Business Segment Information

6 Months Ended

May 29, 2016

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.

Business segment information for the Company is as follows:

	Three Months Ended						Six Months Ended
	May 29, 2016			May 31, 2015			May 29, 2016			May 31, 2015
	(Dollars in thousands)
Net revenues:
Americas	$	589,311		$	621,776		$	1,160,496		$	1,195,863
Europe	240,626			222,150			517,112			499,638
Asia	181,650			168,254			390,479			371,754
Total net revenues	$	1,011,587		$	1,012,180		$	2,068,087		$	2,067,255
Operating income:
Americas	$	89,286		$	103,326		$	171,035		$	205,618
Europe(1)	37,633			33,482			99,342			91,671
Asia	15,874			15,031			62,479			62,371
Regional operating income	142,793			151,839			332,856			359,660
Corporate:
Restructuring, net	(191		)	2,954			1,657			7,292
Restructuring-related charges	3,034			12,366			4,531			20,373
Other corporate staff costs and expenses	81,912			88,904			152,043			176,935
Corporate expenses	84,755			104,224			158,231			204,600
Total operating income	58,038			47,615			174,625			155,060
Interest expense	(20,411		)	(21,913		)	(35,313		)	(45,225		)
Loss on early extinguishment of debt	—			(14,002		)	—			(14,002		)
Other income (expense), net	4,295			7,639			2,076			(18,389		)
Income before income taxes	$	41,922		$	19,339		$	141,388		$	77,444

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(1) Included in Europe's operating income for the three- and six-month periods ended May 29, 2016 is a gain of $6.1 million related to the sale-leaseback of the Company's distribution center in the United Kingdom in the second quarter of 2016. Included in Europe's operating income for the three- and six-month periods ended May 31, 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.