Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Nov. 29, 2020 | Jan. 21, 2021 | May 22, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Nov. 29, 2020 | ||
Document Transition Report | false | ||
Entity Registrant Name | LEVI STRAUSS & CO. | ||
Entity File Number | 001-06631 | ||
Entity Central Index Key | 0000094845 | ||
Current Fiscal Year End Date | --11-29 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 94-0905160 | ||
Entity Address, Address Line One | 1155 Battery Street | ||
Entity Address, City or Town | San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94111 | ||
City Area Code | 415 | ||
Local Phone Number | 501-6000 | ||
Title of 12(b) Security | Class A Common Stock, $0.001 par value per share | ||
Trading Symbol | LEVI | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 779,779,145 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive Proxy Statement for the 2021 Annual Meeting of Stockholders to be filed with the U.S. Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference in Part III, Items 10-14 of this Annual Report on Form 10-K. | ||
ICFR Auditor Attestation Flag | true | ||
Common Class A | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 77,329,197 | ||
Common Class B | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 320,730,620 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 29, 2020 | Nov. 24, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 1,497,155 | $ 934,237 |
Short-term investments in marketable securities | 96,531 | 80,741 |
Trade receivables, net | 540,227 | 782,846 |
Inventories | 817,692 | 884,192 |
Other current assets | 174,636 | 188,170 |
Total current assets | 3,126,241 | 2,870,186 |
Property, plant and equipment, net | 454,532 | 529,558 |
Goodwill | 264,768 | 235,788 |
Other intangible assets, net | 47,426 | 42,782 |
Deferred tax assets, net | 497,556 | 407,905 |
Operating lease right-of-use assets, net | 988,801 | 0 |
Other non-current assets | 261,917 | 146,199 |
Total assets | 5,641,241 | 4,232,418 |
Current Liabilities: | ||
Short-term debt | 17,631 | 7,621 |
Accounts payable | 375,450 | 360,324 |
Accrued salaries, wages and employee benefits | 179,081 | 223,374 |
Restructuring liabilities | 54,723 | 0 |
Accrued income taxes | 21,986 | 24,050 |
Accrued sales returns and allowances | 185,868 | 171,113 |
Short-term operating lease liabilities | 237,142 | 0 |
Other accrued liabilities | 477,001 | 380,722 |
Total current liabilities | 1,548,882 | 1,167,204 |
Long-term debt | 1,546,700 | 1,006,745 |
Postretirement medical benefits | 60,249 | 64,006 |
Pension liabilities | 168,721 | 193,214 |
Long-term employee related benefits | 94,654 | 84,957 |
Long-term operating lease liabilities | 858,293 | 0 |
Other long-term liabilities | 64,267 | 144,735 |
Total liabilities | 4,341,766 | 2,660,861 |
Commitments and contingencies | ||
Levi Strauss & Co. stockholders’ equity | ||
Common stock — $0.001 par value; 1,200,000,000 Class A shares authorized; 74,352,481 shares and 53,079,235 shares issued and outstanding as of November 29, 2020 and November 24, 2019, respectively; and 422,000,000 Class B shares authorized, 323,547,674 shares and 340,674,741 shares issued and outstanding, as of November 29, 2020 and November 24, 2019, respectively | 398 | 394 |
Additional paid-in capital | 626,243 | 657,659 |
Accumulated other comprehensive loss | (441,446) | (404,986) |
Retained earnings | 1,114,280 | 1,310,464 |
Total Levi Strauss & Co. stockholders’ equity | 1,299,475 | 1,563,531 |
Noncontrolling interest | 0 | 8,026 |
Total stockholders’ equity | 1,299,475 | 1,571,557 |
Total liabilities and stockholders’ equity | $ 5,641,241 | $ 4,232,418 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Nov. 29, 2020 | Nov. 24, 2019 |
Common Class A | ||
Levi Strauss & Co. stockholders’ equity | ||
Common stock, par value (usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (shares) | 1,200,000,000 | 1,200,000,000 |
Common stock, shares issued (shares) | 74,352,481 | 53,079,235 |
Common stock, shares outstanding (shares) | 74,352,481 | 53,079,235 |
Common Class B | ||
Levi Strauss & Co. stockholders’ equity | ||
Common stock, shares authorized (shares) | 422,000,000 | 422,000,000 |
Common stock, shares issued (shares) | 323,547,674 | 340,674,741 |
Common stock, shares outstanding (shares) | 323,547,674 | 340,674,741 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 29, 2020 | Aug. 23, 2020 | May 24, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 26, 2019 | Feb. 24, 2019 | Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Income Statement [Abstract] | |||||||||||
Net revenues | $ 1,385,856 | $ 1,063,085 | $ 497,542 | $ 1,506,126 | $ 1,568,608 | $ 1,447,081 | $ 1,312,940 | $ 1,434,458 | $ 4,452,609 | $ 5,763,087 | $ 5,575,440 |
Cost of goods sold | 619,309 | 485,687 | 327,890 | 666,799 | 717,212 | 680,335 | 612,517 | 651,650 | 2,099,685 | 2,661,714 | 2,577,465 |
Gross profit | 766,547 | 577,398 | 169,652 | 839,327 | 851,396 | 766,746 | 700,423 | 782,808 | 2,352,924 | 3,101,373 | 2,997,975 |
Selling, general and administrative expenses | 652,556 | 484,002 | 550,525 | 660,545 | 719,749 | 595,528 | 637,525 | 581,896 | 2,347,628 | 2,534,698 | 2,457,564 |
Restructuring Costs | 90,415 | 0 | 0 | ||||||||
Operating (loss) income | 92,018 | 92,325 | (448,244) | 178,782 | 131,647 | 171,218 | 62,898 | 200,912 | (85,119) | 566,675 | 540,411 |
Interest expense | (25,853) | (28,437) | (11,246) | (16,654) | (18,286) | (15,126) | (15,292) | (17,544) | (82,190) | (66,248) | (55,296) |
Underwriter commission paid on behalf of selling stockholders | 0 | 0 | 24,860 | 0 | 0 | (24,860) | 0 | ||||
Other (expense) income, net | (14,205) | (12,274) | 1,305 | 2,700 | 4,866 | (4,369) | 3,166 | (1,646) | (22,474) | 2,017 | 14,907 |
(Loss) income before income taxes | 51,960 | 51,614 | (458,185) | 164,828 | 118,227 | 151,557 | 26,078 | 181,722 | (189,783) | 477,584 | 500,022 |
Income tax (benefit) expense | (4,710) | 24,565 | (94,636) | 12,139 | 22,422 | 27,340 | (2,429) | 35,271 | (62,642) | 82,604 | 214,778 |
Net (loss) income | 95,805 | 124,217 | 28,507 | 146,451 | (127,141) | 394,980 | 285,244 | ||||
Net income attributable to noncontrolling interest | (509) | 292 | (277) | 126 | 0 | 368 | 2,102 | ||||
Net (loss) income attributable to Levi Strauss & Co. | $ 56,670 | $ 27,049 | $ (363,549) | $ 152,689 | $ 95,296 | $ 124,509 | $ 28,230 | $ 146,577 | $ (127,141) | $ 394,612 | $ 283,142 |
(Loss) earnings per common share attributable to common stockholders: | |||||||||||
Basic (usd per share) | $ 0.14 | $ 0.07 | $ (0.91) | $ 0.39 | $ 0.24 | $ 0.32 | $ 0.07 | $ 0.39 | $ (0.32) | $ 1.01 | $ 0.75 |
Diluted (usd per share) | $ 0.14 | $ 0.07 | $ (0.91) | $ 0.37 | $ 0.23 | $ 0.30 | $ 0.07 | $ 0.37 | $ (0.32) | $ 0.97 | $ 0.73 |
Weighted-average common shares outstanding: | |||||||||||
Basic (in shares) | 398,383,193 | 397,711,322 | 397,484,849 | 396,216,057 | 394,670,867 | 394,169,688 | 389,518,461 | 377,077,111 | 397,315,117 | 389,082,277 | 377,139,847 |
Diluted (in shares) | 408,784,914 | 407,677,385 | 397,484,849 | 410,068,373 | 411,984,817 | 413,639,749 | 409,332,997 | 393,234,825 | 397,315,117 | 408,365,902 | 388,607,361 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income | $ (127,141) | $ 394,980 | $ 285,244 |
Pension and postretirement benefits | 60,915 | 10,248 | 4,336 |
Derivative instruments | (55,242) | 19,026 | 21,280 |
Foreign currency translation gains (losses) | 10,493 | (7,250) | (43,713) |
Unrealized gains (losses) on marketable securities | 9,758 | 4,362 | (1,488) |
Total other comprehensive income (loss), before related income taxes | 25,924 | 26,386 | (19,585) |
Income tax expense related to items of other comprehensive income (loss) | (7,940) | (6,476) | (852) |
Comprehensive (loss) income, net of income taxes | (109,157) | 414,890 | 264,807 |
Comprehensive income attributable to noncontrolling interest | 0 | (680) | (1,868) |
Comprehensive (loss) income attributable to Levi Strauss & Co. | $ (109,157) | $ 414,210 | $ 262,939 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Class A & Class B Common Stock | Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjustment [Member] | Noncontrolling Interest | Noncontrolling InterestCumulative Effect, Period of Adoption, Adjustment [Member] |
Beginning balance at Nov. 26, 2017 | $ 702,388 | $ 375 | $ 0 | $ 1,100,916 | $ (404,381) | $ 5,478 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 285,244 | 283,142 | 2,102 | |||||||
Other comprehensive income, net of tax | (20,437) | (20,203) | (234) | |||||||
Stock-based compensation and dividends, net | 18,407 | 3 | 18,471 | (67) | ||||||
Reclassification to temporary equity | (172,104) | 11,232 | (183,336) | |||||||
Repurchase of common stock | (27,086) | (2) | (750) | (26,334) | ||||||
Shares surrendered for tax withholdings on equity awards | (28,953) | (28,953) | ||||||||
Dividends, Cash | (90,000) | (90,000) | ||||||||
Ending balance at Nov. 25, 2018 | 667,459 | 376 | 0 | 1,084,321 | (424,584) | 7,346 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 394,980 | 394,612 | 368 | |||||||
Other comprehensive income, net of tax | 19,910 | 19,598 | 312 | |||||||
Stock-based compensation and dividends, net | 55,189 | $ 4 | 55,278 | (93) | ||||||
Employee stock purchase plan | 2,062 | 2,062 | ||||||||
Reclassification to temporary equity | (23,845) | (506) | (23,339) | |||||||
Repurchase of common stock | (3,088) | (165) | (2,923) | |||||||
Shares surrendered for tax withholdings on equity awards | (40,894) | (40,894) | ||||||||
Reclassification from temporary equity in connection with initial public offering | 322,985 | 351,185 | (28,200) | |||||||
Common stock, authorized (in shares) | 14 | |||||||||
Issuance of Class A common stock in connection with initial public offering | 234,583 | 234,569 | ||||||||
Cancel liability-settled awards and replace with equity-settled awards in connection with initial public offering | 56,130 | 56,130 | ||||||||
Dividends, Cash | (113,914) | (113,914) | ||||||||
Ending balance at Nov. 24, 2019 | 1,571,557 | $ 5,423 | $ 394 | 657,659 | 1,310,464 | $ 59,867 | (404,986) | $ (54,444) | 8,026 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | (127,141) | (127,141) | ||||||||
Other comprehensive income, net of tax | 17,984 | |||||||||
Other comprehensive income, net of tax | 17,984 | (36,460) | (9,616) | |||||||
Stock-based compensation and dividends, net | 50,947 | $ 7 | 51,162 | (222) | ||||||
Employee stock purchase plan | 8,050 | 8,050 | ||||||||
Repurchase of common stock | (3) | |||||||||
Repurchase of common stock | (56,243) | (56,240) | ||||||||
Shares surrendered for tax withholdings on equity awards | (90,628) | (90,628) | ||||||||
Changes in ownership of noncontrolling interest | (16,835) | (8,809) | (8,026) | |||||||
Dividends, Cash | (63,639) | (63,639) | ||||||||
Ending balance at Nov. 29, 2020 | $ 1,299,475 | $ 398 | $ 626,243 | $ 1,114,280 | $ (441,446) | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Nov. 29, 2020USD ($) | Nov. 24, 2019USD ($) | Nov. 25, 2018USD ($) | |
Cash Flows from Operating Activities: | |||
Net income | $ (127,141) | $ 394,980 | $ 285,244 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Asset Impairment Charges | 66,987 | 2,388 | 1,552 |
Depreciation and amortization | 141,795 | 123,942 | 120,205 |
Employee benefit plan settlement losses | 14,700 | 0 | 0 |
Stock-based compensation | 50,947 | 55,188 | 18,407 |
Deferred income taxes | (95,244) | (14,963) | 134,258 |
Other, net | 34,892 | 14,449 | (651) |
Change in operating assets and liabilities: | |||
Trade receivables | 234,217 | (82,344) | (60,474) |
Inventories | 93,096 | (22,434) | (147,389) |
Accounts payable | 12,507 | 8,887 | 151,133 |
Accrued salaries, wages and employee benefits and long-term employee related benefits | (71,137) | (55,363) | (44,887) |
Other current and non-current assets | (78,235) | (43,764) | (34,059) |
Other current and long-term liabilities | 192,202 | 31,222 | (2,968) |
Net cash provided by operating activities | 469,586 | 412,188 | 420,371 |
Cash Flows from Investing Activities: | |||
Purchases of property, plant and equipment | (130,383) | (175,356) | (159,413) |
Payments to Acquire Businesses, Net of Cash Acquired | (54,570) | 0 | 0 |
Proceeds (payments) on settlement of forward foreign exchange contracts not designated for hedge accounting | 12,531 | 12,166 | (19,974) |
Payments to acquire short-term investments | (109,663) | (114,247) | 0 |
Proceeds from sale, maturity and collection of short-term investments | 93,526 | 34,094 | 0 |
Net cash used for investing activities | (188,559) | (243,343) | (179,387) |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of long-term debt | 502,500 | 0 | 0 |
Proceeds from senior revolving credit facility | 300,000 | 0 | 0 |
Repayments of senior revolving credit facility | (300,000) | 0 | 0 |
Payment of debt issuance costs | (6,459) | 0 | 0 |
Short-term credit facilities and borrowings, net | 10,045 | (23,268) | (1,278) |
Proceeds from issuance of common stock and employee stock purchase | 8,050 | 256,391 | 0 |
Payments for underwriter commission and other offering costs | 0 | (19,746) | 0 |
Repurchase of common stock | (56,243) | (3,088) | (27,086) |
Shares surrendered for tax withholdings on equity awards | (90,628) | (40,894) | (28,953) |
Dividend to stockholders | (63,639) | (113,914) | (90,000) |
Other financing, net | (17,631) | (463) | (1,316) |
Net cash (used for) provided by financing activities | 285,995 | 55,018 | (148,633) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (4,127) | (2,808) | (13,344) |
Net increase in cash and cash equivalents and restricted cash | 562,895 | 221,055 | 79,007 |
Beginning cash and cash equivalents, and restricted cash | 934,753 | 713,698 | 634,691 |
Ending cash and cash equivalents, and restricted cash | 1,497,648 | 934,753 | 713,698 |
Less: Ending restricted cash | (493) | (516) | (578) |
Ending cash and cash equivalents | 1,497,155 | 934,237 | 713,120 |
Noncash Investing Activity: | |||
Property, plant and equipment acquired and not yet paid at end of period | 35,994 | 30,512 | 23,099 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest during the period | 54,000 | 51,200 | |
Income taxes | $ 50,068 | $ 96,540 | $ 96,277 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Nov. 29, 2020 | |
Accounting Policies [Abstract] | |
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, jackets, footwear and related accessories, for men, women and children around the world under the Levi’s ® , Dockers ® , Signature by Levi Strauss & Co.™ and Denizen ® brands. The Company operates its business through three geographic regions: Americas, Europe and Asia. Basis of Presentation and Principles of Consolidation The consolidated financial statements of the Company and its wholly-owned and majority-owned foreign and domestic subsidiaries are prepared in conformity with generally accepted accounting principles in the United States ("U.S. GAAP"). All significant intercompany balances and transactions have been eliminated. The Company’s fiscal year ends on the last Sunday of November in each year, although the fiscal years of certain foreign subsidiaries end on November 30. Fiscal year 2020 was a 53-week year, ending on November 29, 2020, and fiscal years 2019 and 2018 were 52-week years, ending on November 24, 2019 and November 25, 2018, respectively. Each quarter of fiscal years 2020, 2019 and 2018 consisted of 13 weeks, with the exception of the fourth quarter of fiscal year 2020, which consisted of 14 weeks. All references to years relate to fiscal years rather than calendar years. COVID-19 Update The COVID-19 pandemic has materially impacted the Company's business and results of operations in fiscal year 2020. During the year ended November 29, 2020, a net $250.0 million in charges were recognized consisting of $90.4 million of restructuring charges, COVID-19 related inventory costs of $68.5 million, and charges for customer receivables, asset impairments and other related charges of $91.1 million. For more information on asset impairments, restructuring charges, inventory and other related charges, refer to Notes 3, 14, 15 and 16, respectively. For more information on charges for customer receivables and COVID-19 related inventory costs, see "Accounts Receivable, Net" and "Inventory Valuation" sections below. As a result of the widespread impact of COVID-19, substantially all of the Company's company-operated stores were temporarily closed for varying periods of time throughout the year, primarily within the second quarter, with the majority reopened by mid-July, in many cases, with reduced hours and occupancy levels. During the fourth quarter, a resurgence in COVID-19 cases led to the temporary re-closure of some of the Company's stores, mainly in Europe. As of the end of fiscal year 2020, approximately 87% of company-operated stores were open for either in-store or curb-side service. Wholesale customers, including third-party retailers and franchise partners, also experienced significant business disruptions during the year, including store closures, lower traffic and consumer demand, resulting in decreased shipments to these customers. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") was signed into law in the United States. The CARES Act provides relief to U.S. corporations through financial assistance programs and modifications to certain income tax provisions. The Company is applying certain beneficial provisions of the CARES Act, including the net operating loss carry back provision. Refer to Note 19 for more information. The Company also assessed the impacts of the pandemic on the estimates and assumptions used in preparing these consolidated financial statements. The estimates and assumptions used in these assessments were based on management’s judgment and may be subject to change as new events occur and additional information is obtained. In particular, significant uncertainty remains about the duration and extent of the impact of the COVID-19 pandemic and its resulting impact on global economic conditions. If economic conditions caused by the pandemic do not recover as currently estimated by management, the Company’s financial condition, cash flows and results of operations may be further materially impacted. The Jeans Company Acquisition In December 2019, the Company completed an acquisition of all operating assets related to Levi’s® and Dockers® brands from The Jeans Company ("TJC"), the Company's distributor in Chile, Peru and Bolivia, for $52.2 million in cash, plus transaction costs. This includes 78 Levi’s® and Dockers® retail stores and one e-commerce site, distribution with the region’s leading multi-brand retailers, and the logistical operations within these markets. The total fair value of assets acquired was $52.2 million and included goodwill, inventory, intangible and fixed assets. The goodwill and intangibles recognized as a result of the acquisition were $22.8 million and $9.2 million, respectively. In addition, based on materiality, pro forma results are not presented. Initial Public Offering In March 2019, the Company completed its initial public offering, in which it issued and sold 14,960,557 shares of Class A common stock at a public offering price of $17.00 per share (the "IPO"). The Company received net proceeds of $234.6 million after deducting underwriting discounts and commissions of $13.6 million and other direct and incremental offering expenses of $6.1 million. The Company agreed to pay all underwriting discounts and commissions applicable to the sales of shares of Class A common stock by the selling stockholders. This amount, $24.9 million, was paid at completion of the IPO in March 2019 and was recorded as non-operating expense in the second quarter of 2019. Additionally, the Company incurred $3.5 million of other costs associated with the IPO that were recorded in selling, general and administrative expenses ("SG&A"). In connection with the IPO, on March 19, 2019 the Company's Board of Directors approved the cancellation of the majority of the outstanding unvested cash-settled restricted stock units ("RSUs") and their concurrent replacement with similar equity-settled RSUs ("Replacement Awards"), pursuant to the Company's 2016 Equity Incentive Plan (the "2016 Plan"). RSUs for certain foreign affiliates continue to be cash-settled. Other than the form of settlement, all other terms of the awards (including their vesting schedules) are the same. Prior to this modification, the cash-settled awards were classified as liabilities and stock-based compensation expense was measured using the fair value at the end of each reporting period. After the modification, the stock-based compensation expense for these awards was measured using the modification date fair value. As a result of the modification, accrued stock-based compensation expense of $45.8 million and $10.3 million were reclassified on the Company's consolidated balance sheets from accrued salaries, wages and employee benefits and other long-term liabilities, respectively, to additional paid in capital. Refer to Note 11 for more information. Prior to the IPO, the holders of shares issued under the 2016 Plan could require the Company to repurchase such shares at the then-current market value pursuant to a contractual put right. Equity-classified stock-based awards that may be settled in cash at the option of the holder were presented on the Company's consolidated balance sheets outside of permanent equity. Accordingly, temporary equity on the Company's consolidated balance sheets included the redemption value of these awards generally related to the elapsed service period since the grant date reflecting patterns of compensation cost recognition, as well as the fair value of the Company's common stock issued pursuant to the 2016 Plan. Upon the completion of the IPO, this contractual put right was terminated and these awards are no longer presented as temporary equity. As a result, the balance in temporary equity as of immediately prior to the IPO of $351.2 million was reclassified to additional paid in capital. Refer to Note 11 for more information. On February 12, 2019, the Company’s stockholders also approved the adoption of an amended and restated certificate of incorporation (the "IPO Certificate") and amended and restated bylaws, which took effect upon the closing of the IPO. The IPO Certificate provides for two classes of common stock: Class A common stock, par value $0.001 per share, and Class B common stock, par value $0.001 per share. All common stock outstanding at the time of the closing of the IPO converted automatically into Class B common stock, each having ten votes per share. Shares of Class A common stock, each having one vote per share, were sold in the IPO. Shares of Class B common stock sold by selling stockholders in the IPO automatically converted into shares of Class A common stock in connection with such sale. Holders of Class B common stock can voluntarily convert their shares into Class A common stock if and when they wish to do so in order to sell their shares to the public. On February 12, 2019, the Company’s stockholders approved the Company's 2019 Equity Incentive Plan (the "2019 Plan") and the Company's 2019 Employee Stock Purchase Plan (the "2019 ESPP"), each of which became effective on March 20, 2019, the effective date of the IPO registration statement. The maximum number of shares of the Company’s Class A common stock that may be issued under the 2019 Plan is 40,000,000. The 2019 ESPP authorizes the issuance of 12,000,000 shares of the Company’s Class A common stock and is subject to automatic annual increases. 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. The impact of the COVID-19 pandemic has been considered within these estimates. 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. As a result of uncertainty and frequently changing information regarding the COVID-19 pandemic and its impact on global economic conditions, estimates may change frequently and in the near term. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents are stated at fair value. Derivative Instruments and Hedging Activities The Company records all derivatives on the balance sheet at fair value, which are included in "Other current assets", "Other non-current assets", "Other accrued liabilities" or "Other long-term liabilities" on the Company’s consolidated balance sheets. The portion of the fair value that represents cash flow occurring within one year are classified as current and the portion related to cash flows occurring beyond one year are classified as non-current. The cash flows from the designated derivative instruments used as hedges are classified in the Company's consolidated statements of cash flows in the same section as the cash flows of the hedged item. Designated Cash Flow Hedges The Company actively manages the risk of changes in functional currency equivalent cash flows resulting from anticipated non-functional currency denominated purchases and sales. The Company’s global sourcing organization uses the U.S. dollar as its functional currency and is primarily exposed to changes in functional currency equivalent cash flows from anticipated inventory purchases, as it procures inventory on behalf of subsidiaries with Euro functional currencies. Additionally, a European subsidiary uses Euros as its functional currency and is exposed to anticipated non-functional currency denominated sales. The Company manages these risks by using currency forward contracts formally designated and effective as cash flow hedges. Hedge effectiveness is generally determined by evaluating the ability of a hedging instrument's cumulative change in fair value to offset the cumulative change in the present value of expected cash flows on the underlying exposures. For forward contracts, forward points are excluded from the determination of hedge effectiveness and are included in Cost of goods sold for hedges of anticipated inventory purchases and in Net revenues for hedges of anticipated sales on a straight-line basis over the life of the contract. In each accounting period, differences between the change in fair value of the forward points and the amount recognized on a straight-line basis is recognized in other comprehensive income (loss). Net Investment Hedges The Company designates certain non-derivative instruments as net investment hedges to hedge the Company's net investment position in certain of its foreign subsidiaries. For these instruments, the Company documents the hedge designation by identifying the hedging instrument, the nature of the risk being hedged and the approach for measuring hedge effectiveness. The ineffective portions of these hedges are recorded in "Other expense, net" in the Company's consolidated statements of operations. The effective portions of these hedges are recorded in "Accumulated other comprehensive loss" on the Company's consolidated balance sheets and are not reclassified to earnings until the related net investment position has been liquidated. Non-designated Cash Flow Hedges The Company enters into derivative instruments not designated as hedges. These derivative instruments are not speculative and are used to manage the Company’s exposure to certain product sourcing activities, some intercompany sales, foreign subsidiaries' royalty payments, interest payments, earnings repatriations, net investment in foreign operations and funding activities but the Company has not elected to apply hedge accounting. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in "Other income (expense), net" in the Company’s consolidated statements of operations. Accounts Receivable, Net The Company extends credit to its customers that satisfy pre-defined credit criteria. Accounts receivable are recorded net of an allowance for doubtful accounts. The Company estimates the allowance for doubtful accounts based upon an analysis of the aging of accounts receivable at the date of the consolidated financial statements, assessments of collectability based on historic trends including any known or anticipated bankruptcies, customer-specific circumstances, and an evaluation of economic conditions. Actual write-off of receivables may differ from estimates due to changes in customer and economic circumstances. During fiscal year 2020, $17.7 million in total COVID-19 related charges were recorded related to accounts receivable, including an incremental allowance for doubtful accounts of $5.2 million, and other allowances as a result of changes in customers' financial condition, actual and anticipated bankruptcies and other associated claims. The allowance for doubtful accounts was $14.7 million and $6.2 million as of November 29, 2020 and November 24, 2019, respectively. Inventory Valuation The Company values inventories at the lower of cost or net realizable value. Inventory cost is determined using the first-in first-out method. The Company includes product costs, labor and related overhead, inbound freight, internal transfers, and the cost of operating its remaining manufacturing facilities, including the related depreciation expense, in the cost of inventories. The Company estimates quantities of slow-moving and obsolete inventory, by reviewing on-hand quantities, outstanding purchase obligations and forecasted sales. The Company determines inventory net realizable value by estimating expected selling prices based on the Company's historical recovery rates for slow-moving and obsolete inventory and other factors, such as market conditions, expected channel of distribution and current consumer preferences. Net realizable value is determined by estimating expected selling prices based on anticipated recovery rates for slow-moving and obsolete inventory and other factors, such as market conditions, expected channel of distribution and current consumer demand and preferences. During fiscal year 2020, the Company recognized $42.3 million in net incremental inventory reserves directly related to the expected impact of COVID-19 on forecasted sales and expected selling prices, recorded within cost of goods sold. Income Tax Significant judgment is required in determining the Company's worldwide income tax provision. In the ordinary course of a global business, there are many transactions and calculations where the ultimate tax outcome is uncertain. Some of these uncertainties arise from examinations in various jurisdictions and assumptions and estimates used in evaluating the need for valuation allowances. The Company is subject to income taxes in both the United States and numerous foreign jurisdictions. The Company computes its provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating loss and tax credit carryforwards. All deferred income taxes are classified as non-current on the Company's consolidated balance sheets. Deferred tax assets and liabilities are measured using the currently enacted tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. Significant judgments are required in order to determine the realizability of these deferred tax assets. In assessing the need for a valuation allowance, the Company's management evaluates all significant available positive and negative evidence, including historical operating results, estimates of future taxable income and the existence of prudent and feasible tax planning strategies. The Company continuously reviews issues raised in connection with all ongoing examinations and open tax years to evaluate the adequacy of its tax liabilities. The Company evaluates uncertain tax positions under a two-step approach. The first step is to evaluate the uncertain tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon examination based on its technical merits. The second step, for those positions that meet the recognition criteria, is to measure the tax benefit as the largest amount that is more than fifty percent likely to be realized. The Company believes that its recorded tax liabilities are adequate to cover all open tax years based on its assessment. This assessment relies on estimates and assumptions and involves significant judgments about future events. To the extent that the Company's view as to the outcome of these matters change, the Company will adjust income tax expense in the period in which such determination is made. The Company classifies interest and penalties related to income taxes as income tax expense. Cloud Computing Arrangements The Company incurs costs to implement cloud computing arrangements that are hosted by third party vendors. Implementation costs associated with cloud computing arrangements are capitalized when incurred during the application development phase. Amortization is calculated on a straight-line basis over the contractual term of the cloud computing arrangement on a straight-line basis. Capitalized amounts related to such arrangements are recorded within other current assets and other non-current assets in the consolidated balance sheets Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method based upon the estimated useful lives of the assets. Buildings are depreciated over a 20 to 40 year period. Leasehold improvements are depreciated over the lesser of the estimated useful life of the improvement or the associated lease term. Machinery and equipment, including furniture and fixtures, automobiles and trucks, and networking communication equipment, is depreciated over a three Software development costs, which are direct costs associated with developing software for internal use, including certain payroll and payroll-related costs are capitalized when incurred during the application development phase and are depreciated on a straight-line basis over the estimated useful life, typically over a three seven The Company reviews property plant and equipment for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or an asset group may not be recoverable. 