| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Accelerated filer ¨ | Emerging growth company | |||||||
Non-accelerated filer ¨ | Smaller reporting company | |||||||
| Page Number | |||||||||||
| Item 1. | |||||||||||
| Item 2. | |||||||||||
| Item 3. | |||||||||||
| Item 4. | |||||||||||
| Item 1. | |||||||||||
| Item 1A. | |||||||||||
| Item 2. | |||||||||||
| Item 3. | |||||||||||
| Item 4. | |||||||||||
| Item 5. | |||||||||||
| Item 6. | |||||||||||
| Item 1. | CONSOLIDATED FINANCIAL STATEMENTS | ||||
| (Unaudited) | |||||||||||
| August 25, 2024 | November 26, 2023 | ||||||||||
| (Dollars in millions) | |||||||||||
| ASSETS | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Trade receivables, net | |||||||||||
| Inventories | |||||||||||
| Other current assets | |||||||||||
| Total current assets | |||||||||||
| Property, plant and equipment, net | |||||||||||
| Goodwill | |||||||||||
| Other intangible assets, net | |||||||||||
| Deferred tax assets, net | |||||||||||
| Operating lease right-of-use assets, net | |||||||||||
| Other non-current assets | |||||||||||
| Total assets | $ | $ | |||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current Liabilities: | |||||||||||
| Accounts payable | |||||||||||
| Accrued salaries, wages and employee benefits | |||||||||||
| Accrued sales returns and allowances | |||||||||||
| Short-term operating lease liabilities | |||||||||||
| Other accrued liabilities | |||||||||||
| Total current liabilities | |||||||||||
| Long-term debt | |||||||||||
| Long-term operating lease liabilities | |||||||||||
| Long-term employee related benefits and other liabilities | |||||||||||
| Total liabilities | |||||||||||
| Commitments and contingencies | |||||||||||
| Stockholders’ Equity: | |||||||||||
Common stock — $ | |||||||||||
| Additional paid-in capital | |||||||||||
| Retained earnings | |||||||||||
| Accumulated other comprehensive loss | ( | ( | |||||||||
| Total stockholders’ equity | |||||||||||
| Total liabilities and stockholders’ equity | $ | $ | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | August 25, 2024 | August 27, 2023 | ||||||||||||||||||||
| (Dollars in millions, except per share amounts) (Unaudited) | |||||||||||||||||||||||
| Net revenues | $ | $ | $ | $ | |||||||||||||||||||
| Cost of goods sold | |||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||
| Selling, general and administrative expenses | |||||||||||||||||||||||
| Restructuring charges, net | |||||||||||||||||||||||
Goodwill and other intangible asset impairment charges | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
| Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other expense, net | ( | ( | ( | ( | |||||||||||||||||||
Income (loss) before income taxes | ( | ||||||||||||||||||||||
Income tax (benefit) expense | ( | ( | ( | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
| Basic | $ | $ | $ | $ | |||||||||||||||||||
| Diluted | $ | $ | $ | $ | |||||||||||||||||||
| Weighted-average common shares outstanding: | |||||||||||||||||||||||
| Basic | |||||||||||||||||||||||
| Diluted | |||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | August 25, 2024 | August 27, 2023 | ||||||||||||||||||||
| (Dollars in millions) (Unaudited) | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive (loss) income, before related income taxes: | |||||||||||||||||||||||
Pension and postretirement benefits | |||||||||||||||||||||||
Derivative instruments | ( | ( | ( | ||||||||||||||||||||
Foreign currency translation (losses) gains | ( | ( | |||||||||||||||||||||
Unrealized gains on marketable securities | |||||||||||||||||||||||
Total other comprehensive (loss) income, before related income taxes | ( | ( | |||||||||||||||||||||
Income tax benefit (expense) related to items of other comprehensive (loss) income | ( | ||||||||||||||||||||||
Comprehensive (loss) income, net of taxes | $ | ( | $ | $ | $ | ||||||||||||||||||
| Three Months Ended August 25, 2024 | |||||||||||||||||||||||||||||||||||
Class A & Class B Common Stock (In Shares) | Class A & Class B Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||
(Shares & Dollars in millions) (Unaudited) | |||||||||||||||||||||||||||||||||||
Balance at May 26, 2024 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
| Stock-based compensation and dividends, net | — | ( | — | ||||||||||||||||||||||||||||||||
| Employee stock purchase plan | — | — | — | ||||||||||||||||||||||||||||||||
| Repurchase of common stock | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Tax withholdings on equity awards | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Cash dividends declared ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Balance at August 25, 2024 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
| Nine Months Ended August 25, 2024 | |||||||||||||||||||||||||||||||||||
Class A & Class B Common Stock (In Shares) | Class A & Class B Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||
(Shares & Dollars in millions) (Unaudited) | |||||||||||||||||||||||||||||||||||
Balance at November 26, 2023 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
| Stock-based compensation and dividends, net | — | ( | — | ||||||||||||||||||||||||||||||||
| Employee stock purchase plan | — | — | — | ||||||||||||||||||||||||||||||||
| Repurchase of common stock | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Tax withholdings on equity awards | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Cash dividends declared ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Balance at August 25, 2024 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
| Three Months Ended August 27, 2023 | |||||||||||||||||||||||||||||||||||
Class A & Class B Common Stock (In Shares) | Class A & Class B Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||
(Shares & Dollars in millions) (Unaudited) | |||||||||||||||||||||||||||||||||||
Balance at May 28, 2023 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
| Stock-based compensation and dividends, net | — | — | — | ||||||||||||||||||||||||||||||||
| Employee stock purchase plan | — | — | — | ||||||||||||||||||||||||||||||||
| Tax withholdings on equity awards | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Cash dividends declared ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Balance at August 27, 2023 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
| Nine Months Ended August 27, 2023 | |||||||||||||||||||||||||||||||||||
Class A & Class B Common Stock (In Shares) | Class A & Class B Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||
(Shares & Dollars in millions) (Unaudited) | |||||||||||||||||||||||||||||||||||
Balance at November 27, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
| Stock-based compensation and dividends, net | — | ( | — | ||||||||||||||||||||||||||||||||
| Employee stock purchase plan | — | — | — | ||||||||||||||||||||||||||||||||
| Repurchase of common stock | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Tax withholdings on equity awards | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Cash dividends declared ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Balance at August 27, 2023 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
| Nine Months Ended | |||||||||||
| August 25, 2024 | August 27, 2023 | ||||||||||
| (Dollars in millions) (Unaudited) | |||||||||||
| Cash Flows from Operating Activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | |||||||||||
Goodwill and intangible asset impairment | |||||||||||
Property, plant, and equipment impairment, and early lease terminations, net | |||||||||||
| Stock-based compensation | |||||||||||
Deferred income taxes | ( | ( | |||||||||
| Other, net | |||||||||||
| Net change in operating assets and liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
| Cash Flows from Investing Activities: | |||||||||||
| Purchases of property, plant and equipment | ( | ( | |||||||||
Payment for business acquisition | ( | ( | |||||||||
Proceeds on settlement of forward foreign exchange contracts not designated for hedge accounting, net | |||||||||||
| Proceeds from sale, maturity and collection of short-term investments | |||||||||||
Other investing activities, net | ( | ||||||||||
| Net cash used for investing activities | ( | ( | |||||||||
| Cash Flows from Financing Activities: | |||||||||||
| Proceeds from senior revolving credit facility | |||||||||||
| Repayments of senior revolving credit facility | ( | ||||||||||
| Repurchase of common stock | ( | ( | |||||||||
| Tax withholdings on equity awards | ( | ( | |||||||||
| Dividends to stockholders | ( | ( | |||||||||
| Other financing activities, net | ( | ||||||||||
Net cash used for financing activities | ( | ( | |||||||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | ( | ( | |||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | ( | ||||||||||
Beginning cash and cash equivalents | |||||||||||
| Ending cash and cash equivalents | $ | $ | |||||||||
| Noncash Investing Activity: | |||||||||||
| Property, plant and equipment acquired and not yet paid at end of period | $ | $ | |||||||||
Right-of-use assets acquired in exchange for operating lease liabilities | |||||||||||
Right-of-use assets acquired in exchange for finance lease obligation | |||||||||||
| Supplemental disclosure of cash flow information: | |||||||||||
| Cash paid for income taxes during the period, net of refunds | |||||||||||
Nine Months Ended August 25, 2024 | |||||||||||||||||||||||||||||
| Americas | Europe | Asia | Other Brands(1) | Total | |||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||
Balance, November 26, 2023 | |||||||||||||||||||||||||||||
Goodwill | $ | $ | $ | $ | |||||||||||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ||||||||||||||||||||||||||
Impairment losses(2) | ( | ( | ( | ||||||||||||||||||||||||||
Goodwill acquired during the year(3) | |||||||||||||||||||||||||||||
| Foreign currency fluctuation | ( | ( | |||||||||||||||||||||||||||
Balance, August 25, 2024 | |||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ||||||||||||||||||||||||||
| $ | $ | $ | $ | $ | |||||||||||||||||||||||||
Nine Months Ended August 27, 2023 | |||||||||||||||||||||||||||||
| Americas | Europe | Asia | Other Brands(1) | Total | |||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||
Balance, November 27, 2022 | |||||||||||||||||||||||||||||
Goodwill | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Accumulated impairment losses | ( | ( | |||||||||||||||||||||||||||
Impairment losses(2) | ( | ( | |||||||||||||||||||||||||||
Goodwill acquired during the year | |||||||||||||||||||||||||||||
| Foreign currency fluctuation | ( | ||||||||||||||||||||||||||||
Balance, August 27, 2023 | |||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ||||||||||||||||||||||||||
| $ | $ | $ | $ | $ | |||||||||||||||||||||||||
| August 25, 2024 | November 26, 2023 | ||||||||||||||||||||||||||||||||||
| Gross Carrying Value | Accumulated Amortization | Total | Gross Carrying Value | Accumulated Amortization | Total | ||||||||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||||||||
| Non-amortized intangible assets: | |||||||||||||||||||||||||||||||||||
Trademarks(1) | $ | $ | — | $ | $ | $ | — | $ | |||||||||||||||||||||||||||
| Amortized intangible assets: | |||||||||||||||||||||||||||||||||||
Customer relationships and other(2) | ( | ( | |||||||||||||||||||||||||||||||||
| Total | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
| August 25, 2024 | November 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 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Derivative instruments(3) | |||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Financial liabilities carried at fair value | |||||||||||||||||||||||||||||||||||
Derivative instruments(3) | |||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| August 25, 2024 | November 26, 2023 | ||||||||||||||||||||||
| Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
| Financial liabilities carried at adjusted historical cost | |||||||||||||||||||||||
| $ | $ | $ | $ | ||||||||||||||||||||
| Short-term borrowings | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
| August 25, 2024 | November 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) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Foreign exchange risk cash flow hedges(2) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||
