LEVI STRAUSS & CO, 10-Q filed on 10/2/2024
Quarterly Report
v3.24.3
Cover Page - shares
 9 Months Ended
Aug. 25, 2024
Sep. 25, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Aug. 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 Q3  
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, $0.001 par value per share  
Trading Symbol LEVI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Shell Company false  
Common Class A [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   104,724,812
Common Class B [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   292,002,695
v3.24.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Aug. 25, 2024
Nov. 26, 2023
Current Assets:    
Cash and cash equivalents $ 577.1 $ 398.8
Trade receivables, net 679.5 752.7
Inventories 1,275.2 1,290.1
Other current assets 213.7 196.0
Total current assets 2,745.5 2,637.6
Property, plant and equipment, net 699.1 680.7
Goodwill 280.8 303.7
Other intangible assets, net 198.4 267.6
Deferred tax assets, net 777.8 729.5
Operating lease right-of-use assets, net 1,103.0 1,033.9
Other non-current assets 448.9 400.6
Total assets 6,253.5 6,053.6
Current Liabilities:    
Accounts payable 667.8 567.9
Accrued salaries, wages and employee benefits 209.6 214.9
Accrued sales returns and allowances 181.3 189.8
Short-term operating lease liabilities 254.2 245.5
Other accrued liabilities 633.2 569.4
Total current liabilities 1,946.1 1,787.5
Long-term debt 1,020.5 1,009.4
Long-term operating lease liabilities 969.9 913.1
Long-term employee related benefits and other liabilities 443.9 297.2
Total liabilities 4,380.4 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, 104,374,812 shares and 102,104,670 shares issued and outstanding as of August 25, 2024 and November 26, 2023, respectively; and 422,000,000 Class B shares authorized, 292,352,695 shares and 295,243,353 shares issued and outstanding, as of August 25, 2024 and November 26, 2023, respectively 0.4 0.4
Additional paid-in capital 720.0 686.7
Accumulated other comprehensive loss (418.5) (390.9)
Retained earnings 1,571.2 1,750.2
Total stockholders’ equity 1,873.1 2,046.4
Total liabilities and stockholders’ equity $ 6,253.5 $ 6,053.6
v3.24.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
Aug. 25, 2024
Nov. 26, 2023
Common Class A [Member]    
Common stock, par value (in usd per share) $ 0.001 $ 0.001
Common stock, shares authorized 1,200,000,000 1,200,000,000
Common stock, shares issued 104,374,812 102,104,670
Common stock, shares outstanding 104,374,812 102,104,670
Common Class B [Member]    
Common stock, shares authorized 422,000,000 422,000,000
Common stock, shares issued 292,352,695 295,243,353
Common stock, shares outstanding 292,352,695 295,243,353
v3.24.3
Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 25, 2024
Aug. 27, 2023
Aug. 25, 2024
Aug. 27, 2023
Income Statement [Abstract]        
Net revenues $ 1,516,800 $ 1,511,000 $ 4,515,600 $ 4,536,700
Cost of goods sold 606,100 671,500 1,826,700 1,970,700
Gross profit 910,700 839,500 2,688,900 2,566,000
Selling, general and administrative expenses 765,600 713,000 2,345,500 2,254,400
Restructuring charges, net 3,400 1,500 174,700 19,300
Operating income 30,300 34,800 51,800 202,100
Interest expense (10,100) (11,500) (30,400) (35,400)
Other expense, net (400) (26,700) (2,300) (38,100)
Income (loss) before income taxes 19,800 (3,400) 19,100 128,600
Income tax (benefit) expense (900) (13,000) (8,900) 5,900
Net income $ 20,700 $ 9,600 $ 28,000 $ 122,700
Earnings per common share:        
Basic (usd per share) $ 0.05 $ 0.02 $ 0.07 $ 0.31
Diluted (usd per share) $ 0.05 $ 0.02 $ 0.07 $ 0.31
Weighted-average common shares outstanding:        
Basic (in shares) 398,187,049 397,767,394 398,642,455 396,969,596
Diluted (in shares) 402,398,064 400,992,735 402,848,679 401,454,820
v3.24.3
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 25, 2024
Aug. 27, 2023
Aug. 25, 2024
Aug. 27, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 20.7 $ 9.6 $ 28.0 $ 122.7
Other comprehensive (loss) income, before related income taxes:        
Pension and postretirement benefits 2.3 18.6 6.3 23.2
Derivative instruments (12.7) (14.6) 5.1 (66.1)
Foreign currency translation (losses) gains (34.3) 14.5 (36.1) 61.9
Unrealized gains on marketable securities 0.0 0.1 0.0 0.8
Total other comprehensive (loss) income, before related income taxes (44.7) 18.6 (24.7) 19.8
Income tax benefit (expense) related to items of other comprehensive (loss) income 0.9 5.0 (2.9) 3.8
Comprehensive (loss) income, net of taxes $ (23.1) $ 33.2 $ 0.4 $ 146.3
v3.24.3
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 122.7     122.7  
Other comprehensive income (loss), net of tax 23.6       23.6
Stock-based compensation and dividends, net (in shares)   3.4      
Stock-based compensation and dividends, net 56.4   56.5 (0.1)  
Employee stock purchase plan (in shares)   0.5      
Employee stock purchase plan $ 7.2   7.2    
Shares repurchased (in shares) (0.5) (0.5)      
Repurchase of common stock $ (8.1)     (8.1)  
Tax withholdings on equity awards (21.2)   (21.2)    
Cash dividends declared (in usd per share) (142.9)     (142.9)  
Ending Balance ( in shares) at Aug. 27, 2023   397.1      
Ending balance at Aug. 27, 2023 1,941.4 $ 0.4 668.1 1,671.0 (398.1)
Beginning balance (in shares) at May. 28, 2023   396.7      
Beginning balance at May. 28, 2023 1,937.7 $ 0.4 649.9 1,709.1 (421.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 9.6     9.6  
Other comprehensive income (loss), net of tax 23.6       23.6
Stock-based compensation and dividends, net (in shares)   0.2      
Stock-based compensation and dividends, net 18.0   18.0    
Employee stock purchase plan (in shares)   0.2      
Employee stock purchase plan $ 2.4   2.4    
Shares repurchased (in shares) 0.0        
Tax withholdings on equity awards $ (2.2)   (2.2)    
Cash dividends declared (in usd per share) (47.7)     (47.7)  
Ending Balance ( in shares) at Aug. 27, 2023   397.1      
Ending balance at Aug. 27, 2023 1,941.4 $ 0.4 668.1 1,671.0 (398.1)
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 28.0     28.0  
Other comprehensive income (loss), net of tax (27.6)       (27.6)
Stock-based compensation and dividends, net (in shares)   2.3      
Stock-based compensation and dividends, net 48.0   48.2 (0.2)  
Employee stock purchase plan (in shares)   0.3      
Employee stock purchase plan $ 6.2   6.2    
Shares repurchased (in shares) (3.3) (3.2)      
Repurchase of common stock $ (59.7)     (59.7)  
Tax withholdings on equity awards (21.1)   (21.1)    
Cash dividends declared (in usd per share) (147.1)     (147.1)  
Ending Balance ( in shares) at Aug. 25, 2024   396.7      
Ending balance at Aug. 25, 2024 1,873.1 $ 0.4 720.0 1,571.2 (418.5)
Beginning balance (in shares) at May. 26, 2024   397.4      
Beginning balance at May. 26, 2024 1,953.7 $ 0.4 708.0 1,620.0 (374.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 20.7     20.7  
Other comprehensive income (loss), net of tax (43.8)       (43.8)
Stock-based compensation and dividends, net (in shares)   0.1      
Stock-based compensation and dividends, net 12.5   12.7 (0.2)  
Employee stock purchase plan (in shares)   0.1      
Employee stock purchase plan $ 2.0   2.0    
Shares repurchased (in shares) (1.0) (0.9)      
Repurchase of common stock $ (17.8)     (17.8)  
Tax withholdings on equity awards (2.7)   (2.7)    
Cash dividends declared (in usd per share) (51.5)     (51.5)  
Ending Balance ( in shares) at Aug. 25, 2024   396.7      
Ending balance at Aug. 25, 2024 $ 1,873.1 $ 0.4 $ 720.0 $ 1,571.2 $ (418.5)
v3.24.3
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Aug. 25, 2024
May 26, 2024
Feb. 25, 2024
Aug. 27, 2023
May 28, 2023
Feb. 26, 2023
Aug. 25, 2024
Aug. 27, 2023
Statement of Stockholders' Equity [Abstract]                
Cash dividends declared (in dollars per share) $ 0.13 $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.37 $ 0.36
v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Aug. 25, 2024
Aug. 27, 2023
Cash Flows from Operating Activities:    
Net income $ 28.0 $ 122.7
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 138.8 122.2
Goodwill and other intangible asset impairment charges 116.9 90.2
Property, plant, and equipment impairment, and early lease terminations, net 12.1 25.0
Stock-based compensation 48.2 56.4
Deferred income taxes (68.6) (77.0)
Other, net 12.6 4.5
Net change in operating assets and liabilities 313.1 (167.4)
Net cash provided by operating activities 601.1 176.6
Cash Flows from Investing Activities:    
Purchases of property, plant and equipment (161.8) (250.4)
Payment for business acquisition (34.4) (8.6)
Proceeds on settlement of forward foreign exchange contracts not designated for hedge accounting, net 5.3 27.3
Proceeds from sale, maturity and collection of short-term investments 0.0 70.8
Other investing activities, net (1.3) 0.0
Net cash used for investing activities (192.2) (160.9)
Cash Flows from Financing Activities:    
Proceeds from senior revolving credit facility 0.0 200.0
Repayments of senior revolving credit facility 0.0 (175.0)
Repurchase of common stock (59.7) (8.1)
Tax withholdings on equity awards (21.1) (21.2)
Dividends to stockholders (147.1) (142.9)
Other financing activities, net (1.2) 8.1
Net cash used for financing activities (229.1) (139.1)
Effect of exchange rate changes on cash and cash equivalents and restricted cash (1.5) (11.8)
Net increase (decrease) in cash and cash equivalents and restricted cash 178.3 (135.2)
Beginning cash and cash equivalents 398.8 429.7
Ending cash and cash equivalents 577.1 294.5
Noncash Investing Activity:    
Property, plant and equipment acquired and not yet paid at end of period 61.4 38.4
Right-of-use assets acquired in exchange for operating lease liabilities 30.6 0.0
Right-of-use assets acquired in exchange for finance lease obligation 14.0 0.0
Supplemental disclosure of cash flow information:    
Cash paid for income taxes during the period, net of refunds $ 75.7 $ 66.8
v3.24.3
Significant Accounting Policies
 9 Months Ended
Aug. 25, 2024
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
Levi Strauss & Co. (the “Company”) is one of the world’s largest brand-name apparel companies. The Company designs, markets and sells – directly or through third parties and licensees – products that include jeans, casual and dress pants, tops, shorts, skirts, dresses, jackets, activewear, footwear and related accessories for men, women and children around the world under the Levi’s®, Levi Strauss Signature™, Denizen®, Dockers® and Beyond Yoga® brands.
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 and nine months ended August 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.
Expofaro S.A.S Distributor Acquisition
In December 2023, the Company signed a purchase agreement to acquire all operating assets related to Levi’s® brands from Expofaro S.A.S, the Company’s former distributor in Colombia, for $31.9 million in cash. This includes 40 Levi’s® retail stores and one e-commerce site, distribution with the country’s multi-brand retailers, and the logistical operations within these markets. The total fair value of assets acquired was $31.9 million and include goodwill, inventory, intangible and fixed assets. The goodwill and definite-lived intangible assets recognized as a result of the acquisition were $15.9 million and $10.3 million, respectively. The transaction closed in the second quarter of 2024.
Distribution Center Conversion
On May 24, 2024, the Company entered into an agreement with a third party logistics provider to manage all aspects of the Company’s Dorsten, Germany distribution center. As of the second quarter of 2024, the Company received the first payment of $77.9 million from the provider for use of the Company’s warehouse equipment and technologies over the term of the agreement. The Company will maintain certain rights over the warehouse equipment and technologies and will retain the related equipment on the consolidated balance sheets. The upfront payment will be amortized as a reduction in the related distribution expenses over the expected term of the arrangement, which commenced in the second half of the year. The upfront
payment is recognized on the consolidated balance sheets in “Other accrued liabilities” and “Long-term employee related benefits and other liabilities” and the proceeds are recorded as an operating activity in “Net change in operating assets and liabilities” on the consolidated statements of cash flows.
On June 6, 2024, the Company entered into an agreement with a third party logistics provider to replace the Company’s Canton, Mississippi distribution center with a new distribution center. The Company will maintain certain rights over the warehouse, and warehouse equipment and technologies resulting in an Operating lease right-of-use asset and lease liability of $30.6 million in “Operating lease right-of-use assets, net” and “Operating lease liabilities” balances and a Financing lease right-of-use asset and lease liability of $14.0 million in “Other non-current assets” and “Long-term employee related benefits and other liabilities” balances on the consolidated balance sheets.
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 $1.4 billion and $1.3 billion as of August 25, 2024 and November 26, 2023, respectively.

