LEVI STRAUSS & CO, 10-Q filed on 4/3/2024
Quarterly Report
v3.24.1
Cover Page - shares
 3 Months Ended
Feb. 25, 2024
Mar. 27, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Feb. 25, 2024  
Document Transition Report false  
Entity File Number 001-06631  
Entity Registrant Name LEVI STRAUSS & CO  
Amendment Flag false  
Current Fiscal Year End Date --12-01  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000094845  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 94-0905160  
Entity Address, Address Line One 1155 Battery Street  
Entity Address, City or Town San Francisco  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94111  
City Area Code 415  
Local Phone Number 501-6000  
Title of 12(b) Security Class A Common Stock, $0.001 par value per share  
Trading Symbol LEVI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Shell Company false  
Common Class A [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   103,348,841
Common Class B [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   294,680,391
v3.24.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Feb. 25, 2024
Nov. 26, 2023
Current Assets:    
Cash and cash equivalents $ 516.7 $ 398.8
Trade receivables, net 661.6 752.7
Inventories 1,150.4 1,290.1
Other current assets 196.1 196.0
Total current assets 2,524.8 2,637.6
Property, plant and equipment, net 673.8 680.7
Goodwill 296.1 303.7
Other intangible assets, net 266.2 267.6
Deferred tax assets, net 761.7 729.5
Operating lease right-of-use assets, net 1,021.5 1,033.9
Other non-current assets 417.4 400.6
Total assets 5,961.5 6,053.6
Current Liabilities:    
Accounts payable 497.6 567.9
Accrued salaries, wages and employee benefits 180.9 214.9
Accrued sales returns and allowances 172.5 189.8
Short-term operating lease liabilities 245.6 245.5
Other accrued liabilities 673.8 569.4
Total current liabilities 1,770.4 1,787.5
Long-term debt 1,006.0 1,009.4
Long-term operating lease liabilities 897.8 913.1
Long-term employee related benefits and other liabilities 311.2 297.2
Total liabilities 3,985.4 4,007.2
Commitments and contingencies
Levi Strauss & Co. stockholders’ equity    
Common stock — $0.001 par value; 1,200,000,000 Class A shares authorized, 102,412,794 shares and 102,104,670 shares issued and outstanding as of February 25, 2024 and November 26, 2023, respectively; and 422,000,000 Class B shares authorized, 295,616,438 shares and 295,243,353 shares issued and outstanding, as of February 25, 2024 and November 26, 2023, respectively 0.4 0.4
Additional paid-in capital 692.3 686.7
Accumulated other comprehensive loss (383.3) (390.9)
Retained earnings 1,666.7 1,750.2
Total stockholders’ equity 1,976.1 2,046.4
Total liabilities and stockholders’ equity $ 5,961.5 $ 6,053.6
v3.24.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Feb. 25, 2024
Nov. 26, 2023
Common Class A [Member]    
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 1,200,000,000 1,200,000,000
Common stock, shares issued 102,412,794 102,104,670
Common stock, shares outstanding 102,412,794 102,104,670
Common Class B [Member]    
Common stock, shares authorized 422,000,000 422,000,000
Common stock, shares issued 295,616,438 295,243,353
Common stock, shares outstanding 295,616,438 295,243,353
v3.24.1
Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended
Feb. 25, 2024
Feb. 26, 2023
Income Statement [Abstract]    
Net revenues $ 1,557,600 $ 1,688,900
Cost of goods sold 651,100 746,600
Gross profit 906,500 942,300
Selling, general and administrative expenses 790,700 773,500
Restructuring charges, net 116,200 11,400
Operating (loss) income (400) 157,400
Interest expense (10,000) (10,700)
Other expense, net (2,300) (7,500)
(Loss) income before income taxes (12,700) 139,200
Income tax (benefit) expense (2,100) 24,500
Net (loss) income $ (10,600) $ 114,700
(Loss) earnings per common share attributable to common stockholders:    
Basic (usd per share) $ (0.03) $ 0.29
Diluted (usd per share) $ (0.03) $ 0.29
Weighted-average common shares outstanding:    
Basic (in shares) 398,941,172 395,956,182
Diluted (in shares) 398,941,172 400,360,529
v3.24.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended
Feb. 25, 2024
Feb. 26, 2023
Statement of Comprehensive Income [Abstract]    
Net (loss) income $ (10.6) $ 114.7
Other comprehensive income (loss), before related income taxes:    
Pension and postretirement benefits 2.0 2.3
Derivative instruments 13.8 (24.8)
Foreign currency translation (losses) gains (6.3) 28.1
Unrealized gains on marketable securities 0.0 0.7
Total other comprehensive income, before related income taxes 9.5 6.3
Income tax expense related to items of other comprehensive income (loss) (1.9) (3.1)
Comprehensive (loss) income, net of taxes $ (3.0) $ 117.9
v3.24.1
Consolidated Statements of Stockholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Class A & Class B Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Nov. 27, 2022   393.7      
Beginning balance at Nov. 27, 2022 $ 1,903.7 $ 0.4 $ 625.6 $ 1,699.4 $ (421.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net Income 114.7     114.7  
Other comprehensive income/loss, net of tax 3.2       3.2
Stock-based compensation and dividends, net (in shares)   3.0      
Stock-based compensation and dividends, net 17.6   17.6    
Employee stock purchase plan (in shares)   0.2      
Employee stock purchase plan $ 2.6   2.6    
Shares repurchased (in shares) (0.5) (0.5)      
Repurchase of common stock $ (8.1)     (8.1)  
Tax withholdings on equity awards (18.6)   (18.6)    
Cash dividends declared (in usd per share) (47.6)     (47.6)  
Ending Balance ( in shares) at Feb. 26, 2023   396.4      
Ending balance at Feb. 26, 2023 1,967.5 $ 0.4 627.2 1,758.4 (418.5)
Beginning balance (in shares) at Nov. 26, 2023   397.3      
Beginning balance at Nov. 26, 2023 2,046.4 $ 0.4 686.7 1,750.2 (390.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net Income (10.6)     (10.6)  
Other comprehensive income/loss, net of tax 7.6       7.6
Stock-based compensation and dividends, net (in shares)   2.1      
Stock-based compensation and dividends, net 18.6   18.6    
Employee stock purchase plan (in shares)   0.1      
Employee stock purchase plan $ 2.3   2.3    
Shares repurchased (in shares) (1.5) (1.5)      
Repurchase of common stock $ (25.0)     (25.0)  
Tax withholdings on equity awards (15.3)   (15.3)    
Cash dividends declared (in usd per share) (47.9)     (47.9)  
Ending Balance ( in shares) at Feb. 25, 2024   398.0      
Ending balance at Feb. 25, 2024 $ 1,976.1 $ 0.4 $ 692.3 $ 1,666.7 $ (383.3)
v3.24.1
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Feb. 25, 2024
Feb. 26, 2023
Statement of Stockholders' Equity [Abstract]    
Cash dividends declared (in dollars per share) $ 0.12 $ 0.12
v3.24.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Feb. 25, 2024
Feb. 26, 2023
Cash Flows from Operating Activities:    
Net (loss) income $ (10.6) $ 114.7
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 44.6 39.6
Goodwill impairment 5.5 0.0
Property, plant, equipment impairment, and early lease terminations, net 0.0 14.9
Stock-based compensation 18.7 17.6
Deferred income taxes (32.7) (7.9)
Other, net 3.4 (2.8)
Net change in operating assets and liabilities 257.1 (336.9)
Net cash provided by (used for) operating activities 286.0 (160.8)
Cash Flows from Investing Activities:    
Purchases of property, plant and equipment (71.6) (110.9)
Proceeds on settlement of forward foreign exchange contracts not designated for hedge accounting, net 0.8 21.0
Proceeds from sale, maturity and collection of short-term investments 0.0 70.8
Other investing, net (0.9) 0.0
Net cash used for investing activities (71.7) (19.1)
Cash Flows from Financing Activities:    
Proceeds from senior revolving credit facility 0.0 150.0
Repurchase of common stock (25.0) (8.1)
Tax withholdings on equity awards (15.3) (18.6)
Dividends to stockholders (47.9) (47.6)
Other financing activities, net (6.3) 2.1
Net cash (used for) provided by financing activities (94.5) 77.8
Effect of exchange rate changes on cash and cash equivalents and restricted cash (1.9) (5.7)
Net increase (decrease) in cash and cash equivalents and restricted cash 117.9 (107.8)
Beginning cash and cash equivalents 398.8 429.6
Ending cash and cash equivalents 516.7 321.8
Noncash Investing Activity:    
Property, plant and equipment acquired and not yet paid at end of period 26.3 39.3
Supplemental disclosure of cash flow information:    
Cash paid for income taxes during the period, net of refunds $ 17.4 $ 1.7
v3.24.1
Significant Accounting Policies
 3 Months Ended
Feb. 25, 2024
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation
The interim consolidated financial statements of the Company and its wholly-owned and majority-owned foreign and domestic subsidiaries, including the notes, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim period financial statements and do not include all of the information and disclosures required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments necessary for a fair statement of the financial position and the results of operations for the periods presented have been included. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended November 26, 2023, included in the Company’s 2023 Annual Report on Form 10-K.