Forward foreign exchange contracts(1) | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Forward foreign exchange contracts(2) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Non-derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||
Euro senior notes | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
| August 25, 2024 | November 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 | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
| Financial liabilities | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Total | $ | ( | $ | ||||||||||||||||||||||||||||||||
Amount of (Loss) Gain Recognized in AOCL (Effective Portion) | Amount of (Loss) Gain Reclassified from AOCL into Net Income(1) | ||||||||||||||||||||||||||||||||||
As of August 25, 2024 | As of November 26, 2023 | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | August 25, 2024 | August 27, 2023 | ||||||||||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||||||||
| Foreign exchange risk contracts | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||
Realized forward foreign exchange swaps(2) | |||||||||||||||||||||||||||||||||||
| Yen-denominated Eurobonds | ( | ( | |||||||||||||||||||||||||||||||||
| Euro-denominated senior notes | ( | ( | |||||||||||||||||||||||||||||||||
| Cumulative income taxes | |||||||||||||||||||||||||||||||||||
| Total | $ | ( | $ | ( | |||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | August 25, 2024 | August 27, 2023 | ||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
Amount of (Loss) Gain on Cash Flow Hedge Activity | |||||||||||||||||||||||
| Net revenues | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||
| Cost of goods sold | $ | $ | $ | ( | $ | ||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | August 25, 2024 | August 27, 2023 | ||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
Realized (loss) gain(1) | $ | ( | $ | $ | $ | ||||||||||||||||||
Unrealized (loss) gain | ( | ( | ( | ||||||||||||||||||||
| Total | $ | ( | $ | $ | $ | ||||||||||||||||||
| August 25, 2024 | November 26, 2023 | ||||||||||
| (Dollars in millions) | |||||||||||
| Other accrued liabilities | |||||||||||
| Accrued non-trade payables | $ | $ | |||||||||
| Restructuring liabilities | |||||||||||
| Taxes other than income taxes payable | |||||||||||
| Accrued property, plant and equipment | |||||||||||
| Accrued advertising and promotion | |||||||||||
| Accrued income taxes | |||||||||||
| Accrued interest payable | |||||||||||
| Fair value derivatives | |||||||||||
| Accrued rent | |||||||||||
| Short-term debt | |||||||||||
| Other | |||||||||||
| Total other accrued liabilities | $ | $ | |||||||||
| August 25, 2024 | November 26, 2023 | ||||||||||
| (Dollars in millions) | |||||||||||
| Long-term debt | |||||||||||
| $ | $ | ||||||||||
| Total long-term debt | $ | $ | |||||||||
| Short-term debt | |||||||||||
| Short-term borrowings | |||||||||||
| Total debt | $ | $ | |||||||||
Three Months Ended August 25, 2024 | |||||||||||||||||||||||||||||
| Liabilities | Net Charges (Reversals) | Payments | Foreign Currency Fluctuations | Liabilities | |||||||||||||||||||||||||
| May 26, 2024 | August 25, 2024 | ||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Severance and employee-related benefits | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Contract termination costs and other | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Nine Months Ended August 25, 2024 | |||||||||||||||||||||||||||||
| Liabilities | Net Charges (Reversals)(1) | Payments | Foreign Currency Fluctuations | Liabilities | |||||||||||||||||||||||||
| November 26, 2023 | August 25, 2024 | ||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Severance and employee-related benefits | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Contract termination costs and other | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
| Three Months Ended August 25, 2024 | |||||||||||||||||||||||
Pension and Postretirement Benefits(1) | Translation Adjustments | ||||||||||||||||||||||
Derivative Instruments(2) | Foreign Currency Translation | Total | |||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
Accumulated other comprehensive loss at May 26, 2024 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | ( | ( | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||
Net increase (decrease) in other comprehensive (loss) income | ( | ( | ( | ||||||||||||||||||||
Accumulated other comprehensive loss at August 25, 2024 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Nine Months Ended August 25, 2024 | |||||||||||||||||||||||
Pension and Postretirement Benefits(1) | Translation Adjustments | ||||||||||||||||||||||
Derivative Instruments(2) | Foreign Currency Translation | Total | |||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
Accumulated other comprehensive loss at November 26, 2023 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | ( | ( | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||
| Net increase (decrease) in other comprehensive (loss) income | ( | ( | |||||||||||||||||||||
Accumulated other comprehensive loss at August 25, 2024 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Three Months Ended August 27, 2023 | |||||||||||||||||||||||||||||
Pension and Postretirement Benefits(1) | Translation Adjustments | Unrealized Gain (Loss) on Marketable Securities(1) | |||||||||||||||||||||||||||
Derivative Instruments(2) | Foreign Currency Translation | Total | |||||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||
Accumulated other comprehensive loss at May 28, 2023 | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ||||||||||||||||||||||||||||
Net increase (decrease) in other comprehensive income (loss) | ( | ||||||||||||||||||||||||||||
Accumulated other comprehensive loss at August 27, 2023 | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||
| Nine Months Ended August 27, 2023 | |||||||||||||||||||||||||||||
Pension and Postretirement Benefits(1) | Translation Adjustments | Unrealized Gain (Loss) on Marketable Securities(1) | |||||||||||||||||||||||||||
Derivative Instruments(2) | Foreign Currency Translation | Total | |||||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||
Accumulated other comprehensive loss at November 27, 2022 | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
| Other comprehensive (loss) income before reclassifications | ( | ( | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ( | |||||||||||||||||||||||||||
Net increase (decrease) in other comprehensive (loss) income | ( | ||||||||||||||||||||||||||||
Accumulated other comprehensive loss at August 27, 2023 | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||
| Three Months Ended August 25, 2024 | |||||||||||||||||||||||||||||
| Levi’s Brands | |||||||||||||||||||||||||||||
| Americas | Europe | Asia | Other Brands | Total | |||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||
| Net revenues by channel: | |||||||||||||||||||||||||||||
| Wholesale | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Direct-to-consumer | |||||||||||||||||||||||||||||
| Total net revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Nine Months Ended August 25, 2024 | |||||||||||||||||||||||||||||
| Levi’s Brands | |||||||||||||||||||||||||||||
| Americas | Europe | Asia | Other Brands | Total | |||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||
| Net revenues by channel: | |||||||||||||||||||||||||||||
| Wholesale | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Direct-to-consumer | |||||||||||||||||||||||||||||
| Total net revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Three Months Ended August 27, 2023 | |||||||||||||||||||||||||||||
| Levi’s Brands | |||||||||||||||||||||||||||||
| Americas | Europe | Asia | Other Brands | Total | |||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||
| Net revenues by channel: | |||||||||||||||||||||||||||||
| Wholesale | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Direct-to-consumer | |||||||||||||||||||||||||||||
| Total net revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Nine Months Ended August 27, 2023 | |||||||||||||||||||||||||||||
| Levi’s Brands | |||||||||||||||||||||||||||||
| Americas | Europe | Asia | Other Brands | Total | |||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||
| Net revenues by channel: | |||||||||||||||||||||||||||||
| Wholesale | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Direct-to-consumer | |||||||||||||||||||||||||||||
| Total net revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | August 25, 2024 | August 27, 2023 | ||||||||||||||||||||
| (Dollars in millions, except per share amounts) | |||||||||||||||||||||||
| Numerator: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
| Denominator: | |||||||||||||||||||||||
| Weighted-average common shares outstanding - basic | |||||||||||||||||||||||
| Dilutive effect of stock awards | |||||||||||||||||||||||
| Weighted-average common shares outstanding - diluted | |||||||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
| Basic | $ | $ | $ | $ | |||||||||||||||||||
| Diluted | $ | $ | $ | $ | |||||||||||||||||||
Anti-dilutive securities excluded from calculation of diluted earnings per share | |||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | August 25, 2024 | August 27, 2023 | ||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
| Net revenues: | |||||||||||||||||||||||
| Americas | $ | $ | $ | $ | |||||||||||||||||||
| Europe | |||||||||||||||||||||||
| Asia | |||||||||||||||||||||||
| Total segment net revenues | |||||||||||||||||||||||
Other Brands: | |||||||||||||||||||||||
Dockers | |||||||||||||||||||||||
Beyond Yoga® | |||||||||||||||||||||||
Total Other Brands | |||||||||||||||||||||||
| Total net revenues | $ | $ | $ | $ | |||||||||||||||||||
Income (loss) before income taxes: | |||||||||||||||||||||||
| Americas | $ | $ | $ | $ | |||||||||||||||||||
| Europe | |||||||||||||||||||||||
| Asia | |||||||||||||||||||||||
| Total segment operating income | |||||||||||||||||||||||
Dockers operating loss | ( | ( | ( | ( | |||||||||||||||||||
Beyond Yoga operating (loss) income | ( | ( | |||||||||||||||||||||
Restructuring charges, net(1) | ( | ( | ( | ( | |||||||||||||||||||
Goodwill and other intangible asset impairment charges(2) | ( | ( | ( | ( | |||||||||||||||||||
| Corporate expenses | ( | ( | ( | ( | |||||||||||||||||||
| Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other expense, net(3) | ( | ( | ( | ( | |||||||||||||||||||
Income (loss) before income taxes | $ | $ | ( | $ | $ | ||||||||||||||||||
| Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | ||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | % Increase (Decrease) | August 25, 2024 % of Net Revenues | August 27, 2023 % of Net Revenues | August 25, 2024 | August 27, 2023 | % Increase (Decrease) | August 25, 2024 % of Net Revenues | August 27, 2023 % of Net Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars and shares in millions, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net revenues | $ | 1,516.8 | $ | 1,511.0 | 0.4 | % | 100.0 | % | 100.0 | % | $ | 4,515.6 | $ | 4,536.7 | (0.5) | % | 100.0 | % | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
| Cost of goods sold | 606.1 | 671.5 | (9.7) | % | 40.0 | % | 44.4 | % | 1,826.7 | 1,970.7 | (7.3) | % | 40.5 | % | 43.4 | % | |||||||||||||||||||||||||||||||||||||||||||
| Gross profit | 910.7 | 839.5 | 8.5 | % | 60.0 | % | 55.6 | % | 2,688.9 | 2,566.0 | 4.8 | % | 59.5 | % | 56.6 | % | |||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 765.6 | 713.0 | 7.4 | % | 50.5 | % | 47.2 | % | 2,345.5 | 2,254.4 | 4.0 | % | 51.9 | % | 49.7 | % | |||||||||||||||||||||||||||||||||||||||||||
| Restructuring charges, net | 3.4 | 1.5 | 126.7 | % | 0.2 | % | 0.1 | % | 174.7 | 19.3 | * | 3.9 | % | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and other intangible asset impairment charges | 111.4 | 90.2 | 23.5 | % | 7.3 | % | 6.0 | % | 116.9 | 90.2 | 29.6 | % | 2.6 | % | 2.0 | % | |||||||||||||||||||||||||||||||||||||||||||
Operating income | 30.3 | 34.8 | (12.9) | % | 2.0 | % | 2.3 | % | 51.8 | 202.1 | (74.4) | % | 1.1 | % | 4.5 | % | |||||||||||||||||||||||||||||||||||||||||||
| Interest expense | (10.1) | (11.5) | 12.2 | % | (0.7) | % | (0.8) | % | (30.4) | (35.4) | 14.1 | % | (0.7) | % | (0.8) | % | |||||||||||||||||||||||||||||||||||||||||||