In the third quarter of 2024, the Company recorded $11.1 million of asset impairment charges related to technology projects discontinued in connection with Project Fuel, which were recorded in “Selling, general and administrative expenses” in the accompanying consolidated statements of income. The Company also recorded an impairment charge of $9.1 million related to the Beyond Yoga® customer relationship intangible assets, which is included in “Goodwill and other intangible asset impairment charges” in the Company’s consolidated statements of income. See Note 2 for additional information.
Supplier Finance Program
The Company adopted Accounting Standards Update No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations in the first quarter of 2024.
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 $139.9 million as of August 25, 2024 and $113.4 million as of November 26, 2023.
Share Repurchases
During the three and nine months ended August 25, 2024, the Company repurchased 1.0 million and 3.3 million shares for $17.8 million and $59.7 million, plus broker’s commissions, respectively, in the open market. This equates to an average repurchase price of approximately $18.35 per share for the nine months ended August 25, 2024. During the nine months ended August 27, 2023, the Company repurchased 0.5 million shares for $8.1 million, plus broker's commissions, in the open market during the first quarter. This equates to an average repurchase price of approximately $17.97 per share. There were no shares repurchased in either the second or third quarters of 2023.
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 income and statements of cash flows have been conformed to the August 25, 2024 presentation.
Recently Issued Accounting Standards
There have been no 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.
v3.24.3
Goodwill and Other Intangible Assets
 9 Months Ended
Aug. 25, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
The changes in the carrying amount of goodwill by business segment for the nine months ended August 25, 2024 and August 27, 2023 were as follows:
Nine Months Ended August 25, 2024
AmericasEuropeAsia
Other Brands(1)
Total
(Dollars in millions)
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(2)
— (5.5)— (36.3)(41.8)
Goodwill acquired during the year(3)
15.9 5.0 — — 20.9 
Foreign currency fluctuation(2.7)0.6 0.1 — (2.0)
Balance, August 25, 2024
Goodwill
244.9 38.2 2.9 123.6 409.6 
Accumulated impairment losses
— (17.1)— (111.7)(128.8)
$244.9 $21.1 $2.9 $11.9 $280.8 
_____________
(1)Comprised of the Beyond Yoga® reporting unit goodwill only.
(2)For the nine months ended August 25, 2024 the Company recorded a Beyond Yoga® goodwill noncash impairment charge of $36.3 million.
(3)For the nine months ended August 25, 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.
Nine Months Ended August 27, 2023
AmericasEuropeAsia
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 7.3 — — 8.4 
Foreign currency fluctuation1.7 0.4 (0.1)— 2.0 
Balance, August 27, 2023
Goodwill
232.3 29.0 2.8 123.6 387.7 
Accumulated impairment losses
— (11.6)— (75.4)(87.0)
$232.3 $17.4 $2.8 $48.2 $300.7 
_____________
(1)Comprised of the Beyond Yoga® reporting unit goodwill only.
(2)For the nine months ended August 27, 2023 the company recorded a Beyond Yoga® goodwill noncash impairment charge of $75.4 million.
During the third quarter of 2024, as part of the Company’s annual review of the Beyond Yoga® reporting unit, the Company elected to perform a single step quantitative impairment test on the goodwill and indefinite lived trademark intangible assigned to the Beyond Yoga® reporting unit and performed impairment tests on the related customer relationship intangible assets. The Company engaged third-party valuation specialists and used industry accepted valuation models and criteria that were reviewed and approved by various levels of management.
The Company assessed the fair value of the Beyond Yoga® reporting unit as of the test date, May 27, 2024, using the discounted cash flow method under the income approach, utilizing estimated cash flows and a terminal value, discounted at a rate of return that reflects the relative risk of the cash flows. As a result of this assessment, we concluded that the carrying value of the Beyond Yoga® reporting unit exceeded the estimated fair value by $36.3 million, which was recorded as a noncash impairment charge to goodwill.
Prior to the assessment of the reporting unit, we concluded that the carrying values of the trademark and customer relationship intangible assets exceeded their estimated fair values. The trademark fair value was determined using the relief-from-royalty method to utilize the discounted projected future cash flows. Based on this assessment, we recorded a $66.0 million noncash impairment charge related to the Beyond Yoga® trademark. The customer relationship intangible assets fair values were determined using the multi-period excess earnings and distributor methods under the income approach. Based on these assessments, we recorded a $9.1 million noncash impairment charge related to the customer relationship intangible assets.
The significant assumptions used in the assessment of the fair value of the reporting unit included revenue growth rates, profit margins, operating expenses, capital expenditures, terminal value and a discount rate. The significant assumptions used in the assessment of the fair value of the trademark intangible asset included revenue growth rates, a discount rate and a royalty rate. The significant assumptions used in the assessment of the customer relationship intangible assets included revenues from existing customers and discount rates.
Total impairment charges for the nine months ended August 25, 2024 were $111.4 million and were recorded within “Goodwill and other intangible asset impairment charges” on the accompanying consolidated statements of income. During 2024, the Company appointed new Beyond Yoga® executive management and implemented a new strategic plan for growth and expansion, resulting in an adverse impact on expected cash flows.
During the first quarter of 2024, the Company recognized $5.5 million in goodwill impairment charges related to the footwear business in its Europe segment as a result of the decision to discontinue the category in connection with Project Fuel.
For the nine months ended August 27, 2023, the Company recognized impairment charges of $90.2 million related to the Beyond Yoga® acquisition including a $75.4 million impairment in goodwill and a $14.8 million impairment in the trademark intangible asset. The impairment resulted from incremental investments in the brand and team, and disciplined expansion in response to the current macroeconomic conditions, resulting in an adverse impact on expected cash flows, as well as an increase in discount rates.
Other intangible assets, net, were as follows:
August 25, 2024November 26, 2023
Gross
Carrying
Value		Accumulated
Amortization		TotalGross
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)
38.8 (18.3)20.5 38.3 (14.6)23.7 
Total$216.7 $(18.3)$198.4 $282.2 $(14.6)$267.6 
_____________
(1)For the nine months ended August 25, 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 nine months ended August 27, 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 nine months ended August 25, 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.
v3.24.3
Fair Value of Financial Instruments
 9 Months Ended
Aug. 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:
 August 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$92.5 $92.5 $— $78.7 $78.7 $— 
Derivative instruments(3)
11.4 — 11.4 13.8 — 13.8 
Total$103.9 $92.5 $11.4 $92.5 $78.7 $13.8 
Financial liabilities carried at fair value
Derivative instruments(3)
13.2 — 13.2 9.1 — 9.1 
Total$13.2 $— $13.2 $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 4 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:
 August 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)
$533.2 $527.9 $518.3 $500.2 
3.50% senior notes due 2031(1)
503.5 449.1 498.7 407.2 
Short-term borrowings6.8 6.8 12.6 12.6 
Total$1,043.5 $983.8 $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.
v3.24.3
Derivative Instruments and Hedging Activities
 9 Months Ended
Aug. 25, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
As of August 25, 2024, the Company had forward foreign exchange contracts derivatives to buy $595.4 million and to sell $570.5 million in various foreign currencies. These contracts are at various exchange rates and expire at various dates through February 2026.
The table below provides data about the carrying values of derivative and non-derivative instruments: 
 August 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)
$7.9 $— $7.9 $6.0 $— $6.0 
Foreign exchange risk cash flow hedges(2)
— (8.8)(8.8)— (7.1)(7.1)
Total
$7.9 $(8.8)$6.0 $(7.1)
Derivatives not designated as hedging instruments
Forward foreign exchange contracts(1)
$11.4 $(7.9)$3.5 $13.8 $(6.0)$7.8 
Forward foreign exchange contracts(2)
8.8 (13.2)(4.4)7.1 (9.1)(2.0)
Total
$20.2 $(21.1)$20.9 $(15.1)
Non-derivatives designated as hedging instruments
Euro senior notes
$— $(527.8)$— $(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:
August 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$28.1 $(13.4)$14.7 $26.9 $(13.1)$13.8 
Financial liabilities(29.9)13.4 (16.5)(22.2)13.1 (9.1)
Total$(1.8)$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 income:
 
