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 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 region segment and Corporate expenses, have now been allocated to the three regional business segments, and reported in operating results. Business segment information for the prior-year periods has been revised to reflect the change in presentation.

Business segment information for the Company is as follows:



	Three Months Ended						Nine Months Ended
	August 27, 2017			August 28, 2016			August 27, 2017			August 28, 2016
	(Dollars in thousands)
Net revenues:
Americas	$	738,687		$	723,853		$	1,918,657		$	1,884,349
Europe	348,016			282,525			938,719			799,637
Asia	181,688			178,733			580,861			569,212
Total net revenues	$	1,268,391		$	1,185,111		$	3,438,237		$	3,253,198
Operating income:
Americas⁽¹⁾	$	155,652		$	156,388		$	347,873		$	341,251
Europe⁽²⁾	61,536			46,725			160,778			124,169
Asia	11,246			13,556			56,655			63,991
Regional operating income	228,434			216,669			565,306			529,411
Corporate:
Restructuring, net	—			(627		)	—			1,030
Restructuring-related charges	—			1,295			—			5,826
Other corporate staff costs and expenses⁽³⁾	82,114			71,093			247,995			203,022
Corporate expenses	82,114			71,761			247,995			209,878
Total operating income	146,320			144,908			317,311			319,533
Interest expense	(14,476		)	(19,170		)	(52,305		)	(54,483		)
Loss on early extinguishment of debt	—			—			(22,793		)	—
Other (expense) income, net	(14,734		)	4,679			(32,413		)	6,755
Income before income taxes	$	117,110		$	130,417		$	209,800		$	271,805

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(1)	Included in Americas' operating income for the three and nine month periods ended August 28, 2016 is the recognition of approximately $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 nine month period ended August 28, 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 three and nine month periods ended August 27, 2017 is the recognition of approximately $9.5 million and $8.3 million 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 awards after retirement.