The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany transactions have been eliminated. The results of operations for the three months ended February 25, 2024 may not be indicative of the results to be expected for any other interim period or the year ending December 1, 2024.
The Company’s fiscal year ends on the Sunday that is closest to November 30 of that year, although the fiscal years of certain foreign subsidiaries end on November 30. Each quarter of both fiscal years 2024 and 2023 consists of 13 weeks, with the exception of the fourth quarter of 2024, which will consist of 14 weeks. All references to years and quarters relate to fiscal years and quarters rather than calendar years and quarters.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes to the consolidated financial statements. Estimates are based upon historical factors, current circumstances and the experience and judgment of the Company’s management. Management evaluates its estimates and assumptions on an ongoing basis and may employ outside experts to assist in its evaluations. Changes in such estimates, based on more accurate future information, or different assumptions or conditions, may affect amounts reported in future periods.
Long-Lived Assets
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may be impaired. Impairment losses are measured and recorded for the excess of carrying value over its fair value, estimated based on expected future cash flows and other quantitative and qualitative factors. Property, plant and equipment, net includes accumulated depreciation of $1.3 billion and $1.3 billion as of February 25, 2024 and November 26, 2023, respectively.
In the first quarter of 2023, the Company recorded $18.6 million in charges primarily related to the impairment of capitalized internal-use software as a result of the decision to discontinue certain technology projects in connection with the restructuring initiative that began in the fourth quarter of 2022.
Supplier Finance Program
The Company offers a supplier financing program which enables the Company’s suppliers, at their sole discretion, to sell their receivables (i.e., the Company’s payment obligations to suppliers) to a financial institution on a non-recourse basis in order to be paid earlier than current payment terms provide.
The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by the supplier’s participation in these arrangements. The Company’s payment terms to the financial institutions, including the timing and amount of payments, are based on the original supplier invoices. Our current payment terms with a majority of our suppliers are typically 90 days. The Company has not pledged any assets and does not provide guarantees under the supplier finance program. As such, the outstanding payment obligations under the Company’s supplier finance program are included within Accounts Payable in the Consolidated Balance Sheets.
The Company’s outstanding payment obligations under this program were $105.1 million as of February 25, 2024 and $113.4 million as of November 26, 2023.
Share Repurchases
During the three months ended February 25, 2024, the Company repurchased 1.5 million shares for $24.9 million, plus broker’s commissions, in the open market. This equates to an average repurchase price of approximately $17.15 per share. During the three months ended February 26, 2023, the Company repurchased 0.5 million shares for $8.1 million, plus broker's commissions, in the open market. This equates to an average repurchase price of approximately $17.97 per share.
The Company accounts for share repurchases by charging entirely to retained earnings the excess of the repurchase price over the repurchased Class A common stock’s par value. All repurchased shares are retired and become authorized but unissued shares. The Company accrues for the shares purchased under the share repurchase plan based on the trade date. The Company may terminate or limit the share repurchase program at any time.
Reclassification
Certain amounts on the consolidated balance sheets, consolidated statements of operations and statements of cash flows have been conformed to the February 25, 2024 presentation.
Recently Issued Accounting Standards
In September 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This new guidance is designed to enhance transparency around supplier finance programs by requiring new disclosures that would allow a user of the financial statements to understand the program’s nature, activity during the period, changes from period to period and potential magnitude. The guidance became effective for the Company in the first quarter of fiscal year 2024, with the exception of the rollforward information, which will be effective for annual periods beginning in fiscal year 2025 on a prospective basis. The Company adopted the guidance in the first quarter of 2024 and is evaluating the impact of adopting the guidance related to the rollforward information. See above for the Company’s disclosures relating to the Company’s supplier financing arrangements.
There have been no other developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s consolidated financial statements and footnote disclosures, from those disclosed in the 2023 Annual Report on Form 10-K.
v3.24.1
Fair Value of Financial Instruments
 3 Months Ended
Feb. 25, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
The following table presents the Company’s financial instruments that are carried at fair value:
 February 25, 2024November 26, 2023
  Fair Value Estimated
Using		 Fair Value Estimated
Using
 Fair Value
Level 1 Inputs(1)
Level 2 Inputs(2)
Fair Value
Level 1 Inputs(1)
Level 2 Inputs(2)
 (Dollars in millions)
Financial assets carried at fair value
Rabbi trust assets$85.4 $85.4 $— $78.7 $78.7 $— 
Derivative instruments(3)
10.5 — 10.5 13.8 — 13.8 
Total$95.9 $85.4 $10.5 $92.5 $78.7 $13.8 
Financial liabilities carried at fair value
Derivative instruments(3)
8.0 — 8.0 9.1 — 9.1 
Total$8.0 $— $8.0 $9.1 $— $9.1 
_____________
(1)Fair values estimated using Level 1 inputs are inputs that consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Rabbi trust assets consist of marketable equity securities.
(2)Fair values estimated using Level 2 inputs are inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly, and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. For forward foreign exchange contracts, inputs include foreign currency exchange and interest rates and, where applicable, credit default swap prices.
(3)The Company’s cash flow hedges are subject to International Swaps and Derivatives Association, Inc. master agreements. These agreements permit the net settlement of these contracts on a per-institution basis. Refer to Note 3 for more information.
The following table presents the carrying value, including related accrued interest, and estimated fair value of the Company’s financial instruments that are carried at adjusted historical cost:
 February 25, 2024November 26, 2023
 Carrying
Value		Estimated Fair
 Value		Carrying
Value		Estimated Fair
 Value
 (Dollars in millions)
Financial liabilities carried at adjusted historical cost
3.375% senior notes due 2027(1)
$519.0 $508.1 $518.3 $500.2 
3.50% senior notes due 2031(1)
503.2 435.2 498.7 407.2 
Short-term borrowings4.5 4.5 12.6 12.6 
Total$1,026.7 $947.8 $1,029.6 $920.0 
_____________
(1)Fair values are estimated using Level 2 inputs and incorporate mid-market price quotes. Level 2 inputs are inputs other than quoted prices, that are observable for the liability, either directly or indirectly and include among other things, quoted prices for similar liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable.
v3.24.1
Derivative Instruments and Hedging Activities
 3 Months Ended
Feb. 25, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
As of February 25, 2024, the Company had forward foreign exchange contracts derivatives to buy $663.6 million and to sell $506.7 million in various foreign currencies. These contracts are at various exchange rates and expire at various dates through February 2025.
The table below provides data about the carrying values of derivative and non-derivative instruments: 
 February 25, 2024November 26, 2023
 Assets(Liabilities)Derivative
Net Carrying
Value		Assets(Liabilities)Derivative
Net Carrying
Value
 Carrying
Value		Carrying
Value		Carrying
Value		Carrying
Value
 (Dollars in millions)
Derivatives designated as hedging instruments
Foreign exchange risk cash flow hedges(1)
$7.2 $— $7.2 $6.0 $— $6.0 
Foreign exchange risk cash flow hedges(2)
— (6.9)(6.9)— (7.1)(7.1)
Total
$7.2 $(6.9)$6.0 $(7.1)
Derivatives not designated as hedging instruments
Forward foreign exchange contracts(1)
$10.5 $(7.2)$3.3 $13.8 $(6.0)$7.8 
Forward foreign exchange contracts(2)
6.9 (8.0)(1.1)7.1 (9.1)(2.0)
Total
$17.4 $(15.2)$20.9 $(15.1)
Non-derivatives designated as hedging instruments
Euro senior notes
$— $(514.0)$— $(517.8)
_____________
(1)Included in "Other current assets" or "Other non-current assets" on the Company’s consolidated balance sheets.
(2)Included in "Other accrued liabilities" or "Long-term employee related benefits and other liabilities" on the Company’s consolidated balance sheets.