Amount of (Loss) Gain
Recognized in AOCL
(Effective Portion)
Amount of (Loss) Gain Reclassified from
 AOCL into Net Income(1)
 
As of
August 25,
2024
As of
November 26,
 2023
Three Months EndedNine Months Ended
August 25,
2024		August 27,
2023		August 25,
2024		August 27,
2023
 (Dollars in millions)
Foreign exchange risk contracts$(0.1)$(15.0)$(0.2)$3.4 $(18.2)$28.1 
Realized forward foreign exchange swaps(2)
4.6 4.6 — — — — 
Yen-denominated Eurobonds(19.8)(19.8)— — — — 
Euro-denominated senior notes(40.6)(30.8)— — — — 
Cumulative income taxes17.9 19.0 — — — — 
Total$(38.0)$(42.0)
_____________
(1)Amounts reclassified from AOCL were classified as net revenues or costs of goods sold on the consolidated statements of income.
(2)Prior to 2006, 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 nine months ended August 25, 2024. Within the next 12 months, a $0.5 million loss from cash flow hedges is expected to be reclassified from AOCL into net income.
The table below presents the effects of the Company’s cash flow hedges of foreign exchange risk contracts on the consolidated statements of income:
Three Months EndedNine Months Ended
August 25,
2024		August 27,
2023		August 25,
2024		August 27,
2023
(Dollars in millions)
Amount of (Loss) Gain on Cash Flow Hedge Activity
Net revenues$(1.2)$(0.5)$(4.0)$1.9 
Cost of goods sold$1.0 $3.9 $(14.2)$26.3 
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 income:
 Three Months EndedNine Months Ended
 August 25,
2024		August 27,
2023		August 25,
2024		August 27,
2023
 (Dollars in millions)
Realized (loss) gain(1)
$(1.0)$1.7 $8.3 $24.3 
Unrealized (loss) gain
(0.1)3.1 (6.5)(3.7)
Total$(1.1)$4.8 $1.8 $20.6 
_____________
(1)Realized (losses) gains related to derivatives instruments were classified as Other, net on the Company’s consolidated statements of cash flows.
v3.24.3
Other Accrued Liabilities
 9 Months Ended
Aug. 25, 2024
Other Liabilities Disclosure [Abstract]  
Other Accrued Liabilities OTHER ACCRUED LIABILITIES
The following table presents the Company’s other accrued liabilities:
August 25,
2024		November 26,
2023
 (Dollars in millions)
Other accrued liabilities
Accrued non-trade payables$147.7 $177.7 
Restructuring liabilities76.1 16.6 
Taxes other than income taxes payable64.3 63.3 
Accrued property, plant and equipment61.4 59.6 
Accrued advertising and promotion59.4 44.7 
Accrued income taxes44.0 41.8 
Accrued interest payable16.8 8.2 
Fair value derivatives11.9 9.1 
Accrued rent8.5 9.9 
Short-term debt6.8 12.5 
Other136.3 126.0 
Total other accrued liabilities$633.2 $569.4 
v3.24.3
Debt
 9 Months Ended
Aug. 25, 2024
Debt Disclosure [Abstract]  
DEBT DEBT 
The following table presents the Company’s debt: 
August 25,
2024		November 26,
2023
 (Dollars in millions)
Long-term debt
3.375% senior notes due 2027
$525.4 $514.9 
3.50% senior notes due 2031
495.1 494.5 
Total long-term debt$1,020.5 $1,009.4 
Short-term debt
Short-term borrowings6.8 12.5 
Total debt$1,027.3 $1,021.9 

Senior Revolving Credit Facility
As of August 25, 2024, the Company had no borrowings under the Credit Facility. The Company’s unused availability under the Credit Facility was $705.8 million at August 25, 2024, as the total availability of $726.8 million was reduced by $21.0 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 and nine months ended August 25, 2024 was 3.97% and 3.98%, respectively, as compared to 4.35% and 4.24%, respectively, during the same periods of 2023.
v3.24.3
Restructuring Activities
 9 Months Ended
Aug. 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 accelerate the execution of our Brand Led and DTC First strategies while fueling long-term profitable growth. The first phase of the global productivity initiative was completed primarily 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 and nine months ended August 25, 2024, we recognized restructuring charges of $3.4 million and $174.7 million, respectively, related to Project Fuel, consisting primarily of severance and other post-employment benefits, based on separation benefits provided by Company policy or statutory benefit plans as well as contract termination costs. These charges were recorded in “Restructuring charges, net” in the accompanying consolidated statements of income. As of August 25, 2024, the restructuring liability was $124.7 million, with $76.1 million and $48.6 million classified as “Other accrued liabilities” and “Long-term employee related benefits and other liabilities”, respectively, within the Company’s consolidated balance sheet.
During the three and nine months ended August 25, 2024, the Company also recognized $19.0 million and $34.3 million, respectively, of restructuring related charges primarily consisting of consulting fees, which were recorded in “Selling, general and administrative expenses” in the accompanying consolidated statements of income. Additionally, the Company recognized an impairment charge of $11.1 million in the third quarter of 2024 related to capitalized internal-use software as a result of the decision to discontinue certain technology projects in connection with Project Fuel, which was recorded in “Selling, general and administrative expenses” in the accompanying consolidated statements of income.
For the three and nine months ended August 27, 2023, the Company recognized net restructuring charges of $1.5 million and $19.3 million, respectively, which primarily related to severance benefits, based on separation benefits provided by Company policy or statutory benefit plans as well as contract termination costs. These charges were recorded in “Restructuring charges, net” in the accompanying consolidated statements of income.
The following tables summarize the activities associated with restructuring liabilities for the three and nine months ended August 25, 2024. "Net Charges (Reversals)" represents the initial charge related to the restructuring activity as well as revisions of estimates related to severance and employee-related benefits and other, "Payments" consists of cash payments for severance and employee-related benefits and other, and "Foreign Currency Fluctuations" includes foreign currency fluctuations.
 
Three Months Ended August 25, 2024
 Liabilities
Net Charges (Reversals)
Payments
Foreign Currency Fluctuations		Liabilities
May 26,
2024		August 25,
2024
 
(Dollars in millions)
Severance and employee-related benefits
$133.6 $2.5 $(35.2)$1.3 $102.2 
Contract termination costs and other
20.4 0.9 (0.3)1.5 22.5 
Total
$154.0 $3.4 $(35.5)$2.8 $124.7 
 
Nine Months Ended August 25, 2024
 Liabilities
Net Charges (Reversals)(1)
Payments
Foreign Currency Fluctuations		Liabilities
November 26,
2023		August 25,
2024
 
