusXM Group with respect to their interests in the Braves Group. Each reporting period, the notional shares representing the intergroup interests were marked to fair value. As the notional shares underlying the intergroup interests were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Â鶹×îгöÆ· Braves common stock. However, Â鶹×îгöÆ· assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Â鶹×îгöÆ· Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the Â鶹×îгöÆ· SiriusXM Group interest in the Braves Group would be comprised of Series A Â鶹×îгöÆ· Braves common stock since Series A Â鶹×îгöÆ· Braves common stock was underlying the Convertible Notes. Therefore, the market prices of Series C Â鶹×îгöÆ· Braves and Series A Â鶹×îгöÆ· Braves common stock were historically used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and Â鶹×îгöÆ· SiriusXM Group, respectively, through the unaudited attributed consolidated statements of operations. During the second quarter of 2023, Â鶹×îгöÆ· determined that, in connection with the Split-Off, shares of ABH Series C common stock would be used to settle and extinguish the intergroup interest in the Braves Group attributed to the Â鶹×îгöÆ· SiriusXM Group. Following such determination, the market price of Series C Â鶹×îгöÆ· Braves common stock was used for the mark-to-market adjustment for the intergroup interest held by the Â鶹×îгöÆ· SiriusXM Group.
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The notional shares representing the intergroup interests had no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interests were included in the diluted WASO as if the shares had been issued and outstanding during the period. For periods in which share settlement of the intergroup interests were dilutive, an adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interests to fair value during the period. Additionally, prior to the Split-Off, a hypothetical mark-to-market adjustment on the shares of Series A Â鶹×îгöÆ· Braves common stock included in the Securities Basket (as defined in note 9) underlying the warrants was included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement.
Additionally, a hypothetical mark to market adjustment on the shares of Series A Â鶹×îгöÆ· Braves common stock included in the Securities Basket (as defined in note 9) underlying the warrants was included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement.
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January 1, 2023 to |
​ |
Years ended December 31, |
​ |
​ |
July 18, 2023 |
ÌýÌýÌýÌý |
2022 |
​ |
2021 |
​ |
|
​ |
​ |
²¹³¾´Ç³Ü²Ô³Ù²õÌý¾±²ÔÌý³¾¾±±ô±ô¾±´Ç²Ô²õ |
​ |
Basic earnings (loss) attributable to Â鶹×îгöÆ· Braves stockholders |
$ |
(111) |
​ |
(35) |
​ |
(11) |
​ |
Adjustments |
​ |
— |
​ |
— |
​ |
31 |
​ |
Diluted earnings (loss) attributable to Â鶹×îгöÆ· Braves stockholders |
$ |
(111) |
​ |
(35) |
​ |
20 |
​ |
|
| Formula One Group |
Ìý
|
| Schedule of revenue disaggregated by source |
​
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Years ended December 31, |
​ |
​ |
​ |
2023 |
​ |
2022 |
​ |
2021 |
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|
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amounts in millions |
​ |
Primary |
$ |
2,560 |
​ |
2,107 |
​ |
1,850 |
​ |
Other |
​ |
662 |
​ |
466 |
​ |
286 |
​ |
Total Formula 1 revenue |
$ |
3,222 |
​ |
2,573 |
​ |
2,136 |
​ |
|
| Schedule for reconciliation of basic and diluted weighted average shares |
​
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​ |
​ |
Years ended December 31, |
​ |
​ |
ÌýÌýÌýÌý |
2023 |
ÌýÌýÌýÌý |
2022 |
​ |
2021 |
​ |
|
​ |
​ |
numberÌýofÌýsharesÌýinÌýmillions |
​ |
Basic WASO |
Ìý |
234 |
Ìý |
233 |
​ |
232 |
​ |
Potentially dilutive shares (a) |
Ìý |
6 |
Ìý |
11 |
​ |
8 |
​ |
Diluted WASO (b) |
Ìý |
240 |
Ìý |
244 |
​ |
240 |
​ |
| (a) |
Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Formula One Group are reported since the result would be antidilutive. |
| (b) |
As described in note 2, the Â鶹×îгöÆ· SiriusXM Group’s intergroup interest in the Formula One Group was settled and extinguished on July 12, 2023. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Â鶹×îгöÆ· SiriusXM Group had an attributed value in the Formula One Group which is generally stated in terms of a number of shares of stock issuable to the Â鶹×îгöÆ· SiriusXM Group with respect to its interest in the Formula One Group. Each reporting period, the notional shares representing the intergroup interest were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Â鶹×îгöÆ· Formula One common stock. However, Â鶹×îгöÆ· assumed that the notional shares (if and when issued) would be comprised of Series A Â鶹×îгöÆ· Formula One common stock since Series A Â鶹×îгöÆ· Formula One common stock underlie the Convertible Notes. Therefore, the market price of Series A Â鶹×îгöÆ· Formula One common stock was used for the quarterly mark-to-market adjustment through the unaudited attributed consolidated statements of operations. The notional shares representing the intergroup interest had no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interest were included in the diluted WASO as if the shares had been issued and outstanding during the period. For periods in which share settlement of the intergroup interest is dilutive, an adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period.
