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388 Planning and Forecasting EXHIBIT 12.23 Company AGCO Corporation (1999) Hedging of translation exposure: Selected company policies. Hedging Policy The Company’s translation exposure resulting from translating the financial statements of foreign subsidiaries into U.S. dollars is not hedged. When practical, this translation impact is reduced by financing local operations with local borrowings. We occasionally use foreign currency contracts to hedge the market risk of a subsidiary’s net asset position. Market value gains and losses on foreign currency contracts used to hedge the market risk of a subsidiary’s net asset position are recognized in “Accumulated Other Comprehensive Income” as translation gains and.