LEVI STRAUSS & CO, 10-Q filed on 6/26/2024
Quarterly Report
v3.24.1.1.u2
Cover Page - shares
 6 Months Ended
May 26, 2024
Jun. 18, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date May 26, 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 Q2  
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, $0.001 par value per share  
Trading Symbol LEVI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Shell Company false  
Common Class A [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   105,137,324
Common Class B [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   292,365,765
v3.24.1.1.u2
Consolidated Balance Sheets - USD ($)
$ in Millions
May 26, 2024
Nov. 26, 2023
Current Assets:    
Cash and cash equivalents $ 641.4 $ 398.8
Trade receivables, net 581.8 752.7
Inventories 1,220.0 1,290.1
Other current assets 206.8 196.0
Total current assets 2,650.0 2,637.6
Property, plant and equipment, net 686.4 680.7
Goodwill 317.6 303.7
Other intangible assets, net 275.4 267.6
Deferred tax assets, net 774.2 729.5
Operating lease right-of-use assets, net 1,062.7 1,033.9
Other non-current assets 419.6 400.6
Total assets 6,185.9 6,053.6
Current Liabilities:    
Accounts payable 623.1 567.9
Accrued salaries, wages and employee benefits 205.7 214.9
Accrued sales returns and allowances 165.8 189.8
Short-term operating lease liabilities 246.0 245.5
Other accrued liabilities 628.5 569.4
Total current liabilities 1,869.1 1,787.5
Long-term debt 1,006.0 1,009.4
Long-term operating lease liabilities 937.8 913.1
Long-term employee related benefits and other liabilities 419.3 297.2
Total liabilities 4,232.2 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, 104,598,166 shares and 102,104,670 shares issued and outstanding as of May 26, 2024 and November 26, 2023, respectively; and 422,000,000 Class B shares authorized, 292,825,765 shares and 295,243,353 shares issued and outstanding, as of May 26, 2024 and November 26, 2023, respectively 0.4 0.4
Additional paid-in capital 708.0 686.7
Accumulated other comprehensive loss (374.7) (390.9)
Retained earnings 1,620.0 1,750.2
Total stockholders’ equity 1,953.7 2,046.4
Total liabilities and stockholders’ equity $ 6,185.9 $ 6,053.6
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Consolidated Balance Sheets (Parenthetical) - $ / shares
May 26, 2024
Nov. 26, 2023
Common Class A [Member]    
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 1,200,000,000 1,200,000,000
Common stock, shares issued 104,598,166 102,104,670
Common stock, shares outstanding 104,598,166 102,104,670
Common Class B [Member]    
Common stock, shares authorized 422,000,000 422,000,000
Common stock, shares issued 292,825,765 295,243,353
Common stock, shares outstanding 292,825,765 295,243,353
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Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 26, 2024
May 28, 2023
May 26, 2024
May 28, 2023
Income Statement [Abstract]        
Net revenues $ 1,441,200 $ 1,336,800 $ 2,998,800 $ 3,025,700
Cost of goods sold 569,500 552,600 1,220,600 1,299,200
Gross profit 871,700 784,200 1,778,200 1,726,500
Selling, general and administrative expenses 794,700 767,800 1,585,400 1,541,400
Restructuring charges, net 55,100 6,500 171,300 17,800
Operating income 21,900 9,900 21,500 167,300
Interest expense (10,300) (13,200) (20,300) (23,900)
Other income (expense), net 400 (3,900) (1,900) (11,400)
Income (loss) before income taxes 12,000 (7,200) (700) 132,000
Income tax (benefit) expense (6,000) (5,600) (8,000) 18,900
Net income (loss) $ 18,000 $ (1,600) $ 7,300 $ 113,100
Earnings (loss) per common share:        
Basic (usd per share) $ 0.05 $ 0.00 $ 0.02 $ 0.29
Diluted (usd per share) $ 0.04 $ 0.00 $ 0.02 $ 0.28
Weighted-average common shares outstanding:        
Basic (in shares) 398,799,458 397,455,261 398,897,030 396,671,862
Diluted (in shares) 402,907,212 397,455,261 402,972,543 401,141,666
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Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 26, 2024
May 28, 2023
May 26, 2024
May 28, 2023
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 18.0 $ (1.6) $ 7.3 $ 113.1
Other comprehensive income (loss), before related income taxes:        
Pension and postretirement benefits 2.0 2.3 4.0 4.6
Derivative instruments 4.0 (26.7) 17.8 (51.5)
Foreign currency translation gains (losses) 4.5 19.3 (1.8) 47.4
Unrealized gains on marketable securities 0.0 0.0 0.0 0.7
Total other comprehensive income (loss), before related income taxes 10.5 (5.1) 20.0 1.2
Income tax expense related to items of other comprehensive (loss) income (1.9) 1.9 (3.8) (1.2)
Comprehensive income (loss), net of taxes $ 26.6 $ (4.8) $ 23.5 $ 113.1
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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]          
Shares repurchased (in shares) (0.5)        
Ending Balance ( in shares) at Feb. 26, 2023   396.4      
Ending balance at Feb. 26, 2023 $ 1,967.5 $ 0.4 627.2 1,758.4 (418.5)
Beginning balance (in shares) at Nov. 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 (loss) 113.1     113.1  
Stock-based compensation and dividends, net (in shares)   3.2      
Stock-based compensation and dividends, net 38.4   38.5 (0.1)  
Employee stock purchase plan (in shares)   0.3      
Employee stock purchase plan 4.8   4.8    
Shares repurchased (in shares)   (0.5)      
Repurchase of common stock (8.1)     (8.1)  
Tax withholdings on equity awards (19.0)   (19.0)    
Cash dividends declared (in usd per share) (95.2)     (95.2)  
Ending Balance ( in shares) at May. 28, 2023   396.7      
Ending balance at May. 28, 2023 1,937.7 $ 0.4 649.9 1,709.1 (421.7)
Beginning balance (in shares) at Feb. 26, 2023   396.4      
Beginning balance at Feb. 26, 2023 1,967.5 $ 0.4 627.2 1,758.4 (418.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (1.6)     (1.6)  
Other comprehensive income (loss), net of tax (3.2)       (3.2)
Stock-based compensation and dividends, net (in shares)   0.2      
Stock-based compensation and dividends, net 20.8   20.9    
Employee stock purchase plan (in shares)   0.1      
Employee stock purchase plan 2.2   2.2    
Tax withholdings on equity awards (0.4)   (0.4)    
Cash dividends declared (in usd per share) (47.6)     (47.6)  
Ending Balance ( in shares) at May. 28, 2023   396.7      
Ending balance at May. 28, 2023 1,937.7 $ 0.4 649.9 1,709.1 (421.7)
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 (loss) 7.3     7.3  
Other comprehensive income (loss), net of tax 16.2       16.2
Stock-based compensation and dividends, net (in shares)   2.2      
Stock-based compensation and dividends, net 35.5 $ 0.0 35.5 0.0  
Employee stock purchase plan (in shares)   0.2      
Employee stock purchase plan $ 4.2   4.2    
Shares repurchased (in shares) (2.3) (2.3)      
Repurchase of common stock $ (41.9) $ 0.0   (41.9)  
Tax withholdings on equity awards (18.4)   (18.4)    
Cash dividends declared (in usd per share) (95.6)     (95.6)  
Ending Balance ( in shares) at May. 26, 2024   397.4      
Ending balance at May. 26, 2024 1,953.7 $ 0.4 708.0 1,620.0 (374.7)
Beginning balance (in shares) at Feb. 25, 2024   398.0      
Beginning balance at Feb. 25, 2024 1,976.1 $ 0.4 692.3 1,666.7 (383.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 18.0     18.0  
Other comprehensive income (loss), net of tax 8.6       8.6
Stock-based compensation and dividends, net (in shares)   0.1      
Stock-based compensation and dividends, net 16.9   16.9    
Employee stock purchase plan (in shares)   0.1      
Employee stock purchase plan $ 1.9   1.9    
Shares repurchased (in shares) (0.8) (0.8)      
Repurchase of common stock $ (17.0)     (17.0)  
Tax withholdings on equity awards (3.1)   (3.1)    
Cash dividends declared (in usd per share) (47.7)     (47.7)  
Ending Balance ( in shares) at May. 26, 2024   397.4      
Ending balance at May. 26, 2024 $ 1,953.7 $ 0.4 $ 708.0 $ 1,620.0 $ (374.7)
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Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
May 26, 2024
May 28, 2023
May 26, 2024
May 28, 2023
Statement of Stockholders' Equity [Abstract]        
Cash dividends declared (in dollars per share) $ 0.12 $ 0.12 $ 0.24 $ 0.24
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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
May 26, 2024
May 28, 2023
Cash Flows from Operating Activities:    
Net income (loss) $ 7.3 $ 113.1
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 88.7 79.4
Property, plant, and equipment impairment, and early lease terminations, net 0.2 14.9
Stock-based compensation 35.5 38.4
Deferred income taxes (43.6) (36.5)
Other, net 9.0 (11.3)
Net change in operating assets and liabilities 451.7 (72.6)
Net cash provided by operating activities 548.8 125.4
Cash Flows from Investing Activities:    
Purchases of property, plant and equipment (111.8) (181.4)
Payment for business acquisition (34.4) (5.2)
Proceeds on settlement of forward foreign exchange contracts not designated for hedge accounting, net 5.9 34.3
Proceeds from sale, maturity and collection of short-term investments 0.0 70.8
Other investing, net (1.1) 0.0
Net cash used for investing activities (141.4) (81.5)
Cash Flows from Financing Activities:    
Proceeds from senior revolving credit facility 0.0 200.0
Repayments of senior revolving credit facility 0.0 (75.0)
Repurchase of common stock (41.9) (8.1)
Tax withholdings on equity awards (18.4) (19.0)
Dividends to stockholders (95.6) (95.2)
Other financing activities, net (7.0) 3.2
Net cash (used for) provided by financing activities (162.9) 5.9
Effect of exchange rate changes on cash and cash equivalents and restricted cash (1.9) (7.8)
Net increase in cash and cash equivalents and restricted cash 242.6 42.0
Beginning cash and cash equivalents 398.8 429.6
Ending cash and cash equivalents 641.4 471.6
Noncash Investing Activity:    
Property, plant and equipment acquired and not yet paid at end of period 39.1 39.9
Supplemental disclosure of cash flow information:    
Cash paid for income taxes during the period, net of refunds $ 61.7 $ 40.5
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Significant Accounting Policies
 6 Months Ended
May 26, 2024
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation
The interim consolidated financial statements of the Company and its wholly-owned and majority-owned foreign and domestic subsidiaries, including the notes, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim period financial statements and do not include all of the information and disclosures required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments necessary for a fair statement of the financial position and the results of operations for the periods presented have been included. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended November 26, 2023, included in the Company’s 2023 Annual Report on Form 10-K.
