Quartz Co. has its entire operations in Miami, Florida, and is an exporter of products to Eurozone countries. All of its earnings are derived from its exports. The exports are denominated in euros. Reed Co. (of the U.S.) is about the same size as Quartz Co. and generates about the same amount of earnings in a typical year. It has a subsidiary in Germany that typically generates about 40 percent of its total earnings. All earnings are reinvested in Germany and therefore not remitted. The rest of Reed's business is in the U.S. Which company has a higher degree of translation exposure? Briefly, explain.