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Business Segment Information | 6 Months Ended
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May 24, 2020
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. Business segment information for the Company is as follows:
| Three Months Ended |  | Six Months Ended
| May 24, 2020(1) |  | May 26, 2019 |  | May 24, 2020 |  | May 26, 2019
| (Dollars in thousands)
Net revenues: |  |  |  |  |  |  |
Americas | $ | 282,728 |  |  | $ | 692,698 |  |  | $ | 1,028,308 |  |  | $ | 1,409,962 |
Europe | 129,023 |  |  | 398,369 |  |  | 641,966 |  |  | 863,045 |
Asia | 85,791 |  |  | 221,873 |  |  | 333,394 |  |  | 474,391 |
Total net revenues | $ | 497,542 |  |  | $ | 1,312,940 |  |  | $ | 2,003,668 |  |  | $ | 2,747,398 |
Operating income (loss): |  |  |  |  |  |  |
Americas | $ | (37,748 | ) |  | $ | 101,631 |  |  | $ | 86,291 |  |  | $ | 225,287 |
Europe | (67,757 | ) |  | 58,709 |  |  | 64,679 |  |  | 180,333 |
Asia | (28,499 | ) |  | 17,063 |  |  | 4,169 |  |  | 60,028 |
Regional operating income (loss) | (134,004 | ) |  | 177,403 |  |  | 155,139 |  |  | 465,648 |
Corporate: |  |  |  |  |  |  |
Restructuring | 67,371 |  |  | — |  |  | 67,371 |  |  | — |
Other corporate staff costs and expenses(2) | 246,869 |  |  | 114,505 |  |  | 357,230 |  |  | 201,838 |
Corporate expenses | 314,240 |  |  | 114,505 |  |  | 424,601 |  |  | 201,838 |
Total operating income (loss) | (448,244 | ) |  | 62,898 |  |  | (269,462 | ) |  | 263,810 |
Interest expense | (11,246 | ) |  | (15,126 | ) |  | (27,900 | ) |  | (32,670 | )
Underwriter commission paid on behalf of selling stockholders | — |  |  | (24,860 | ) |  | — |  |  | (24,860 | )
Other income, net | 1,305 |  |  | 3,166 |  |  | 4,005 |  |  | 1,520 |
Income (loss) before income taxes | $ | (458,185 | ) |  | $ | 26,078 |  |  | $ | (293,357 | ) |  | $ | 207,800 |
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(1) | The COVID-19 pandemic has materially impacted the Company's business operations and results of operations for the three-month and six-month periods ended May 24, 2020. Refer to Note 1 for more information.
(2) | Corporate staff costs and expenses for the three-month and six-month periods ended May 24, 2020 includes incremental COVID-19 related charges that management does not attribute to any of the regional segments in order to provide increased transparency and comparability of regional performance. The Company recognized $49.9 million of incremental inventory reserves, of which $28.8 million, $13.5 million and $7.6 million were related to the Americas, Europe and Asia regional segments, respectively. Incremental allowance for doubtful accounts of $15.1 million was recognized, of which $6.3 million, $8.5 million and $0.3 million, were related to the Americas, Europe and Asia regional segments, respectively. Additionally, we recognized $54.1 million in impairment of long-lived assets related to certain retail locations, of which $48.6 million, $3.7 million and $1.8 million, were related to the Americas, Europe and Asia regional segments, respectively. Refer to Note 1 for additional information.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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