XML 68 R51.htm IDEA: XBRL DOCUMENT
v3.22.4

Business Segment Information (Tables) | 12 Months Ended
--- | ---
Nov. 27, 2022
Segment Reporting [Abstract] |
Reconciliation of operating profit (loss) | Business segment information for the Company is as follows:
| Year Ended
| November 27, 2022 |  | November 28, 2021 |  | November 29, 2020(1)
| (Dollars in millions)
Net revenues: |  |  |  |  |
Americas | $ | 3,187.4 |  |  | $ | 2,934.8 |  |  | $ | 2,187.9 |
Europe | 1,597.2 |  |  | 1,704.0 |  |  | 1,391.8 |
Asia | 952.1 |  |  | 834.7 |  |  | 663.4 |
Other Brands | 431.9 |  |  | 290.4 |  |  | 209.5 |
Total net revenues | $ | 6,168.6 |  |  | $ | 5,763.9 |  |  | $ | 4,452.6 |
Operating income (loss): |  |  |  |  |
Americas | $ | 654.4 |  |  | $ | 660.2 |  |  | $ | 318.7 |
Europe | 349.9 |  |  | 396.4 |  |  | 207.9 |
Asia | 111.2 |  |  | 35.1 |  |  | (21.4) |
Other Brands | 17.1 |  |  | 10.4 |  |  | (3.3) |
Restructuring charges, net | (9.1) |  |  | (8.3) |  |  | (90.4) |
Corporate expenses(2) | (477.0) |  |  | (407.6) |  |  | (496.6) |
Total operating income (loss) | 646.5 |  |  | 686.2 |  |  | (85.1) |
Interest expense | (25.7) |  |  | (72.9) |  |  | (82.2) |
Loss on early extinguishment of debt | — |  |  | (36.5) |  |  | — |
Other income (expense), net(3) | 28.8 |  |  | 3.4 |  |  | (22.4) |
Income (loss) before income taxes | $ | 649.6 |  |  | $ | 580.2 |  |  | $ | (189.7) |
___________ (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, as most company-operated and wholesale customer doors were temporarily closed. (2)Corporate expenses for the year ended November 27, 2022 includes $49.0 million in impairment charges, 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. 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
Reconciliation of other significant reconciling items |
| Year Ended
| November 27, 2022 |  | November 28, 2021 |  | November 29, 2020
| (Dollars in millions)
Depreciation and amortization expense: |  |  |  |  |
Americas | $ | 39.7 |  |  | $ | 39.1 |  |  | $ | 49.7 |
Europe | 19.0 |  |  | 23.3 |  |  | 22.9 |
Asia | 12.3 |  |  | 13.3 |  |  | 12.6 |
Other Brands and Corporate | 87.9 |  |  | 67.5 |  |  | 56.6 |
Total depreciation and amortization expense | $ | 158.9 |  |  | $ | 143.2 |  |  | $ | 141.8 |
Reconciliation of assets |
| November 27, 2022
| Americas |  | Europe |  | Asia |  | Unallocated |  | Consolidated Total
| (Dollars in millions)
Assets: |  |  |  |  |  |  |  |  |
Inventories | $ | 786.6 |  |  | $ | 207.8 |  |  | $ | 204.5 |  |  | $ | 217.9 |  |  | $ | 1,416.8 |
All other assets | — |  |  | — |  |  | — |  |  | 4,621.0 |  |  | 4,621.0 |
Total assets |  |  |  |  |  |  |  |  | $ | 6,037.8 |
| November 28, 2021
| Americas |  | Europe |  | Asia |  | Unallocated |  | Consolidated Total
| (Dollars in millions)
Assets: |  |  |  |  |  |  |  |  |
Inventories | $ | 429.5 |  |  | $ | 175.8 |  |  | $ | 154.9 |  |  | $ | 137.8 |  |  | $ | 898.0 |
All other assets | — |  |  | — |  |  | — |  |  | 5,002.1 |  |  | 5,002.1 |
Total assets |  |  |  |  |  |  |  |  | $ | 5,900.1 |
Reconciliation of revenue | Geographic information for the Company was as follows:
| Year Ended
| November 27, 2022 |  | November 28, 2021 |  | November 29, 2020
| (Dollars in millions)
Net revenues: |  |  |  |  |
United States | $ | 2,883.5 |  |  | $ | 2,594.5 |  |  | $ | 1,943.5 |
Foreign countries | 3,285.1 |  |  | 3,169.4 |  |  | 2,509.1 |
Total net revenues | $ | 6,168.6 |  |  | $ | 5,763.9 |  |  | $ | 4,452.6 |
Net deferred tax assets: |  |  |  |  |
United States | $ | 379.0 |  |  | $ | 422.0 |  |  | $ | 404.8 |
Foreign countries | 246.0 |  |  | 151.1 |  |  | 92.8 |
Total net deferred tax assets | $ | 625.0 |  |  | $ | 573.1 |  |  | $ | 497.6 |
Long-lived assets: |  |  |  |  |
United States | $ | 454.2 |  |  | $ | 358.5 |  |  | $ | 317.1 |
Foreign countries | 196.9 |  |  | 174.1 |  |  | 168.4 |
Total long-lived assets | $ | 651.1 |  |  | $ | 532.6 |  |  | $ | 485.5 |

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=123359005&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=123359005&loc=d3e8924-108599 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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=123359005&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=123359005&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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=123359005&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=123359005&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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=123359005&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=123359005&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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