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Discontinued Operations (Tables) | 9 Months Ended
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Aug. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Assets and Liabilities Held for Sale | The following table reconciles the gross proceeds with the gain on sale of Dockers® intellectual property and operations in the U.S. and Canada included in “Net income (loss) from discontinued operations, net of taxes”.
| Three Months Ended
| August 31, 2025
Gross proceeds | $ | 194.7 |
Less direct costs to sell | 16.6 |
Less carrying amount of Dockers® intellectual property and operations in the U.S. and Canada | 39.1 |
Gain on sale of Dockers® intellectual property and operations in the U.S. and Canada | $ | 139.0 |
Dockers® net assets were classified as held for sale in the consolidated balance sheets for all periods presented. The Dockers® net assets were classified as current and non-current. Additionally, the Company classified the Dockers® business as discontinued operations in its consolidated statements of income for all periods presented. The following table presents the assets and liabilities held for sale:
| August 31, 2025 |  | December 1, 2024
| (Dollars in millions)
Current Assets: |  |  |
Inventories | $ | 57.7 |  |  | $ | 108.1 |
Total current assets held for sale | 57.7 |  |  | 108.1 |
Property, plant and equipment, net | 6.8 |  |  | 11.3 |
Operating lease right-of-use assets, net | 12.3 |  |  | 23.6 |
Total non-current assets held for sale | 19.1 |  |  | 34.9 |
Total assets held for sale | $ | 76.8 |  |  | $ | 143.0 |
Current Liabilities: |  |  |
Short-term operating lease liabilities | $ | 4.5 |  |  | $ | 5.9 |
Total current liabilities held for sale | 4.5 |  |  | 5.9 |
Long-term operating lease liabilities | 6.1 |  |  | 17.5 |
Total long-term liabilities held for sale | 6.1 |  |  | 17.5 |
Total liabilities held for sale | $ | 10.6 |  |  | $ | 23.4 |
The following table presents the results of discontinued operations:
| Three Months Ended |  | Nine Months Ended
| August 31, 2025 |  | August 25, 2024 |  | August 31, 2025 |  | August 25, 2024
| (Dollars in millions)
Net revenues | $ | 55.3 |  |  | $ | 73.7 |  |  | $ | 194.5 |  |  | $ | 233.5 |
Cost of goods sold | 27.3 |  |  | 36.9 |  |  | 95.6 |  |  | 120.7 |
Gross profit | 28.0 |  |  | 36.8 |  |  | 98.9 |  |  | 112.8 |
Selling, general and administrative expenses | 30.4 |  |  | 39.2 |  |  | 116.0 |  |  | 112.1 |
Restructuring charges, net(1) | 8.6 |  |  | — |  |  | 16.9 |  |  | 3.1 |
Income (loss) from discontinued operations before income taxes and gain on sale | (11.0) |  |  | (2.4) |  |  | (34.0) |  |  | (2.4) |
Gain on sale of Dockers® intellectual property and operations in the U.S. and Canada before income taxes | 139.0 |  |  | — |  |  | 139.0 |  |  | — |
Total income (loss) from discontinued operations before income taxes | 128.0 |  |  | (2.4) |  |  | 105.0 |  |  | (2.4) |
Income tax expense (benefit) | 31.9 |  |  | (0.4) |  |  | 26.7 |  |  | (0.4) |
Net income (loss) from discontinued operations, net of taxes | $ | 96.1 |  |  | $ | (2.0) |  |  | $ | 78.3 |  |  | $ | (2.0) |
____________ (1)Restructuring charges, net amounts previously attributable to corporate expenses were reported as discontinued operations for the nine months ended August 25, 2024.
Results of Discontinued Operations | The following table reconciles the gross proceeds with the gain on sale of Dockers® intellectual property and operations in the U.S. and Canada included in “Net income (loss) from discontinued operations, net of taxes”.
