Business Segment Information

12 Months Ended

Nov. 24, 2013

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION

The Company manages its business according to three regional segments: the Americas, Europe and Asia Pacific. The Company considers its chief executive officer to be the Company’s chief operating decision maker. The Company’s management, including the chief operating decision maker, manages business operations, evaluates performance and allocates resources based on the regional segments’ net revenues and operating income. The Company reports net trade receivables and inventories by segment as that information is used by the chief operating decision maker in assessing segment performance. The Company does not report its other assets by segment as that information is not used by the chief operating decision maker in assessing segment performance.

Business segment information for the Company is as follows:

	Year Ended
	November 24, 2013			November 25, 2012			November 27, 2011
	(Dollars in thousands)
Net revenues:
Americas	$	2,851,037		$	2,749,327		$	2,715,925
Europe	1,103,487			1,103,212			1,174,138
Asia Pacific	727,167			757,654			871,503
Total net revenues	$	4,681,691		$	4,610,193		$	4,761,566
Operating income:
Americas	$	510,496		$	431,552		$	393,906
Europe	167,605			178,313			182,306
Asia Pacific	123,723			66,839			108,065
Regional operating income	801,824			676,704			684,277
Corporate expenses(1)	336,317			342,725			347,884
Total operating income	465,507			333,979			336,393
Interest expense	(129,024		)	(134,694		)	(132,043		)
Loss on early extinguishment of debt	(689		)	(8,206		)	(248		)
Other income (expense), net	(13,181		)	4,802			(1,275		)
Income before income taxes	$	322,613		$	195,881		$	202,827

_____________

(1) Included in corporate expenses for the year ended November 25, 2012, is an $18.8 million impairment charge related to the Company's decision in the third quarter of 2012 to outsource distribution in Japan to a third-party and close its owned distribution center in that country.

	Year Ended
	November 24, 2013		November 25, 2012		November 27, 2011
	(Dollars in thousands)
Depreciation and amortization expense:
Americas	$	37,520	$	43,368	$	53,804
Europe	20,597		21,891		23,803
Asia Pacific	9,422		12,887		12,878
Corporate	48,181		44,462		27,308
Total depreciation and amortization expense	$	115,720	$	122,608	$	117,793

	November 24, 2013
	Americas		Europe		Asia Pacific		Unallocated		Consolidated Total
	(Dollars in thousands)
Assets:
Trade receivables, net	$	288,360	$	101,010	$	40,520	$	16,781	$	446,671
Inventories	338,849		117,442		113,212		34,364		603,867
All other assets	—		—		—		2,076,880		2,076,880
Total assets									$	3,127,418

	November 25, 2012
	Americas		Europe		Asia Pacific		Unallocated		Consolidated Total
	(Dollars in thousands)
Assets:
Trade receivables, net	$	327,308	$	113,405	$	40,996	$	18,963	$	500,672
Inventories	270,019		126,018		96,969		25,854		518,860
All other assets	—		—		—		2,150,545		2,150,545
Total assets									$	3,170,077

Geographic information for the Company was as follows:

	Year Ended
	November 24, 2013		November 25, 2012		November 27, 2011
	(Dollars in thousands)
Net revenues:
United States	$	2,497,756	$	2,412,647	$	2,380,096
Foreign countries	2,183,935		2,197,546		2,381,470
Total net revenues	$	4,681,691	$	4,610,193	$	4,761,566

Deferred tax assets:
United States	$	567,984	$	647,767	$	643,767
Foreign countries	66,121		81,373		68,938
Total deferred tax assets	$	634,105	$	729,140	$	712,705

Long-lived assets:
United States	$	346,533	$	353,567	$	365,907
Foreign countries	110,387		123,977		152,874
Total long-lived assets	$	456,920	$	477,544	$	518,781