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Here are two facts that are given: - Excluding currency changes, Revenue from Greater China increased 11% year over year. - But, including currency changes
Here are two facts that are given:
- "Excluding currency changes," Revenue from Greater China increased 11% year over year.
- But, including currency changes (the other column), it only increased 8% year over year.
Question: Based on those two given facts, what happened to the USD versus the CNY, year over year? Did the USD appreciate or depreciate versus the CNY?
The breakdown of revenues is as follows: % CHANGE % CHANGE EXCLUDING EXCLUDING CURRENCY CURRENCY (Dollars in millions) FISCAL 2020 FISCAL 2019 % CHANGE CHANGES(1) FISCAL 2018 % CHANGE CHANGES(1) North America $ 14,484 $ 15,902 -9% -9 % $ 14,855 7 % 7 % Europe, Middle East & Africa 9,347 9,812 -5% -1 % 9,242 6 % 11 % Greater China 6,679 6,208 8 % 11 % 5,134 21 % 24 % Asia Pacific & Latin America 5,028 5,254 -4 % 1 % 5,166 2 % 13 % Global Brand Divisions(2) 30 42 -29 % -26% 88 -52 % -53 % TOTAL NIKE BRAND 35,568 37,218 -4% -2 % 34,485 8 % 11 % Converse 1,846 1,906 -3% -1 % 1,886 1 % 3 % Corporate(3) (11) (7) 26 TOTAL NIKE, INC. REVENUES $ 37,403 $ 39,117 -4 % -2 % $ 36,397 7% 11 % (1) The percent change excluding currency changes represents a non-GAAP financial measure. See "Use of Non-GAAP Financial Measures" for further information. (2) Global Brand Divisions revenues are primarily attributable to NIKE Brand licensing businesses that are not part of a geographic operating segment. (3) Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through our central foreign exchange risk management program. The primary financial measure used by the Company to evaluate performance of individual operating segments is EBIT, which represents Net income before Interest expense (income), net and Income tax expense in the Consolidated Statements of Income. As discussed in Note 17 - Operating Segments and Related Information in the accompanying Notes to the Consolidated Financial Statements, certain corporate costs are not included in EBIT of our operating segments. The breakdown of revenues is as follows: % CHANGE % CHANGE EXCLUDING EXCLUDING CURRENCY CURRENCY (Dollars in millions) FISCAL 2020 FISCAL 2019 % CHANGE CHANGES(1) FISCAL 2018 % CHANGE CHANGES(1) North America $ 14,484 $ 15,902 -9% -9 % $ 14,855 7 % 7 % Europe, Middle East & Africa 9,347 9,812 -5% -1 % 9,242 6 % 11 % Greater China 6,679 6,208 8 % 11 % 5,134 21 % 24 % Asia Pacific & Latin America 5,028 5,254 -4 % 1 % 5,166 2 % 13 % Global Brand Divisions(2) 30 42 -29 % -26% 88 -52 % -53 % TOTAL NIKE BRAND 35,568 37,218 -4% -2 % 34,485 8 % 11 % Converse 1,846 1,906 -3% -1 % 1,886 1 % 3 % Corporate(3) (11) (7) 26 TOTAL NIKE, INC. REVENUES $ 37,403 $ 39,117 -4 % -2 % $ 36,397 7% 11 % (1) The percent change excluding currency changes represents a non-GAAP financial measure. See "Use of Non-GAAP Financial Measures" for further information. (2) Global Brand Divisions revenues are primarily attributable to NIKE Brand licensing businesses that are not part of a geographic operating segment. (3) Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through our central foreign exchange risk management program. The primary financial measure used by the Company to evaluate performance of individual operating segments is EBIT, which represents Net income before Interest expense (income), net and Income tax expense in the Consolidated Statements of Income. As discussed in Note 17 - Operating Segments and Related Information in the accompanying Notes to the Consolidated Financial Statements, certain corporate costs are not included in EBIT of our operating segmentsStep by Step Solution
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