The Company’s over-the-counter forward foreign exchange contracts are subject to International Swaps and Derivatives Association, Inc. master agreements. These agreements permit the net settlement of these contracts on a per-institution basis; however, the Company records the fair value on a gross basis on its consolidated balance sheets based on maturity dates, including those subject to master netting arrangements. The table below presents the gross and net amounts of these contracts recognized on the Company’s consolidated balance sheets by type of financial instrument:
February 25, 2024November 26, 2023
Gross Amounts of Assets / (Liabilities)
Presented in the Balance Sheet		Gross Amounts
Not Offset in the Balance Sheet		Net Amounts
of Assets / (Liabilities)		Gross Amounts of Assets / (Liabilities)
Presented in the Balance Sheet		Gross Amounts
Not Offset in the Balance Sheet		Net Amounts
of Assets / (Liabilities)
(Dollars in millions)
Foreign exchange risk contracts and forward foreign exchange contracts
Financial assets$24.6 $(8.1)$16.5 $26.9 $(13.1)$13.8 
Financial liabilities(22.0)8.1 (13.9)(22.2)13.1 (9.1)
Total$2.6 $4.7 
The table below provides data about the amount of gains and losses related to derivative instruments and non-derivative instruments designated as cash flow and net investment hedges included in “Accumulated other comprehensive loss” (“AOCL”) on the Company’s consolidated balance sheets, and in “Other expense, net” in the Company’s consolidated statements of operations:
 
Amount of (Loss) Gain
Recognized in AOCL
(Effective Portion)
Amount of Gain (Loss) Reclassified from
 AOCL into Net (Loss) Income(1)
 
As of
February 25,
2024
As of
November 26,
 2023
Three Months Ended
February 25,
2024		February 26,
2023
 (Dollars in millions)
Foreign exchange risk contracts$(5.0)$(15.0)$(11.3)$11.1 
Realized forward foreign exchange swaps(2)
4.6 4.6 — — 
Yen-denominated Eurobonds(19.8)(19.8)— — 
Euro-denominated senior notes(27.0)(30.8)— — 
Cumulative income taxes16.9 19.0 — — 
Total$(30.3)$(42.0)
_____________
(1)Amounts reclassified from AOCL were classified as net revenues or costs of goods sold on the consolidated statements of operations.
(2)Prior to and during 2005, the Company used foreign exchange currency swaps to hedge the net investment in its foreign operations. For hedges that qualified for hedge accounting, the net gains were included in AOCL and are not reclassified to earnings until the related net investment position has been liquidated.
There was no hedge ineffectiveness for the three months ended February 25, 2024. Within the next 12 months, a $5.9 million loss from cash flow hedges is expected to be reclassified from AOCL into net (loss) income.
The table below presents the effects of the Company’s cash flow hedges of foreign exchange risk contracts on the consolidated statements of operations:
Three Months Ended
February 25,
2024		February 26,
2023
(Dollars in millions)
Amount of (Loss) Gain on Cash Flow Hedge Activity
Net revenues$(1.6)$1.6 
Cost of goods sold$(9.7)$9.5 
The table below provides data about the amount of gains and losses related to derivatives instruments included in “Other expense, net” in the Company’s consolidated statements of operations:
 Three Months Ended
 February 25,
2024		February 26,
2023
 (Dollars in millions)
Realized gain(1)
$2.9 $9.4 
Unrealized loss
(3.0)(5.6)
Total$(0.1)$3.8 
v3.24.1
Other Accrued Liabilities
 3 Months Ended
Feb. 25, 2024
Other Liabilities Disclosure [Abstract]  
Other Accrued Liabilities OTHER ACCRUED LIABILITIES
The following table presents the Company’s other accrued liabilities:
February 25,
2024		November 26,
2023
 (Dollars in millions)
Other accrued liabilities
Accrued non-trade payables$159.6 $177.7 
Restructuring liabilities112.0 16.6 
Taxes other than income taxes payable60.7 63.3 
Accrued income taxes50.2 41.8 
Accrued advertising and promotion48.0 44.7 
Accrued property, plant and equipment26.3 59.6 
Accrued interest payable16.8 8.2 
Accrued rent8.5 9.9 
Fair value derivatives8.0 9.1 
Short-term debt4.3 12.5 
Other179.4 126.0 
Total other accrued liabilities$673.8 $569.4 
v3.24.1
Debt
 3 Months Ended
Feb. 25, 2024
Debt Disclosure [Abstract]  
DEBT DEBT 
The following table presents the Company’s debt: 
February 25,
2024		November 26,
2023
 (Dollars in millions)
Long-term debt
3.375% senior notes due 2027
$511.3 $514.9 
3.50% senior notes due 2031
494.7 494.5 
Total long-term debt$1,006.0 $1,009.4 
Short-term debt
Short-term borrowings4.3 12.5 
Total debt$1,010.3 $1,021.9 

Senior Revolving Credit Facility
As of February 25, 2024, the Company had no borrowings under the Credit Facility. The Company’s unused availability under the Credit Facility was $933.7 million at February 25, 2024, as the total availability of $950.9 million was reduced by $17.2 million of letters of credit and other credit usage allocated under the Credit Facility.
Interest Rates on Borrowings
The Company’s weighted-average interest rate on average borrowings outstanding during the three months ended February 25, 2024 was 3.91%, as compared to 3.86% during the same period of 2023.
v3.24.1
Restructuring Activities
 3 Months Ended
Feb. 25, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING ACTIVITIES RESTRUCTURING ACTIVITIES
In the first quarter of 2024, our Board of Directors (the "Board") approved a multi-year global productivity initiative, “Project Fuel”, designed to optimize our operating model and fuel long-term profitable growth. The first phase of the global productivity initiative occurred in the first half of 2024. The two-year initiative is expected to continue through the end of 2025. As this initiative progresses, the Company may incur additional restructuring charges, which could be significant to a future fiscal quarter or year.
During the three-month period ended February 25, 2024, we recognized restructuring charges of $116.2 million related to Project Fuel, consisting primarily of severance and post-employment benefit charges. The charges are included in “Other accrued liabilities” and “Long-term employee related benefits and other liabilities” in the Company’s consolidated balance sheet and selling, general, and administrative expenses (“SG&A”) in the Company’s consolidated statements of operations.
The Company also recognized $10.1 million of restructuring related charges, primarily consulting fees, and $5.5 million in goodwill impairment charges related to our footwear business as a result of the decision to discontinue the category. The charges were recorded in SG&A in the accompanying consolidated statements of operations.
For the three-month period ended February 26, 2023, the Company recognized net restructuring charges of $11.4 million, which primarily related to severance benefits, based on separation benefits provided by Company policy or statutory benefit plans. The Company also recognized $18.2 million in charges related to the impairment of capitalized internal-use software, as a result of the decision to discontinue certain technology projects. The impairment charges were recorded in SG&A in the accompanying consolidated statements of operations.
v3.24.1
Commitments and Contingencies
 3 Months Ended
Feb. 25, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Forward Foreign Exchange Contracts
The Company uses cash flow hedge derivative instruments to manage its exposure to foreign currencies. The Company is exposed to credit loss in the event of nonperformance by the counterparties to the forward foreign exchange contracts. However, the Company believes that its exposures are appropriately diversified across counterparties and that these counterparties are creditworthy financial institutions. See Note 3 for additional information.
Other Contingencies
Litigation. In the ordinary course of business, the Company has various claims, complaints and pending cases, including contractual matters, facility and employee-related matters, distribution matters, product liability matters, intellectual property matters, bankruptcy preference matters, and tax and administrative matters. The Company establishes loss provisions for these ordinary course claims as well as other matters in which losses are probable and can be reasonably estimated. The Company does not believe any of these pending claims, complaints and legal proceedings will have a material impact on its financial condition, results of operations or cash flows.
Customs Duty Audits. The Company imports both raw materials and finished garments into all of its geographic regions and, as such, is subject to numerous countries’ complex customs laws and regulations with respect to its import and export activity. The Company has various pending audit assessments in connection with these activities. As of February 25, 2024, the Company has recorded certain reserves for these matters which are not material. The Company does not believe any of the claims for customs duty and related charges will have a material impact on its financial condition, results of operations or cash flows.
v3.24.1
Dividends
 3 Months Ended
Feb. 25, 2024
Dividends [Abstract]  
DIVIDENDS DIVIDENDS
Dividends are declared at the discretion of the Board. In January 2024 and 2023, the Company declared cash dividends, each $0.12 per share, to holders of record of its Class A and Class B common stock. During the three months ended February 25, 2024, dividends were paid in the amount of $47.9 million compared to $47.6 million for the same prior-year period.
The Company does not have an established dividend policy. The Board reviews the Company’s ability to pay dividends on an ongoing basis and establishes the dividend amount based on the Company’s financial condition, results of operations, capital requirements, current and projected cash flows and other factors, and any restrictions related to the terms of the Company’s debt agreements.
Subsequent to the Company’s quarter end, a cash dividend of $0.12 per share was declared to holders of record of its Class A and Class B common stock at the close of business on May 9, 2024. The cash dividend will be payable on May 23, 2024, for a total quarterly dividend of approximately $48 million.
v3.24.1
Accumulated Other Comprehensive Loss
 3 Months Ended
Feb. 25, 2024
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS ACCUMULATED OTHER COMPREHENSIVE LOSS
The following is a summary of the components of "Accumulated other comprehensive loss," net of related income taxes: 
Three Months Ended February 25, 2024
Pension and
Postretirement
Benefits(1)
Translation Adjustments
Unrealized
(Loss) Gain on
Marketable
Securities(1)
Derivative Instruments(2)
Foreign
Currency
Translation		Total
(Dollars in millions)
Accumulated other comprehensive loss at November 26, 2023
$(153.2)$(42.0)$(195.7)$— $(390.9)
Other comprehensive income (loss) before reclassifications
(0.5)0.4 (5.6)— (5.7)
Amounts reclassified from accumulated other comprehensive loss
2.0 11.3 — — 13.3 
Net increase (decrease) in other comprehensive income (loss)
1.5 11.7 (5.6)— 7.6 
Accumulated other comprehensive loss at February 25, 2024
$(151.7)$(30.3)$(201.3)$— $(383.3)
_____________
(1)Amounts reclassified were recorded in other expense, net.
