From its 10K we can see that globally HPQ has its operations spread out in the following geographies: Americas, Europe, Asia pacific and Japan. From figure 4.5 we see, 63 percent of its $48.24 billion in net sales comes from international operations and domestic sales account for 37 percent of HPQ’s net sales. Similar to AAPL, HPQ benefits from a weaker U.S. dollar and is also adversely affected by a stronger U.S. dollar relative to the foreign currency. HPQ transacts business in approximately forty-four currencies worldwide. However in its 10K it lists the following most significant foreign currencies impacting HPQ’s operations: European Dollar (EUR), Great Britain Pound (GBP), Chinese Yuan (CNY), Japanese Yen (JPY) and Indian Rupee (INR). From figure 4.2 and figure 4.6 we gather that EUR which stands stern at $1 for € 0.86 and GBP which stands at $1 for £0.76 are the only two currencies which pose a level of risk to the operations of HPQ.Because of the global nature of its business, HPQ is impacted both by a stronger US dollar and also a weaker US dollar. Having a strong US dollar favors HPQ who source their components from suppliers located outside of United States, but negatively impacts its sales figures which were contributed by foreign-currency. Similarly a weak US dollar would favor HPQ whose major revenue is generated internationally, however it would also negatively impact HPQ as it sources raw materials from International markets and transact in foreign currency. The company’s 10K confirms that, HPQ enters into foreign currency derivatives like forward and option contracts with financial institutions to offset foreign exchange risks.In figure 4.7 we see the forward and options contract entered by HPQ in 2016 and 2015 to offset currency risk. From the 10K document we understand that HPQ’s foreign currency cash flow hedges mature generally within twelve months. However, its hedges related to longer term procurement extends several years. Forward contracts associated with inter-company loans extend for the duration of the lease or loan term.