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. Goodwill and Indefinite-Lived Intangible Assets Goodwill resulted primarily from a 1985 acquisition of the Company by Levi Strauss Associates Inc., a former parent company that was subsequently merged into the Company in 1996, and the Company's 2009 acquisitions. Goodwill is not amortized. Intangible assets are comprised of owned trademarks with indefinite useful lives. The Company tests goodwill and indefinite-lived intangible assets for impairment annually in the fourth quarter of the fiscal year, or more frequently as warranted by events or changes in circumstances which indicate that the carrying amount may not be recoverable. The Company may first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit or indefinite-lived asset is less than its carrying amount. If, based on the results of the qualitative assessment, it is concluded that it is not more likely than not that the fair value of a reporting unit or indefinite-lived asset exceeds its carrying value, a quantitative test is performed. Under the quantitative test, the Company compares the carrying value of the reporting unit or indefinite-lived asset to its fair value. If the carrying value exceeds its fair value, the Company records an impairment charge equal to the excess of the carrying value over the related fair value. Restructuring Liabilities Upon approval of a restructuring plan, the Company records restructuring liabilities for employee severance and related termination benefits when they become probable and estimable for recurring arrangements. The Company records other costs associated with exit activities as they are incurred. The long-term portion of restructuring liabilities is included in “Other long-term liabilities” in the Company’s consolidated balance sheets. See Note 12 for more information. Operating Leases Beginning in fiscal year 2020, the Company adopted Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). Prior period amounts have not been restated and continue to be reported in accordance with the Company's historical accounting policies. The Company primarily leases retail store space, certain distribution and warehouse facilities, office space and equipment. The Company determines if an arrangement is a lease at inception and begins recording lease activity at the commencement date, which is generally the date in which the Company takes possession of or controls the physical use of the asset. Right-of-use (ROU) assets and lease liabilities are recognized based on the present value of lease payments over the lease term with lease expense recognized on a straight-line basis. Incremental borrowing rates are used to determine the present value of future lease payments unless the implicit rate is readily determinable. Incremental borrowing rate reflects the rate the lessee would pay to borrow on a secured basis an amount equal to the lease payments and incorporates the term and economic environment of the lease. ROU assets include amounts for scheduled rent increases and are reduced by the amount of lease incentives. The lease term includes the non-cancelable period of the lease and options to extend or terminate the lease when it is reasonably certain the Company will exercise those options. Certain lease agreements include variable lease payments, which are based on a percent of retail sales over specified levels or adjust periodically for inflation as a result of changes in a published index, primarily the Consumer Price Index. The Company has elected to account for lease and non-lease components together as a single lease component in the measurement of ROU assets and lease liabilities. Variable lease payments are not included in the measurement of ROU assets and lease liabilities. For leases with a lease term of 12 months or less, fixed lease payments are recognized on a straight-line basis over such term and are not recognized on the consolidated balance sheet. See Note 14 for further discussion of the Company's leases. Debt Issuance Costs The Company capitalizes debt issuance costs on its senior revolving credit facility, which are included in "Other non-current assets" on the Company's consolidated balance sheets. Capitalized debt issuance costs on the Company's unsecured long-term debt are presented as a reduction to the debt outstanding on the Company's consolidated balance sheets. The unsecured long-term debt issuance costs are generally amortized utilizing the effective interest method whereas the senior revolving credit facility issuance costs are amortized utilizing the straight-line method. Amortization of debt issuance costs is included in "Interest expense" in the consolidated statements of operations. Fair Value of Financial Instruments The fair values of the Company's financial instruments reflect the amounts that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value estimates presented in these financial statements are based on information available to the Company as of November 29, 2020 and November 24, 2019. The carrying values of cash and cash equivalents, trade receivables and short-term borrowings approximate fair value since they are short term in nature. The Company has estimated the fair value of its other financial instruments using the market and income approaches. Rabbi trust assets and forward foreign exchange contracts are carried at their fair values. The Company's debt instruments are carried at historical cost and adjusted for amortization of premiums, discounts, or deferred financing costs, foreign currency fluctuations and principal payments. Pension and Postretirement Benefits The Company has several non-contributory defined benefit retirement plans covering eligible employees. The Company also provides certain health care benefits for U.S. employees who meet age, participation and length of service requirements at retirement. In addition, the Company sponsors other retirement or post-employment plans for its foreign employees in accordance with local government programs and requirements. The Company retains the right to amend, curtail or discontinue any aspect of the plans, subject to local regulations. The Company recognizes either an asset or a liability for any plan's funded status in its consolidated balance sheets. The Company measures changes in funded status using actuarial models which utilize an attribution approach that generally spreads individual events over the estimated service lives of the remaining employees in the plan. For plans where participants will not earn additional benefits by rendering future service, which includes the Company's U.S. plans, individual events are spread over the plan participants' estimated remaining lives. The Company's policy is to fund its retirement plans based upon actuarial recommendations and in accordance with applicable laws, income tax regulations and credit agreements. Net pension and postretirement benefit income or expense is generally determined using assumptions which include expected long-term rates of return on plan assets, discount rates, compensation rate increases and medical and mortality trend rates. The Company considers several factors including historical rates, expected rates and external data to determine the assumptions used in the actuarial models. Employee Incentive Compensation The Company maintains short-term and long-term employee incentive compensation plans. Provisions for employee incentive compensation are recorded in "Accrued salaries, wages and employee benefits" and "Long-term employee related benefits" on the Company's consolidated balance sheets. The Company accrues the related compensation expense over the period of the plan and changes in the liabilities for these incentive plans generally correlate with the Company's financial results and projected future financial performance. Stock-Based Compensation The Company has stock-based incentive plans that allow for the issuance of cash or equity-settled awards to certain employees and non-employee directors. The Company recognizes compensation expense for share-based awards that are classified as equity based on the grant date fair value of the awards over the requisite service period, adjusted for estimated forfeitures. The cash-settled awards are classified as liabilities and compensation expense is measured using fair value at the end of each reporting period until settlement. The grant date fair value of the Company's stock appreciation right awards is estimated using the Black-Scholes valuation model. The grant date fair value of the Company's service based restricted stock units ("RSUs") and non-market based performance RSUs is determined based on the fair value of the Company's common stock on the date of grant, adjusted to reflect the absence of dividend equivalents during vesting. The grant date fair value of the Company's market based performance RSUs is estimated using a Monte Carlo simulation valuation model. Compensation expense for all performance based RSUs is recognized over the requisite service period when attainment of the performance goal is deemed probable, net of estimated forfeitures. Compensation expense for market based RSUs, net of estimated forfeitures, is recognized over the requisite service period regardless of whether, and the extent to which, the market condition is ultimately satisfied. For RSU awards with cliff vesting terms, compensation expense is recognized on a straight-line basis. For awards granted to retirement-eligible employees, or employees who will become retirement-eligible prior to the end of the awards' respective stated vesting periods, the related stock-based compensation expense is recognized on an accelerated basis over a term commensurate with the period that the employee is required to provide service in order to vest in the award. Due to the job function of the award recipients, the Company has included stock-based compensation expense in "Selling, general and administrative expenses" in the consolidated statements of operations. Self-Insurance Up to certain limits, the Company self-insures various loss exposures primarily relating to workers' compensation risk and employee and eligible retiree medical health benefits. The Company carries insurance policies covering claim exposures which exceed predefined amounts, per occurrence and/or in the aggregate. Accruals for losses are made based on the Company's claims experience and actuarial assumptions followed in the insurance industry, including provisions for incurred but not reported losses. Foreign Currency The functional currency for most of the Company's foreign operations is the applicable local currency. For those operations, assets and liabilities are translated into U.S. Dollars using period-end exchange rates; income and expenses are translated at average monthly exchange rates; and equity accounts are translated at historical rates. Net changes resulting from such translations are recorded as a component of translation adjustments in "Accumulated other comprehensive loss" on the Company's consolidated balance sheets. |
Inventory
Inventory | 12 Months Ended |
Nov. 29, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure | INVENTORIES The following table presents the Company's inventory balances: November 29, November 24, (Dollars in thousands) Raw materials $ 3,882 $ 4,929 Work-in-progress 4,725 3,319 Finished goods 809,085 875,944 Total inventories $ 817,692 $ 884,192 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Nov. 29, 2020 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The components of property, plant and equipment ("PP&E") were as follows: November 29, November 24, (Dollars in thousands) Land $ 8,564 $ 8,254 Buildings and leasehold improvements 477,521 516,239 Machinery and equipment 486,931 489,746 Capitalized internal-use software 560,539 511,927 Construction in progress 24,148 57,659 Subtotal 1,557,703 1,583,825 Accumulated depreciation (1,103,171) (1,054,267) PP&E, net $ 454,532 $ 529,558 Depreciation expense for the years ended November 29, 2020, November 24, 2019, and November 25, 2018, was $136.6 million, $123.9 million and $120.2 million, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Nov. 29, 2020 | |
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 years ended November 29, 2020 and November 24, 2019, were as follows: Americas Europe Asia Total (Dollars in thousands) Balance, November 25, 2018 $ 207,731 $ 27,264 $ 1,251 $ 236,246 Additions — — 321 321 Foreign currency fluctuation 18 (729) (68) (779) Balance, November 24, 2019 207,749 26,535 1,504 235,788 Additions (1) 22,445 207 1,710 24,362 Foreign currency fluctuation 2,782 1,928 (92) 4,618 Balance, November 29, 2020 $ 232,976 $ 28,670 $ 3,122 $ 264,768 _____________ (1) Additions to goodwill in fiscal year 2020 relate to business acquisitions, primarily the South American distributor TJC. Refer to Note 1 for more information. Other intangible assets, net, were as follows: November 29, 2020 November 24, 2019 Gross Accumulated Total Gross Accumulated Total (Dollars in thousands) Non-amortized intangible assets: Trademarks $ 42,743 $ — $ 42,743 $ 42,743 $ — $ 42,743 Amortized intangible assets: Customer relationships and other 9,786 (5,103) 4,683 448 (409) 39 Total $ 52,529 $ (5,103) $ 47,426 $ 43,191 $ (409) $ 42,782 The amortization of these intangible assets in the year ended November 29, 2020 is $5.2 million. Amortization expense for the years ended November 24, 2019 and November 25, 2018 is immaterial. Estimated amortization expense is $0.7 million in 2021 and immaterial thereafter. The Company performed its annual goodwill impairment assessment over material reporting units. The fair values of the reporting units were estimated using the income approach or a weighted average of the income and market approaches. The annual assessment concluded that the fair values of the reporting units were in excess of their respective carrying values. The Company does not anticipate any material impairment charges in the near-term. As of November 29, 2020, there was no impairment to the carrying value of the Company's goodwill. The Company performed a quantitative impairment assessment over material indefinite-lived intangible assets, primarily the U.S. Levi’s ® trade name. To estimate the fair value of the trade name, the relief from royalty method under the income approach was used. The assessment concluded that the fair value of the trade name exceeded its carrying value. The Company does not anticipate any material impairment charges in the near-term. As of November 29, 2020, there was no impairment to the carrying value of the Company's non-amortized intangible assets. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Nov. 29, 2020 | |
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: November 29, 2020 November 24, 2019 Fair Value Fair Value Fair Value Level 1 Inputs (1) Level 2 Inputs (2) Fair Value Level 1 Inputs (1) Level 2 Inputs (2) (Dollars in thousands) Financial assets carried at fair value Rabbi trust assets $ 71,184 $ 71,184 $ — $ 49,207 $ 49,207 $ — Short-term investments in marketable securities 96,531 — 96,531 80,741 — 80,741 Derivative instruments (3) 4,904 — 4,904 16,323 — 16,323 Total $ 172,619 $ 71,184 $ 101,435 $ 146,271 $ 49,207 $ 97,064 Financial liabilities carried at fair value Derivative instruments (3) 10,735 — 10,735 8,123 — 8,123 Total $ 10,735 $ — $ 10,735 $ 8,123 $ — $ 8,123 _____________ (1) Fair values estimated using Level 1 inputs are inputs which 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 a diversified portfolio of equity, fixed income and other securities. See Note 10 for more information on rabbi trust assets. (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 6 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: November 29, 2020 November 24, 2019 Carrying Estimated Fair Carrying Estimated (Dollars in thousands) Financial liabilities carried at adjusted historical cost 5.00% senior notes due 2025 (1) $ 990,280 $ 1,016,169 $ 489,299 $ 505,757 3.375% senior notes due 2027 (1) 564,312 583,227 522,524 556,266 Short-term borrowings 17,648 17,648 7,621 7,621 Total $ 1,572,240 $ 1,617,044 $ 1,019,444 $ 1,069,644 _____________ |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Nov. 29, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES As of November 29, 2020, the Company had forward foreign exchange contracts derivatives that were not designated as hedges in qualifying hedging relationships, of which $868.6 million were contracts to buy and $335.5 million were contracts to sell various foreign currencies. These contracts are at various exchange rates and expire at various dates through February 2022. The table below provides data about the carrying values of derivative instruments and non-derivative instruments: November 29, 2020 November 24, 2019 Assets (Liabilities) Derivative Assets (Liabilities) Derivative Carrying Carrying Carrying Carrying (Dollars in thousands) Derivatives designated as hedging instruments Foreign exchange risk cash flow hedges (1) $ 1,489 $ — $ 1,489 $ 6,149 $ — $ 6,149 Foreign exchange risk cash flow hedges (2) — (5,036) (5,036) — (3,809) (3,809) Total $ 1,489 $ (5,036) $ 6,149 $ (3,809) Derivatives not designated as hedging instruments Forward foreign exchange contracts (1) $ 4,902 $ (1,487) $ 3,415 $ 16,323 $ (6,149) $ 10,174 Forward foreign exchange contracts (2) 5,035 (10,734) (5,699) 3,813 (8,127) (4,314) Total $ 9,937 $ (12,221) $ 20,136 $ (14,276) Non-derivatives designated as hedging instruments Euro senior notes $ — $ (565,820) $ — $ (525,255) _____________ (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 "Other long-term 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: November 29, 2020 November 24, 2019 Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net Amounts Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net Amounts (Dollars in thousands) Foreign exchange risk contracts and forward foreign exchange contracts Financial assets $ 11,426 $ (6,578) $ 4,848 $ 21,839 $ (10,142) $ 11,697 Financial liabilities (17,257) 6,578 (10,679) (16,290) 10,142 (6,148) Total $ (5,831) $ 5,549 Embedded derivative contracts Financial assets $ — $ — $ — $ 4,446 $ — $ 4,446 Financial liabilities — — — (1,795) — (1,795) Total $ — $ 2,651 The table below provides data about the amount of gains and losses related to derivative instruments and non-derivative instruments designated as net investment hedges included in "Accumulated other comprehensive loss" ("AOCI") on the Company’s consolidated balance sheets, and in "Other income (expense), net" in the Company’s consolidated statements of operations: Amount of Gain or (Loss) Amount of Gain (Loss) Reclassified from AOCI into Net Income (Loss) (1) As of As of Year Ended November 29, November 24, November 25, (Dollars in thousands) Foreign exchange risk contracts $ (11,896) $ 2,781 $ 13,182 $ 3,418 $ — Realized forward foreign exchange swaps (2) 4,637 4,637 — — — Yen-denominated Eurobonds (19,811) (19,811) — — — Euro-denominated senior notes (78,736) (38,171) — — — Cumulative income taxes 31,350 25,606 — — — Total $ (74,456) $ (24,958) _____________ (1) Amounts reclassified from AOCI were classified as net revenues or costs of goods sold on the consolidated statements of operations. (2) Prior to and during 2005, the Company used foreign exchange currency swaps to hedge the net investment in its foreign operations. For hedges that qualified for hedge accounting, the net gains were included in AOCI and are not reclassified to earnings until the related net investment position has been liquidated. There was no hedge ineffectiveness for the year ended November 29, 2020. Within the next 12 months, a $11.3 million loss from cash flow hedges are expected to be reclassified from AOCI into net income (loss). The table below presents the effects of the Company's cash flow hedges of foreign exchange risk contracts on the Consolidated statements of operations for the year ended November 29, 2020: Year ended November 29, November 24, November 25, (Dollars in thousands) Amount of Gain (Loss) on Cash Flow Hedge Activity: Net revenues $ 1,814 $ (3,908) $ — Cost of goods sold 11,368 7,326 — The table below provides data about the amount of gains and losses related to derivative instruments included in "Other income (expense), net" in the Company’s consolidated statements of operations: Year Ended November 29, November 24, November 25, (Dollars in thousands) Forward foreign exchange contracts: Realized gain (loss) (1) $ 8,049 $ 8,164 $ (19,974) Unrealized (loss) gain (2) (5,750) (8,038) 31,141 Total $ 2,299 $ 126 $ 11,167 _____________ (1) The realized gain in fiscal year 2020 is primarily driven by gains on contracts to buy various currencies, mainly the Euro, as a result of the U.S. Dollar weakening throughout the year against original contract rates. The realized gain in fiscal year 2019 is driven by gains on contracts to sell various currencies, mainly the Euro, as a result of the U.S. Dollar strengthening throughout the year against lower original contract rates. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Nov. 29, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure | OTHER ACCRUED LIABILITIES The following table presents the Company's other accrued liabilities: November 29, November 24, (Dollars in thousands) Other accrued liabilities Accrued advertising and promotion $ 80,272 $ 62,352 Accrued capital expenditures 10,378 14,965 Accrued interest payable 8,235 5,350 Accrued rent 22,045 8,232 Fabric liabilities 25,493 — Fair value derivatives 10,390 6,449 Taxes other than income taxes payable 34,555 38,592 Other 285,633 244,782 Total other accrued liabilities $ 477,001 $ 380,722 |
Debt
Debt | 12 Months Ended |
Nov. 29, 2020 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The following table presents the Company's debt: November 29, November 24, (Dollars in thousands) Long-term debt 5.00% senior notes due 2025 $ 986,252 $ 487,632 3.375% senior notes due 2027 560,448 519,113 Total long-term debt $ 1,546,700 $ 1,006,745 Short-term debt Short-term borrowings 17,631 7,621 Total debt $ 1,564,331 $ 1,014,366 Senior Revolving Credit Facility The Company is a party to a Second Amended and Restated Credit Agreement as amended by that certain Amendment No. 1 to Second Amended and Restated Credit Agreement dated as of October 23, 2018 (as so amended, the “Second Amended and Restated Credit Agreement”), that provides for a senior secured revolving credit facility. The credit facility is an asset-based facility, in which the borrowing availability is primarily based on the value of the U.S. Levi's® trademarks and the levels of certain eligible cash, accounts receivable and inventory in the United States and Canada. Availability, interest and maturity. The maximum availability under the credit facility is $850.0 million, of which $800.0 million is available to the Company for revolving loans in U.S. Dollars and $50.0 million is available to the Company for revolving loans in either U.S. or Canadian Dollars. Subject to the availability under the borrowing base, the Company may make and repay borrowings from time to time until the maturity of the credit facility. The Company may make voluntary prepayments of borrowings at any time and must make mandatory prepayments if certain events occur. Of the maximum availability of $850.0 million, the U.S. Levi’s ® trademarks are deemed to add the lesser of (i) $350.0 million and (ii) 65% of the net orderly liquidation value of such trademarks to the borrowing base. Upon the maturity date of May 23, 2022, all of the obligations outstanding under the credit facility become due. The interest rate for borrowings under the credit facility is LIBOR plus 125-175 basis points, depending on borrowing base availability, and the rate for undrawn availability is 20 basis points. The Company’s unused availability under its amended and restated senior secured revolving credit facility was $713.5 million at November 29, 2020, as the Company’s total availability of $743.8 million, based on the collateral levels discussed above, was reduced by $27.8 million of stand-by letters of credit and by $2.5 million of other credit-related instruments. The Company has stand-by letters of credit with various international banks under the Company's credit facility serving as guarantees to cover U.S. workers' compensation claims and working capital requirements for certain subsidiaries, primarily in India. The Second Amended and Restated Credit Agreement also provides that the Company may increase the availability under the Company's credit facility up to the greater of (i) $1.6 billion in the aggregate and (ii) an amount that would not cause the Company's secured leverage ratio (as defined in the Second Amended and Restated Credit Agreement) to exceed 3.25 to 1.00, in each case if certain conditions are met. Guarantees and security. The Company's obligations under the Second Amended and Restated Credit Agreement are guaranteed by its domestic subsidiaries. The obligations under the Second Amended and Restated Credit Agreement are secured by specified domestic assets, including certain U.S. trademarks associated with the Levi's ® brand and accounts receivable, goods and inventory in the United States. Additionally, the obligations of Levi Strauss & Co. (Canada) Inc. under the credit agreement are secured by Canadian accounts receivable, goods, inventory and other Canadian assets. The lien on the U.S. Levi's ® trademarks and related intellectual property may be released at the Company's discretion subject to certain conditions, and such release would reduce the borrowing base. Covenants. The Second Amended and Restated Credit Agreement contains customary covenants restricting the Company's activities, as well as those of the Company's subsidiaries, including limitations on the ability to sell assets, engage in mergers, or other fundamental changes, enter into capital leases or certain leases not in the ordinary course of business, enter into transactions involving related parties or derivatives, incur or prepay indebtedness, grant liens or negative pledges on the Company's assets, make loans or other investments, pay dividends or repurchase stock or other securities, guarantee third-party obligations, engage in sale leasebacks and make changes in the Company's corporate structure. There are exceptions to these covenants, and some are only applicable when unused availability falls below specified thresholds. In addition, the Second Amended and Restated Credit Agreement includes, as a financial covenant, a springing fixed charge coverage ratio of 1.0 to 1.0, which arises when availability falls below a specified threshold. As of November 29, 2020, the Company was in compliance with these covenants. Events of default. The Second Amended and Restated Credit Agreement contains customary events of default, including payment failures, breaches of representations and warranties, failure to comply with covenants, failure to satisfy other obligations under the credit agreements or related documents, defaults in respect of other indebtedness, bankruptcy, insolvency and inability to pay debts when due, material judgments, pension plan terminations or specified underfunding, substantial stock ownership changes, failure of certain provisions of any guarantee or security document supporting the Company's credit facility to be in full force and effect, change of control and specified changes in the composition of the Board. The cross-default provisions in the Second Amended and Restated Credit Agreement apply if a default occurs on other indebtedness of the Company or the guarantors in excess of $50.0 million and the applicable grace period in respect of the indebtedness has expired, such that the lenders of or trustee for the defaulted indebtedness have the right to accelerate. If an event of default occurs under the Second Amended and Restated Credit Agreement, subject to any applicable grace period, the lenders may terminate their commitments, declare immediately payable all borrowings under the credit facility and foreclose on the collateral. On January 5, 2021, subsequent to the Company's fiscal 2020 year end, the senior secured revolving credit facility was amended. The Amendment No. 2 to the Second Amended and Restated Credit Agreement, dated as of January 5, 2021 (the "Credit Agreement Amendment"), leaves the material terms of the Second Amended and Restated Agreement substantially unchanged, with the exception that (i) the letter of credit limit was reduced from $350 million to $150 million, and (ii) the maturity date was extended to January 5, 2026. The guarantees and security interest grants, covenants, events of default of the Second Amended and Restated Credit Agreement, have not been materially changed as a result of the Credit Agreement Amendment. Costs of approximately $4.0 million associated with Credit Agreement Amendment, represent underwriting fees and other expenses, will be capitalized and amortized to interest expense over the term of the agreement. Senior Notes due 2025 Principal, interest, and maturity. On April 27, 2015, the Company issued $500.0 million in aggregate principal amount of 5.00% senior notes due 2025 (the "Senior Notes due 2025") to qualified institutional buyers and to purchasers outside the United States, which were later exchanged for new notes in the same principal amount with substantially identical terms, except that the new notes were registered under the Securities Act of 1933, as amended (the "Securities Act"). On April 17, 2020, the Company issued an additional $500.0 million in aggregate principal amount of 5.00% senior notes pursuant to the indenture dated April 27, 2015. The Senior Notes due 2025 are treated as a single series (collectively, the "Senior Notes due 2025") and are unsecured obligations that rank equally with all of the Company’s other existing and future unsecured and unsubordinated debt. The additional notes were issued through an institutional private placement, which were later exchanged for new notes with the same principal amount and with substantially identical terms, except that the new notes were registered under the Securities Act. The additional notes were sold at an offering price equal to 100.50% of their principal amount. The net proceeds after initial purchaser discounts and commissions and offering expenses were approximately $496.0 million and are being used for general corporate purposes. The Senior Notes due 2025 will mature on May 1, 2025. Interest on the Senior Notes due 2025 is payable semi-annually in arrears on May 1 and November 1. Ranking. The Senior Notes due 2025 are not guaranteed by any of the Company's subsidiaries and are unsecured obligations. Accordingly, they: • rank equal in right of payment with all of the Company's other existing and future unsecured and unsubordinated debt; • rank senior in right of payment to the Company's future debt and other obligations that are, by their terms, expressly subordinated in right of payment to the Senior Notes due 2025; • are effectively subordinated in right of payment to all of the Company's existing and future senior secured debt and other obligations (including the credit facility) to the extent of the value of the collateral securing such debt; and • are structurally subordinated to all obligations of each of the Company's subsidiaries. Optional redemption. On or after May 1, 2020, the Company may redeem some or all of the Senior Notes due 2025, at once or over time, at redemption prices specified in the indenture governing the Senior Notes due 2025, plus accrued and unpaid interest, if any, to the date of redemption. The Company recorded a discount of $13.9 million in conjunction with the issuance of the Senior Notes due 2025, related to tender and redemption premiums paid to certain holders of the Senior Notes due 2020 who participated in the issuance of the Senior Notes due 2025, which will be amortized to interest expense over the term of the notes. Mandatory redemption, Offer to Purchase and Open Market Purchases. The Company is not required to make any sinking fund payments with respect to the Senior Notes due 2025. However, under certain circumstances in the event of an asset sale or as described under "Change of Control" below, the Company may be required to offer to purchase the Senior Notes due 2025. The Company may from time to time purchase the Senior Notes due 2025 in the open market or otherwise. Covenants. The 2025 indenture contains covenants that limit, among other things, the Company’s and certain of the Company’s subsidiaries’ ability to incur additional debt, make certain restricted payments, consummate specified asset sales, enter into transactions with affiliates, and incur liens, and that, impose restrictions on the ability of its subsidiaries to pay dividends or make payments to the Company and its restricted subsidiaries, merge or consolidate with another person, and dispose of all or substantially all of the Company’s assets or its restricted subsidiaries' assets. The 2025 indenture provides for customary events of default (subject in certain cases to customary grace and cure periods), which include nonpayment of principal, premium or interest, breach of covenants in the 2025 indenture, payment defaults or acceleration of certain other indebtedness, a failure to pay certain judgments and certain events of bankruptcy and insolvency. Generally, if an event of default occurs, the trustee under the 2025 indenture or the holders of at least 25% in principal amount of the then outstanding Senior Notes due 2025 may declare all the Senior Notes due 2025 to be due and payable immediately. As of November 29, 2020, the Company was in compliance with these covenants. Change of control. Upon the occurrence of a change in control (as defined in the 2025 indenture), each holder of the Senior Notes due 2025 may require us to repurchase all or a portion of the Senior Notes due 2025 in cash at a price equal to 101% of the principal amount of the Senior Notes due 2025 to be repurchased, plus accrued and unpaid interest, if any, to the date of purchase. Senior Notes due 2027 Principal, interest and maturity. On February 28, 2017, the Company issued €475.0 million in aggregate principal amount of 3.375% senior notes due 2027 (the "Senior Notes due 2027") to qualified institutional buyers and to purchasers outside the United States, which were later exchanged for new notes in the same principal amount with substantially identical terms, except that the new notes were registered under the Securities Act. The Senior Notes due 2027 will mature on March 15, 2027. Interest on the Senior Notes due 2027 is payable semi-annually in arrears on March 15 and September 15. Ranking. The Senior Notes due 2027 are not guaranteed by any of the Company's subsidiaries and are unsecured obligations. Accordingly, they: • rank equal in right of payment with all of the Company's other existing and future unsecured and unsubordinated debt; • rank senior in right of payment to the Company's future debt and other obligations that are, by their terms, expressly subordinated in right of payment to the Senior Notes due 2027; • are effectively subordinated in right of payment to all of the Company's existing and future senior secured debt and other obligations (including the credit facility) to the extent of the value of the collateral securing such debt; and • are structurally subordinated to all obligations of each of the Company's subsidiaries. Optional redemption. The Company may redeem some or all of the Senior Notes due 2027 prior to March 15, 2022, at a price equal to 100% of the principal amount, plus accrued and unpaid interest, if any, to the date of redemption, and a "make-whole" premium. On or after March 15, 2022, the Company may redeem some or all of the Senior Notes due 2027, at once or over time, at redemption prices specified in the indenture governing the Senior Notes due 2027, or the 2027 indenture, and together with the 2025 indenture, the indentures, plus accrued and unpaid interest, if any, to the date of redemption. Mandatory redemption, offer to purchase and open market purchases. The Company is not required to make any sinking fund payments with respect to the Senior Notes due 2027. However, under certain circumstances in the event of an asset sale or as described under "Change of Control" below, the Company may be required to offer to purchase the Senior Notes due 2027. The Company may from time to time purchase the Senior Notes due 2027 in the open market or otherwise. Covenants. The 2027 indenture contains covenants that limit, among other things, the Company’s and certain of the Company’s subsidiaries’ ability to incur additional debt, pay dividends or make other restricted payments, consummate specified asset sales, enter into transactions with affiliates and incur liens, and that impose restrictions on the ability of its subsidiaries to pay dividends or make payments to the Company and its restricted subsidiaries, merge or consolidate with another person, and sell, assign, transfer, lease convey or otherwise dispose of all or substantially all of the Company’s assets or the assets of its restricted subsidiaries. The 2027 indenture provides for customary events of default (subject in certain cases to customary grace and cure periods), which include nonpayment of principal, premium or interest, breach of covenants, in the 2027 indenture, payment defaults or acceleration of certain other indebtedness, a failure to pay certain judgments and certain events of bankruptcy and insolvency. Generally, if an event of default occurs, the trustee under the 2027 indenture or the holders of at least 25% in principal amount of the then outstanding Senior Notes due 2027 may declare all the Senior Notes due 2027 to be due and payable immediately. As of November 29, 2020, the Company was in compliance with these covenants. Change of control. Upon the occurrence of a change in control (as defined in the 2027 indenture), each holder of the Senior Notes due 2027 may require the Company to repurchase all or a portion of the Senior Notes due 2027 in cash at a price equal to 101% of the principal amount of the Senior Notes due 2027 to be repurchased, plus accrued and unpaid interest, if any, to the date of purchase. Short-term Borrowings Short-term borrowings consist of term loans and revolving credit facilities at various foreign subsidiaries that the Company expects to either pay over the next 12 months or refinance at the end of their applicable terms. Certain of these borrowings are guaranteed by stand-by letters of credit issued under the Company's amended and restated senior secured revolving credit facility. Principal Payments on Debt The table below sets forth, as of November 29, 2020, the Company's required aggregate short-term and long-term debt principal payments (inclusive of premium and discount): (Dollars in thousands) 2021 $ 17,631 2022 — 2023 — 2024 — 2025 995,362 Thereafter 565,820 Total future debt principal payments $ 1,578,813 Interest Rates on Borrowings The Company’s weighted-average interest rate on average borrowings outstanding during 2020, 2019 and 2018 was 4.75%, 5.31% and 5.01%, respectively. The weighted-average interest rate on average borrowings outstanding includes the amortization of capitalized issuance costs, including underwriting fees and other expenses, and excludes interest on obligations to participants under deferred compensation plans. Dividends and Restrictions The terms of the indentures relating to the Company's unsecured notes and its amended and restated senior secured revolving credit facility agreement contain covenants that restrict the Company's ability to pay dividends to its stockholders. For information about the Company's dividend payments, see Note 15. As of November 29, 2020, and at the time dividends were paid, the Company met the requirements of its debt instruments. Subsidiaries of the Company that are not wholly-owned subsidiaries and that are "restricted subsidiaries" under the Company’s indentures are permitted under the indentures to pay dividends to all stockholders either on a pro rata basis or on a basis that results in the receipt by the Company or a restricted subsidiary that is the parent of the restricted subsidiary of dividends or distributions of greater value than it would receive on a pro rata basis. