Business Segment Information (Tables)

12 Months Ended

Nov. 26, 2023

Segment Reporting [Abstract]

Reconciliation of operating profit (loss)

Business segment information for the Company is as follows:

	Year Ended
	November 26, 2023		November 27, 2022		November 28, 2021
	(Dollars in millions)
Net revenues:
Americas	$	3,086.9	$	3,187.4	$	2,934.8
Europe	1,579.5		1,597.2		1,704.0
Asia	1,059.7		952.1		834.7
Total segment net revenues	5,726.1		5,736.7		5,473.5
Other Brands	452.9		431.9		290.4
Total net revenues	$	6,179.0	$	6,168.6	$	5,763.9
Income before income taxes:
Americas	$	535.3	$	654.4	$	660.2
Europe	305.0		349.9		396.4
Asia	147.2		111.2		35.1
Total segment operating income	987.5		1,115.5		1,091.7
Other Brands	(0.1)		17.1		10.4
Goodwill and other intangible asset impairment charges(1)	(90.2)		(11.6)		—
Corporate expenses(2)	(543.9)		(474.5)		(415.9)
Interest expense	(45.9)		(25.7)		(72.9)
Loss on early extinguishment of debt	—		—		(36.5)
Other (expense) income, net(3)	(42.2)		28.8		3.4
Income before income taxes	$	265.2	$	649.6	$	580.2

___________

(1)For the year ended November 26, 2023, goodwill and other intangible asset impairment includes impairment charges of $75.4 million related to Beyond Yoga® reporting unit goodwill and $14.8 million related to the Beyond Yoga® trademark. For the year ended November 27, 2022, goodwill and other intangible asset impairment includes $11.6 million related to goodwill assigned to the Russia business.

(2)Corporate expenses for the year ended November 27, 2022 includes $37.4 million in impairment charges related to certain store right-of-use assets and property, plant and equipment, net of a $15.8 million gain on the termination of store leases related to the Russia-Ukraine crisis which are considered part of the Company's Europe segment.

(3)For the year ended November 26, 2023, Other (expense) income, net includes a noncash pension settlement charge recorded during the third quarter. For more information, refer to Note 10.

Reconciliation of other significant reconciling items

	Year Ended
	November 26, 2023		November 27, 2022		November 28, 2021
	(Dollars in millions)
Depreciation and amortization expense:
Americas	$	51.4	$	39.7	$	39.1
Europe	19.3		19.0		23.3
Asia	12.9		12.3		13.3
Total segment depreciation and amortization expense	83.6		71.0		75.7
Other Brands and unallocated	81.7		87.9		67.5
Total depreciation and amortization expense	$	165.3	$	158.9	$	143.2

Reconciliation of assets

	November 26, 2023
	Americas		Europe		Asia		Segment Total		Unallocated(1)		Consolidated Total
	(Dollars in millions)
Assets:
Inventories	$	673.1	$	160.1	$	181.0	$	1,014.2	$	275.9	$	1,290.1
All other assets	—		—		—		—		4,763.5		4,763.5
Total assets											$	6,053.6

___________

(1)Unallocated inventories include $195.1 million of Other Brands inventory.

	November 27, 2022
	Americas		Europe		Asia		Segment Total		Unallocated(1)		Consolidated Total
	(Dollars in millions)
Assets:
Inventories	$	786.6	$	207.8	$	204.5	$	1,198.9	$	217.9	$	1,416.8
All other assets	—		—		—		—		4,621.0		4,621.0
Total assets											$	6,037.8

___________

(1)Unallocated inventories include $125.4 million of Other Brands inventory.

Reconciliation of revenue

Geographic information for the Company was as follows:

	Year Ended
	November 26, 2023		November 27, 2022		November 28, 2021
	(Dollars in millions)
Net revenues:
United States	$	2,691.9	$	2,883.5	$	2,594.5
Foreign countries	3,487.1		3,285.1		3,169.4
Total net revenues	$	6,179.0	$	6,168.6	$	5,763.9
Net deferred tax assets:
United States	$	463.8	$	379.0	$	422.0
Foreign countries	265.7		246.0		151.1
Total net deferred tax assets	$	729.5	$	625.0	$	573.1
Long-lived assets:
United States	$	461.8	$	454.2	$	358.5
Foreign countries	249.8		196.9		174.1
Total long-lived assets	$	711.6	$	651.1	$	532.6