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Business Segment Information (Tables) | 12 Months Ended
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Dec. 01, 2024
Segment Reporting [Abstract] |
Reconciliation of operating profit (loss) | Business segment information for the Company is as follows:
| Year Ended
| December 1, 2024 |  | November 26, 2023 |  | November 27, 2022
| (Dollars in millions)
Net revenues: |  |  |  |  |
Americas | $ | 3,200.6 |  |  | $ | 3,086.9 |  |  | $ | 3,187.4 |
Europe | 1,617.9 |  |  | 1,579.5 |  |  | 1,597.2 |
Asia | 1,082.4 |  |  | 1,059.7 |  |  | 952.1 |
Total segment net revenues | 5,900.9 |  |  | 5,726.1 |  |  | 5,736.7 |
Other Brands: |  |  |  |  |
Dockers® | 323.3 |  |  | 336.9 |  |  | 334.4 |
Beyond Yoga® | 131.1 |  |  | 116.0 |  |  | 97.5 |
Total Other Brands | 454.4 |  |  | 452.9 |  |  | 431.9 |
Total net revenues | $ | 6,355.3 |  |  | $ | 6,179.0 |  |  | $ | 6,168.6 |
Income before income taxes: |  |  |  |  |
Americas | $ | 697.0 |  |  | $ | 535.3 |  |  | $ | 654.4 |
Europe | 319.6 |  |  | 305.0 |  |  | 349.9 |
Asia | 134.9 |  |  | 147.2 |  |  | 111.2 |
Total segment operating income | 1,151.5 |  |  | 987.5 |  |  | 1,115.5 |
Dockers® operating (loss) income | 1.4 |  |  | (1.1) |  |  | 17.5 |
Beyond Yoga® operating (loss) income | (20.0) |  |  | 1.0 |  |  | (0.4) |
Restructuring charges, net(1) | (188.7) |  |  | (20.3) |  |  | (9.1) |
Goodwill and other intangible asset impairment charges(2) | (116.9) |  |  | (90.2) |  |  | (11.6) |
Corporate expenses(3) | (563.2) |  |  | (523.6) |  |  | (465.4) |
Interest expense | (41.8) |  |  | (45.9) |  |  | (25.7) |
Other (expense) income, net(4) | (3.3) |  |  | (42.2) |  |  | 28.8 |
Income before income taxes | $ | 219.0 |  |  | $ | 265.2 |  |  | $ | 649.6 |
___________ (1)Restructuring charges, net for the year ended December 1, 2024 related to Project Fuel, consisting primarily of severance and other post-employment benefit charges. (2)For the year ended December 1, 2024, goodwill and other intangible asset impairment charges includes $36.3 million related to Beyond Yoga reporting unit goodwill, $66.0 million related to the Beyond Yoga® trademark and $9.1 million related to the Beyond Yoga® customer relationship intangible assets. Additionally, the year ended December 1, 2024 includes a $5.5 million goodwill impairment charge related to the footwear business. 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. (3)Corporate expenses for the year ended December 1, 2024 includes restructuring related expenses, mostly consulting fees of $54.3 million, in connection with Project Fuel and $11.1 million of impairments related to discontinued technology projects. 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 war which are considered part of the Company's Europe segment. (4)For the year ended December 1, 2024, Other (expense) income, net includes an insurance recovery of $2.7 million and a government subsidy gain of $1.4 million. 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 8.
Reconciliation of other significant reconciling items |
| Year Ended
| December 1, 2024 |  | November 26, 2023 |  | November 27, 2022
| (Dollars in millions)
Depreciation and amortization expense: |  |  |  |  |
Americas | $ | 60.6 |  |  | $ | 51.4 |  |  | $ | 39.7 |
Europe | 26.0 |  |  | 19.3 |  |  | 19.0 |
Asia | 16.0 |  |  | 12.9 |  |  | 12.3 |
Total segment depreciation and amortization expense | 102.6 |  |  | 83.6 |  |  | 71.0 |
Other Brands and unallocated | 90.6 |  |  | 81.7 |  |  | 87.9 |
Total depreciation and amortization expense | $ | 193.2 |  |  | $ | 165.3 |  |  | $ | 158.9 |
Reconciliation of assets |
| December 1, 2024
| Americas |  | Europe |  | Asia |  | Segment Total |  | Unallocated(1) |  | Consolidated Total
| (Dollars in millions)
Assets: |  |  |  |  |  |  |  |  |  |  |
Inventories | $ | 680.4 |  |  | $ | 144.5 |  |  | $ | 172.8 |  |  | $ | 997.7 |  |  | $ | 241.7 |  |  | $ | 1,239.4 |
All other assets | — |  |  | — |  |  | — |  |  | — |  |  | 5,136.1 |  |  | 5,136.1 |
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 6,375.5 |
___________ (1)Unallocated inventories include $139.6 million of Other Brands inventory.
| 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.
Reconciliation of revenue | Geographic information for the Company was as follows:
| Year Ended
| December 1, 2024 |  | November 26, 2023 |  | November 27, 2022
| (Dollars in millions)
Net revenues: |  |  |  |  |
United States | $ | 2,759.1 |  |  | $ | 2,691.9 |  |  | $ | 2,883.5 |
Foreign countries | 3,596.2 |  |  | 3,487.1 |  |  | 3,285.1 |
Total net revenues | $ | 6,355.3 |  |  | $ | 6,179.0 |  |  | $ | 6,168.6 |
Net deferred tax assets: |  |  |  |  |
United States | $ | 482.1 |  |  | $ | 463.8 |  |  | $ | 379.0 |
Foreign countries | 316.4 |  |  | 265.7 |  |  | 246.0 |
Total net deferred tax assets | $ | 798.5 |  |  | $ | 729.5 |  |  | $ | 625.0 |
Long-lived assets: |  |  |  |  |
United States | $ | 442.0 |  |  | $ | 461.8 |  |  | $ | 454.2 |
Foreign countries | 290.1 |  |  | 249.8 |  |  | 196.9 |
Total long-lived assets | $ | 732.1 |  |  | $ | 711.6 |  |  | $ | 651.1 |

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