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ACM » Topics » Item 3. Quantitative and Qualitative Disclosures About Market Risk Financial Market Risks

This excerpt taken from the ACM 10-Q filed Aug 9, 2007.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Financial Market Risks

We are exposed to market risk, primarily related to foreign currency exchange rates and interest rate exposure of our debt obligations that bear interest based on floating rates.  We actively monitor these exposures.  To reduce our exposure to market risk, we have entered into derivative financial instruments such as forward contracts or interest rate hedge contracts.  Our objective is to reduce, where we deem appropriate to do so, fluctuations in earnings and cash flows associated with changes in foreign exchange rates and interest rates.  It is our policy and practice to use derivative financial instruments only to the extent necessary to manage our exposures.  We do not use derivative financial instruments for trading purposes.  We currently have no material derivative instruments outstanding.

 

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