(2)Amounts reclassified were recorded within net revenues and cost of goods sold. For more information, refer to Note 3.
Three Months Ended February 26, 2023
Pension and
Postretirement
Benefits(1)
Translation Adjustments
Unrealized
Gain (Loss) on
Marketable
Securities(1)
Derivative Instruments(2)
Foreign
Currency
Translation		Total
(Dollars in millions)
Accumulated other comprehensive loss at November 27, 2022
$(179.5)$7.2 $(248.7)$(0.7)$(421.7)
Other comprehensive income (loss) before reclassifications
(0.5)(8.5)20.3 0.1 11.4 
Amounts reclassified from accumulated other comprehensive loss
2.3 (11.1)— 0.6 (8.2)
Net increase (decrease) in other comprehensive income (loss)
1.8 (19.6)20.3 0.7 3.2 
Accumulated other comprehensive loss at February 26, 2023
$(177.7)$(12.4)$(228.4)$— $(418.5)
_____________
(1)Amounts reclassified were recorded in other expense, net.
(2)Amounts reclassified were recorded within net revenues and cost of goods sold. For more information, refer to Note 3.
v3.24.1
Net Revenues
 3 Months Ended
Feb. 25, 2024
Revenue from Contract with Customer [Abstract]  
Net Revenues NET REVENUES
Disaggregated Revenue
The table below provides the Company’s revenues disaggregated by segment and channel.
Three Months Ended February 25, 2024
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in millions)
Net revenues by channel:
Wholesale$407.8 $207.0 $132.3 $56.4 $803.5 
Direct-to-consumer328.0 216.5 156.5 53.1 754.1 
Total net revenues$735.8 $423.5 $288.8 $109.5 $1,557.6 

Three Months Ended February 26, 2023
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in millions)
Net revenues by channel:
Wholesale$530.6 $244.1 $134.0 $76.2 $984.9 
Direct-to-consumer292.4 211.0 155.5 45.1 704.0 
Total net revenues$823.0 $455.1 $289.5 $121.3 $1,688.9 
The Company did not have any material contract assets or contract liabilities recorded in the consolidated balance sheets as of February 25, 2024 and November 26, 2023
v3.24.1
Income Taxes
 3 Months Ended
Feb. 25, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company’s effective income tax rate was 16.4% for the three months ended February 25, 2024, compared to 17.6% for the same prior-year period. The decrease in the effective tax rate in the current year was due to an unfavorable impact of stock-based compensation as a proportion to pre-tax loss partially offset by the impact of foreign operations in the prior year.
v3.24.1
Earnings Per Share Attributable to Common Stockholders
 3 Months Ended
Feb. 25, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS (LOSS) EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
The following table sets forth the computation of the Company’s basic and diluted (loss) earnings per share:
 Three Months Ended
 February 25,
2024		February 26,
2023
 (Dollars in millions, except per share amounts)
Numerator:
Net (loss) income
$(10.6)$114.7 
Denominator:
Weighted-average common shares outstanding - basic398,941,172 395,956,182 
Dilutive effect of stock awards— 4,404,347 
Weighted-average common shares outstanding - diluted398,941,172 400,360,529 
(Loss) earnings per common share attributable to common stockholders:
Basic$(0.03)$0.29 
Diluted$(0.03)$0.29 
Anti-dilutive securities excluded from calculation of diluted (loss) earnings per share attributable to common stockholders
— 5,507,675 
Diluted net (loss) earnings per common share attributable to the Company for the three months ended February 25, 2024 excluded all potentially dilutive securities because there was a net loss for the period and, as such, the inclusion of these securities would have been anti-dilutive. Potentially dilutive securities excluded from the calculation of diluted (loss) earnings per common share were 15.9 million shares for the three months ended February 25, 2024.
v3.24.1
Related Parties
 3 Months Ended
Feb. 25, 2024
Related Party Transactions [Abstract]  
RELATED PARTIES RELATED PARTIES
Michelle Gass (President and CEO), Tracy Layney (Executive Vice President and Chief Human Resources Officer) and David Jedrzejek (Senior Vice President and General Counsel) are members of the Board of Directors of the Levi Strauss Foundation, which is not one of our consolidated entities. Mr. David Jedrzejek also serves as a Vice President of the Levi Strauss Foundation. Ms. Gass, Ms. Layney and Mr. Jedrzejek began serving on the Board of Directors of the Levi Strauss Foundation on January 24, 2024, February 3, 2022 and September 26, 2023, respectively. Charles V. Bergh, former President and Chief Executive Officer, was a member of the board of directors of the Levi Strauss Foundation until January 28, 2024. During the three months ended February 25, 2024 and February 26, 2023, donations to the Levi Strauss Foundation were $4.8 million and $9.8 million, respectively, and the Company recognized expenses related to their donation commitments of $2.0 million and $1.5 million, respectively.
v3.24.1
Business Segment Information
 3 Months Ended
Feb. 25, 2024
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
The Company manages its business according to three reportable segments: Americas, Europe, and Asia, collectively comprising the Company’s Levi’s Brands business, which includes Levi’s®, Signature by Levi Strauss & Co.™ and Denizen® brands. Other brands, which include Dockers® and Beyond Yoga® businesses, do not separately meet the quantitative thresholds for reportable segments and therefore are presented under the caption of “Other Brands”. Corporate expenses are comprised of selling, general and administrative expenses that management does not attribute to any of our operating segments and these expenses primarily relate to corporate administration, information and technology resources, finance and human resources functional and organizational costs.
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 segments’ net revenues and operating income.
Business segment information for the Company is as follows: 
 Three Months Ended
 February 25,
2024		February 26,
2023
 (Dollars in millions)
Net revenues:
Americas$735.8 $823.0 
Europe423.5 455.1 
Asia288.8 289.5 
Total segment net revenues1,448.1 1,567.6 
Other Brands109.5 121.3 
Total net revenues$1,557.6 $1,688.9 
(Loss) income before income taxes:
Americas$132.6 $134.6 
Europe103.6 117.4 
Asia48.4 53.7 
Total segment operating income284.6 305.7 
Other Brands(2.1)3.4 
Restructuring charges, net(116.2)(11.4)
Corporate expenses(166.7)(140.3)
Interest expense(10.0)(10.7)
Other expense, net
(2.3)(7.5)
(Loss) income before income taxes
$(12.7)$139.2 
v3.24.1
Subsequent Events
 3 Months Ended
Feb. 25, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
In December 2023, the Company signed a purchase agreement to acquire all operating assets related to Levi’s® brands from the Company's former distributor in Colombia, for approximately $32 million in cash, plus transaction costs. This includes 40 Levi’s® retail stores and one e-commerce site, distribution with the region’s leading multi-brand retailers, and the logistical operations within these markets. The transaction closed in the second quarter of 2024.
v3.24.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Feb. 25, 2024
Feb. 26, 2023
Pay vs Performance Disclosure    
Net (loss) income $ (10.6) $ 114.7
v3.24.1
Insider Trading Arrangements
 3 Months Ended
Feb. 25, 2024
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the three months ended February 25, 2024, none of our directors or officers (as defined in Rule 16a-1(f) under the Securities Exchange Act adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K, except as described in the table below:
Name and Title
Action
Applicable Date
Duration of Trading Arrangements
Rule 10b5-1 Trading Arrangement?
 (Y/N)*
Aggregate Number of Securities Subject to Trading Arrangement
David Friedman
Director(1)
Adopt January 29, 2024January 29, 2024 - April 29, 2025Y
Up to 200,000 shares of Class A Common Stock
Harmit Singh
Chief Financial and Growth Officer
Adopt
February 6, 2024
February 6, 2024 - January 25, 2025
Y
Up to 629,000 shares of Class A Common Stock
_____________
* Denotes whether the trading plan is intended, when adopted, to satisfy the affirmative defense of Rule 10b5-1(c).
(1) Consists of 200,000 shares controlled by Mr. Friedman through a revocable trust. The Rule 10b5-1 Trading Arrangement adopted by Mr. Friedman also includes 200,000 shares in certain accounts for which Mr. Friedman is a trustee, but for which Mr. Friedman disclaims beneficial ownership.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
David Friedman [Member]  
Trading Arrangements, by Individual  
Name David Friedman
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date January 29, 2024
Arrangement Duration 456 days
Harmit Singh [Member]  
Trading Arrangements, by Individual  
Name Harmit Singh
Title Chief Financial and Growth Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 6, 2024
Arrangement Duration 354 days
Aggregate Available 629,000
Revocable Trust, Controlled [Member] | David Friedman [Member]  
Trading Arrangements, by Individual  
Aggregate Available 200,000
Trustee, No Beneficial Ownership [Member] | David Friedman [Member]  
Trading Arrangements, by Individual  
Aggregate Available 200,000
v3.24.1
Significant Accounting Policies (Policies)
 3 Months Ended
Feb. 25, 2024
Accounting Policies [Abstract]  
Consolidated entities policy The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany transactions have been eliminated.