The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany transactions have been eliminated. The results of operations for the three and six months ended May 26, 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 intangibles 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 we expect to commence 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.
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 May 26, 2024 and November 26, 2023, respectively.
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 $124.0 million as of May 26, 2024 and $113.4 million as of November 26, 2023.
Share Repurchases
During the three and six months ended May 26, 2024, the Company repurchased 0.8 million and 2.3 million shares for $17.0 million and $41.9 million, plus broker’s commissions, respectively, in the open market. This equates to an average repurchase price of approximately $18.21 per share for the six months ended May 26, 2024. During the six months ended May 28, 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. During the second quarter of 2023, there were no shares repurchased.
The Company accounts for share repurchases by charging entirely to retained earnings the excess of the repurchase price over the repurchased Class A common stock’s par value. All repurchased shares are retired and become authorized but unissued shares. The Company accrues for the shares purchased under the share repurchase plan based on the trade date. The Company may terminate or limit the share repurchase program at any time.
Reclassification
Certain amounts on the consolidated balance sheets, consolidated statements of operations and statements of cash flows have been conformed to the May 26, 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.
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Fair Value of Financial Instruments
 6 Months Ended
May 26, 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:
 May 26, 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$88.0 $88.0 $— $78.7 $78.7 $— 
Derivative instruments(3)
7.0 — 7.0 13.8 — 13.8 
Total$95.0 $88.0 $7.0 $92.5 $78.7 $13.8 
Financial liabilities carried at fair value
Derivative instruments(3)
9.8 — 9.8 9.1 — 9.1 
Total$9.8 $— $9.8 $9.1 $— $9.1 
_____________
(1)Fair values estimated using Level 1 inputs are inputs that consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Rabbi trust assets consist of marketable equity securities.
(2)Fair values estimated using Level 2 inputs are inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly, and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. For forward foreign exchange contracts, inputs include foreign currency exchange and interest rates and, where applicable, credit default swap prices.
(3)The Company’s cash flow hedges are subject to International Swaps and Derivatives Association, Inc. master agreements. These agreements permit the net settlement of these contracts on a per-institution basis. Refer to Note 3 for more information.
The following table presents the carrying value, including related accrued interest, and estimated fair value of the Company’s financial instruments that are carried at adjusted historical cost:
 May 26, 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)
$514.6 $507.5 $518.3 $500.2 
3.50% senior notes due 2031(1)
499.0 408.1 498.7 407.2 
Short-term borrowings2.4 2.4 12.6 12.6 
Total$1,016.0 $918.0 $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.
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Derivative Instruments and Hedging Activities
 6 Months Ended
May 26, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
As of May 26, 2024, the Company had forward foreign exchange contracts derivatives to buy $630.4 million and to sell $535.7 million in various foreign currencies. These contracts are at various exchange rates and expire at various dates through May 2025.
The table below provides data about the carrying values of derivative and non-derivative instruments: 
 May 26, 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)
$6.2 $— $6.2 $6.0 $— $6.0 
Foreign exchange risk cash flow hedges(2)
— (8.2)(8.2)— (7.1)(7.1)
Total
$6.2 $(8.2)$6.0 $(7.1)
Derivatives not designated as hedging instruments
Forward foreign exchange contracts(1)
$7.0 $(6.2)$0.8 $13.8 $(6.0)$7.8 
Forward foreign exchange contracts(2)
8.2 (9.9)(1.6)7.1 (9.1)(2.0)
Total
$15.2 $(16.1)$20.9 $(15.1)
Non-derivatives designated as hedging instruments
Euro senior notes
$— $(513.7)$— $(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:
May 26, 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$21.4 $(7.9)$13.5 $26.9 $(13.1)$13.8 
Financial liabilities(24.3)7.9 (16.4)(22.2)13.1 (9.1)
Total$(2.9)$4.7 
The table below provides data about the amount of gains and losses related to derivative instruments and non-derivative instruments designated as cash flow and net investment hedges included in “Accumulated other comprehensive loss” (“AOCL”) on the Company’s consolidated balance sheets, and in “Other expense, net” in the Company’s consolidated statements of operations:
 
Amount of (Loss) Gain
Recognized in AOCL
(Effective Portion)
Amount of Gain (Loss) Reclassified from
 AOCL into Net (Loss) Income(1)
 
As of
May 26,
2024
As of
November 26,
 2023
Three Months EndedSix Months Ended
May 26,
2024		May 28,
2023		May 26,
2024		May 28,
2023
 (Dollars in millions)
Foreign exchange risk contracts$(1.5)$(15.0)$6.6 $13.6 $18.0 $24.8 
Realized forward foreign exchange swaps(2)
4.6 4.6 — — — — 
Yen-denominated Eurobonds(19.8)(19.8)— — — — 
Euro-denominated senior notes(26.6)(30.8)— — — — 
Cumulative income taxes16.0 19.0 — — — — 
Total$(27.3)$(42.0)
_____________
(1)Amounts reclassified from AOCL were classified as net revenues or costs of goods sold on the consolidated statements of operations.
(2)Prior to 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 six months ended May 26, 2024. Within the next 12 months, a $0.9 million loss from cash flow hedges is expected to be reclassified from AOCL into net income (loss).
