Discontinued Operations |
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| Discontinued Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations |
(2) Discontinued Operations On September 9, 2024, 鶹app completed the split-off of its wholly owned subsidiary, 鶹app Sirius XM Holdings (the “鶹app Sirius XM Holdings Split-Off”). The 鶹app Sirius XM Holdings Split-Off was accomplished through the redemption by the Company of each outstanding share of 鶹app SiriusXM common stock in exchange for 0.8375 of a share of 鶹app Sirius XM Holdings common stock, with cash paid in lieu of fractional shares. 鶹app Sirius XM Holdings was comprised of the businesses, assets and liabilities attributed to the 鶹app SiriusXM Group immediately prior to the 鶹app Sirius XM Holdings Split-Off. The 鶹app Sirius XM Holdings Split-Off was intended to be tax-free to holders of 鶹app SiriusXM common stock (except with respect to cash received in lieu of fractional shares). Following the 鶹app Sirius XM Holdings Split-Off, on September 9, 2024, a wholly owned subsidiary of 鶹app Sirius XM Holdings merged with and into Sirius XM Holdings, with Sirius XM Holdings surviving the merger as a wholly owned subsidiary of 鶹app Sirius XM Holdings (the “Merger” and, together with the 鶹app Sirius XM Holdings Split-Off, the “Transactions”). As a result of the Transactions, 鶹app Sirius XM Holdings became an independent public company separate from 鶹app. As disclosed in note 1, 鶹app Sirius XM Holdings is presented as a discontinued operation in the Company’s consolidated financial statements as the 鶹app Sirius XM Holdings Split-Off represents a strategic shift that had a major effect on the Company’s operations and financial results. The following table presents a reconciliation of the carrying amounts of the major classes of assets and liabilities of discontinued operations to the total assets and liabilities of discontinued operations as presented in the consolidated balance sheet.
The following table provided details about the major classes of line items constituting earnings (loss) from discontinued operations, net of tax as presented in the consolidated statements of operations. Impairment, restructuring and acquisition costs for the year ended December 31, 2024, in the table below, includes a goodwill impairment loss of $2,819 million related to the Sirius XM Holdings reportable segment and $500 million impairment of Sirius XM Holding’s equity method investment in Sirius XM Canada Holdings, Inc.
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