FX ENERGY INC - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - November 9, 2011

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v2.3.0.15
Foreign Currency Translation and Risk
6 Months Ended
Jun. 30, 2011
Foreign Currency Translation and Risk [Abstract] 
Foreign Currency Translation and Risk
Note 10:  Foreign Currency Translation and Risk

During the first six months of 2011, we recorded foreign currency transaction gains of approximately $10.3 million.  This amount was attributable to decreases in the amount of Polish zlotys necessary for FX Energy Poland to satisfy outstanding intercompany and other dollar-denominated loans and unpaid interest.  There was a corresponding debit to other comprehensive income for gains attributable to the intercompany loans, which was then offset by translation adjustments related to our other balance sheet accounts.

The following table provides a summary of changes in cumulative translation adjustment (in thousands):

 
For the Six Months
 
Ended June 30, 2011
Balance at December 31, 2010
$ 14,013
Decrease related to gains on intercompany loans
    (10,298)
Increase related to translation adjustments
      3,489
Balance at June 30, 2011 
 $  7,204

Future transaction gains or losses may be significant given the amount of intercompany loans and the volatility of the exchange rate.  Future translation adjustments will also vary in concert with changes in exchange rates.  These gains, losses, and adjustments are noncash items for U.S. reporting purposes and have no impact on our actual zloty-based revenues and expenditures in Poland.
 
We enter into various agreements in Poland denominated in the Polish zloty, which is subject to exchange-rate fluctuations.  Our policy is to reduce currency risk by, under ordinary circumstances, transferring dollars to zlotys, or fixing the exchange rate for future transfers of dollars to zlotys, on or about the occasion of making any significant commitment payable in Polish currency, taking into consideration the future timing and amounts of committed costs and the estimated timing and amounts of zloty-based revenues.  We do not use derivative financial instruments for trading or speculative purposes.

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