(Dollars in millions)
Severance and employee-related benefits
$17.8 $148.5 $(66.2)$2.1 $102.2 
Contract termination costs and other
0.2 23.4 (2.5)1.4 22.5 
Total
$18.0 $171.9 $(68.7)$3.5 $124.7 
_____________
(1)Excludes $2.0 million in stock compensation related charges recorded in Additional paid-in capital and $0.8 million in operating lease termination for the nine-month period ended August 25, 2024.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Aug. 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 4 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 August 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.
v3.24.3
Dividends
 9 Months Ended
Aug. 25, 2024
Dividends [Abstract]  
DIVIDENDS DIVIDENDS
Dividends are declared at the discretion of the Board. In January, April and July 2024, the Company declared cash dividends of $0.12, $0.12 and $0.13 per share, respectively, to holders of record of its Class A and Class B common stock. In January, April and July 2023, the Company declared cash dividends of $0.12 per share. During the three and nine months ended August 25, 2024, dividends were paid in the amount of $51.5 million and $147.1 million, respectively, compared to $47.7 million and $142.9 million, respectively, for the same prior-year periods.
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 $0.13 per share was declared to holders of record of its Class A and Class B common stock at the close of business on October 29, 2024. The cash dividend will be payable on November 14, 2024, for a total quarterly dividend of approximately $52 million.
v3.24.3
Accumulated Other Comprehensive Loss
 9 Months Ended
Aug. 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 August 25, 2024
Pension and
Postretirement
Benefits(1)
Translation Adjustments
Derivative Instruments(2)
Foreign
Currency
Translation		Total
(Dollars in millions)
Accumulated other comprehensive loss at May 26, 2024
$(150.2)$(27.2)$(197.3)$(374.7)
Other comprehensive (loss) income before reclassifications
(0.4)(11.0)(34.9)(46.3)
Amounts reclassified from accumulated other comprehensive loss
2.3 0.2 — 2.5 
Net increase (decrease) in other comprehensive (loss) income
1.9 (10.8)(34.9)(43.8)
Accumulated other comprehensive loss at August 25, 2024
$(148.3)$(38.0)$(232.2)$(418.5)
Nine Months Ended August 25, 2024
Pension and
Postretirement
Benefits(1)
Translation Adjustments
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 (loss) income before reclassifications
(1.8)(14.2)(36.5)(52.5)
Amounts reclassified from accumulated other comprehensive loss
6.7 18.2 — 24.9 
Net increase (decrease) in other comprehensive (loss) income4.9 4.0 (36.5)(27.6)
Accumulated other comprehensive loss at August 25, 2024
$(148.3)$(38.0)$(232.2)$(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 4.
Three Months Ended August 27, 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 May 28, 2023
$(176.0)$(33.7)$(212.0)$— $(421.7)
Other comprehensive (loss) income before reclassifications
(7.0)(7.9)20.7 — 5.8 
Amounts reclassified from accumulated other comprehensive loss
21.1 (3.3)— — 17.8 
Net increase (decrease) in other comprehensive income (loss)
14.1 (11.2)20.7 — 23.6 
Accumulated other comprehensive loss at August 27, 2023
$(161.9)$(44.9)$(191.3)$— $(398.1)
Nine Months Ended August 27, 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 (loss) income before reclassifications(8.1)(24.0)57.4 0.1 25.4 
Amounts reclassified from accumulated other comprehensive loss
25.7 (28.1)— 0.6 (1.8)
Net increase (decrease) in other comprehensive (loss) income
17.6 (52.1)57.4 0.7 23.6 
Accumulated other comprehensive loss at August 27, 2023
$(161.9)$(44.9)$(191.3)$— $(398.1)
_____________
(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 4.
v3.24.3
Net Revenues
 9 Months Ended
Aug. 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 August 25, 2024
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in millions)
Net revenues by channel:
Wholesale$450.4 $215.2 $123.8 $58.3 $847.7 
Direct-to-consumer306.8 191.4 123.3 47.6 669.1 
Total net revenues$757.2 $406.6 $247.1 $105.9 $1,516.8 
Nine Months Ended August 25, 2024
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in thousands)
Net revenues by channel:
Wholesale$1,289.9 $574.8 $368.3 $186.9 $2,419.9 
Direct-to-consumer915.3 609.0 427.6 143.8 2,095.7 
Total net revenues$2,205.2 $1,183.8 $795.9 $330.7 $4,515.6 
Three Months Ended August 27, 2023
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in millions)
Net revenues by channel:
Wholesale$499.1 $208.3 $125.6 $69.1 $902.1 
Direct-to-consumer267.6 175.8 120.9 44.6 608.9 
Total net revenues$766.7 $384.1 $246.5 $113.7 $1,511.0 
Nine Months Ended August 27, 2023
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in thousands)
Net revenues by channel:
Wholesale$1,396.4 $624.9 $371.9 $209.1 $2,602.3 
Direct-to-consumer802.2 575.6 425.8 130.8 1,934.4 
Total net revenues$2,198.6 $1,200.5 $797.7 $339.9 $4,536.7 
The Company did not have any material contract assets or contract liabilities recorded in the consolidated balance sheets as of August 25, 2024 and November 26, 2023
v3.24.3
Income Taxes
 9 Months Ended
Aug. 25, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company’s effective income tax rate was (4.1)% for the three months ended August 25, 2024, compared to 386.6% for the same prior-year period. The decrease in the effective tax rate in the current quarter is primarily driven by the foreign-derived intangible income deduction as a proportion to earnings before income tax compared to loss before income tax in the same prior-year period.
The Company’s effective income tax rate was (46.2)% for the nine months ended August 25, 2024, compared to 4.5% for the same prior-year period. The decrease in the effective tax rate is primarily driven by a tax benefit of $10.1 million
v3.24.3
Earnings Per Share Attributable to Common Stockholders
 9 Months Ended
Aug. 25, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS EARNINGS PER SHARE
The following table sets forth the computation of the Company’s basic and diluted earnings per share:
 Three Months EndedNine Months Ended
 August 25,
2024		August 27,
2023		August 25,
2024		August 27,
2023
 (Dollars in millions, except per share amounts)
Numerator:
Net income
$20.7 $9.6 $28.0 $122.7 
Denominator:
Weighted-average common shares outstanding - basic398,187,049 397,767,394 398,642,455 396,969,596 
Dilutive effect of stock awards4,211,015 3,225,341 4,206,224 4,485,224 
Weighted-average common shares outstanding - diluted402,398,064 400,992,735 402,848,679 401,454,820 
Earnings per common share:
Basic$0.05 $0.02 $0.07 $0.31 
Diluted$0.05 $0.02 $0.07 $0.31 
Anti-dilutive securities excluded from calculation of diluted earnings per share
2,609,700 6,900,153 4,171,552 5,455,292 
v3.24.3
Related Parties
 9 Months Ended
Aug. 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 and nine months ended August 25, 2024, the Company donated $0.4 million and $5.7 million, respectively, to the Levi Strauss Foundation as compared to $0.5 million and $10.8 million, respectively, for the same prior-year periods. During the three and nine months ended August 25, 2024, the Company recognized expenses related to their donation commitments of $2.2 million and $6.4 million, respectively, as compared to a reversal of expense of $0.9 million and expenses of $4.0 million, respectively, for the same prior-year periods.
v3.24.3
Business Segment Information
 9 Months Ended
Aug. 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®, Levi Strauss Signature™ and Denizen® brands. The 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.” Effective in the second quarter of 2024, Dockers® and Beyond Yoga® businesses are disclosed as separate lines under the caption “Other Brands” to increase transparency of performance. Prior periods were adjusted to reflect the change. 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 EndedNine Months Ended
 August 25,
2024		August 27,
2023		August 25,
2024		August 27,
2023
 (Dollars in millions)
Net revenues:
Americas$757.2 $766.7 $2,205.2 $2,198.6 
Europe406.6 384.1 1,183.8 1,200.5 
Asia247.1 246.5 795.9 797.7 
Total segment net revenues1,410.9 1,397.3 4,184.9 4,196.8 
Other Brands:
Dockers
73.7 86.7 233.5 254.8 
Beyond Yoga®
32.2 27.0 97.2 85.1 
Total Other Brands
105.9 113.7 330.7 339.9 
Total net revenues$1,516.8 $1,511.0 $4,515.6 $4,536.7 
Income (loss) before income taxes:
Americas$173.9 $135.6 $432.8 $323.4 
Europe83.2 68.1 239.9 240.4 
Asia28.5 30.2 111.0 116.0 
Total segment operating income285.6 233.9 783.7 679.8 
Dockers operating loss
(2.4)(2.3)(2.4)(2.9)
Beyond Yoga operating (loss) income
(5.8)0.5 (9.6)2.5 
Restructuring charges, net(1)
(3.4)(1.5)(174.7)(19.3)
Goodwill and other intangible asset impairment charges(2)
(111.4)(90.2)(116.9)(90.2)
Corporate expenses(132.3)(105.6)(428.3)(367.8)
Interest expense(10.1)(11.5)(30.4)(35.4)
Other expense, net(3)
(0.4)(26.7)(2.3)(38.1)
Income (loss) before income taxes
$19.8 $(3.4)$19.1 $128.6 
____________
(1)Restructuring charges, net for the three and nine months ended August 25, 2024 related to Project Fuel, consisting primarily of severance and other post-employment benefit charges.
(2)For the three and nine months ended August 25, 2024, goodwill and other intangible asset impairment charges includes $36.3 million related to Beyond Yoga reporting unit goodwill, $66.0 million related to the Beyond Yoga® trademark and $9.1 million related to the Beyond Yoga® customer relationship intangible assets. Additionally, the nine months ended August 25, 2024 includes a $5.5 million goodwill impairment charge related to the footwear business.
For the three and nine months ended August 27, 2023, goodwill and other intangible asset impairment charges includes $75.4 million related to Beyond Yoga reporting unit goodwill and $14.8 million related to the Beyond Yoga® trademark.
(3)Other expense, net for the three and nine months ended August 25, 2024 includes an insurance recovery of $2.7 million and a government subsidy gain of $1.4 million. Other expense, net for the three and nine months ended August 27, 2023 primarily consists of a noncash pension settlement charge.
v3.24.3
Subsequent Events
 9 Months Ended
Aug. 25, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Subsequent to the end of the third quarter of 2024, the Company announced that it has initiated a formal review of strategic alternatives for the Dockers® brand, which could include a potential sale or other strategic transaction. The Company has retained Bank of America as its financial advisor. The Company has not set a deadline or definitive timetable for the completion of the strategic alternatives review process, and there can be no assurance that this process will result in any transaction or particular outcome.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 25, 2024
Aug. 27, 2023
Aug. 25, 2024
Aug. 27, 2023
Pay vs Performance Disclosure        
Net income $ 20.7 $ 9.6 $ 28.0 $ 122.7
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Aug. 25, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Significant Accounting Policies (Policies)
 9 Months Ended
Aug. 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.
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
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 $1.4 billion and $1.3 billion as of August 25, 2024 and November 26, 2023, respectively.

In the third quarter of 2024, the Company recorded $11.1 million of asset impairment charges related to technology projects discontinued in connection with Project Fuel, which were recorded in “Selling, general and administrative expenses” in the accompanying consolidated statements of income. The Company also recorded an impairment charge of $9.1 million related to the Beyond Yoga® customer relationship intangible assets, which is included in “Goodwill and other intangible asset impairment charges” in the Company’s consolidated statements of income. See Note 2 for additional information.
Supplier Finance Program
Supplier Finance Program
The Company adopted Accounting Standards Update No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations in the first quarter of 2024.
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.
Shares Repurchases
Share Repurchases
During the three and nine months ended August 25, 2024, the Company repurchased 1.0 million and 3.3 million shares for $17.8 million and $59.7 million, plus broker’s commissions, respectively, in the open market. This equates to an average repurchase price of approximately $18.35 per share for the nine months ended August 25, 2024. During the nine months ended August 27, 2023, the Company repurchased 0.5 million shares for $8.1 million, plus broker's commissions, in the open market during the first quarter. This equates to an average repurchase price of approximately $17.97 per share. There were no shares repurchased in either the second or third quarters of 2023.
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
Reclassification
Certain amounts on the consolidated balance sheets, consolidated statements of income and statements of cash flows have been conformed to the August 25, 2024 presentation.
Recently Issued Accounting Standards
Recently Issued Accounting Standards
There have been no 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.
v3.24.3
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Aug. 25, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of goodwill
The changes in the carrying amount of goodwill by business segment for the nine months ended August 25, 2024 and August 27, 2023 were as follows:
Nine Months Ended August 25, 2024
AmericasEuropeAsia
Other Brands(1)
Total
(Dollars in millions)
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(2)
— (5.5)— (36.3)(41.8)
Goodwill acquired during the year(3)
15.9 5.0 — — 20.9 
Foreign currency fluctuation(2.7)0.6 0.1 — (2.0)
Balance, August 25, 2024
Goodwill
244.9 38.2 2.9 123.6 409.6 
Accumulated impairment losses
— (17.1)— (111.7)(128.8)
$244.9 $21.1 $2.9 $11.9 $280.8 
_____________
(1)Comprised of the Beyond Yoga® reporting unit goodwill only.
(2)For the nine months ended August 25, 2024 the Company recorded a Beyond Yoga® goodwill noncash impairment charge of $36.3 million.
(3)For the nine months ended August 25, 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.
Nine Months Ended August 27, 2023
AmericasEuropeAsia
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 7.3 — — 8.4 
Foreign currency fluctuation1.7 0.4 (0.1)— 2.0 
Balance, August 27, 2023
Goodwill
232.3 29.0 2.8 123.6 387.7 
Accumulated impairment losses
— (11.6)— (75.4)(87.0)
$232.3 $17.4 $2.8 $48.2 $300.7 
_____________
(1)Comprised of the Beyond Yoga® reporting unit goodwill only.
(2)For the nine months ended August 27, 2023 the company recorded a Beyond Yoga® goodwill noncash impairment charge of $75.4 million.
Finite-lived intangible assets
Other intangible assets, net, were as follows:
August 25, 2024November 26, 2023
Gross
Carrying
Value		Accumulated
Amortization		TotalGross
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)
38.8 (18.3)20.5 38.3 (14.6)23.7 
Total$216.7 $(18.3)$198.4 $282.2 $(14.6)$267.6 
_____________
(1)For the nine months ended August 25, 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 nine months ended August 27, 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 nine months ended August 25, 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:
August 25, 2024November 26, 2023
Gross
Carrying
Value		Accumulated
Amortization		TotalGross
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)
38.8 (18.3)20.5 38.3 (14.6)23.7 
Total$216.7 $(18.3)$198.4 $282.2 $(14.6)$267.6 
_____________
(1)For the nine months ended August 25, 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 nine months ended August 27, 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 nine months ended August 25, 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.
v3.24.3
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Aug. 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:
 August 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$92.5 $92.5 $— $78.7 $78.7 $— 
Derivative instruments(3)
11.4 — 11.4 13.8 — 13.8 
Total$103.9 $92.5 $11.4 $92.5 $78.7 $13.8 
Financial liabilities carried at fair value
Derivative instruments(3)
13.2 — 13.2 9.1 — 9.1 
Total$13.2 $— $13.2 $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 4 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:
 August 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)
$533.2 $527.9 $518.3 $500.2 
3.50% senior notes due 2031(1)
503.5 449.1 498.7 407.2 
Short-term borrowings6.8 6.8 12.6 12.6 
Total$1,043.5 $983.8 $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.
v3.24.3
Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Aug. 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: 
 August 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)
$7.9 $— $7.9 $6.0 $— $6.0 
Foreign exchange risk cash flow hedges(2)
— (8.8)(8.8)— (7.1)(7.1)
Total
$7.9 $(8.8)$6.0 $(7.1)
Derivatives not designated as hedging instruments
Forward foreign exchange contracts(1)
$11.4 $(7.9)$3.5 $13.8 $(6.0)$7.8 
Forward foreign exchange contracts(2)
8.8 (13.2)(4.4)7.1 (9.1)(2.0)
Total
$20.2 $(21.1)$20.9 $(15.1)
Non-derivatives designated as hedging instruments
Euro senior notes
$— $(527.8)$— $(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:
August 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$28.1 $(13.4)$14.7 $26.9 $(13.1)$13.8 
Financial liabilities(29.9)13.4 (16.5)(22.2)13.1 (9.1)
Total$(1.8)$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 income:
 