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Nov. 29, 2020 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Pension plans. The Company has several non-contributory defined benefit retirement plans covering eligible employees. Plan assets are invested in a diversified portfolio of securities including stocks, bonds, cash equivalents and other alternative investments including real estate investment trust funds. Benefits payable under the plans are based on years of service, final average compensation, or both. The Company retains the right to amend, curtail or discontinue any aspect of the plans, subject to local regulations. Postretirement plans. The Company maintains plans that provide postretirement benefits to eligible employees, principally health care, to substantially all U.S. retirees and their qualified dependents. These plans were established with the intention that they would continue indefinitely. However, the Company retains the right to amend, curtail or discontinue any aspect of the plans at any time. The plans are contributory and contain certain cost-sharing features, such as deductibles and coinsurance. The Company's policy is to fund postretirement benefits as claims and premiums are paid. The following tables summarize activity of the Company's defined benefit pension plans and postretirement benefit plans: Pension Benefits Postretirement Benefits 2020 2019 2020 2019 (Dollars in thousands) Change in benefit obligation: Benefit obligation at beginning of year $ 1,261,763 $ 1,136,720 $ 72,135 $ 82,907 Service cost 4,026 3,377 48 65 Interest cost 30,643 41,341 1,665 3,042 Plan participants' contribution 689 665 4,282 4,256 Actuarial loss (gain) (1) 87,443 146,562 1,531 (2,903) Net curtailment loss (1,009) 64 — — Impact of foreign currency changes 10,899 (2,210) — — Plan settlements (2) (64,525) (436) — — Net benefits paid (65,300) (64,320) (12,300) (15,232) Benefit obligation at end of year $ 1,264,629 $ 1,261,763 $ 67,361 $ 72,135 Change in plan assets: Fair value of plan assets at beginning of year 1,091,162 958,576 — — Actual return on plan assets 161,856 182,309 — — Employer contribution 20,865 15,062 8,018 10,976 Plan participants' contributions 689 665 4,282 4,256 Plan settlements (2) (64,525) (436) — — Impact of foreign currency changes 8,544 (694) — — Net benefits paid (65,300) (64,320) (12,300) (15,232) Fair value of plan assets at end of year 1,153,291 1,091,162 — — Unfunded status at end of year $ (111,338) $ (170,601) $ (67,361) $ (72,135) _____________ (1) Fiscal year 2020 and 2019 actuarial losses in the Company's pension benefit plans resulted from changes in discount rate assumptions. Changes in financial markets during 2019 including a decrease in corporate bond yield indices, resulted in an increase in benefit obligations. (2) The increase in pension plan settlements in fiscal year 2020 was primarily due to a voluntary lump-sum, cash-out program offered to vested, terminated U.S. pension plan participants in the last half of the fiscal year 2020. The extent of the funding from the cash-out program exceeded the settlement accounting threshold, and as such in fiscal year 2020, these activities have been categorized as settlements. Pension plan assets were utilized to settle pension obligations for deferred participants that elected to participate in the program. Amounts recognized in the Company's consolidated balance sheets as of November 29, 2020 and November 24, 2019, consist of the following: Pension Benefits Postretirement Benefits 2020 2019 2020 2019 (Dollars in thousands) Unfunded status recognized on the balance sheet: Prepaid benefit cost $ 62,161 $ 27,704 $ — $ — Accrued benefit liability – current portion (9,663) (9,480) (7,112) (8,129) Accrued benefit liability – long-term portion (163,836) (188,825) (60,249) (64,006) $ (111,338) $ (170,601) $ (67,361) $ (72,135) Accumulated other comprehensive loss: Net actuarial loss $ (296,330) $ (358,484) $ (12,491) $ (11,284) Net prior service benefit 259 291 — — $ (296,071) $ (358,193) $ (12,491) $ (11,284) The accumulated benefit obligation for all defined benefit plans was both $1.3 billion and $1.2 billion at November 29, 2020 and November 24, 2019. Information for the Company's defined benefit plans with an accumulated or projected benefit obligation in excess of plan assets is as follows: Pension Benefits 2020 2019 (Dollars in thousands) Accumulated benefit obligations in excess of plan assets: Aggregate accumulated benefit obligation $ 168,390 $ 1,093,503 Aggregate fair value of plan assets — 903,556 Projected benefit obligations in excess of plan assets: Aggregate projected benefit obligation $ 222,055 $ 1,142,114 Aggregate fair value of plan assets 48,578 943,810 Amounts in the table above decreased in fiscal year 2020 primarily due to the exclusion of the Company’s U.S. pension plans as compared to 2019, as the fair value of these pension plan assets in fiscal year 2020 increased resulting in those plans’ plan assets exceeding the benefit obligations. The components of the Company's net periodic benefit cost were as follows: Pension Benefits Postretirement Benefits 2020 2019 2018 2020 2019 2018 (Dollars in thousands) Net periodic benefit cost: Service cost $ 4,026 $ 3,377 $ 3,602 $ 48 $ 65 $ 113 Interest cost 30,643 41,341 36,070 1,665 3,042 2,718 Expected return on plan assets (41,189) (42,098) (48,830) — — — Amortization of prior service benefit (62) (61) (65) — — — Amortization of actuarial loss 13,407 13,306 12,650 324 465 872 Curtailment loss (650) 13 38 — — — Net settlement (gain) loss 14,699 (56) (102) — — — Net periodic benefit cost 20,874 15,822 3,363 2,037 3,572 3,703 Changes in accumulated other comprehensive loss: Actuarial loss (gain) (34,821) 6,309 15,373 1,531 (2,903) (6,354) Amortization of prior service benefit 62 61 65 — — — Amortization of actuarial loss (13,407) (13,306) (12,650) (324) (465) (872) Curtailment gain 742 — — — — — Net settlement gain (loss) (14,699) 56 102 — — — Total recognized in accumulated other comprehensive loss (62,123) (6,880) 2,890 1,207 (3,368) (7,226) Total recognized in net periodic benefit cost and accumulated other comprehensive loss $ (41,249) $ 8,942 $ 6,253 $ 3,244 $ 204 $ (3,523) The amounts that will be amortized from "Accumulated other comprehensive loss" into net periodic benefit cost in 2021 for the Company's defined benefit pension and postretirement benefit plans are expected to be $10.5 million and $0.5 million, respectively. Assumptions used in accounting for the Company's benefit plans were as follows: Pension Benefits Postretirement Benefits 2020 2019 2018 2020 2019 2018 Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 2.8% 4.1% 3.4% 2.8% 4.2% 3.4% Expected long-term rate of return on plan assets 3.8% 4.6% 5.4% Rate of compensation increase 3.3% 3.4% 3.4% Weighted-average assumptions used to determine benefit obligations: Discount rate 2.1% 2.8% 4.1% 2.0% 2.8% 4.2% Rate of compensation increase 3.3% 3.3% 3.4% Assumed health care cost trend rates were as follows: Health care trend rate assumed for next year 5.4% 5.7% 5.9% Rate trend to which the cost trend is assumed to decline 4.4% 4.4% 4.4% Year that rate reaches the ultimate trend rate 2037 2037 2037 For the Company's benefit plans, the discount rate used to determine the present value of the future pension and postretirement plan obligations was based on a yield curve constructed from a portfolio of high quality corporate bonds with various maturities. Each year's expected future benefit payments are discounted to their present value at the appropriate yield curve rate, thereby generating the overall discount rate. The Company utilized a variety of country-specific third-party bond indices to determine the appropriate discount rates to use for the benefit plans of its foreign subsidiaries. The Company bases the overall expected long-term rate of return on assets on anticipated long-term returns of individual asset classes and each pension plans' target asset allocation strategy based on current economic conditions. For the U.S. pension plan, the expected long-term returns for each asset class are determined through a mean-variance model to estimate 20-year returns for the plan. Health care cost trend rate assumptions are not a significant input in the calculation of the amounts reported for the Company's postretirement benefits plans. A one percentage-point change in assumed health care cost trend rates would have no significant effect on the total service and interest cost components or on the postretirement benefit obligation. Consolidated pension plan assets relate primarily to the U.S. pension plan. The Company utilizes the services of independent third-party investment managers to oversee the management of U.S. pension plan assets. The Company's investment strategy is to invest plan assets in a diversified portfolio of domestic and international equity securities, fixed income securities and real estate and other alternative investments with the objective to provide a regular and reliable source of assets to meet the benefit obligation of the pension plans. Prohibited investments for the U.S. pension plan include certain privately placed or other non-marketable debt instruments, letter stock, commodities or commodity contracts and derivatives of mortgage-backed securities, such as interest-only, principal-only or inverse floaters. The current target allocation percentages for the Company's U.S. pension plan assets are 25% for equity securities and real estate with an allowable deviation of plus or minus 4% and 75% for fixed income securities with an allowable deviation of plus or minus 4%. The fair value of the Company's pension plan assets by asset class are as follows: Year Ended November 29, 2020 Asset Class Total Quoted Prices in Significant Significant (Dollars in thousands) Cash and cash equivalents $ 2,337 $ 2,337 $ — $ — Equity securities (1) U.S. large cap 74,850 — 74,850 — U.S. small cap 14,343 — 14,343 — International 143,408 — 143,408 — Fixed income securities (2) 859,323 — 859,323 — Other alternative investments Real estate (3) 41,699 — 41,699 — Private equity (4) 228 — — 228 Hedge fund (5) 11,692 — 11,692 — Other (6) 5,411 — 5,411 — Total investments at fair value $ 1,153,291 $ 2,337 $ 1,150,726 $ 228 Year Ended November 24, 2019 Asset Class Total Quoted Prices in Significant Significant (Dollars in thousands) Cash and cash equivalents $ 4,427 $ 4,427 $ — $ — Equity securities (1) U.S. large cap 93,019 — 93,019 — U.S. small cap 13,307 — 13,307 — International 115,607 — 115,607 — Fixed income securities (2) 808,546 — 808,546 — Other alternative investments Real estate (3) 38,076 — 38,076 — Private equity (4) 289 — — 289 Hedge fund (5) 13,328 — 13,328 — Other (6) 4,564 — 4,564 — Total investments at fair value $ 1,091,163 $ 4,427 $ 1,086,447 $ 289 _____________ (1) Primarily comprised of equity index funds that track various market indices. (2) Predominantly includes bond index funds that invest in long-term U.S. government and investment grade corporate bonds. (3) Primarily comprised of investments in U.S. Real Estate Investment Trusts. (4) Represents holdings in a diversified portfolio of private equity funds and direct investments in companies located primarily in North America. Fair values are determined by investment fund managers using primarily unobservable market data. (5) Primarily invested in a diversified portfolio of equities, bonds, alternatives and cash with a low tolerance for capital loss. (6) Primarily relates to accounts held and managed by a third-party insurance company for employee-participants in Belgium. Fair values are based on accumulated plan contributions plus a contractually-guaranteed return plus a share of any incremental investment fund profits. The fair value of plan assets are composed of U.S. plan assets of $940.4 million and non-U.S. plan assets of $212.8 million. The fair values of the substantial majority of the equity, fixed income and real estate investments are based on the net asset value of commingled trust funds that passively track various market indices. The Company's estimated future benefit payments to participants, which reflect expected future service, as appropriate are anticipated to be paid as follows: Pension Postretirement Total (Dollars in thousands) 2021 $ 73,162 $ 8,040 $ 81,202 2022 70,481 7,510 77,991 2023 69,181 7,020 76,201 2024 69,406 6,528 75,934 2025 69,690 5,994 75,684 2025-2028 340,445 22,464 362,909 At November 29, 2020, the Company's contributions to its pension plans for fiscal year 2021 are estimated to be $13.4 million. |
Employee Investment Plans
Employee Investment Plans | 12 Months Ended |
Nov. 29, 2020 | |
Disclosure of Employee Investment Plans [Abstract] | |
EMPLOYEE INVESTMENT PLANS | EMPLOYEE COMPENSATION AND LONG-TERM BENEFIT PLANS Employee Savings and Investment Plan The Company's Employee Savings and Investment Plan ("ESIP") is a qualified plan that covers eligible U.S. payroll employees. The Company matches 125% of ESIP participant's contributions to all funds maintained under the qualified plan up to the first 6.0% of eligible compensation. Total amounts charged to expense for the Company's employee investment plans for the years ended November 29, 2020, November 24, 2019 and November 25, 2018, were $17.3 million, $16.3 million and $14.9 million, respectively. Annual Incentive Plan The Annual Incentive Plan ("AIP") provides a cash bonus that is earned based upon the Company's business unit and consolidated financial results as measured against pre-established internal targets and upon the performance and job level of the individual. Total amounts charged to expense for this plan for the years ended November 29, 2020, November 24, 2019, and November 25, 2018 were $51.8 million, $86.6 million and $114.3 million, respectively. Total amounts accrued for this plan as of November 29, 2020, and November 24, 2019 were $49.0 million and $87.7 million, respectively. Long-term Employee Related Benefits Long-term employee-related benefit liabilities primarily consist of the Company's liabilities for its deferred compensation plans. Deferred compensation plan for executives and outside directors, established January 1, 2003. The Company has a non-qualified deferred compensation plan for executives and outside directors that was established on January 1, 2003 and amended thereafter. The deferred compensation plan obligations are payable in cash upon retirement, termination of employment and/or certain other times in a lump-sum distribution or in installments, as elected by the participant in accordance with the plan. As of November 29, 2020 and November 24, 2019, these plan liabilities totaled $67.9 million and $52.8 million. The Company held funds of $71.2 million and $49.2 million in an irrevocable grantor's rabbi trust as of November 29, 2020 and November 24, 2019, respectively, related to this plan. Rabbi trust assets are classified as available-for-sale marketable securities and are included in "Other current assets" or "Other non-current assets" on the Company's consolidated balance sheets. Unrealized gains and losses on these marketable securities are reported as a separate component of stockholders' equity and included in AOCI on the Company's consolidated balance sheets. Deferred compensation plan for executives, prior to January 1, 2003. The Company also maintains a non-qualified deferred compensation plan for certain management employees relating to compensation deferrals for the period prior to January 1, 2003. The rabbi trust is not a feature of this plan. As of November 29, 2020 and November 24, 2019, liabilities for this plan totaled $30.8 million and $29.0 million, respectively. Interest earned by the participants in deferred compensation plans was $13.8 million, $9.4 million and $0.7 million for the years ended November 29, 2020, November 24, 2019 and November 25, 2018, respectively. The charges were included in "interest expense" in the Company's consolidated statements of operations. |
Stock-Based Incentive Compensat
Stock-Based Incentive Compensation Plans | 12 Months Ended |
Nov. 29, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
STOCK-BASED INCENTIVE COMPENSATION PLANS | STOCK-BASED INCENTIVE COMPENSATION PLANS The Company recognized stock-based compensation expense of $51.3 million, $79.0 million and $89.8 million, and related income tax benefits of $12.6 million, $19.5 million and $22.3 million, respectively, for the years ended November 29, 2020, November 24, 2019 and November 25, 2018, respectively. As of November 29, 2020, there was $55.5 million of total unrecognized compensation cost related to unvested equity and liability awards, which cost is expected to be recognized over a weighted-average period of 2.14 years. No stock-based compensation cost has been capitalized in the accompanying consolidated financial statements. 2016 Equity Incentive Plan Prior to the IPO, the Company granted awards under the 2016 Equity Incentive Plan (the "2016 Plan"), which provided for the granting of a variety of stock awards, including stock options, restricted stock, restricted stock units ("RSUs"), stock appreciation rights ("SARs") and cash or equity settled awards to certain employees and non-employee directors. The maximum number of shares of common stock authorized for issuance under the 2016 Plan was 80.0 million shares. Upon completion of the IPO, shares that remained available for future grants under the 2016 Plan ceased to be available and the 2019 Equity Incentive Plan became effective. Awards granted before the IPO remain outstanding according to the plan’s terms. Outstanding awards under the 2016 Plan are issuable as Class B common stock and can be voluntarily converted to Class A common stock and sold to the public. 2019 Equity Incentive Plan In March 2019, in connection with the IPO, the Company’s stockholders adopted the Company’s 2019 Equity Incentive Plan (the “2019 Plan”) which provides for the grant of a variety of stock awards, including stock options, restricted stock, restricted stock units, stock appreciation rights, and cash or equity settled awards to certain employees and non-employee directors. The maximum number of shares of Class A common stock authorized for issuance under the 2019 Plan is 40.0 million shares. At November 29, 2020, the number of shares available for future grants under the 2019 Plan were 35.1 million shares. 2019 Employee Stock Purchase Plan In March 2019, in connection with the IPO, the Company’s stockholders adopted the Company’s 2019 Employee Stock Purchase Plan (the “2019 ESPP”), which permits participants to purchase a total of 12.0 million shares of the Company’s Class A common stock through payroll deductions up to 10% of their earnings, subject to automatic annual increases. Unless otherwise determined by the administrator, the purchase price of the shares will be 85% of the fair market value of the Class A common stock on the date of purchase. At November 29, 2020, the number of shares available for issuance under the 2019 ESPP were 11.3 million shares. ESPP did not have a material impact on the consolidated financial statements in fiscal year 2020. Shares of common stock associated with the above plans will be issued from the Company's authorized but unissued shares and are subject to the Stockholders' Agreement that governs all shares. Under the 2016 Plan and 2019 Plan, stock awards have a maximum contractual term of ten years, and if applicable, must have an exercise price at least equal to the fair market value of the Company's common stock on the grant date. Awards generally vest according to terms determined at the time of grant, or as otherwise determined by the Board in its discretion. Upon the exercise of a stock-settled SAR, the participant will receive shares of common stock. The number of shares of common stock issued per SAR unit exercised is equal to (i) the excess of the per-share fair market value of the Company's common stock on the date of exercise over the exercise price of the SAR, divided by (ii) the per-share fair market value of the Company's common stock on the date of exercise. Stock-settled RSUs which include service or performance conditions are issued to certain employees. Each stock-settled RSU is converted to a share of common stock upon vesting and do not have pre-vesting "dividend equivalent rights". Non-employee members of the Board receive RSUs annually. The RSUs additionally have "dividend equivalent rights" of which dividends paid by the Company on its common stock are credited by the equivalent addition of RSUs. Equity Awards SARs. The Company grants SARs, which include service or performance conditions, to a small group of the Company's senior executives and to select levels of the Company's management. SARs with service conditions ("Service SARs") vest from three-and-a-half to four years, and have maximum contractual lives of ten years. SARs with performance conditions ("Performance SARs") were granted prior to fiscal 2017 and were fully vested prior to fiscal year 2020. SARs activity during the year ended November 29, 2020 was as follows: Service SARs Performance SARs Units Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Units Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (Units and dollars in thousands, except weighted-average exercise price) Outstanding at November 24, 2019 14,072 $ 7.51 3.3 7,634 $ 6.49 2.5 Granted 903 19.42 — — Exercised (3,648) 6.60 (2,514) 6.21 Forfeited (75) 13.75 — — Outstanding at November 29, 2020 11,252 $ 8.72 3.3 5,120 $ 6.62 1.8 Vested and expected to vest at November 24, 2020 11,235 $ 8.71 3.3 $ 118,081 5,120 $ 6.62 1.8 $ 64,189 Exercisable at November 29, 2020 8,483 $ 7.14 2.3 $ 102,000 5,120 $ 6.62 1.8 $ 64,189 The aggregate intrinsic values are calculated as the difference between the exercise price of the underlying SARs and the fair value of the Company's common stock that were in-the-money at that date. November 29, 2020 November 24, 2019 November 25, 2018 (Dollars in thousands) Aggregate intrinsic value of Service SARs exercised during the year $ 44,119 $ 54,045 $ 53,398 Aggregate intrinsic value of Performance SARs exercised during the year $ 30,953 $ 27,776 $ 6,777 Unrecognized future compensation costs as of November 29, 2020 of $3.6 million for Service SARs are expected to be recognized over weighted-average periods of 2.35 years. The weighted-average grant date fair value of SARs was estimated using the Black-Scholes option valuation model. The weighted-average grant date fair values and corresponding weighted-average assumptions used in the Black-Scholes option valuation model were as follows: Service SARs Granted 2020 2019 2018 Weighted-average grant date fair value $ 6.44 $ 4.49 $ 2.61 Weighted-average assumptions: Expected life (in years) 7.0 5.0 4.9 Expected volatility 36.6 % 37.5 % 35.7 % Risk-free interest rate 1.4 % 2.5 % 2.5 % Expected dividend 1.6 % 2.0 % 2.5 % RSUs . The Company grants RSUs, which include service or performance conditions, to a small group of the Company's senior executives and to select levels of the Company's management. RSUs with service conditions ("Service RSUs") granted vest in four annual equal installments of 25% beginning on the first anniversary of the date granted subject to continued employment. RSUs with performance conditions ("Performance RSUs") vest at varying unit amounts, up to 200% of those awarded, based on the attainment of certain three-year cumulative performance goals over a three-year performance period subject to continued employment. Service and Performance RSU activity during the year ended November 29, 2020 was as follows: Service RSUs Performance RSUs Units Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Life (Years) Units Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Life (Years) (Units in thousands) Outstanding at November 25, 2019 7,779 $ 15.56 1.6 4,311 $ 16.24 1.0 Granted 1,771 18.75 847 22.44 Vested (4,666) 15.48 (2,419) 15.56 Performance adjustment — — 623 15.56 Forfeited (538) 17.47 (199) 19.09 Outstanding at November 29, 2020 4,346 $ 16.71 2.2 3,163 $ 18.11 1.0 The total fair value of Service RSU awards vested during 2020 and 2019 was $88.6 million and $1.6 million, respectively. The total fair value of Performance RSU awards vested during 2020 was $49.0 million. Unrecognized future compensation cost as of November 29, 2020 of $36.8 million for Service RSUs and $11.3 million for Performance RSUs is expected to be recognized over a weighted-average period of 2.27 years and 1.61 years, respectively. The grant date fair value of Service and Performance RSUs was based on the fair value of the Company’s common stock at the time of grant, unless the awards were subject to market conditions, in which case the Monte Carlo simulation model was utilized. During 2020, 2019, and 2018, the weighted-average grant date fair value for Service and Performance RSUs granted without a market condition were $18.80, $15.56 and $9.16, respectively. The weighted-average grant date fair value and corresponding weighted-average assumptions used in the Monte Carlo valuation models were as follows: Performance RSUs Granted 2020 2019 (1) 2018 Weighted-average grant date fair value $ 25.87 $ 17.95 $ 10.45 Weighted-average assumptions: Expected life (in years) 2.8 2.8 3.0 Expected volatility 37.6 % 37.5 % 37.2 % Risk-free interest rate 1.4 % 2.3 % 2.3 % Expected dividend 1.5 % 1.9 % 2.5 % ____________ (1) The weighted-average information is presented for awards granted during 2019 without including replacement awards granted in connection with the IPO in March 2019, where the Company’s Board of Directors approved the cancellation of the majority of the outstanding unvested cash-settled RSUs and their concurrent replacement with similar stock-settled RSUs. Refer to Note 1 for more information. The weighted-average grant date fair value for the Performance RSUs granted as replacement awards is $28.78 and the weighted-average assumptions include an expected life of 1.5 years, an expected volatility of 36.3%, a risk-free interest rate of 2.5% and an expected dividend of 1.7%. RSUs to the Board of Directors . The Company grants RSUs to certain members of its Board ("Board RSUs"). The total fair value of Board RSUs granted during the year ended November 29, 2020 of $2.0 million was estimated using the fair value of the Company's common stock. The total fair value of RSUs outstanding, vested and expected to vest was $9.9 million and $10.2 million as of November 29, 2020 and November 24, 2019, respectively. Board RSUs vest in a series of three equal installments at 13 months, 24 months and 36 months following the date of grant subject to continued service. However, if the recipient's continuous service terminates for a reason other than cause after the first vesting installment, but prior to full vesting, then the remaining unvested portion of the award becomes fully vested as of the date of such termination. Liability Awards In connection with the IPO, on March 19, 2019 the Company's Board of Directors approved the cancellation of the majority of the outstanding unvested cash-settled restricted stock units ("RSU's") and their concurrent replacement with similar stock-settled RSUs ("Replacement Awards"), pursuant to the Company's 2016 Equity Incentive Plan (the "2016 Plan"). RSUs for certain foreign affiliates will continue to be cash-settled. Prior to the IPO, the Company granted cash settled phantom restricted stock units ("Phantom RSUs"), which included service or performance conditions, to select levels of the Company’s management. The Phantom RSUs are recorded as liabilities and their changes in fair value are recognized over the vesting period. Upon vesting of a phantom restricted stock unit, the participant will receive a cash payout in an amount equal to the vested units multiplied by the fair value of the Company’s common stock at the end of the service or performance period. Phantom restricted stock units with service conditions ("Phantom Service RSUs") granted vest in four annual equal installments of 25% beginning on the first anniversary of the date granted subject to continued employment. Phantom restricted stock units with performance conditions ("Phantom Performance RSUs") vest at varying unit amounts, up to 200% of those awarded, based on attainment of certain three-year cumulative performance goals and subject to continued employment. The total fair value of Phantom Service RSUs and Phantom Performance RSUs granted during the year ended November 29, 2020 was $2.1 million and $0.2 million, respectively, at the grant date. The total fair value of Phantom Service RSUs vested during 2020, 2019 and 2018 was $6.3 million, $52.9 million and $17.0 million, respectively. The total fair value of Phantom Performance RSUs vested during 2020 was $0.3 million. The weighted-average fair value of Phantom Service RSUs at the grant date was estimated based on the fair value of the Company's common stock. The Company accrued $3.1 million for Phantom Service RSUs and Phantom Performance RSUs as of November 29, 2020. Unrecognized future compensation cost as of November 29, 2020 of $3.3 million for Phantom Service RSUs and $0.4 million for Phantom Performance RSUs are expected to be recognized over a weighted-average period of 2.33 years and 1.45 years, respectively. |
Restructuring
Restructuring | 12 Months Ended |
