NET REVENUES

Disaggregated Revenue

The table below provides the Company's revenues disaggregated by segment and channel.



	Year Ended November 24, 2019
	Americas		Europe		Asia		Total
	(Dollars in thousands)
Net revenues by channel:
Wholesale	$	2,181,168	$	981,308	$	498,043	$	3,660,519
Direct-to-consumer	875,856		786,748		439,964		2,102,568
Total net revenues	$	3,057,024	$	1,768,056	$	938,007	$	5,763,087



	Year Ended November 25, 2018
	Americas		Europe		Asia		Total
	(Dollars in thousands)
Net revenues by channel:
Wholesale	$	2,209,897	$	925,317	$	464,953	$	3,600,167
Direct-to-consumer	832,767		720,919		421,587		1,975,273
Total net revenues	$	3,042,664	$	1,646,236	$	886,540	$	5,575,440



	Year Ended November 26, 2017
	Americas		Europe		Asia		Total
	(Dollars in thousands)
Net revenues by channel:
Wholesale	$	2,050,975	$	730,039	$	450,063	$	3,231,077
Direct-to-consumer	723,075		582,237		367,641		1,672,953
Total net revenues	$	2,774,050	$	1,312,276	$	817,704	$	4,904,030

At November 24, 2019, the Company did not have any material contract assets and or contract liabilities recorded in the consolidated balance sheets.

Consideration promised in the Company’s contracts with customers includes a variable amount related to anticipated sales returns, discounts and miscellaneous claims from customers. Estimates of discretionary authorized returns, discounts and claims are based on (1) historical rates, (2) specific identification of outstanding returns not yet received from customers and outstanding discounts and claims and (3) expected returns, discounts and claims not yet finalized with customers. Actual returns, discounts and claims in any future period are inherently uncertain and thus may differ from estimates recorded.

The Company treats all shipping to the Company's customers, handling and certain other distribution activities as a fulfillment cost and recognizes these costs as SG&A.

Sales and value-added taxes collected from customers and remitted to governmental authorities are presented on a net basis in the consolidated statements of income.