Question: If a U.S.-based multinational company generates more than 80% of its profits (earnings) outside the U.S. in the euro zone and Japan, and both the

If a U.S.-based multinational company generates more than 80% of its profits (earnings) outside the U.S. in the euro zone and Japan, and both the euro and the yen fall significantly in value versus the dollar as occurred in the second half of 2014, is the impact on the firm only accounting or does it alter cash flow, or both?

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