Business Segment Information

6 Months Ended

May. 31, 2015

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

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.

Effective as of the beginning of 2015, the Company's regional licensing revenue, previously recorded centrally in the Company's Americas region, was revised to be recorded in the Company's respective regions. Regional licensing revenues are not significant to any of the Company's regional segments individually in any of the periods presented herein, and accordingly, business segment information for the prior-year periods have not been revised.

Business segment information for the Company is as follows:

	Three Months Ended						Six Months Ended
	May 31, 2015			May 25, 2014			May 31, 2015			May 25, 2014
	(Dollars in thousands)
Net revenues:
Americas	$	621,776		$	644,727		$	1,195,863		$	1,271,563
Europe	222,150			260,994			499,638			561,420
Asia	168,254			176,126			371,754			378,854
Total net revenues	$	1,012,180		$	1,081,847		$	2,067,255		$	2,211,837
Operating income:
Americas	$	103,326		$	109,425		$	205,618		$	220,477
Europe(1)	33,482			38,188			91,671			109,594
Asia	15,031			24,282			62,371			71,184
Regional operating income	151,839			171,895			359,660			401,255
Corporate:
Restructuring, net	2,954			19,105			7,292			77,040
Restructuring-related charges	12,366			9,312			20,373			15,753
Other corporate staff costs and expenses	88,904			78,350			176,935			149,678
Corporate expenses	104,224			106,767			204,600			242,471
Total operating income	47,615			65,128			155,060			158,784
Interest expense	(21,913		)	(31,310		)	(45,225		)	(63,139		)
Loss on early extinguishment of debt	(14,002		)	(11,151		)	(14,002		)	(11,151		)
Other income (expense), net	7,639			(6,122		)	(18,389		)	(1,939		)
Income before income taxes	$	19,339		$	16,545		$	77,444		$	82,555

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(1) Included in Europe's operating income for the three- and six-month periods ended May 31, 2015, is a gain of $7.5 million related to the sale of the Company's finishing and distribution facility in Turkey in the second quarter of 2015.