Operations In Foreign Currency

6 Months Ended

Jun. 30, 2016

Operations In Foreign Currency [Abstract]

Operations In Foreign Currency

Note 3 – Operations in Foreign Currency

We have significant assets in Australia and New Zealand. To the extent possible, we conduct 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 U.S. dollar based on the exchange rate as of June 30, 2016. 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.

Because we intend to conduct business mostly on a self-funding basis (except for funds used to pay an appropriate share of our U.S. corporate overhead), we do not believe the currency fluctuations present a material risk to the Company.  As such, we do not use derivative financial instruments to hedge against the risk of foreign currency exposure.

Presented in the table below are the currency exchange rates for Australia and New Zealand as of and for the period-ended June 30, 2016,  December 31, 2015 and June 30, 2015:

	Foreign Currency / USD
	June 30, 2016		December 31, 2015	June 30, 2015
	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
Spot Rate
Australian Dollar	0.7432		0.7286	0.7704
New Zealand Dollar	0.7120		0.6842	0.6778
Average Rate
Australian Dollar	0.7461	0.7339	0.7524	0.7782	0.7822
New Zealand Dollar	0.6913	0.6775	0.7004	0.7325	0.7419