Business Segment Information

12 Months Ended

Nov. 29, 2015

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. 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.

Effective as of the beginning of 2014, the Company's reporting segments were revised to combine its Middle East and North Africa markets, previously managed by the Company's Europe region, with the Company's Asia region. Financial information attributable to these markets are not significant to any of the Company's regional segments individually in any of the periods presented herein, and accordingly, business segment information for the prior periods have not been revised.

Effective as of the beginning of 2015, the Company's regional licensing revenue, previously recorded centrally in the Company's Americas region, was revised to be recorded in the Company's respective regions. Regional licensing revenue are not significant to any of the Company's regional segments individually in any of the periods presented herein, and accordingly, business segment information for the prior periods have not been revised.

Business segment information for the Company is as follows:

	Year Ended
	November 29, 2015			November 30, 2014			November 24, 2013
	(Dollars in thousands)
Net revenues:
Americas	$	2,726,461		$	2,862,867		$	2,851,037
Europe	1,016,418			1,143,313			1,103,487
Asia	751,614			747,812			727,167
Total net revenues	$	4,494,493		$	4,753,992		$	4,681,691
Operating income:
Americas	$	523,705		$	531,064		$	510,496
Europe(1)	184,362			181,036			167,605
Asia	121,645			108,511			123,723
Regional operating income	829,712			820,611			801,824
Corporate:
Restructuring, net	14,071			128,425			—
Restructuring-related charges	30,736			27,621			—
Lump-sum pension settlement loss	—			30,666			—
Other corporate staff costs and expenses	353,858			320,048			336,317
Corporate expenses	398,665			506,760			336,317
Total operating income	431,047			313,851			465,507
Interest expense	(81,214		)	(117,597		)	(129,024		)
Loss on early extinguishment of debt	(14,002		)	(20,343		)	(689		)
Other income (expense), net	(25,433		)	(22,057		)	(13,181		)
Income before income taxes	$	310,398		$	153,854		$	322,613

_____________

(1) Included in Europe's operating income for the year ended November 29, 2015, is a gain of $7.5 million related to the sale of the Company's finishing and distribution facility in Turkey in the second quarter of 2015.

	Year Ended
	November 29, 2015		November 30, 2014		November 24, 2013
	(Dollars in thousands)
Depreciation and amortization expense:
Americas	$	27,558	$	29,508	$	37,520
Europe	14,985		20,564		20,597
Asia	7,455		8,501		9,422
Corporate	52,046		50,901		48,181
Total depreciation and amortization expense	$	102,044	$	109,474	$	115,720

	November 29, 2015
	Americas		Europe		Asia		Unallocated		Consolidated Total
	(Dollars in thousands)
Assets:
Trade receivables, net	$	343,808	$	81,079	$	53,613	$	19,696	$	498,196
Inventories	359,879		109,604		91,390		45,986		606,859
All other assets	—		—		—		1,779,340		1,779,340
Total assets									$	2,884,395

	November 30, 2014
	Americas		Europe		Asia		Unallocated		Consolidated Total
	(Dollars in thousands)
Assets:
Trade receivables, net	$	322,501	$	93,604	$	48,468	$	17,408	$	481,981
Inventories	289,838		143,990		101,477		65,611		600,916
All other assets	—		—		—		1,824,004		1,824,004
Total assets									$	2,906,901

Geographic information for the Company was as follows:

	Year Ended
	November 29, 2015		November 30, 2014		November 24, 2013
	(Dollars in thousands)
Net revenues:
United States	$	2,380,820	$	2,490,994	$	2,497,756
Foreign countries	2,113,673		2,262,998		2,183,935
Total net revenues	$	4,494,493	$	4,753,992	$	4,681,691

Net deferred tax assets:
United States	$	506,635	$	580,122	$	567,984
Foreign countries	72,675		80,742		66,121
Total net deferred tax assets	$	579,310	$	660,864	$	634,105

Long-lived assets:
United States	$	322,758	$	322,329	$	346,533
Foreign countries	89,062		84,507		110,387
Total long-lived assets	$	411,820	$	406,836	$	456,920