Which of the following firms is not exposed to translation exposure?

• A. Firm Z, with a fully owned subsidiary that generates substantial earnings in Germany. The subsidiary never remits earnings but reinvests them in Germany.
• B. Firm X, with a fully owned subsidiary that periodically remits earnings generated in Great Britain to the U.S.-based parent.
• C. Firm Y, with a fully owned subsidiary that periodically generates foreign losses in Sweden. The parent covers at least some of these losses.
• D. All of these choices are firms are exposed to translation exposur