Amount of (Loss) Gain
Recognized in AOCL
(Effective Portion)
Amount of (Loss) Gain Reclassified from
 AOCL into Net Income(1)
 
As of
August 25,
2024
As of
November 26,
 2023
Three Months EndedNine Months Ended
August 25,
2024		August 27,
2023		August 25,
2024		August 27,
2023
 (Dollars in millions)
Foreign exchange risk contracts$(0.1)$(15.0)$(0.2)$3.4 $(18.2)$28.1 
Realized forward foreign exchange swaps(2)
4.6 4.6 — — — — 
Yen-denominated Eurobonds(19.8)(19.8)— — — — 
Euro-denominated senior notes(40.6)(30.8)— — — — 
Cumulative income taxes17.9 19.0 — — — — 
Total$(38.0)$(42.0)
_____________
(1)Amounts reclassified from AOCL were classified as net revenues or costs of goods sold on the consolidated statements of income.
(2)Prior to 2006, the Company used foreign exchange currency swaps to hedge the net investment in its foreign operations. For hedges that qualified for hedge accounting, the net gains were included in AOCL and are not reclassified to earnings until the related net investment position has been liquidated.
Gains and losses included in statements of income
The table below presents the effects of the Company’s cash flow hedges of foreign exchange risk contracts on the consolidated statements of income:
Three Months EndedNine Months Ended
August 25,
2024		August 27,
2023		August 25,
2024		August 27,
2023
(Dollars in millions)
Amount of (Loss) Gain on Cash Flow Hedge Activity
Net revenues$(1.2)$(0.5)$(4.0)$1.9 
Cost of goods sold$1.0 $3.9 $(14.2)$26.3 
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 income:
 Three Months EndedNine Months Ended
 August 25,
2024		August 27,
2023		August 25,
2024		August 27,
2023
 (Dollars in millions)
Realized (loss) gain(1)
$(1.0)$1.7 $8.3 $24.3 
Unrealized (loss) gain
(0.1)3.1 (6.5)(3.7)
Total$(1.1)$4.8 $1.8 $20.6 
_____________
(1)Realized (losses) gains related to derivatives instruments were classified as Other, net on the Company’s consolidated statements of cash flows.
v3.24.3
Other Accrued Liabilities (Tables)
 9 Months Ended
Aug. 25, 2024
Other Liabilities Disclosure [Abstract]  
Other Liabilities
The following table presents the Company’s other accrued liabilities:
August 25,
2024		November 26,
2023
 (Dollars in millions)
Other accrued liabilities
Accrued non-trade payables$147.7 $177.7 
Restructuring liabilities76.1 16.6 
Taxes other than income taxes payable64.3 63.3 
Accrued property, plant and equipment61.4 59.6 
Accrued advertising and promotion59.4 44.7 
Accrued income taxes44.0 41.8 
Accrued interest payable16.8 8.2 
Fair value derivatives11.9 9.1 
Accrued rent8.5 9.9 
Short-term debt6.8 12.5 
Other136.3 126.0 
Total other accrued liabilities$633.2 $569.4 
v3.24.3
Debt (Tables)
 9 Months Ended
Aug. 25, 2024
Debt Disclosure [Abstract]  
Schedule of long-term and short-term debt instruments
The following table presents the Company’s debt: 
August 25,
2024		November 26,
2023
 (Dollars in millions)
Long-term debt
3.375% senior notes due 2027
$525.4 $514.9 
3.50% senior notes due 2031
495.1 494.5 
Total long-term debt$1,020.5 $1,009.4 
Short-term debt
Short-term borrowings6.8 12.5 
Total debt$1,027.3 $1,021.9 
v3.24.3
Restructuring Activities (Tables)
 9 Months Ended
Aug. 25, 2024
Restructuring and Related Activities [Abstract]  
Summary of Activities Associated with Restructuring Liabilities
The following tables summarize the activities associated with restructuring liabilities for the three and nine months ended August 25, 2024. "Net Charges (Reversals)" represents the initial charge related to the restructuring activity as well as revisions of estimates related to severance and employee-related benefits and other, "Payments" consists of cash payments for severance and employee-related benefits and other, and "Foreign Currency Fluctuations" includes foreign currency fluctuations.
 
Three Months Ended August 25, 2024
 Liabilities
Net Charges (Reversals)
Payments
Foreign Currency Fluctuations		Liabilities
May 26,
2024		August 25,
2024
 
(Dollars in millions)
Severance and employee-related benefits
$133.6 $2.5 $(35.2)$1.3 $102.2 
Contract termination costs and other
20.4 0.9 (0.3)1.5 22.5 
Total
$154.0 $3.4 $(35.5)$2.8 $124.7 
 
Nine Months Ended August 25, 2024
 Liabilities
Net Charges (Reversals)(1)
Payments
Foreign Currency Fluctuations		Liabilities
November 26,
2023		August 25,
2024
 