The table below presents the effects of the Company’s cash flow hedges of foreign exchange risk contracts on the consolidated statements of operations:
Three Months EndedSix Months Ended
May 26,
2024		May 28,
2023		May 26,
2024		May 28,
2023
(Dollars in millions)
Amount of (Loss) Gain on Cash Flow Hedge Activity
Net revenues$(1.2)$0.8 $(2.8)$2.4 
Cost of goods sold$(5.4)$12.9 $(15.1)$22.4 
The table below provides data about the amount of gains and losses related to derivatives instruments included in “Other expense, net” in the Company’s consolidated statements of operations:
 Three Months EndedSix Months Ended
 May 26,
2024		May 28,
2023		May 26,
2024		May 28,
2023
 (Dollars in millions)
Realized gain(1)
$6.3 $13.1 $9.2 $22.6 
Unrealized loss
(3.5)(1.2)(6.4)(6.8)
Total$2.8 $11.9 $2.8 $15.8 
_____________
(1)Realized gains related to derivatives instruments were classified as Other, net on the Company’s consolidated statements of cash flows.
v3.24.1.1.u2
Other Accrued Liabilities
 6 Months Ended
May 26, 2024
Other Liabilities Disclosure [Abstract]  
Other Accrued Liabilities OTHER ACCRUED LIABILITIES
The following table presents the Company’s other accrued liabilities:
May 26,
2024		November 26,
2023
 (Dollars in millions)
Other accrued liabilities
Accrued non-trade payables$172.2 $177.7 
Restructuring liabilities111.3 16.6 
Accrued advertising and promotion63.2 44.7 
Taxes other than income taxes payable57.9 63.3 
Accrued property, plant and equipment39.1 59.6 
Accrued income taxes36.9 41.8 
Fair value derivatives9.8 9.1 
Accrued rent8.5 9.9 
Accrued interest payable8.0 8.2 
Short-term debt2.4 12.5 
Other119.2 126.0 
Total other accrued liabilities$628.5 $569.4 
v3.24.1.1.u2
Debt
 6 Months Ended
May 26, 2024
Debt Disclosure [Abstract]  
DEBT DEBT 
The following table presents the Company’s debt: 
May 26,
2024		November 26,
2023
 (Dollars in millions)
Long-term debt
3.375% senior notes due 2027
$511.1 $514.9 
3.50% senior notes due 2031
494.9 494.5 
Total long-term debt$1,006.0 $1,009.4 
Short-term debt
Short-term borrowings2.4 12.5 
Total debt$1,008.4 $1,021.9 

Senior Revolving Credit Facility
As of May 26, 2024, the Company had no borrowings under the Credit Facility. The Company’s unused availability under the Credit Facility was $791.2 million at May 26, 2024, as the total availability of $809.3 million was reduced by $18.1 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 six months ended May 26, 2024 was 4.06% and 3.98%, respectively, as compared to 4.50% and 4.19%, respectively, during the same period of 2023.
v3.24.1.1.u2
Restructuring Activities
 6 Months Ended
May 26, 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 occurred in the first half of 2024. The two-year initiative is expected to continue through the end of 2025. As this initiative progresses, the Company may incur additional restructuring charges, which could be significant to a future fiscal quarter or year.
During the three-month and six-month periods ended May 26, 2024, we recognized restructuring charges of $55.1 million and $171.3 million, respectively, related to Project Fuel, consisting primarily of severance and other post-employment benefit charges. As of May 26, 2024, the Company recorded $154.0 million in restructuring liabilities. The liabilities and charges are included in “Other accrued liabilities” and “Long-term employee related benefits and other liabilities” in the Company’s consolidated balance sheet and “Restructuring charges, net” in the Company’s consolidated statements of operations.
For the three-month and six-month periods ended May 28, 2023, the Company recognized net restructuring charges of $6.5 million and $17.8 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. During the six-month period ended May 28, 2023, the Company also recognized $18.8 million in charges related to the impairment of capitalized internal-use software, as a result of the decision to discontinue certain technology projects. Both charges were recorded in “Restructuring charges, net” in the accompanying consolidated statements of operations.
The following tables summarize the activities associated with restructuring liabilities for the three-month and six-month periods May 26, 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 May 26, 2024
 Liabilities
Net Charges (Reversals)
Payments
Foreign Currency Fluctuations		Liabilities
February 25,
2024		May 26,
2024
 
(Dollars in millions)
Severance and employee-related benefits
$123.0 $32.6 $(22.6)$0.6 $133.6 
Contract termination costs and other
— 22.5 (2.1)— 20.4 
Total
$123.0 $55.1 $(24.7)$0.6 $154.0 
 
Six Months Ended May 26, 2024
 Liabilities
Net Charges (Reversals)(1)
Payments
Foreign Currency Fluctuations		Liabilities
November 26,
2023		May 26,
2024
 
(Dollars in millions)
Severance and employee-related benefits
$17.8 $146.0 $(31.0)$0.8 $133.6 
Contract termination costs and other
0.2 22.5 (2.2)(0.1)20.4 
Total
$18.0 $168.5 $(33.2)$0.7 $154.0 
_____________
(1)Excludes $2.0 million in stock compensation related charge recorded in Additional paid-in capital and $0.8 million in operating lease termination for the six-month period ended May 26, 2024.
v3.24.1.1.u2
Commitments and Contingencies
 6 Months Ended
May 26, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Forward Foreign Exchange Contracts
The Company uses cash flow hedge derivative instruments to manage its exposure to foreign currencies. The Company is exposed to credit loss in the event of nonperformance by the counterparties to the forward foreign exchange contracts. However, the Company believes that its exposures are appropriately diversified across counterparties and that these counterparties are creditworthy financial institutions. See Note 3 for additional information.
Other Contingencies
Litigation. In the ordinary course of business, the Company has various claims, complaints and pending cases, including contractual matters, facility and employee-related matters, distribution matters, product liability matters, intellectual property matters, bankruptcy preference matters, and tax and administrative matters. The Company establishes loss provisions for these ordinary course claims as well as other matters in which losses are probable and can be reasonably estimated. The Company does not believe any of these pending claims, complaints and legal proceedings will have a material impact on its financial condition, results of operations or cash flows.
Customs Duty Audits. The Company imports both raw materials and finished garments into all of its geographic regions and, as such, is subject to numerous countries’ complex customs laws and regulations with respect to its import and export activity. The Company has various pending audit assessments in connection with these activities. As of May 26, 2024, the Company has recorded certain reserves for these matters which are not material. The Company does not believe any of the claims for customs duty and related charges will have a material impact on its financial condition, results of operations or cash flows.
v3.24.1.1.u2
Dividends
 6 Months Ended
May 26, 2024
Dividends [Abstract]  
DIVIDENDS DIVIDENDS
Dividends are declared at the discretion of the Board. In January and April for both 2024 and 2023, the Company declared cash dividends, each $0.12 per share, to holders of record of its Class A and Class B common stock. During the three and six months ended May 26, 2024, dividends were paid in the amount of $47.7 million and $95.6 million, respectively, compared to $47.6 million and $95.2 million, respectively, for the same prior-year period.
The Company does not have an established dividend policy. The Board reviews the Company’s ability to pay dividends on an ongoing basis and establishes the dividend amount based on the Company’s financial condition, results of operations, capital requirements, current and projected cash flows and other factors, and any restrictions related to the terms of the Company’s debt agreements.
Subsequent to the Company’s quarter end, a cash dividend of $0.13 per share was declared to holders of record of its Class A and Class B common stock at the close of business on August 2, 2024. The cash dividend will be payable on August 20, 2024, for a total quarterly dividend of approximately $52 million.
v3.24.1.1.u2
Accumulated Other Comprehensive Loss
 6 Months Ended
May 26, 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 May 26, 2024
Pension and
Postretirement
Benefits(1)
Translation Adjustments
Unrealized
(Loss) Gain on
Marketable
Securities(1)
Derivative Instruments(2)
Foreign
Currency
Translation		Total
(Dollars in millions)
Accumulated other comprehensive loss at February 25, 2024
$(151.7)$(30.3)$(201.3)$— $(383.3)
Other comprehensive income (loss) before reclassifications
(0.9)(3.6)4.0 — (0.5)
Amounts reclassified from accumulated other comprehensive loss
2.4 6.7 — — 9.1 
Net increase (decrease) in other comprehensive income (loss)
1.5 3.1 4.0 — 8.6 
Accumulated other comprehensive loss at May 26, 2024
$(150.2)$(27.2)$(197.3)$— $(374.7)
Six Months Ended May 26, 2024
Pension and
Postretirement
Benefits(1)
Translation Adjustments
Unrealized
(Loss) Gain on
Marketable
Securities(1)
Derivative Instruments(2)
Foreign
Currency
Translation		Total
(Dollars in millions)
Accumulated other comprehensive loss at November 26, 2023
$(153.2)$(42.0)$(195.7)$— $(390.9)
Other comprehensive (loss) income before reclassifications
(1.4)(3.2)(1.6)— (6.2)
Amounts reclassified from accumulated other comprehensive (loss) income 4.4 18.0 — — 22.4 
Net increase (decrease) in other comprehensive (loss) income3.0 14.8 (1.6)— 16.2 
Accumulated other comprehensive loss at May 26, 2024
$(150.2)$(27.2)$(197.3)$— $(374.7)
____________
(1)Amounts reclassified were recorded in other expense, net.
(2)Amounts reclassified were recorded within net revenues and cost of goods sold. For more information, refer to Note 3.
