Business Segment Information

9 Months Ended

Aug. 26, 2018

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						Nine Months Ended
	August 26, 2018			August 27, 2017			August 26, 2018			August 27, 2017
	(Dollars in thousands)
Net revenues:
Americas	$	792,832		$	738,687		$	2,119,820		$	1,918,657
Europe	405,737			348,016			1,225,295			938,719
Asia	195,584			181,688			638,465			580,861
Total net revenues	$	1,394,153		$	1,268,391		$	3,983,580		$	3,438,237
Operating income:
Americas	$	162,469		$	155,652		$	370,926		$	347,873
Europe	76,848			61,536			245,307			160,778
Asia	14,720			11,246			71,839			56,655
Regional operating income	254,037			228,434			688,072			565,306
Corporate expenses⁽¹⁾	95,428			82,114			278,840			247,995
Total operating income	158,609			146,320			409,232			317,311
Interest expense	(15,697		)	(14,476		)	(45,659		)	(52,305		)
Loss on early extinguishment of debt	—			—			—			(22,793		)
Other (expense) income, net	(3,032		)	(14,734		)	1,044			(32,413		)
Income before income taxes	$	139,880		$	117,110		$	364,617		$	209,800

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(1) Included in Corporate expenses for the three and nine month periods ended August 27, 2017 is the recognition of approximately $9.5 million and $8.3 million 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.