| Reconciliation of operating profit (loss) |
Business segment information for the Company is as follows:
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
February 26,
2017 |
|
|
February 28,
2016 |
|
| |
|
(Dollars in
thousands) |
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
Americas
|
|
$ |
577,907 |
|
|
$ |
571,185 |
|
|
Europe
|
|
|
310,317 |
|
|
|
276,486 |
|
|
Asia
|
|
|
213,767 |
|
|
|
208,829 |
|
|
|
|
|
|
|
|
|
|
|
Total net revenues
|
|
$ |
1,101,991 |
|
|
$ |
1,056,500 |
|
|
|
|
|
|
|
|
|
|
|
Operating income:
|
|
|
|
|
|
|
|
|
|
Americas
|
|
$ |
90,342 |
|
|
$ |
88,032 |
|
|
Europe
|
|
|
64,539 |
|
|
|
50,939 |
|
|
Asia
|
|
|
35,941 |
|
|
|
40,893 |
|
|
|
|
|
|
|
|
|
|
|
Regional operating income
|
|
|
190,822 |
|
|
|
179,864 |
|
|
Corporate:
|
|
|
|
|
|
|
|
|
|
Restructuring, net
|
|
|
— |
|
|
|
1,848 |
|
|
Restructuring-related charges
|
|
|
— |
|
|
|
1,497 |
|
|
Other corporate staff costs and expenses
|
|
|
82,482 |
|
|
|
59,932 |
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses
|
|
|
82,482 |
|
|
|
63,277 |
|
|
|
|
|
|
|
|
|
|
|
Total operating income
|
|
|
108,340 |
|
|
|
116,587 |
|
|
Interest expense
|
|
|
(19,934 |
) |
|
|
(14,902 |
) |
|
Other income (expense), net
|
|
|
408 |
|
|
|
(2,219 |
) |
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
$ |
88,814 |
|
|
$ |
99,466 |
|
|
|
|
|
|
|
|
|
|
|
Business segment information for the Company is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended |
|
| |
|
November 27,
2016 |
|
|
November 29,
2015 |
|
|
November 30,
2014 |
|
| |
|
(Dollars in
thousands) |
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
$ |
2,683,008 |
|
|
$ |
2,726,461 |
|
|
$ |
2,862,867 |
|
|
Europe
|
|
|
1,091,362 |
|
|
|
1,016,418 |
|
|
|
1,143,313 |
|
|
Asia
|
|
|
778,369 |
|
|
|
751,614 |
|
|
|
747,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenues
|
|
$ |
4,552,739 |
|
|
$ |
4,494,493 |
|
|
$ |
4,753,992 |
|
|
Operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
$ |
482,226 |
|
|
$ |
523,705 |
|
|
$ |
531,064 |
|
|
Europe(1)
|
|
|
197,136 |
|
|
|
184,362 |
|
|
|
181,036 |
|
|
Asia
|
|
|
105,073 |
|
|
|
121,645 |
|
|
|
108,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional operating income
|
|
|
784,435 |
|
|
|
829,712 |
|
|
|
820,611 |
|
|
Corporate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring, net
|
|
|
313 |
|
|
|
14,071 |
|
|
|
128,425 |
|
|
Restructuring-related charges
|
|
|
7,195 |
|
|
|
30,736 |
|
|
|
27,621 |
|
|
Lump-sum pension
settlement loss
|
|
|
— |
|
|
|
— |
|
|
|
30,666 |
|
|
Other corporate staff costs and expenses
|
|
|
314,720 |
|
|
|
353,858 |
|
|
|
320,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses
|
|
|
322,228 |
|
|
|
398,665 |
|
|
|
506,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating income
|
|
|
462,207 |
|
|
|
431,047 |
|
|
|
313,851 |
|
|
Interest expense
|
|
|
(73,170 |
) |
|
|
(81,214 |
) |
|
|
(117,597 |
) |
|
Loss on early extinguishment of debt
|
|
|
— |
|
|
|
(14,002 |
) |
|
|
(20,343 |
) |
|
Other income (expense), net
|
|
|
18,223 |
|
|
|
(25,433 |
) |
|
|
(22,057 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
$ |
407,260 |
|
|
$ |
310,398 |
|
|
$ |
153,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Europe’s operating income for
the year ended November 27, 2016 includes a gain of
$6.1 million related to the sale-leaseback of the
Company’s distribution center in the United Kingdom in the
second quarter of 2016. Included in Europe’s operating income
for the year ended November 29, 2015 is a gain of
$7.5 million related to the sale of the Company’s
finishing and distribution facility in Turkey in the second quarter