Other expense, net | (0.4) | (26.7) | 98.5 | % | — | % | (1.8) | % | (2.3) | (38.1) | 94.0 | % | (0.1) | % | (0.8) | % | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 19.8 | (3.4) | * | 1.3 | % | (0.2) | % | 19.1 | 128.6 | (85.1) | % | 0.4 | % | 2.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Income tax (benefit) expense | (0.9) | (13.0) | 93.1 | % | (0.1) | % | (0.9) | % | (8.9) | 5.9 | * | (0.2) | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 20.7 | $ | 9.6 | 115.6 | % | 1.4 | % | 0.6 | % | $ | 28.0 | $ | 122.7 | (77.2) | % | 0.6 | % | 2.7 | % | |||||||||||||||||||||||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic | $ | 0.05 | $ | 0.02 | 150.0 | % | * | * | $ | 0.07 | $ | 0.31 | (77.4) | % | * | * | |||||||||||||||||||||||||||||||||||||||||||
| Diluted | $ | 0.05 | $ | 0.02 | 150.0 | % | * | * | $ | 0.07 | $ | 0.31 | (77.4) | % | * | * | |||||||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding (in millions): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic | 398.2 | 397.8 | 0.1 | % | * | * | 398.6 | 397.0 | 0.4 | % | * | * | |||||||||||||||||||||||||||||||||||||||||||||||
| Diluted | 402.4 | 401.0 | 0.3 | % | * | * | 402.8 | 401.5 | 0.3 | % | * | * | |||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| % Increase (Decrease) | % Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | As Reported | Constant Currency | August 25, 2024 | August 27, 2023 | As Reported | Constant Currency | ||||||||||||||||||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
| Net revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
| Levi’s Brands: | |||||||||||||||||||||||||||||||||||||||||||||||
| Americas | $ | 757.2 | $ | 766.7 | (1.2) | % | 0.2 | % | $ | 2,205.2 | $ | 2,198.6 | 0.3 | % | 0.3 | % | |||||||||||||||||||||||||||||||
| Europe | 406.6 | 384.1 | 5.9 | % | 6.6 | % | 1,183.8 | 1,200.5 | (1.4) | % | (1.5) | % | |||||||||||||||||||||||||||||||||||
| Asia | 247.1 | 246.5 | 0.3 | % | 3.7 | % | 795.9 | 797.7 | (0.2) | % | 4.8 | % | |||||||||||||||||||||||||||||||||||
| Total Levi’s Brands net revenues | 1,410.9 | 1,397.3 | 1.0 | % | 2.6 | % | 4,184.9 | 4,196.8 | (0.3) | % | 0.6 | % | |||||||||||||||||||||||||||||||||||
Other Brands: | |||||||||||||||||||||||||||||||||||||||||||||||
Dockers | 73.7 | 86.7 | (15.1) | % | (12.7) | % | 233.5 | 254.8 | (8.4) | % | (7.6) | % | |||||||||||||||||||||||||||||||||||
Beyond Yoga® | 32.2 | 27.0 | 19.3 | % | 19.3 | % | 97.2 | 85.1 | 14.1 | % | 14.1 | % | |||||||||||||||||||||||||||||||||||
Total Other Brands | 105.9 | 113.7 | (6.9) | % | (5.0) | % | 330.7 | 339.9 | (2.7) | % | (2.1) | % | |||||||||||||||||||||||||||||||||||
| Total net revenues | $ | 1,516.8 | $ | 1,511.0 | 0.4 | % | 2.0 | % | $ | 4,515.6 | $ | 4,536.7 | (0.5) | % | 0.4 | % | |||||||||||||||||||||||||||||||
| Net revenues by channel: | |||||||||||||||||||||||||||||||||||||||||||||||
| Wholesale | $ | 847.7 | $ | 902.1 | (6.0) | % | (4.7) | % | $ | 2,419.9 | $ | 2,602.3 | (7.0) | % | (6.6) | % | |||||||||||||||||||||||||||||||
| DTC | 669.1 | 608.9 | 9.9 | % | 12.0 | % | 2,095.7 | 1,934.4 | 8.3 | % | 10.0 | % | |||||||||||||||||||||||||||||||||||
| Total net revenues | $ | 1,516.8 | $ | 1,511.0 | 0.4 | % | 2.0 | % | $ | 4,515.6 | $ | 4,536.7 | (0.5) | % | 0.4 | % | |||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | % Increase (Decrease) | August 25, 2024 | August 27, 2023 | % Increase (Decrease) | ||||||||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||||||||
| Net revenues | $ | 1,516.8 | $ | 1,511.0 | 0.4 | % | $ | 4,515.6 | $ | 4,536.7 | (0.5) | % | |||||||||||||||||||||||
| Cost of goods sold | 606.1 | 671.5 | (9.7) | % | 1,826.7 | 1,970.7 | (7.3) | % | |||||||||||||||||||||||||||
| Gross profit | $ | 910.7 | $ | 839.5 | 8.5 | % | $ | 2,688.9 | $ | 2,566.0 | 4.8 | % | |||||||||||||||||||||||
| Gross margin | 60.0 | % | 55.6 | % | 59.5 | % | 56.6 | % | |||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | % Increase (Decrease) | August 25, 2024 | August 27, 2023 | August 25, 2024 | August 27, 2023 | % Increase (Decrease) | August 25, 2024 | August 27, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| % of Net Revenues | % of Net Revenues | % of Net Revenues | % of Net Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling | $ | 341.1 | $ | 334.6 | 1.9 | % | 22.5 | % | 22.1 | % | $ | 1,029.0 | $ | 1,009.2 | 2.0 | % | 22.8 | % | 22.2 | % | |||||||||||||||||||||||||||||||||||||||
| Advertising and promotion | 95.0 | 87.8 | 8.1 | % | 6.3 | % | 5.8 | % | 313.7 | 324.5 | (3.3) | % | 6.9 | % | 7.2 | % | |||||||||||||||||||||||||||||||||||||||||||
| Administration | 130.6 | 106.8 | 22.2 | % | 8.6 | % | 7.1 | % | 402.0 | 354.1 | 13.5 | % | 8.9 | % | 7.8 | % | |||||||||||||||||||||||||||||||||||||||||||
| Other | 198.9 | 183.8 | 8.2 | % | 13.1 | % | 12.2 | % | 600.8 | 566.6 | 6.0 | % | 13.3 | % | 12.5 | % | |||||||||||||||||||||||||||||||||||||||||||
| Total SG&A | $ | 765.6 | $ | 713.0 | 7.4 | % | 50.5 | % | 47.2 | % | $ | 2,345.5 | $ | 2,254.4 | 4.0 | % | 51.9 | % | 49.7 | % | |||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | % Increase (Decrease) | August 25, 2024 | August 27, 2023 | August 25, 2024 | August 27, 2023 | % Increase (Decrease) | August 25, 2024 | August 27, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| % of Net Revenues | % of Net Revenues | % of Net Revenues | % of Net Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Levi’s Brands: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Americas | $ | 173.9 | $ | 135.6 | 28.2 | % | 23.0 | % | 17.7 | % | $ | 432.8 | $ | 323.4 | 33.8 | % | 19.6 | % | 14.7 | % | ||||||||||||||||||||||||||||||||||||||||||
| Europe | 83.2 | 68.1 | 22.1 | % | 20.5 | % | 17.7 | % | 239.9 | 240.4 | (0.2) | % | 20.3 | % | 20.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Asia | 28.5 | 30.2 | (5.6) | % | 11.5 | % | 12.3 | % | 111.0 | 116.0 | (4.3) | % | 13.9 | % | 14.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Total Levi’s Brands operating income | 285.6 | 233.9 | 22.1 | % | 20.2 | % | 16.7 | % | 783.7 | 679.8 | 15.3 | % | 18.7 | % | 16.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Other Brands | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dockers operating loss | (2.4) | (2.3) | (4.5) | % | (3.3) | % | (2.7) | % | (2.4) | (2.9) | 17.2 | % | (1.0) | % | (1.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Beyond Yoga® operating (loss) income | (5.8) | 0.5 | * | (17.9) | % | 1.8 | % | (9.6) | 2.5 | * | (9.9) | % | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Other Brands operating loss | (8.2) | (1.8) | * | (7.7) | % | (1.6) | % | (12.0) | (0.4) | * | (3.6) | % | (0.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring charges, net | (3.4) | (1.5) | (130.0) | % | (0.2) | % | v | (0.1) | % | v | (174.7) | (19.3) | * | (3.9) | % | v | (0.4) | % | v | |||||||||||||||||||||||||||||||||||||||||||
| Goodwill and other intangible asset impairment charges | (111.4) | (90.2) | (23.5) | % | (7.3) | % | v | (6.0) | % | v | (116.9) | (90.2) | (29.6) | % | (2.6) | % | v | (2.0) | % | v | ||||||||||||||||||||||||||||||||||||||||||
| Corporate expenses | (132.3) | (105.6) | (25.3) | % | (8.7) | % | v | (7.0) | % | v | (428.3) | (367.8) | (16.4) | % | (9.5) | % | v | (8.1) | % | v | ||||||||||||||||||||||||||||||||||||||||||
Total operating income | $ | 30.3 | $ | 34.8 | (12.9) | % | 2.0 | % | v | 2.3 | % | v | $ | 51.8 | $ | 202.1 | (74.4) | % | 1.1 | % | v | 4.5 | % | v | ||||||||||||||||||||||||||||||||||||||
| Operating margin | 2.0 | % | 2.3 | % | 1.1 | % | 4.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended | |||||||||||
| August 25, 2024 | August 27, 2023 | ||||||||||
| (Dollars in millions) | |||||||||||
Cash provided by operating activities | $ | 601.1 | $ | 176.6 | |||||||
| Cash used for investing activities | (192.2) | (160.9) | |||||||||
Cash used for financing activities | (229.1) | (139.1) | |||||||||
| Cash and cash equivalents at period end | 577.1 | 294.5 | |||||||||
| Most comparable GAAP measure | Non-GAAP measure | Non-GAAP measure definition | ||||||||||||
Selling, general and administration (“SG&A”) expenses | Adjusted SG&A | SG&A expenses excluding acquisition and integration related charges, property, plant, and equipment, right-of-use asset impairment, and early lease terminations, net and restructuring related charges, severance and other, net | ||||||||||||
| SG&A margin | Adjusted SG&A margin | Adjusted SG&A as a percentage of net revenues | ||||||||||||
Net income | Adjusted EBIT | Net income excluding income tax (benefit) expense, interest expense, other expense, net, acquisition and integration related charges, property, plant, equipment, right-of-use asset impairment and early lease terminations, net, goodwill and other intangible asset impairment charges, restructuring charges, net and restructuring related charges, severance and other, net | ||||||||||||
Net income margin | Adjusted EBIT margin | Adjusted EBIT as a percentage of net revenues | ||||||||||||
Net income | Adjusted EBITDA | Adjusted EBIT excluding depreciation and amortization expense | ||||||||||||
Net income | Adjusted net income | Net income excluding acquisition and integration related charges, property, plant, equipment, right-of-use asset impairment charges and early lease terminations, net, goodwill and other intangible asset impairment charges, restructuring charges, net and restructuring related charges, severance and other, net, and pension settlement loss, adjusted to give effect to the income tax impact of such adjustments | ||||||||||||
Net income margin | Adjusted net income margin | Adjusted net income as a percentage of net revenues | ||||||||||||
Diluted earnings per share | Adjusted diluted earnings per share | Adjusted net income per weighted-average number of diluted common shares outstanding | ||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | August 25, 2024 | August 27, 2023 | ||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| Most comparable GAAP measure: | |||||||||||||||||||||||
| Selling, general and administrative expenses | $ | 765.6 | $ | 713.0 | $ | 2,345.5 | $ | 2,254.4 | |||||||||||||||
| Non-GAAP measure: | |||||||||||||||||||||||
| Selling, general and administrative expenses | $ | 765.6 | $ | 713.0 | $ | 2,345.5 | $ | 2,254.4 | |||||||||||||||
Acquisition and integration related charges(1) | — | (1.3) | (4.0) | (3.8) | |||||||||||||||||||
Property, plant, equipment, right-of-use asset impairment, and early lease terminations, net(2) | (11.1) | (9.8) | (11.1) | (24.7) | |||||||||||||||||||
Restructuring related charges, severance and other, net(3) | (19.2) | (0.2) | (44.6) | (14.5) | |||||||||||||||||||
| Adjusted SG&A | $ | 735.3 | $ | 701.7 | $ | 2,285.8 | $ | 2,211.4 | |||||||||||||||
| SG&A margin | 50.5 | % | 47.2 | % | 51.9 | % | 49.7 | % | |||||||||||||||
| Adjusted SG&A margin | 48.5 | % | 46.4 | % | 50.6 | % | 48.7 | % | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | August 25, 2024 | August 27, 2023 | ||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| Most comparable GAAP measure: | |||||||||||||||||||||||
Net income | $ | 20.7 | $ | 9.6 | $ | 28.0 | $ | 122.7 | |||||||||||||||
| Non-GAAP measure: | |||||||||||||||||||||||
Net income | $ | 20.7 | $ | 9.6 | $ | 28.0 | $ | 122.7 | |||||||||||||||
| Income tax (benefit) expense | (0.9) | (13.0) | (8.9) | 5.9 | |||||||||||||||||||
| Interest expense | 10.1 | 11.5 | 30.4 | 35.4 | |||||||||||||||||||
Other expense, net | 0.4 | 26.7 | 2.3 | 38.1 | |||||||||||||||||||
Acquisition and integration related charges(1) | — | 1.3 | 4.0 | 3.8 | |||||||||||||||||||
Property, plant, equipment, right-of-use asset impairment and early lease terminations, net(2) | 11.1 | 9.8 | 11.1 | 24.7 | |||||||||||||||||||
Goodwill and other intangible asset impairment charges(3) | 111.4 | 90.2 | 116.9 | 90.2 | |||||||||||||||||||
Restructuring charges, net(4) | 3.4 | 1.5 | 174.7 | 19.3 | |||||||||||||||||||
Restructuring related charges, severance and other, net(5) | 19.2 | 0.2 | 44.6 | 14.5 | |||||||||||||||||||
| Adjusted EBIT | $ | 175.4 | $ | 137.8 | $ | 403.1 | $ | 354.6 | |||||||||||||||
Depreciation and amortization | 49.9 | 41.6 | 138.5 | 118.8 | |||||||||||||||||||
| Adjusted EBITDA | $ | 225.3 | $ | 179.4 | $ | 541.6 | $ | 473.4 | |||||||||||||||
Net income margin | 1.4 | % | 0.6 | % | 0.6 | % | 2.7 | % | |||||||||||||||
