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 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 period has been revised to reflect the change in presentation.

Business segment information for the Company is as follows:



	Year Ended
	November 25, 2018			November 26, 2017			November 27, 2016
	(Dollars in thousands)
Net revenues:
Americas	$	3,042,664		$	2,774,050		$	2,683,008
Europe	1,646,236			1,312,276			1,091,362
Asia	886,540			817,704			778,369
Total net revenues	$	5,575,440		$	4,904,030		$	4,552,739
Operating income:
Americas ⁽¹⁾	$	551,380		$	529,310		$	507,802
Europe ⁽²⁾	292,903			198,662			154,829
Asia	86,573			78,257			80,862
Regional operating income	930,856			806,229			743,493
Corporate:
Restructuring-related charges	—			—			7,195
Other corporate staff costs and expenses ⁽³⁾	393,796			339,060			274,091
Corporate expenses	393,796			339,060			281,286
Total operating income	537,060			467,169			462,207
Interest expense	(55,296		)	(68,603		)	(73,170		)
Loss on early extinguishment of debt	—			(22,793		)	—
Other income (expense), net	18,258			(26,992		)	18,223
Income before income taxes	$	500,022		$	348,781		$	407,260

_____________


(1)	Included in Americas' operating income for the year ended November 27, 2016 is the recognition of $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.


(3)	Included in Corporate expenses for the year ended November 26, 2017 is the recognition of $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 in awards after retirement.



	Year Ended
	November 25, 2018		November 26, 2017		November 27, 2016
	(Dollars in thousands)
Depreciation and amortization expense:
Americas	$	43,478	$	37,802	$	30,322
Europe	22,658		17,479		12,574
Asia	10,750		9,836		8,210
Corporate	43,319		52,270		52,772
Total depreciation and amortization expense	$	120,205	$	117,387	$	103,878



	November 25, 2018
	Americas		Europe		Asia		Unallocated		Consolidated Total
	(Dollars in thousands)
Assets:
Trade receivables, net	$	362,825	$	102,989	$	54,266	$	14,084	$	534,164
Inventories	468,258		188,430		148,335		78,750		883,773
All other assets	—		—		—		2,124,723		2,124,723
Total assets									$	3,542,660



	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	—		—		—		2,112,957		2,112,957
Total assets⁽¹⁾									$	3,357,838


(1)	Certain insignificant amounts on the consolidated balance sheet from the year ended November 26, 2017 have been conformed to the November 25, 2018 presentation.

Geographic information for the Company was as follows:



	Year Ended
	November 25, 2018		November 26, 2017		November 27, 2016
	(Dollars in thousands)
Net revenues:
United States	$	2,546,907	$	2,347,860	$	2,302,668
Foreign countries	3,028,533		2,556,170		2,250,071
Total net revenues	$	5,575,440	$	4,904,030	$	4,552,739

Net deferred tax assets:
United States	$	313,644	$	450,270	$	444,295
Foreign countries	84,147		87,653		78,806
Total net deferred tax assets	$	397,791	$	537,923	$	523,101

Long-lived assets:
United States	$	335,705	$	312,656	$	311,358
Foreign countries	154,767		141,660		108,332
Total long-lived assets	$	490,472	$	454,316	$	419,690