XM Radio 2009 Annual Report Download - page 155
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Please find page 155 of the 2009 XM Radio annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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Quantitative and Qualitative Disclosure About Market Risks
As of December 31, 2009, we did not have any derivative financial instruments. We do not hold or issue any
free-standing derivatives. We hold investments in marketable securities, which consist of certificates of deposit,
auction rate certificates and investments in debt and equity securities of other entities. We classify our marketable
securities as available-for-sale. We hold an investment in auction rate certificates which are classified as
available-for-sale. These securities are consistent with the investment objectives contained within our investment
policy. The basic objectives of our investment policy are the preservation of capital, maintaining sufficient liquidity
to meet operating requirements and maximizing yield.
Our debt includes fixed and variable rate instruments and the fair market value of our debt is sensitive to
changes in interest rates. Under our current policies, we do not use interest rate derivative instruments to manage our
exposure to interest rate fluctuations.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
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