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Foreign Currency Translation
our foreign subsidiaries and investments generally report their earnings in their local currencies. We translate our share of their foreign liabilities and assets at exchange rates in effect at balance sheet dates. We translate our share of their expenses and revenues using average rates during the year. The resulting foreign currency translation adjustments are recorded as a separate component of accumulated other comprehensive income in accompanying consolidated balance sheets. Gains and losses resulting from exchange-rate changes on transactions denominated in a currency other than local currency are included in earnings as incurred. We have also entered into foreign currency contracts to reduce our exposure to risk of adverse changes in currency exchange rates. We are subject to foreign exchange risk for foreign currency-denominated transactions, such as debt issued, recognized receivables and payables and forecasted transactions. At 31st December, 2007, our foreign currency exposures were principally Euros, British pound sterling, Danish krone and Japanese yen.
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