In recent history, major global manufacturers have reported heavy currency risk-related losses, underscoring the need for a solid currency risk management strategy. In 2017, General Motors reported that fourth-quarter net income declined by $500 million due to foreign currency losses. Also in 2017, Estee Lauder, the beauty products manufacturer, reported currency risk losses would “depress reported sales for the full fiscal year by nearly two percentage points." VF Corporation, a global apparel manufacturer, reported that the company's profit margin would be 0.8% lower due to negative currency shifts.