Many companies make annual reports available on their corporate Internet home page. Annual reports also can be accessed through the SEC's EDGAR system at www.sec.gov (under Filing Type, search for 10-K).
Access the most recent annual report for the following U.S.-based multinational corporations:
International Business Machines Corporation.
Dell Computer Company.

Required
a. Identify the location(s) in the annual report that provide disclosures related to foreign currency translation and foreign currency hedging.
b. Determine whether the company's foreign operations have a predominant functional currency. Discuss the implication this has for the comparability of financial statements of the two companies.
c. Determine the amount of translation adjustment, if any, reported in other comprehensive income in each of the three most recent years. Explain the sign (positive or negative) of the translation adjustment in each of the three most recent years. Compare the relative magnitude of these translation adjustments for the two companies.
d. Determine whether each company hedges the net investment in foreign operations. If so, determine the type(s) of hedging instrument used.