Nov. 29, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure | RESTRUCTURING In April 2020, the Board endorsed a restructuring initiative designed to reduce costs, streamline operations and support agility. On July 7, 2020, the Company announced and began to implement the restructuring initiative, which it expects to substantially complete by the middle of fiscal year 2021. The adverse impacts of the COVID-19 pandemic on the Company's business necessitated cost reduction actions in advance of plans to streamline operations. In October 2020, the Company announced the next step of the restructuring initiative, which included realignment of its top level organization to support the new strategies, which became effective in 2021. The next phase of the reorganization, including the streamlining of operations, will be completed in 2021. The initiative included the elimination of approximately 15% of the Company's global non-retail and non-manufacturing positions and is expected to result in approximately $100 million in annual cost savings. For the year ended November 29, 2020, the Company recognized restructuring charges of $90.4 million, which were recorded on a separate line item in the Company's consolidated statements of operations. The charges primarily relate to severance benefits, based on separation benefits provided by Company policy or statutory benefit plans. The Company estimates that it will incur future additional charges related to this restructuring initiative. The following table summarizes the activities associated with restructuring liabilities for the year ended November 29, 2020. In the table below, "Charges" represents the initial charge related to the restructuring activity, "Payments" consists of cash payments for severance and employee-related benefits and other, and "Foreign Currency Fluctuations and Other Adjustments" includes foreign currency fluctuations as well as revisions of estimates related to severance and employee-related benefits and other. As of November 29, 2020, $54.7 million and $6.3 million were classified as restructuring liabilities and other long-term liabilities, respectively, within the Company's consolidated balance sheets. Year Ended November 29, 2020 Liabilities Charges Payments Foreign Currency Fluctuations Liabilities (1) November 24, November 29, (Dollars in thousands) Severance and employee-related benefits $ — $ 85,002 $ (24,394) $ (4) $ 60,604 Other — 1,781 (313) (1,051) 417 Total $ — $ 86,783 $ (24,707) $ (1,055) $ 61,021 _____________ (1) Excludes $3.7 million of pension and postretirement curtailment losses recorded in AOCI as of November 29, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Nov. 29, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Forward Foreign Exchange Contracts The Company uses over-the-counter 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 6 for additional information. Guarantees Indemnification agreements. In the ordinary course of business, the Company enters into agreements containing indemnification provisions under which the Company agrees to indemnify the other party for specified claims and losses. For example, the Company's trademark license agreements, real estate leases, consulting agreements, logistics outsourcing agreements, securities purchase agreements and credit agreements typically contain such provisions. This type of indemnification provision obligates the Company to pay certain amounts associated with claims brought against the other party as the result of trademark infringement, negligence or willful misconduct of Company employees, breach of contract by the Company including inaccuracy of representations and warranties, specified lawsuits in which the Company and the other party are co-defendants, product claims and other matters. These amounts generally are not readily quantifiable; the maximum possible liability or amount of potential payments that could arise out of an indemnification claim depends entirely on the specific facts and circumstances associated with the claim. The Company has insurance coverage that minimizes the potential exposure to certain of such claims. The Company also believes that the likelihood of material payment obligations under these agreements to third parties is low. 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. As of November 29, 2020, the Company has recorded certain reserves for these matters which are not material. The Company does not believe any of these pending 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 operating 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. While the Company is vigorously defending its position and does not believe any of the claims for customs duty and related charges have merit, the ultimate resolution of these assessments and legal proceedings are subject to risk and uncertainty. Inventory Purchase Commitments. The Company also has minimum inventory purchase commitments, including fabric commitments, with suppliers that secure a portion of material needs for future seasons. In light of the COVID-19 pandemic and in response to decreased demand, some of the Company's orders were canceled and a charge for estimated adverse purchase commitments was recorded. For the year ended November 29, 2020, the net charge of $26.2 million was reflected in cost of goods sold in the Company's consolidated statement of operations. As of November 29, 2020, adverse purchase commitments of $25.5 million, which primarily relate to fabric liabilities as a result of the COVID-19 pandemic, were included in "Other accrued liabilities" in the accompanying consolidated balance sheets. |
Leases
Leases | 12 Months Ended |
Nov. 29, 2020 | |
Leases [Abstract] | |
LEASES | LEASES The Company primarily leases retail store space, certain distribution and warehouse facilities, office space, equipment and other non-real estate assets. The Company determines if an arrangement is a lease at inception and begins recording lease activity at the commencement date, which is generally the date on which the Company takes possession of or controls the physical use of the asset. Right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term with lease expense recognized on a straight-line basis. The Company's incremental borrowing rates, which are based on the information available at commencement date, are used to determine the present value of future lease payments unless the implicit rate is readily determinable. Lease agreements may contain rent escalation clauses, renewal or termination options, rent holidays or certain landlord incentives, including tenant improvement allowances. Right-of-use assets are reduced by the amount of any lease incentives. The lease term includes the non-cancelable period of the lease and may include options to extend or terminate the lease when it is reasonably certain the Company will exercise the option. Certain lease agreements include variable lease payments, which are based on a percent of retail sales over specified levels or adjust periodically for inflation. Lease expense is recognized in SG&A within the Company's consolidated statements of operations, based on the underlying nature of the leased asset. For the year ended November 29, 2020, lease expense primarily consisted of operating lease costs of $317.4 million, including $47.3 million primarily related to variable lease costs and $4.2 million of short-term lease costs. As of and for the year ended November 29, 2020, finance leases were not a material component of the Company's lease portfolio. The Company reviews its right-of-use 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. Due to the anticipated COVID-19 related impact on foot traffic and consumer spending trends, expected future cash flows decreased. As a result, during the fiscal year 2020, the Company recorded $44.3 million related to the impairment of certain store ROU assets. The impairment charges are included in SG&A in the accompanying consolidated statements of operations. Amounts of future undiscounted cash flows related to operating lease payments over the lease term are as follows and are reconciled to the present value of the operating lease liabilities as recorded on the Company's consolidated balance sheets. November 29, 2020 (Dollars in thousands) 2021 $ 260,842 2022 225,130 2023 181,301 2024 143,155 2025 109,682 Thereafter 233,471 Total undiscounted future cash flows related to lease payments 1,153,581 Less: Interest 58,146 Present value of lease liabilities $ 1,095,435 The following table includes the weighted average remaining lease terms, in years, and the weighted average discount rate used to calculate the present value of operating lease liabilities: November 29, Weighted-average remaining lease term (years) 5.8 Weighted-average discount rate 2.16 % The table below includes supplemental cash and non-cash information related to operating leases: November 29, (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 237,265 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 151,345 _____________ (1) Excludes the amount initially capitalized in conjunction with the adoption of Topic 842. Amounts of minimum future annual commitments under non-cancelable operating leases and lease financing obligations in accordance with Topic 840 were as follows: November 24, (Dollars in thousands) 2020 $ 234,092 2021 203,483 2022 174,536 2023 140,278 2024 111,176 Thereafter 284,114 Total undiscounted future cash flows related to lease payments $ 1,147,679 |
Dividend
Dividend | 12 Months Ended |
Nov. 29, 2020 | |
Dividends [Abstract] | |
DIVIDEND | DIVIDEND Dividends are declared at the discretion of the Board. In January and April 2020, the Company declared quarterly cash dividends of $0.08 per share to holders of record of its Class A and Class B common stock. A total of $63.6 million in dividends were paid during the year. The Company determined not to declare dividends in the third and fourth fiscal quarters of 2020. In 2019, the Company paid two cash dividends totaling $113.9 million, the first dividend was $55.0 million paid in the first quarter and the second dividend was $58.9 million paid in the fourth quarter. In 2018, two cash dividends totaling $90.0 million were paid of $45.0 million each in the first and fourth quarters of the year. 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 fiscal 2020 year end, the Board declared a cash dividend of $0.04 per share to holders of record of its Class A and Class B common stock at the close of business on February 10, 2021, for a total quarterly dividend of approximately $16 million. Total dividends are expected to be approximately $64 million for fiscal year 2021 and to be paid out quarterly. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Nov. 29, 2020 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive (loss) income is summarized below: Levi Strauss & Co. Noncontrolling Interest (1) Pension and Translation Adjustments Unrealized Net Foreign Total Foreign Totals (Dollars in thousands) Accumulated other comprehensive (loss) income at November 26, 2017 $ (232,181) $ (55,618) $ (120,630) $ 4,048 $ (404,381) $ 9,538 $ (394,843) Gross changes 4,336 21,280 (43,479) (1,488) (19,351) (234) (19,585) Tax (1,178) (5,549) 5,487 388 (852) — (852) Other comprehensive income (loss), net of tax 3,158 15,731 (37,992) (1,100) (20,203) (234) (20,437) Accumulated other comprehensive (loss) income at November 25, 2018 (229,023) (39,887) (158,622) 2,948 (424,584) 9,304 (415,280) Gross changes 10,248 19,026 (7,562) 4,362 26,074 312 26,386 Tax (2,084) (4,097) 727 (1,022) (6,476) — (6,476) Other comprehensive income (loss), net of tax 8,164 14,929 (6,835) 3,340 19,598 312 19,910 Accumulated other comprehensive (loss) income at November 24, 2019 (220,859) (24,958) (165,457) 6,288 (404,986) 9,616 (395,370) Gross changes 60,915 (55,242) 10,493 9,758 25,924 (9,616) 16,308 Tax (15,088) 13,747 (3,677) (2,922) (7,940) — (7,940) Cumulative effect of adoption of new accounting standards (2) (47,313) (8,003) — 872 (54,444) — (54,444) Other comprehensive (loss) income, net of tax (1,486) (49,498) 6,816 7,708 (36,460) (9,616) (46,076) Accumulated other comprehensive (loss) income at November 29, 2020 $ (222,345) $ (74,456) $ (158,641) $ 13,996 $ (441,446) $ — $ (441,446) _____________ (1) On January 9, 2020, Company completed an all cash tender offer for the acquisition of the remaining minority interest shares of Levi Strauss Japan K.K. Refer to Note 1 for additional information. (2) Impact relates to the adoption of ASU 2018-02 Income Statement - Reporting Comprehensive Income (Topic 220). See Note 1 for more information. No material amounts were reclassified out of "Accumulated other comprehensive loss" into net income (loss) other than those that pertain to the Company's derivative instruments and pension and post retirement benefit plans. For additional information, see Note 6 and Note 9, respectively. |
Net Revenues
Net Revenues | 12 Months Ended |
Nov. 29, 2020 | |
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. Year Ended November 29, 2020 (1) Americas Europe Asia Total (Dollars in thousands) Net revenues by channel: Wholesale $ 1,635,084 $ 794,142 $ 294,079 $ 2,723,305 Direct-to-consumer 710,294 641,434 377,576 1,729,304 Total net revenues $ 2,345,378 $ 1,435,576 $ 671,655 $ 4,452,609 _____________ (1) For the year ended November 29, 2020, net revenues from both channels were adversely impacted by temporary store closures and reduced traffic and consumer demand as a result of the COVID-19 pandemic, with the majority of the impact occurring in the second quarter when most company-operated and wholesale customer doors were temporarily closed. See Note 1 for more information. Year Ended November 24, 2019 Americas Europe Asia Total (Dollars in thousands) Net revenues by channel: Wholesale $ 2,181,168 $ 981,308 $ 498,043 $ 3,660,519 Direct-to-consumer 875,856 786,748 439,964 2,102,568 Total net revenues $ 3,057,024 $ 1,768,056 $ 938,007 $ 5,763,087 Year Ended November 25, 2018 Americas Europe Asia Total (Dollars in thousands) Net revenues by channel: Wholesale $ 2,209,897 $ 925,317 $ 464,953 $ 3,600,167 Direct-to-consumer 832,767 720,919 421,587 1,975,273 Total net revenues $ 3,042,664 $ 1,646,236 $ 886,540 $ 5,575,440 At November 29, 2020, the Company did not have any material contract assets and or contract liabilities recorded in the consolidated balance sheets. |
Other Income, Net
Other Income, Net | 12 Months Ended |
Nov. 29, 2020 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME (EXPENSE), NET | OTHER INCOME (EXPENSE), NET The following table summarizes significant components of "Other income (expense), net": Year Ended November 29, November 24, November 25, (Dollars in thousands) Foreign exchange management gains (losses) (1) $ 2,299 $ 126 $ 11,167 Foreign currency transaction (losses) gains (2) (18,057) (6,231) (7,498) Interest income 8,390 17,190 9,400 Investment income 1,243 1,509 734 Pension settlement losses (3) (14,737) — — Other (1,612) (10,577) 1,104 Total other income (expense), net $ (22,474) $ 2,017 $ 14,907 _____________ (1) Gains and losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. Gains in fiscal year 2018 were primarily due to favorable currency fluctuations relative to negotiated contract rates on positions to sell the Euro and the British Pound. (2) Foreign currency transaction gains and losses reflect the impact of foreign currency fluctuation on the Company's foreign currency denominated balances. Losses in fiscal year 2020 were primarily due to the U.S. dollar weakening against most currencies during the year. |
Income Taxes
Income Taxes | 12 Months Ended |
Nov. 29, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company's income tax (benefit) expense was $(62.6) million, $82.6 million and $214.8 million and the Company's effective income tax rate was 33.0%, 17.3% and 43.0% for the years ended November 29, 2020, November 24, 2019 and November 25, 2018, respectively. On March 27, 2020, the CARES Act was signed into law in the United States. The CARES Act provides relief to U.S. Corporations through financial assistance programs and modifications to certain income tax provisions including temporary five-year net operating loss carryback provisions and a modification of interest deduction limitations. On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act (the "Tax Act"), which significantly changed U.S. tax law. The Tax Act lowered the Company’s U.S. statutory federal income tax rate from 35% to 21% effective on November 26, 2018. Beginning the first quarter of 2019, the Company's effective tax rate reflected a provision to tax Global Intangible Low-Taxed Income ("GILTI") of foreign subsidiaries and a tax benefit for Foreign Derived Intangible Income ("FDII"). In fiscal year 2020, no GILTI tax cost and FDII tax benefit reflected in the income tax benefit due to COVID 19 and losses incurred in many jurisdictions. In accordance with U.S. GAAP, the Company made an accounting policy election to account for the GILTI provision in the period in which it is incurred. The increase in the effective tax rate in fiscal year 2020 as compared to fiscal year 2019 was driven by a significant decrease in income before income taxes and tax rate reconciling items as a percentage to income before income taxes. The increase in the effective tax rate was primarily attributable to a $26.1 million benefit from stock-based compensation exercises which includes state income taxes, and a $4.6 million benefit resulting from the carryback of U.S. net operating losses to tax years with a higher federal income tax rate as allowed under the CARES Act, offset with a $18.3 million tax charge for valuation allowance against deferred tax assets. The decrease in the effective tax rate in fiscal year 2019 as compared to fiscal year 2018 was driven by a $143.4 million one-time tax charge in 2018 related to the enactment of the Tax Act. Included in the charge was $95.6 million related to re-measurement of deferred tax assets and liabilities, $37.5 million from a one-time U.S. transition tax on undistributed foreign earnings, and $10.3 million related to foreign and state tax costs associated with future remittances of undistributed earnings from foreign subsidiaries. The Company's income tax (benefit) expense differed from the amount computed by applying the U.S. federal statutory income tax rate to income before income taxes as follows: Year Ended November 29, November 24, November 25, (Dollars in thousands) Income tax expense at U.S. federal statutory rate $ (39,855) 21.0 % $ 100,293 21.0 % $ 111,755 22.4 % State income taxes, net of U.S. federal impact (5,246) 2.8 % 4,496 1.0 % 11,102 2.2 % Change in valuation allowance 18,271 (9.6) % (81) — % (9,239) (1.9) % Impact of foreign operations (1) (8,868) 4.7 % 7,132 1.5 % (17,149) (3.4) % Foreign-derived intangible income benefit ("FDII") — — % (11,918) (2.5) % — — % Reassessment of tax liabilities (1,531) 0.7 % (6,480) (1.4) % (12,552) (2.5) % Stock-based compensation (22,332) 11.8 % (15,730) (3.3) % (10,715) (2.1) % Other, including non-deductible expenses 1,547 (0.8) % 4,892 1.0 % (1,783) (0.4) % Change in tax law (4,628) 2.4 % — — % 143,359 28.7 % Total $ (62,642) 33.0 % $ 82,604 17.3 % $ 214,778 43.0 % ___________ (1) Included in the Impact of foreign operations are foreign rates differential, GILTI and tax impact on actual and deemed repatriation of foreign earnings. Impact of foreign operations. The tax benefit in fiscal year 2020 is primarily due to a decrease in foreign earnings as compared to fiscal year 2019 which reduced the U.S. tax cost from GILTI and branch operations. The tax rate benefit in fiscal year 2019 decreased as compared to fiscal year 2018 is primarily due to additional tax charges from foreign jurisdictions, Tax Act impacts (e.g. GILTI) and a lesser amount of excess tax benefit on actual and deemed repatriation of foreign earnings. Change in valuation allowance. The $18.3 million tax charge in fiscal year 2020 is primarily due to net operating losses generated in the current year for which management concluded that it is more likely than not that such assets will not be realized. The $9.2 million tax benefit in fiscal year 2018 is primarily due to the release of valuation allowances on deferred tax assets of certain foreign subsidiaries, primarily in Japan where management concluded that it is more likely than not that such assets will be realized. Reassessment of tax liabilities. The $6.5 million tax benefit in fiscal year 2019 is primarily attributable to finalization of state tax refund claims. The $12.6 million tax benefit in fiscal year 2018 is primarily attributable to finalization of a foreign audit. Change in tax law . The $4.6 million tax benefit is comprised of a $38.5 million benefit for carrying back current year U.S. losses to prior years at a higher tax rate, partially offset by a $27.6 million write off of previously used foreign tax credits that will expire unutilized because of the aforementioned carryback. In addition, $6.3 million of foreign tax credits expired in 2020 due to the current year U.S. loss. The $143.4 million tax charge in 2018, from the enactment of the Tax Act, was comprised of a $95.6 million remeasurement of the Company's deferred tax assets and liabilities based on the lower rates at which they are expected to reverse in the future, a $37.5 million one-time U.S. transition tax on undistributed foreign earnings, and a $10.3 million charge related to foreign and state tax costs associated with the future remittance of undistributed earnings of foreign subsidiaries. The U.S. and foreign components of income before income taxes were as follows: Year Ended November 29, November 24, November 25, (Dollars in thousands) Domestic $ (197,718) $ 120,692 $ 151,229 Foreign 7,935 356,892 348,793 Total income before income taxes $ (189,783) $ 477,584 $ 500,022 Income tax expense consisted of the following: Year Ended November 29, November 24, November 25, (Dollars in thousands) U.S. Federal Current $ 8,396 $ 13,182 $ 12,468 Deferred (79,676) (22,319) 126,210 $ (71,280) $ (9,137) $ 138,678 U.S. State Current $ 978 $ (2,939) $ 6,447 Deferred (6,435) 1,002 4,655 $ (5,457) $ (1,937) $ 11,102 Foreign Current $ 23,228 $ 87,324 $ 61,605 Deferred (9,133) 6,354 3,393 $ 14,095 $ 93,678 $ 64,998 Consolidated Current $ 32,602 $ 97,567 $ 80,520 Deferred (95,244) (14,963) 134,258 Total income tax expense $ (62,642) $ 82,604 $ 214,778 Deferred Tax Assets and Liabilities The Company's deferred tax assets and deferred tax liabilities were as follows: November 29, November 24, (Dollars in thousands) Deferred tax assets Foreign tax credit carryforwards $ 232,164 $ 157,379 State net operating loss carryforwards 16,054 10,070 Foreign net operating loss carryforwards 58,644 45,047 Employee compensation and benefit plans 102,846 141,489 Advance royalties 10,021 15,213 Accrued liabilities 32,304 24,648 Sales returns and allowances 30,740 22,494 Inventory 25,380 11,635 Property, plant and equipment — 12,266 Unrealized foreign exchange gains or losses 18,665 5,527 Lease liability 251,285 — Other 17,898 9,557 Total gross deferred tax assets 796,001 455,325 Less: Valuation allowance (38,543) (19,611) Deferred tax assets, net of valuation allowance 757,458 435,714 Deferred tax liabilities U.S. Branches (25,330) (27,134) Residual tax liability on unremitted foreign earnings (7,940) (5,672) Property, plant and equipment (4,531) — Right of use asset (227,054) — Total deferred tax liabilities (264,855) (32,806) Total net deferred tax assets $ 492,603 $ 402,908 Foreign tax credit carryforwards . The foreign tax credit carryforwards at November 29, 2020, are subject to expiration through 2030 if not utilized. Foreign net operating loss carryforwards. As of November 29, 2020, the Company had a deferred tax asset of $57.7 million for foreign net operating loss carryforwards of $227.8 million. Of these operating losses $103.8 million are subject to expiration through 2030. The remaining $124.0 million are available as indefinite carryforwards under applicable tax law. Valuation Allowance. The following table details the changes in valuation allowance during the year ended November 29, 2020: Valuation Allowance at November 24, 2019 Changes in Related Gross Deferred Tax Asset Change / (Release) Valuation Allowance at November 29, 2020 (Dollars in thousands) Foreign tax credit and U.S. state net operating loss carryforwards $ 2,540 $ 5,508 $ — $ 8,048 Foreign net operating loss carryforwards and other foreign deferred tax assets 17,071 (4,847) 18,271 30,495 $ 19,611 $ 661 $ 18,271 $ 38,543 At November 29, 2020, the Company's valuation allowance primarily related to its gross deferred tax assets for state and foreign net operating loss carryforwards which reduced such assets to the amount that will more likely than not be realized. Unremitted earnings of certain foreign subsidiaries. The Company historically provided for U.S. income taxes on the undistributed earnings of foreign subsidiaries unless they were considered indefinitely reinvested outside the United States. The Company reevaluated its historic indefinite reinvestment assertion as a result of the enactment of the Tax Act and determined that any historical undistributed earnings through November 25, 2018 of foreign subsidiaries, as well as most of the additional undistributed earnings generated through November 2020, are no longer considered to be indefinitely reinvested. The deferred tax liability related to foreign and state tax costs associated with the future remittance of these undistributed earnings of foreign subsidiaries was $8.2 million. Uncertain Income Tax Positions As of November 29, 2020, the Company’s total gross amount of unrecognized tax benefits was $32.3 million, of which $28.8 million could impact the effective tax rate, if recognized, as compared to November 24, 2019, when the Company’s total gross amount of unrecognized tax benefits was $36.6 million, of which $33.1 million could have impacted the effective tax rate, if recognized. The following table reflects the changes to the Company's unrecognized tax benefits for the year ended November 29, 2020 and November 24, 2019: November 29, November 24, (Dollars in thousands) Unrecognized tax benefits beginning balance $ 36,559 $ 26,594 Increases related to current year tax positions 1,575 2,432 Increases related to tax positions from prior years 262 3,696 Decreases related to tax positions from prior years (889) (3,222) Settlement with tax authorities (4,322) 7,119 Lapses of statutes of limitation (446) (45) Other, including foreign currency translation (453) (15) Unrecognized tax benefits ending balance $ 32,286 $ 36,559 The Company evaluates all domestic and foreign audit issues and believes that it is reasonably possible that total gross unrecognized tax benefits could decrease by as much as $1.1 million within the next twelve months. As of November 29, 2020 and November 24, 2019, accrued interest and penalties primarily relating to non-U.S. jurisdictions were $1.2 million and $1.7 million, respectively. |
Earnings Per Share Attributable
Earnings Per Share Attributable to Common Stockholders | 12 Months Ended |
Nov. 29, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Attributable to Common Stockholders | EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS Basic (loss) earnings per share attributable to common stockholders is calculated by dividing net (loss) income attributable to common stockholders by the weighted-average number of common shares outstanding. Diluted (loss) earnings per share attributable to common stockholders adjusts the basic (loss) earnings per share attributable to common stockholders and the weighted-average number of common shares outstanding for the potentially dilutive impact of RSUs and stock appreciation rights using the treasury stock method. The following table sets forth the computation of the Company's basic and diluted (loss) earnings per share: Year Ended November 29, November 24, November 25, (Dollars in thousands, except per share amounts) Numerator: Net (loss) income attributable to Levi Strauss & Co. $ (127,141) $ 394,612 $ 283,142 Denominator: Weighted-average common shares outstanding - basic 397,315,117 389,082,277 377,139,847 Dilutive effect of stock awards — 19,283,625 11,467,514 Weighted-average common shares outstanding - diluted 397,315,117 408,365,902 388,607,361 (Loss) earnings per common share attributable to common stockholders: Basic $ (0.32) $ 1.01 $ 0.75 Diluted $ (0.32) $ 0.97 $ 0.73 Anti-dilutive securities excluded from calculation of diluted earnings per share attributable to common stockholders — 174,923 755,550 Diluted net (loss) earnings per common share attributable to Levi Strauss & Co. for the year ended November 29, 2020 excluded all potentially dilutive securities because there was a net loss for the period and, as such, the inclusion of these securities would have been anti-dilutive. Potentially dilutive securities excluded from the calculation of diluted (loss) earnings per common share were 23.2 million shares for the year ended November 29, 2020. |
Related Parties
Related Parties | 12 Months Ended |
Nov. 29, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | RELATED PARTIESCharles V. Bergh, President and Chief Executive Officer, Peter E. Haas Jr., a director of the Company who retired in September 2019, and Marc Rosen, Executive Vice President and President, Americas, are board members of the Levi Strauss Foundation, which is not a consolidated entity of the Company. Seth R. Jaffe, Executive Vice President and General Counsel, is Vice President of the Levi Strauss Foundation. During fiscal years 2020, 2019, and 2018, the Company donated $9.9 million, $9.7 million, and $7.5 million, respectively, to the Levi Strauss Foundation. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Nov. 29, 2020 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION The Company manages its business according to three regional segments: the Americas, Europe and Asia. 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 regional segments’ net revenues and operating income. The Company reports inventories by segment as that information is used by the chief operating decision maker in assessing segment performance. The Company does not report its other assets by segment as that information is not used by the chief operating decision maker in assessing segment performance. Business segment information for the Company is as follows: Year Ended November 29, 2020 (1) November 24, November 25, (Dollars in thousands) Net revenues: Americas $ 2,345,378 $ 3,057,024 $ 3,042,664 Europe 1,435,576 1,768,056 1,646,236 Asia 671,655 938,007 886,540 Total net revenues $ 4,452,609 $ 5,763,087 $ 5,575,440 Operating income: Americas $ 332,213 $ 545,084 $ 551,380 Europe 206,360 353,082 292,903 Asia (21,813) 85,824 86,573 Regional operating income 516,760 983,990 930,856 Corporate: Restructuring charges, net 90,415 — — Other corporate staff costs and expenses (2) 511,464 417,315 390,445 Corporate expenses 601,879 417,315 390,445 Total operating income (85,119) 566,675 540,411 Interest expense (82,190) (66,248) (55,296) Underwriter commission paid on behalf of selling stockholders — (24,860) — Other (expense) income, net (3) (22,474) 2,017 14,907 (Loss) income before income taxes $ (189,783) $ 477,584 $ 500,022 ___________ (1) For the year ended November 29, 2020, the Company's business and results of operations were impacted by temporary store closures and reduced traffic and consumer demand as a result of the COVID-19 pandemic, with the majority of the impact occurring in the second quarter as most company-operated and wholesale customer doors were temporarily closed. Refer to Note 1 for more information. (2) Corporate staff costs and expenses for the year ended November 29, 2020 includes incremental COVID-19 related charges that management does not attribute to any of the regional segments in order to provide increased transparency and comparability of regional performance. These charges include $42.3 million of incremental inventory reserves of which $26.3 million, $9.1 million and $6.9 million were related to the Americas, Europe and Asia regional segments, respectively, and charges for adverse fabric purchase commitments of $1.2 million related to the Asia regional segment. Net charges related to incremental allowance for doubtful accounts of $5.2 million were recognized, of which $5.0 million and $0.2 million were related to the Americas and Europe regional segments, respectively. Additionally, the Company recognized $58.7 million in impairment of long-lived assets related to certain retail locations, of which $50.0 million, $6.3 million and $2.4 million, were related to the Americas, Europe and Asia regional segments, respectively. Refer to Note 1 for additional information. (3) Includes $14.7 million in pension settlement losses in fiscal year 2020 related to the voluntary lump-sum, cash-out program offered to vested deferred U.S. pension plan participants. See Note 9 for further information. Year Ended November 29, November 24, November 25, (Dollars in thousands) Depreciation and amortization expense: Americas $ 53,294 $ 45,884 $ 43,478 Europe 23,677 23,595 22,658 Asia 12,932 12,110 10,750 Corporate 51,892 42,353 43,319 Total depreciation and amortization expense $ 141,795 $ 123,942 $ 120,205 November 29, 2020 Americas Europe Asia Unallocated Consolidated Total (Dollars in thousands) Assets: Inventories $ 409,028 $ 174,737 $ 167,797 $ 66,130 $ 817,692 All other assets — — — 4,823,549 4,823,549 Total assets $ 5,641,241 November 24, 2019 Americas Europe Asia Unallocated Consolidated Total (Dollars in thousands) Assets: Inventories $ 456,611 $ 180,949 $ 157,892 $ 88,740 $ 884,192 All other assets — — — 3,348,226 3,348,226 Total assets $ 4,232,418 Geographic information for the Company was as follows: Year Ended November 29, November 24, November 25, (Dollars in thousands) Net revenues: United States $ 1,943,522 $ 2,525,325 $ 2,546,907 Foreign countries 2,509,087 3,237,762 3,028,533 Total net revenues $ 4,452,609 $ 5,763,087 $ 5,575,440 Net deferred tax assets: United States $ 404,800 $ 327,980 $ 313,644 Foreign countries 92,756 79,925 84,147 Total net deferred tax assets $ 497,556 $ 407,905 $ 397,791 Long-lived assets: United States $ 317,102 $ 376,883 $ 335,705 Foreign countries 168,437 194,762 154,767 Total long-lived assets $ 485,539 $ 571,645 $ 490,472 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Nov. 29, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA (UNAUDITED) | QUARTERLY FINANCIAL DATA (UNAUDITED) Set forth below are the consolidated statements of operations for the first, second, third and fourth quarters of 2020 and 2019. Year Ended November 29, 2020 First Second Quarter (2) Third Fourth (Dollars in thousands, except per share amounts) Net revenues (1) $ 1,506,126 $ 497,542 $ 1,063,085 $ 1,385,856 Cost of goods sold 666,799 327,890 485,687 619,309 Gross profit 839,327 169,652 577,398 766,547 Selling, general and administrative expenses 660,545 550,525 484,002 652,556 Restructuring charges, net — 67,371 1,071 21,973 Operating income (loss) 178,782 (448,244) 92,325 92,018 Interest expense (16,654) (11,246) (28,437) (25,853) Other income (expense), net 2,700 1,305 (12,274) (14,205) Income before income taxes 164,828 (458,185) 51,614 51,960 Income tax expense (benefit) 12,139 (94,636) 24,565 (4,710) Net income (loss) attributable to Levi Strauss & Co. $ 152,689 $ (363,549) $ 27,049 $ 56,670 Earnings (loss) per common share attributable to common stockholders (3) : Basic $ 0.39 $ (0.91) $ 0.07 $ 0.14 Diluted $ 0.37 $ (0.91) $ 0.07 $ 0.14 Weighted-average common shares outstanding - diluted Basic 396,216,057 397,484,849 397,711,322 398,383,193 Diluted 410,068,373 397,484,849 407,677,385 408,784,914 Cash dividends declared per share $ 0.08 $ 0.08 $ — $ — _____________ (1) For the year ended November 29, 2020, net revenues from both channels were adversely impacted by temporary store closures and reduced traffic and consumer demand as a result of the COVID-19 pandemic, with the majority of the impact occurring in the second quarter when most company-operated and wholesale customer doors were temporarily closed. See Note 1 for more information. (2) During the second quarter, $242.0 million in incremental charges were recognized in connection with the adverse impacts of the COVID-19 pandemic on the Company's business. The $242.0 million comprised of $67.4 million of restructuring charges, COVID-19 related inventory costs of $86.6 million and other charges for customer receivables and asset impairments of $88.0 million. These estimates were subsequently updated based on changes in underlying facts and circumstances. For further information refer to Note 1. (3) The sum of the quarterly earnings per share may not equal the full-year amount, as the computations of the weighted-average number of common basic and diluted shares outstanding for each quarter and the full year are performed independently. Year Ended November 24, 2019 First Second Third Fourth (Dollars in thousands, except per share amounts) Net revenues $ 1,434,458 $ 1,312,940 $ 1,447,081 $ 1,568,608 Cost of goods sold 651,650 612,517 680,335 717,212 Gross profit 782,808 700,423 766,746 851,396 Selling, general and administrative expenses 581,896 637,525 595,528 719,749 Operating income 200,912 62,898 171,218 131,647 Interest expense (17,544) (15,126) (15,292) (18,286) Underwriter commission paid on behalf of selling — (24,860) — — Other (expense) income, net (1,646) 3,166 (4,369) 4,866 Income before income taxes 181,722 26,078 151,557 118,227 Income tax expense (benefit) (1) 35,271 (2,429) 27,340 22,422 Net (loss) income 146,451 28,507 124,217 95,805 Net (income) loss attributable to noncontrolling interest 126 (277) 292 (509) Net (loss) income attributable to Levi Strauss & Co. $ 146,577 $ 28,230 $ 124,509 $ 95,296 Earnings per common share attributable to common stockholders (2) : Basic $ 0.39 $ 0.07 $ 0.32 $ 0.24 Diluted $ 0.37 $ 0.07 $ 0.30 $ 0.23 Weighted-average common shares outstanding - diluted Basic 377,077,111 389,518,461 394,169,688 394,670,867 Diluted 393,234,825 409,332,997 413,639,749 411,984,817 Cash dividends declared per share $ 0.29 $ — $ — $ 0.01 _____________ (1) The Income tax benefit in the second quarter is due to lower income taxes from less operating income and an excess tax benefit recognized related to the exercise of employee stock-based compensation. (2) The sum of the quarterly earnings per share may not equal the full-year amount, as the computations of the weighted-average number of common basic and diluted shares outstanding for each quarter and the full year are performed independently. |
