Business Segment Information (Tables)

12 Months Ended

Nov. 29, 2020

Segment Reporting [Abstract]

Reconciliation of operating profit (loss)

Business segment information for the Company is as follows:

	Year Ended
	November 29, 2020(1)		November 24, 2019		November 25, 2018
	(Dollars in thousands)
Net revenues:
Americas	$	2,345,378	$	3,057,024	$	3,042,664
Europe	1,435,576		1,768,056		1,646,236
Asia	671,655		938,007		886,540
Total net revenues	$	4,452,609	$	5,763,087	$	5,575,440
Operating income:
Americas	$	332,213	$	545,084	$	551,380
Europe	206,360		353,082		292,903
Asia	(21,813)		85,824		86,573
Regional operating income	516,760		983,990		930,856
Corporate:
Restructuring charges, net	90,415		—		—
Other corporate staff costs and expenses(2)	511,464		417,315		390,445
Corporate expenses	601,879		417,315		390,445
Total operating income	(85,119)		566,675		540,411
Interest expense	(82,190)		(66,248)		(55,296)
Underwriter commission paid on behalf of selling stockholders	—		(24,860)		—
Other (expense) income, net(3)	(22,474)		2,017		14,907
(Loss) income before income taxes	$	(189,783)	$	477,584	$	500,022

___________

(1)For the year ended November 29, 2020, the Company's business and results of operations were impacted by temporary store closures and reduced traffic and consumer demand as a result of the COVID-19 pandemic, with the majority of the impact occurring in the second quarter as most company-operated and wholesale customer doors were temporarily closed. Refer to Note 1 for more information.

(2)Corporate staff costs and expenses for the year ended November 29, 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. These charges include $42.3 million of incremental inventory reserves of which $26.3 million, $9.1 million and $6.9 million were related to the Americas, Europe and Asia regional segments, respectively, and charges for adverse fabric purchase commitments of $1.2 million related to the Asia regional segment. Net charges related to incremental allowance for doubtful accounts of $5.2 million were recognized, of which $5.0 million and $0.2 million were related to the Americas and Europe regional segments, respectively. Additionally, the Company recognized $58.7 million in impairment of long-lived assets related to certain retail locations, of which $50.0 million, $6.3 million and $2.4 million, were related to the Americas, Europe and Asia regional segments, respectively. Refer to Note 1 for additional information.

(3)Includes $14.7 million in pension settlement losses in fiscal year 2020 related to the voluntary lump-sum, cash-out program offered to vested deferred U.S. pension plan participants. See Note 9 for further information.

Reconciliation of other significant reconciling items

	Year Ended
	November 29, 2020		November 24, 2019		November 25, 2018
	(Dollars in thousands)
Depreciation and amortization expense:
Americas	$	53,294	$	45,884	$	43,478
Europe	23,677		23,595		22,658
Asia	12,932		12,110		10,750
Corporate	51,892		42,353		43,319
Total depreciation and amortization expense	$	141,795	$	123,942	$	120,205

Reconciliation of assets

	November 29, 2020
	Americas		Europe		Asia		Unallocated		Consolidated Total
	(Dollars in thousands)
Assets:
Inventories	$	409,028	$	174,737	$	167,797	$	66,130	$	817,692
All other assets	—		—		—		4,823,549		4,823,549
Total assets									$	5,641,241

	November 24, 2019
	Americas		Europe		Asia		Unallocated		Consolidated Total
	(Dollars in thousands)
Assets:
Inventories	$	456,611	$	180,949	$	157,892	$	88,740	$	884,192
All other assets	—		—		—		3,348,226		3,348,226
Total assets									$	4,232,418

Reconciliation of revenue

Geographic information for the Company was as follows:

	Year Ended
	November 29, 2020		November 24, 2019		November 25, 2018
	(Dollars in thousands)
Net revenues:
United States	$	1,943,522	$	2,525,325	$	2,546,907
Foreign countries	2,509,087		3,237,762		3,028,533
Total net revenues	$	4,452,609	$	5,763,087	$	5,575,440
Net deferred tax assets:
United States	$	404,800	$	327,980	$	313,644
Foreign countries	92,756		79,925		84,147
Total net deferred tax assets	$	497,556	$	407,905	$	397,791
Long-lived assets:
United States	$	317,102	$	376,883	$	335,705
Foreign countries	168,437		194,762		154,767
Total long-lived assets	$	485,539	$	571,645	$	490,472