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.

Business segment information for the Company is as follows:



	Year Ended
	November 24, 2019			November 25, 2018			November 26, 2017
	(Dollars in thousands)
Net revenues:
Americas	$	3,057,024		$	3,042,664		$	2,774,050
Europe	1,768,056			1,646,236			1,312,276
Asia	938,007			886,540			817,704
Total net revenues	$	5,763,087		$	5,575,440		$	4,904,030
Operating income:
Americas	$	545,084		$	551,380		$	529,310
Europe	353,082			292,903			198,662
Asia	85,824			86,573			78,257
Regional operating income	983,990			930,856			806,229
Corporate expenses⁽¹⁾⁽²⁾	417,315			390,445			326,162
Total operating income	566,675			540,411			480,067
Interest expense	(66,248		)	(55,296		)	(68,603		)
Underwriter commission paid on behalf of selling stockholders	(24,860		)	—			—
Loss on early extinguishment of debt	—			—			(22,793		)
Other income (expense), net⁽²⁾	2,017			14,907			(39,890		)
Income before income taxes	$	477,584		$	500,022		$	348,781

____

(1) 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. Refer to Note 1 for more information.


(2)	The amounts in Corporate expenses and Other income (expense), net prior to fiscal year 2019 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.



	Year Ended
	November 24, 2019		November 25, 2018		November 26, 2017
	(Dollars in thousands)
Depreciation and amortization expense:
Americas	$	45,884	$	43,478	$	37,802
Europe	23,595		22,658		17,479
Asia	12,110		10,750		9,836
Corporate	42,353		43,319		52,270
Total depreciation and amortization expense	$	123,942	$	120,205	$	117,387



	November 24, 2019
	Americas		Europe		Asia		Unallocated		Consolidated Total
	(Dollars in thousands)
Assets:
Trade receivables, net	$	457,979	$	176,962	$	130,073	$	17,832	$	782,846
Inventories	456,611		180,949		157,892		88,740		884,192
All other assets	—		—		—		2,565,380		2,565,380
Total assets									$	4,232,418



	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

Geographic information for the Company was as follows:



	Year Ended
	November 24, 2019		November 25, 2018		November 26, 2017
	(Dollars in thousands)
Net revenues:
United States	$	2,525,325	$	2,546,907	$	2,347,860
Foreign countries	3,237,762		3,028,533		2,556,170
Total net revenues	$	5,763,087	$	5,575,440	$	4,904,030

Net deferred tax assets:
United States	$	327,980	$	313,644	$	450,270
Foreign countries	79,925		84,147		87,653
Total net deferred tax assets	$	407,905	$	397,791	$	537,923

Long-lived assets:
United States	$	376,883	$	335,705	$	312,656
Foreign countries	194,762		154,767		141,660
Total long-lived assets	$	571,645	$	490,472	$	454,316