(Dollars in millions)
Severance and employee-related benefits
$17.8 $148.5 $(66.2)$2.1 $102.2 
Contract termination costs and other
0.2 23.4 (2.5)1.4 22.5 
Total
$18.0 $171.9 $(68.7)$3.5 $124.7 
_____________
(1)Excludes $2.0 million in stock compensation related charges recorded in Additional paid-in capital and $0.8 million in operating lease termination for the nine-month period ended August 25, 2024.
v3.24.3
Accumulated Other Comprehensive Loss (Tables)
 9 Months Ended
Aug. 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 August 25, 2024
Pension and
Postretirement
Benefits(1)
Translation Adjustments
Derivative Instruments(2)
Foreign
Currency
Translation		Total
(Dollars in millions)
Accumulated other comprehensive loss at May 26, 2024
$(150.2)$(27.2)$(197.3)$(374.7)
Other comprehensive (loss) income before reclassifications
(0.4)(11.0)(34.9)(46.3)
Amounts reclassified from accumulated other comprehensive loss
2.3 0.2 — 2.5 
Net increase (decrease) in other comprehensive (loss) income
1.9 (10.8)(34.9)(43.8)
Accumulated other comprehensive loss at August 25, 2024
$(148.3)$(38.0)$(232.2)$(418.5)
Nine Months Ended August 25, 2024
Pension and
Postretirement
Benefits(1)
Translation Adjustments
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 (loss) income before reclassifications
(1.8)(14.2)(36.5)(52.5)
Amounts reclassified from accumulated other comprehensive loss
6.7 18.2 — 24.9 
Net increase (decrease) in other comprehensive (loss) income4.9 4.0 (36.5)(27.6)
Accumulated other comprehensive loss at August 25, 2024
$(148.3)$(38.0)$(232.2)$(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 4.
Three Months Ended August 27, 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 May 28, 2023
$(176.0)$(33.7)$(212.0)$— $(421.7)
Other comprehensive (loss) income before reclassifications
(7.0)(7.9)20.7 — 5.8 
Amounts reclassified from accumulated other comprehensive loss
21.1 (3.3)— — 17.8 
Net increase (decrease) in other comprehensive income (loss)
14.1 (11.2)20.7 — 23.6 
Accumulated other comprehensive loss at August 27, 2023
$(161.9)$(44.9)$(191.3)$— $(398.1)
Nine Months Ended August 27, 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 (loss) income before reclassifications(8.1)(24.0)57.4 0.1 25.4 
Amounts reclassified from accumulated other comprehensive loss
25.7 (28.1)— 0.6 (1.8)
Net increase (decrease) in other comprehensive (loss) income
17.6 (52.1)57.4 0.7 23.6 
Accumulated other comprehensive loss at August 27, 2023
$(161.9)$(44.9)$(191.3)$— $(398.1)
_____________
(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 4.
v3.24.3
Net Revenues (Tables)
 9 Months Ended
Aug. 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 August 25, 2024
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in millions)
Net revenues by channel:
Wholesale$450.4 $215.2 $123.8 $58.3 $847.7 
Direct-to-consumer306.8 191.4 123.3 47.6 669.1 
Total net revenues$757.2 $406.6 $247.1 $105.9 $1,516.8 
Nine Months Ended August 25, 2024
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in thousands)
Net revenues by channel:
Wholesale$1,289.9 $574.8 $368.3 $186.9 $2,419.9 
Direct-to-consumer915.3 609.0 427.6 143.8 2,095.7 
Total net revenues$2,205.2 $1,183.8 $795.9 $330.7 $4,515.6 
Three Months Ended August 27, 2023
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in millions)
Net revenues by channel:
Wholesale$499.1 $208.3 $125.6 $69.1 $902.1 
Direct-to-consumer267.6 175.8 120.9 44.6 608.9 
Total net revenues$766.7 $384.1 $246.5 $113.7 $1,511.0 
Nine Months Ended August 27, 2023
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in thousands)
Net revenues by channel:
Wholesale$1,396.4 $624.9 $371.9 $209.1 $2,602.3 
Direct-to-consumer802.2 575.6 425.8 130.8 1,934.4 
Total net revenues$2,198.6 $1,200.5 $797.7 $339.9 $4,536.7 
v3.24.3
Earnings Per Share Attributable to Common Stockholders (Tables)
 9 Months Ended
Aug. 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 earnings per share:
 Three Months EndedNine Months Ended
 August 25,
2024		August 27,
2023		August 25,
2024		August 27,
2023
 (Dollars in millions, except per share amounts)
Numerator:
Net income
$20.7 $9.6 $28.0 $122.7 
Denominator:
Weighted-average common shares outstanding - basic398,187,049 397,767,394 398,642,455 396,969,596 
Dilutive effect of stock awards4,211,015 3,225,341 4,206,224 4,485,224 
Weighted-average common shares outstanding - diluted402,398,064 400,992,735 402,848,679 401,454,820 
Earnings per common share:
Basic$0.05 $0.02 $0.07 $0.31 
Diluted$0.05 $0.02 $0.07 $0.31 
Anti-dilutive securities excluded from calculation of diluted earnings per share
2,609,700 6,900,153 4,171,552 5,455,292 
v3.24.3
Business Segment Information (Tables)
 9 Months Ended
Aug. 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 EndedNine Months Ended
 August 25,
2024		August 27,
2023		August 25,
2024		August 27,
2023
 (Dollars in millions)
Net revenues:
Americas$757.2 $766.7 $2,205.2 $2,198.6 
Europe406.6 384.1 1,183.8 1,200.5 
Asia247.1 246.5 795.9 797.7 
Total segment net revenues1,410.9 1,397.3 4,184.9 4,196.8 
Other Brands:
Dockers
73.7 86.7 233.5 254.8 
Beyond Yoga®
32.2 27.0 97.2 85.1 
Total Other Brands
105.9 113.7 330.7 339.9 
Total net revenues$1,516.8 $1,511.0 $4,515.6 $4,536.7 
Income (loss) before income taxes:
Americas$173.9 $135.6 $432.8 $323.4 
Europe83.2 68.1 239.9 240.4 
Asia28.5 30.2 111.0 116.0 
Total segment operating income285.6 233.9 783.7 679.8 
Dockers operating loss
(2.4)(2.3)(2.4)(2.9)
Beyond Yoga operating (loss) income
(5.8)0.5 (9.6)2.5 
Restructuring charges, net(1)
(3.4)(1.5)(174.7)(19.3)
Goodwill and other intangible asset impairment charges(2)
(111.4)(90.2)(116.9)(90.2)
Corporate expenses(132.3)(105.6)(428.3)(367.8)
Interest expense(10.1)(11.5)(30.4)(35.4)
Other expense, net(3)
(0.4)(26.7)(2.3)(38.1)
Income (loss) before income taxes
$19.8 $(3.4)$19.1 $128.6 
____________
(1)Restructuring charges, net for the three and nine months ended August 25, 2024 related to Project Fuel, consisting primarily of severance and other post-employment benefit charges.
(2)For the three and nine months ended August 25, 2024, goodwill and other intangible asset impairment charges includes $36.3 million related to Beyond Yoga reporting unit goodwill, $66.0 million related to the Beyond Yoga® trademark and $9.1 million related to the Beyond Yoga® customer relationship intangible assets. Additionally, the nine months ended August 25, 2024 includes a $5.5 million goodwill impairment charge related to the footwear business.
For the three and nine months ended August 27, 2023, goodwill and other intangible asset impairment charges includes $75.4 million related to Beyond Yoga reporting unit goodwill and $14.8 million related to the Beyond Yoga® trademark.
(3)Other expense, net for the three and nine months ended August 25, 2024 includes an insurance recovery of $2.7 million and a government subsidy gain of $1.4 million. Other expense, net for the three and nine months ended August 27, 2023 primarily consists of a noncash pension settlement charge.
v3.24.3
Significant Accounting Policies - Narrative (Details)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
May 24, 2024
USD ($)
Aug. 25, 2024
USD ($)
shares
May 26, 2024
USD ($)
May 26, 2024
USD ($)
retail_site
May 26, 2024
USD ($)
e-commerce_site
Aug. 27, 2023
USD ($)
shares
May 28, 2023
shares
Aug. 25, 2024
USD ($)
$ / shares
shares
Aug. 27, 2023
USD ($)
$ / shares
shares
Jun. 06, 2024
USD ($)
Nov. 26, 2023
USD ($)
Nov. 27, 2022
USD ($)
Business Acquisition [Line Items]                        
Goodwill   $ 280.8       $ 300.7   $ 280.8 $ 300.7   $ 303.7 $ 365.7
Distribution Center proceeds received for use of internal warehouse equipment and technologies over the term of the agreement $ 77.9                      
Operating lease right-of-use assets, net   1,103.0           1,103.0     1,033.9  
Accumulated depreciation   1,400.0           1,400.0     1,300.0  
Impairments of capitalized internal-use software   11.1                    
Supplier finance program obligations   $ 139.9           $ 139.9     $ 113.4  
Shares repurchased (in shares) | shares   1.0       0.0 0.0 3.3 0.5      
Repurchased value   $ 17.8           $ 59.7 $ 8.1      
Average repurchase price (in dollars per share) | $ / shares               $ 18.35 $ 17.97      
Customer Relationships                        
Business Acquisition [Line Items]                        
Impairment of finite-lived intangible assets   $ 9.1           $ 9.1        
Warehouse, Warehouse Equipment, And Technologies                        
Business Acquisition [Line Items]                        
Operating lease right-of-use assets, net                   $ 30.6    
Operating lease liability                   30.6    
Finance lease, right-of-use asset                   14.0    
Finance lease, liability                   $ 14.0    
Expofaro S.A.S                        
Business Acquisition [Line Items]                        
Payments for business acquisition     $ 31.9                  
Number of assets acquired       40 1              
Fair value of assets acquired     31.9 $ 31.9 $ 31.9              
Goodwill     15.9 15.9 15.9              
Intangibles acquired     $ 10.3 $ 10.3 $ 10.3              
v3.24.3
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 25, 2024
Aug. 27, 2023
Aug. 25, 2024
Aug. 27, 2023
Nov. 26, 2023
Nov. 27, 2022
Goodwill [Line Items]            
Goodwill $ 409.6 $ 387.7 $ 409.6 $ 387.7 $ 390.7 $ 377.3
Accumulated impairment losses (128.8) (87.0) (128.8) (87.0) (87.0) (11.6)
Goodwill, net 280.8 300.7 280.8 300.7 303.7 365.7
Goodwill [Roll Forward]            
Beginning balance     303.7 365.7    
Impairment losses     (41.8) (75.4)    
Goodwill, acquired during the year     20.9 8.4    
Foreign currency fluctuation     (2.0) 2.0    
Ending balance 280.8 300.7 280.8 300.7    
Expofaro S.A.S            
Goodwill [Line Items]            
Goodwill, net            
Goodwill [Roll Forward]            
Beginning balance 15.9          
Goodwill, acquired during the year     15.9      
Beyond Yoga            
Goodwill [Roll Forward]            
Impairment losses (36.3) (75.4) (36.3) (75.4)    
Americas            
Goodwill [Line Items]            
Goodwill 244.9 232.3 244.9 232.3 231.7 229.5
Accumulated impairment losses 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill, net 244.9 232.3 244.9 232.3 231.7 229.5
Goodwill [Roll Forward]            
Beginning balance     231.7 229.5    
Impairment losses     0.0 0.0    
Goodwill, acquired during the year     15.9 1.1    
Foreign currency fluctuation     (2.7) 1.7    
Ending balance 244.9 232.3 244.9 232.3    
Europe            
Goodwill [Line Items]            
Goodwill 38.2 29.0 38.2 29.0 32.6 21.3
Accumulated impairment losses (17.1) (11.6) (17.1) (11.6) (11.6) (11.6)
Goodwill, net 21.1 17.4 21.1 17.4 21.0 9.7
Goodwill [Roll Forward]            
Beginning balance     21.0 9.7    
Impairment losses     (5.5) 0.0    
Goodwill, acquired during the year     5.0 7.3    
Foreign currency fluctuation     0.6 0.4    
Ending balance 21.1 17.4 21.1 17.4    
Asia            