Three Months Ended May 28, 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 February 26, 2023
$(177.7)$(12.4)$(228.4)$— $(418.5)
Other comprehensive income (loss) before reclassifications
(0.6)(7.6)16.4 — 8.2 
Amounts reclassified from accumulated other comprehensive loss
2.3 (13.7)— — (11.4)
Net increase (decrease) in other comprehensive income (loss)
1.7 (21.3)16.4 — (3.2)
Accumulated other comprehensive loss at May 28, 2023
$(176.0)$(33.7)$(212.0)$— $(421.7)
Six Months Ended May 28, 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(1.1)(16.1)36.7 0.1 19.6 
Amounts reclassified from accumulated other comprehensive loss
4.6 (24.8)— 0.6 (19.6)
Net increase (decrease) in other comprehensive (loss) income
3.5 (40.9)36.7 0.7 — 
Accumulated other comprehensive loss at May 28, 2023
$(176.0)$(33.7)$(212.0)$— $(421.7)
_____________
(1)Amounts reclassified were recorded in other expense, net.
(2)Amounts reclassified were recorded within net revenues and cost of goods sold. For more information, refer to Note 3.
v3.24.1.1.u2
Net Revenues
 6 Months Ended
May 26, 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 May 26, 2024
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in millions)
Net revenues by channel:
Wholesale$431.7 $152.6 $112.2 $72.2 $768.7 
Direct-to-consumer280.5 201.1 147.8 43.1 672.5 
Total net revenues$712.2 $353.7 $260.0 $115.3 $1,441.2 
Six Months Ended May 26, 2024
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in thousands)
Net revenues by channel:
Wholesale$839.5 $359.6 $244.5 $128.6 $1,572.2 
Direct-to-consumer608.5 417.6 304.3 96.2 1,426.6 
Total net revenues$1,448.0 $777.2 $548.8 $224.8 $2,998.8 
Three Months Ended May 28, 2023
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in millions)
Net revenues by channel:
Wholesale$366.7 $172.5 $112.3 $63.8 $715.3 
Direct-to-consumer242.2 188.8 149.4 41.1 621.5 
Total net revenues$608.9 $361.3 $261.7 $104.9 $1,336.8 
Six Months Ended May 28, 2023
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in thousands)
Net revenues by channel:
Wholesale$897.3 $416.6 $246.3 $140.0 $1,700.2 
Direct-to-consumer534.6 399.8 304.9 86.2 1,325.5 
Total net revenues$1,431.9 $816.4 $551.2 $226.2 $3,025.7 
The Company did not have any material contract assets or contract liabilities recorded in the consolidated balance sheets as of May 26, 2024 and November 26, 2023
v3.24.1.1.u2
Income Taxes
 6 Months Ended
May 26, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company’s effective income tax rate was (49.4)% for the three months ended May 26, 2024, compared to 78.4% for the same prior-year period. The decrease in the effective tax rate in the current quarter is primarily driven by a tax benefit of $7.5 million related to a favorable resolution of a state audit in the current year and the inclusion of discrete tax benefits recognized on $7.2 million of loss before income tax in the prior year.
The Company’s effective income tax rate was 1,126.3% for the six months ended May 26, 2024, compared to 14.3% for the same prior-year period. The increase in the effective tax rate is primarily driven by a tax benefit of $7.5 million related to a favorable resolution of a state audit.
v3.24.1.1.u2
Earnings Per Share Attributable to Common Stockholders
 6 Months Ended
May 26, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS EARNINGS (LOSS) PER SHARE
The following table sets forth the computation of the Company’s basic and diluted earnings (loss) per share:
 Three Months EndedSix Months Ended
 May 26,
2024		May 28,
2023		May 26,
2024		May 28,
2023
 (Dollars in millions, except per share amounts)
Numerator:
Net income (loss)
$18.0 $(1.6)$7.3 $113.1 
Denominator:
Weighted-average common shares outstanding - basic398,799,458 397,455,261 398,897,030 396,671,862 
Dilutive effect of stock awards4,107,754 — 4,075,513 4,469,804 
Weighted-average common shares outstanding - diluted402,907,212 397,455,261 402,972,543 401,141,666 
Earnings (loss) per common share:
Basic$0.05 $(0.00 )$0.02 $0.29 
Diluted$0.04 $(0.00 )$0.02 $0.28 
Anti-dilutive securities excluded from calculation of diluted earnings (loss) per share
2,835,565 — 4,982,183 5,464,945 
Diluted net loss per common share for the three months ended May 28, 2023 excluded all potentially dilutive securities because there was a net loss for the period and, as such, the inclusion of these securities would have been anti-dilutive. Potentially dilutive securities excluded from the calculation of diluted loss per common share were 16.1 million shares for the three months ended May 28, 2023.
v3.24.1.1.u2
Related Parties
 6 Months Ended
May 26, 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 six months ended May 26, 2024, the Company donated $0.5 million and $5.3 million, respectively, to the Levi Strauss Foundation as compared to $0.5 million and $10.3 million, respectively, for the same prior-year periods. During the three and six months ended May 26, 2024, the Company recognized expenses related to their donation commitments of $2.2 million and $4.2 million, respectively, as compared to $3.4 million and $4.9 million, respectively, for the same prior-year periods.
v3.24.1.1.u2
Business Segment Information
 6 Months Ended
May 26, 2024
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
The Company manages its business according to three reportable segments: Americas, Europe, and Asia, collectively comprising the Company’s Levi’s Brands business, which includes Levi’s®, Signature by Levi Strauss & Co.™ and Denizen® brands. 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 EndedSix Months Ended
 May 26,
2024		May 28,
2023		May 26,
2024		May 28,
2023
 (Dollars in millions)
Net revenues:
Americas$712.2 $608.9 $1,448.0 $1,431.9 
Europe353.7 361.3 777.2 816.4 
Asia260.0 261.7 548.8 551.2 
Total segment net revenues1,325.9 1,231.9 2,774.0 2,799.5 
Other Brands:
Dockers
82.4 75.8 159.8 168.1 
Beyond Yoga
32.9 29.1 65.0 58.1 
Total Other Brands
115.3 104.9 224.8 226.2 
Total net revenues$1,441.2 $1,336.8 $2,998.8 $3,025.7 
Income (loss) before income taxes:
Americas$126.5 $53.2 $258.9 $187.7 
Europe53.3 54.8 156.8 172.3 
Asia33.9 32.1 82.4 85.8 
Total segment operating income213.7 140.1 498.1 445.8 
Dockers operating income (loss)
1.1 (2.7)— (0.6)
Beyond Yoga operating (loss) income
(2.9)0.7 (3.8)2.0 
Restructuring charges, net(55.1)(6.5)(171.3)(17.8)
Corporate expenses(134.9)(121.7)(301.5)(262.1)
Interest expense(10.3)(13.2)(20.3)(23.9)
Other expense, net
0.4 (3.9)(1.9)(11.4)
Income (loss) before income taxes
$12.0 $(7.2)$(0.7)$132.0 
v3.24.1.1.u2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 26, 2024
May 28, 2023
May 26, 2024
May 28, 2023
Pay vs Performance Disclosure        
Net income (loss) $ 18.0 $ (1.6) $ 7.3 $ 113.1
v3.24.1.1.u2
Insider Trading Arrangements
 3 Months Ended
May 26, 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
v3.24.1.1.u2
Significant Accounting Policies (Policies)
 6 Months Ended
May 26, 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 and Cloud Computing Arrangements
Long-Lived Assets
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may be impaired. Impairment losses are measured and recorded for the excess of carrying value over its fair value, estimated based on expected future cash flows and other quantitative and qualitative factors.
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 six months ended May 26, 2024, the Company repurchased 0.8 million and 2.3 million shares for $17.0 million and $41.9 million, plus broker’s commissions, respectively, in the open market. This equates to an average repurchase price of approximately $18.21 per share for the six months ended May 26, 2024. During the six months ended May 28, 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. During the second quarter of 2023, there were no shares repurchased.
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 operations and statements of cash flows have been conformed to the May 26, 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.
v3.24.1.1.u2
Fair Value of Financial Instruments (Tables)
 6 Months Ended
May 26, 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:
 May 26, 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$88.0 $88.0 $— $78.7 $78.7 $— 
Derivative instruments(3)
7.0 — 7.0 13.8 — 13.8 
Total$95.0 $88.0 $7.0 $92.5 $78.7 $13.8 
Financial liabilities carried at fair value
Derivative instruments(3)
9.8 — 9.8 9.1 — 9.1 
Total$9.8 $— $9.8 $9.1 $— $9.1 
_____________
(1)Fair values estimated using Level 1 inputs are inputs that consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Rabbi trust assets consist of marketable equity securities.
(2)Fair values estimated using Level 2 inputs are inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly, and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. For forward foreign exchange contracts, inputs include foreign currency exchange and interest rates and, where applicable, credit default swap prices.