| Adjusted EBIT margin | 11.6 | % | 9.1 | % | 8.9 | % | 7.8 | % | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | August 25, 2024 | August 27, 2023 | ||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| Most comparable GAAP measure: | |||||||||||||||||||||||
Net income | $ | 20.7 | $ | 9.6 | $ | 28.0 | $ | 122.7 | |||||||||||||||
| Non-GAAP measure: | |||||||||||||||||||||||
Net income | $ | 20.7 | $ | 9.6 | $ | 28.0 | $ | 122.7 | |||||||||||||||
Acquisition and integration related charges(1) | — | 1.3 | 4.0 | 3.8 | |||||||||||||||||||
Property, plant, equipment, right-of-use asset impairment and early lease terminations, net(2) | 11.1 | 9.8 | 11.1 | 24.7 | |||||||||||||||||||
Goodwill and other intangible asset impairment charges(3) | 111.4 | 90.2 | 116.9 | 90.2 | |||||||||||||||||||
Restructuring charges, net(4) | 3.4 | 1.5 | 174.7 | 19.3 | |||||||||||||||||||
Restructuring related charges, severance and other, net(5) | 15.1 | 0.2 | 40.5 | 14.5 | |||||||||||||||||||
Pension settlement loss(6) | — | 19.0 | — | 19.0 | |||||||||||||||||||
Tax impact of adjustments(7) | (29.8) | (19.6) | (74.6) | (32.2) | |||||||||||||||||||
| Adjusted net income | $ | 131.9 | $ | 112.0 | $ | 300.6 | $ | 262.0 | |||||||||||||||
Net income margin | 1.4 | % | 0.6 | % | 0.6 | % | 2.7 | % | |||||||||||||||
| Adjusted net income margin | 8.7 | % | 7.4 | % | 6.7 | % | 5.8 | % | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | August 25, 2024 | August 27, 2023 | ||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| Most comparable GAAP measure: | |||||||||||||||||||||||
Diluted earnings per share | $ | 0.05 | $ | 0.02 | $ | 0.07 | $ | 0.31 | |||||||||||||||
| Non-GAAP measure: | |||||||||||||||||||||||
Diluted earnings per share | $ | 0.05 | $ | 0.02 | $ | 0.07 | $ | 0.31 | |||||||||||||||
Acquisition and integration related charges(1) | — | — | 0.01 | 0.01 | |||||||||||||||||||
Property, plant, equipment, right-of-use asset impairment and early lease terminations, net(2) | 0.03 | 0.03 | 0.03 | 0.06 | |||||||||||||||||||
Goodwill and other intangible asset impairment charges(3) | 0.28 | 0.22 | 0.30 | 0.22 | |||||||||||||||||||
Restructuring charges, net(4) | 0.01 | — | 0.43 | 0.04 | |||||||||||||||||||
Restructuring related charges, severance and other, net(5) | 0.04 | — | 0.10 | 0.04 | |||||||||||||||||||
Pension settlement loss(6) | — | 0.05 | — | 0.05 | |||||||||||||||||||
Tax impact of adjustments(7) | (0.08) | (0.04) | (0.19) | (0.08) | |||||||||||||||||||
Adjusted diluted earnings per share | $ | 0.33 | $ | 0.28 | $ | 0.75 | $ | 0.65 | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | August 25, 2024 | August 27, 2023 | ||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| Most comparable GAAP measure: | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 52.3 | $ | 51.2 | $ | 601.1 | $ | 176.6 | |||||||||||||||
| Net cash used for investing activities | (50.8) | (79.4) | (192.2) | (160.9) | |||||||||||||||||||
Net cash used for financing activities | (66.2) | (145.0) | (229.1) | (139.1) | |||||||||||||||||||
| Non-GAAP measure: | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 52.3 | $ | 51.2 | $ | 601.1 | $ | 176.6 | |||||||||||||||
| Purchases of property, plant and equipment | (50.0) | (69.0) | (161.8) | (250.4) | |||||||||||||||||||
| Adjusted free cash flow | $ | 2.3 | $ | (17.8) | $ | 439.3 | $ | (73.8) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | % Increase (Decrease) | August 25, 2024 | August 27, 2023 | % Increase (Decrease) | ||||||||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||
| Total net revenues | |||||||||||||||||||||||||||||||||||
| As reported | $ | 1,516.8 | $ | 1,511.0 | 0.4 | % | $ | 4,515.6 | $ | 4,536.7 | (0.5) | % | |||||||||||||||||||||||
| Impact of foreign currency exchange rates | — | (24.4) | * | — | (39.1) | * | |||||||||||||||||||||||||||||
| Constant-currency net revenues | $ | 1,516.8 | $ | 1,486.6 | 2.0 | % | $ | 4,515.6 | $ | 4,497.6 | 0.4 | % | |||||||||||||||||||||||
| Americas | |||||||||||||||||||||||||||||||||||
| As reported | $ | 757.2 | $ | 766.7 | (1.2) | % | $ | 2,205.2 | $ | 2,198.6 | 0.3 | % | |||||||||||||||||||||||
| Impact of foreign currency exchange rates | — | (11.3) | * | — | 0.2 | * | |||||||||||||||||||||||||||||
| Constant-currency net revenues - Americas | $ | 757.2 | $ | 755.4 | 0.2 | % | $ | 2,205.2 | $ | 2,198.8 | 0.3 | % | |||||||||||||||||||||||
| Europe | |||||||||||||||||||||||||||||||||||
| As reported | $ | 406.6 | $ | 384.1 | 5.9 | % | $ | 1,183.8 | $ | 1,200.5 | (1.4) | % | |||||||||||||||||||||||
| Impact of foreign currency exchange rates | — | (2.6) | * | — | 1.1 | * | |||||||||||||||||||||||||||||
| Constant-currency net revenues - Europe | $ | 406.6 | $ | 381.5 | 6.6 | % | $ | 1,183.8 | $ | 1,201.6 | (1.5) | % | |||||||||||||||||||||||
| Asia | |||||||||||||||||||||||||||||||||||
| As reported | $ | 247.1 | $ | 246.5 | 0.3 | % | $ | 795.9 | $ | 797.7 | (0.2) | % | |||||||||||||||||||||||
| Impact of foreign currency exchange rates | — | (8.2) | * | — | (38.3) | * | |||||||||||||||||||||||||||||
| Constant-currency net revenues - Asia | $ | 247.1 | $ | 238.3 | 3.7 | % | $ | 795.9 | $ | 759.4 | 4.8 | % | |||||||||||||||||||||||
| Other Brands | |||||||||||||||||||||||||||||||||||
| As reported | $ | 105.9 | $ | 113.7 | (6.9) | % | $ | 330.7 | $ | 339.9 | (2.7) | % | |||||||||||||||||||||||
| Impact of foreign currency exchange rates | — | (2.3) | * | — | (2.1) | * | |||||||||||||||||||||||||||||
| Constant-currency net revenues - Other Brands | $ | 105.9 | $ | 111.4 | (5.0) | % | $ | 330.7 | $ | 337.8 | (2.1) | % | |||||||||||||||||||||||
| Dockers | |||||||||||||||||||||||||||||||||||
| As reported | $ | 73.7 | $ | 86.7 | (15.1) | % | $ | 233.5 | $ | 254.8 | (8.4) | % | |||||||||||||||||||||||
| Impact of foreign currency exchange rates | — | (2.3) | * | — | (2.1) | * | |||||||||||||||||||||||||||||
Constant-currency net revenues - Dockers | $ | 73.7 | $ | 84.4 | (12.7) | % | $ | 233.5 | $ | 252.7 | (7.6) | % | |||||||||||||||||||||||
Beyond Yoga® | |||||||||||||||||||||||||||||||||||
| As reported | $ | 32.2 | $ | 27.0 | 19.3 | % | $ | 97.2 | $ | 85.1 | 14.1 | % | |||||||||||||||||||||||
| Impact of foreign currency exchange rates | — | — | * | — | — | * | |||||||||||||||||||||||||||||
Constant-currency net revenues - Beyond Yoga® | $ | 32.2 | $ | 27.0 | 19.3 | % | $ | 97.2 | $ | 85.1 | 14.1 | % | |||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | % Increase (Decrease) | August 25, 2024 | August 27, 2023 | % Increase (Decrease) | ||||||||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||
| Total net revenues | |||||||||||||||||||||||||||||||||||
| As reported | $ | 1,516.8 | $ | 1,511.0 | 0.4 | % | $ | 4,515.6 | $ | 4,536.7 | (0.5) | % | |||||||||||||||||||||||
| Impact of foreign currency exchange rates | — | (24.4) | * | — | (39.1) | * | |||||||||||||||||||||||||||||
| Constant-currency net revenues | $ | 1,516.8 | $ | 1,486.6 | 2.0 | % | $ | 4,515.6 | $ | 4,497.6 | 0.4 | % | |||||||||||||||||||||||
Wholesale | |||||||||||||||||||||||||||||||||||
| As reported | $ | 847.7 | $ | 902.1 | (6.0) | % | $ | 2,419.9 | $ | 2,602.3 | (7.0) | % | |||||||||||||||||||||||
| Impact of foreign currency exchange rates | — | (12.9) | * | — | (10.5) | * | |||||||||||||||||||||||||||||
Constant-currency net revenues - Wholesale | $ | 847.7 | $ | 889.2 | (4.7) | % | $ | 2,419.9 | $ | 2,591.8 | (6.6) | % | |||||||||||||||||||||||
DTC | |||||||||||||||||||||||||||||||||||
| As reported | $ | 669.1 | $ | 608.9 | 9.9 | % | $ | 2,095.7 | $ | 1,934.4 | 8.3 | % | |||||||||||||||||||||||
| Impact of foreign currency exchange rates | — | (11.5) | * | — | (28.6) | * | |||||||||||||||||||||||||||||
Constant-currency net revenues - DTC | $ | 669.1 | $ | 597.4 | 12.0 | % | $ | 2,095.7 | $ | 1,905.8 | 10.0 | % | |||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | % Increase (Decrease) | August 25, 2024 | August 27, 2023 | % Increase (Decrease) | ||||||||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||
Adjusted EBIT(1) | $ | 175.4 | $ | 137.8 | 27.3 | % | $ | 403.1 | $ | 354.6 | 13.7 | % | |||||||||||||||||||||||
| Impact of foreign currency exchange rates | — | (4.4) | * | — | (8.9) | * | |||||||||||||||||||||||||||||
| Constant-currency Adjusted EBIT | $ | 175.4 | $ | 133.4 | 31.4 | % | $ | 403.1 | $ | 345.7 | 16.6 | % | |||||||||||||||||||||||
| Adjusted EBIT margin | 11.6 | % | 9.1 | % | 27.5 | % | 8.9 | % | 7.8 | % | 14.1 | % | |||||||||||||||||||||||
| Impact of foreign currency exchange rates | — | (0.1) | * | — | (0.1) | * | |||||||||||||||||||||||||||||
Constant-currency Adjusted EBIT margin(2) | 11.6 | % | 9.0 | % | 28.9 | % | 8.9 | % | 7.7 | % | 15.6 | % | |||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
| August 25, 2024 | August 27, 2023 | % Increase (Decrease) | August 25, 2024 | August 27, 2023 | % Increase (Decrease) | ||||||||||||||||||||||||||||||
| (Dollars in millions, except per share amounts) | |||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||
Adjusted net income(1) | $ | 131.9 | $ | 112.0 | 17.8 | % | $ | 300.6 | $ | 262.0 | 14.7 | % | |||||||||||||||||||||||
| Impact of foreign currency exchange rates | — | (1.7) | * | — | (4.7) | * | |||||||||||||||||||||||||||||
| Constant-currency Adjusted net income | $ | 131.9 | $ | 110.3 | 19.6 | % | $ | 300.6 | $ | 257.3 | 16.8 | % | |||||||||||||||||||||||
Constant-currency Adjusted net income margin(2) | 8.7 | % | 7.4 | % | 6.7 | % | 5.7 | % | |||||||||||||||||||||||||||
| Adjusted diluted earnings per share | $ | 0.33 | $ | 0.28 | 17.9 | % | $ | 0.75 | $ | 0.65 | 15.4 | % | |||||||||||||||||||||||
| Impact of foreign currency exchange rates | — | — | * | — | (0.01) | * | |||||||||||||||||||||||||||||
| Constant-currency Adjusted diluted earnings per share | $ | 0.33 | $ | 0.28 | 17.9 | % | $ | 0.75 | $ | 0.64 | 17.2 | % | |||||||||||||||||||||||
| Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | ||||
| Item 4. | CONTROLS AND PROCEDURES | ||||
| Item 1. | LEGAL PROCEEDINGS | ||||
| Item 1A. | RISK FACTORS | ||||
| Item 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | ||||
| Period | Total number of shares purchased(1) | Average price paid per share(2) | Total number of shares purchased as part of publicly announced plans or programs(1) | Approximate maximum dollar value of shares that may yet be purchased under the plans or programs(1) | |||||||||||||||||||
May 27, 2024 - June 30, 2024 | 141,091 | $ | 19.36 | 141,091 | $ | 635,815,034 | |||||||||||||||||
July 1, 2024 - July 28, 2024 | 810,484 | 18.58 | 810,484 | $ | 620,752,259 | ||||||||||||||||||
July 29, 2024 - August 25, 2024 | — | — | — | $ | 620,752,259 | ||||||||||||||||||
| Total | 951,575 | $ | 18.70 | 951,575 | |||||||||||||||||||
| Item 3. | DEFAULTS UPON SENIOR SECURITIES | ||||
| Item 4. | MINE SAFETY DISCLOSURES | ||||
Item 5. | OTHER INFORMATION | ||||
| Item 6. | EXHIBITS | ||||
| Incorporated by Reference | ||||||||||||||||||||||||||||||||
| Exhibit Number | Description of Document | Form | SEC File No. | Exhibit | Filing Date | |||||||||||||||||||||||||||
| 3.1 | 8-K | 001-06631 | 3.1 | 3/25/2019 | ||||||||||||||||||||||||||||
| 3.2 | 8-K | 001-06631 | 3.1 | 4/21/2023 | ||||||||||||||||||||||||||||
| 31.1 | ||||||||||||||||||||||||||||||||
| 31.2 | ||||||||||||||||||||||||||||||||
| 32.1† | ||||||||||||||||||||||||||||||||
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. Filed herewith. | |||||||||||||||||||||||||||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. Filed herewith. | |||||||||||||||||||||||||||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. Filed herewith. | |||||||||||||||||||||||||||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. Filed herewith. | |||||||||||||||||||||||||||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. Filed herewith. | |||||||||||||||||||||||||||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. Filed herewith. | |||||||||||||||||||||||||||||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained within Exhibit 101). Filed herewith. | |||||||||||||||||||||||||||||||
| Date: | October 2, 2024 | LEVI STRAUSS & CO. | |||||||||
| (Registrant) | |||||||||||
| By: | /s/ LISA W. STIRLING | ||||||||||
| Lisa W. Stirling Senior Vice President and Global Controller | |||||||||||
| (Principal Accounting Officer and Duly Authorized Officer) | |||||||||||
/s/ MICHELLE GASS | ||||||||
Michelle Gass | ||||||||
| President and Chief Executive Officer | ||||||||