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For periods in which share settlement of the 2.25% Convertible Senior Notes due 2027, which may be settled in shares of Series C Â鶹×îгöÆ· Formula One common stock, is dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instrument during the period, net of tax where appropriate. Additionally, an adjustment was also made to the numerator for a hypothetical mark to market adjustment on the shares of Series A Â鶹×îгöÆ· Formula One common stock included in the Securities Basket (as defined in note 9) underlying the warrants in periods in which cash settlement would be more dilutive than share settlement.
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​ |
Years ended December 31, |
​ |
​ |
​ |
2023 |
ÌýÌýÌýÌý |
2022 |
​ |
2021 |
​ |
|
​ |
​ |
²¹³¾´Ç³Ü²Ô³Ù²õÌý¾±²ÔÌý³¾¾±±ô±ô¾±´Ç²Ô²õ |
​ |
Basic earnings (loss) attributable to Â鶹×îгöÆ· Formula One stockholders |
$ |
185 |
​ |
558 |
​ |
(190) |
​ |
Adjustments |
​ |
(37) |
​ |
(34) |
​ |
112 |
​ |
Diluted earnings (loss) attributable to Â鶹×îгöÆ· Formula One stockholders |
$ |
148 |
​ |
524 |
​ |
(78) |
​ |
|
| Â鶹×îгöÆ· Live Group |
Ìý
|
| Schedule for reconciliation of basic and diluted weighted average shares |
​
|
|
|
|
​ |
​ |
August 4, 2023 to |
​ |
​ |
ÌýÌýÌýÌý |
December 31, 2023 |
​ |
​ |
​ |
numberÌýofÌýsharesÌýinÌýmillions |
​ |
Basic WASO |
Ìý |
92 |
Ìý |
Potentially dilutive shares (a) |
Ìý |
— |
Ìý |
Diluted WASO (b) |
Ìý |
92 |
Ìý |
| (a) |
Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Â鶹×îгöÆ· Live Group are reported since the result would be antidilutive. |
| (b) |
A hypothetical mark-to-market adjustment on the shares of Series A Â鶹×îгöÆ· Live common stock included in the Securities Basket (as defined in note 9) underlying the warrants was included in the numerator adjustment in periods in which cash settlement of the warrants would have been more dilutive than share settlement. |
|
|
|
|
​ |
August 4, 2023 to |
​ |
​ |
December 31, 2023 |
​ |
​ |
²¹³¾´Ç³Ü²Ô³Ù²õÌý¾±²ÔÌý³¾¾±±ô±ô¾±´Ç²Ô²õ |
​ |
Basic earnings (loss) attributable to Â鶹×îгöÆ· Live stockholders |
$ |
(142) |
​ |
Adjustments |
​ |
— |
​ |
Diluted earnings (loss) attributable to Â鶹×îгöÆ· Live stockholders |
$ |
(142) |
​ |
|