(3)The Company’s cash flow hedges are subject to International Swaps and Derivatives Association, Inc. master agreements. These agreements permit the net settlement of these contracts on a per-institution basis. Refer to Note 3 for more information.
Financial liabilities carried at adjusted historical cost
The following table presents the carrying value, including related accrued interest, and estimated fair value of the Company’s financial instruments that are carried at adjusted historical cost:
 May 26, 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)
$514.6 $507.5 $518.3 $500.2 
3.50% senior notes due 2031(1)
499.0 408.1 498.7 407.2 
Short-term borrowings2.4 2.4 12.6 12.6 
Total$1,016.0 $918.0 $1,029.6 $920.0 
_____________
(1)Fair values are estimated using Level 2 inputs and incorporate mid-market price quotes. Level 2 inputs are inputs other than quoted prices, that are observable for the liability, either directly or indirectly and include among other things, quoted prices for similar liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable.
v3.24.1.1.u2
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
May 26, 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: 
 May 26, 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)
$6.2 $— $6.2 $6.0 $— $6.0 
Foreign exchange risk cash flow hedges(2)
— (8.2)(8.2)— (7.1)(7.1)
Total
$6.2 $(8.2)$6.0 $(7.1)
Derivatives not designated as hedging instruments
Forward foreign exchange contracts(1)
$7.0 $(6.2)$0.8 $13.8 $(6.0)$7.8 
Forward foreign exchange contracts(2)
8.2 (9.9)(1.6)7.1 (9.1)(2.0)
Total
$15.2 $(16.1)$20.9 $(15.1)
Non-derivatives designated as hedging instruments
Euro senior notes
$— $(513.7)$— $(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:
May 26, 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$21.4 $(7.9)$13.5 $26.9 $(13.1)$13.8 
Financial liabilities(24.3)7.9 (16.4)(22.2)13.1 (9.1)
Total$(2.9)$4.7 
Gains and losses included in AOCI
The table below provides data about the amount of gains and losses related to derivative instruments and non-derivative instruments designated as cash flow and net investment hedges included in “Accumulated other comprehensive loss” (“AOCL”) on the Company’s consolidated balance sheets, and in “Other expense, net” in the Company’s consolidated statements of operations:
 
Amount of (Loss) Gain
Recognized in AOCL
(Effective Portion)
Amount of Gain (Loss) Reclassified from
 AOCL into Net (Loss) Income(1)
 
As of
May 26,
2024
As of
November 26,
 2023
Three Months EndedSix Months Ended
May 26,
2024		May 28,
2023		May 26,
2024		May 28,
2023
 (Dollars in millions)
Foreign exchange risk contracts$(1.5)$(15.0)$6.6 $13.6 $18.0 $24.8 
Realized forward foreign exchange swaps(2)
4.6 4.6 — — — — 
Yen-denominated Eurobonds(19.8)(19.8)— — — — 
Euro-denominated senior notes(26.6)(30.8)— — — — 
Cumulative income taxes16.0 19.0 — — — — 
Total$(27.3)$(42.0)
_____________
(1)Amounts reclassified from AOCL were classified as net revenues or costs of goods sold on the consolidated statements of operations.
(2)Prior to 2006, the Company used foreign exchange currency swaps to hedge the net investment in its foreign operations. For hedges that qualified for hedge accounting, the net gains were included in AOCL and are not reclassified to earnings until the related net investment position has been liquidated.
Gains and losses included in statements of income
The table below presents the effects of the Company’s cash flow hedges of foreign exchange risk contracts on the consolidated statements of operations:
Three Months EndedSix Months Ended
May 26,
2024		May 28,
2023		May 26,
2024		May 28,
2023
(Dollars in millions)
Amount of (Loss) Gain on Cash Flow Hedge Activity
Net revenues$(1.2)$0.8 $(2.8)$2.4 
Cost of goods sold$(5.4)$12.9 $(15.1)$22.4 
The table below provides data about the amount of gains and losses related to derivatives instruments included in “Other expense, net” in the Company’s consolidated statements of operations:
 Three Months EndedSix Months Ended
 May 26,
2024		May 28,
2023		May 26,
2024		May 28,
2023
 (Dollars in millions)
Realized gain(1)
$6.3 $13.1 $9.2 $22.6 
Unrealized loss
(3.5)(1.2)(6.4)(6.8)
Total$2.8 $11.9 $2.8 $15.8 
_____________
(1)Realized gains related to derivatives instruments were classified as Other, net on the Company’s consolidated statements of cash flows.
v3.24.1.1.u2
Other Accrued Liabilities (Tables)
 6 Months Ended
May 26, 2024
Other Liabilities Disclosure [Abstract]  
Other Liabilities
The following table presents the Company’s other accrued liabilities:
May 26,
2024		November 26,
2023
 (Dollars in millions)
Other accrued liabilities
Accrued non-trade payables$172.2 $177.7 
Restructuring liabilities111.3 16.6 
Accrued advertising and promotion63.2 44.7 
Taxes other than income taxes payable57.9 63.3 
Accrued property, plant and equipment39.1 59.6 
Accrued income taxes36.9 41.8 
Fair value derivatives9.8 9.1 
Accrued rent8.5 9.9 
Accrued interest payable8.0 8.2 
Short-term debt2.4 12.5 
Other119.2 126.0 
Total other accrued liabilities$628.5 $569.4 
v3.24.1.1.u2
Debt (Tables)
 6 Months Ended
May 26, 2024
Debt Disclosure [Abstract]  
Schedule of long-term and short-term debt instruments
The following table presents the Company’s debt: 
May 26,
2024		November 26,
2023
 (Dollars in millions)
Long-term debt
3.375% senior notes due 2027
$511.1 $514.9 
3.50% senior notes due 2031
494.9 494.5 
Total long-term debt$1,006.0 $1,009.4 
Short-term debt
Short-term borrowings2.4 12.5 
Total debt$1,008.4 $1,021.9 
v3.24.1.1.u2
Restructuring Activities (Tables)
 6 Months Ended
May 26, 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-month and six-month periods May 26, 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 May 26, 2024
 Liabilities
Net Charges (Reversals)
Payments
Foreign Currency Fluctuations		Liabilities
February 25,
2024		May 26,
2024
 
(Dollars in millions)
Severance and employee-related benefits
$123.0 $32.6 $(22.6)$0.6 $133.6 
Contract termination costs and other
— 22.5 (2.1)— 20.4 
Total
$123.0 $55.1 $(24.7)$0.6 $154.0 
 
Six Months Ended May 26, 2024
 Liabilities
Net Charges (Reversals)(1)
Payments
Foreign Currency Fluctuations		Liabilities
November 26,
2023		May 26,
2024
 
(Dollars in millions)
Severance and employee-related benefits
$17.8 $146.0 $(31.0)$0.8 $133.6 
Contract termination costs and other
0.2 22.5 (2.2)(0.1)20.4 
Total
$18.0 $168.5 $(33.2)$0.7 $154.0 
_____________
(1)Excludes $2.0 million in stock compensation related charge recorded in Additional paid-in capital and $0.8 million in operating lease termination for the six-month period ended May 26, 2024.
v3.24.1.1.u2
Accumulated Other Comprehensive Loss (Tables)
 6 Months Ended
May 26, 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 May 26, 2024
Pension and
Postretirement
Benefits(1)
Translation Adjustments
Unrealized
(Loss) Gain on
Marketable
Securities(1)
Derivative Instruments(2)
Foreign
Currency
Translation		Total
(Dollars in millions)
Accumulated other comprehensive loss at February 25, 2024
$(151.7)$(30.3)$(201.3)$— $(383.3)
Other comprehensive income (loss) before reclassifications
(0.9)(3.6)4.0 — (0.5)
Amounts reclassified from accumulated other comprehensive loss
2.4 6.7 — — 9.1 
Net increase (decrease) in other comprehensive income (loss)
1.5 3.1 4.0 — 8.6 
Accumulated other comprehensive loss at May 26, 2024
$(150.2)$(27.2)$(197.3)$— $(374.7)
Six Months Ended May 26, 2024
Pension and
Postretirement
Benefits(1)
Translation Adjustments
Unrealized
(Loss) Gain on
Marketable
Securities(1)
Derivative Instruments(2)
Foreign
Currency
Translation		Total
(Dollars in millions)
Accumulated other comprehensive loss at November 26, 2023
$(153.2)$(42.0)$(195.7)$— $(390.9)
Other comprehensive (loss) income before reclassifications
(1.4)(3.2)(1.6)— (6.2)
Amounts reclassified from accumulated other comprehensive (loss) income 4.4 18.0 — — 22.4 
Net increase (decrease) in other comprehensive (loss) income3.0 14.8 (1.6)— 16.2 
Accumulated other comprehensive loss at May 26, 2024
$(150.2)$(27.2)$(197.3)$— $(374.7)
____________
(1)Amounts reclassified were recorded in other expense, net.
