Business Segment Information

12 Months Ended

Nov. 30, 2014

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION

The Company manages its business according to three regional segments: the Americas, Europe and Asia. The Company considers its chief executive officer to be the Company’s chief operating decision maker. The Company’s chief operating decision maker manages business operations, evaluates performance and allocates resources based on the regional segments’ net revenues and operating income. The Company reports net trade receivables and inventories by segment as that information is used by the chief operating decision maker in assessing segment performance. The Company does not report its other assets by segment as that information is not used by the chief operating decision maker in assessing segment performance.

Effective as of the beginning of 2014, the Company's reporting segments were revised to combine its Middle East and North Africa markets, previously managed by the Company's Europe region, with the Company's Asia region. Financial information attributable to these markets are not significant to any of the Company's regional segments individually in any of the periods presented herein, and accordingly, business segment information for the prior periods have not been revised.

Business segment information for the Company is as follows:

	Year Ended
	November 30, 2014			November 24, 2013			November 25, 2012
	(Dollars in thousands)
Net revenues:
Americas	$	2,862,867		$	2,851,037		$	2,749,327
Europe	1,143,313			1,103,487			1,103,212
Asia	747,812			727,167			757,654
Total net revenues	$	4,753,992		$	4,681,691		$	4,610,193
Operating income:
Americas	$	531,064		$	510,496		$	431,552
Europe	181,036			167,605			178,313
Asia	108,511			123,723			66,839
Regional operating income	820,611			801,824			676,704
Corporate:
Restructuring, net	128,425			—			—
Restructuring-related charges	27,621			—			—
Lump-sum pension settlement loss	30,666			—			—
Other corporate staff costs and expenses(1)	320,048			336,317			342,725
Corporate expenses	506,760			336,317			342,725
Total operating income	313,851			465,507			333,979
Interest expense	(117,597		)	(129,024		)	(134,694		)
Loss on early extinguishment of debt	(20,343		)	(689		)	(8,206		)
Other income (expense), net	(22,057		)	(13,181		)	4,802
Income before income taxes	$	153,854		$	322,613		$	195,881

_____________

(1) Included in other corporate staff costs and expenses for the year ended November 25, 2012, is an $18.8 million impairment charge related to the Company's decision in the third quarter of 2012 to outsource distribution in Japan to a third party and close its owned distribution center in that country.

	Year Ended
	November 30, 2014		November 24, 2013		November 25, 2012
	(Dollars in thousands)
Depreciation and amortization expense:
Americas	$	29,508	$	37,520	$	43,368
Europe	20,564		20,597		21,891
Asia	8,501		9,422		12,887
Corporate	50,901		48,181		44,462
Total depreciation and amortization expense	$	109,474	$	115,720	$	122,608

	November 30, 2014
	Americas		Europe		Asia		Unallocated		Consolidated Total
	(Dollars in thousands)
Assets:
Trade receivables, net	$	322,501	$	93,604	$	48,468	$	17,408	$	481,981
Inventories	289,838		143,990		101,477		65,611		600,916
All other assets	—		—		—		1,841,176		1,841,176
Total assets									$	2,924,073

	November 24, 2013
	Americas		Europe		Asia		Unallocated		Consolidated Total
	(Dollars in thousands)
Assets:
Trade receivables, net	$	288,360	$	101,010	$	40,520	$	16,781	$	446,671
Inventories	338,849		117,442		113,212		34,364		603,867
All other assets	—		—		—		2,076,880		2,076,880
Total assets									$	3,127,418

Geographic information for the Company was as follows:

	Year Ended
	November 30, 2014		November 24, 2013		November 25, 2012
	(Dollars in thousands)
Net revenues:
United States	$	2,490,994	$	2,497,756	$	2,412,647
Foreign countries	2,262,998		2,183,935		2,197,546
Total net revenues	$	4,753,992	$	4,681,691	$	4,610,193

Deferred tax assets:
United States	$	580,122	$	567,984	$	647,767
Foreign countries	80,742		66,121		81,373
Total deferred tax assets	$	660,864	$	634,105	$	729,140

Long-lived assets:
United States	$	322,329	$	346,533	$	353,567
Foreign countries	84,507		110,387		123,977
Total long-lived assets	$	406,836	$	456,920	$	477,544