Schedule II_ Valuation and Qual
Schedule II: Valuation and Qualifying Acounts | 12 Months Ended |
Nov. 29, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | SCHEDULE II LEVI STRAUSS & CO. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS Allowance for Doubtful Accounts Balance at Additions Deductions (1) Balance at (Dollars in thousands) November 29, 2020 $ 6,172 7,858 (658) $ 14,688 November 24, 2019 $ 10,037 (978) 2,887 $ 6,172 November 25, 2018 $ 11,726 2,284 3,973 $ 10,037 Sales Returns Balance at Additions Deductions (1) Balance at (Dollars in thousands) November 29, 2020 $ — 295,356 295,356 $ — November 24, 2019 $ 53,684 259,866 313,550 $ — November 25, 2018 $ 47,401 245,665 239,382 $ 53,684 Sales Discounts and Incentives Balance at Additions Deductions (1) Balance at (Dollars in thousands) November 29, 2020 $ 1,756 304,590 304,863 $ 1,483 November 24, 2019 $ 120,704 351,686 470,634 $ 1,756 November 25, 2018 $ 135,139 357,929 372,364 $ 120,704 Valuation Allowance Against Deferred Tax Assets Balance at Charges/ (Additions)/ Deductions Balance at (Dollars in thousands) November 29, 2020 $ 19,611 18,271 (661) $ 38,543 November 24, 2019 $ 21,970 (81) 2,278 $ 19,611 November 25, 2018 $ 38,692 (16,242) 480 $ 21,970 _____________ (1) The charges to the accounts are for the purposes for which the allowances were created. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 29, 2020 | |
Accounting Policies [Abstract] | |
Basis of accounting | The consolidated financial statements of the Company and its wholly-owned and majority-owned foreign and domestic subsidiaries are prepared in conformity with generally accepted accounting principles in the United States ("U.S. GAAP"). All significant intercompany balances and transactions have been eliminated. |
Fiscal period | The Company’s fiscal year ends on the last Sunday of November in each year, although the fiscal years of certain foreign subsidiaries end on November 30. Fiscal year 2020 was a 53-week year, ending on November 29, 2020, and fiscal years 2019 and 2018 were 52-week years, ending on November 24, 2019 and November 25, 2018, respectively. Each quarter of fiscal years 2020, 2019 and 2018 consisted of 13 weeks, with the exception of the fourth quarter of fiscal year 2020, which consisted of 14 weeks. All references to years relate to fiscal years rather than calendar years. |
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. The impact of the COVID-19 pandemic has been considered within these estimates. 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. As a result of uncertainty and frequently changing information regarding the COVID-19 pandemic and its impact on global economic conditions, estimates may change frequently and in the near term. |
Cash and cash equivalents | The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents are stated at fair value. |
Derivative financial instruments and hedging activities | The Company records all derivatives on the balance sheet at fair value, which are included in "Other current assets", "Other non-current assets", "Other accrued liabilities" or "Other long-term liabilities" on the Company’s consolidated balance sheets. The portion of the fair value that represents cash flow occurring within one year are classified as current and the portion related to cash flows occurring beyond one year are classified as non-current. The cash flows from the designated derivative instruments used as hedges are classified in the Company's consolidated statements of cash flows in the same section as the cash flows of the hedged item. Designated Cash Flow Hedges The Company actively manages the risk of changes in functional currency equivalent cash flows resulting from anticipated non-functional currency denominated purchases and sales. The Company’s global sourcing organization uses the U.S. dollar as its functional currency and is primarily exposed to changes in functional currency equivalent cash flows from anticipated inventory purchases, as it procures inventory on behalf of subsidiaries with Euro functional currencies. Additionally, a European subsidiary uses Euros as its functional currency and is exposed to anticipated non-functional currency denominated sales. The Company manages these risks by using currency forward contracts formally designated and effective as cash flow hedges. Hedge effectiveness is generally determined by evaluating the ability of a hedging instrument's cumulative change in fair value to offset the cumulative change in the present value of expected cash flows on the underlying exposures. For forward contracts, forward points are excluded from the determination of hedge effectiveness and are included in Cost of goods sold for hedges of anticipated inventory purchases and in Net revenues for hedges of anticipated sales on a straight-line basis over the life of the contract. In each accounting period, differences between the change in fair value of the forward points and the amount recognized on a straight-line basis is recognized in other comprehensive income (loss). Net Investment Hedges The Company designates certain non-derivative instruments as net investment hedges to hedge the Company's net investment position in certain of its foreign subsidiaries. For these instruments, the Company documents the hedge designation by identifying the hedging instrument, the nature of the risk being hedged and the approach for measuring hedge effectiveness. The ineffective portions of these hedges are recorded in "Other expense, net" in the Company's consolidated statements of operations. The effective portions of these hedges are recorded in "Accumulated other comprehensive loss" on the Company's consolidated balance sheets and are not reclassified to earnings until the related net investment position has been liquidated. Non-designated Cash Flow Hedges The Company enters into derivative instruments not designated as hedges. These derivative instruments are not speculative and are used to manage the Company’s exposure to certain product sourcing activities, some intercompany sales, foreign subsidiaries' royalty payments, interest payments, earnings repatriations, net investment in foreign operations and funding activities but the Company has not elected to apply hedge accounting. Changes in the fair value of derivatives not |
Accounts receivable, net | The Company extends credit to its customers that satisfy pre-defined credit criteria. Accounts receivable are recorded net of an allowance for doubtful accounts. The Company estimates the allowance for doubtful accounts based upon an analysis of the aging of accounts receivable at the date of the consolidated financial statements, assessments of collectability based on historic trends including any known or anticipated bankruptcies, customer-specific circumstances, and an evaluation of economic conditions. Actual write-off of receivables may differ from estimates due to changes in customer and economic circumstances. During fiscal year 2020, $17.7 million in total COVID-19 related charges were recorded related to accounts receivable, including an incremental allowance for doubtful accounts of $5.2 million, and other allowances as a result of changes in customers' financial condition, actual and anticipated bankruptcies and other associated claims. The allowance for doubtful accounts was $14.7 million and $6.2 million as of November 29, 2020 and November 24, 2019, respectively. |
Inventory valuation | The Company values inventories at the lower of cost or net realizable value. Inventory cost is determined using the first-in first-out method. The Company includes product costs, labor and related overhead, inbound freight, internal transfers, and the cost of operating its remaining manufacturing facilities, including the related depreciation expense, in the cost of inventories. The Company estimates quantities of slow-moving and obsolete inventory, by reviewing on-hand quantities, outstanding purchase obligations and forecasted sales. The Company determines inventory net realizable value by estimating expected selling prices based on the Company's historical recovery rates for slow-moving and obsolete inventory and other factors, such as market conditions, expected channel of distribution and current consumer preferences. |
Income tax assets and liabilities | Significant judgment is required in determining the Company's worldwide income tax provision. In the ordinary course of a global business, there are many transactions and calculations where the ultimate tax outcome is uncertain. Some of these uncertainties arise from examinations in various jurisdictions and assumptions and estimates used in evaluating the need for valuation allowances. The Company is subject to income taxes in both the United States and numerous foreign jurisdictions. The Company computes its provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating loss and tax credit carryforwards. All deferred income taxes are classified as non-current on the Company's consolidated balance sheets. Deferred tax assets and liabilities are measured using the currently enacted tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. Significant judgments are required in order to determine the realizability of these deferred tax assets. In assessing the need for a valuation allowance, the Company's management evaluates all significant available positive and negative evidence, including historical operating results, estimates of future taxable income and the existence of prudent and feasible tax planning strategies. The Company continuously reviews issues raised in connection with all ongoing examinations and open tax years to evaluate the adequacy of its tax liabilities. The Company evaluates uncertain tax positions under a two-step approach. The first step is to evaluate the uncertain tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon examination based on its technical merits. The second step, for those positions that meet the recognition criteria, is to measure the tax benefit as the largest amount that is more than fifty percent likely to be realized. The Company believes that its recorded tax liabilities are adequate to cover all open tax years |
Property, plant and equipment | Property, plant and equipment are carried at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method based upon the estimated useful lives of the assets. Buildings are depreciated over a 20 to 40 year period. Leasehold improvements are depreciated over the lesser of the estimated useful life of the improvement or the associated lease term. Machinery and equipment, including furniture and fixtures, automobiles and trucks, and networking communication equipment, is depreciated over a three Software development costs, which are direct costs associated with developing software for internal use, including certain payroll and payroll-related costs are capitalized when incurred during the application development phase and are depreciated on a straight-line basis over the estimated useful life, typically over a three seven The Company reviews property plant and equipment for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or an asset group may not be recoverable. 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. |
Goodwill and Intangible Assets | Goodwill resulted primarily from a 1985 acquisition of the Company by Levi Strauss Associates Inc., a former parent company that was subsequently merged into the Company in 1996, and the Company's 2009 acquisitions. Goodwill is not amortized. Intangible assets are comprised of owned trademarks with indefinite useful lives. The Company tests goodwill and indefinite-lived intangible assets for impairment annually in the fourth quarter of the fiscal year, or more frequently as warranted by events or changes in circumstances which indicate that the carrying amount may not be recoverable. The Company may first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit or indefinite-lived asset is less than its carrying amount. |
Operating Leases | Beginning in fiscal year 2020, the Company adopted Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). Prior period amounts have not been restated and continue to be reported in accordance with the Company's historical accounting policies. The Company primarily leases retail store space, certain distribution and warehouse facilities, office space and equipment. The Company determines if an arrangement is a lease at inception and begins recording lease activity at the commencement date, which is generally the date in which the Company takes possession of or controls the physical use of the asset. Right-of-use (ROU) assets and lease liabilities are recognized based on the present value of lease payments over the lease term with lease expense recognized on a straight-line basis. Incremental borrowing rates are used to determine the present value of future lease payments unless the implicit rate is readily determinable. Incremental borrowing rate reflects the rate the lessee would pay to borrow on a secured basis an amount equal to the lease payments and incorporates the term and economic environment of the lease. ROU assets include amounts for scheduled rent increases and are reduced by the amount of lease incentives. The lease term includes the non-cancelable period of the lease and options to extend or terminate the lease when it is reasonably certain the Company will exercise those options. Certain lease agreements include variable lease payments, which are based on a percent of retail sales over specified levels or adjust periodically for inflation as a result of changes in a published index, primarily the Consumer Price Index. The Company has elected to account for lease and non-lease components together as a single lease component in the measurement of ROU assets and lease liabilities. Variable lease payments are not included in the measurement of ROU assets and lease liabilities. For leases with a lease term of 12 months or less, fixed lease payments are recognized on a straight-line basis over such term and are not recognized on the consolidated balance sheet. See Note 14 for further discussion of the Company's leases. |
Debt issuance costs | The Company capitalizes debt issuance costs on its senior revolving credit facility, which are included in "Other non-current assets" on the Company's consolidated balance sheets. Capitalized debt issuance costs on the Company's unsecured long-term debt are presented as a reduction to the debt outstanding on the Company's consolidated balance sheets. The unsecured long-term debt issuance costs are generally amortized utilizing the effective interest method whereas the senior revolving credit facility issuance costs are amortized utilizing the straight-line method. Amortization of debt issuance costs is included in "Interest expense" in the consolidated statements of operations. |
Fair value of financial instruments | The fair values of the Company's financial instruments reflect the amounts that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value estimates presented in these financial statements are based on information available to the Company as of November 29, 2020 and November 24, 2019. The carrying values of cash and cash equivalents, trade receivables and short-term borrowings approximate fair value since they are short term in nature. The Company has estimated the fair value of its other financial instruments using the market and income approaches. Rabbi trust assets and forward foreign exchange contracts are carried at their fair values. The Company's debt instruments are carried at historical cost and adjusted for amortization of premiums, discounts, or deferred financing costs, foreign currency fluctuations and principal payments. |
Pension and postretirement benefits | The Company has several non-contributory defined benefit retirement plans covering eligible employees. The Company also provides certain health care benefits for U.S. employees who meet age, participation and length of service requirements at retirement. In addition, the Company sponsors other retirement or post-employment plans for its foreign employees in accordance with local government programs and requirements. The Company retains the right to amend, curtail or discontinue any aspect of the plans, subject to local regulations. The Company recognizes either an asset or a liability for any plan's funded status in its consolidated balance sheets. The Company measures changes in funded status using actuarial models which utilize an attribution approach that generally spreads individual events over the estimated service lives of the remaining employees in the plan. For plans where participants will not earn additional benefits by rendering future service, which includes the Company's U.S. plans, individual events are spread over the plan participants' estimated remaining lives. The Company's policy is to fund its retirement plans based upon actuarial recommendations and in accordance with applicable laws, income tax regulations and credit agreements. Net pension and postretirement benefit income or expense is generally determined using assumptions which include expected long-term rates of return on plan assets, discount rates, compensation rate increases and medical and mortality trend rates. The Company considers several factors including historical rates, expected rates and external data to determine the assumptions used in the actuarial models. |
Employee incentive compensation | The Company maintains short-term and long-term employee incentive compensation plans. Provisions for employee incentive compensation are recorded in "Accrued salaries, wages and employee benefits" and "Long-term employee related benefits" on the Company's consolidated balance sheets. The Company accrues the related compensation expense over the period of the plan and changes in the liabilities for these incentive plans generally correlate with the Company's financial results and projected future financial performance. |
Stock-based compensation | The Company has stock-based incentive plans that allow for the issuance of cash or equity-settled awards to certain employees and non-employee directors. The Company recognizes compensation expense for share-based awards that are classified as equity based on the grant date fair value of the awards over the requisite service period, adjusted for estimated forfeitures. The cash-settled awards are classified as liabilities and compensation expense is measured using fair value at the end of each reporting period until settlement. The grant date fair value of the Company's stock appreciation right awards is estimated using the Black-Scholes valuation model. The grant date fair value of the Company's service based restricted stock units ("RSUs") and non-market based performance RSUs is determined based on the fair value of the Company's common stock on the date of grant, adjusted to reflect the absence of dividend equivalents during vesting. The grant date fair value of the Company's market based performance RSUs is estimated using a Monte Carlo simulation valuation model. Compensation expense for all performance based RSUs is recognized over the requisite service period when attainment of the performance goal is deemed probable, net of estimated forfeitures. Compensation expense for market based RSUs, net of estimated forfeitures, is recognized over the requisite service period regardless of whether, and the extent to which, the market condition is ultimately satisfied. For RSU awards with cliff vesting terms, compensation expense is recognized on a straight-line basis. For awards granted to retirement-eligible employees, or employees who will become retirement-eligible prior to the end of the awards' respective stated vesting periods, the related stock-based compensation expense is recognized on an accelerated basis over a term commensurate with the period that the employee is required to provide service in order to vest in the award. Due to the job function of the award recipients, the Company has included stock-based compensation expense in "Selling, general and administrative expenses" in the consolidated statements of operations. |
Self-insurance | Up to certain limits, the Company self-insures various loss exposures primarily relating to workers' compensation risk and employee and eligible retiree medical health benefits. The Company carries insurance policies covering claim exposures which exceed predefined amounts, per occurrence and/or in the aggregate. |
Foreign currency | The functional currency for most of the Company's foreign operations is the applicable local currency. For those operations, assets and liabilities are translated into U.S. Dollars using period-end exchange rates; income and expenses are translated at average monthly exchange rates; and equity accounts are translated at historical rates. Net changes resulting from such translations are recorded as a component of translation adjustments in "Accumulated other comprehensive loss" on the Company's consolidated balance sheets.Foreign currency transactions are transactions denominated in a currency other than the entity's functional currency. At each balance sheet date, each entity remeasures the recorded balances related to foreign-currency transactions using the period-end exchange rate. Unrealized gains or losses arising from the remeasurement of these balances are recorded in "Other income (expense), net" in the Company's consolidated statements of operations. In addition, at the settlement date of foreign currency transactions, the realized foreign currency gains or losses are recorded in "Other income (expense), net" in the Company's consolidated statements of operations to reflect the difference between the rate effective at the settlement date and the historical rate at which the transaction was originally recorded. |
Revenue recognition | Net sales includes sales within the wholesale and direct-to-consumer channels. Wholesale channel revenues includes sales to third-party retailers such as department stores, specialty retailers, third-party e-commerce sites and franchise locations dedicated to the Company's brands. The Company also sells products directly to consumers, which are reflected in the direct-to-consumer ("DTC") channel, through a variety of formats, including company-operated mainline and outlet stores, company-operated e-commerce sites and select shop-in-shops located in department stores and other third-party retail locations. Revenue transactions generally comprise of a single performance obligation which consists of the sale of products to customers either through wholesale or direct-to-consumer channels. The Company satisfies the performance obligation and records revenues when transfer of control has passed to the customer, based on the terms of sale. Transfer of control passes to wholesale customers upon shipment or upon receipt depending on the agreement with the customer. Within the Company's DTC channel, control generally transfers to the customer at the time of sale within company-operated retail stores and upon delivery to the customer with respect to e-commerce transactions. Licensing revenues are included in the Company's wholesale channel and represent approximately 2% of total revenues which are recognized over time based on the contractual term with variable amounts recognized only when royalties exceed contractual minimum royalty guarantees. Payment terms for wholesale transactions depend on the country of sale or agreement with the customer, and payment is generally required after shipment or receipt by the wholesale customer. Payment is due at the time of sale for retail store and e-commerce transactions. Net sales to the Company's ten largest customers for fiscal year 2020, fiscal year 2019, and fiscal year 2018, totaled 29%, 26% and 27% of net revenues for those fiscal years, respectively. No customer represented 10% or more of net revenues in any of these years. |
Cost goods sold | Cost of goods sold includes the expenses incurred to acquire and produce inventory for sale, including product costs, labor and related overhead, inbound freight, internal transfers, and the cost of operating the Company's remaining manufacturing facilities, including the related depreciation expense. |
Selling, general and administrative expenses | Selling, general and administrative expenses ("SG&A") are primarily comprised of costs relating to advertising, marketing, selling, distribution, information technology and other corporate functions. Selling costs include, among other things, all occupancy costs associated with company-operated stores and with the Company's company-operated shop-in-shops located within department stores. The Company expenses advertising costs as incurred. For 2020, 2019 and 2018, total advertising expense was $331.4 million, $399.3 million and $400.3 million, respectively. Distribution costs include costs related to receiving and inspection at distribution centers, warehousing, shipping to the Company's customers, handling and certain other activities associated with the Company's distribution network. These expenses totaled $198.3 million $227.4 million and $208.8 million for 2020, 2019 and 2018, respectively. |
Recently issued accounting standards | Recently Issued Accounting Standards The following recently issued accounting standards, all of which are FASB Accounting Standards Updates ("ASU"), have been grouped by their required effective dates for the Company: First Quarter of 2021 • In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The FASB has subsequently issued updates to the standard to provide additional clarification on specific topics. This guidance will be effective for the Company in the first quarter of fiscal 2021. The Company does not expect that the adoption of this ASU will have a material impact on its consolidated financial statements and related disclosures. • In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software (and hosting arrangements that include an internal-use software license). The guidance provides criteria for determining which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The capitalized implementation costs are required to be expensed over the term of the hosting arrangement. The guidance also clarifies the presentation requirements for reporting such costs in the entity’s financial statements. The Company does not expect that the adoption of this ASU will have a material impact on its consolidated financial statements and related disclosures. Fourth Quarter of 2021 • In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20). ASU 2018-14 modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Early adoption is permitted. The Company is currently evaluating the impact that adopting this new accounting standard will have on its related disclosures. First Quarter 2022 • In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes . The ASU is intended to enhance and simplify aspects of the income tax accounting guidance in ASC 740 as part of the FASB's simplification initiative. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2020 with early adoption permitted. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. First Quarter 2023 • In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The ASU is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance is effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Nov. 29, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The following table presents the Company's inventory balances: November 29, November 24, (Dollars in thousands) Raw materials $ 3,882 $ 4,929 Work-in-progress 4,725 3,319 Finished goods 809,085 875,944 Total inventories $ 817,692 $ 884,192 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Nov. 29, 2020 | |
Property, Plant and Equipment [Abstract] | |
Components of property, plant and equipment | The components of property, plant and equipment ("PP&E") were as follows: November 29, November 24, (Dollars in thousands) Land $ 8,564 $ 8,254 Buildings and leasehold improvements 477,521 516,239 Machinery and equipment 486,931 489,746 Capitalized internal-use software 560,539 511,927 Construction in progress 24,148 57,659 Subtotal 1,557,703 1,583,825 Accumulated depreciation (1,103,171) (1,054,267) PP&E, net $ 454,532 $ 529,558 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Nov. 29, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying amount of goodwill | The changes in the carrying amount of goodwill by business segment for the years ended November 29, 2020 and November 24, 2019, were as follows: Americas Europe Asia Total (Dollars in thousands) Balance, November 25, 2018 $ 207,731 $ 27,264 $ 1,251 $ 236,246 Additions — — 321 321 Foreign currency fluctuation 18 (729) (68) (779) Balance, November 24, 2019 207,749 26,535 1,504 235,788 Additions (1) 22,445 207 1,710 24,362 Foreign currency fluctuation 2,782 1,928 (92) 4,618 Balance, November 29, 2020 $ 232,976 $ 28,670 $ 3,122 $ 264,768 _____________ |
Other intangible assets | Other intangible assets, net, were as follows: November 29, 2020 November 24, 2019 Gross Accumulated Total Gross Accumulated Total (Dollars in thousands) Non-amortized intangible assets: Trademarks $ 42,743 $ — $ 42,743 $ 42,743 $ — $ 42,743 Amortized intangible assets: Customer relationships and other 9,786 (5,103) 4,683 448 (409) 39 Total $ 52,529 $ (5,103) $ 47,426 $ 43,191 $ (409) $ 42,782 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Nov. 29, 2020 | |
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: November 29, 2020 November 24, 2019 Fair Value Fair Value Fair Value Level 1 Inputs (1) Level 2 Inputs (2) Fair Value Level 1 Inputs (1) Level 2 Inputs (2) (Dollars in thousands) Financial assets carried at fair value Rabbi trust assets $ 71,184 $ 71,184 $ — $ 49,207 $ 49,207 $ — Short-term investments in marketable securities 96,531 — 96,531 80,741 — 80,741 Derivative instruments (3) 4,904 — 4,904 16,323 — 16,323 Total $ 172,619 $ 71,184 $ 101,435 $ 146,271 $ 49,207 $ 97,064 Financial liabilities carried at fair value Derivative instruments (3) 10,735 — 10,735 8,123 — 8,123 Total $ 10,735 $ — $ 10,735 $ 8,123 $ — $ 8,123 _____________ (1) Fair values estimated using Level 1 inputs are inputs which 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 a diversified portfolio of equity, fixed income and other securities. See Note 10 for more information on rabbi trust assets. (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. |
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: November 29, 2020 November 24, 2019 Carrying Estimated Fair Carrying Estimated (Dollars in thousands) Financial liabilities carried at adjusted historical cost 5.00% senior notes due 2025 (1) $ 990,280 $ 1,016,169 $ 489,299 $ 505,757 3.375% senior notes due 2027 (1) 564,312 583,227 522,524 556,266 Short-term borrowings 17,648 17,648 7,621 7,621 Total $ 1,572,240 $ 1,617,044 $ 1,019,444 $ 1,069,644 _____________ |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Nov. 29, 2020 | |