Goodwill [Line Items]            
Goodwill 2.9 2.8 2.9 2.8 2.8 2.9
Accumulated impairment losses 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill, net 2.9 2.8 2.9 2.8 2.8 2.9
Goodwill [Roll Forward]            
Beginning balance     2.8 2.9    
Impairment losses     0.0 0.0    
Goodwill, acquired during the year     0.0 0.0    
Foreign currency fluctuation     0.1 (0.1)    
Ending balance 2.9 2.8 2.9 2.8    
Other Brands            
Goodwill [Line Items]            
Goodwill 123.6 123.6 123.6 123.6 123.6 123.6
Accumulated impairment losses (111.7) (75.4) (111.7) (75.4) (75.4) 0.0
Goodwill, net 11.9 48.2 11.9 48.2 $ 48.2 $ 123.6
Goodwill [Roll Forward]            
Beginning balance     48.2 123.6    
Impairment losses     (36.3) (75.4)    
Goodwill, acquired during the year     0.0 0.0    
Foreign currency fluctuation     0.0 0.0    
Ending balance $ 11.9 $ 48.2 $ 11.9 $ 48.2    
v3.24.3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 25, 2024
Aug. 27, 2023
Aug. 25, 2024
Aug. 27, 2023
Finite-Lived Intangible Assets [Line Items]        
Goodwill and intangible asset impairment     $ 41.8 $ 75.4
Goodwill and other intangible asset impairment charges $ 111.4 $ 90.2 116.9 90.2
Trademarks        
Finite-Lived Intangible Assets [Line Items]        
Impairment of intangible assets, indefinite-lived (excluding goodwill) 66.0 14.8 66.0 14.8
Beyond Yoga        
Finite-Lived Intangible Assets [Line Items]        
Goodwill and intangible asset impairment 36.3 $ 75.4 36.3 $ 75.4
Goodwill and other intangible asset impairment charges     111.4  
Footwear Business        
Finite-Lived Intangible Assets [Line Items]        
Goodwill and intangible asset impairment     5.5  
Customer Relationships        
Finite-Lived Intangible Assets [Line Items]        
Impairment of finite-lived intangible assets $ 9.1   $ 9.1  
v3.24.3
Goodwill and Other Intangible Assets - Other Intangible Assets, Net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 25, 2024
Aug. 27, 2023
Aug. 25, 2024
Aug. 27, 2023
Nov. 26, 2023
Finite-Lived Intangible Assets [Line Items]          
Amortized intangible assets, accumulated amortization $ (18.3)   $ (18.3)   $ (14.6)
Intangible Assets, Net (Excluding Goodwill) [Abstract]          
Total, gross carrying value 216.7   216.7   282.2
Total, accumulated amortization (18.3)   (18.3)   (14.6)
Total 198.4   198.4   267.6
Trademarks          
Indefinite-Lived Intangible Assets [Line Items]          
Non-amortized intangible assets 177.9   177.9   243.9
Impairment of intangible assets, indefinite-lived (excluding goodwill) 66.0 $ 14.8 66.0 $ 14.8  
Customer relationships and other          
Finite-Lived Intangible Assets [Line Items]          
Amortized intangible assets, gross carrying amount 38.8   38.8   38.3
Amortized intangible assets, accumulated amortization (18.3)   (18.3)   (14.6)
Amortized intangible assets, total 20.5   20.5   23.7
Intangible Assets, Net (Excluding Goodwill) [Abstract]          
Total, accumulated amortization (18.3)   (18.3)   $ (14.6)
Fair Value, Inputs, Level 3 | Trademarks          
Indefinite-Lived Intangible Assets [Line Items]          
Indefinite-lived intangible assets at fair value 135.1 $ 201.1 135.1 $ 201.1  
Fair Value, Inputs, Level 3 | Customer relationships and other          
Finite-Lived Intangible Assets [Line Items]          
Finite-lived intangible assets at fair value $ 9.7   $ 9.7    
v3.24.3
Fair Value of Financial Instruments- Fair Value (Details) - Fair Value [Member] - Fair Value, Recurring [Member] - USD ($)
$ in Millions
Aug. 25, 2024
Nov. 26, 2023
Financial assets carried at fair value    
Rabbi trust assets $ 92.5 $ 78.7
Forward foreign exchange contracts 11.4 13.8
Total 103.9 92.5
Financial liabilities carried at fair value    
Forward foreign exchange contracts 13.2 9.1
Total 13.2 9.1
Level 1 Inputs [Member]    
Financial assets carried at fair value    
Rabbi trust assets 92.5 78.7
Forward foreign exchange contracts 0.0 0.0
Total 92.5 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 11.4 13.8
Total 11.4 13.8
Financial liabilities carried at fair value    
Forward foreign exchange contracts 13.2 9.1
Total $ 13.2 $ 9.1
v3.24.3
Fair Value of Financial Instruments - Adjusted Historical Cost (Details) - USD ($)
$ in Millions
Aug. 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 $ 6.8 $ 12.6
Total financial liabilities carried at adjusted historical cost 1,043.5 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 533.2 518.3
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 503.5 498.7
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 6.8 12.6
Total financial liabilities carried at adjusted historical cost 983.8 920.0
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 527.9 500.2
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 $ 449.1 $ 407.2
v3.24.3
Derivative Instruments and Hedging Activities - Balance Sheet (Details) - USD ($)
$ in Millions
Aug. 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 (527.8) (517.8)
Forward foreign exchange contracts [Member]    
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items]    
Derivative asset, gross asset 28.1 26.9
Derivative asset, gross liability (13.4) (13.1)
Derivative asset 14.7 13.8
Derivative Liability, gross liability (29.9) (22.2)
Derivative liability, gross asset 13.4 13.1
Derivative Liability (16.5) (9.1)
Derivative, Fair Value, Net (1.8) 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 7.9 6.0
Derivative Liability (8.8) (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 7.9 6.0
Derivative asset, gross liability 0.0 0.0
Derivative asset, Net Carrying Value 7.9 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 (8.8) (7.1)
Derivative liability, gross asset 0.0 0.0
Derivative liability, Net Carrying Value (8.8) (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 20.2 20.9
Derivative Liability (21.1) (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 11.4 13.8
Derivative asset, gross liability (7.9) (6.0)
Derivative asset, Net Carrying Value 3.5 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 (13.2) (9.1)
Derivative liability, gross asset 8.8 7.1
Derivative liability, Net Carrying Value (4.4) $ (2.0)
Long [Member]    
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items]    
Foreign exchange contracts 595.4  
Short [Member]    
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items]    
Foreign exchange contracts $ 570.5  
v3.24.3
Derivative Instruments and Hedging Activities - Income Statement (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 25, 2024
Aug. 27, 2023
Aug. 25, 2024
Aug. 27, 2023
Nov. 26, 2023
Amount of (Loss) Gain Recognized in AOCL (Effective Portion)          
Cumulative income taxes, gain or (loss) recognized in AOCI $ 17.9   $ 17.9   $ 19.0
Total, gain or (loss) recognized in AOCI (38.0)   (38.0)   (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 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 (0.1)   (0.1)   (15.0)
Amount of Gain (Loss) Reclassified from AOCI into Net Income          
Forward foreign exchange contracts, gain or (loss) reclassified from AOCI (0.2) 3.4 (18.2) 28.1  
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   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 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)   (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 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 (40.6)   (40.6)   $ (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 $ 0.0 $ 0.0  
v3.24.3
Derivative Instruments and Hedging Activities - Realized & Unrealized (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 25, 2024
Aug. 27, 2023
Aug. 25, 2024
Aug. 27, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Loss from cash flow hedges expected to be reclassified from AOCL into net income within the next 12 months $ 0.5   $ 0.5  
Revenues [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) on Cash Flow Hedge Activity (1.2) $ (0.5) (4.0) $ 1.9
Cost of Goods Sold        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) on Cash Flow Hedge Activity 1.0 3.9 (14.2) 26.3
Forward foreign exchange contracts [Member] | Other Income [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Realized (1.0) 1.7 8.3 24.3
Unrealized (0.1) 3.1 (6.5) (3.7)
Total $ (1.1) $ 4.8 $ 1.8 $ 20.6
v3.24.3
Other Accrued Liabilities (Details) - USD ($)
$ in Millions
Aug. 25, 2024
Nov. 26, 2023
Other Liabilities Disclosure [Abstract]    
Accrued non-trade payables $ 147.7 $ 177.7
Restructuring liabilities 76.1 16.6
Taxes other than income taxes payable 64.3 63.3
Accrued income taxes 44.0 41.8
Accrued Advertising 59.4 44.7
Accrued Property, Plant And Equipment, Current 61.4 59.6
Interest Payable 16.8 8.2
Accrued Rent 8.5 9.9
Fair Value Hedge Liabilities 11.9 9.1
Short-term debt 6.8 12.5
Other 136.3 126.0
Total other accrued liabilities $ 633.2 $ 569.4
v3.24.3
Debt - Summary (Details) - USD ($)
$ in Millions
Aug. 25, 2024
Nov. 26, 2023
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Long-term debt $ 1,020.5 $ 1,009.4
Short-term debt 6.8 12.5
Total debt 1,027.3 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 $ 525.4 514.9
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 $ 495.1 494.5
Stated interest rate 3.50%  
Borrowings    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Short-term debt $ 6.8 $ 12.5
v3.24.3
Debt - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Aug. 25, 2024
Aug. 27, 2023
Aug. 25, 2024
Aug. 27, 2023
Nov. 26, 2023
Debt Instruments [Line Items]          
Short-term debt $ 6,800,000   $ 6,800,000   $ 12,500,000
Weighted-average interest rate 3.97% 4.35% 3.98% 4.24%  
Senior revolving credit facility | Line of Credit          
Debt Instruments [Line Items]          
Short-term debt $ 0   $ 0    
Senior revolving credit facility          
Debt Instruments [Line Items]          
Letter of credit limit 705,800,000   705,800,000    
Total availability 726,800,000   726,800,000    
Letters of credit and other credit usage $ 21,000,000.0   $ 21,000,000.0    
v3.24.3
Restructuring Activities - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 25, 2024
Aug. 27, 2023
Aug. 25, 2024
Aug. 27, 2023
May 26, 2024
Nov. 26, 2023
Restructuring Cost and Reserve [Line Items]            
Restructuring charges, net $ 3,400 $ 1,500 $ 174,700 $ 19,300    
Restructuring liabilities 76,100   76,100     $ 16,600
Impairments of capitalized internal-use software 11,100          
Project Fuel            
Restructuring Cost and Reserve [Line Items]            
Restructuring liabilities 124,700   124,700   $ 154,000 18,000
Restructuring reserve recorded in other accrued liabilities 76,100   76,100      
Restructuring reserve recorded in long-term employee related benefits and other liabilities 48,600   48,600      
Project Fuel | Severance and employee-related benefits            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges, net 3,400   174,700      
Restructuring liabilities 102,200   102,200   $ 133,600 $ 17,800
Project Fuel | Consulting Fees And Other            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges, net $ 19,000   $ 34,300      
