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Business Segment Information (Tables) | 12 Months Ended
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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 |

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