(2)Amounts reclassified were recorded within net revenues and cost of goods sold. For more information, refer to Note 3.
Three Months Ended May 28, 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 February 26, 2023
$(177.7)$(12.4)$(228.4)$— $(418.5)
Other comprehensive income (loss) before reclassifications
(0.6)(7.6)16.4 — 8.2 
Amounts reclassified from accumulated other comprehensive loss
2.3 (13.7)— — (11.4)
Net increase (decrease) in other comprehensive income (loss)
1.7 (21.3)16.4 — (3.2)
Accumulated other comprehensive loss at May 28, 2023
$(176.0)$(33.7)$(212.0)$— $(421.7)
Six Months Ended May 28, 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(1.1)(16.1)36.7 0.1 19.6 
Amounts reclassified from accumulated other comprehensive loss
4.6 (24.8)— 0.6 (19.6)
Net increase (decrease) in other comprehensive (loss) income
3.5 (40.9)36.7 0.7 — 
Accumulated other comprehensive loss at May 28, 2023
$(176.0)$(33.7)$(212.0)$— $(421.7)
_____________
(1)Amounts reclassified were recorded in other expense, net.
(2)Amounts reclassified were recorded within net revenues and cost of goods sold. For more information, refer to Note 3.
v3.24.1.1.u2
Net Revenues (Tables)
 6 Months Ended
May 26, 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 May 26, 2024
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in millions)
Net revenues by channel:
Wholesale$431.7 $152.6 $112.2 $72.2 $768.7 
Direct-to-consumer280.5 201.1 147.8 43.1 672.5 
Total net revenues$712.2 $353.7 $260.0 $115.3 $1,441.2 
Six Months Ended May 26, 2024
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in thousands)
Net revenues by channel:
Wholesale$839.5 $359.6 $244.5 $128.6 $1,572.2 
Direct-to-consumer608.5 417.6 304.3 96.2 1,426.6 
Total net revenues$1,448.0 $777.2 $548.8 $224.8 $2,998.8 
Three Months Ended May 28, 2023
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in millions)
Net revenues by channel:
Wholesale$366.7 $172.5 $112.3 $63.8 $715.3 
Direct-to-consumer242.2 188.8 149.4 41.1 621.5 
Total net revenues$608.9 $361.3 $261.7 $104.9 $1,336.8 
Six Months Ended May 28, 2023
Levi’s Brands
AmericasEuropeAsiaOther BrandsTotal
(Dollars in thousands)
Net revenues by channel:
Wholesale$897.3 $416.6 $246.3 $140.0 $1,700.2 
Direct-to-consumer534.6 399.8 304.9 86.2 1,325.5 
Total net revenues$1,431.9 $816.4 $551.2 $226.2 $3,025.7 
v3.24.1.1.u2
Earnings Per Share Attributable to Common Stockholders (Tables)
 6 Months Ended
May 26, 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 (loss) per share:
 Three Months EndedSix Months Ended
 May 26,
2024		May 28,
2023		May 26,
2024		May 28,
2023
 (Dollars in millions, except per share amounts)
Numerator:
Net income (loss)
$18.0 $(1.6)$7.3 $113.1 
Denominator:
Weighted-average common shares outstanding - basic398,799,458 397,455,261 398,897,030 396,671,862 
Dilutive effect of stock awards4,107,754 — 4,075,513 4,469,804 
Weighted-average common shares outstanding - diluted402,907,212 397,455,261 402,972,543 401,141,666 
Earnings (loss) per common share:
Basic$0.05 $(0.00 )$0.02 $0.29 
Diluted$0.04 $(0.00 )$0.02 $0.28 
Anti-dilutive securities excluded from calculation of diluted earnings (loss) per share
2,835,565 — 4,982,183 5,464,945 
v3.24.1.1.u2
Business Segment Information (Tables)
 6 Months Ended
May 26, 2024
Segment Reporting [Abstract]  
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Business segment information for the Company is as follows: 
 Three Months EndedSix Months Ended
 May 26,
2024		May 28,
2023		May 26,
2024		May 28,
2023
 (Dollars in millions)
Net revenues:
Americas$712.2 $608.9 $1,448.0 $1,431.9 
Europe353.7 361.3 777.2 816.4 
Asia260.0 261.7 548.8 551.2 
Total segment net revenues1,325.9 1,231.9 2,774.0 2,799.5 
Other Brands:
Dockers
82.4 75.8 159.8 168.1 
Beyond Yoga
32.9 29.1 65.0 58.1 
Total Other Brands
115.3 104.9 224.8 226.2 
Total net revenues$1,441.2 $1,336.8 $2,998.8 $3,025.7 
Income (loss) before income taxes:
Americas$126.5 $53.2 $258.9 $187.7 
Europe53.3 54.8 156.8 172.3 
Asia33.9 32.1 82.4 85.8 
Total segment operating income213.7 140.1 498.1 445.8 
Dockers operating income (loss)
1.1 (2.7)— (0.6)
Beyond Yoga operating (loss) income
(2.9)0.7 (3.8)2.0 
Restructuring charges, net(55.1)(6.5)(171.3)(17.8)
Corporate expenses(134.9)(121.7)(301.5)(262.1)
Interest expense(10.3)(13.2)(20.3)(23.9)
Other expense, net
0.4 (3.9)(1.9)(11.4)
Income (loss) before income taxes
$12.0 $(7.2)$(0.7)$132.0 
v3.24.1.1.u2
Significant Accounting Policies - Narrative (Details)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
May 24, 2024
USD ($)
May 26, 2024
USD ($)
May 26, 2024
USD ($)
shares
May 26, 2024
USD ($)
retail_site
May 26, 2024
USD ($)
e-commerce_site
Feb. 26, 2023
USD ($)
$ / shares
shares
May 26, 2024
USD ($)
$ / shares
shares
Nov. 26, 2023
USD ($)
Business Acquisition [Line Items]                
Goodwill   $ 317.6 $ 317.6 $ 317.6 $ 317.6   $ 317.6 $ 303.7
Distribution Center proceeds received for use of internal warehouse equipment and technologies over the term of the agreement $ 77.9              
Accumulated depreciation   1,400.0 1,400.0 1,400.0 1,400.0   1,400.0 1,300.0
Supplier finance program obligations   124.0 $ 124.0 $ 124.0 $ 124.0   $ 124.0 $ 113.4
Shares repurchased (in shares) | shares     0.8     0.5 2.3  
Repurchased value   17.0       $ 8.1 $ 41.9  
Average repurchase price (in dollars per share) | $ / shares           $ 17.97 $ 18.21  
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 $ 31.9   $ 31.9  
Goodwill   15.9 15.9 15.9 15.9   15.9  
Intangibles acquired   $ 10.3 $ 10.3 $ 10.3 $ 10.3   $ 10.3  
v3.24.1.1.u2
Fair Value of Financial Instruments-Fair Value (Details) - Fair Value [Member] - Fair Value, Recurring [Member] - USD ($)
$ in Millions
May 26, 2024
Nov. 26, 2023
Financial assets carried at fair value    
Rabbi trust assets $ 88.0 $ 78.7
Forward foreign exchange contracts 7.0 13.8
Total 95.0 92.5
Financial liabilities carried at fair value    
Forward foreign exchange contracts 9.8 9.1
Total 9.8 9.1
Level 1 Inputs [Member]    
Financial assets carried at fair value    
Rabbi trust assets 88.0 78.7
Forward foreign exchange contracts 0.0 0.0
Total 88.0 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 7.0 13.8
Total 7.0 13.8
Financial liabilities carried at fair value    
Forward foreign exchange contracts 9.8 9.1
Total $ 9.8 $ 9.1
v3.24.1.1.u2
Fair Value of Financial Instruments-Adjusted Historical Cost (Details) - USD ($)
$ in Millions
May 26, 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 $ 2.4 $ 12.6
Total financial liabilities carried at adjusted historical cost 1,016.0 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 514.6 518.3
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 499.0 498.7
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 2.4 12.6
Total financial liabilities carried at adjusted historical cost 918.0 920.0
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 507.5 500.2
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 $ 408.1 $ 407.2
v3.24.1.1.u2
Derivative Instruments and Hedging Activities-Balance Sheet (Details) - USD ($)
$ in Millions
May 26, 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 (513.7) (517.8)
Forward foreign exchange contracts [Member]    
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items]    
Derivative asset, gross asset 21.4 26.9
Derivative asset, gross liability (7.9) (13.1)
Derivative asset 13.5 13.8
Derivative Liability, gross liability (24.3) (22.2)
Derivative liability, gross asset 7.9 13.1
Derivative Liability (16.4) (9.1)
Derivative, Fair Value, Net (2.9) 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 6.2 6.0
Derivative Liability (8.2) (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 6.2 6.0