v3.24.3
Restructuring Activities - Restructuring Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 25, 2024
Aug. 27, 2023
Aug. 25, 2024
Aug. 27, 2023
Restructuring Reserve [Roll Forward]        
Restructuring Reserve, Beginning Balance     $ 16.6  
Restructuring charges, net $ 3.4 $ 1.5 174.7 $ 19.3
Restructuring Reserve, Ending Balance 76.1   76.1  
Stock-based compensation and dividends, net 12.5 $ 18.0 48.0 $ 56.4
Project Fuel        
Restructuring Reserve [Roll Forward]        
Restructuring Reserve, Beginning Balance 154.0   18.0  
Restructuring charges, net 3.4   171.9  
Payments (35.5)   (68.7)  
Foreign Currency Fluctuations 2.8   3.5  
Restructuring Reserve, Ending Balance 124.7   124.7  
Stock-based compensation and dividends, net     2.0  
Loss on operating lease termination     0.8  
Project Fuel | Severance and employee-related benefits        
Restructuring Reserve [Roll Forward]        
Restructuring Reserve, Beginning Balance 133.6   17.8  
Restructuring charges, net 2.5   148.5  
Payments (35.2)   (66.2)  
Foreign Currency Fluctuations 1.3   2.1  
Restructuring Reserve, Ending Balance 102.2   102.2  
Project Fuel | Contract termination costs and other        
Restructuring Reserve [Roll Forward]        
Restructuring Reserve, Beginning Balance 20.4   0.2  
Restructuring charges, net 0.9   23.4  
Payments (0.3)   (2.5)  
Foreign Currency Fluctuations 1.5   1.4  
Restructuring Reserve, Ending Balance $ 22.5   $ 22.5  
v3.24.3
Dividends (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Oct. 02, 2024
Aug. 25, 2024
May 26, 2024
Feb. 25, 2024
Aug. 27, 2023
May 28, 2023
Feb. 26, 2023
Aug. 25, 2024
Aug. 27, 2023
Class of Stock [Line Items]                  
Cash dividends declared (in dollars per share)   $ 0.13 $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.37 $ 0.36
Dividend to stockholders   $ 51.5     $ 47.7     $ 147.1 $ 142.9
Subsequent Event                  
Class of Stock [Line Items]                  
Dividend, fix amount (in dollars per share) $ 0.13                
Dividends, common stock $ 52.0                
v3.24.3
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 25, 2024
Aug. 27, 2023
Aug. 25, 2024
Aug. 27, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Other comprehensive (loss) income before reclassifications $ (46.3) $ 5.8 $ (52.5) $ 25.4
Amounts reclassified from accumulated other comprehensive loss 2.5 17.8 24.9 (1.8)
Net increase (decrease) in other comprehensive (loss) income (43.8) 23.6 (27.6) 23.6
Accumulated Other Comprehensive Loss        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Accumulated other comprehensive (loss) income at beginning period (374.7) (421.7) (390.9) (421.7)
Accumulated other comprehensive (loss) income at ending period (418.5) (398.1) (418.5) (398.1)
Pension and Postretirement Benefits        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Accumulated other comprehensive (loss) income at beginning period (150.2) (176.0) (153.2) (179.5)
Other comprehensive (loss) income before reclassifications (0.4) (7.0) (1.8) (8.1)
Amounts reclassified from accumulated other comprehensive loss 2.3 21.1 6.7 25.7
Net increase (decrease) in other comprehensive (loss) income 1.9 14.1 4.9 17.6
Accumulated other comprehensive (loss) income at ending period (148.3) (161.9) (148.3) (161.9)
Derivative Instruments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Accumulated other comprehensive (loss) income at beginning period (27.2) (33.7) (42.0) 7.2
Other comprehensive (loss) income before reclassifications (11.0) (7.9) (14.2) (24.0)
Amounts reclassified from accumulated other comprehensive loss 0.2 (3.3) 18.2 (28.1)
Net increase (decrease) in other comprehensive (loss) income (10.8) (11.2) 4.0 (52.1)
Accumulated other comprehensive (loss) income at ending period (38.0) (44.9) (38.0) (44.9)
Foreign Currency Translation        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Accumulated other comprehensive (loss) income at beginning period (197.3) (212.0) (195.7) (248.7)
Other comprehensive (loss) income before reclassifications (34.9) 20.7 (36.5) 57.4
Amounts reclassified from accumulated other comprehensive loss 0.0 0.0 0.0 0.0
Net increase (decrease) in other comprehensive (loss) income (34.9) 20.7 (36.5) 57.4
Accumulated other comprehensive (loss) income at ending period $ (232.2) (191.3) $ (232.2) (191.3)
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 (loss) income before reclassifications   0.0   0.1
Amounts reclassified from accumulated other comprehensive loss   0.0   0.6
Net increase (decrease) in other comprehensive (loss) income   0.0   0.7
Accumulated other comprehensive (loss) income at ending period   $ 0.0   $ 0.0
v3.24.3
Net Revenues - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 25, 2024
Aug. 27, 2023
Aug. 25, 2024
Aug. 27, 2023
Disaggregation of Revenue [Line Items]        
Net revenues $ 1,516.8 $ 1,511.0 $ 4,515.6 $ 4,536.7
Wholesale        
Disaggregation of Revenue [Line Items]        
Net revenues 847.7 902.1 2,419.9 2,602.3
Direct-to-consumer        
Disaggregation of Revenue [Line Items]        
Net revenues 669.1 608.9 2,095.7 1,934.4
Americas        
Disaggregation of Revenue [Line Items]        
Net revenues 757.2 766.7 2,205.2 2,198.6
Americas | Wholesale        
Disaggregation of Revenue [Line Items]        
Net revenues 450.4 499.1 1,289.9 1,396.4
Americas | Direct-to-consumer        
Disaggregation of Revenue [Line Items]        
Net revenues 306.8 267.6 915.3 802.2
Europe        
Disaggregation of Revenue [Line Items]        
Net revenues 406.6 384.1 1,183.8 1,200.5
Europe | Wholesale        
Disaggregation of Revenue [Line Items]        
Net revenues 215.2 208.3 574.8 624.9
Europe | Direct-to-consumer        
Disaggregation of Revenue [Line Items]        
Net revenues 191.4 175.8 609.0 575.6
Asia        
Disaggregation of Revenue [Line Items]        
Net revenues 247.1 246.5 795.9 797.7
Asia | Wholesale        
Disaggregation of Revenue [Line Items]        
Net revenues 123.8 125.6 368.3 371.9
Asia | Direct-to-consumer        
Disaggregation of Revenue [Line Items]        
Net revenues 123.3 120.9 427.6 425.8
Other Brands        
Disaggregation of Revenue [Line Items]        
Net revenues 105.9 113.7 330.7 339.9
Other Brands | Wholesale        
Disaggregation of Revenue [Line Items]        
Net revenues 58.3 69.1 186.9 209.1
Other Brands | Direct-to-consumer        
Disaggregation of Revenue [Line Items]        
Net revenues $ 47.6 $ 44.6 $ 143.8 $ 130.8
v3.24.3
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 25, 2024
Aug. 27, 2023
Aug. 25, 2024
Aug. 27, 2023
Income Tax Disclosure [Abstract]        
Effective income tax rate (4.10%) 386.60% (46.20%) 4.50%
Tax benefit related to a favorable resolution of a state audit     $ 10.1  
Losses before income taxes $ (19.8) $ 3.4 $ (19.1) $ (128.6)
v3.24.3
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 9 Months Ended
Aug. 25, 2024
Aug. 27, 2023
Aug. 25, 2024
Aug. 27, 2023
Numerator:        
Net income $ 20.7 $ 9.6 $ 28.0 $ 122.7
Denominator:        
Weighted-average common shares outstanding - basic (in shares) 398,187,049 397,767,394 398,642,455 396,969,596
Dilutive effect of stock awards (in shares) 4,211,015 3,225,341 4,206,224 4,485,224
Weighted-average common shares outstanding - diluted (in shares) 402,398,064 400,992,735 402,848,679 401,454,820
Earnings per common share:        
Basic (usd per share) $ 0.05 $ 0.02 $ 0.07 $ 0.31
Diluted (usd per share) $ 0.05 $ 0.02 $ 0.07 $ 0.31
Anti-dilutive securities excluded from calculation of diluted earnings per share attributable to common stockholders (in shares) 2,609,700 6,900,153 4,171,552 5,455,292
v3.24.3
Related Parties (Details) - Levi Strauss Foundation - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 25, 2024
Aug. 27, 2023
Aug. 25, 2024
Aug. 27, 2023
Related Party Transaction [Line Items]        
Related Party Donations $ 0.4 $ 0.5 $ 5.7 $ 10.8
Expenses related to donation commitments $ 2.2 $ 0.9 $ 6.4 $ 4.0
v3.24.3
Business Segment Information (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 25, 2024
USD ($)
Aug. 27, 2023
USD ($)
Aug. 25, 2024
USD ($)
segment
Aug. 27, 2023
USD ($)
Segment Reporting Information [Line Items]        
Number of reportable segments | segment     3  
Net revenues $ 1,516.8 $ 1,511.0 $ 4,515.6 $ 4,536.7
Operating income (loss) 30.3 34.8 51.8 202.1
Restructuring charges, net (3.4) (1.5) (174.7) (19.3)
Goodwill and other intangible asset impairment charges (111.4) (90.2) (116.9) (90.2)
Interest expense (10.1) (11.5) (30.4) (35.4)
Other expense, net (0.4) (26.7) (2.3) (38.1)
Income (loss) before income taxes 19.8 (3.4) 19.1 128.6
Goodwill impairment     41.8 75.4
Insurance recovery 2.7   2.7  
Government subsidy gain 1.4   1.4  
Customer Relationships        
Segment Reporting Information [Line Items]        
Impairment of finite-lived intangible assets 9.1   9.1  
Trademarks        
Segment Reporting Information [Line Items]        
Impairment of intangible assets, indefinite-lived (excluding goodwill) 66.0 14.8 66.0 14.8
Beyond Yoga        
Segment Reporting Information [Line Items]        
Goodwill and other intangible asset impairment charges     (111.4)  
Goodwill impairment 36.3 75.4 36.3 75.4
Footwear Business        
Segment Reporting Information [Line Items]        
Goodwill impairment     5.5  
Operating Segments        
Segment Reporting Information [Line Items]        
Net revenues 1,410.9 1,397.3 4,184.9 4,196.8
Operating income (loss) 285.6 233.9 783.7 679.8
Segment Reconciling Items | Other Brands        
Segment Reporting Information [Line Items]        
Net revenues 105.9 113.7 330.7 339.9
Segment Reconciling Items | Beyond Yoga        
Segment Reporting Information [Line Items]        
Net revenues 32.2 27.0 97.2 85.1
Operating income (loss) (5.8) 0.5 (9.6) 2.5
Segment Reconciling Items | Dockers        
Segment Reporting Information [Line Items]        
Net revenues 73.7 86.7 233.5 254.8
Operating income (loss) (2.4) (2.3) (2.4) (2.9)
Segment Reporting, Reconciling Item, Corporate Nonsegment        
Segment Reporting Information [Line Items]        
Corporate expenses (132.3) (105.6) (428.3) (367.8)
Americas        
Segment Reporting Information [Line Items]        
Net revenues 757.2 766.7 2,205.2 2,198.6
Goodwill impairment     0.0 0.0
Americas | Operating Segments        
Segment Reporting Information [Line Items]        
Net revenues 757.2 766.7 2,205.2 2,198.6
Operating income (loss) 173.9 135.6 432.8 323.4
Europe        
Segment Reporting Information [Line Items]        
Net revenues 406.6 384.1 1,183.8 1,200.5
Goodwill impairment     5.5 0.0
Europe | Operating Segments        
Segment Reporting Information [Line Items]        
Net revenues 406.6 384.1 1,183.8 1,200.5
Operating income (loss) 83.2 68.1 239.9 240.4
Asia        
Segment Reporting Information [Line Items]        
Net revenues 247.1 246.5 795.9 797.7
Goodwill impairment     0.0 0.0
Asia | Operating Segments        
Segment Reporting Information [Line Items]        
Net revenues 247.1 246.5 795.9 797.7
Operating income (loss) $ 28.5 $ 30.2 $ 111.0 $ 116.0