Segment Information

9 Months Ended

Oct. 31, 2014

Segment Reporting [Abstract]

Segment Information

13. SEGMENT INFORMATION

The Company's reportable segments are as follows:

• Americas includes sales in Company-operated TIFFANY & CO. stores in the United States, Canada and Latin America, as well as sales of TIFFANY & CO. products in certain markets through business-to-business, Internet, catalog and wholesale operations;

• Asia-Pacific includes sales in Company-operated TIFFANY & CO. stores, as well as sales of TIFFANY & CO. products in certain markets through Internet and wholesale operations;

• Japan includes sales in Company-operated TIFFANY & CO. stores, as well as sales of TIFFANY & CO. products through business-to-business, Internet and wholesale operations;

• Europe includes sales in Company-operated TIFFANY & CO. stores, as well as sales of TIFFANY & CO. products in certain markets through Internet and wholesale operations; and

• Other consists of all non-reportable segments, including (i) retail sales in Company-operated TIFFANY & CO. stores and wholesale distribution in the Emerging Markets region; (ii) wholesale sales of diamonds; and (iii) licensing agreements.

Certain information relating to the Company's segments is set forth below:

	Three Months Ended   October 31,					Nine Months Ended   October 31,
(in thousands)	2014		2013			2014		2013
Net sales:
Americas	$	458,579	$	416,748		$	1,380,862	$	1,268,301
Asia-Pacific	243,190		238,412			740,939		670,164
Japan	113,322		128,300			406,301		409,222
Europe	114,360		104,488			335,678		308,721
Total reportable segments	929,451		887,948			2,863,780		2,656,408
Other	30,138		23,530			100,871		76,438
	$	959,589	$	911,478		$	2,964,651	$	2,732,846
Earnings (losses) from operations*:
Americas	$	82,738	$	61,662		$	274,027	$	208,355
Asia-Pacific	65,143		59,975			202,476		165,316
Japan	34,293		46,528			144,962		148,182
Europe	19,367		17,672			61,453		54,288
Total reportable segments	201,541		185,837			682,918		576,141
Other	1,695		(1,722		)	6,358		(2,066		)
	$	203,236	$	184,115		$	689,276	$	574,075

* Represents earnings (losses) from operations before (i) unallocated corporate expenses, (ii) interest and other expenses, net, (iii) loss on extinguishment of debt, and (iv) other operating expense.

The following table sets forth a reconciliation of the segments' earnings from operations to the Company's consolidated earnings from operations before income taxes:

	Three Months Ended   October 31,						Nine Months Ended   October 31,
(in thousands)	2014			2013			2014			2013
Earnings from operations for segments	$	203,236		$	184,115		$	689,276		$	574,075
Unallocated corporate expenses	(34,745		)	(30,497		)	(102,471		)	(93,034		)
Interest and other expenses, net	(15,375		)	(13,922		)	(47,802		)	(41,328		)
Loss on extinguishment of debt	(93,779		)	—			(93,779		)	—
Other operating expense	—			—			—			(9,379		)
Earnings from operations before income taxes	$	59,337		$	139,696		$	445,224		$	430,334

Unallocated corporate expenses includes certain costs related to administrative support functions which the Company does not allocate to its segments. Such unallocated costs include those for centralized information technology, finance, legal and human resources departments.

Loss on extinguishment of debt in the three and nine months ended October 31, 2014 was related to the redemption of $400,000,000 in aggregate principal amount of the Private Placement Notes prior to their scheduled maturities (see "Note 7. Debt" for additional details).

Other operating expense in the nine months ended October 31, 2013 was related to specific cost-reduction initiatives. These cost-reduction initiatives included severance related to staffing reductions and subleasing of certain office space for which only a portion of the Company's future rent obligations will be recovered.