Fiscal period
The Company’s fiscal year ends on the Sunday that is closest to November 30 of that year, although the fiscal years of certain foreign subsidiaries end on November 30. Each quarter of both fiscal years 2024 and 2023 consists of 13 weeks, with the exception of the fourth quarter of 2024, which will consist of 14 weeks. All references to years and quarters relate to fiscal years and quarters rather than calendar years and quarters.
Supplier Finance Program
Supplier Finance Program
The Company offers a supplier financing program which enables the Company’s suppliers, at their sole discretion, to sell their receivables (i.e., the Company’s payment obligations to suppliers) to a financial institution on a non-recourse basis in order to be paid earlier than current payment terms provide.
The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by the supplier’s participation in these arrangements. The Company’s payment terms to the financial institutions, including the timing and amount of payments, are based on the original supplier invoices. Our current payment terms with a majority of our suppliers are typically 90 days. The Company has not pledged any assets and does not provide guarantees under the supplier finance program. As such, the outstanding payment obligations under the Company’s supplier finance program are included within Accounts Payable in the Consolidated Balance Sheets.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes to the consolidated financial statements. Estimates are based upon historical factors, current circumstances and the experience and judgment of the Company’s management. Management evaluates its estimates and assumptions on an ongoing basis and may employ outside experts to assist in its evaluations. Changes in such estimates, based on more accurate future information, or different assumptions or conditions, may affect amounts reported in future periods.
Long-Lived Assets and Cloud Computing Arrangements
Long-Lived Assets
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may be impaired. Impairment losses are measured and recorded for the excess of carrying value over its fair value, estimated based on expected future cash flows and other quantitative and qualitative factors.
Shares Repurchases
Share Repurchases
During the three months ended February 25, 2024, the Company repurchased 1.5 million shares for $24.9 million, plus broker’s commissions, in the open market. This equates to an average repurchase price of approximately $17.15 per share. During the three months ended February 26, 2023, the Company repurchased 0.5 million shares for $8.1 million, plus broker's commissions, in the open market. This equates to an average repurchase price of approximately $17.97 per share.
The Company accounts for share repurchases by charging entirely to retained earnings the excess of the repurchase price over the repurchased Class A common stock’s par value. All repurchased shares are retired and become authorized but unissued shares. The Company accrues for the shares purchased under the share repurchase plan based on the trade date. The Company may terminate or limit the share repurchase program at any time.
Recently Issued Accounting Standards
Recently Issued Accounting Standards
In September 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This new guidance is designed to enhance transparency around supplier finance programs by requiring new disclosures that would allow a user of the financial statements to understand the program’s nature, activity during the period, changes from period to period and potential magnitude. The guidance became effective for the Company in the first quarter of fiscal year 2024, with the exception of the rollforward information, which will be effective for annual periods beginning in fiscal year 2025 on a prospective basis. The Company adopted the guidance in the first quarter of 2024 and is evaluating the impact of adopting the guidance related to the rollforward information. See above for the Company’s disclosures relating to the Company’s supplier financing arrangements.
There have been no other developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s consolidated financial statements and footnote disclosures, from those disclosed in the 2023 Annual Report on Form 10-K.
v3.24.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Feb. 25, 2024
Fair Value Disclosures [Abstract]  
Financial assets and liabilities carried at fair value
The following table presents the Company’s financial instruments that are carried at fair value:
 February 25, 2024November 26, 2023
  Fair Value Estimated
Using		 Fair Value Estimated
Using
 Fair Value
Level 1 Inputs(1)
Level 2 Inputs(2)
Fair Value
Level 1 Inputs(1)
Level 2 Inputs(2)
 (Dollars in millions)
Financial assets carried at fair value
Rabbi trust assets$85.4 $85.4 $— $78.7 $78.7 $— 
Derivative instruments(3)
10.5 — 10.5 13.8 — 13.8 
Total$95.9 $85.4 $10.5 $92.5 $78.7 $13.8 
Financial liabilities carried at fair value
Derivative instruments(3)
8.0 — 8.0 9.1 — 9.1 
Total$8.0 $— $8.0 $9.1 $— $9.1 
_____________
(1)Fair values estimated using Level 1 inputs are inputs that consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Rabbi trust assets consist of marketable equity securities.
(2)Fair values estimated using Level 2 inputs are inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly, and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. For forward foreign exchange contracts, inputs include foreign currency exchange and interest rates and, where applicable, credit default swap prices.
(3)The Company’s cash flow hedges are subject to International Swaps and Derivatives Association, Inc. master agreements. These agreements permit the net settlement of these contracts on a per-institution basis. Refer to Note 3 for more information.
Financial liabilities carried at adjusted historical cost
The following table presents the carrying value, including related accrued interest, and estimated fair value of the Company’s financial instruments that are carried at adjusted historical cost:
 February 25, 2024November 26, 2023
 Carrying
Value		Estimated Fair
 Value		Carrying
Value		Estimated Fair
 Value
 (Dollars in millions)
Financial liabilities carried at adjusted historical cost
3.375% senior notes due 2027(1)
$519.0 $508.1 $518.3 $500.2 
3.50% senior notes due 2031(1)
503.2 435.2 498.7 407.2 
Short-term borrowings4.5 4.5 12.6 12.6 
Total$1,026.7 $947.8 $1,029.6 $920.0 
_____________
(1)Fair values are estimated using Level 2 inputs and incorporate mid-market price quotes. Level 2 inputs are inputs other than quoted prices, that are observable for the liability, either directly or indirectly and include among other things, quoted prices for similar liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable.
v3.24.1
Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Feb. 25, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Carrying values of derivative instruments and non-derivative instruments
The table below provides data about the carrying values of derivative and non-derivative instruments: 
 February 25, 2024November 26, 2023
 Assets(Liabilities)Derivative
Net Carrying
Value		Assets(Liabilities)Derivative
Net Carrying
Value
 Carrying
Value		Carrying
Value		Carrying
Value		Carrying
Value
 (Dollars in millions)
Derivatives designated as hedging instruments
Foreign exchange risk cash flow hedges(1)
$7.2 $— $7.2 $6.0 $— $6.0 
Foreign exchange risk cash flow hedges(2)
— (6.9)(6.9)— (7.1)(7.1)
Total
$7.2 $(6.9)$6.0 $(7.1)
Derivatives not designated as hedging instruments
Forward foreign exchange contracts(1)
$10.5 $(7.2)$3.3 $13.8 $(6.0)$7.8 
Forward foreign exchange contracts(2)
6.9 (8.0)(1.1)7.1 (9.1)(2.0)
Total
$17.4 $(15.2)$20.9 $(15.1)
Non-derivatives designated as hedging instruments
Euro senior notes
$— $(514.0)$— $(517.8)
_____________
(1)Included in "Other current assets" or "Other non-current assets" on the Company’s consolidated balance sheets.
(2)Included in "Other accrued liabilities" or "Long-term employee related benefits and other liabilities" on the Company’s consolidated balance sheets.
Offsetting assets and liabilities
The Company’s over-the-counter forward foreign exchange contracts are subject to International Swaps and Derivatives Association, Inc. master agreements. These agreements permit the net settlement of these contracts on a per-institution basis; however, the Company records the fair value on a gross basis on its consolidated balance sheets based on maturity dates, including those subject to master netting arrangements. The table below presents the gross and net amounts of these contracts recognized on the Company’s consolidated balance sheets by type of financial instrument:
February 25, 2024November 26, 2023
Gross Amounts of Assets / (Liabilities)
Presented in the Balance Sheet		Gross Amounts
Not Offset in the Balance Sheet		Net Amounts
of Assets / (Liabilities)		Gross Amounts of Assets / (Liabilities)
Presented in the Balance Sheet		Gross Amounts
Not Offset in the Balance Sheet		Net Amounts
of Assets / (Liabilities)
(Dollars in millions)
Foreign exchange risk contracts and forward foreign exchange contracts
Financial assets$24.6 $(8.1)$16.5 $26.9 $(13.1)$13.8 
Financial liabilities(22.0)8.1 (13.9)(22.2)13.1 (9.1)
Total$2.6 $4.7 
Gains and losses included in AOCI
The table below provides data about the amount of gains and losses related to derivative instruments and non-derivative instruments designated as cash flow and net investment hedges included in “Accumulated other comprehensive loss” (“AOCL”) on the Company’s consolidated balance sheets, and in “Other expense, net” in the Company’s consolidated statements of operations:
 
Amount of (Loss) Gain
Recognized in AOCL
(Effective Portion)
Amount of Gain (Loss) Reclassified from
 AOCL into Net (Loss) Income(1)
 
As of
February 25,
2024
As of
November 26,
 2023
Three Months Ended
February 25,
2024		February 26,
2023
 (Dollars in millions)
Foreign exchange risk contracts$(5.0)$(15.0)$(11.3)$11.1 
Realized forward foreign exchange swaps(2)
4.6 4.6 — — 
Yen-denominated Eurobonds(19.8)(19.8)— — 
Euro-denominated senior notes(27.0)(30.8)— — 
Cumulative income taxes16.9 19.0 — — 
Total$(30.3)$(42.0)
_____________
(1)Amounts reclassified from AOCL were classified as net revenues or costs of goods sold on the consolidated statements of operations.
