Business Segment Information

9 Months Ended

Aug. 30, 2015

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION

The Company manages its business according to three regional segments: the Americas, Europe and Asia. The Company considers its chief executive officer to be the Company’s chief operating decision maker. The Company’s chief operating decision maker manages business operations, evaluates performance and allocates resources based on the regional segments’ net revenues and operating income.

Effective as of the beginning of 2015, the Company's regional licensing revenue, previously recorded centrally in the Company's Americas region, was revised to be recorded in the Company's respective regions. Regional licensing revenues are not significant to any of the Company's regional segments individually in any of the periods presented herein, and accordingly, business segment information for the prior-year periods have not been revised.

Business segment information for the Company is as follows:

	Three Months Ended						Nine Months Ended
	August 30, 2015			August 24, 2014			August 30, 2015			August 24, 2014
	(Dollars in thousands)
Net revenues:
Americas	$	713,148		$	697,467		$	1,909,011		$	1,969,030
Europe	258,486			285,983			758,124			847,403
Asia	170,378			170,679			542,132			549,533
Total net revenues	$	1,142,012		$	1,154,129		$	3,209,267		$	3,365,966
Operating income:
Americas	$	144,241		$	122,210		$	349,859		$	342,687
Europe(1)	50,502			49,587			142,173			159,181
Asia	25,666			17,366			88,037			88,550
Regional operating income	220,409			189,163			580,069			590,418
Corporate:
Restructuring, net	4,054			2,371			11,346			79,411
Restructuring-related charges	7,723			7,564			28,096			23,316
Other corporate staff costs and expenses	93,859			74,108			270,794			223,787
Corporate expenses	105,636			84,043			310,236			326,514
Total operating income	114,773			105,120			269,833			263,904
Interest expense	(17,138		)	(27,179		)	(62,363		)	(90,318		)
Loss on early extinguishment of debt	—			—			(14,002		)	(11,151		)
Other expense, net	(8,316		)	(5,605		)	(26,705		)	(7,544		)
Income before income taxes	$	89,319		$	72,336		$	166,763		$	154,891

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(1) Included in Europe's operating income for the nine-month period ended August 30, 2015, is a gain of $7.5 million related to the sale of the Company's finishing and distribution facility in Turkey in the second quarter of 2015.