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. The Company reports net trade receivables and inventories by segment as that information is used by the chief operating decision maker in assessing segment performance. The Company does not report its other assets by segment as that information is not used by the chief operating decision maker in assessing segment performance.

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, are now allocated to the three regional business segments, and reported in operating results. Business segment information for the prior-year periods have been revised to reflect the change in presentation.

Business segment information for the Company is as follows:



	Year Ended
	November 26, 2017			November 27, 2016			November 29, 2015
	(Dollars in thousands)
Net revenues:
Americas	$	2,774,050		$	2,683,008		$	2,726,461
Europe	1,312,276			1,091,362			1,016,418
Asia	817,704			778,369			751,614
Total net revenues	$	4,904,030		$	4,552,739		$	4,494,493
Operating income:
Americas ⁽¹⁾	$	529,310		$	507,802		$	551,022
Europe ⁽²⁾	198,662			154,829			144,432
Asia	78,257			80,862			99,497
Regional operating income	806,229			743,493			794,951
Corporate:
Restructuring, net	—			313			14,071
Restructuring-related charges	—			7,195			30,736
Other corporate staff costs and expenses ⁽³⁾	339,060			273,778			319,097
Corporate expenses	339,060			281,286			363,904
Total operating income	467,169			462,207			431,047
Interest expense	(68,603		)	(73,170		)	(81,214		)
Loss on early extinguishment of debt	(22,793		)	—			(14,002		)
Other income (expense), net	(26,992		)	18,223			(25,433		)
Income before income taxes	$	348,781		$	407,260		$	310,398

_____________


(1)	Included in Americas' operating income for the year ended November 27, 2016 is the recognition of approximately $7.0 million benefit from resolution of a vendor dispute and related reversal of liabilities recorded in a prior period.

(2)

Included in Europe's operating income for the year ended November 27, 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 year ended November 29, 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.


(3)	Included in Corporate expenses for the year ended November 26, 2017 is the recognition of approximately $8.3 million of stock-based compensation expense related to prior periods, for the correction of the periods used for the recognition of expense associated with employees eligible to vest awards after retirement.



	Year Ended
	November 26, 2017		November 27, 2016		November 29, 2015
	(Dollars in thousands)
Depreciation and amortization expense:
Americas	$	37,802	$	30,322	$	27,558
Europe	17,479		12,574		14,985
Asia	9,836		8,210		7,455
Corporate	52,270		52,772		52,046
Total depreciation and amortization expense	$	117,387	$	103,878	$	102,044



	November 26, 2017
	Americas		Europe		Asia		Unallocated		Consolidated Total
	(Dollars in thousands)
Assets:
Trade receivables, net	$	322,712	$	99,807	$	52,029	$	10,937	$	485,485
Inventories	402,151		162,391		118,852		76,002		759,396
All other assets	—		—		—		2,109,811		2,109,811
Total assets									$	3,354,692



	November 27, 2016
	Americas		Europe		Asia		Unallocated		Consolidated Total
	(Dollars in thousands)
Assets:
Trade receivables, net	$	326,211	$	94,106	$	46,510	$	12,191	$	479,018
Inventories	391,713		125,029		121,544		77,895		716,181
All other assets	—		—		—		1,791,897		1,791,897
Total assets									$	2,987,096

Geographic information for the Company was as follows:



	Year Ended
	November 26, 2017		November 27, 2016		November 29, 2015
	(Dollars in thousands)
Net revenues:
United States	$	2,347,860	$	2,302,668	$	2,380,820
Foreign countries	2,556,170		2,250,071		2,113,673
Total net revenues	$	4,904,030	$	4,552,739	$	4,494,493

Net deferred tax assets:
United States	$	450,270	$	444,295	$	506,675
Foreign countries	87,653		78,806		73,965
Total net deferred tax assets	$	537,923	$	523,101	$	580,640

Long-lived assets:
United States	$	312,656	$	311,358	$	322,758
Foreign countries	141,660		108,332		89,062
Total long-lived assets	$	454,316	$	419,690	$	411,820