Derivative asset, gross liability 0.0 0.0
Derivative asset, Net Carrying Value 6.2 6.0
Forward foreign exchange contracts [Member] | Carrying Value [Member] | Designated as Hedging Instrument [Member] | Other long-term liabilities [Member] | Cash Flow Hedging [Member]    
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items]    
Derivative Liability, gross liability (8.2) (7.1)
Derivative liability, gross asset 0.0 0.0
Derivative liability, Net Carrying Value (8.2) (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 15.2 20.9
Derivative Liability (16.1) (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 7.0 13.8
Derivative asset, gross liability (6.2) (6.0)
Derivative asset, Net Carrying Value 0.8 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 (9.9) (9.1)
Derivative liability, gross asset 8.2 7.1
Derivative liability, Net Carrying Value (1.6) $ (2.0)
Long [Member]    
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items]    
Foreign exchange contracts 630.4  
Short [Member]    
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items]    
Foreign exchange contracts $ 535.7  
v3.24.1.1.u2
Derivative Instruments and Hedging Activities-Income Statement (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 26, 2024
May 28, 2023
May 26, 2024
May 28, 2023
Nov. 26, 2023
Amount of (Loss) Gain Recognized in AOCL (Effective Portion)          
Cumulative income taxes, gain or (loss) recognized in AOCI $ 16.0   $ 16.0   $ 19.0
Total, gain or (loss) recognized in AOCI (27.3)   (27.3)   (42.0)
Amount of Gain (Loss) Reclassified from AOCI into Net Income          
Cumulative income taxes, gain or (loss) reclassified from AOCI 0.0 $ 0.0 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 (1.5)   (1.5)   (15.0)
Amount of Gain (Loss) Reclassified from AOCI into Net Income          
Forward foreign exchange contracts, gain or (loss) reclassified from AOCI 6.6 13.6 18.0 24.8  
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 (26.6)   (26.6)   $ (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  
v3.24.1.1.u2
Derivative Instruments and Hedging Activities-Realized & Unrealized (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 26, 2024
May 28, 2023
May 26, 2024
May 28, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Cash flow hedges expected to be reclassified from AOCI into net income within next 12 months $ (0.9)   $ (0.9)  
Revenues [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) on Cash Flow Hedge Activity (1.2) $ 0.8 (2.8) $ 2.4
Cost of Goods Sold        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) on Cash Flow Hedge Activity (5.4) 12.9 (15.1) 22.4
Forward foreign exchange contracts [Member] | Other Income [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Realized 6.3 13.1 9.2 22.6
Unrealized (3.5) (1.2) (6.4) (6.8)
Total $ 2.8 $ 11.9 $ 2.8 $ 15.8
v3.24.1.1.u2
Other Accrued Liabilities (Details) - USD ($)
$ in Millions
May 26, 2024
Nov. 26, 2023
Other Liabilities Disclosure [Abstract]    
Accrued non-trade payables $ 172.2 $ 177.7
Restructuring liabilities 111.3 16.6
Taxes other than income taxes payable 57.9 63.3
Accrued income taxes 36.9 41.8
Accrued Advertising 63.2 44.7
Accrued Property, Plant And Equipment, Current 39.1 59.6
Accrued interest payable 8.0 8.2
Accrued Rent 8.5 9.9
Fair Value Hedge Liabilities 9.8 9.1
Short-term debt 2.4 12.5
Other 119.2 126.0
Total other accrued liabilities $ 628.5 $ 569.4
v3.24.1.1.u2
Debt-Table (Details) - USD ($)
$ in Millions
May 26, 2024
Nov. 26, 2023
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Long-term debt $ 1,006.0 $ 1,009.4
Short-term debt 2.4 12.5
Total debt 1,008.4 1,021.9
3.375% Senior Notes Due 2027 | Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Long-term debt $ 511.1 514.9
Stated interest rate 3.375%  
3.50% Senior Notes Due 2031 | Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Long-term debt $ 494.9 494.5
Stated interest rate 3.50%  
Borrowings    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Short-term debt $ 2.4 $ 12.5
v3.24.1.1.u2
Debt-Textuals (Details) - USD ($)
 3 Months Ended 6 Months Ended
May 26, 2024
May 28, 2023
May 26, 2024
May 28, 2023
Nov. 26, 2023
Debt Instruments [Line Items]          
Short-term debt $ 2,400,000   $ 2,400,000   $ 12,500,000
Weighted-average interest rate 4.06% 4.50% 3.98% 4.19%  
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 791,200,000   791,200,000    
Total availability 809,300,000   809,300,000    
Letters of credit and other credit usage $ 18,100,000   $ 18,100,000    
v3.24.1.1.u2
Restructuring Activities - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 26, 2024
May 28, 2023
May 26, 2024
May 28, 2023
Feb. 25, 2024
Nov. 26, 2023
Restructuring Cost and Reserve [Line Items]            
Restructuring charges, net $ 55,100 $ 6,500 $ 171,300 $ 17,800    
Impairment charges of capitalized internal-use software       $ 18,800    
Restructuring liabilities 111,300   111,300     $ 16,600
Project Fuel            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges, net 55,100   171,300      
Restructuring liabilities $ 154,000   $ 154,000   $ 123,000 $ 18,000
v3.24.1.1.u2
Restructuring Activities - Restructuring Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 26, 2024
May 28, 2023
May 26, 2024
May 28, 2023
Restructuring Reserve [Roll Forward]        
Restructuring Reserve, Beginning Balance     $ 16.6  
Restructuring charges, net $ 55.1 $ 6.5 171.3 $ 17.8
Restructuring Reserve, Ending Balance 111.3   111.3  
Stock-based compensation and dividends, net 16.9 $ 20.8 35.5 $ 38.4
Project Fuel        
Restructuring Reserve [Roll Forward]        
Restructuring Reserve, Beginning Balance 123.0   18.0  
Restructuring charges, net 55.1   168.5  
Payments (24.7)   (33.2)  
Foreign Currency Fluctuations 0.6   0.7  
Restructuring Reserve, Ending Balance 154.0   154.0  
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 123.0   17.8  
Restructuring charges, net 32.6   146.0  
Payments (22.6)   (31.0)  
Foreign Currency Fluctuations 0.6   0.8  
Restructuring Reserve, Ending Balance 133.6   133.6  
Project Fuel | Contract termination costs and other        
Restructuring Reserve [Roll Forward]        
Restructuring Reserve, Beginning Balance 0.0   0.2  
Restructuring charges, net 22.5   22.5  
Payments (2.1)   (2.2)  
Foreign Currency Fluctuations 0.0   (0.1)  
Restructuring Reserve, Ending Balance $ 20.4   $ 20.4  
v3.24.1.1.u2
Dividends (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Aug. 20, 2024
May 26, 2024
May 28, 2023
May 26, 2024
May 28, 2023
Aug. 02, 2024
Apr. 30, 2024
Jan. 31, 2024
Apr. 30, 2023
Jan. 31, 2023
Class of Stock [Line Items]                    
Dividend, fix amount (in dollars per share)             $ 0.12 $ 0.12 $ 0.12 $ 0.12
Dividend to stockholders   $ 47.7 $ 47.6 $ 95.6 $ 95.2          
Forecast                    
Class of Stock [Line Items]                    
Dividend, fix amount (in dollars per share)           $ 0.13        
Dividend to stockholders $ 52.0                  
v3.24.1.1.u2
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 26, 2024
May 28, 2023
May 26, 2024
May 28, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Other comprehensive income (loss) before reclassifications $ (0.5) $ 8.2 $ (6.2) $ 19.6
Amounts reclassified from accumulated other comprehensive loss 9.1 (11.4) 22.4 (19.6)
Net increase (decrease) in other comprehensive income (loss) 8.6 (3.2) 16.2 0.0
Pension and Postretirement Benefits        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Accumulated other comprehensive (loss) income at beginning period (151.7) (177.7) (153.2) (179.5)
