Transactional exposure was comprised of two sub-levels: 1) trade related
exposures that give rise to non-functional currency trade accounts receivable
and/or payable and 2) financing related exposures that give rise to interest-
bearing non-functional currency assets and/or liabilities.
Translational exposure was comprised of two sub-levels: 1) translation of a
foreign currency functional subsidiary’s income statement and 2) translation
of a foreign currency functional subsidiary’s balance sheet, both for the
purpose of presenting consolidated financial statements at the parent level.