(2)Prior to and during 2005, the Company used foreign exchange currency swaps to hedge the net investment in its foreign operations. For hedges that qualified for hedge accounting, the net gains were included in AOCL and are not reclassified to earnings until the related net investment position has been liquidated.
Gains and losses included in statements of income
The table below presents the effects of the Company’s cash flow hedges of foreign exchange risk contracts on the consolidated statements of operations:
Three Months Ended
February 25,
2024		February 26,
2023
(Dollars in millions)
Amount of (Loss) Gain on Cash Flow Hedge Activity
Net revenues$(1.6)$1.6 
Cost of goods sold$(9.7)$9.5 
The table below provides data about the amount of gains and losses related to derivatives instruments included in “Other expense, net” in the Company’s consolidated statements of operations:
 Three Months Ended
 February 25,
2024		February 26,
2023
 (Dollars in millions)
Realized gain(1)
$2.9 $9.4 
Unrealized loss
(3.0)(5.6)
Total$(0.1)$3.8 
v3.24.1
Other Accrued Liabilities (Tables)
 3 Months Ended
Feb. 25, 2024
Other Liabilities Disclosure [Abstract]  
Other Liabilities
The following table presents the Company’s other accrued liabilities:
February 25,
2024		November 26,
2023
 (Dollars in millions)
Other accrued liabilities
Accrued non-trade payables$159.6 $177.7 
Restructuring liabilities112.0 16.6 
Taxes other than income taxes payable60.7 63.3 
Accrued income taxes50.2 41.8 
Accrued advertising and promotion48.0 44.7 
Accrued property, plant and equipment26.3 59.6 
Accrued interest payable16.8 8.2 
Accrued rent8.5 9.9 
Fair value derivatives8.0 9.1 
Short-term debt4.3 12.5 
Other179.4 126.0 
Total other accrued liabilities$673.8 $569.4 
v3.24.1
Debt (Tables)
 3 Months Ended
Feb. 25, 2024
Debt Disclosure [Abstract]  
Schedule of long-term and short-term debt instruments
The following table presents the Company’s debt: 
February 25,
2024		November 26,
2023
 (Dollars in millions)
Long-term debt
3.375% senior notes due 2027
$511.3 $514.9 
3.50% senior notes due 2031
494.7 494.5 
Total long-term debt$1,006.0 $1,009.4 
Short-term debt
Short-term borrowings4.3 12.5 
Total debt$1,010.3 $1,021.9 
v3.24.1
Accumulated Other Comprehensive Loss (Tables)
 3 Months Ended
Feb. 25, 2024
Equity [Abstract]  
Schedule of accumulated other comprehensive loss
The following is a summary of the components of "Accumulated other comprehensive loss," net of related income taxes: 
Three Months Ended February 25, 2024
Pension and
Postretirement
Benefits(1)
Translation Adjustments
Unrealized
(Loss) Gain on
Marketable
Securities(1)
Derivative Instruments(2)
Foreign
Currency
Translation		Total
(Dollars in millions)
Accumulated other comprehensive loss at November 26, 2023
$(153.2)$(42.0)$(195.7)$— $(390.9)
Other comprehensive income (loss) before reclassifications
(0.5)0.4 (5.6)— (5.7)
Amounts reclassified from accumulated other comprehensive loss
2.0 11.3 — — 13.3 
Net increase (decrease) in other comprehensive income (loss)
1.5 11.7 (5.6)— 7.6 
Accumulated other comprehensive loss at February 25, 2024
$(151.7)$(30.3)$(201.3)$— $(383.3)
_____________
(1)Amounts reclassified were recorded in other expense, net.
(2)Amounts reclassified were recorded within net revenues and cost of goods sold. For more information, refer to Note 3.
Three Months Ended February 26, 2023
Pension and
Postretirement
Benefits(1)
Translation Adjustments
Unrealized
Gain (Loss) on
Marketable
Securities(1)
Derivative Instruments(2)
Foreign
Currency
Translation		Total
(Dollars in millions)
Accumulated other comprehensive loss at November 27, 2022
$(179.5)$7.2 $(248.7)$(0.7)$(421.7)
Other comprehensive income (loss) before reclassifications
(0.5)(8.5)20.3 0.1 11.4 
Amounts reclassified from accumulated other comprehensive loss
2.3 (11.1)— 0.6 (8.2)
Net increase (decrease) in other comprehensive income (loss)
1.8 (19.6)20.3 0.7 3.2 
Accumulated other comprehensive loss at February 26, 2023
$(177.7)$(12.4)$(228.4)$— $(418.5)
_____________
(1)Amounts reclassified were recorded in other expense, net.
(2)Amounts reclassified were recorded within net revenues and cost of goods sold. For more information, refer to Note 3.
v3.24.1
Net Revenues (Tables)
 3 Months Ended
Feb. 25, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The table below provides the Company’s revenues disaggregated by segment and channel.
Three Months Ended February 25, 2024
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in millions)
Net revenues by channel:
Wholesale$407.8 $207.0 $132.3 $56.4 $803.5 
Direct-to-consumer328.0 216.5 156.5 53.1 754.1 
Total net revenues$735.8 $423.5 $288.8 $109.5 $1,557.6 

Three Months Ended February 26, 2023
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in millions)
Net revenues by channel:
Wholesale$530.6 $244.1 $134.0 $76.2 $984.9 
Direct-to-consumer292.4 211.0 155.5 45.1 704.0 
Total net revenues$823.0 $455.1 $289.5 $121.3 $1,688.9 
v3.24.1
Earnings Per Share Attributable to Common Stockholders (Tables)
 3 Months Ended
Feb. 25, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table sets forth the computation of the Company’s basic and diluted (loss) earnings per share:
 Three Months Ended
 February 25,
2024		February 26,
2023
 (Dollars in millions, except per share amounts)
Numerator:
Net (loss) income
$(10.6)$114.7 
Denominator:
Weighted-average common shares outstanding - basic398,941,172 395,956,182 
Dilutive effect of stock awards— 4,404,347 
Weighted-average common shares outstanding - diluted398,941,172 400,360,529 
(Loss) earnings per common share attributable to common stockholders:
Basic$(0.03)$0.29 
Diluted$(0.03)$0.29 
Anti-dilutive securities excluded from calculation of diluted (loss) earnings per share attributable to common stockholders
— 5,507,675 
v3.24.1
Business Segment Information (Tables)
 3 Months Ended
Feb. 25, 2024
Segment Reporting [Abstract]  
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Business segment information for the Company is as follows: 
 Three Months Ended
 February 25,
2024		February 26,
2023
 (Dollars in millions)
Net revenues:
Americas$735.8 $823.0 
Europe423.5 455.1 
Asia288.8 289.5 
Total segment net revenues1,448.1 1,567.6 
Other Brands109.5 121.3 
Total net revenues$1,557.6 $1,688.9 
(Loss) income before income taxes:
Americas$132.6 $134.6 
Europe103.6 117.4 
Asia48.4 53.7 
Total segment operating income284.6 305.7 
Other Brands(2.1)3.4 
Restructuring charges, net(116.2)(11.4)
Corporate expenses(166.7)(140.3)
Interest expense(10.0)(10.7)
Other expense, net
(2.3)(7.5)
(Loss) income before income taxes
$(12.7)$139.2 
v3.24.1
Significant Accounting Policies - Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Feb. 25, 2024
Feb. 26, 2023
Nov. 26, 2023
Accounting Policies [Abstract]      
Supplier finance program obligations $ 105.1   $ 113.4
Accumulated depreciation $ 1,300.0   $ 1,300.0
Asset impairment charges   $ 18.6  
Shares repurchased (in shares) 1.5 0.5  
Repurchased value $ 24.9 $ 8.1  
Average repurchase price (in dollars per share) $ 17.15 $ 17.97  
v3.24.1
Fair Value of Financial Instruments-Fair Value (Details) - Fair Value [Member] - Fair Value, Recurring [Member] - USD ($)
$ in Millions
Feb. 25, 2024
Nov. 26, 2023
Financial assets carried at fair value    
Rabbi trust assets $ 85.4 $ 78.7
Forward foreign exchange contracts 10.5 13.8
Total 95.9 92.5
Financial liabilities carried at fair value    
Forward foreign exchange contracts 8.0 9.1
Total 8.0 9.1
Level 1 Inputs [Member]    
Financial assets carried at fair value    
Rabbi trust assets 85.4 78.7
Forward foreign exchange contracts 0.0 0.0
Total 85.4 78.7
Financial liabilities carried at fair value    
Forward foreign exchange contracts 0.0 0.0
Total 0.0 0.0
Level 2 Inputs [Member]    
Financial assets carried at fair value    
Rabbi trust assets 0.0 0.0
Forward foreign exchange contracts 10.5 13.8
Total 10.5 13.8
Financial liabilities carried at fair value    
Forward foreign exchange contracts 8.0 9.1
Total $ 8.0 $ 9.1
v3.24.1
Fair Value of Financial Instruments-Adjusted Historical Cost (Details) - USD ($)
$ in Millions
Feb. 25, 2024
Nov. 26, 2023
Senior Notes | 3.375% Senior Notes Due 2027    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Stated interest rate 3.375%  