Other comprehensive income (loss) before reclassifications (0.9) (0.6) (1.4) (1.1)
Amounts reclassified from accumulated other comprehensive loss 2.4 2.3 4.4 4.6
Net increase (decrease) in other comprehensive income (loss) 1.5 1.7 3.0 3.5
Accumulated other comprehensive (loss) income at ending period (150.2) (176.0) (150.2) (176.0)
Derivative Instruments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Accumulated other comprehensive (loss) income at beginning period (30.3) (12.4) (42.0) 7.2
Other comprehensive income (loss) before reclassifications (3.6) (7.6) (3.2) (16.1)
Amounts reclassified from accumulated other comprehensive loss 6.7 (13.7) 18.0 (24.8)
Net increase (decrease) in other comprehensive income (loss) 3.1 (21.3) 14.8 (40.9)
Accumulated other comprehensive (loss) income at ending period (27.2) (33.7) (27.2) (33.7)
Foreign Currency Translation        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Accumulated other comprehensive (loss) income at beginning period (201.3) (228.4) (195.7) (248.7)
Other comprehensive income (loss) before reclassifications 4.0 16.4 (1.6) 36.7
Amounts reclassified from accumulated other comprehensive loss 0.0 0.0 0.0 0.0
Net increase (decrease) in other comprehensive income (loss) 4.0 16.4 (1.6) 36.7
Accumulated other comprehensive (loss) income at ending period (197.3) (212.0) (197.3) (212.0)
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 0.0 0.0 (0.7)
Other comprehensive income (loss) before reclassifications 0.0 0.0 0.0 0.1
Amounts reclassified from accumulated other comprehensive loss 0.0 0.0 0.0 0.6
Net increase (decrease) in other comprehensive income (loss) 0.0 0.0 0.0 0.7
Accumulated other comprehensive (loss) income at ending period 0.0 0.0 0.0 0.0
Accumulated Other Comprehensive Loss        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Accumulated other comprehensive (loss) income at beginning period (383.3) (418.5) (390.9) (421.7)
Accumulated other comprehensive (loss) income at ending period $ (374.7) $ (421.7) $ (374.7) $ (421.7)
v3.24.1.1.u2
Net Revenues - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 26, 2024
May 28, 2023
May 26, 2024
May 28, 2023
Disaggregation of Revenue [Line Items]        
Net revenues $ 1,441.2 $ 1,336.8 $ 2,998.8 $ 3,025.7
Wholesale        
Disaggregation of Revenue [Line Items]        
Net revenues 768.7 715.3 1,572.2 1,700.2
Direct-to-consumer        
Disaggregation of Revenue [Line Items]        
Net revenues 672.5 621.5 1,426.6 1,325.5
Americas        
Disaggregation of Revenue [Line Items]        
Net revenues 712.2 608.9 1,448.0 1,431.9
Americas | Wholesale        
Disaggregation of Revenue [Line Items]        
Net revenues 431.7 366.7 839.5 897.3
Americas | Direct-to-consumer        
Disaggregation of Revenue [Line Items]        
Net revenues 280.5 242.2 608.5 534.6
Europe        
Disaggregation of Revenue [Line Items]        
Net revenues 353.7 361.3 777.2 816.4
Europe | Wholesale        
Disaggregation of Revenue [Line Items]        
Net revenues 152.6 172.5 359.6 416.6
Europe | Direct-to-consumer        
Disaggregation of Revenue [Line Items]        
Net revenues 201.1 188.8 417.6 399.8
Asia        
Disaggregation of Revenue [Line Items]        
Net revenues 260.0 261.7 548.8 551.2
Asia | Wholesale        
Disaggregation of Revenue [Line Items]        
Net revenues 112.2 112.3 244.5 246.3
Asia | Direct-to-consumer        
Disaggregation of Revenue [Line Items]        
Net revenues 147.8 149.4 304.3 304.9
Other Brands        
Disaggregation of Revenue [Line Items]        
Net revenues 115.3 104.9 224.8 226.2
Other Brands | Wholesale        
Disaggregation of Revenue [Line Items]        
Net revenues 72.2 63.8 128.6 140.0
Other Brands | Direct-to-consumer        
Disaggregation of Revenue [Line Items]        
Net revenues $ 43.1 $ 41.1 $ 96.2 $ 86.2
v3.24.1.1.u2
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 26, 2024
May 28, 2023
May 26, 2024
May 28, 2023
Income Tax Disclosure [Abstract]        
Effective income tax rate (49.40%) 78.40% 1126.30% 14.30%
Tax benefit related to a favorable resolution of a state audit $ 7.5   $ 7.5  
Losses before income taxes $ (12.0) $ 7.2 $ 0.7 $ (132.0)
v3.24.1.1.u2
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 6 Months Ended
May 26, 2024
May 28, 2023
May 26, 2024
May 28, 2023
Numerator:        
Net income (loss) $ 18.0 $ (1.6) $ 7.3 $ 113.1
Denominator:        
Weighted-average common shares outstanding - basic (in shares) 398,799,458 397,455,261 398,897,030 396,671,862
Dilutive effect of stock awards (in shares) 4,107,754 0 4,075,513 4,469,804
Weighted-average common shares outstanding - diluted (in shares) 402,907,212 397,455,261 402,972,543 401,141,666
Earnings (loss) per common share:        
Basic (usd per share) $ 0.05 $ 0.00 $ 0.02 $ 0.29
Diluted (usd per share) $ 0.04 $ 0.00 $ 0.02 $ 0.28
Anti-dilutive securities excluded from calculation of diluted earnings per share attributable to common stockholders (in shares) 2,835,565 0 4,982,183 5,464,945
Potentially dilutive securities excluded from the calculation of diluted earnings (loss) per share (in shares)   16,100,000    
v3.24.1.1.u2
Related Parties (Details) - Levi Strauss Foundation - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 26, 2024
May 28, 2023
May 26, 2024
May 28, 2023
Related Party Transaction [Line Items]        
Related Party Donations $ 0.5 $ 0.5 $ 5.3 $ 10.3
Expenses related to donation commitments $ 2.2 $ 3.4 $ 4.2 $ 4.9
v3.24.1.1.u2
Business Segment Information (Details)
$ in Millions
 3 Months Ended 6 Months Ended
May 26, 2024
USD ($)
May 28, 2023
USD ($)
May 26, 2024
USD ($)
segment
May 28, 2023
USD ($)
Segment Reporting Information [Line Items]        
Number of reportable segments | segment     3  
Net revenues $ 1,441.2 $ 1,336.8 $ 2,998.8 $ 3,025.7
Operating income (loss) 21.9 9.9 21.5 167.3
Restructuring charges, net (55.1) (6.5) (171.3) (17.8)
Interest expense (10.3) (13.2) (20.3) (23.9)
Other income (expense), net 0.4 (3.9) (1.9) (11.4)
Income (loss) before income taxes 12.0 (7.2) (0.7) 132.0
Operating Segments        
Segment Reporting Information [Line Items]        
Net revenues 1,325.9 1,231.9 2,774.0 2,799.5
Operating income (loss) 213.7 140.1 498.1 445.8
Segment Reconciling Items | Other Brands        
Segment Reporting Information [Line Items]        
Net revenues 115.3 104.9 224.8 226.2
Segment Reconciling Items | Beyond Yoga        
Segment Reporting Information [Line Items]        
Net revenues 32.9 29.1 65.0 58.1
Operating income (loss) (2.9) 0.7 (3.8) 2.0
Segment Reconciling Items | Dockers        
Segment Reporting Information [Line Items]        
Net revenues 82.4 75.8 159.8 168.1
Operating income (loss) 1.1 (2.7) 0.0 (0.6)
Segment Reporting, Reconciling Item, Corporate Nonsegment        
Segment Reporting Information [Line Items]        
Corporate expenses (134.9) (121.7) (301.5) (262.1)
Americas        
Segment Reporting Information [Line Items]        
Net revenues 712.2 608.9 1,448.0 1,431.9
Americas | Operating Segments        
Segment Reporting Information [Line Items]        
Net revenues 712.2 608.9 1,448.0 1,431.9
Operating income (loss) 126.5 53.2 258.9 187.7
Europe        
Segment Reporting Information [Line Items]        
Net revenues 353.7 361.3 777.2 816.4
Europe | Operating Segments        
Segment Reporting Information [Line Items]        
Net revenues 353.7 361.3 777.2 816.4
Operating income (loss) 53.3 54.8 156.8 172.3
Asia        
Segment Reporting Information [Line Items]        
Net revenues 260.0 261.7 548.8 551.2
Asia | Operating Segments        
Segment Reporting Information [Line Items]        
Net revenues 260.0 261.7 548.8 551.2
Operating income (loss) $ 33.9 $ 32.1 $ 82.4 $ 85.8