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Business Segment Information (Tables) | 12 Months Ended
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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 |

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