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 instruments and non-derivative instruments: November 29, 2020 November 24, 2019 Assets (Liabilities) Derivative Assets (Liabilities) Derivative Carrying Carrying Carrying Carrying (Dollars in thousands) Derivatives designated as hedging instruments Foreign exchange risk cash flow hedges (1) $ 1,489 $ — $ 1,489 $ 6,149 $ — $ 6,149 Foreign exchange risk cash flow hedges (2) — (5,036) (5,036) — (3,809) (3,809) Total $ 1,489 $ (5,036) $ 6,149 $ (3,809) Derivatives not designated as hedging instruments Forward foreign exchange contracts (1) $ 4,902 $ (1,487) $ 3,415 $ 16,323 $ (6,149) $ 10,174 Forward foreign exchange contracts (2) 5,035 (10,734) (5,699) 3,813 (8,127) (4,314) Total $ 9,937 $ (12,221) $ 20,136 $ (14,276) Non-derivatives designated as hedging instruments Euro senior notes $ — $ (565,820) $ — $ (525,255) _____________ (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 "Other long-term liabilities" on the Company’s consolidated balance sheets. 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: November 29, 2020 November 24, 2019 Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net Amounts Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net Amounts (Dollars in thousands) Foreign exchange risk contracts and forward foreign exchange contracts Financial assets $ 11,426 $ (6,578) $ 4,848 $ 21,839 $ (10,142) $ 11,697 Financial liabilities (17,257) 6,578 (10,679) (16,290) 10,142 (6,148) Total $ (5,831) $ 5,549 Embedded derivative contracts Financial assets $ — $ — $ — $ 4,446 $ — $ 4,446 Financial liabilities — — — (1,795) — (1,795) Total $ — $ 2,651 |
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 net investment hedges included in "Accumulated other comprehensive loss" ("AOCI") on the Company’s consolidated balance sheets, and in "Other income (expense), net" in the Company’s consolidated statements of operations: Amount of Gain or (Loss) Amount of Gain (Loss) Reclassified from AOCI into Net Income (Loss) (1) As of As of Year Ended November 29, November 24, November 25, (Dollars in thousands) Foreign exchange risk contracts $ (11,896) $ 2,781 $ 13,182 $ 3,418 $ — Realized forward foreign exchange swaps (2) 4,637 4,637 — — — Yen-denominated Eurobonds (19,811) (19,811) — — — Euro-denominated senior notes (78,736) (38,171) — — — Cumulative income taxes 31,350 25,606 — — — Total $ (74,456) $ (24,958) _____________ (1) Amounts reclassified from AOCI were classified as net revenues or costs of goods sold on the consolidated statements of operations. (2) Prior to and during 2005, the Company used foreign exchange currency swaps to hedge the net investment in its foreign operations. For hedges that qualified for hedge accounting, the net gains were included in AOCI and are not reclassified to earnings until the related net investment position has been liquidated. |
Gains and losses included in statements of income | The table below presents the effects of the Company's cash flow hedges of foreign exchange risk contracts on the Consolidated statements of operations for the year ended November 29, 2020: Year ended November 29, November 24, November 25, (Dollars in thousands) Amount of Gain (Loss) on Cash Flow Hedge Activity: Net revenues $ 1,814 $ (3,908) $ — Cost of goods sold 11,368 7,326 — The table below provides data about the amount of gains and losses related to derivative instruments included in "Other income (expense), net" in the Company’s consolidated statements of operations: Year Ended November 29, November 24, November 25, (Dollars in thousands) Forward foreign exchange contracts: Realized gain (loss) (1) $ 8,049 $ 8,164 $ (19,974) Unrealized (loss) gain (2) (5,750) (8,038) 31,141 Total $ 2,299 $ 126 $ 11,167 _____________ (1) The realized gain in fiscal year 2020 is primarily driven by gains on contracts to buy various currencies, mainly the Euro, as a result of the U.S. Dollar weakening throughout the year against original contract rates. The realized gain in fiscal year 2019 is driven by gains on contracts to sell various currencies, mainly the Euro, as a result of the U.S. Dollar strengthening throughout the year against lower original contract rates. |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Nov. 29, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | The following table presents the Company's other accrued liabilities: November 29, November 24, (Dollars in thousands) Other accrued liabilities Accrued advertising and promotion $ 80,272 $ 62,352 Accrued capital expenditures 10,378 14,965 Accrued interest payable 8,235 5,350 Accrued rent 22,045 8,232 Fabric liabilities 25,493 — Fair value derivatives 10,390 6,449 Taxes other than income taxes payable 34,555 38,592 Other 285,633 244,782 Total other accrued liabilities $ 477,001 $ 380,722 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Nov. 29, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of long-term and short-term debt instruments | The following table presents the Company's debt: November 29, November 24, (Dollars in thousands) Long-term debt 5.00% senior notes due 2025 $ 986,252 $ 487,632 3.375% senior notes due 2027 560,448 519,113 Total long-term debt $ 1,546,700 $ 1,006,745 Short-term debt Short-term borrowings 17,631 7,621 Total debt $ 1,564,331 $ 1,014,366 |
Principal payments on short-term and long-term debt | The table below sets forth, as of November 29, 2020, the Company's required aggregate short-term and long-term debt principal payments (inclusive of premium and discount): (Dollars in thousands) 2021 $ 17,631 2022 — 2023 — 2024 — 2025 995,362 Thereafter 565,820 Total future debt principal payments $ 1,578,813 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Nov. 29, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of benefit obligations in excess of fair value of plan assets | The following tables summarize activity of the Company's defined benefit pension plans and postretirement benefit plans: Pension Benefits Postretirement Benefits 2020 2019 2020 2019 (Dollars in thousands) Change in benefit obligation: Benefit obligation at beginning of year $ 1,261,763 $ 1,136,720 $ 72,135 $ 82,907 Service cost 4,026 3,377 48 65 Interest cost 30,643 41,341 1,665 3,042 Plan participants' contribution 689 665 4,282 4,256 Actuarial loss (gain) (1) 87,443 146,562 1,531 (2,903) Net curtailment loss (1,009) 64 — — Impact of foreign currency changes 10,899 (2,210) — — Plan settlements (2) (64,525) (436) — — Net benefits paid (65,300) (64,320) (12,300) (15,232) Benefit obligation at end of year $ 1,264,629 $ 1,261,763 $ 67,361 $ 72,135 Change in plan assets: Fair value of plan assets at beginning of year 1,091,162 958,576 — — Actual return on plan assets 161,856 182,309 — — Employer contribution 20,865 15,062 8,018 10,976 Plan participants' contributions 689 665 4,282 4,256 Plan settlements (2) (64,525) (436) — — Impact of foreign currency changes 8,544 (694) — — Net benefits paid (65,300) (64,320) (12,300) (15,232) Fair value of plan assets at end of year 1,153,291 1,091,162 — — Unfunded status at end of year $ (111,338) $ (170,601) $ (67,361) $ (72,135) _____________ (1) Fiscal year 2020 and 2019 actuarial losses in the Company's pension benefit plans resulted from changes in discount rate assumptions. Changes in financial markets during 2019 including a decrease in corporate bond yield indices, resulted in an increase in benefit obligations. (2) The increase in pension plan settlements in fiscal year 2020 was primarily due to a voluntary lump-sum, cash-out program offered to vested, terminated U.S. pension plan participants in the last half of the fiscal year 2020. The extent of the funding from the cash-out program exceeded the settlement accounting threshold, and as such in fiscal year 2020, these activities have been categorized as settlements. Pension plan assets were utilized to settle pension obligations for deferred participants that elected to participate in the program. |
Schedule of amounts recognized in balance sheet | Amounts recognized in the Company's consolidated balance sheets as of November 29, 2020 and November 24, 2019, consist of the following: Pension Benefits Postretirement Benefits 2020 2019 2020 2019 (Dollars in thousands) Unfunded status recognized on the balance sheet: Prepaid benefit cost $ 62,161 $ 27,704 $ — $ — Accrued benefit liability – current portion (9,663) (9,480) (7,112) (8,129) Accrued benefit liability – long-term portion (163,836) (188,825) (60,249) (64,006) $ (111,338) $ (170,601) $ (67,361) $ (72,135) Accumulated other comprehensive loss: Net actuarial loss $ (296,330) $ (358,484) $ (12,491) $ (11,284) Net prior service benefit 259 291 — — $ (296,071) $ (358,193) $ (12,491) $ (11,284) |
Schedule of accumulated benefit obligations in excess of fair value of plan assets | Information for the Company's defined benefit plans with an accumulated or projected benefit obligation in excess of plan assets is as follows: Pension Benefits 2020 2019 (Dollars in thousands) Accumulated benefit obligations in excess of plan assets: Aggregate accumulated benefit obligation $ 168,390 $ 1,093,503 Aggregate fair value of plan assets — 903,556 Projected benefit obligations in excess of plan assets: Aggregate projected benefit obligation $ 222,055 $ 1,142,114 Aggregate fair value of plan assets 48,578 943,810 |
Schedule of defined benefit plans disclosures | The components of the Company's net periodic benefit cost were as follows: Pension Benefits Postretirement Benefits 2020 2019 2018 2020 2019 2018 (Dollars in thousands) Net periodic benefit cost: Service cost $ 4,026 $ 3,377 $ 3,602 $ 48 $ 65 $ 113 Interest cost 30,643 41,341 36,070 1,665 3,042 2,718 Expected return on plan assets (41,189) (42,098) (48,830) — — — Amortization of prior service benefit (62) (61) (65) — — — Amortization of actuarial loss 13,407 13,306 12,650 324 465 872 Curtailment loss (650) 13 38 — — — Net settlement (gain) loss 14,699 (56) (102) — — — Net periodic benefit cost 20,874 15,822 3,363 2,037 3,572 3,703 Changes in accumulated other comprehensive loss: Actuarial loss (gain) (34,821) 6,309 15,373 1,531 (2,903) (6,354) Amortization of prior service benefit 62 61 65 — — — Amortization of actuarial loss (13,407) (13,306) (12,650) (324) (465) (872) Curtailment gain 742 — — — — — Net settlement gain (loss) (14,699) 56 102 — — — Total recognized in accumulated other comprehensive loss (62,123) (6,880) 2,890 1,207 (3,368) (7,226) Total recognized in net periodic benefit cost and accumulated other comprehensive loss $ (41,249) $ 8,942 $ 6,253 $ 3,244 $ 204 $ (3,523) |
Schedule of assumptions used | Assumptions used in accounting for the Company's benefit plans were as follows: Pension Benefits Postretirement Benefits 2020 2019 2018 2020 2019 2018 Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 2.8% 4.1% 3.4% 2.8% 4.2% 3.4% Expected long-term rate of return on plan assets 3.8% 4.6% 5.4% Rate of compensation increase 3.3% 3.4% 3.4% Weighted-average assumptions used to determine benefit obligations: Discount rate 2.1% 2.8% 4.1% 2.0% 2.8% 4.2% Rate of compensation increase 3.3% 3.3% 3.4% Assumed health care cost trend rates were as follows: Health care trend rate assumed for next year 5.4% 5.7% 5.9% Rate trend to which the cost trend is assumed to decline 4.4% 4.4% 4.4% Year that rate reaches the ultimate trend rate 2037 2037 2037 |
Fair values of pension plan assets | The fair value of the Company's pension plan assets by asset class are as follows: Year Ended November 29, 2020 Asset Class Total Quoted Prices in Significant Significant (Dollars in thousands) Cash and cash equivalents $ 2,337 $ 2,337 $ — $ — Equity securities (1) U.S. large cap 74,850 — 74,850 — U.S. small cap 14,343 — 14,343 — International 143,408 — 143,408 — Fixed income securities (2) 859,323 — 859,323 — Other alternative investments Real estate (3) 41,699 — 41,699 — Private equity (4) 228 — — 228 Hedge fund (5) 11,692 — 11,692 — Other (6) 5,411 — 5,411 — Total investments at fair value $ 1,153,291 $ 2,337 $ 1,150,726 $ 228 Year Ended November 24, 2019 Asset Class Total Quoted Prices in Significant Significant (Dollars in thousands) Cash and cash equivalents $ 4,427 $ 4,427 $ — $ — Equity securities (1) U.S. large cap 93,019 — 93,019 — U.S. small cap 13,307 — 13,307 — International 115,607 — 115,607 — Fixed income securities (2) 808,546 — 808,546 — Other alternative investments Real estate (3) 38,076 — 38,076 — Private equity (4) 289 — — 289 Hedge fund (5) 13,328 — 13,328 — Other (6) 4,564 — 4,564 — Total investments at fair value $ 1,091,163 $ 4,427 $ 1,086,447 $ 289 _____________ (1) Primarily comprised of equity index funds that track various market indices. (2) Predominantly includes bond index funds that invest in long-term U.S. government and investment grade corporate bonds. (3) Primarily comprised of investments in U.S. Real Estate Investment Trusts. (4) Represents holdings in a diversified portfolio of private equity funds and direct investments in companies located primarily in North America. Fair values are determined by investment fund managers using primarily unobservable market data. (5) Primarily invested in a diversified portfolio of equities, bonds, alternatives and cash with a low tolerance for capital loss. |
Schedule of expected benefit payments | The Company's estimated future benefit payments to participants, which reflect expected future service, as appropriate are anticipated to be paid as follows: Pension Postretirement Total (Dollars in thousands) 2021 $ 73,162 $ 8,040 $ 81,202 2022 70,481 7,510 77,991 2023 69,181 7,020 76,201 2024 69,406 6,528 75,934 2025 69,690 5,994 75,684 2025-2028 340,445 22,464 362,909 |
Stock-Based Incentive Compens_2
Stock-Based Incentive Compensation Plans (Tables) | 12 Months Ended |
Nov. 29, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock appreciation rights award activity | SARs activity during the year ended November 29, 2020 was as follows: Service SARs Performance SARs Units Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Units Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (Units and dollars in thousands, except weighted-average exercise price) Outstanding at November 24, 2019 14,072 $ 7.51 3.3 7,634 $ 6.49 2.5 Granted 903 19.42 — — Exercised (3,648) 6.60 (2,514) 6.21 Forfeited (75) 13.75 — — Outstanding at November 29, 2020 11,252 $ 8.72 3.3 5,120 $ 6.62 1.8 Vested and expected to vest at November 24, 2020 11,235 $ 8.71 3.3 $ 118,081 5,120 $ 6.62 1.8 $ 64,189 Exercisable at November 29, 2020 8,483 $ 7.14 2.3 $ 102,000 5,120 $ 6.62 1.8 $ 64,189 November 29, 2020 November 24, 2019 November 25, 2018 (Dollars in thousands) Aggregate intrinsic value of Service SARs exercised during the year $ 44,119 $ 54,045 $ 53,398 Aggregate intrinsic value of Performance SARs exercised during the year $ 30,953 $ 27,776 $ 6,777 |
Stock appreciation rights, valuation assumptions | The weighted-average grant date fair values and corresponding weighted-average assumptions used in the Black-Scholes option valuation model were as follows: Service SARs Granted 2020 2019 2018 Weighted-average grant date fair value $ 6.44 $ 4.49 $ 2.61 Weighted-average assumptions: Expected life (in years) 7.0 5.0 4.9 Expected volatility 36.6 % 37.5 % 35.7 % Risk-free interest rate 1.4 % 2.5 % 2.5 % Expected dividend 1.6 % 2.0 % 2.5 % Performance RSUs Granted 2020 2019 (1) 2018 Weighted-average grant date fair value $ 25.87 $ 17.95 $ 10.45 Weighted-average assumptions: Expected life (in years) 2.8 2.8 3.0 Expected volatility 37.6 % 37.5 % 37.2 % Risk-free interest rate 1.4 % 2.3 % 2.3 % Expected dividend 1.5 % 1.9 % 2.5 % ____________ (1) The weighted-average information is presented for awards granted during 2019 without including replacement awards granted in connection with the IPO in March 2019, where the Company’s Board of Directors approved the cancellation of the majority of the outstanding unvested cash-settled RSUs and their concurrent replacement with similar stock-settled RSUs. Refer to Note 1 for more information. The weighted-average grant date fair value for the Performance RSUs granted as replacement awards is $28.78 and the weighted-average assumptions include an expected life of 1.5 years, an expected volatility of 36.3%, a risk-free interest rate of 2.5% and an expected dividend of 1.7%. |
Restricted stock units award activity | Service and Performance RSU activity during the year ended November 29, 2020 was as follows: Service RSUs Performance RSUs Units Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Life (Years) Units Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Life (Years) (Units in thousands) Outstanding at November 25, 2019 7,779 $ 15.56 1.6 4,311 $ 16.24 1.0 Granted 1,771 18.75 847 22.44 Vested (4,666) 15.48 (2,419) 15.56 Performance adjustment — — 623 15.56 Forfeited (538) 17.47 (199) 19.09 Outstanding at November 29, 2020 4,346 $ 16.71 2.2 3,163 $ 18.11 1.0 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Nov. 29, 2020 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the activities associated with restructuring liabilities for the year ended November 29, 2020. In the table below, "Charges" represents the initial charge related to the restructuring activity, "Payments" consists of cash payments for severance and employee-related benefits and other, and "Foreign Currency Fluctuations and Other Adjustments" includes foreign currency fluctuations as well as revisions of estimates related to severance and employee-related benefits and other. As of November 29, 2020, $54.7 million and $6.3 million were classified as restructuring liabilities and other long-term liabilities, respectively, within the Company's consolidated balance sheets. Year Ended November 29, 2020 Liabilities Charges Payments Foreign Currency Fluctuations Liabilities (1) November 24, November 29, (Dollars in thousands) Severance and employee-related benefits $ — $ 85,002 $ (24,394) $ (4) $ 60,604 Other — 1,781 (313) (1,051) 417 Total $ — $ 86,783 $ (24,707) $ (1,055) $ 61,021 _____________ (1) Excludes $3.7 million of pension and postretirement curtailment losses recorded in AOCI as of November 29, 2020. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Nov. 29, 2020 | |
Leases [Abstract] | |
Schedule of Operating Lease Liabilities | Amounts of future undiscounted cash flows related to operating lease payments over the lease term are as follows and are reconciled to the present value of the operating lease liabilities as recorded on the Company's consolidated balance sheets. November 29, 2020 (Dollars in thousands) 2021 $ 260,842 2022 225,130 2023 181,301 2024 143,155 2025 109,682 Thereafter 233,471 Total undiscounted future cash flows related to lease payments 1,153,581 Less: Interest 58,146 Present value of lease liabilities $ 1,095,435 |
Supplemental Cash and Non-Cash Information | The following table includes the weighted average remaining lease terms, in years, and the weighted average discount rate used to calculate the present value of operating lease liabilities: November 29, Weighted-average remaining lease term (years) 5.8 Weighted-average discount rate 2.16 % The table below includes supplemental cash and non-cash information related to operating leases: November 29, (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 237,265 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 151,345 _____________ (1) Excludes the amount initially capitalized in conjunction with the adoption of Topic 842. |
Schedule of future minimum rental payments for operating leases | Amounts of minimum future annual commitments under non-cancelable operating leases and lease financing obligations in accordance with Topic 840 were as follows: November 24, (Dollars in thousands) 2020 $ 234,092 2021 203,483 2022 174,536 2023 140,278 2024 111,176 Thereafter 284,114 Total undiscounted future cash flows related to lease payments $ 1,147,679 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Nov. 29, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive (loss) income is summarized below: Levi Strauss & Co. Noncontrolling Interest (1) Pension and Translation Adjustments Unrealized Net Foreign Total Foreign Totals (Dollars in thousands) Accumulated other comprehensive (loss) income at November 26, 2017 $ (232,181) $ (55,618) $ (120,630) $ 4,048 $ (404,381) $ 9,538 $ (394,843) Gross changes 4,336 21,280 (43,479) (1,488) (19,351) (234) (19,585) Tax (1,178) (5,549) 5,487 388 (852) — (852) Other comprehensive income (loss), net of tax 3,158 15,731 (37,992) (1,100) (20,203) (234) (20,437) Accumulated other comprehensive (loss) income at November 25, 2018 (229,023) (39,887) (158,622) 2,948 (424,584) 9,304 (415,280) Gross changes 10,248 19,026 (7,562) 4,362 26,074 312 26,386 Tax (2,084) (4,097) 727 (1,022) (6,476) — (6,476) Other comprehensive income (loss), net of tax 8,164 14,929 (6,835) 3,340 19,598 312 19,910 Accumulated other comprehensive (loss) income at November 24, 2019 (220,859) (24,958) (165,457) 6,288 (404,986) 9,616 (395,370) Gross changes 60,915 (55,242) 10,493 9,758 25,924 (9,616) 16,308 Tax (15,088) 13,747 (3,677) (2,922) (7,940) — (7,940) Cumulative effect of adoption of new accounting standards (2) (47,313) (8,003) — 872 (54,444) — (54,444) Other comprehensive (loss) income, net of tax (1,486) (49,498) 6,816 7,708 (36,460) (9,616) (46,076) Accumulated other comprehensive (loss) income at November 29, 2020 $ (222,345) $ (74,456) $ (158,641) $ 13,996 $ (441,446) $ — $ (441,446) _____________ (1) On January 9, 2020, Company completed an all cash tender offer for the acquisition of the remaining minority interest shares of Levi Strauss Japan K.K. Refer to Note 1 for additional information. (2) Impact relates to the adoption of ASU 2018-02 Income Statement - Reporting Comprehensive Income (Topic 220). See Note 1 for more information. |
Net Revenues (Tables)
Net Revenues (Tables) | 12 Months Ended |
Nov. 29, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The table below provides the Company's revenues disaggregated by segment and channel. Year Ended November 29, 2020 (1) Americas Europe Asia Total (Dollars in thousands) Net revenues by channel: Wholesale $ 1,635,084 $ 794,142 $ 294,079 $ 2,723,305 Direct-to-consumer 710,294 641,434 377,576 1,729,304 Total net revenues $ 2,345,378 $ 1,435,576 $ 671,655 $ 4,452,609 _____________ (1) For the year ended November 29, 2020, net revenues from both channels were adversely impacted by temporary store closures and reduced traffic and consumer demand as a result of the COVID-19 pandemic, with the majority of the impact occurring in the second quarter when most company-operated and wholesale customer doors were temporarily closed. See Note 1 for more information. Year Ended November 24, 2019 Americas Europe Asia Total (Dollars in thousands) Net revenues by channel: Wholesale $ 2,181,168 $ 981,308 $ 498,043 $ 3,660,519 Direct-to-consumer 875,856 786,748 439,964 2,102,568 Total net revenues $ 3,057,024 $ 1,768,056 $ 938,007 $ 5,763,087 Year Ended November 25, 2018 Americas Europe Asia Total (Dollars in thousands) Net revenues by channel: Wholesale $ 2,209,897 $ 925,317 $ 464,953 $ 3,600,167 Direct-to-consumer 832,767 720,919 421,587 1,975,273 Total net revenues $ 3,042,664 $ 1,646,236 $ 886,540 $ 5,575,440 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 12 Months Ended |
Nov. 29, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of other nonoperating income (expense) | The following table summarizes significant components of "Other income (expense), net": Year Ended November 29, November 24, November 25, (Dollars in thousands) Foreign exchange management gains (losses) (1) $ 2,299 $ 126 $ 11,167 Foreign currency transaction (losses) gains (2) (18,057) (6,231) (7,498) Interest income 8,390 17,190 9,400 Investment income 1,243 1,509 734 Pension settlement losses (3) (14,737) — — Other (1,612) (10,577) 1,104 Total other income (expense), net $ (22,474) $ 2,017 $ 14,907 _____________ (1) Gains and losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. Gains in fiscal year 2018 were primarily due to favorable currency fluctuations relative to negotiated contract rates on positions to sell the Euro and the British Pound. (2) Foreign currency transaction gains and losses reflect the impact of foreign currency fluctuation on the Company's foreign currency denominated balances. Losses in fiscal year 2020 were primarily due to the U.S. dollar weakening against most currencies during the year. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Nov. 29, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of effective income tax rate reconciliation | The Company's income tax (benefit) expense differed from the amount computed by applying the U.S. federal statutory income tax rate to income before income taxes as follows: Year Ended November 29, November 24, November 25, (Dollars in thousands) Income tax expense at U.S. federal statutory rate $ (39,855) 21.0 % $ 100,293 21.0 % $ 111,755 22.4 % State income taxes, net of U.S. federal impact (5,246) 2.8 % 4,496 1.0 % 11,102 2.2 % Change in valuation allowance 18,271 (9.6) % (81) — % (9,239) (1.9) % Impact of foreign operations (1) (8,868) 4.7 % 7,132 1.5 % (17,149) (3.4) % Foreign-derived intangible income benefit ("FDII") — — % (11,918) (2.5) % — — % Reassessment of tax liabilities (1,531) 0.7 % (6,480) (1.4) % (12,552) (2.5) % Stock-based compensation (22,332) 11.8 % (15,730) (3.3) % (10,715) (2.1) % Other, including non-deductible expenses 1,547 (0.8) % 4,892 1.0 % (1,783) (0.4) % Change in tax law (4,628) 2.4 % — — % 143,359 28.7 % Total $ (62,642) 33.0 % $ 82,604 17.3 % $ 214,778 43.0 % ___________ (1) Included in the Impact of foreign operations are foreign rates differential, GILTI and tax impact on actual and deemed repatriation of foreign earnings. |
Schedule of income before income tax, domestic and foreign | The U.S. and foreign components of income before income taxes were as follows: Year Ended November 29, November 24, November 25, (Dollars in thousands) Domestic $ (197,718) $ 120,692 $ 151,229 Foreign 7,935 356,892 348,793 Total income before income taxes $ (189,783) $ 477,584 $ 500,022 |
Schedule of components of income tax expense (benefit) | Income tax expense consisted of the following: Year Ended November 29, November 24, November 25, (Dollars in thousands) U.S. Federal Current $ 8,396 $ 13,182 $ 12,468 Deferred (79,676) (22,319) 126,210 $ (71,280) $ (9,137) $ 138,678 U.S. State Current $ 978 $ (2,939) $ 6,447 Deferred (6,435) 1,002 4,655 $ (5,457) $ (1,937) $ 11,102 Foreign Current $ 23,228 $ 87,324 $ 61,605 Deferred (9,133) 6,354 3,393 $ 14,095 $ 93,678 $ 64,998 Consolidated Current $ 32,602 $ 97,567 $ 80,520 Deferred (95,244) (14,963) 134,258 Total income tax expense $ (62,642) $ 82,604 $ 214,778 |
Schedule of deferred tax assets and liabilities | The Company's deferred tax assets and deferred tax liabilities were as follows: November 29, November 24, (Dollars in thousands) Deferred tax assets Foreign tax credit carryforwards $ 232,164 $ 157,379 State net operating loss carryforwards 16,054 10,070 Foreign net operating loss carryforwards 58,644 45,047 Employee compensation and benefit plans 102,846 141,489 Advance royalties 10,021 15,213 Accrued liabilities 32,304 24,648 Sales returns and allowances 30,740 22,494 Inventory 25,380 11,635 Property, plant and equipment — 12,266 Unrealized foreign exchange gains or losses 18,665 5,527 Lease liability 251,285 — Other 17,898 9,557 Total gross deferred tax assets 796,001 455,325 Less: Valuation allowance (38,543) (19,611) Deferred tax assets, net of valuation allowance 757,458 435,714 Deferred tax liabilities U.S. Branches (25,330) (27,134) Residual tax liability on unremitted foreign earnings (7,940) (5,672) Property, plant and equipment (4,531) — Right of use asset (227,054) — Total deferred tax liabilities (264,855) (32,806) Total net deferred tax assets $ 492,603 $ 402,908 |
Summary of valuation allowance | The following table details the changes in valuation allowance during the year ended November 29, 2020: Valuation Allowance at November 24, 2019 Changes in Related Gross Deferred Tax Asset Change / (Release) Valuation Allowance at November 29, 2020 (Dollars in thousands) Foreign tax credit and U.S. state net operating loss carryforwards $ 2,540 $ 5,508 $ — $ 8,048 Foreign net operating loss carryforwards and other foreign deferred tax assets 17,071 (4,847) 18,271 30,495 $ 19,611 $ 661 $ 18,271 $ 38,543 |
Schedule of unrecognized tax benefits roll forward | The following table reflects the changes to the Company's unrecognized tax benefits for the year ended November 29, 2020 and November 24, 2019: November 29, November 24, (Dollars in thousands) Unrecognized tax benefits beginning balance $ 36,559 $ 26,594 Increases related to current year tax positions 1,575 2,432 Increases related to tax positions from prior years 262 3,696 Decreases related to tax positions from prior years (889) (3,222) Settlement with tax authorities (4,322) 7,119 Lapses of statutes of limitation (446) (45) Other, including foreign currency translation (453) (15) Unrecognized tax benefits ending balance $ 32,286 $ 36,559 |
Earnings Per Share Attributab_2
Earnings Per Share Attributable to Common Stockholders Earnings Per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Nov. 29, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of the Company's basic and diluted (loss) earnings per share: Year Ended November 29, November 24, November 25, (Dollars in thousands, except per share amounts) Numerator: Net (loss) income attributable to Levi Strauss & Co. $ (127,141) $ 394,612 $ 283,142 Denominator: Weighted-average common shares outstanding - basic 397,315,117 389,082,277 377,139,847 Dilutive effect of stock awards — 19,283,625 11,467,514 Weighted-average common shares outstanding - diluted 397,315,117 408,365,902 388,607,361 (Loss) earnings per common share attributable to common stockholders: Basic $ (0.32) $ 1.01 $ 0.75 Diluted $ (0.32) $ 0.97 $ 0.73 Anti-dilutive securities excluded from calculation of diluted earnings per share attributable to common stockholders — 174,923 755,550 Diluted net (loss) earnings per common share attributable to Levi Strauss & Co. for the year ended November 29, 2020 excluded all potentially dilutive securities because there was a net loss for the period and, as such, the inclusion of these securities would have been anti-dilutive. Potentially dilutive securities excluded from the calculation of diluted (loss) earnings per common share were 23.2 million shares for the year ended November 29, 2020. |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Nov. 29, 2020 | |
Segment Reporting [Abstract] | |
Reconciliation of operating profit (loss) | Business segment information for the Company is as follows: Year Ended November 29, 2020 (1) November 24, November 25, (Dollars in thousands) Net revenues: Americas $ 2,345,378 $ 3,057,024 $ 3,042,664 Europe 1,435,576 1,768,056 1,646,236 Asia 671,655 938,007 886,540 Total net revenues $ 4,452,609 $ 5,763,087 $ 5,575,440 Operating income: Americas $ 332,213 $ 545,084 $ 551,380 Europe 206,360 353,082 292,903 Asia (21,813) 85,824 86,573 Regional operating income 516,760 983,990 930,856 Corporate: Restructuring charges, net 90,415 — — Other corporate staff costs and expenses (2) 511,464 417,315 390,445 Corporate expenses 601,879 417,315 390,445 Total operating income (85,119) 566,675 540,411 Interest expense (82,190) (66,248) (55,296) Underwriter commission paid on behalf of selling stockholders — (24,860) — Other (expense) income, net (3) (22,474) 2,017 14,907 (Loss) income before income taxes $ (189,783) $ 477,584 $ 500,022 ___________ (1) For the year ended November 29, 2020, the Company's business and results of operations were impacted by temporary store closures and reduced traffic and consumer demand as a result of the COVID-19 pandemic, with the majority of the impact occurring in the second quarter as most company-operated and wholesale customer doors were temporarily closed. Refer to Note 1 for more information. (2) Corporate staff costs and expenses for the year ended November 29, 2020 includes incremental COVID-19 related charges that management does not attribute to any of the regional segments in order to provide increased transparency and comparability of regional performance. These charges include $42.3 million of incremental inventory reserves of which $26.3 million, $9.1 million and $6.9 million were related to the Americas, Europe and Asia regional segments, respectively, and charges for adverse fabric purchase commitments of $1.2 million related to the Asia regional segment. Net charges related to incremental allowance for doubtful accounts of $5.2 million were recognized, of which $5.0 million and $0.2 million were related to the Americas and Europe regional segments, respectively. Additionally, the Company recognized $58.7 million in impairment of long-lived assets related to certain retail locations, of which $50.0 million, $6.3 million and $2.4 million, were related to the Americas, Europe and Asia regional segments, respectively. Refer to Note 1 for additional information. (3) Includes $14.7 million in pension settlement losses in fiscal year 2020 related to the voluntary lump-sum, cash-out program offered to vested deferred U.S. pension plan participants. See Note 9 for further information. |
Reconciliation of other significant reconciling items | Year Ended November 29, November 24, November 25, (Dollars in thousands) Depreciation and amortization expense: Americas $ 53,294 $ 45,884 $ 43,478 Europe 23,677 23,595 22,658 Asia 12,932 12,110 10,750 Corporate 51,892 42,353 43,319 Total depreciation and amortization expense $ 141,795 $ 123,942 $ 120,205 |
Reconciliation of assets | November 29, 2020 Americas Europe Asia Unallocated Consolidated Total (Dollars in thousands) Assets: Inventories $ 409,028 $ 174,737 $ 167,797 $ 66,130 $ 817,692 All other assets — — — 4,823,549 4,823,549 Total assets $ 5,641,241 November 24, 2019 Americas Europe Asia Unallocated Consolidated Total (Dollars in thousands) Assets: Inventories $ 456,611 $ 180,949 $ 157,892 $ 88,740 $ 884,192 All other assets — — — 3,348,226 3,348,226 Total assets $ 4,232,418 |
