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BUSINESS SEGMENT INFORMATION
3 Months Ended 12 Months Ended
Mar. 01, 2015
Nov. 30, 2014
Segment Reporting [Abstract]    
BUSINESS SEGMENT INFORMATION
NOTE 13: 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.

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 revenues 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-year period has not been revised.

Business segment information for the Company is as follows:

 

     Three Months Ended  
     March 1,
2015
     February 23,
2014
 
     (Dollars in thousands)  

Net revenues:

     

Americas

   $ 574,087       $ 626,836   

Europe

     277,488         300,426   

Asia

     203,500         202,728   
  

 

 

    

 

 

 

Total net revenues

$ 1,055,075    $ 1,129,990   
  

 

 

    

 

 

 

Operating income:

Americas

$ 102,292    $ 111,052   

Europe

  58,189      71,406   

Asia

  47,340      46,902   
  

 

 

    

 

 

 

Regional operating income

  207,821      229,360   

Corporate:

Restructuring, net

  4,338      57,935   

Restructuring-related charges

  8,007      6,441   

Other corporate staff costs and expenses

  88,031      71,328   
  

 

 

    

 

 

 

Corporate expenses

  100,376      135,704   
  

 

 

    

 

 

 

Total operating income

  107,445      93,656   

Interest expense

  (23,312   (31,829

Other income (expense), net

  (26,028   4,183   
  

 

 

    

 

 

 

Income before income taxes

$ 58,105    $ 66,010   
  

 

 

    

 

 

 
NOTE 20: 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.

Business segment information for the Company is as follows:

 

     Year Ended  
     November 30,
2014
     November 24,
2013
     November 25,
2012
 
     (Dollars in thousands)  

Net revenues:

        

Americas

   $ 2,862,867       $ 2,851,037       $ 2,749,327   

Europe

     1,143,313         1,103,487         1,103,212   

Asia

     747,812         727,167         757,654   
  

 

 

    

 

 

    

 

 

 

Total net revenues

$ 4,753,992    $ 4,681,691    $ 4,610,193   
  

 

 

    

 

 

    

 

 

 

Operating income:

Americas

$ 531,064    $ 510,496    $ 431,552   

Europe

  181,036      167,605      178,313   

Asia

  108,511      123,723      66,839   
  

 

 

    

 

 

    

 

 

 

Regional operating income

  820,611      801,824      676,704   

Corporate:

Restructuring, net

  128,425      —        —     

Restructuring-related charges

  27,621      —        —     

Lump-sum pension settlement loss

  30,666      —        —     

Other corporate staff costs and expenses(1)

  320,048      336,317      342,725   
  

 

 

    

 

 

    

 

 

 

Corporate expenses

  506,760      336,317      342,725   
  

 

 

    

 

 

    

 

 

 

Total operating income

  313,851      465,507      333,979   

Interest expense

  (117,597   (129,024   (134,694

Loss on early extinguishment of debt

  (20,343   (689   (8,206

Other income (expense), net

  (22,057   (13,181   4,802   
  

 

 

    

 

 

    

 

 

 

Income before income taxes

$ 153,854    $ 322,613    $ 195,881   
  

 

 

    

 

 

    

 

 

 

 

(1) Included in other corporate staff costs and 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 30,
2014
     November 24,
2013
     November 25,
2012
 
     (Dollars in thousands)  

Depreciation and amortization expense:

        

Americas

   $ 29,508       $ 37,520       $ 43,368   

Europe

     20,564         20,597         21,891   

Asia

     8,501         9,422         12,887   

Corporate

     50,901         48,181         44,462   
  

 

 

    

 

 

    

 

 

 

Total depreciation and amortization expense

$ 109,474    $ 115,720    $ 122,608   
  

 

 

    

 

 

    

 

 

 

 

     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

     —           —           —           1,841,176         1,841,176   
              

 

 

 

Total assets

$ 2,924,073   
              

 

 

 

 

     November 24, 2013  
     Americas      Europe      Asia      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   
              

 

 

 

 

Geographic information for the Company was as follows:

 

     Year Ended  
     November 30,
2014
     November 24,
2013
     November 25,
2012
 
     (Dollars in thousands)  

Net revenues:

        

United States

   $ 2,490,994       $ 2,497,756       $ 2,412,647   

Foreign countries

     2,262,998         2,183,935         2,197,546   
  

 

 

    

 

 

    

 

 

 

Total net revenues

$ 4,753,992    $ 4,681,691    $ 4,610,193   
  

 

 

    

 

 

    

 

 

 

Deferred tax assets:

United States

$ 580,122    $ 567,984    $ 647,767   

Foreign countries

  80,742      66,121      81,373   
  

 

 

    

 

 

    

 

 

 

Total deferred tax assets

$ 660,864    $ 634,105    $ 729,140   
  

 

 

    

 

 

    

 

 

 

Long-lived assets:

United States

$ 322,329    $ 346,533    $ 353,567   

Foreign countries

  84,507      110,387      123,977   
  

 

 

    

 

 

    

 

 

 

Total long-lived assets

$ 406,836    $ 456,920    $ 477,544