Milwaukee Co. has an Australian subsidiary that earned A$40 million Australian dollars (A$) this year. Little Rock Co. has an Australian subsidiary that earned A$30 million this year. The subsidiary of Milwaukee plans to reinvest its earnings in Australia while the subsidiary of Little Rock Co. plans to remit its earnings to the U.S. parent. Cincinnati Co. does not have an Australian subsidiary but it received revenue of A$50 million this year from exporting to Australia. All three companies have the same total revenue and total earnings levels (when considering their U.S. business as well), and are the same size, and do not have any other international business. Which company is subject to the highest degree of translation exposure? Briefly explain.