of 2015. |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended |
|
| |
|
November 27,
2016 |
|
|
November 29,
2015 |
|
|
November 30,
2014 |
|
| |
|
(Dollars in
thousands) |
|
|
Depreciation and amortization expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
$ |
30,322 |
|
|
$ |
27,558 |
|
|
$ |
29,508 |
|
|
Europe
|
|
|
12,574 |
|
|
|
14,985 |
|
|
|
20,564 |
|
|
Asia
|
|
|
8,210 |
|
|
|
7,455 |
|
|
|
8,501 |
|
|
Corporate
|
|
|
52,772 |
|
|
|
52,046 |
|
|
|
50,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total depreciation and amortization expense
|
|
$ |
103,878 |
|
|
$ |
102,044 |
|
|
$ |
109,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
November 27, 2016 |
|
| |
|
Americas |
|
|
Europe |
|
|
Asia |
|
|
Unallocated |
|
|
Consolidated
Total |
|
| |
|
(Dollars in
thousands) |
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade receivables, net
|
|
$ |
326,211 |
|
|
$ |
94,106 |
|
|
$ |
46,510 |
|
|
$ |
12,191 |
|
|
$ |
479,018 |
|
|
Inventories
|
|
|
391,713 |
|
|
|
125,029 |
|
|
|
121,544 |
|
|
|
77,895 |
|
|
|
716,181 |
|
|
All other assets
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,791,897 |
|
|
|
1,791,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,987,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
November 29, 2015 |
|
| |
|
Americas |
|
|
Europe |
|
|
Asia |
|
|
Unallocated |
|
|
Consolidated
Total |
|
| |
|
(Dollars in
thousands) |
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade receivables, net
|
|
$ |
343,808 |
|
|
$ |
81,079 |
|
|
$ |
53,613 |
|
|
$ |
19,696 |
|
|
$ |
498,196 |
|
|
Inventories
|
|
|
359,879 |
|
|
|
109,604 |
|
|
|
91,390 |
|
|
|
45,986 |
|
|
|
606,859 |
|
|
All other assets
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,779,340 |
|
|
|
1,779,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,884,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of revenue |
|
Geographic information for the Company was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended |
|
| |
|
November 27,
2016 |
|
|
November 29,
2015 |
|
|
November 30,
2014 |
|
| |
|
(Dollars in
thousands) |
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
$ |
2,302,668 |
|
|
$ |
2,380,820 |
|
|
$ |
2,490,994 |
|
|
Foreign countries
|
|
|
2,250,071 |
|
|
|
2,113,673 |
|
|
|
2,262,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenues
|
|
$ |
4,552,739 |
|
|
$ |
4,494,493 |
|
|
$ |
4,753,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of other significant reconciling items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net deferred tax
assets:
|
|
|
|
|
|
|
|
|
United States
|
$
|
444,295
|
|
|
$
|
506,675
|
|
|
$
|
580,122
|
|
|
|
|
Foreign
countries
|
78,806
|
|
|
73,965
|
|
|
80,742
|
|
|
|
|
Total net deferred tax
assets
|
$
|
523,101
|
|
|
$
|
580,640
|
|
|
$
|
660,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived
assets:
|
|
|
|
|
|
|
|
|
United States
|
$
|
311,358
|
|
|
$
|
322,758
|
|
|
$
|
322,329
|
|
|
|
|
Foreign
countries
|
108,332
|
|
|
89,062
|
|
|
84,507
|
|
|
|
|
Total long-lived
assets
|
$
|
419,690
|
|
|
$
|
411,820
|
|
|
$
|
406,836
|
|
|
|
|
Year
Ended
|
|
|
|
|
November
27, 2016
|
|
November
29, 2015
|
|
November
30, 2014
|
|
|
|
|
(Dollars
in thousands)
|
|
|
|
Depreciation and
amortization expense:
|
|
|
|
|
|
|
|
|
Americas
|
$
|
30,322
|
|
|
$
|
27,558
|
|
|
$
|
29,508
|
|
|
|
|
Europe
|
12,574
|
|
|
14,985
|
|
|
20,564
|
|
|
|
|
Asia
|
8,210
|
|
|
7,455
|
|
|
8,501
|
|
|
|
|
Corporate
|
52,772
|
|
|
52,046
|
|
|
50,901
|
|
|
|
|
Total
depreciation and amortization expense
|
$
|
103,878
|
|
|
$
|
102,044
|
|
|
$
|
109,474
|
|
|
|