| /s/ HARMIT SINGH | ||||||||
| Harmit Singh | ||||||||
| Executive Vice President and Chief Financial and Growth Officer | ||||||||
/s/ MICHELLE GASS | ||||||||
Michelle Gass | ||||||||
| President and Chief Executive Officer | ||||||||
| October 2, 2024 | ||||||||
| /s/ HARMIT SINGH | ||||||||
| Harmit Singh | ||||||||
| Executive Vice President and Chief Financial and Growth Officer | ||||||||
| October 2, 2024 | ||||||||
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Aug. 25, 2024 |
Nov. 26, 2023 |
|---|---|---|
| Common Class A [Member] | ||
| Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
| Common stock, shares authorized | 1,200,000,000 | 1,200,000,000 |
| Common stock, shares issued | 104,374,812 | 102,104,670 |
| Common stock, shares outstanding | 104,374,812 | 102,104,670 |
| Common Class B [Member] | ||
| Common stock, shares authorized | 422,000,000 | 422,000,000 |
| Common stock, shares issued | 292,352,695 | 295,243,353 |
| Common stock, shares outstanding | 292,352,695 | 295,243,353 |
Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 25, 2024 |
Aug. 27, 2023 |
Aug. 25, 2024 |
Aug. 27, 2023 |
|
| Income Statement [Abstract] | ||||
| Net revenues | $ 1,516,800 | $ 1,511,000 | $ 4,515,600 | $ 4,536,700 |
| Cost of goods sold | 606,100 | 671,500 | 1,826,700 | 1,970,700 |
| Gross profit | 910,700 | 839,500 | 2,688,900 | 2,566,000 |
| Selling, general and administrative expenses | 765,600 | 713,000 | 2,345,500 | 2,254,400 |
| Restructuring charges, net | 3,400 | 1,500 | 174,700 | 19,300 |
| Operating income | 30,300 | 34,800 | 51,800 | 202,100 |
| Interest expense | (10,100) | (11,500) | (30,400) | (35,400) |
| Other expense, net | (400) | (26,700) | (2,300) | (38,100) |
| Income (loss) before income taxes | 19,800 | (3,400) | 19,100 | 128,600 |
| Income tax (benefit) expense | (900) | (13,000) | (8,900) | 5,900 |
| Net income | $ 20,700 | $ 9,600 | $ 28,000 | $ 122,700 |
| Earnings per common share: | ||||
| Basic (usd per share) | $ 0.05 | $ 0.02 | $ 0.07 | $ 0.31 |
| Diluted (usd per share) | $ 0.05 | $ 0.02 | $ 0.07 | $ 0.31 |
| Weighted-average common shares outstanding: | ||||
| Basic (in shares) | 398,187,049 | 397,767,394 | 398,642,455 | 396,969,596 |
| Diluted (in shares) | 402,398,064 | 400,992,735 | 402,848,679 | 401,454,820 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 25, 2024 |
Aug. 27, 2023 |
Aug. 25, 2024 |
Aug. 27, 2023 |
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| Statement of Comprehensive Income [Abstract] | ||||
| Net income | $ 20.7 | $ 9.6 | $ 28.0 | $ 122.7 |
| Other comprehensive (loss) income, before related income taxes: | ||||
| Pension and postretirement benefits | 2.3 | 18.6 | 6.3 | 23.2 |
| Derivative instruments | (12.7) | (14.6) | 5.1 | (66.1) |
| Foreign currency translation (losses) gains | (34.3) | 14.5 | (36.1) | 61.9 |
| Unrealized gains on marketable securities | 0.0 | 0.1 | 0.0 | 0.8 |
| Total other comprehensive (loss) income, before related income taxes | (44.7) | 18.6 | (24.7) | 19.8 |
| Income tax benefit (expense) related to items of other comprehensive (loss) income | 0.9 | 5.0 | (2.9) | 3.8 |
| Comprehensive (loss) income, net of taxes | $ (23.1) | $ 33.2 | $ 0.4 | $ 146.3 |
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Aug. 25, 2024 |
May 26, 2024 |
Feb. 25, 2024 |
Aug. 27, 2023 |
May 28, 2023 |
Feb. 26, 2023 |
Aug. 25, 2024 |
Aug. 27, 2023 |
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| Statement of Stockholders' Equity [Abstract] | ||||||||
| Cash dividends declared (in dollars per share) | $ 0.13 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.37 | $ 0.36 |
Significant Accounting Policies |
9 Months Ended |
|---|---|
Aug. 25, 2024 | |
| Accounting Policies [Abstract] | |
| SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Levi Strauss & Co. (the “Company”) is one of the world’s largest brand-name apparel companies. The Company designs, markets and sells – directly or through third parties and licensees – products that include jeans, casual and dress pants, tops, shorts, skirts, dresses, jackets, activewear, footwear and related accessories for men, women and children around the world under the Levi’s®, Levi Strauss Signature™, Denizen®, Dockers® and Beyond Yoga® brands. Basis of Presentation and Principles of Consolidation The interim consolidated financial statements of the Company and its wholly-owned and majority-owned foreign and domestic subsidiaries, including the notes, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim period financial statements and do not include all of the information and disclosures required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments necessary for a fair statement of the financial position and the results of operations for the periods presented have been included. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended November 26, 2023, included in the Company’s 2023 Annual Report on Form 10-K. The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany transactions have been eliminated. The results of operations for the three and nine months ended August 25, 2024 may not be indicative of the results to be expected for any other interim period or the year ending December 1, 2024. The Company’s fiscal year ends on the Sunday that is closest to November 30 of that year, although the fiscal years of certain foreign subsidiaries end on November 30. Each quarter of both fiscal years 2024 and 2023 consists of 13 weeks, with the exception of the fourth quarter of 2024, which will consist of 14 weeks. All references to years and quarters relate to fiscal years and quarters rather than calendar years and quarters. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes to the consolidated financial statements. Estimates are based upon historical factors, current circumstances and the experience and judgment of the Company’s management. Management evaluates its estimates and assumptions on an ongoing basis and may employ outside experts to assist in its evaluations. Changes in such estimates, based on more accurate future information, or different assumptions or conditions, may affect amounts reported in future periods. Expofaro S.A.S Distributor Acquisition In December 2023, the Company signed a purchase agreement to acquire all operating assets related to Levi’s® brands from Expofaro S.A.S, the Company’s former distributor in Colombia, for $31.9 million in cash. This includes 40 Levi’s® retail stores and one e-commerce site, distribution with the country’s multi-brand retailers, and the logistical operations within these markets. The total fair value of assets acquired was $31.9 million and include goodwill, inventory, intangible and fixed assets. The goodwill and definite-lived intangible assets recognized as a result of the acquisition were $15.9 million and $10.3 million, respectively. The transaction closed in the second quarter of 2024. Distribution Center Conversion On May 24, 2024, the Company entered into an agreement with a third party logistics provider to manage all aspects of the Company’s Dorsten, Germany distribution center. As of the second quarter of 2024, the Company received the first payment of $77.9 million from the provider for use of the Company’s warehouse equipment and technologies over the term of the agreement. The Company will maintain certain rights over the warehouse equipment and technologies and will retain the related equipment on the consolidated balance sheets. The upfront payment will be amortized as a reduction in the related distribution expenses over the expected term of the arrangement, which commenced in the second half of the year. The upfront payment is recognized on the consolidated balance sheets in “Other accrued liabilities” and “Long-term employee related benefits and other liabilities” and the proceeds are recorded as an operating activity in “Net change in operating assets and liabilities” on the consolidated statements of cash flows. On June 6, 2024, the Company entered into an agreement with a third party logistics provider to replace the Company’s Canton, Mississippi distribution center with a new distribution center. The Company will maintain certain rights over the warehouse, and warehouse equipment and technologies resulting in an Operating lease right-of-use asset and lease liability of $30.6 million in “Operating lease right-of-use assets, net” and “Operating lease liabilities” balances and a Financing lease right-of-use asset and lease liability of $14.0 million in “Other non-current assets” and “Long-term employee related benefits and other liabilities” balances on the consolidated balance sheets. Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may be impaired. Impairment losses are measured and recorded for the excess of carrying value over its fair value, estimated based on expected future cash flows and other quantitative and qualitative factors. Property, plant and equipment, net includes accumulated depreciation of $1.4 billion and $1.3 billion as of August 25, 2024 and November 26, 2023, respectively. In the third quarter of 2024, the Company recorded $11.1 million of asset impairment charges related to technology projects discontinued in connection with Project Fuel, which were recorded in “Selling, general and administrative expenses” in the accompanying consolidated statements of income. The Company also recorded an impairment charge of $9.1 million related to the Beyond Yoga® customer relationship intangible assets, which is included in “Goodwill and other intangible asset impairment charges” in the Company’s consolidated statements of income. See Note 2 for additional information. Supplier Finance Program The Company adopted Accounting Standards Update No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations in the first quarter of 2024. The Company offers a supplier financing program which enables the Company’s suppliers, at their sole discretion, to sell their receivables (i.e., the Company’s payment obligations to suppliers) to a financial institution on a non-recourse basis in order to be paid earlier than current payment terms provide. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by the supplier’s participation in these arrangements. The Company’s payment terms to the financial institutions, including the timing and amount of payments, are based on the original supplier invoices. Our current payment terms with a majority of our suppliers are typically 90 days. The Company has not pledged any assets and does not provide guarantees under the supplier finance program. As such, the outstanding payment obligations under the Company’s supplier finance program are included within Accounts Payable in the Consolidated Balance Sheets. The Company’s outstanding payment obligations under this program were $139.9 million as of August 25, 2024 and $113.4 million as of November 26, 2023. Share Repurchases During the three and nine months ended August 25, 2024, the Company repurchased 1.0 million and 3.3 million shares for $17.8 million and $59.7 million, plus broker’s commissions, respectively, in the open market. This equates to an average repurchase price of approximately $18.35 per share for the nine months ended August 25, 2024. During the nine months ended August 27, 2023, the Company repurchased 0.5 million shares for $8.1 million, plus broker's commissions, in the open market during the first quarter. This equates to an average repurchase price of approximately $17.97 per share. There were no shares repurchased in either the second or third quarters of 2023. The Company accounts for share repurchases by charging entirely to retained earnings the excess of the repurchase price over the repurchased Class A common stock’s par value. All repurchased shares are retired and become authorized but unissued shares. The Company accrues for the shares purchased under the share repurchase plan based on the trade date. The Company may terminate or limit the share repurchase program at any time. Reclassification Certain amounts on the consolidated balance sheets, consolidated statements of income and statements of cash flows have been conformed to the August 25, 2024 presentation. Recently Issued Accounting Standards There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s consolidated financial statements and footnote disclosures, from those disclosed in the 2023 Annual Report on Form 10-K.
