Given the disclosure provided by BellSouth Corporation, answer the following questions:
1. Why did the company report a foreign currency loss as a result of the devaluation of the Brazilian Real?
2. What does the company mean when it states: "These exchange losses are subject to further upward or downward adjustments based on fluctuation in the exchange rates between the U.S. Dollar and the Brazilian Real?"
3. What is the company's objective in reporting "Normalized Net Income"? Do you agree with the company's assessment that it has a 15 percent increase in first-quarter earnings per share?