Segment Information

9 Months Ended

Oct. 31, 2019

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 Internet, catalog, business-to-business 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 Internet, business-to-business 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. Other includes the Emerging Markets region, which includes sales in Company-operated TIFFANY & CO. stores and wholesale operations in the Middle East. In addition, Other includes wholesale sales of diamonds as well as earnings received from third-party 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 millions)	2019		2018		2019		2018
Net sales:
Americas	$	422.5	$	442.1	$	1,283.6	$	1,342.2
Asia-Pacific	294.1		294.0		915.8		923.1
Japan	169.3		142.1		469.3		447.3
Europe	111.3		114.1		330.0		342.6
Total reportable segments	997.2		992.3		2,998.7		3,055.2
Other	17.4		20.1		67.4		66.3
	$	1,014.6	$	1,012.4	$	3,066.1	$	3,121.5
Earnings from operations*:
Americas	$	60.5	$	60.0	$	204.3	$	230.4
Asia-Pacific	42.9		66.2		202.1		245.8
Japan	57.4		49.3		167.0		165.3
Europe	12.1		12.3		44.1		44.2
Total reportable segments	172.9		187.8		617.5		685.7
Other	(3.6)		(2.0)		(2.2)		(0.5)
	$	169.3	$	185.8	$	615.3	$	685.2

* Represents earnings from operations before (i) unallocated corporate expenses, (ii) Interest expense and financing costs and (iii) Other expense, net.

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 millions)	2019		2018		2019		2018
Earnings from operations for segments	$	169.3	$	185.8	$	615.3	$	685.2
Unallocated corporate expenses	(50.8)		(59.4)		(151.7)		(163.3)
Interest expense and financing costs	(9.2)		(10.1)		(29.4)		(29.7)
Other expense, net	(4.2)		(1.8)		(2.2)		(5.1)
Earnings from operations before income taxes	$	105.1	$	114.5	$	432.0	$	487.1

Unallocated corporate expenses include 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.