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40
Research In Motion Limited • Incorporated Under the Laws of Ontario (In thousands of United States dollars, except per share data, and except as otherwise indicated)
3. Recently Issued Pronouncements
In December 2003, the FASB amended
Interpretation No. 46 (“FIN 46”), Consolidation of
Variable Interest Entities (“FIN 46R”). FIN 46R
requires that a variable interest entity (“VIE”) be
consolidated by a company if that company is
subject to a majority of the risk of loss from the
VIE’s residual returns. For the Company, the
requirements of FIN 46R apply to VIE’s created
after January 31, 2003. For those VIE’s created
before January 31, 2003, the requirements of
FIN 46R apply as at February 29, 2004. The
adoption of FIN 46R did not have an impact to
the Company’s financial statements as at and for
the year ended February 28, 2004.
4. Cash, Cash Equivalents and Investments
(a) Cash and cash equivalents are recorded at fair value and comprise:
February 28, 2004 March 1, 2003
Balances with banks $2,644 $16,603
Money market investment funds 9,657 2,635
Certificates of deposit 255,199 111,664
Repurchase agreements 110,622 15,868
Government sponsored enterprise notes –9,999
Commercial paper and corporate notes 778,297 183,912
$1,156,419 $340,681
Cash and cash equivalents carry weighted average yields of 1.0% as at February 28, 2004 (March 1, 2003 – 1.3%).
(b) Investments include securities that are held as available-for-sale and securities which the Company intends
to hold to maturity.
As of February 28, 2004, the contractual maturities of debt securities were as follows (at carrying value):
Years to Maturity
No Single
One to Five to Maturity
Five Years Ten Years Date Total
Available-for-sale $ 139,266 $ 25,164 $ 23,394 $ 187,824
Held-to-maturity 79,404 – 66,658 146,062
$ 218,670 $ 25,164 $ 90,052 $ 333,886
Securities with no single maturity date reflect asset-backed securities.
Available-for-sale investments are carried at fair value and comprise:
Amortized Unrealized Unrealized
Cost Gains Losses Fair Value
As at February 28, 2004
Government sponsored enterprise notes $ 80,086 $ 300 $ – $ 80,386
Asset-backed securities 23,385 25 (16) 23,394
Corporate bonds 83,740 323 (19) 84,044
$ 187,211 $ 648 $ (35) $ 187,824
As at March 1, 2003 $–$–$–$–