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Goodwill and Other Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amount of goodwill by business segment for the nine months ended August 25, 2024 and August 27, 2023 were as follows:
(1)Comprised of the Beyond Yoga® reporting unit goodwill only. (2)For the nine months ended August 25, 2024 the Company recorded a Beyond Yoga® goodwill noncash impairment charge of $36.3 million. (3)For the nine months ended August 25, 2024 the Company recorded goodwill of $15.9 million in connection with the acquisition of all operating assets related to Levi’s® brands from Expofaro S.A.S, the Company’s former distributor in Colombia.
(1)Comprised of the Beyond Yoga® reporting unit goodwill only. (2)For the nine months ended August 27, 2023 the company recorded a Beyond Yoga® goodwill noncash impairment charge of $75.4 million. During the third quarter of 2024, as part of the Company’s annual review of the Beyond Yoga® reporting unit, the Company elected to perform a single step quantitative impairment test on the goodwill and indefinite lived trademark intangible assigned to the Beyond Yoga® reporting unit and performed impairment tests on the related customer relationship intangible assets. The Company engaged third-party valuation specialists and used industry accepted valuation models and criteria that were reviewed and approved by various levels of management. The Company assessed the fair value of the Beyond Yoga® reporting unit as of the test date, May 27, 2024, using the discounted cash flow method under the income approach, utilizing estimated cash flows and a terminal value, discounted at a rate of return that reflects the relative risk of the cash flows. As a result of this assessment, we concluded that the carrying value of the Beyond Yoga® reporting unit exceeded the estimated fair value by $36.3 million, which was recorded as a noncash impairment charge to goodwill. Prior to the assessment of the reporting unit, we concluded that the carrying values of the trademark and customer relationship intangible assets exceeded their estimated fair values. The trademark fair value was determined using the relief-from-royalty method to utilize the discounted projected future cash flows. Based on this assessment, we recorded a $66.0 million noncash impairment charge related to the Beyond Yoga® trademark. The customer relationship intangible assets fair values were determined using the multi-period excess earnings and distributor methods under the income approach. Based on these assessments, we recorded a $9.1 million noncash impairment charge related to the customer relationship intangible assets. The significant assumptions used in the assessment of the fair value of the reporting unit included revenue growth rates, profit margins, operating expenses, capital expenditures, terminal value and a discount rate. The significant assumptions used in the assessment of the fair value of the trademark intangible asset included revenue growth rates, a discount rate and a royalty rate. The significant assumptions used in the assessment of the customer relationship intangible assets included revenues from existing customers and discount rates. Total impairment charges for the nine months ended August 25, 2024 were $111.4 million and were recorded within “Goodwill and other intangible asset impairment charges” on the accompanying consolidated statements of income. During 2024, the Company appointed new Beyond Yoga® executive management and implemented a new strategic plan for growth and expansion, resulting in an adverse impact on expected cash flows. During the first quarter of 2024, the Company recognized $5.5 million in goodwill impairment charges related to the footwear business in its Europe segment as a result of the decision to discontinue the category in connection with Project Fuel. For the nine months ended August 27, 2023, the Company recognized impairment charges of $90.2 million related to the Beyond Yoga® acquisition including a $75.4 million impairment in goodwill and a $14.8 million impairment in the trademark intangible asset. The impairment resulted from incremental investments in the brand and team, and disciplined expansion in response to the current macroeconomic conditions, resulting in an adverse impact on expected cash flows, as well as an increase in discount rates. Other intangible assets, net, were as follows:
_____________ (1)For the nine months ended August 25, 2024 the Company recorded a Beyond Yoga® trademark noncash impairment charge of $66.0 million based on a Level 3 fair value of $135.1 million. For the nine months ended August 27, 2023 the Company recorded a Beyond Yoga® trademark noncash impairment charge of $14.8 million based on a Level 3 fair value of $201.1 million. (2)For the nine months ended August 25, 2024 the Company recorded a Beyond Yoga® customer relationship intangible assets noncash impairment charge of $9.1 million based on a Level 3 fair value of $9.7 million.
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| 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:
_____________ (1)Fair values estimated using Level 1 inputs are inputs that consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Rabbi trust assets consist of marketable equity securities. (2)Fair values estimated using Level 2 inputs are inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly, and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. For forward foreign exchange contracts, inputs include foreign currency exchange and interest rates and, where applicable, credit default swap prices. (3)The Company’s cash flow hedges are subject to International Swaps and Derivatives Association, Inc. master agreements. These agreements permit the net settlement of these contracts on a per-institution basis. Refer to Note 4 for more information. The following table presents the carrying value, including related accrued interest, and estimated fair value of the Company’s financial instruments that are carried at adjusted historical cost:
_____________ (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 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES As of August 25, 2024, the Company had forward foreign exchange contracts derivatives to buy $595.4 million and to sell $570.5 million in various foreign currencies. These contracts are at various exchange rates and expire at various dates through February 2026. The table below provides data about the carrying values of derivative and non-derivative instruments:
_____________ (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:
The table below provides data about the amount of gains and losses related to derivative instruments and non-derivative instruments designated as cash flow and net investment hedges included in “Accumulated other comprehensive loss” (“AOCL”) on the Company’s consolidated balance sheets, and in “Other expense, net” in the Company’s consolidated statements of income:
_____________ (1)Amounts reclassified from AOCL were classified as net revenues or costs of goods sold on the consolidated statements of income. (2)Prior to 2006, the Company used foreign exchange currency swaps to hedge the net investment in its foreign operations. For hedges that qualified for hedge accounting, the net gains were included in AOCL and are not reclassified to earnings until the related net investment position has been liquidated. There was no hedge ineffectiveness for the nine months ended August 25, 2024. Within the next 12 months, a $0.5 million loss from cash flow hedges is expected to be reclassified from AOCL into net income. The table below presents the effects of the Company’s cash flow hedges of foreign exchange risk contracts on the consolidated statements of income:
The table below provides data about the amount of gains and losses related to derivatives instruments included in “Other expense, net” in the Company’s consolidated statements of income:
(1)Realized (losses) gains related to derivatives instruments were classified as Other, net on the Company’s consolidated statements of cash flows.
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Other Accrued Liabilities |
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| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Accrued Liabilities | OTHER ACCRUED LIABILITIES The following table presents the Company’s other accrued liabilities:
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEBT | DEBT The following table presents the Company’s debt:
Senior Revolving Credit Facility As of August 25, 2024, the Company had no borrowings under the Credit Facility. The Company’s unused availability under the Credit Facility was $705.8 million at August 25, 2024, as the total availability of $726.8 million was reduced by $21.0 million of letters of credit and other credit usage allocated under the Credit Facility. Interest Rates on Borrowings The Company’s weighted-average interest rate on average borrowings outstanding during the three and nine months ended August 25, 2024 was 3.97% and 3.98%, respectively, as compared to 4.35% and 4.24%, respectively, during the same periods of 2023.
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Restructuring Activities |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RESTRUCTURING ACTIVITIES | RESTRUCTURING ACTIVITIES In the first quarter of 2024, our Board of Directors (the "Board") approved a multi-year global productivity initiative, “Project Fuel”, designed to accelerate the execution of our Brand Led and DTC First strategies while fueling long-term profitable growth. The first phase of the global productivity initiative was completed primarily in the first half of 2024. The two-year initiative is expected to continue through the end of 2025. As this initiative progresses, the Company may incur additional restructuring charges, which could be significant to a future fiscal quarter or year. During the three and nine months ended August 25, 2024, we recognized restructuring charges of $3.4 million and $174.7 million, respectively, related to Project Fuel, consisting primarily of severance and other post-employment benefits, based on separation benefits provided by Company policy or statutory benefit plans as well as contract termination costs. These charges were recorded in “Restructuring charges, net” in the accompanying consolidated statements of income. As of August 25, 2024, the restructuring liability was $124.7 million, with $76.1 million and $48.6 million classified as “Other accrued liabilities” and “Long-term employee related benefits and other liabilities”, respectively, within the Company’s consolidated balance sheet. During the three and nine months ended August 25, 2024, the Company also recognized $19.0 million and $34.3 million, respectively, of restructuring related charges primarily consisting of consulting fees, which were recorded in “Selling, general and administrative expenses” in the accompanying consolidated statements of income. Additionally, the Company recognized an impairment charge of $11.1 million in the third quarter of 2024 related to capitalized internal-use software as a result of the decision to discontinue certain technology projects in connection with Project Fuel, which was recorded in “Selling, general and administrative expenses” in the accompanying consolidated statements of income. For the three and nine months ended August 27, 2023, the Company recognized net restructuring charges of $1.5 million and $19.3 million, respectively, which primarily related to severance benefits, based on separation benefits provided by Company policy or statutory benefit plans as well as contract termination costs. These charges were recorded in “Restructuring charges, net” in the accompanying consolidated statements of income. The following tables summarize the activities associated with restructuring liabilities for the three and nine months ended August 25, 2024. "Net Charges (Reversals)" represents the initial charge related to the restructuring activity as well as revisions of estimates related to severance and employee-related benefits and other, "Payments" consists of cash payments for severance and employee-related benefits and other, and "Foreign Currency Fluctuations" includes foreign currency fluctuations.
(1)Excludes $2.0 million in stock compensation related charges recorded in Additional paid-in capital and $0.8 million in operating lease termination for the nine-month period ended August 25, 2024.
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Commitments and Contingencies |
9 Months Ended |
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Aug. 25, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Forward Foreign Exchange Contracts The Company uses cash flow hedge derivative instruments to manage its exposure to foreign currencies. The Company is exposed to credit loss in the event of nonperformance by the counterparties to the forward foreign exchange contracts. However, the Company believes that its exposures are appropriately diversified across counterparties and that these counterparties are creditworthy financial institutions. See Note 4 for additional information. Other Contingencies Litigation. In the ordinary course of business, the Company has various claims, complaints and pending cases, including contractual matters, facility and employee-related matters, distribution matters, product liability matters, intellectual property matters, bankruptcy preference matters, and tax and administrative matters. The Company establishes loss provisions for these ordinary course claims as well as other matters in which losses are probable and can be reasonably estimated. The Company does not believe any of these pending claims, complaints and legal proceedings will have a material impact on its financial condition, results of operations or cash flows. Customs Duty Audits. The Company imports both raw materials and finished garments into all of its geographic regions and, as such, is subject to numerous countries’ complex customs laws and regulations with respect to its import and export activity. The Company has various pending audit assessments in connection with these activities. As of August 25, 2024, the Company has recorded certain reserves for these matters which are not material. The Company does not believe any of the claims for customs duty and related charges will have a material impact on its financial condition, results of operations or cash flows.
