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Operations In Foreign Currency | 6 Months Ended
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Jun. 30, 2019
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 June 30, 2019. 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. ﻿ Due to the natural-hedge nature of our funding policy, we have not historically used derivative financial instruments to hedge against the risk of foreign currency exposure. However, in certain circumstances, we 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. ﻿ 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 six months ended |  | As of and for the twelve months ended |  | As of and for the quarter ended |  | As of and for the six months ended
﻿ | June 30, 2019 |  | December 31, 2018 |  | June 30, 2018
﻿Spot Rate |  |  |  |  |  |  |  |  |
﻿Australian Dollar | 0.7009 |  | 0.7046 |  | 0.7399
﻿New Zealand Dollar | 0.6711 |  | 0.6711 |  | 0.6773
﻿Average Rate |  |  |  |  |  |  |  |  |
﻿Australian Dollar | 0.7001 |  | 0.7062 |  | 0.7479 |  | 0.7569 |  | 0.7715
﻿New Zealand Dollar | 0.6626 |  | 0.6721 |  | 0.6930 |  | 0.7046 |  | 0.7161

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -URI http://asc.fasb.org/topic&trid=2175825 + Details
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