Senior Notes | 3.50% Senior Notes Due 2031    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Stated interest rate 3.50%  
Fair Value, Recurring [Member] | Carrying Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term debt carried at adjusted historical cost $ 4.5 $ 12.6
Total financial liabilities carried at adjusted historical cost 1,026.7 1,029.6
Fair Value, Recurring [Member] | Carrying Value [Member] | Senior Notes | 3.375% Senior Notes Due 2027    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt carried at adjusted historical cost 519.0 518.3
Fair Value, Recurring [Member] | Carrying Value [Member] | Senior Notes | 3.50% Senior Notes Due 2031    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt carried at adjusted historical cost 503.2 498.7
Fair Value, Recurring [Member] | Fair Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term debt carried at adjusted historical cost 4.5 12.6
Total financial liabilities carried at adjusted historical cost 947.8 920.0
Fair Value, Recurring [Member] | Fair Value [Member] | Senior Notes | 3.375% Senior Notes Due 2027    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt carried at adjusted historical cost 508.1 500.2
Fair Value, Recurring [Member] | Fair Value [Member] | Senior Notes | 3.50% Senior Notes Due 2031    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt carried at adjusted historical cost $ 435.2 $ 407.2
v3.24.1
Derivative Instruments and Hedging Activities-Balance Sheet (Details) - USD ($)
$ in Millions
Feb. 25, 2024
Nov. 26, 2023
Carrying Value [Member] | Designated as Hedging Instrument [Member] | Bonds [Member] | Euro Senior Notes [Member]    
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items]    
Hedging assets $ 0.0 $ 0.0
Hedging liabilities (514.0) (517.8)
Forward foreign exchange contracts [Member]    
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items]    
Derivative asset, gross asset 24.6 26.9
Derivative asset, gross liability (8.1) (13.1)
Derivative asset 16.5 13.8
Derivative Liability, gross liability (22.0) (22.2)
Derivative liability, gross asset 8.1 13.1
Derivative Liability (13.9) (9.1)
Derivative, Fair Value, Net 2.6 4.7
Forward foreign exchange contracts [Member] | Carrying Value [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]    
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items]    
Derivative asset 7.2 6.0
Derivative Liability (6.9) (7.1)
Forward foreign exchange contracts [Member] | Carrying Value [Member] | Designated as Hedging Instrument [Member] | Other non-current assets [Member] | Cash Flow Hedging [Member]    
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items]    
Derivative asset, gross asset 7.2 6.0
Derivative asset, gross liability 0.0 0.0
Derivative asset, Net Carrying Value 7.2 6.0
Forward foreign exchange contracts [Member] | Carrying Value [Member] | Designated as Hedging Instrument [Member] | Other long-term liabilities [Member] | Cash Flow Hedging [Member]    
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items]    
Derivative Liability, gross liability (6.9) (7.1)
Derivative liability, gross asset 0.0 0.0
Derivative liability, Net Carrying Value (6.9) (7.1)
Forward foreign exchange contracts [Member] | Carrying Value [Member] | Not Designated as Hedging Instrument [Member]    
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items]    
Derivative asset 17.4 20.9
Derivative Liability (15.2) (15.1)
Forward foreign exchange contracts [Member] | Carrying Value [Member] | Not Designated as Hedging Instrument [Member] | Other non-current assets [Member]    
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items]    
Derivative asset, gross asset 10.5 13.8
Derivative asset, gross liability (7.2) (6.0)
Derivative asset, Net Carrying Value 3.3 7.8
Forward foreign exchange contracts [Member] | Carrying Value [Member] | Not Designated as Hedging Instrument [Member] | Other long-term liabilities [Member]    
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items]    
Derivative Liability, gross liability (8.0) (9.1)
Derivative liability, gross asset 6.9 7.1
Derivative liability, Net Carrying Value (1.1) $ (2.0)
Long [Member]    
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items]    
Foreign exchange contracts 663.6  
Short [Member]    
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items]    
Foreign exchange contracts $ 506.7  
v3.24.1
Derivative Instruments and Hedging Activities-Income Statement (Details) - USD ($)
$ in Millions
 3 Months Ended
Feb. 25, 2024
Feb. 26, 2023
Nov. 26, 2023
Amount of (Loss) Gain Recognized in AOCL (Effective Portion)      
Cumulative income taxes, gain or (loss) recognized in AOCI $ 16.9   $ 19.0
Total, gain or (loss) recognized in AOCI (30.3)   (42.0)
Amount of Gain (Loss) Reclassified from AOCI into Net Income      
Cumulative income taxes, gain or (loss) reclassified from AOCI 0.0 $ 0.0  
Forward foreign exchange contracts [Member]      
Amount of (Loss) Gain Recognized in AOCL (Effective Portion)      
Forward foreign exchange contracts, gain or (loss) recognized in AOCI (5.0)   (15.0)
Amount of Gain (Loss) Reclassified from AOCI into Net Income      
Forward foreign exchange contracts, gain or (loss) reclassified from AOCI (11.3) 11.1  
Forward foreign exchange contracts [Member]      
Amount of (Loss) Gain Recognized in AOCL (Effective Portion)      
Forward foreign exchange contracts, gain or (loss) recognized in AOCI 4.6   4.6
Amount of Gain (Loss) Reclassified from AOCI into Net Income      
Forward foreign exchange contracts, gain or (loss) reclassified from AOCI 0.0 0.0  
Yen-denominated Eurobonds [Member] | Bonds [Member]      
Amount of (Loss) Gain Recognized in AOCL (Effective Portion)      
Non-derivative hedging instruments-gain or (loss) recognized in AOCI (19.8)   (19.8)
Amount of Gain (Loss) Reclassified from AOCI into Net Income      
Non-derivative hedging instruments, gain or (loss) reclassified from AOCI 0.0 0.0  
Euro Senior Notes [Member] | Senior Notes      
Amount of (Loss) Gain Recognized in AOCL (Effective Portion)      
Non-derivative hedging instruments-gain or (loss) recognized in AOCI (27.0)   $ (30.8)
Amount of Gain (Loss) Reclassified from AOCI into Net Income      
Non-derivative hedging instruments, gain or (loss) reclassified from AOCI $ 0.0 $ 0.0  
v3.24.1
Derivative Instruments and Hedging Activities-Realized & Unrealized (Details) - USD ($)
$ in Millions
 3 Months Ended
Feb. 25, 2024
Feb. 26, 2023
Derivative Instruments, Gain (Loss) [Line Items]    
Cash flow hedges expected to be reclassified from AOCI into net income within next 12 months $ (5.9)  
Revenues [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Amount of Gain (Loss) on Cash Flow Hedge Activity (1.6) $ 1.6
Cost of Goods Sold    
Derivative Instruments, Gain (Loss) [Line Items]    
Amount of Gain (Loss) on Cash Flow Hedge Activity (9.7) 9.5
Forward foreign exchange contracts [Member] | Other Income [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Realized 2.9 9.4
Unrealized (3.0) (5.6)
Total $ (0.1) $ 3.8
v3.24.1
Other Accrued Liabilities (Details) - USD ($)
$ in Millions
Feb. 25, 2024
Nov. 26, 2023
Other Liabilities Disclosure [Abstract]    
Accrued non-trade payables $ 159.6 $ 177.7
Restructuring liabilities 112.0 16.6
Taxes other than income taxes payable 60.7 63.3
Accrued income taxes 50.2 41.8
Accrued advertising and promotion 48.0 44.7
Accrued property, plant and equipment 26.3 59.6
Accrued interest payable 16.8 8.2
Accrued rent 8.5 9.9
Fair value derivatives 8.0 9.1
Short-term debt 4.3 12.5
Other 179.4 126.0
Total other accrued liabilities $ 673.8 $ 569.4
v3.24.1
Debt-Table (Details) - USD ($)
$ in Millions
Feb. 25, 2024
Nov. 26, 2023
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Long-term debt $ 1,006.0 $ 1,009.4
Short-term debt 4.3 12.5
Total debt 1,010.3 1,021.9
3.375% Senior Notes Due 2027 | Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Long-term debt $ 511.3 514.9
Stated interest rate 3.375%  
3.50% Senior Notes Due 2031 | Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Long-term debt $ 494.7 494.5
Stated interest rate 3.50%  
Borrowings    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Short-term debt $ 4.3 $ 12.5
v3.24.1
Debt-Textuals (Details) - USD ($)
