Business Segment Information

6 Months Ended

May 28, 2017

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 2017, certain of the Company's global expenses that support all regional segments, including global e-commerce infrastructure and global brand merchandising, marketing and design, previously recorded centrally in the Americas region segment and Corporate expenses, have now been allocated to the three regional business segments, and reported in operating results. Business segment information for the prior-year period has been revised to reflect the change in presentation.

Business segment information for the Company is as follows:



	Three Months Ended						Six Months Ended
	May 28, 2017			May 29, 2016			May 28, 2017			May 29, 2016
	(Dollars in thousands)
Net revenues:
Americas	$	602,063		$	589,311		$	1,179,970		$	1,160,496
Europe	280,386			240,626			590,703			517,112
Asia	185,406			181,650			399,173			390,479
Total net revenues	$	1,067,855		$	1,011,587		$	2,169,846		$	2,068,087
Operating income:
Americas	$	101,879		$	96,832		$	192,221		$	184,863
Europe⁽¹⁾	34,703			26,505			99,242			77,444
Asia	9,468			9,542			45,409			50,435
Regional operating income	146,050			132,879			336,872			312,742
Corporate:
Restructuring, net	—			(191		)	—			1,657
Restructuring-related charges	—			3,034			—			4,531
Other corporate staff costs and expenses	83,399			71,998			165,881			131,929
Corporate expenses	83,399			74,841			165,881			138,117
Total operating income	62,651			58,038			170,991			174,625
Interest expense	(17,895		)	(20,411		)	(37,829		)	(35,313		)
Loss on early extinguishment of debt	(22,793		)	—			(22,793		)	—
Other (expense) income, net	(18,087		)	4,295			(17,679		)	2,076
Income before income taxes	$	3,876		$	41,922		$	92,690		$	141,388

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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.