Business Segment Information

12 Months Ended

Nov. 27, 2016

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 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 27, 2016			November 29, 2015			November 30, 2014
	(Dollars in thousands)
Net revenues:
Americas	$	2,683,008		$	2,726,461		$	2,862,867
Europe	1,091,362			1,016,418			1,143,313
Asia	778,369			751,614			747,812
Total net revenues	$	4,552,739		$	4,494,493		$	4,753,992
Operating income:
Americas	$	482,226		$	523,705		$	531,064
Europe(1)	197,136			184,362			181,036
Asia	105,073			121,645			108,511
Regional operating income	784,435			829,712			820,611
Corporate:
Restructuring, net	313			14,071			128,425
Restructuring-related charges	7,195			30,736			27,621
Lump-sum pension settlement loss	—			—			30,666
Other corporate staff costs and expenses	314,720			353,858			320,048
Corporate expenses	322,228			398,665			506,760
Total operating income	462,207			431,047			313,851
Interest expense	(73,170		)	(81,214		)	(117,597		)
Loss on early extinguishment of debt	—			(14,002		)	(20,343		)
Other income (expense), net	18,223			(25,433		)	(22,057		)
Income before income taxes	$	407,260		$	310,398		$	153,854

_____________

(1) Europe's operating income for the year ended November 27, 2016 includes a gain of $6.1 million related to the sale-leaseback of the Company's distribution center in the United Kingdom in the second quarter of 2016. 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 27, 2016		November 29, 2015		November 30, 2014
	(Dollars in thousands)
Depreciation and amortization expense:
Americas	$	30,322	$	27,558	$	29,508
Europe	12,574		14,985		20,564
Asia	8,210		7,455		8,501
Corporate	52,772		52,046		50,901
Total depreciation and amortization expense	$	103,878	$	102,044	$	109,474

	November 27, 2016
	Americas		Europe		Asia		Unallocated		Consolidated Total
	(Dollars in thousands)
Assets:
Trade receivables, net	$	326,211	$	94,106	$	46,510	$	12,191	$	479,018
Inventories	391,713		125,029		121,544		77,895		716,181
All other assets	—		—		—		1,791,897		1,791,897
Total assets									$	2,987,096

	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

Geographic information for the Company was as follows:

	Year Ended
	November 27, 2016		November 29, 2015		November 30, 2014
	(Dollars in thousands)
Net revenues:
United States	$	2,302,668	$	2,380,820	$	2,490,994
Foreign countries	2,250,071		2,113,673		2,262,998
Total net revenues	$	4,552,739	$	4,494,493	$	4,753,992

Net deferred tax assets:
United States	$	444,295	$	506,675	$	580,122
Foreign countries	78,806		73,965		80,742
Total net deferred tax assets	$	523,101	$	580,640	$	660,864

Long-lived assets:
United States	$	311,358	$	322,758	$	322,329
Foreign countries	108,332		89,062		84,507
Total long-lived assets	$	419,690	$	411,820	$	406,836