| Three Months Ended
| August 31, 2025
Gross proceeds | $ | 194.7 |
Less direct costs to sell | 16.6 |
Less carrying amount of Dockers® intellectual property and operations in the U.S. and Canada | 39.1 |
Gain on sale of Dockers® intellectual property and operations in the U.S. and Canada | $ | 139.0 |
Dockers® net assets were classified as held for sale in the consolidated balance sheets for all periods presented. The Dockers® net assets were classified as current and non-current. Additionally, the Company classified the Dockers® business as discontinued operations in its consolidated statements of income for all periods presented. The following table presents the assets and liabilities held for sale:
| August 31, 2025 |  | December 1, 2024
| (Dollars in millions)
Current Assets: |  |  |
Inventories | $ | 57.7 |  |  | $ | 108.1 |
Total current assets held for sale | 57.7 |  |  | 108.1 |
Property, plant and equipment, net | 6.8 |  |  | 11.3 |
Operating lease right-of-use assets, net | 12.3 |  |  | 23.6 |
Total non-current assets held for sale | 19.1 |  |  | 34.9 |
Total assets held for sale | $ | 76.8 |  |  | $ | 143.0 |
Current Liabilities: |  |  |
Short-term operating lease liabilities | $ | 4.5 |  |  | $ | 5.9 |
Total current liabilities held for sale | 4.5 |  |  | 5.9 |
Long-term operating lease liabilities | 6.1 |  |  | 17.5 |
Total long-term liabilities held for sale | 6.1 |  |  | 17.5 |
Total liabilities held for sale | $ | 10.6 |  |  | $ | 23.4 |
The following table presents the results of discontinued operations:
| Three Months Ended |  | Nine Months Ended
| August 31, 2025 |  | August 25, 2024 |  | August 31, 2025 |  | August 25, 2024
| (Dollars in millions)
Net revenues | $ | 55.3 |  |  | $ | 73.7 |  |  | $ | 194.5 |  |  | $ | 233.5 |
Cost of goods sold | 27.3 |  |  | 36.9 |  |  | 95.6 |  |  | 120.7 |
Gross profit | 28.0 |  |  | 36.8 |  |  | 98.9 |  |  | 112.8 |
Selling, general and administrative expenses | 30.4 |  |  | 39.2 |  |  | 116.0 |  |  | 112.1 |
Restructuring charges, net(1) | 8.6 |  |  | — |  |  | 16.9 |  |  | 3.1 |
Income (loss) from discontinued operations before income taxes and gain on sale | (11.0) |  |  | (2.4) |  |  | (34.0) |  |  | (2.4) |
Gain on sale of Dockers® intellectual property and operations in the U.S. and Canada before income taxes | 139.0 |  |  | — |  |  | 139.0 |  |  | — |
Total income (loss) from discontinued operations before income taxes | 128.0 |  |  | (2.4) |  |  | 105.0 |  |  | (2.4) |
Income tax expense (benefit) | 31.9 |  |  | (0.4) |  |  | 26.7 |  |  | (0.4) |
Net income (loss) from discontinued operations, net of taxes | $ | 96.1 |  |  | $ | (2.0) |  |  | $ | 78.3 |  |  | $ | (2.0) |
____________ (1)Restructuring charges, net amounts previously attributable to corporate expenses were reported as discontinued operations for the nine months ended August 25, 2024.
Reconciliation of Gross Proceeds From Discontinued Operations | The following table reconciles the gross proceeds with the gain on sale of Dockers® intellectual property and operations in the U.S. and Canada included in “Net income (loss) from discontinued operations, net of taxes”.
| Three Months Ended
| August 31, 2025
Gross proceeds | $ | 194.7 |
Less direct costs to sell | 16.6 |
Less carrying amount of Dockers® intellectual property and operations in the U.S. and Canada | 39.1 |
Gain on sale of Dockers® intellectual property and operations in the U.S. and Canada | $ | 139.0 |
Dockers® net assets were classified as held for sale in the consolidated balance sheets for all periods presented. The Dockers® net assets were classified as current and non-current. Additionally, the Company classified the Dockers® business as discontinued operations in its consolidated statements of income for all periods presented. The following table presents the assets and liabilities held for sale:
| August 31, 2025 |  | December 1, 2024
| (Dollars in millions)
Current Assets: |  |  |
Inventories | $ | 57.7 |  |  | $ | 108.1 |
Total current assets held for sale | 57.7 |  |  | 108.1 |
Property, plant and equipment, net | 6.8 |  |  | 11.3 |
Operating lease right-of-use assets, net | 12.3 |  |  | 23.6 |
Total non-current assets held for sale | 19.1 |  |  | 34.9 |
Total assets held for sale | $ | 76.8 |  |  | $ | 143.0 |
Current Liabilities: |  |  |
Short-term operating lease liabilities | $ | 4.5 |  |  | $ | 5.9 |
Total current liabilities held for sale | 4.5 |  |  | 5.9 |
Long-term operating lease liabilities | 6.1 |  |  | 17.5 |
Total long-term liabilities held for sale | 6.1 |  |  | 17.5 |
Total liabilities held for sale | $ | 10.6 |  |  | $ | 23.4 |
The following table presents the results of discontinued operations:
| Three Months Ended |  | Nine Months Ended
| August 31, 2025 |  | August 25, 2024 |  | August 31, 2025 |  | August 25, 2024
| (Dollars in millions)
Net revenues | $ | 55.3 |  |  | $ | 73.7 |  |  | $ | 194.5 |  |  | $ | 233.5 |
Cost of goods sold | 27.3 |  |  | 36.9 |  |  | 95.6 |  |  | 120.7 |
Gross profit | 28.0 |  |  | 36.8 |  |  | 98.9 |  |  | 112.8 |
Selling, general and administrative expenses | 30.4 |  |  | 39.2 |  |  | 116.0 |  |  | 112.1 |
Restructuring charges, net(1) | 8.6 |  |  | — |  |  | 16.9 |  |  | 3.1 |
Income (loss) from discontinued operations before income taxes and gain on sale | (11.0) |  |  | (2.4) |  |  | (34.0) |  |  | (2.4) |
Gain on sale of Dockers® intellectual property and operations in the U.S. and Canada before income taxes | 139.0 |  |  | — |  |  | 139.0 |  |  | — |
Total income (loss) from discontinued operations before income taxes | 128.0 |  |  | (2.4) |  |  | 105.0 |  |  | (2.4) |
Income tax expense (benefit) | 31.9 |  |  | (0.4) |  |  | 26.7 |  |  | (0.4) |
Net income (loss) from discontinued operations, net of taxes | $ | 96.1 |  |  | $ | (2.0) |  |  | $ | 78.3 |  |  | $ | (2.0) |
____________ (1)Restructuring charges, net amounts previously attributable to corporate expenses were reported as discontinued operations for the nine months ended August 25, 2024.

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