Reconciliation of revenue | Geographic information for the Company was as follows: Year Ended November 29, November 24, November 25, (Dollars in thousands) Net revenues: United States $ 1,943,522 $ 2,525,325 $ 2,546,907 Foreign countries 2,509,087 3,237,762 3,028,533 Total net revenues $ 4,452,609 $ 5,763,087 $ 5,575,440 Net deferred tax assets: United States $ 404,800 $ 327,980 $ 313,644 Foreign countries 92,756 79,925 84,147 Total net deferred tax assets $ 497,556 $ 407,905 $ 397,791 Long-lived assets: United States $ 317,102 $ 376,883 $ 335,705 Foreign countries 168,437 194,762 154,767 Total long-lived assets $ 485,539 $ 571,645 $ 490,472 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Nov. 29, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | Set forth below are the consolidated statements of operations for the first, second, third and fourth quarters of 2020 and 2019. Year Ended November 29, 2020 First Second Quarter (2) Third Fourth (Dollars in thousands, except per share amounts) Net revenues (1) $ 1,506,126 $ 497,542 $ 1,063,085 $ 1,385,856 Cost of goods sold 666,799 327,890 485,687 619,309 Gross profit 839,327 169,652 577,398 766,547 Selling, general and administrative expenses 660,545 550,525 484,002 652,556 Restructuring charges, net — 67,371 1,071 21,973 Operating income (loss) 178,782 (448,244) 92,325 92,018 Interest expense (16,654) (11,246) (28,437) (25,853) Other income (expense), net 2,700 1,305 (12,274) (14,205) Income before income taxes 164,828 (458,185) 51,614 51,960 Income tax expense (benefit) 12,139 (94,636) 24,565 (4,710) Net income (loss) attributable to Levi Strauss & Co. $ 152,689 $ (363,549) $ 27,049 $ 56,670 Earnings (loss) per common share attributable to common stockholders (3) : Basic $ 0.39 $ (0.91) $ 0.07 $ 0.14 Diluted $ 0.37 $ (0.91) $ 0.07 $ 0.14 Weighted-average common shares outstanding - diluted Basic 396,216,057 397,484,849 397,711,322 398,383,193 Diluted 410,068,373 397,484,849 407,677,385 408,784,914 Cash dividends declared per share $ 0.08 $ 0.08 $ — $ — _____________ (1) For the year ended November 29, 2020, net revenues from both channels were adversely impacted by temporary store closures and reduced traffic and consumer demand as a result of the COVID-19 pandemic, with the majority of the impact occurring in the second quarter when most company-operated and wholesale customer doors were temporarily closed. See Note 1 for more information. (2) During the second quarter, $242.0 million in incremental charges were recognized in connection with the adverse impacts of the COVID-19 pandemic on the Company's business. The $242.0 million comprised of $67.4 million of restructuring charges, COVID-19 related inventory costs of $86.6 million and other charges for customer receivables and asset impairments of $88.0 million. These estimates were subsequently updated based on changes in underlying facts and circumstances. For further information refer to Note 1. (3) The sum of the quarterly earnings per share may not equal the full-year amount, as the computations of the weighted-average number of common basic and diluted shares outstanding for each quarter and the full year are performed independently. Year Ended November 24, 2019 First Second Third Fourth (Dollars in thousands, except per share amounts) Net revenues $ 1,434,458 $ 1,312,940 $ 1,447,081 $ 1,568,608 Cost of goods sold 651,650 612,517 680,335 717,212 Gross profit 782,808 700,423 766,746 851,396 Selling, general and administrative expenses 581,896 637,525 595,528 719,749 Operating income 200,912 62,898 171,218 131,647 Interest expense (17,544) (15,126) (15,292) (18,286) Underwriter commission paid on behalf of selling — (24,860) — — Other (expense) income, net (1,646) 3,166 (4,369) 4,866 Income before income taxes 181,722 26,078 151,557 118,227 Income tax expense (benefit) (1) 35,271 (2,429) 27,340 22,422 Net (loss) income 146,451 28,507 124,217 95,805 Net (income) loss attributable to noncontrolling interest 126 (277) 292 (509) Net (loss) income attributable to Levi Strauss & Co. $ 146,577 $ 28,230 $ 124,509 $ 95,296 Earnings per common share attributable to common stockholders (2) : Basic $ 0.39 $ 0.07 $ 0.32 $ 0.24 Diluted $ 0.37 $ 0.07 $ 0.30 $ 0.23 Weighted-average common shares outstanding - diluted Basic 377,077,111 389,518,461 394,169,688 394,670,867 Diluted 393,234,825 409,332,997 413,639,749 411,984,817 Cash dividends declared per share $ 0.29 $ — $ — $ 0.01 _____________ (1) The Income tax benefit in the second quarter is due to lower income taxes from less operating income and an excess tax benefit recognized related to the exercise of employee stock-based compensation. (2) The sum of the quarterly earnings per share may not equal the full-year amount, as the computations of the weighted-average number of common basic and diluted shares outstanding for each quarter and the full year are performed independently. |
Significant Accounting Polici_3
Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands | Jan. 09, 2020USD ($) | Jan. 09, 2020¥ / shares | Mar. 20, 2019USD ($) | Dec. 31, 2019USD ($)numberOfStores | Mar. 31, 2019USD ($)$ / sharesshares | Nov. 29, 2020USD ($)region$ / sharesshares | Aug. 23, 2020USD ($) | May 24, 2020USD ($) | Feb. 23, 2020USD ($) | Nov. 24, 2019USD ($)$ / sharesshares | Aug. 25, 2019USD ($) | May 26, 2019USD ($) | Feb. 24, 2019USD ($) | Nov. 29, 2020USD ($)region$ / sharesshares | Nov. 24, 2019USD ($)$ / sharesshares | Nov. 25, 2018USD ($) | Jan. 31, 2020USD ($) | Feb. 12, 2019classvote$ / sharesshares | Nov. 26, 2017USD ($) |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||
Restructuring charges, net | $ 21,973 | $ 1,071 | $ 67,371 | $ 0 | $ 86,783 | ||||||||||||||
Restructuring Costs | 90,415 | $ 0 | $ 0 | ||||||||||||||||
COVID-19 related inventory costs | 68,500 | ||||||||||||||||||
Other Restructuring Costs | $ 91,100 | ||||||||||||||||||
Percent of Stores With In-store or Curb-side Service | 87.00% | 87.00% | |||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ (54,570) | 0 | 0 | ||||||||||||||||
Number of geographical regions | region | 3 | 3 | |||||||||||||||||
Goodwill acquired | $ 22,800 | $ 24,362 | 321 | ||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 9,200 | ||||||||||||||||||
Selling, general and administrative expenses | $ 652,556 | 484,002 | 550,525 | 660,545 | $ 719,749 | $ 595,528 | $ 637,525 | $ 581,896 | 2,347,628 | 2,534,698 | 2,457,564 | ||||||||
Net income | 56,670 | $ 27,049 | (363,549) | 152,689 | 95,296 | $ 124,509 | $ 28,230 | $ 146,577 | (127,141) | 394,612 | 283,142 | ||||||||
Share-based compensation expense | 51,300 | 79,000 | 89,800 | ||||||||||||||||
Reclassification to temporary equity | (23,845) | (172,104) | |||||||||||||||||
Advertising expense | 331,400 | 399,300 | 400,300 | ||||||||||||||||
Operating lease liabilities | 1,095,435 | 1,095,435 | |||||||||||||||||
Operating lease right-of-use assets, net | 988,801 | 0 | 988,801 | 0 | |||||||||||||||
Number of Stores Acquired | numberOfStores | 78 | ||||||||||||||||||
COVID related accounts receivable charges | 17,700 | ||||||||||||||||||
Incremental allowance for doubtful accounts | 5,200 | ||||||||||||||||||
Inventory Valuation Reserves | 42,300 | $ 42,300 | |||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 100,000 | ||||||||||||||||||
Stock Repurchased During Period, Shares | shares | 3,000,000 | ||||||||||||||||||
Stock Repurchased During Period, Value | $ 56,200 | ||||||||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 18.73 | ||||||||||||||||||
Distribution costs | $ 198,300 | 227,400 | 208,800 | ||||||||||||||||
Cumulative effect of adoption of new accounting standards (2) | 1,299,475 | 1,571,557 | 1,299,475 | 1,571,557 | 667,459 | $ 702,388 | |||||||||||||
Charges Incurred by COVID | 250,000 | ||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Current | 14,700 | 6,200 | 14,700 | 6,200 | |||||||||||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||
Operating lease liabilities | $ 1,100,000 | ||||||||||||||||||
Cumulative effect of adoption of new accounting standards (2) | 5,423 | 5,423 | |||||||||||||||||
The Jeans Company | |||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 52,200 | ||||||||||||||||||
Accounting Standards Update 2016-02 | |||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||
Operating lease right-of-use assets, net | 1,000,000 | 1,000,000 | |||||||||||||||||
Deferred rent liabilities | 61,000 | 61,000 | |||||||||||||||||
Build-to-suit lease arrangement assets | 43,000 | 43,000 | |||||||||||||||||
Build-to-suit lease arrangement liabilities | 53,000 | 53,000 | |||||||||||||||||
Cumulative effect of adoption of new accounting standards (2) | $ 10,000 | $ 10,000 | |||||||||||||||||
Levi Strauss Japan K.K. | |||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||
Minority interest (percent) | 16.40% | 16.40% | |||||||||||||||||
Common stock, purchase price (usd per share) | ¥ / shares | ¥ 1,570 | ||||||||||||||||||
Cash tender offer for acquisition of minority interest | $ 13,600 | ||||||||||||||||||
2019 Equity Incentive Plan | |||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||
Number of shares authorized (shares) | shares | 40,000,000 | 40,000,000 | |||||||||||||||||
Additional Paid-In Capital | |||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||
Reclassification to temporary equity | $ 351,200 | (506) | 11,232 | ||||||||||||||||
Cumulative effect of adoption of new accounting standards (2) | $ 626,243 | 657,659 | $ 626,243 | 657,659 | 0 | 0 | |||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||
Cumulative effect of adoption of new accounting standards (2) | $ (441,446) | (404,986) | $ (441,446) | (404,986) | $ (424,584) | $ (404,381) | |||||||||||||
Accumulated Other Comprehensive Loss | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||
Cumulative effect of adoption of new accounting standards (2) | $ (54,444) | $ (54,444) | |||||||||||||||||
IPO | |||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||
Number of classes of common stock | class | 2 | ||||||||||||||||||
IPO | Accrues Salaries, Wages and Employee Benefits | |||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||
Share-based compensation expense | $ 45,800 | ||||||||||||||||||
IPO | Other Noncurrent Liabilities | |||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||
Share-based compensation expense | $ 10,300 | ||||||||||||||||||
Common Class A | |||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||
Common stock, par value (usd per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||
Common stock, shares authorized (shares) | shares | 1,200,000,000 | 1,200,000,000 | 1,200,000,000 | 1,200,000,000 | |||||||||||||||
Common Class A | 2019 Equity Incentive Plan | |||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||
Number of shares authorized (shares) | shares | 40,000,000 | ||||||||||||||||||
Common Class A | 2019 Employee Stock Purchase Plan | |||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||
Number of shares authorized (shares) | shares | 12,000,000 | ||||||||||||||||||
Common Class A | IPO | |||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||
Selling, general and administrative expenses | $ 3,500 | ||||||||||||||||||
Common stock, par value (usd per share) | $ / shares | $ 0.001 | ||||||||||||||||||
Common stock, authorized (in shares) | shares | 14,960,557 | ||||||||||||||||||
Shares issued and sold (usd per share) | $ / shares | $ 17 | ||||||||||||||||||
Net proceeds | $ 234,600 | ||||||||||||||||||
Underwriting discounts and commissions paid | 13,600 | ||||||||||||||||||
Offering expenses | 6,100 | ||||||||||||||||||
Underwriting discounts and commissions paid on behalf of selling stockholder | $ 24,900 | ||||||||||||||||||
Number of votes per share of common stock | vote | 1 | ||||||||||||||||||
Common Class B | |||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||
Common stock, shares authorized (shares) | shares | 422,000,000 | 422,000,000 | 422,000,000 | 422,000,000 | |||||||||||||||
Common Class B | IPO | |||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||
Common stock, par value (usd per share) | $ / shares | $ 0.001 | ||||||||||||||||||
Number of votes per share of common stock | vote | 10 |
Significant Accounting Polici_4
Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Nov. 29, 2020 | |
Building [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 20 years |
Building [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Machinery and equipment [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Machinery and equipment [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 20 years |
Software Development [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Software Development [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Significant Accounting Polici_5
Significant Accounting Policies - Revenue Recognition (Details) | 12 Months Ended | ||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Sales Revenue, Services, Net | Customer Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 29.00% | 26.00% | 27.00% |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Nov. 29, 2020 | Nov. 24, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 3,882 | $ 4,929 |
Work-in-progress | 4,725 | 3,319 |
Finished goods | 809,085 | 875,944 |
Inventories | $ 817,692 | $ 884,192 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
May 24, 2020 | Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 1,557,703 | $ 1,583,825 | ||
Accumulated depreciation | 1,103,171 | 1,054,267 | ||
PP&E, net | 454,532 | 529,558 | ||
Depreciation expense | 136,600 | 123,900 | $ 120,200 | |
Asset Impairment Charges | $ 88,000 | 66,987 | 2,388 | $ 1,552 |
Land [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 8,564 | 8,254 | ||
Buildings and leasehold improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 477,521 | 516,239 | ||
Asset Impairment Charges | 14,400 | |||
Machinery and equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 486,931 | 489,746 | ||
Capitalized internal-use software [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 560,539 | 511,927 | ||
Asset Impairment Charges | 7,300 | |||
Construction in progress [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 24,148 | $ 57,659 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Nov. 29, 2020 | Nov. 24, 2019 | |
Goodwill [Roll Forward] | |||
Beginning balance | $ 235,788 | $ 236,246 | |
Additions(1) | $ 22,800 | 24,362 | 321 |
Foreign currency fluctuation | 4,618 | (779) | |
Ending balance | 264,768 | 235,788 | |
Americas | |||
Goodwill [Roll Forward] | |||
Beginning balance | 207,749 | 207,731 | |
Additions(1) | 22,445 | 0 | |
Foreign currency fluctuation | 2,782 | 18 | |
Ending balance | 232,976 | 207,749 | |
Europe | |||
Goodwill [Roll Forward] | |||
Beginning balance | 26,535 | 27,264 | |
Additions(1) | 207 | 0 | |
Foreign currency fluctuation | 1,928 | (729) | |
Ending balance | 28,670 | 26,535 | |
Asia | |||
Goodwill [Roll Forward] | |||
Beginning balance | 1,504 | 1,251 | |
Additions(1) | 1,710 | 321 | |
Foreign currency fluctuation | (92) | (68) | |
Ending balance | $ 3,122 | $ 1,504 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 29, 2020 | Nov. 24, 2019 | |
Amortized intangible assets | ||
Gross Carrying Value | $ 52,529 | $ 43,191 |
Accumulated Amortization | (5,103) | (409) |
Total | 47,426 | 42,782 |
Amortization of Intangible Assets | 5,200 | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 700 | |
Acquired contractual rights [Member] | ||
Amortized intangible assets | ||
Gross Carrying Value | 9,786 | 448 |
Accumulated Amortization | (5,103) | (409) |
Total | 4,683 | 39 |
Trademarks [Member] | ||
Schedule of Acquired Finite and Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Trademarks | 42,743 | 42,743 |
Amortized intangible assets | ||
Gross Carrying Value | 42,743 | 42,743 |
Accumulated Amortization | $ 0 | $ 0 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Fair Value (Details) - USD ($) $ in Thousands | Nov. 29, 2020 | Nov. 24, 2019 |
Fair Value [Member] | ||
Financial liabilities carried at fair value | ||
Derivative liability | $ 10,735 | $ 8,123 |
Fair Value [Member] | Level 1 Inputs [Member] | ||
Financial liabilities carried at fair value | ||
Derivative liability | 0 | 0 |
Fair Value [Member] | Level 2 Inputs [Member] | ||
Financial liabilities carried at fair value | ||
Derivative liability | 10,735 | 8,123 |
Recurring [Member] | Level 1 Inputs [Member] | ||
Financial assets carried at fair value | ||
Rabbi trust assets | 71,184 | 49,207 |
Short-term investments in marketable securities | 0 | 0 |
Forward foreign exchange contracts | 0 | 0 |
Total | 71,184 | 49,207 |
Financial liabilities carried at fair value | ||
Forward foreign exchange contracts | 0 | 0 |
Recurring [Member] | Level 2 Inputs [Member] | ||
Financial assets carried at fair value | ||
Rabbi trust assets | 0 | 0 |
Short-term investments in marketable securities | 96,531 | 80,741 |
Forward foreign exchange contracts | 4,904 | 16,323 |
Total | 101,435 | 97,064 |
Financial liabilities carried at fair value | ||
Forward foreign exchange contracts | 10,735 | 8,123 |
Recurring [Member] | Fair Value [Member] | ||
Financial assets carried at fair value | ||
Rabbi trust assets | 71,184 | 49,207 |
Short-term investments in marketable securities | 96,531 | 80,741 |
Forward foreign exchange contracts | 4,904 | 16,323 |
Total | 172,619 | 146,271 |
Financial liabilities carried at fair value | ||
Forward foreign exchange contracts | 10,735 | 8,123 |
Derivative liability | $ 1,617,044 | $ 1,069,644 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Adjusted Historical Cost (Details) € in Millions | Nov. 29, 2020USD ($) | Apr. 17, 2020USD ($) | Nov. 24, 2019USD ($) | Feb. 28, 2017EUR (€) | Apr. 27, 2015USD ($) |
Senior notes [Member] | 5.00% Senior Notes, Due 2025 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Stated interest rate | 5.00% | 5.00% | |||
Face amount | $ 500,000,000 | $ 500,000,000 | |||
Senior notes [Member] | 3.375% Senior Notes Due 2027 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Stated interest rate | 3.375% | 3.375% | |||
Face amount | € | € 475 | ||||
Fair Value [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Total financial liabilities carried at adjusted historical cost | $ 10,735,000 | $ 8,123,000 | |||
Recurring [Member] | Carrying Value [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Short-term debt carried at adjusted historical cost | 17,648,000 | 7,621,000 | |||
Total financial liabilities carried at adjusted historical cost | 1,572,240,000 | 1,019,444,000 | |||
Recurring [Member] | Carrying Value [Member] | Senior notes [Member] | 5.00% Senior Notes, Due 2025 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt carried at adjusted historical cost | 990,280,000 | 489,299,000 | |||
Recurring [Member] | Carrying Value [Member] | Senior notes [Member] | 3.375% Senior Notes Due 2027 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt carried at adjusted historical cost | 564,312,000 | 522,524,000 | |||
Recurring [Member] | Fair Value [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Short-term debt carried at adjusted historical cost | 17,648,000 | 7,621,000 | |||
Total financial liabilities carried at adjusted historical cost | 1,617,044,000 | 1,069,644,000 | |||
Recurring [Member] | Fair Value [Member] | Senior notes [Member] | 5.00% Senior Notes, Due 2025 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt carried at adjusted historical cost | 1,016,169,000 | 505,757,000 | |||
Recurring [Member] | Fair Value [Member] | Senior notes [Member] | 3.375% Senior Notes Due 2027 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt carried at adjusted historical cost | $ 583,227,000 | $ 556,266,000 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Balance Sheet (Details) - USD ($) $ in Thousands | Nov. 29, 2020 | Nov. 24, 2019 |
Foreign Exchange Contract [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Derivative asset, gross asset | $ 11,426 | $ 21,839 |
Derivative asset, gross liability | (6,578) | (10,142) |
Derivative asset, net | 4,848 | 11,697 |
Derivative liability, gross asset | 6,578 | 10,142 |
Derivative Liability, gross liability | (17,257) | (16,290) |
Derivative Liability, net | (10,679) | (6,148) |
Derivative, Fair Value, Net | (5,831) | 5,549 |
Embedded Derivative Financial Instruments [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Derivative asset, gross asset | 0 | 4,446 |
Derivative asset, gross liability | 0 | 0 |
Derivative asset, net | 0 | 4,446 |
Derivative liability, gross asset | 0 | 0 |
Derivative Liability, gross liability | 0 | (1,795) |
Derivative Liability, net | 0 | (1,795) |
Derivative, Fair Value, Net | 0 | 2,651 |
Long [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Forward foreign exchange contracts to sell | 868,600 | |
Short [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Forward foreign exchange contracts to sell | 335,500 | |
Designated as Hedging Instrument [Member] | Carrying Value [Member] | Bonds [Member] | Yen-denominated Eurobonds due 2016 [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Hedging assets | 0 | 0 |
Hedging liabilities | (565,820) | (525,255) |
Not Designated as Hedging Instrument [Member] | Carrying Value [Member] | Forward foreign exchange contracts [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Derivative asset, net | 9,937 | 20,136 |
Derivative Liability, net | (12,221) | (14,276) |
Not Designated as Hedging Instrument [Member] | Carrying Value [Member] | Other assets [Member] | Forward foreign exchange contracts [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Derivative asset, gross asset | 4,902 | 16,323 |
Derivative liability, gross asset | (1,487) | (6,149) |
Derivative asset, Net Carrying Value | 3,415 | 10,174 |
Not Designated as Hedging Instrument [Member] | Carrying Value [Member] | Other accrued liabilities [Member] | Forward foreign exchange contracts [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Derivative asset, gross liability | 5,035 | 3,813 |
Derivative Liability, gross liability | (10,734) | (8,127) |
Derivative liability, Net Carrying Value | (5,699) | (4,314) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Carrying Value [Member] | Forward foreign exchange contracts [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Derivative asset, net | 1,489 | 6,149 |
Derivative Liability, net | (5,036) | (3,809) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Carrying Value [Member] | Other assets [Member] | Forward foreign exchange contracts [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Derivative asset, gross asset | 1,489 | 6,149 |
Derivative liability, gross asset | 0 | 0 |
Derivative asset, Net Carrying Value | 1,489 | 6,149 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Carrying Value [Member] | Other accrued liabilities [Member] | Forward foreign exchange contracts [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Derivative asset, gross liability | 0 | 0 |
Derivative Liability, gross liability | (5,036) | (3,809) |
Derivative liability, Net Carrying Value | $ (5,036) | $ (3,809) |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Income Statement (Details) - USD ($) | 12 Months Ended | ||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cumulative income taxes, gain or (loss) recognized in AOCI | $ 31,350,000 | $ 25,606,000 | |
Total, gain or (loss) recognized in AOCI | (74,456,000) | (24,958,000) | |
Cumulative income taxes, gain or (loss) reclassified from AOCI | 0 | 0 | $ 0 |
Yen-denominated Eurobonds due 2016 [Member] | Bonds [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-derivative hedging instruments-gain or (loss) recognized in AOCI | (19,811,000) | (19,811,000) | |
Non-derivative hedging instruments-gain or (loss) recognized in other income | 0 | 0 | 0 |
Euro Senior Notes [Member] | Senior notes [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-derivative hedging instruments-gain or (loss) recognized in AOCI | (78,736,000) | (38,171,000) | |
Non-derivative hedging instruments-gain or (loss) recognized in other income | 0 | 0 | 0 |
Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Forward foreign exchange contracts, gain of (loss) recognized in AOCI | (11,896,000) | 2,781,000 | |
Forward foreign exchange contracts, gain or (loss) reclassified from AOCI | 13,182,000 | 3,418,000 | 0 |
Currency Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Forward foreign exchange contracts, gain of (loss) recognized in AOCI | 4,637,000 | 4,637,000 | |
Forward foreign exchange contracts, gain or (loss) reclassified from AOCI | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Realized & Unrealized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cash flow hedged expected to be reclassified from AOCI into net income within next 12 months | $ (11,300) | ||
Net revenues | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) on Cash Flow Hedge Activity | 1,814 | $ (3,908) | $ 0 |
Cost of goods sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) on Cash Flow Hedge Activity | 11,368 | 7,326 | 0 |
Foreign Exchange Contract [Member] | Other Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized | 8,049 | 8,164 | (19,974) |
Unrealized | (5,750) | (8,038) | 31,141 |
Total | $ 2,299 | $ 126 | $ 11,167 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Nov. 29, 2020 | Nov. 24, 2019 |
Other Liabilities Disclosure [Abstract] | ||
Accrued advertising and promotion | $ 80,272 | $ 62,352 |
Accrued capital expenditures | 10,378 | 14,965 |
Accrued interest payable | 8,235 | 5,350 |
Accrued rent | 22,045 | 8,232 |
Fabric liabilities | 25,493 | 0 |
Fair value derivatives | 10,390 | 6,449 |
Taxes other than income taxes payable | 34,555 | 38,592 |
Other | 285,633 | 244,782 |
Other Accrued Liabilities | $ 477,001 | $ 380,722 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Nov. 29, 2020 | Nov. 24, 2019 | Feb. 28, 2017 | Apr. 27, 2015 |
Schedule of Long-term and Short-term Debt Instruments [Line Items] | ||||
Long-term debt, excluding current maturities | $ 1,546,700 | $ 1,006,745 | ||
Short-term debt | 17,631 | 7,621 | ||
Long-term and short-term debt | 1,564,331 | 1,014,366 | ||
Short-term borrowings [Member] | ||||
Schedule of Long-term and Short-term Debt Instruments [Line Items] | ||||
Short-term debt | 17,631 | 7,621 | ||
5.00% Senior Notes, Due 2025 [Member] | Senior notes [Member] | ||||
Schedule of Long-term and Short-term Debt Instruments [Line Items] | ||||
Long-term debt, excluding current maturities | $ 986,252 | 487,632 | ||
Stated interest rate | 5.00% | 5.00% | ||
3.375% Senior Notes Due 2027 [Member] | Senior notes [Member] | ||||
Schedule of Long-term and Short-term Debt Instruments [Line Items] | ||||
Long-term debt, excluding current maturities | $ 560,448 | $ 519,113 | ||
Stated interest rate | 3.375% | 3.375% |
Debt - Narrative (Details)
Debt - Narrative (Details) € in Millions | Apr. 17, 2020USD ($) | Feb. 28, 2017EUR (€) | Nov. 29, 2020USD ($) | Nov. 24, 2019 | Nov. 25, 2018 | Mar. 15, 2022 | Jan. 05, 2021USD ($) | Apr. 27, 2015USD ($) | May 08, 2012 |
Debt Instruments [Line Items] | |||||||||
Remaining borrowing capacity | $ 713,500,000 | ||||||||
Debt outstanding | $ 743,800,000 | ||||||||
Interest rate during period | 4.75% | 5.31% | 5.01% | ||||||
Other Credit Usage [Member] | |||||||||
Debt Instruments [Line Items] | |||||||||
Letters of credit amount outstanding | $ 2,500,000 | ||||||||
Standby Letters of Credit [Member] | |||||||||
Debt Instruments [Line Items] | |||||||||
Letters of credit amount outstanding | 27,800,000 | ||||||||
Senior revolving credit facility [Member] | |||||||||
Debt Instruments [Line Items] | |||||||||
Maximum borrowing capacity | $ 850,000,000 | ||||||||
Rate for undrawn availability | 0.20% | ||||||||
Letter of credit facility, coverage ratio | 1 | ||||||||
Letter of credit facility, default in other indebtedness, minimum | $ 50,000,000 | ||||||||
Senior revolving credit facility [Member] | The Second Amended and Restated Credit Agreement [Member] | |||||||||
Debt Instruments [Line Items] | |||||||||
Maximum borrowing capacity | $ 1,600,000,000 | ||||||||
Letter of credit facility, coverage ratio | 3.25 | ||||||||
Senior revolving credit facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum | |||||||||
Debt Instruments [Line Items] | |||||||||
Basis spread on variable rate | 1.25% | ||||||||
Senior revolving credit facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum | |||||||||
Debt Instruments [Line Items] | |||||||||
Basis spread on variable rate | 1.75% | ||||||||
Senior revolving credit facility [Member] | Secured Debt [Member] | |||||||||
Debt Instruments [Line Items] | |||||||||
Maximum borrowing capacity | $ 350,000,000 | ||||||||
Remaining borrowing capacity | 350,000,000 | ||||||||
Senior revolving credit facility [Member] | Secured Debt [Member] | Subsequent Event | |||||||||
Debt Instruments [Line Items] | |||||||||
Remaining borrowing capacity | $ 150,000,000 | ||||||||
Debt Issuance Costs, Net | $ 4,000,000 | ||||||||
Senior revolving credit facility [Member] | United States of America, Dollars [Member] | |||||||||
Debt Instruments [Line Items] | |||||||||
Maximum borrowing capacity | 800,000,000 | ||||||||
Senior revolving credit facility [Member] | United States of America, Dollars or Canada, Dollars [Member] | |||||||||
Debt Instruments [Line Items] | |||||||||
Maximum borrowing capacity | $ 50,000,000 | ||||||||
Senior notes [Member] | 3.375% Senior Notes Due 2027 [Member] | |||||||||
Debt Instruments [Line Items] | |||||||||
Face amount | € | € 475 | ||||||||
Stated interest rate | 3.375% | 3.375% | |||||||
Redemption price as a result of a change in control (percent) | 101.00% | ||||||||
Senior notes [Member] | 3.375% Senior Notes Due 2027 [Member] | Forecast | |||||||||
Debt Instruments [Line Items] | |||||||||
Issuance price percentage of face value if exercised | 100.00% | ||||||||
Senior notes [Member] | 5.00% Senior Notes, Due 2025 [Member] | |||||||||
Debt Instruments [Line Items] | |||||||||
Face amount | $ 500,000,000 | $ 500,000,000 | |||||||
Stated interest rate | 5.00% | 5.00% | |||||||
Debt default, holder percent to declare all notes due, minimum | 25.00% | ||||||||
Unamortized discount | $ 13,900,000 | ||||||||
Debt Instrument, Offering Price | 100.50% | ||||||||
Proceeds from Issuance of Senior Long-term Debt | $ 496,000,000 |
Debt - Principal Payments on Sh
Debt - Principal Payments on Short-term and Long-Term Debt (Details) $ in Thousands | Nov. 29, 2020USD ($) |
Maturities of Long-term and Short-term Debt [Abstract] | |
2020 | $ 17,631 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 995,362 |
Thereafter | 565,820 |
Total future debt principal payments | $ 1,578,813 |
Employee Benefit Plans - Benefi
Employee Benefit Plans - Benefit obligations in excess of fair value of plan assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Pension plans, defined benefit [Member] | |||
Change in benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 1,261,763 | $ 1,136,720 | |
Service cost | 4,026 | 3,377 | $ 3,602 |
Interest cost | 30,643 | 41,341 | 36,070 |
Plan participants' contribution | 689 | 665 | |
Actuarial loss (gain) | 87,443 | 146,562 | |
Net curtailment loss | (1,009) | 64 | |
Impact of foreign currency changes | 10,899 | (2,210) | |
Plan settlements | (64,525) | (436) | |
Net benefits paid | (65,300) | (64,320) | |
Benefit obligation at end of year | 1,264,629 | 1,261,763 | 1,136,720 |
Change in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 1,091,162 | 958,576 | |
Actual return on plan assets | 161,856 | 182,309 | |
Employer contribution | 20,865 | 15,062 | |
Plan participants' contributions | 689 | 665 | |
Plan settlements | (64,525) | (436) | |
Impact of foreign currency changes | 8,544 | (694) | |
Net benefits paid | (65,300) | (64,320) | |
Fair value of plan assets at end of year | 1,153,291 | 1,091,162 | 958,576 |
Unfunded status at end of year | (111,338) | (170,601) | |
Other postretirement benefit plans, defined benefit [Member] | |||
Change in benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 72,135 | 82,907 | |
Service cost | 48 | 65 | 113 |
Interest cost | 1,665 | 3,042 | 2,718 |
Plan participants' contribution | 4,282 | 4,256 | |
Actuarial loss (gain) | 1,531 | (2,903) | |
Net curtailment loss | 0 | 0 | |
Impact of foreign currency changes | 0 | 0 | |
Plan settlements | 0 | 0 | |
Net benefits paid | (12,300) | (15,232) | |
Benefit obligation at end of year | 67,361 | 72,135 | 82,907 |
Change in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contribution | 8,018 | 10,976 | |
Plan participants' contributions | 4,282 | 4,256 | |
Plan settlements | 0 | 0 | |
Impact of foreign currency changes | 0 | 0 | |
Net benefits paid | (12,300) | (15,232) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Unfunded status at end of year | $ (67,361) | $ (72,135) |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts recognized in balance sheet (Details) - USD ($) | Nov. 29, 2020 | Nov. 24, 2019 |
Pension plans, defined benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | $ 62,161,000 | $ 27,704,000 |
Accrued benefit liability – current portion | (9,663,000) | (9,480,000) |
Accrued benefit liability – long-term portion | (163,836,000) | (188,825,000) |
Amount recognized in balance sheet | (111,338,000) | (170,601,000) |
Accumulated other comprehensive loss: | ||
Net actuarial loss | (296,330,000) | (358,484,000) |
Net prior service benefit | 259,000 | 291,000 |
Other comprehensive income (loss) | (296,071,000) | (358,193,000) |
Other postretirement benefit plans, defined benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 |
Accrued benefit liability – current portion | (7,112,000) | (8,129,000) |
Accrued benefit liability – long-term portion | (60,249,000) | (64,006,000) |
Amount recognized in balance sheet | (67,361,000) | (72,135,000) |
Accumulated other comprehensive loss: | ||
Net actuarial loss | (12,491,000) | (11,284,000) |
Net prior service benefit | 0 | 0 |
Other comprehensive income (loss) | $ (12,491,000) | $ (11,284,000) |
Employee Benefit Plans - Accumu
Employee Benefit Plans - Accumulated benefit obligations in excess of fair value of plan assets (Details) - USD ($) $ in Thousands | Nov. 29, 2020 | Nov. 24, 2019 |
Accumulated benefit obligations in excess of plan assets [Abstract] | ||
Aggregate accumulated benefit obligation | $ 168,390 | $ 1,093,503 |
Aggregate fair value of plan assets | 0 | 903,556 |
Projected benefit obligations in excess of plan assets [Abstract] | ||
Aggregate projected benefit obligation | 222,055 | 1,142,114 |
Aggregate fair value of plan assets | $ 48,578 | $ 943,810 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined benefit plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Pension plans, defined benefit [Member] | |||
Net periodic benefit cost: | |||
Service cost | $ 4,026 | $ 3,377 | $ 3,602 |
Interest cost | 30,643 | 41,341 | 36,070 |
Expected return on plan assets | (41,189) | (42,098) | (48,830) |
Amortization of prior service benefit | (62) | (61) | (65) |
Amortization of actuarial loss | 13,407 | 13,306 | 12,650 |
Curtailment loss | (650) | 13 | 38 |
Net settlement (gain) loss | 14,699 | (56) | (102) |
Net periodic benefit cost | 20,874 | 15,822 | 3,363 |
Changes in accumulated other comprehensive loss: | |||
Actuarial loss (gain) | (34,821) | 6,309 | 15,373 |
Amortization of prior service benefit (cost) | 62 | 61 | 65 |
Amortization of actuarial loss | (13,407) | (13,306) | (12,650) |
Net settlement gain (loss) | (14,699) | 56 | 102 |
Total recognized in accumulated other comprehensive loss | (62,123) | (6,880) | 2,890 |
Total recognized in net periodic benefit cost and accumulated other comprehensive loss | (41,249) | 8,942 | 6,253 |
Other postretirement benefit plans, defined benefit [Member] | |||
Net periodic benefit cost: | |||
Service cost | 48 | 65 | 113 |
Interest cost | 1,665 | 3,042 | 2,718 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service benefit | 0 | 0 | 0 |
Amortization of actuarial loss | 324 | 465 | 872 |
Curtailment loss | 0 | 0 | 0 |
Net settlement (gain) loss | 0 | 0 | 0 |
