Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 01, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying amount of goodwill

The changes in the carrying amount of goodwill by business segment for the years ended December 1, 2024 and November 26, 2023, were as follows:

	Americas		Europe		Asia		Other Brands(1)		Total
	(Dollars in millions)
Balance, November 27, 2022
Goodwill	$	229.5	$	21.3	$	2.9	$	123.6	$	377.3
Accumulated impairment losses	—		(11.6)		—		—		(11.6)
	$	229.5	$	9.7	$	2.9	$	123.6	$	365.7
Impairment losses(2)	—		—		—		(75.4)		(75.4)
Goodwill acquired during the year	1.1		10.8		—		—		11.9
Foreign currency fluctuation	1.1		0.5		(0.1)		—		1.5
Balance, November 26, 2023
Goodwill	231.7		32.6		2.8		123.6		390.7
Accumulated impairment losses	—		(11.6)		—		(75.4)		(87.0)
	$	231.7	$	21.0	$	2.8	$	48.2	$	303.7
Impairment losses(3)	—		(5.5)		—		(36.3)		(41.8)
Goodwill acquired during the year(4)	15.9		5.0		—		—		20.9
Foreign currency fluctuation	(4.9)		(0.4)		0.1		—		(5.2)
Balance, December 1, 2024
Goodwill	242.7		37.2		2.9		123.6		406.4
Accumulated impairment losses	—		(17.1)		—		(111.7)		(128.8)
Balance, December 1, 2024	$	242.7	$	20.1	$	2.9	$	11.9	$	277.6

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(1)Comprised of the Beyond Yoga® reporting unit goodwill only.

(2)For the year ended November 26, 2023 the Company recorded a Beyond Yoga® goodwill noncash impairment charge of $75.4 million.

(3)For the year ended December 1, 2024 the Company recorded a $5.5 million goodwill noncash impairment charge related to our footwear business as a result of the decision to discontinue the category and a Beyond Yoga® goodwill noncash impairment charge of $36.3 million.

(4)For the year ended December 1, 2024 the Company recorded goodwill of $15.9 million in connection with the acquisition of all operating assets related to Levi’s® brands from Expofaro S.A.S., the Company’s former distributor in Colombia.

Finite-lived intangible assets

Other intangible assets, net, were as follows:

	December 1, 2024						November 26, 2023
	Gross Carrying Value		Accumulated Amortization		Total		Gross Carrying Value		Accumulated Amortization		Total
	(Dollars in millions)
Non-amortized intangible assets:
Trademarks(1)	$	177.9	$	—	$	177.9	$	243.9	$	—	$	243.9
Amortized intangible assets:
Customer relationships and other(2)	37.6		(18.9)		18.7		38.3		(14.6)		23.7
Total	$	215.5	$	(18.9)	$	196.6	$	282.2	$	(14.6)	$	267.6

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(1)For the year ended December 1, 2024 the Company recorded a Beyond Yoga® trademark noncash impairment charge of $66.0 million based on a Level 3 fair value of $135.1 million.

For the year ended November 26, 2023 the Company recorded a Beyond Yoga® trademark noncash impairment charge of $14.8 million based on a Level 3 fair value of $201.1 million.

(2)For the year ended December 1, 2024 the Company recorded a Beyond Yoga® customer relationship intangible assets noncash impairment charge of $9.1 million based on a Level 3 fair value of $9.7 million.

Indefinite-lived intangible assets

Other intangible assets, net, were as follows:

	December 1, 2024						November 26, 2023
	Gross Carrying Value		Accumulated Amortization		Total		Gross Carrying Value		Accumulated Amortization		Total
	(Dollars in millions)
Non-amortized intangible assets:
Trademarks(1)	$	177.9	$	—	$	177.9	$	243.9	$	—	$	243.9
Amortized intangible assets:
Customer relationships and other(2)	37.6		(18.9)		18.7		38.3		(14.6)		23.7
Total	$	215.5	$	(18.9)	$	196.6	$	282.2	$	(14.6)	$	267.6

_____________

(1)For the year ended December 1, 2024 the Company recorded a Beyond Yoga® trademark noncash impairment charge of $66.0 million based on a Level 3 fair value of $135.1 million.

For the year ended November 26, 2023 the Company recorded a Beyond Yoga® trademark noncash impairment charge of $14.8 million based on a Level 3 fair value of $201.1 million.

(2)For the year ended December 1, 2024 the Company recorded a Beyond Yoga® customer relationship intangible assets noncash impairment charge of $9.1 million based on a Level 3 fair value of $9.7 million.

Estimated future amortization expense

Estimated amortization expense for each of the next five years is as follows:

	December 1, 2024
	(Dollars in millions)
2025	$	3.5
2026	3.3
2027	2.5
2028	2.5
2029	2.5
Thereafter	4.4
Total	$	18.7