Business Segment Information

9 Months Ended

Aug. 25, 2019

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 25, 2019			August 26, 2018			August 25, 2019			August 26, 2018
	(Dollars in thousands)
Net revenues:
Americas	$	770,817		$	792,832		$	2,180,779		$	2,119,820
Europe	463,258			405,737			1,326,303			1,225,295
Asia	213,006			195,584			687,397			638,465
Total net revenues	$	1,447,081		$	1,394,153		$	4,194,479		$	3,983,580
Operating income:
Americas	$	151,558		$	162,469		$	376,845		$	370,926
Europe	102,911			76,848			283,244			245,307
Asia	17,410			14,720			77,438			71,839
Regional operating income	271,879			254,037			737,527			688,072
Corporate expenses⁽¹⁾	100,661			94,621			302,499			276,452
Total operating income	171,218			159,416			435,028			411,620
Interest expense	(15,292		)	(15,697		)	(47,962		)	(45,659		)
Underwriter commission paid on behalf of selling stockholders	—			—			(24,860		)	—
Other expense, net⁽¹⁾	(4,369		)	(3,839		)	(2,849		)	(1,344		)
Income before income taxes	$	151,557		$	139,880		$	359,357		$	364,617

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(1)	The amounts in Corporate expenses and Other expense, net have been conformed to reflect the adoption of ASU 2017-07, "Compensation-Retirement Benefits (Topic 715) Improving the Presentation of Net Periodic Cost and Net Periodic Postretirement Benefit Cost" and include non-service cost component of net periodic benefit costs. Refer to Note 1 for more information.