 3 Months Ended
Feb. 25, 2024
Feb. 26, 2023
Nov. 26, 2023
Debt Instruments [Line Items]      
Short-term debt $ 4,300,000   $ 12,500,000
Weighted-average interest rate 3.91% 3.86%  
Senior revolving credit facility | Line of Credit      
Debt Instruments [Line Items]      
Short-term debt $ 0    
Senior revolving credit facility      
Debt Instruments [Line Items]      
Letter of credit limit 933,700,000    
Total availability 950,900,000    
Letters of credit and other credit usage $ 17,200,000    
v3.24.1
Restructuring Activities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 25, 2024
Feb. 26, 2023
Restructuring Cost and Reserve [Line Items]    
Restructuring charges, net $ 116,200 $ 11,400
Impairments (5,500) 0
Impairment charges of capitalized internal-use software   $ 18,200
Project Fuel    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges, net 116,200  
Impairments (5,500)  
Project Fuel | Consulting Fees And Other    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges, net $ 10,100  
v3.24.1
Dividends (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
May 23, 2024
Feb. 25, 2024
Feb. 26, 2023
May 09, 2024
Jan. 31, 2024
Jan. 31, 2023
Class of Stock [Line Items]            
Dividend, fix amount (in dollars per share)         $ 0.12 $ 0.12
Dividend to stockholders   $ 47.9 $ 47.6      
Forecast            
Class of Stock [Line Items]            
Dividend, fix amount (in dollars per share)       $ 0.12    
Dividend to stockholders $ 48.0          
v3.24.1
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended
Feb. 25, 2024
Feb. 26, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Other comprehensive income (loss) before reclassifications $ (5.7) $ 11.4
Amounts reclassified from accumulated other comprehensive loss 13.3 (8.2)
Net increase (decrease) in other comprehensive income (loss) 7.6 3.2
Pension and Postretirement Benefits    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Accumulated other comprehensive (loss) income at beginning period (153.2) (179.5)
Other comprehensive income (loss) before reclassifications (0.5) (0.5)
Amounts reclassified from accumulated other comprehensive loss 2.0 2.3
Net increase (decrease) in other comprehensive income (loss) 1.5 1.8
Accumulated other comprehensive (loss) income at ending period (151.7) (177.7)
Derivative Instruments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Accumulated other comprehensive (loss) income at beginning period (42.0) 7.2
Other comprehensive income (loss) before reclassifications 0.4 (8.5)
Amounts reclassified from accumulated other comprehensive loss 11.3 (11.1)
Net increase (decrease) in other comprehensive income (loss) 11.7 (19.6)
Accumulated other comprehensive (loss) income at ending period (30.3) (12.4)
Foreign Currency Translation    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Accumulated other comprehensive (loss) income at beginning period (195.7) (248.7)
Other comprehensive income (loss) before reclassifications (5.6) 20.3
Amounts reclassified from accumulated other comprehensive loss 0.0 0.0
Net increase (decrease) in other comprehensive income (loss) (5.6) 20.3
Accumulated other comprehensive (loss) income at ending period (201.3) (228.4)
Unrealized Gain (Loss) on Marketable Securities    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Accumulated other comprehensive (loss) income at beginning period 0.0 (0.7)
Other comprehensive income (loss) before reclassifications 0.0 0.1
Amounts reclassified from accumulated other comprehensive loss 0.0 0.6
Net increase (decrease) in other comprehensive income (loss) 0.0 0.7
Accumulated other comprehensive (loss) income at ending period 0.0 0.0
Accumulated Other Comprehensive Loss    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Accumulated other comprehensive (loss) income at beginning period (390.9) (421.7)
Accumulated other comprehensive (loss) income at ending period $ (383.3) $ (418.5)
v3.24.1
Net Revenues - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Feb. 25, 2024
Feb. 26, 2023
Disaggregation of Revenue [Line Items]    
Net revenues $ 1,557.6 $ 1,688.9
Wholesale    
Disaggregation of Revenue [Line Items]    
Net revenues 803.5 984.9
Direct-to-consumer    
Disaggregation of Revenue [Line Items]    
Net revenues 754.1 704.0
Americas    
Disaggregation of Revenue [Line Items]    
Net revenues 735.8 823.0
Americas | Wholesale    
Disaggregation of Revenue [Line Items]    
Net revenues 407.8 530.6
Americas | Direct-to-consumer    
Disaggregation of Revenue [Line Items]    
Net revenues 328.0 292.4
Europe    
Disaggregation of Revenue [Line Items]    
Net revenues 423.5 455.1
Europe | Wholesale    
Disaggregation of Revenue [Line Items]    
Net revenues 207.0 244.1
Europe | Direct-to-consumer    
Disaggregation of Revenue [Line Items]    
Net revenues 216.5 211.0
Asia    
Disaggregation of Revenue [Line Items]    
Net revenues 288.8 289.5
Asia | Wholesale    
Disaggregation of Revenue [Line Items]    
Net revenues 132.3 134.0
Asia | Direct-to-consumer    
Disaggregation of Revenue [Line Items]    
Net revenues 156.5 155.5
Other Brands    
Disaggregation of Revenue [Line Items]    
Net revenues 109.5 121.3
Other Brands | Wholesale    
Disaggregation of Revenue [Line Items]    
Net revenues 56.4 76.2
Other Brands | Direct-to-consumer    
Disaggregation of Revenue [Line Items]    
Net revenues $ 53.1 $ 45.1
v3.24.1
Income Taxes (Details)
 3 Months Ended
Feb. 25, 2024
Feb. 26, 2023
Income Tax Disclosure [Abstract]    
Effective income tax rate 16.40% 17.60%
v3.24.1
Earnings Per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Feb. 25, 2024
Feb. 26, 2023
Numerator:    
Net (loss) income $ (10.6) $ 114.7
Denominator:    
Weighted-average common shares outstanding - basic (in shares) 398,941,172 395,956,182
Dilutive effect of stock awards (in shares) 0 4,404,347
Weighted-average common shares outstanding - diluted (in shares) 398,941,172 400,360,529
(Loss) earnings per common share attributable to common stockholders:    
Basic (usd per share) $ (0.03) $ 0.29
Diluted (usd per share) $ (0.03) $ 0.29
Anti-dilutive securities excluded from calculation of diluted earnings per share attributable to common stockholders (in shares) 15,900,000 5,507,675
v3.24.1
Related Parties (Details) - Levi Strauss Foundation - USD ($)
$ in Millions
 3 Months Ended
Feb. 25, 2024
Feb. 26, 2023
Related Party Transaction [Line Items]    
Related Party Donations $ 4.8 $ 9.8
Expenses related to donation commitments $ 2.0 $ 1.5
v3.24.1
Business Segment Information (Details)
$ in Millions
 3 Months Ended
Feb. 25, 2024
USD ($)
region
Feb. 26, 2023
USD ($)
Segment Reporting Information [Line Items]    
Number of geographical regions | region 3  
Net revenues $ 1,557.6 $ 1,688.9
Operating income (loss) (0.4) 157.4
Interest expense (10.0) (10.7)
Other expense, net (2.3) (7.5)
(Loss) income before income taxes (12.7) 139.2
Operating Segments    
Segment Reporting Information [Line Items]    
Net revenues 1,448.1 1,567.6
Operating income (loss) 284.6 305.7
Americas    
Segment Reporting Information [Line Items]    
Net revenues 735.8 823.0
Americas | Operating Segments    
Segment Reporting Information [Line Items]    
Net revenues 735.8 823.0
Operating income (loss) 132.6 134.6
Europe    
Segment Reporting Information [Line Items]    
Net revenues 423.5 455.1
Europe | Operating Segments    
Segment Reporting Information [Line Items]    
Net revenues 423.5 455.1
Operating income (loss) 103.6 117.4
Asia    
Segment Reporting Information [Line Items]    
Net revenues 288.8 289.5
Asia | Operating Segments    
Segment Reporting Information [Line Items]    
Net revenues 288.8 289.5
Operating income (loss) 48.4 53.7
Other Brands    
Segment Reporting Information [Line Items]    
Net revenues 109.5 121.3
Other Brands | Segment Reconciling Items    
Segment Reporting Information [Line Items]    
Net revenues 109.5 121.3
Operating income (loss) (2.1) 3.4
Corporate Segment    
Segment Reporting Information [Line Items]    
Restructuring charges, net (116.2) (11.4)
Corporate expenses $ (166.7) $ (140.3)
v3.24.1
Subsequent Events (Details)
$ in Millions
 1 Months Ended
Dec. 31, 2023
USD ($)
Brands From Former Distributor  
Subsequent Event [Line Items]  
Estimated cost of acquisition $ 32