Property, Plant and Equipment

12 Months Ended

Nov. 26, 2023

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

The components of property, plant and equipment were as follows:

	November 26, 2023		November 27, 2022
	(Dollars in millions)
Land	$	8.4	$	8.2
Buildings and leasehold improvements	551.9		498.0
Machinery and equipment	551.8		490.0
Capitalized internal-use software	683.3		682.2
Construction in progress	168.0		165.9
Subtotal	1,963.4		1,844.3
Accumulated depreciation	(1,282.7)		(1,221.5)
Property, plant & equipment, net	$	680.7	$	622.8

Depreciation expense for the years ended November 26, 2023, November 27, 2022, and November 28, 2021, was $160.9 million, $154.6 million and $142.1 million, respectively.

During fiscal year 2023 the Company recorded $49.3 million in charges related to the impairment of other property and equipment, primarily within capitalized internal-use software as a result of the decision to discontinue certain technology projects in connection with the overall restructuring initiative. Additionally, $20.5 million of charges were recognized, related to the impairment of buildings and leasehold improvements and machinery and equipment, of which $14.3 million was due to the impairment of certain store assets primarily driven by lower than average store performance for certain concept stores in the U.S. During fiscal year 2022 the Company recorded $6.4 million in charges primarily related to the impairment of certain long-lived assets as a result of the Russia-Ukraine crisis. During fiscal year 2021, the Company recorded $11.0 million in charges primarily related to the impairment of leasehold improvements and other property and equipment. The impairment charges are included in SG&A expenses in the accompanying consolidated statements of income.