Currency movements and earnings

The Australian dollar has been trending up against the U.S. dollar. That will impact on the Australian dollar value of U.S. earnings reported by companies such as CSL. The CSL chair at the recent AGM stated (link):

However, Ms Alexander said CSL had no plans to hedge its currency exposure, as exchange rate movements did not have an impact on the company's underlying performance.
"Given translation for reporting purposes does not reflect a cash flow, CSL does not consider it appropriate or economic to hedge these earnings," she said.

This implies that the U.S. earnings (or more correctly, the U.S. cash flows) are not 'repatriated' back to Australia, but rather 'kept' in the U.S. If the U.S. dollar cash flows were heading back to Australia, then CSL may be taking more of an interest in hedging.