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Business Segment Information (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

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