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Dividends |
9 Months Ended |
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Aug. 25, 2024 | |
| Dividends [Abstract] | |
| DIVIDENDS | DIVIDENDS Dividends are declared at the discretion of the Board. In January, April and July 2024, the Company declared cash dividends of $0.12, $0.12 and $0.13 per share, respectively, to holders of record of its Class A and Class B common stock. In January, April and July 2023, the Company declared cash dividends of $0.12 per share. During the three and nine months ended August 25, 2024, dividends were paid in the amount of $51.5 million and $147.1 million, respectively, compared to $47.7 million and $142.9 million, respectively, for the same prior-year periods. The Company does not have an established dividend policy. The Board reviews the Company’s ability to pay dividends on an ongoing basis and establishes the dividend amount based on the Company’s financial condition, results of operations, capital requirements, current and projected cash flows and other factors, and any restrictions related to the terms of the Company’s debt agreements. Subsequent to the Company’s quarter end, a cash dividend of $0.13 per share was declared to holders of record of its Class A and Class B common stock at the close of business on October 29, 2024. The cash dividend will be payable on November 14, 2024, for a total quarterly dividend of approximately $52 million.
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Accumulated Other Comprehensive Loss |
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| 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:
(1)Amounts reclassified were recorded in other expense, net. (2)Amounts reclassified were recorded within net revenues and cost of goods sold. For more information, refer to Note 4.
(1)Amounts reclassified were recorded in other expense, net. (2)Amounts reclassified were recorded within net revenues and cost of goods sold. For more information, refer to Note 4.
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Net Revenues |
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| 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.
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Income Taxes |
9 Months Ended |
|---|---|
Aug. 25, 2024 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES The Company’s effective income tax rate was (4.1)% for the three months ended August 25, 2024, compared to 386.6% for the same prior-year period. The decrease in the effective tax rate in the current quarter is primarily driven by the foreign-derived intangible income deduction as a proportion to earnings before income tax compared to loss before income tax in the same prior-year period. The Company’s effective income tax rate was (46.2)% for the nine months ended August 25, 2024, compared to 4.5% for the same prior-year period. The decrease in the effective tax rate is primarily driven by a tax benefit of $10.1 million
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Earnings Per Share Attributable to Common Stockholders |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | EARNINGS PER SHARE The following table sets forth the computation of the Company’s basic and diluted earnings per share:
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Related Parties |
9 Months Ended |
|---|---|
Aug. 25, 2024 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTIES | RELATED PARTIES Michelle Gass (President and CEO), Tracy Layney (Executive Vice President and Chief Human Resources Officer) and David Jedrzejek (Senior Vice President and General Counsel) are members of the Board of Directors of the Levi Strauss Foundation, which is not one of our consolidated entities. Mr. David Jedrzejek also serves as a Vice President of the Levi Strauss Foundation. Ms. Gass, Ms. Layney and Mr. Jedrzejek began serving on the Board of Directors of the Levi Strauss Foundation on January 24, 2024, February 3, 2022 and September 26, 2023, respectively. Charles V. Bergh, former President and Chief Executive Officer, was a member of the board of directors of the Levi Strauss Foundation until January 28, 2024. During the three and nine months ended August 25, 2024, the Company donated $0.4 million and $5.7 million, respectively, to the Levi Strauss Foundation as compared to $0.5 million and $10.8 million, respectively, for the same prior-year periods. During the three and nine months ended August 25, 2024, the Company recognized expenses related to their donation commitments of $2.2 million and $6.4 million, respectively, as compared to a reversal of expense of $0.9 million and expenses of $4.0 million, respectively, for the same prior-year periods.
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Business Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION The Company manages its business according to three reportable segments: Americas, Europe, and Asia, collectively comprising the Company’s Levi’s Brands business, which includes Levi’s®, Levi Strauss Signature™ and Denizen® brands. The Dockers® and Beyond Yoga® businesses do not separately meet the quantitative thresholds for reportable segments and therefore are presented under the caption of “Other Brands.” Effective in the second quarter of 2024, Dockers® and Beyond Yoga® businesses are disclosed as separate lines under the caption “Other Brands” to increase transparency of performance. Prior periods were adjusted to reflect the change. Corporate expenses are comprised of selling, general and administrative expenses that management does not attribute to any of our operating segments and these expenses primarily relate to corporate administration, information and technology resources, finance and human resources functional and organizational costs. The Company considers its chief executive officer to be the Company’s chief operating decision maker. The Company’s chief operating decision maker manages business operations, evaluates performance and allocates resources based on the segments’ net revenues and operating income. Business segment information for the Company is as follows:
(1)Restructuring charges, net for the three and nine months ended August 25, 2024 related to Project Fuel, consisting primarily of severance and other post-employment benefit charges. (2)For the three and nine months ended August 25, 2024, goodwill and other intangible asset impairment charges includes $36.3 million related to Beyond Yoga reporting unit goodwill, $66.0 million related to the Beyond Yoga® trademark and $9.1 million related to the Beyond Yoga® customer relationship intangible assets. Additionally, the nine months ended August 25, 2024 includes a $5.5 million goodwill impairment charge related to the footwear business. For the three and nine months ended August 27, 2023, goodwill and other intangible asset impairment charges includes $75.4 million related to Beyond Yoga reporting unit goodwill and $14.8 million related to the Beyond Yoga® trademark. (3)Other expense, net for the three and nine months ended August 25, 2024 includes an insurance recovery of $2.7 million and a government subsidy gain of $1.4 million. Other expense, net for the three and nine months ended August 27, 2023 primarily consists of a noncash pension settlement charge.
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Subsequent Events |
9 Months Ended |
|---|---|
Aug. 25, 2024 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Subsequent to the end of the third quarter of 2024, the Company announced that it has initiated a formal review of strategic alternatives for the Dockers® brand, which could include a potential sale or other strategic transaction. The Company has retained Bank of America as its financial advisor. The Company has not set a deadline or definitive timetable for the completion of the strategic alternatives review process, and there can be no assurance that this process will result in any transaction or particular outcome.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 25, 2024 |
Aug. 27, 2023 |
Aug. 25, 2024 |
Aug. 27, 2023 |
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| Pay vs Performance Disclosure | ||||
| Net income | $ 20.7 | $ 9.6 | $ 28.0 | $ 122.7 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Aug. 25, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Significant Accounting Policies (Policies) |
9 Months Ended |
|---|---|
Aug. 25, 2024 | |
| Accounting Policies [Abstract] | |
| Consolidated entities policy | The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany transactions have been eliminated. |
| Fiscal period | The Company’s fiscal year ends on the Sunday that is closest to November 30 of that year, although the fiscal years of certain foreign subsidiaries end on November 30. Each quarter of both fiscal years 2024 and 2023 consists of 13 weeks, with the exception of the fourth quarter of 2024, which will consist of 14 weeks. All references to years and quarters relate to fiscal years and quarters rather than calendar years and quarters.
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| 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.
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| Long-Lived Assets | Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may be impaired. Impairment losses are measured and recorded for the excess of carrying value over its fair value, estimated based on expected future cash flows and other quantitative and qualitative factors. Property, plant and equipment, net includes accumulated depreciation of $1.4 billion and $1.3 billion as of August 25, 2024 and November 26, 2023, respectively. In the third quarter of 2024, the Company recorded $11.1 million of asset impairment charges related to technology projects discontinued in connection with Project Fuel, which were recorded in “Selling, general and administrative expenses” in the accompanying consolidated statements of income. The Company also recorded an impairment charge of $9.1 million related to the Beyond Yoga® customer relationship intangible assets, which is included in “Goodwill and other intangible asset impairment charges” in the Company’s consolidated statements of income. See Note 2 for additional information.
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| 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.
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| Shares Repurchases | Share Repurchases During the three and nine months ended August 25, 2024, the Company repurchased 1.0 million and 3.3 million shares for $17.8 million and $59.7 million, plus broker’s commissions, respectively, in the open market. This equates to an average repurchase price of approximately $18.35 per share for the nine months ended August 25, 2024. During the nine months ended August 27, 2023, the Company repurchased 0.5 million shares for $8.1 million, plus broker's commissions, in the open market during the first quarter. This equates to an average repurchase price of approximately $17.97 per share. There were no shares repurchased in either the second or third quarters of 2023. The Company accounts for share repurchases by charging entirely to retained earnings the excess of the repurchase price over the repurchased Class A common stock’s par value. All repurchased shares are retired and become authorized but unissued shares. The Company accrues for the shares purchased under the share repurchase plan based on the trade date. The Company may terminate or limit the share repurchase program at any time.
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| Reclassification | Reclassification Certain amounts on the consolidated balance sheets, consolidated statements of income and statements of cash flows have been conformed to the August 25, 2024 presentation.
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| 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.
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Goodwill and Other Intangible Assets (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of goodwill | The changes in the carrying amount of goodwill by business segment for the nine months ended August 25, 2024 and August 27, 2023 were as follows:
(1)Comprised of the Beyond Yoga® reporting unit goodwill only. (2)For the nine months ended August 25, 2024 the Company recorded a Beyond Yoga® goodwill noncash impairment charge of $36.3 million. (3)For the nine months ended August 25, 2024 the Company recorded goodwill of $15.9 million in connection with the acquisition of all operating assets related to Levi’s® brands from Expofaro S.A.S, the Company’s former distributor in Colombia.
(1)Comprised of the Beyond Yoga® reporting unit goodwill only. (2)For the nine months ended August 27, 2023 the company recorded a Beyond Yoga® goodwill noncash impairment charge of $75.4 million.
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| Finite-lived intangible assets | Other intangible assets, net, were as follows:
_____________ (1)For the nine months ended August 25, 2024 the Company recorded a Beyond Yoga® trademark noncash impairment charge of $66.0 million based on a Level 3 fair value of $135.1 million. For the nine months ended August 27, 2023 the Company recorded a Beyond Yoga® trademark noncash impairment charge of $14.8 million based on a Level 3 fair value of $201.1 million. (2)For the nine months ended August 25, 2024 the Company recorded a Beyond Yoga® customer relationship intangible assets noncash impairment charge of $9.1 million based on a Level 3 fair value of $9.7 million.
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| Indefinite-lived intangible assets | Other intangible assets, net, were as follows:
_____________ (1)For the nine months ended August 25, 2024 the Company recorded a Beyond Yoga® trademark noncash impairment charge of $66.0 million based on a Level 3 fair value of $135.1 million. For the nine months ended August 27, 2023 the Company recorded a Beyond Yoga® trademark noncash impairment charge of $14.8 million based on a Level 3 fair value of $201.1 million. (2)For the nine months ended August 25, 2024 the Company recorded a Beyond Yoga® customer relationship intangible assets noncash impairment charge of $9.1 million based on a Level 3 fair value of $9.7 million.
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Fair Value of Financial Instruments (Tables) |
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| 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:
_____________ (1)Fair values estimated using Level 1 inputs are inputs that consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Rabbi trust assets consist of marketable equity securities. (2)Fair values estimated using Level 2 inputs are inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly, and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. For forward foreign exchange contracts, inputs include foreign currency exchange and interest rates and, where applicable, credit default swap prices. (3)The Company’s cash flow hedges are subject to International Swaps and Derivatives Association, Inc. master agreements. These agreements permit the net settlement of these contracts on a per-institution basis. Refer to Note 4 for more information.
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| 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:
_____________ (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 (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 25, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrying values of derivative instruments and non-derivative instruments | The table below provides data about the carrying values of derivative and non-derivative instruments:
_____________ (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.
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| 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:
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| Gains and losses included in AOCI | The table below provides data about the amount of gains and losses related to derivative instruments and non-derivative instruments designated as cash flow and net investment hedges included in “Accumulated other comprehensive loss” (“AOCL”) on the Company’s consolidated balance sheets, and in “Other expense, net” in the Company’s consolidated statements of income:
_____________ (1)Amounts reclassified from AOCL were classified as net revenues or costs of goods sold on the consolidated statements of income. (2)Prior to 2006, the Company used foreign exchange currency swaps to hedge the net investment in its foreign operations. For hedges that qualified for hedge accounting, the net gains were included in AOCL and are not reclassified to earnings until the related net investment position has been liquidated.
