For those who like to learn new things, here is a fun video made by the Google Chief Accountant. In it she explains the impact of foreign currency fluctuations on Net Income. She also explains how Google hedges to lessen the impact of the foreign currency rate changes. The information would be applicable to most companies you follow that have foreign operations.

It's a short and fun video to watch and does a great job of giving an overview of the topic. I suspect it might have been made to explain things to Google top management.

Google Hedging 101