XML 64 R50.htm IDEA: XBRL DOCUMENT
v3.21.4

Business Segment Information (Tables) | 12 Months Ended
--- | ---
Nov. 28, 2021
Segment Reporting [Abstract] |
Reconciliation of operating profit (loss) | Business segment information for the Company is as follows:
| Year Ended
| November 28, 2021 |  | November 29, 2020(1) |  | November 24, 2019
| (Dollars in thousands)
Net revenues: |  |  |  |  |
Americas | $ | 2,934,826 |  |  | $ | 2,187,899 |  |  | $ | 2,771,083 |
Europe | 1,704,018 |  |  | 1,391,764 |  |  | 1,707,469 |
Asia | 834,649 |  |  | 663,391 |  |  | 926,120 |
Other Brands | 290,443 |  |  | 209,555 |  |  | 358,415 |
Total net revenues | $ | 5,763,936 |  |  | $ | 4,452,609 |  |  | $ | 5,763,087 |
Operating income (loss): |  |  |  |  |
Americas | $ | 660,230 |  |  | $ | 318,738 |  |  | $ | 519,686 |
Europe | 396,386 |  |  | 207,866 |  |  | 350,067 |
Asia | 35,097 |  |  | (21,392) |  |  | 87,490 |
Other Brands | 10,431 |  |  | (3,338) |  |  | 7,172 |
Restructuring charges, net | (8,287) |  |  | (90,415) |  |  | — |
Corporate expenses(2) | (407,646) |  |  | (496,578) |  |  | (397,740) |
Total operating income (loss) | 686,211 |  |  | (85,119) |  |  | 566,675 |
Interest expense | (72,902) |  |  | (82,190) |  |  | (66,248) |
Underwriter commission paid on behalf of selling stockholders | — |  |  | — |  |  | (24,860) |
Loss on early extinguishment of debt | (36,521) |  |  | — |  |  | — |
Other income (expense), net(3) | 3,452 |  |  | (22,474) |  |  | 2,017 |
Income (loss) before income taxes | $ | 580,240 |  |  | $ | (189,783) |  |  | $ | 477,584 |
___________ (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 expenses for the year ended November 29, 2020 includes incremental COVID-19 related charges that management does not attribute to any of the operating segments in order to provide increased transparency and comparability of segment 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 segments, respectively, and charges for adverse fabric purchase commitments of $1.2 million related to the Asia 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 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 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 10 for further information.
Reconciliation of other significant reconciling items |
| Year Ended
| November 28, 2021 |  | November 29, 2020 |  | November 24, 2019
| (Dollars in thousands)
Depreciation and amortization expense: |  |  |  |  |
Americas | $ | 39,137 |  |  | $ | 49,689 |  |  | $ | 41,288 |
Europe | 23,325 |  |  | 22,877 |  |  | 22,897 |
Asia | 13,259 |  |  | 12,656 |  |  | 11,875 |
Other Brands and Corporate | 67,446 |  |  | 56,573 |  |  | 47,882 |
Total depreciation and amortization expense | $ | 143,167 |  |  | $ | 141,795 |  |  | $ | 123,942 |
Reconciliation of assets |
| November 28, 2021
| Americas |  | Europe |  | Asia |  |  |  |  |  |  |  | Unallocated |  | Consolidated Total
| (Dollars in thousands)
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Inventories | $ | 429,527 |  |  | $ | 175,732 |  |  | $ | 154,864 |  |  |  |  |  |  |  |  | $ | 137,827 |  |  | $ | 897,950 |
All other assets | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 5,002,119 |  |  | 5,002,119 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,900,069 |
| November 29, 2020
| Americas |  | Europe |  | Asia |  |  |  |  |  |  |  | Unallocated |  | Consolidated Total
| (Dollars in thousands)
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Inventories | $ | 352,648 |  |  | $ | 165,516 |  |  | $ | 162,244 |  |  |  |  |  |  |  |  | $ | 137,284 |  |  | $ | 817,692 |
All other assets | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 4,823,549 |  |  | 4,823,549 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,641,241 |
Reconciliation of revenue | Geographic information for the Company was as follows:
| Year Ended
| November 28, 2021 |  | November 29, 2020 |  | November 24, 2019
| (Dollars in thousands)
Net revenues: |  |  |  |  |
United States | $ | 2,594,482 |  |  | $ | 1,943,522 |  |  | $ | 2,525,325 |
Foreign countries | 3,169,454 |  |  | 2,509,087 |  |  | 3,237,762 |
Total net revenues | $ | 5,763,936 |  |  | $ | 4,452,609 |  |  | $ | 5,763,087 |
Net deferred tax assets: |  |  |  |  |
United States | $ | 422,013 |  |  | $ | 404,800 |  |  | $ | 327,980 |
Foreign countries | 151,101 |  |  | 92,756 |  |  | 79,925 |
Total net deferred tax assets | $ | 573,114 |  |  | $ | 497,556 |  |  | $ | 407,905 |
Long-lived assets: |  |  |  |  |
United States | $ | 358,497 |  |  | $ | 317,102 |  |  | $ | 376,883 |
Foreign countries | 174,097 |  |  | 168,437 |  |  | 194,762 |
Total long-lived assets | $ | 532,594 |  |  | $ | 485,539 |  |  | $ | 571,645 |

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of each significant reconciling item, other than profit (loss), revenues, or assets, in the reconciliation of totals of such items in reportable segments to the entity's corresponding consolidated amount. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration