Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Market Risk
We are mainly exposed to foreign currency exchange rate fluctuations. There have been no material changes to our exposure to market risk during the three months ended June 30, 2022.
For a description of our foreign exchange risk, please see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - B. Liquidity and Capital Resources" in our Annual Report on Form 10-K for the year ended December 31, 2021.
A hypothetical 10% increase or decrease of the Pound Sterling, the Euro, the Japanese yen or the Brazilian Real against the U.S. dollar would have impacted the Condensed Consolidated Statements of Income as follows:
Six Months Ended
June 30, 2022 June 30, 2021
(in thousands)
GBP/USD +10% -10% +10% -10%
Net income impact $ (293) $ 293 $ (193) $ 193
Six Months Ended
June 30, 2022 June 30, 2021
(in thousands)
BRL/USD +10% -10% +10% -10%
Net income impact $ 86 $ (86) $ 97 $ (97)
Six Months Ended
June 30, 2022 June 30, 2021
(in thousands)
JPY/USD +10% -10% +10% -10%
Net income impact $ 1,723 $ (1,723) $ 246 $ (246)
Six Months Ended
June 30, 2022 June 30, 2021
(in thousands)
EUR/USD +10% -10% +10% -10%
Net income impact $ 3,457 $ (3,457) $ 4,811 $ (4,811)
Credit Risk and Trade receivables
For a description of our credit risk and trade receivables, please see "Note 3. Financial instruments" and "Note 4. Trade Receivables" in the Notes to the Consolidated Financial Statements.
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