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Operations In Foreign Currency | 3 Months Ended
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Mar. 31, 2018
Operations In Foreign Currency [Abstract] |
Operations In Foreign Currency | Note 3 – Operations in Foreign Currency We have significant assets in Australia and New Zealand. Historically, we have conducted our Australian and New Zealand operations (collectively “foreign operations”) on a self-funding basis where we use cash flows generated by our foreign operations to pay for the expense of foreign operations. Our Australian and New Zealand assets and liabilities are translated from their functional currencies of Australian dollar (“AU$”) and New Zealand dollar (“NZ$”), respectively, to the U.S. dollar based on the exchange rate as of March 31, 2018. The carrying value of the assets and liabilities of our foreign operations fluctuates as a result of changes in the exchange rates between the functional currencies of the foreign operations and the U.S. dollar. The translation adjustments are accumulated in the Accumulated Other Comprehensive Income in the Consolidated Balance Sheets. Likewise, historically, our overall operating strategy has been to conduct business mostly on a self-funding basis (except for funds used to pay an appropriate share of our U.S. corporate overhead). As such, we have not historically used derivative financial instruments to hedge against the risk of foreign currency exposure. However, in certain circumstances, we may decide to move funds between jurisdictions where circumstances encouraged us to do so from an overall economic standpoint. Going forward, particularly in light of recent tax law changes, we intend to take a more global view of our financial resources, and to be more flexible in making use of resources from one jurisdiction in other jurisdictions. As of December 31, 2016, we determined certain historically long-term intercompany loans from the U.S. Parent Company to our Australian subsidiary should be considered short-term. Subsequently, on September 1, 2017, we determined that the remaining AU$21.1 million in such long-term intercompany loans should be considered as short-term as well. This loan was paid in full on December 21, 2017. As a result of the above, we recognized foreign exchange gain on these intercompany advances based on the relative strengthening of the Australian dollar to the U.S. dollar in the amounts of $0 and $825,000 for the three months ended March 31, 2018 and March 2017 respectively in our Consolidated Statements of Income. Presented in the table below are the currency exchange rates for Australia and New Zealand: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ | Foreign Currency / USD
﻿ | As of and for the quarter ended |  | As of and for the twelve months ended |  | As of and for the quarter ended |
﻿ | March 31, 2018 | December 31, 2017 |  | March 31, 2017
﻿Spot Rate |  |  |  |  |  |
﻿Australian Dollar | 0.7690 | 0.7815 |  | 0.7638
﻿New Zealand Dollar | 0.7239 | 0.7100 |  | 0.7001
﻿Average Rate |  |  |  |  |  |
﻿Australian Dollar | 0.7861 |  | 0.7670 |  | 0.7584 |
﻿New Zealand Dollar | 0.7275 |  | 0.7111 |  | 0.7122 |

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- Definition The entire disclosure for foreign currency transactions and translation. This may include description of foreign currency transactions, foreign currency gains and losses, explanation of change in cumulative translation adjustment, description of effect of subsequent foreign currency exchange rate change, cumulative translation adjustment movement, foreign currency translation adjustment by component movement, translation adjustment for net investment hedge movement, adjustment for long-term intercompany transactions, schedule of long-term intercompany balances and any other foreign currency transactions and translation related items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -URI http://asc.fasb.org/topic&trid=2175825 + Details
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- References No definition available. + Details
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