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| Gains and losses included in statements of income | The table below presents the effects of the Company’s cash flow hedges of foreign exchange risk contracts on the consolidated statements of income:
The table below provides data about the amount of gains and losses related to derivatives instruments included in “Other expense, net” in the Company’s consolidated statements of income:
(1)Realized (losses) gains related to derivatives instruments were classified as Other, net on the Company’s consolidated statements of cash flows.
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Other Accrued Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 25, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities | The following table presents the Company’s other accrued liabilities:
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Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 25, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of long-term and short-term debt instruments | The following table presents the Company’s debt:
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Restructuring Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 25, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Activities Associated with Restructuring Liabilities | The following tables summarize the activities associated with restructuring liabilities for the three and nine months ended August 25, 2024. "Net Charges (Reversals)" represents the initial charge related to the restructuring activity as well as revisions of estimates related to severance and employee-related benefits and other, "Payments" consists of cash payments for severance and employee-related benefits and other, and "Foreign Currency Fluctuations" includes foreign currency fluctuations.
(1)Excludes $2.0 million in stock compensation related charges recorded in Additional paid-in capital and $0.8 million in operating lease termination for the nine-month period ended August 25, 2024.
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Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 25, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of accumulated other comprehensive loss | The following is a summary of the components of "Accumulated other comprehensive loss," net of related income taxes:
(1)Amounts reclassified were recorded in other expense, net. (2)Amounts reclassified were recorded within net revenues and cost of goods sold. For more information, refer to Note 4.
(1)Amounts reclassified were recorded in other expense, net. (2)Amounts reclassified were recorded within net revenues and cost of goods sold. For more information, refer to Note 4.
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Net Revenues (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 25, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue | The table below provides the Company’s revenues disaggregated by segment and channel.
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Earnings Per Share Attributable to Common Stockholders (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 25, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of the Company’s basic and diluted earnings per share:
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Business Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Business segment information for the Company is as follows:
(1)Restructuring charges, net for the three and nine months ended August 25, 2024 related to Project Fuel, consisting primarily of severance and other post-employment benefit charges. (2)For the three and nine months ended August 25, 2024, goodwill and other intangible asset impairment charges includes $36.3 million related to Beyond Yoga reporting unit goodwill, $66.0 million related to the Beyond Yoga® trademark and $9.1 million related to the Beyond Yoga® customer relationship intangible assets. Additionally, the nine months ended August 25, 2024 includes a $5.5 million goodwill impairment charge related to the footwear business. For the three and nine months ended August 27, 2023, goodwill and other intangible asset impairment charges includes $75.4 million related to Beyond Yoga reporting unit goodwill and $14.8 million related to the Beyond Yoga® trademark. (3)Other expense, net for the three and nine months ended August 25, 2024 includes an insurance recovery of $2.7 million and a government subsidy gain of $1.4 million. Other expense, net for the three and nine months ended August 27, 2023 primarily consists of a noncash pension settlement charge.
|
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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 25, 2024 |
Aug. 27, 2023 |
Aug. 25, 2024 |
Aug. 27, 2023 |
|
| Finite-Lived Intangible Assets [Line Items] | ||||
| Goodwill and intangible asset impairment | $ 41.8 | $ 75.4 | ||
| Goodwill and other intangible asset impairment charges | $ 111.4 | $ 90.2 | 116.9 | 90.2 |
| Trademarks | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Impairment of intangible assets, indefinite-lived (excluding goodwill) | 66.0 | 14.8 | 66.0 | 14.8 |
| Beyond Yoga | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Goodwill and intangible asset impairment | 36.3 | $ 75.4 | 36.3 | $ 75.4 |
| Goodwill and other intangible asset impairment charges | 111.4 | |||
| Footwear Business | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Goodwill and intangible asset impairment | 5.5 | |||
| Customer Relationships | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Impairment of finite-lived intangible assets | $ 9.1 | $ 9.1 | ||
Fair Value of Financial Instruments- Fair Value (Details) - Fair Value [Member] - Fair Value, Recurring [Member] - USD ($) $ in Millions |
Aug. 25, 2024 |
Nov. 26, 2023 |
|---|---|---|
| Financial assets carried at fair value | ||
| Rabbi trust assets | $ 92.5 | $ 78.7 |
| Forward foreign exchange contracts | 11.4 | 13.8 |
| Total | 103.9 | 92.5 |
| Financial liabilities carried at fair value | ||
| Forward foreign exchange contracts | 13.2 | 9.1 |
| Total | 13.2 | 9.1 |
| Level 1 Inputs [Member] | ||
| Financial assets carried at fair value | ||
| Rabbi trust assets | 92.5 | 78.7 |
| Forward foreign exchange contracts | 0.0 | 0.0 |
| Total | 92.5 | 78.7 |
| Financial liabilities carried at fair value | ||
| Forward foreign exchange contracts | 0.0 | 0.0 |
| Total | 0.0 | 0.0 |
| Level 2 Inputs [Member] | ||
| Financial assets carried at fair value | ||
| Rabbi trust assets | 0.0 | 0.0 |
| Forward foreign exchange contracts | 11.4 | 13.8 |
| Total | 11.4 | 13.8 |
| Financial liabilities carried at fair value | ||
| Forward foreign exchange contracts | 13.2 | 9.1 |
| Total | $ 13.2 | $ 9.1 |
Derivative Instruments and Hedging Activities - Realized & Unrealized (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 25, 2024 |
Aug. 27, 2023 |
Aug. 25, 2024 |
Aug. 27, 2023 |
|
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Loss from cash flow hedges expected to be reclassified from AOCL into net income within the next 12 months | $ 0.5 | $ 0.5 | ||
| Revenues [Member] | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Amount of Gain (Loss) on Cash Flow Hedge Activity | (1.2) | $ (0.5) | (4.0) | $ 1.9 |
| Cost of Goods Sold | ||||
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| Amount of Gain (Loss) on Cash Flow Hedge Activity | 1.0 | 3.9 | (14.2) | 26.3 |
| Forward foreign exchange contracts [Member] | Other Income [Member] | ||||
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| Realized | (1.0) | 1.7 | 8.3 | 24.3 |
| Unrealized | (0.1) | 3.1 | (6.5) | (3.7) |
| Total | $ (1.1) | $ 4.8 | $ 1.8 | $ 20.6 |
Other Accrued Liabilities (Details) - USD ($) $ in Millions |
Aug. 25, 2024 |
Nov. 26, 2023 |
|---|---|---|
| Other Liabilities Disclosure [Abstract] | ||
| Accrued non-trade payables | $ 147.7 | $ 177.7 |
| Restructuring liabilities | 76.1 | 16.6 |
| Taxes other than income taxes payable | 64.3 | 63.3 |
| Accrued income taxes | 44.0 | 41.8 |
| Accrued Advertising | 59.4 | 44.7 |
| Accrued Property, Plant And Equipment, Current | 61.4 | 59.6 |
| Interest Payable | 16.8 | 8.2 |
| Accrued Rent | 8.5 | 9.9 |
| Fair Value Hedge Liabilities | 11.9 | 9.1 |
| Short-term debt | 6.8 | 12.5 |
| Other | 136.3 | 126.0 |
| Total other accrued liabilities | $ 633.2 | $ 569.4 |
Debt - Summary (Details) - USD ($) $ in Millions |
Aug. 25, 2024 |
Nov. 26, 2023 |
|---|---|---|
| Schedule of Long-term and Short-term Debt Instruments [Line Items] | ||
| Long-term debt | $ 1,020.5 | $ 1,009.4 |
| Short-term debt | 6.8 | 12.5 |
| Total debt | 1,027.3 | 1,021.9 |
| 3.375% Senior Notes Due 2027 | Senior Notes | ||
| Schedule of Long-term and Short-term Debt Instruments [Line Items] | ||
| Long-term debt | $ 525.4 | 514.9 |
| Stated interest rate | 3.375% | |
| 3.50% Senior Notes Due 2031 | Senior Notes | ||
| Schedule of Long-term and Short-term Debt Instruments [Line Items] | ||
| Long-term debt | $ 495.1 | 494.5 |
| Stated interest rate | 3.50% | |
| Borrowings | ||
| Schedule of Long-term and Short-term Debt Instruments [Line Items] | ||
| Short-term debt | $ 6.8 | $ 12.5 |
Debt - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Aug. 25, 2024 |
Aug. 27, 2023 |
Aug. 25, 2024 |
Aug. 27, 2023 |
Nov. 26, 2023 |
|
| Debt Instruments [Line Items] | |||||
| Short-term debt | $ 6,800,000 | $ 6,800,000 | $ 12,500,000 | ||
| Weighted-average interest rate | 3.97% | 4.35% | 3.98% | 4.24% | |
| Senior revolving credit facility | Line of Credit | |||||
| Debt Instruments [Line Items] | |||||
| Short-term debt | $ 0 | $ 0 | |||
| Senior revolving credit facility | |||||
| Debt Instruments [Line Items] | |||||
| Letter of credit limit | 705,800,000 | 705,800,000 | |||
| Total availability | 726,800,000 | 726,800,000 | |||
| Letters of credit and other credit usage | $ 21,000,000.0 | $ 21,000,000.0 | |||
Dividends (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Oct. 02, 2024 |
Aug. 25, 2024 |
May 26, 2024 |
Feb. 25, 2024 |
Aug. 27, 2023 |
May 28, 2023 |
Feb. 26, 2023 |
Aug. 25, 2024 |
Aug. 27, 2023 |
|
| Class of Stock [Line Items] | |||||||||
| Cash dividends declared (in dollars per share) | $ 0.13 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.37 | $ 0.36 | |
| Dividend to stockholders | $ 51.5 | $ 47.7 | $ 147.1 | $ 142.9 | |||||
| Subsequent Event | |||||||||
| Class of Stock [Line Items] | |||||||||
| Dividend, fix amount (in dollars per share) | $ 0.13 | ||||||||
| Dividends, common stock | $ 52.0 | ||||||||
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 25, 2024 |
Aug. 27, 2023 |
Aug. 25, 2024 |
Aug. 27, 2023 |
|
| Income Tax Disclosure [Abstract] | ||||
| Effective income tax rate | (4.10%) | 386.60% | (46.20%) | 4.50% |
| Tax benefit related to a favorable resolution of a state audit | $ 10.1 | |||
| Losses before income taxes | $ (19.8) | $ 3.4 | $ (19.1) | $ (128.6) |
Earnings Per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 25, 2024 |
Aug. 27, 2023 |
Aug. 25, 2024 |
Aug. 27, 2023 |
|
| Numerator: | ||||
| Net income | $ 20.7 | $ 9.6 | $ 28.0 | $ 122.7 |
| Denominator: | ||||
| Weighted-average common shares outstanding - basic (in shares) | 398,187,049 | 397,767,394 | 398,642,455 | 396,969,596 |
| Dilutive effect of stock awards (in shares) | 4,211,015 | 3,225,341 | 4,206,224 | 4,485,224 |
| Weighted-average common shares outstanding - diluted (in shares) | 402,398,064 | 400,992,735 | 402,848,679 | 401,454,820 |
| Earnings per common share: | ||||
| Basic (usd per share) | $ 0.05 | $ 0.02 | $ 0.07 | $ 0.31 |
| Diluted (usd per share) | $ 0.05 | $ 0.02 | $ 0.07 | $ 0.31 |
| Anti-dilutive securities excluded from calculation of diluted earnings per share attributable to common stockholders (in shares) | 2,609,700 | 6,900,153 | 4,171,552 | 5,455,292 |
Related Parties (Details) - Levi Strauss Foundation - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Aug. 25, 2024 |
Aug. 27, 2023 |
Aug. 25, 2024 |
Aug. 27, 2023 |
|
| Related Party Transaction [Line Items] | ||||
| Related Party Donations | $ 0.4 | $ 0.5 | $ 5.7 | $ 10.8 |
| Expenses related to donation commitments | $ 2.2 | $ 0.9 | $ 6.4 | $ 4.0 |
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