Net periodic benefit cost | 2,037 | 3,572 | 3,703 |
Changes in accumulated other comprehensive loss: | |||
Actuarial loss (gain) | 1,531 | (2,903) | (6,354) |
Amortization of prior service benefit (cost) | 0 | 0 | 0 |
Amortization of actuarial loss | (324) | (465) | (872) |
Net settlement gain (loss) | 0 | 0 | 0 |
Total recognized in accumulated other comprehensive loss | 1,207 | (3,368) | (7,226) |
Total recognized in net periodic benefit cost and accumulated other comprehensive loss | $ 3,244 | $ 204 | $ (3,523) |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions used (Details) | 12 Months Ended | ||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Pension plans, defined benefit [Member] | |||
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 2.80% | 4.10% | 3.40% |
Expected long-term rate of return on plan assets | 3.80% | 4.60% | 5.40% |
Rate of compensation increase | 3.30% | 3.40% | 3.40% |
Weighted-average assumptions used to determine benefit obligations: | |||
Discount rate | 2.10% | 2.80% | 4.10% |
Rate of compensation increase | 3.30% | 3.30% | 3.40% |
Other postretirement benefit plans, defined benefit [Member] | |||
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 2.80% | 4.20% | 3.40% |
Weighted-average assumptions used to determine benefit obligations: | |||
Discount rate | 2.00% | 2.80% | 4.20% |
Assumed health care cost trend rates were as follows: | |||
Health care trend rate assumed for next year | 5.40% | 5.70% | 5.90% |
Rate trend to which the cost trend is assumed to decline | 4.40% | 4.40% | 4.40% |
Year that rate reaches the ultimate trend rate | 2037 | 2037 | 2037 |
Employee Benefit Plans - Fair v
Employee Benefit Plans - Fair values of pension plan assets (Details) - USD ($) $ in Thousands | Nov. 29, 2020 | Nov. 24, 2019 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 2,337 | $ 4,427 |
Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,150,726 | 1,086,447 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 228 | 289 |
Cash and cash equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,337 | 4,427 |
Cash and cash equivalents [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash and cash equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. large cap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. large cap [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 74,850 | 93,019 |
U.S. large cap [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. small cap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. small cap [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 14,343 | 13,307 |
U.S. small cap [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
International [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
International [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 143,408 | 115,607 |
International [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed income securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed income securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 859,323 | 808,546 |
Fixed income securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Real estate [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Real estate [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 41,699 | 38,076 |
Real estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Private equity [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Private equity [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Private equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 228 | 289 |
Hedge funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Hedge funds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 11,692 | 13,328 |
Hedge funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Other [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Other [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5,411 | 4,564 |
Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,153,291 | 1,091,163 |
Fair Value [Member] | Cash and cash equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,337 | 4,427 |
Fair Value [Member] | U.S. large cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 74,850 | 93,019 |
Fair Value [Member] | U.S. small cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 14,343 | 13,307 |
Fair Value [Member] | International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 143,408 | 115,607 |
Fair Value [Member] | Fixed income securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 859,323 | 808,546 |
Fair Value [Member] | Real estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 41,699 | 38,076 |
Fair Value [Member] | Private equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 228 | 289 |
Fair Value [Member] | Hedge funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 11,692 | 13,328 |
Fair Value [Member] | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 5,411 | $ 4,564 |
Employee Benefit Plans - Expect
Employee Benefit Plans - Expected benefit payments (Details) $ in Thousands | Nov. 29, 2020USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | $ 81,202 |
2020 | 77,991 |
2021 | 76,201 |
2022 | 75,934 |
2023 | 75,684 |
2024-2028 | 362,909 |
Pension plans, defined benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | 73,162 |
2020 | 70,481 |
2021 | 69,181 |
2022 | 69,406 |
2023 | 69,690 |
2024-2028 | 340,445 |
Other postretirement benefit plans, defined benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | 8,040 |
2020 | 7,510 |
2021 | 7,020 |
2022 | 6,528 |
2023 | 5,994 |
2024-2028 | $ 22,464 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 1,300,000 | ||
Expected duration of returns for the plan | 20 years | ||
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 940,400 | ||
United States | Equity Securities and Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations | 25.00% | ||
United States | Equity Securities and Real Estate [Member] | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocation, allowable deviation | 4.00% | ||
United States | Equity Securities and Real Estate [Member] | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocation, allowable deviation | 4.00% | ||
United States | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations | 75.00% | ||
United States | Fixed Income Securities [Member] | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocation, allowable deviation | 4.00% | ||
United States | Fixed Income Securities [Member] | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocation, allowable deviation | 4.00% | ||
Foreign pension plans, defined benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 212,800 | ||
Pension plans, defined benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amounts amortized | 10,500 | ||
Fair value of plan assets | 1,153,291 | $ 1,091,162 | $ 958,576 |
Other postretirement benefit plans, defined benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amounts amortized | 500 | ||
Fair value of plan assets | $ 0 | $ 0 | $ 0 |
Employee Investment Plans (Deta
Employee Investment Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Disclosure of Employee Investment Plans [Abstract] | |||
ESIP Employer contributions match (percent) | 125.00% | ||
ESIP Employer contribution match, percent of employee's eligible compensation, maximum (percent) | 6.00% | ||
ESIP Compensation expense | $ 17.3 | $ 16.3 | $ 14.9 |
Employee Incentive Compensation
Employee Incentive Compensation Plans (Details) - Annual Incentive Plan (AIP) [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Schedule of Employee Incentive Compensation Plans Disclosures [Line Items] | |||
EICP Compensation expense (benefit) | $ 51.8 | $ 86.6 | $ 114.3 |
EICP Accrued liabilities | $ 49 | $ 87.7 |
Stock-Based Incentive Compens_3
Stock-Based Incentive Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019 | Nov. 29, 2020 | Aug. 23, 2020 | May 24, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 26, 2019 | Feb. 24, 2019 | Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation expense | $ 51,300,000 | $ 79,000,000 | $ 89,800,000 | |||||||||
Tax benefit (expense) realized from exercise of stock options | 12,600,000 | 19,500,000 | 22,300,000 | |||||||||
Total compensation cost not yet recognized | $ 55,500,000 | $ 55,500,000 | ||||||||||
Total compensation cost not yet recognized, period for recognition | 2 years 1 month 20 days | |||||||||||
Selling, general and administrative expenses | 652,556,000 | $ 484,002,000 | $ 550,525,000 | $ 660,545,000 | $ 719,749,000 | $ 595,528,000 | $ 637,525,000 | $ 581,896,000 | $ 2,347,628,000 | 2,534,698,000 | 2,457,564,000 | |
Net income | $ (56,670,000) | $ (27,049,000) | $ 363,549,000 | $ (152,689,000) | (95,296,000) | $ (124,509,000) | $ (28,230,000) | $ (146,577,000) | $ 127,141,000 | (394,612,000) | (283,142,000) | |
Number of shares available for grant (shares) | 35,100 | 35,100 | ||||||||||
Authorized amount, ESPP (shares) | 12,000 | |||||||||||
Available for issuance, ESPP (shares) | 11,300 | |||||||||||
Stock-based Compensation Capitalized | $ 0 | |||||||||||
Service Restricted Stock Units [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Fair value of awards vested in period | 88,600,000 | 1,600,000 | ||||||||||
Performance Restricted Stock Units [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Fair value of awards vested in period | 49,000,000 | |||||||||||
Phantom Service Restricted Stock Unit Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Total compensation cost not yet recognized | $ 3,300,000 | $ 3,300,000 | ||||||||||
Total compensation cost not yet recognized, period for recognition | 2 years 3 months 29 days | |||||||||||
Minimum contractual term | 3 years | |||||||||||
Exercises in period, intrinsic value | $ 6,300,000 | 52,900,000 | 17,000,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted During Period, Fair Value | 2,100,000 | |||||||||||
Phantom Performance Restricted Stock Unit Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Total compensation cost not yet recognized | 400,000 | $ 400,000 | ||||||||||
Total compensation cost not yet recognized, period for recognition | 1 year 5 months 12 days | |||||||||||
Exercises in period, intrinsic value | $ 300,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted During Period, Fair Value | $ 200,000 | |||||||||||
Phantom Performance Restricted Stock Unit Plan [Member] | Maximum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting rights, percentage | 200.00% | |||||||||||
Phantom Service Restricted Stock Unit [Plan and Phantom Performance Restricted Stock Unit Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Compensation cost accrual | 3,100,000 | $ 3,100,000 | ||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted During Period, Fair Value | 2,000,000 | |||||||||||
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Expected to Vest, Fair Value | $ 9,900,000 | $ 10,200,000 | $ 9,900,000 | 10,200,000 | ||||||||
2016 Equity Incentive Plan (EIP) [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares authorized (shares) | 80,000 | 80,000 | ||||||||||
2016 Equity Incentive Plan (EIP) [Member] | Performance-Based Stock Appreciation Rights SARs [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Exercises in period, intrinsic value | $ 30,953,000 | 27,776,000 | 6,777,000 | |||||||||
2016 Equity Incentive Plan (EIP) [Member] | Service Stock Appreciation Rights (SARs) [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Total compensation cost not yet recognized | $ 3,600,000 | $ 3,600,000 | ||||||||||
Total compensation cost not yet recognized, period for recognition | 2 years 4 months 6 days | |||||||||||
Minimum contractual term | 10 years | |||||||||||
Exercises in period, intrinsic value | $ 44,119,000 | $ 54,045,000 | $ 53,398,000 | |||||||||
2016 Equity Incentive Plan (EIP) [Member] | Service Stock Appreciation Rights (SARs) [Member] | Maximum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period | 4 years | |||||||||||
2016 Equity Incentive Plan (EIP) [Member] | Service Restricted Stock Units [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Total compensation cost not yet recognized | 36,800,000 | $ 36,800,000 | ||||||||||
Total compensation cost not yet recognized, period for recognition | 2 years 3 months 7 days | |||||||||||
Weighted-average grant date fair value without a market condition (in dollars per unit) | $ 18.80 | $ 15.56 | $ 9.16 | |||||||||
2016 Equity Incentive Plan (EIP) [Member] | Performance Restricted Stock Units [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Total compensation cost not yet recognized | $ 11,300,000 | $ 11,300,000 | ||||||||||
Total compensation cost not yet recognized, period for recognition | 1 year 7 months 9 days | |||||||||||
Award performance goal period | 3 years | |||||||||||
Weighted-average grant date fair value without a market condition (in dollars per unit) | $ 25.87 | |||||||||||
2016 Equity Incentive Plan (EIP) [Member] | Performance Restricted Stock Units [Member] | Maximum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting rights, percentage | 200.00% | |||||||||||
2016 Equity Incentive Plan (EIP) [Member] | Performance RSUs Granted as Replacement Awards [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Weighted-average grant date fair value without a market condition (in dollars per unit) | $ 28.78 | |||||||||||
2019 Equity Incentive Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares authorized (shares) | 40,000 | 40,000 |
Stock-Based Incentive Compens_4
Stock-Based Incentive Compensation Plans - Activity (Details) - 2016 Equity Incentive Plan (EIP) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Nov. 29, 2020 | Nov. 24, 2019 | |
Performance Restricted Stock Units [Member] | ||
Weighted-Average Remaining Contractual Life (Years) [Abstract] | ||
Weighted Average Remaining Contractual Life (Years) | 1 year | 1 year |
Service Stock Appreciation Rights (SARs) [Member] | ||
Units [Roll Forward] | ||
Beginning balance, Units | 14,072 | |
Granted, Units | 903 | |
Exercised, Units | (3,648) | |
Forfeited, Units | (75) | |
Ending balance, Units | 11,252 | 14,072 |
Vested and expected to vest, Units | 11,235 | |
Exercisable, Units | 8,483 | |
Weighted-Average Exercise Price [Roll Forward] | ||
Beginning balance, Weighted-Average Exercise Price (in dollars per unit) | $ 7.51 | |
Granted, Weighted-Average Exercise Price (in dollars per unit) | 19.42 | |
Exercised, Weighted-Average Exercise Price (in dollars per unit) | 6.60 | |
Forfeited, Weighted-Average Exercise Price (in dollars per unit) | 13.75 | |
Ending balance, Weighted-Average Exercise Price (in dollars per unit) | 8.72 | $ 7.51 |
Vested and expected to vest, Weighted-Average Exercise Price (in dollars per unit) | 8.71 | |
Exercisable, Weighted-Average Exercise Price (in dollars per unit) | $ 7.14 | |
Weighted-Average Remaining Contractual Life (Years) [Abstract] | ||
Weighted Average Remaining Contractual Life (Years) | 3 years 3 months 18 days | 3 years 3 months 18 days |
Vested and expected to vest, Weighted Average Remaining Contractual Life (Years) | 3 years 3 months 18 days | |
Exercisable, Weighted-Average Remaining Contractual Life (Years) | 2 years 3 months 18 days | |
Aggregate Intrinsic Value [Abstract] | ||
Vested and expected to vest | $ 118,081 | |
Exercisable | $ 102,000 | |
Performance-Based Stock Appreciation Rights SARs [Member] | ||
Units [Roll Forward] | ||
Beginning balance, Units | 7,634 | |
Granted, Units | 0 | |
Exercised, Units | (2,514) | |
Forfeited, Units | 0 | |
Ending balance, Units | 5,120 | 7,634 |
Vested and expected to vest, Units | 5,120 | |
Exercisable, Units | 5,120 | |
Weighted-Average Exercise Price [Roll Forward] | ||
Beginning balance, Weighted-Average Exercise Price (in dollars per unit) | $ 6.49 | |
Granted, Weighted-Average Exercise Price (in dollars per unit) | 0 | |
Exercised, Weighted-Average Exercise Price (in dollars per unit) | 6.21 | |
Forfeited, Weighted-Average Exercise Price (in dollars per unit) | 0 | |
Ending balance, Weighted-Average Exercise Price (in dollars per unit) | 6.62 | $ 6.49 |
Vested and expected to vest, Weighted-Average Exercise Price (in dollars per unit) | 6.62 | |
Exercisable, Weighted-Average Exercise Price (in dollars per unit) | $ 6.62 | |
Weighted-Average Remaining Contractual Life (Years) [Abstract] | ||
Weighted Average Remaining Contractual Life (Years) | 1 year 9 months 18 days | 2 years 6 months |
Vested and expected to vest, Weighted Average Remaining Contractual Life (Years) | 1 year 9 months 18 days | |
Exercisable, Weighted-Average Remaining Contractual Life (Years) | 1 year 9 months 18 days | |
Aggregate Intrinsic Value [Abstract] | ||
Vested and expected to vest | $ 64,189 | |
Exercisable | $ 64,189 |
Stock-Based Incentive Compens_5
Stock-Based Incentive Compensation Plans - Aggregate Intrinsic Value - Exercised (Details) - 2016 Equity Incentive Plan (EIP) [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Service Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercises in period, intrinsic value | $ 44,119 | $ 54,045 | $ 53,398 |
Performance-Based Stock Appreciation Rights SARs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercises in period, intrinsic value | $ 30,953 | $ 27,776 | $ 6,777 |
Stock-Based Incentive Compens_6
Stock-Based Incentive Compensation Plans - Fair Value Assumptions (Details) - 2016 Equity Incentive Plan (EIP) [Member] - $ / shares | 12 Months Ended | ||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Performance Restricted Stock Units [Member] | |||
Fair Value Assumptions [Abstract] | |||
Granted, Weighted-Average Fair Value (in dollars per unit) | $ 22.44 | ||
Service Restricted Stock Units [Member] | |||
Fair Value Assumptions [Abstract] | |||
Granted, Weighted-Average Fair Value (in dollars per unit) | 18.75 | ||
Black-Scholes Model [Member] | Service Stock Appreciation Rights (SARs) [Member] | |||
Fair Value Assumptions [Abstract] | |||
Weighted-average grant date fair value (in dollars per unit) | $ 6.44 | $ 4.49 | $ 2.61 |
Expected life (in years) | 7 years | 5 years | 4 years 10 months 24 days |
Expected volatility (percent) | 36.60% | 37.50% | 35.70% |
Risk-free interest rate (percent) | 1.40% | 2.50% | 2.50% |
Expected dividend (percent) | 1.60% | 2.00% | 2.50% |
Monte Carlo Model [Member] | Performance Restricted Stock Units [Member] | |||
Fair Value Assumptions [Abstract] | |||
Weighted-average grant date fair value (in dollars per unit) | $ 17.95 | $ 10.45 | |
Expected life (in years) | 2 years 9 months 18 days | 2 years 9 months 18 days | 3 years |
Expected volatility (percent) | 37.60% | 37.50% | 37.20% |
Risk-free interest rate (percent) | 1.40% | 2.30% | 2.30% |
Expected dividend (percent) | 1.50% | 1.90% | 2.50% |
Monte Carlo Model [Member] | Performance RSUs Granted as Replacement Awards [Member] | |||
Fair Value Assumptions [Abstract] | |||
Expected life (in years) | 1 year 6 months | ||
Expected volatility (percent) | 36.30% | ||
Risk-free interest rate (percent) | 2.50% | ||
Expected dividend (percent) | 1.70% |
Stock-Based Incentive Compens_7
Stock-Based Incentive Compensation Plans Stock-Based Incentive Compensation Plans - RSU (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |
Nov. 29, 2020 | Nov. 24, 2019 | |
Service Restricted Stock Units [Member] | ||
Weighted Average Fair Value At Period End [Roll Forward] | ||
Fair value of awards vested in period | $ 88.6 | $ 1.6 |
Performance Restricted Stock Units [Member] | ||
Weighted Average Fair Value At Period End [Roll Forward] | ||
Fair value of awards vested in period | $ 49 | |
2016 Equity Incentive Plan (EIP) [Member] | Service Restricted Stock Units [Member] | ||
Units [Roll Forward] | ||
Beginning balance, Units | 7,779 | |
Granted, Units | 1,771 | |
Vested, Units | (4,666) | |
Granted Replacement Awards, Units | 0 | |
Forfeited, Units | (538) | |
Ending balance, Units | 4,346 | 7,779 |
Weighted Average Fair Value At Period End [Roll Forward] | ||
Beginning balance, Weighted-Average Fair Value (in dollars per unit) | $ 15.56 | |
Granted, Weighted-Average Fair Value (in dollars per unit) | 18.75 | |
Vested, Weighted-Average Fair Value (in dollars per unit) | 15.48 | |
Granted Replacement Awards, Weighted-Average Fair Value (in dollars per unit) | 0 | |
Forfeited, Weighted-Average Fair Value (in dollars per unit) | 17.47 | |
Ending balance, Weighted-Average Fair Value (in dollars per unit) | $ 16.71 | $ 15.56 |
Weighted Average Remaining Contractual Life (Years) | 2 years 2 months 12 days | 1 year 7 months 6 days |
2016 Equity Incentive Plan (EIP) [Member] | Performance Restricted Stock Units [Member] | ||
Units [Roll Forward] | ||
Beginning balance, Units | 4,311 | |
Granted, Units | 847 | |
Vested, Units | (2,419) | |
Granted Replacement Awards, Units | 623 | |
Forfeited, Units | (199) | |
Ending balance, Units | 3,163 | 4,311 |
Weighted Average Fair Value At Period End [Roll Forward] | ||
Beginning balance, Weighted-Average Fair Value (in dollars per unit) | $ 16.24 | |
Granted, Weighted-Average Fair Value (in dollars per unit) | 22.44 | |
Vested, Weighted-Average Fair Value (in dollars per unit) | 15.56 | |
Granted Replacement Awards, Weighted-Average Fair Value (in dollars per unit) | 15.56 | |
Forfeited, Weighted-Average Fair Value (in dollars per unit) | 19.09 | |
Ending balance, Weighted-Average Fair Value (in dollars per unit) | $ 18.11 | $ 16.24 |
Weighted Average Remaining Contractual Life (Years) | 1 year | 1 year |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Nov. 29, 2020 | Aug. 23, 2020 | May 24, 2020 | Feb. 23, 2020 | Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Restructuring and Related Activities [Abstract] | |||||||
Global non-retail and non-manufacturing positions, percentage eliminated | 15.00% | ||||||
Approximate annualized savings | $ 100,000 | ||||||
Restructuring charges, net | $ 21,973 | $ 1,071 | $ 67,371 | $ 0 | 86,783 | ||
Restructuring liabilities | 54,723 | 54,723 | $ 0 | ||||
Other long-term liabilities | $ 6,300 | 6,300 | |||||
Restructuring Costs | $ 90,415 | $ 0 | $ 0 |
Restructuring - Restructuring L
Restructuring - Restructuring Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Nov. 29, 2020 | Aug. 23, 2020 | May 24, 2020 | Feb. 23, 2020 | Nov. 29, 2020 | |
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve, Beginning Balance | $ 0 | $ 0 | |||
Charges | $ 21,973 | $ 1,071 | $ 67,371 | 0 | 86,783 |
Payments | (24,707) | ||||
Foreign Currency Fluctuations and Other Adjustments | (1,055) | ||||
Restructuring Reserve, Ending Balance | 61,021 | 61,021 | |||
Pension and postretirement curtailment losses recorded in AOCI | 3,700 | ||||
Severance and employee-related benefits | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve, Beginning Balance | 0 | 0 | |||
Charges | 85,002 | ||||
Payments | (24,394) | ||||
Foreign Currency Fluctuations and Other Adjustments | (4) | ||||
Restructuring Reserve, Ending Balance | 60,604 | 60,604 | |||
Other Restructuring | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve, Beginning Balance | $ 0 | 0 | |||
Charges | 1,781 | ||||
Payments | (313) | ||||
Foreign Currency Fluctuations and Other Adjustments | (1,051) | ||||
Restructuring Reserve, Ending Balance | $ 417 | $ 417 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 12 Months Ended |
Nov. 29, 2020USD ($) | |
Gain Contingencies [Line Items] | |
Other Commitment | $ 25.5 |
Cost of goods sold | |
Gain Contingencies [Line Items] | |
Purchase Commitment Write-down | $ (26.2) |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 12 Months Ended |
Nov. 29, 2020USD ($) | |
Leases [Abstract] | |
Operating lease costs | $ 317.4 |
Variable lease costs | 47.3 |
Operating lease, impairment loss | 44.3 |
Short-term Lease, Cost | $ 4.2 |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Liabilities (Details) $ in Thousands | Nov. 29, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 260,842 |
2022 | 225,130 |
2023 | 181,301 |
2024 | 143,155 |
2025 | 109,682 |
Thereafter | 233,471 |
Total undiscounted future cash flows related to lease payments | 1,153,581 |
Less: Interest | 58,146 |
Operating lease liabilities | $ 1,095,435 |
Leases - Supplemental Informati
Leases - Supplemental Information (Details) $ in Thousands | 12 Months Ended |
Nov. 29, 2020USD ($) | |
Leases [Abstract] | |
Weighted-average remaining lease term (years) | 5 years 9 months 18 days |
Weighted-average discount rate | 2.16% |
Operating cash outflows from operating leases | $ 237,265 |
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities | $ 151,345 |
Leases - Schedule of Operatin_2
Leases - Schedule of Operating Lease and Financing Obligations (Details) $ in Thousands | Nov. 24, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 234,092 |
2021 | 203,483 |
2022 | 174,536 |
2023 | 140,278 |
2024 | 111,176 |
Thereafter | 284,114 |
Total undiscounted future cash flows related to lease payments | $ 1,147,679 |
Dividend (Details)
Dividend (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Jan. 25, 2021USD ($)$ / shares | Nov. 29, 2020$ / shares | Aug. 23, 2020$ / shares | May 24, 2020$ / shares | Feb. 23, 2020$ / shares | Nov. 24, 2019USD ($)$ / shares | Aug. 25, 2019$ / shares | May 26, 2019$ / shares | Feb. 24, 2019USD ($)$ / shares | Nov. 25, 2018USD ($) | Feb. 25, 2018USD ($) | Nov. 29, 2020USD ($) | Nov. 24, 2019USD ($)installment | Nov. 25, 2018USD ($)installment | |
Class of Stock [Line Items] | ||||||||||||||
Cash dividend paid | $ 58,900 | $ 55,000 | $ 45,000 | $ 90,000 | $ 63,639 | $ 113,914 | $ 90,000 | |||||||
Number of installments | installment | 2 | 2 | ||||||||||||
Cash dividends declared per share (usd per share) | $ / shares | $ 0 | $ 0 | $ 0.08 | $ 0.08 | $ 0.01 | $ 0 | $ 0 | $ 0.29 | ||||||
Subsequent Event | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Cash dividend paid | $ 16,000 | |||||||||||||
Dividends payable | $ 64,000 | |||||||||||||
Cash dividends declared per share (usd per share) | $ / shares | $ 0.04 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | Nov. 26, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Gross Changes | $ 25,924 | $ 26,386 | $ (19,585) | |
Income tax expense related to items of other comprehensive income (loss) | (7,940) | (6,476) | (852) | |
Cumulative effect of adoption of new accounting standards (2) | 1,299,475 | 1,571,557 | 667,459 | $ 702,388 |
Total other comprehensive (loss) income, net of tax | 17,984 | 19,910 | (20,437) | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Cumulative effect of adoption of new accounting standards (2) | 5,423 | |||
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (404,986) | (424,584) | (404,381) | |
Gross Changes | 25,924 | 26,074 | (19,351) | |
Income tax expense related to items of other comprehensive income (loss) | (7,940) | (6,476) | (852) | |
Cumulative effect of adoption of new accounting standards (2) | (441,446) | (404,986) | (424,584) | (404,381) |
Total other comprehensive (loss) income, net of tax | (36,460) | 19,598 | (20,203) | |
Ending Balance | (441,446) | (404,986) | (424,584) | |
Accumulated Other Comprehensive Loss | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Cumulative effect of adoption of new accounting standards (2) | (54,444) | |||
Pension and Postretirement Benefits Liability Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (220,859) | (229,023) | (232,181) | |
Gross Changes | 60,915 | 10,248 | 4,336 | |
Income tax expense related to items of other comprehensive income (loss) | (15,088) | (2,084) | (1,178) | |
Total other comprehensive (loss) income, net of tax | (1,486) | 8,164 | 3,158 | |
Ending Balance | (222,345) | (220,859) | (229,023) | |
Pension and Postretirement Benefits Liability Adjustments [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Cumulative effect of adoption of new accounting standards (2) | (47,313) | |||
Net Investment Hedges Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (24,958) | (39,887) | (55,618) | |
Gross Changes | (55,242) | 19,026 | 21,280 | |
Income tax expense related to items of other comprehensive income (loss) | 13,747 | (4,097) | (5,549) | |
Total other comprehensive (loss) income, net of tax | (49,498) | 14,929 | 15,731 | |
Ending Balance | (74,456) | (24,958) | (39,887) | |
Net Investment Hedges Adjustments [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Cumulative effect of adoption of new accounting standards (2) | (8,003) | |||
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (165,457) | (158,622) | (120,630) | |
Gross Changes | 10,493 | (7,562) | (43,479) | |
Income tax expense related to items of other comprehensive income (loss) | (3,677) | 727 | 5,487 | |
Total other comprehensive (loss) income, net of tax | 6,816 | (6,835) | (37,992) | |
Ending Balance | (158,641) | (165,457) | (158,622) | |
Foreign Currency Translation Adjustments [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Cumulative effect of adoption of new accounting standards (2) | 0 | |||
Unrealized Gain (Loss) on Marketable Securities Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | 6,288 | 2,948 | 4,048 | |
Gross Changes | 9,758 | 4,362 | (1,488) | |
Income tax expense related to items of other comprehensive income (loss) | (2,922) | (1,022) | 388 | |
Total other comprehensive (loss) income, net of tax | 7,708 | 3,340 | (1,100) | |
Ending Balance | 13,996 | 6,288 | 2,948 | |
Unrealized Gain (Loss) on Marketable Securities Adjustments [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Cumulative effect of adoption of new accounting standards (2) | 872 | |||
Noncontrolling Interest | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | 9,616 | 9,304 | 9,538 | |
Gross Changes | (9,616) | 312 | (234) | |
Income tax expense related to items of other comprehensive income (loss) | 0 | 0 | 0 | |
Cumulative effect of adoption of new accounting standards (2) | 0 | 8,026 | 7,346 | $ 5,478 |
Total other comprehensive (loss) income, net of tax | (9,616) | 312 | (234) | |
Ending Balance | 0 | 9,616 | 9,304 | |
Noncontrolling Interest | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Cumulative effect of adoption of new accounting standards (2) | 0 | |||
Accumulated Other Comprehensive Income Loss Including Portion Attributable To Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (395,370) | (415,280) | (394,843) | |
Gross Changes | 16,308 | 26,386 | (19,585) | |
Income tax expense related to items of other comprehensive income (loss) | (7,940) | (6,476) | (852) | |
Total other comprehensive (loss) income, net of tax | (46,076) | 19,910 | (20,437) | |
Ending Balance | $ (441,446) | (395,370) | $ (415,280) | |
Accumulated Other Comprehensive Income Loss Including Portion Attributable To Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Cumulative effect of adoption of new accounting standards (2) | $ (54,444) |
Net Revenues (Details)
Net Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 29, 2020 | Aug. 23, 2020 | May 24, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 26, 2019 | Feb. 24, 2019 | Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 1,385,856 | $ 1,063,085 | $ 497,542 | $ 1,506,126 | $ 1,568,608 | $ 1,447,081 | $ 1,312,940 | $ 1,434,458 | $ 4,452,609 | $ 5,763,087 | $ 5,575,440 |
Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 2,345,378 | 3,057,024 | 3,042,664 | ||||||||
Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 1,435,576 | 1,768,056 | 1,646,236 | ||||||||
Operating Segments [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 4,452,609 | 5,763,087 | 5,575,440 | ||||||||
Operating Segments [Member] | Wholesale | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 2,723,305 | 3,660,519 | 3,600,167 | ||||||||
Operating Segments [Member] | Direct-to-consumer | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 1,729,304 | 2,102,568 | 1,975,273 | ||||||||
Operating Segments [Member] | Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 2,345,378 | 3,057,024 | 3,042,664 | ||||||||
Operating Segments [Member] | Americas | Wholesale | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 1,635,084 | 2,181,168 | 2,209,897 | ||||||||
Operating Segments [Member] | Americas | Direct-to-consumer | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 710,294 | 875,856 | 832,767 | ||||||||
Operating Segments [Member] | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 1,435,576 | 1,768,056 | 1,646,236 | ||||||||
Operating Segments [Member] | Europe | Wholesale | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 794,142 | 981,308 | 925,317 | ||||||||
Operating Segments [Member] | Europe | Direct-to-consumer | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 641,434 | 786,748 | 720,919 | ||||||||
Operating Segments [Member] | Asia | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 671,655 | 938,007 | 886,540 | ||||||||
Operating Segments [Member] | Asia | Wholesale | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 294,079 | 498,043 | 464,953 | ||||||||
Operating Segments [Member] | Asia | Direct-to-consumer | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 377,576 | $ 439,964 | $ 421,587 |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 29, 2020 | Aug. 23, 2020 | May 24, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 26, 2019 | Feb. 24, 2019 | Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Other Income and Expenses [Abstract] | |||||||||||
Foreign Exchange Management Gains (Losses) | $ 2,299 | $ 126 | $ 11,167 | ||||||||
Foreign currency transaction (losses) gains | (18,057) | (6,231) | (7,498) | ||||||||
Interest Income (Expense), Nonoperating, Net | 8,390 | 17,190 | 9,400 | ||||||||
Investment income | 1,243 | 1,509 | 734 | ||||||||
Pension Settlement Losses | 14,737 | 0 | 0 | ||||||||
Other Other Income (Expense) | (1,612) | (10,577) | 1,104 | ||||||||
Other income (expense), net | $ (14,205) | $ (12,274) | $ 1,305 | $ 2,700 | $ 4,866 | $ (4,369) | $ 3,166 | $ (1,646) | $ (22,474) | $ 2,017 | $ 14,907 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 29, 2020 | Aug. 23, 2020 | May 24, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 26, 2019 | Feb. 24, 2019 | Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Income Tax Expense Reconciliation [Abstract] | |||||||||||
Income tax expense at U.S. federal statutory rate | $ (39,855) | $ 100,293 | $ 111,755 | ||||||||
State income taxes, net of U.S. federal impact | (5,246) | 4,496 | 11,102 | ||||||||
Change in valuation allowance | 18,271 | (81) | (9,239) | ||||||||
Impact of foreign operations(1) | (8,868) | 7,132 | (17,149) | ||||||||
Foreign-derived intangible income benefit ("FDII") | 0 | (11,918) | 0 | ||||||||
Effective Income Tax Rate Reconciliation, Reassessment of Tax Liabilities, Amount | (1,531) | ||||||||||
Reassessment of tax liabilities | (6,480) | (12,552) | |||||||||
Stock-based compensation | (22,332) | (15,730) | (10,715) | ||||||||
Other, including non-deductible expenses | 1,547 | 4,892 | (1,783) | ||||||||
Change in tax law | (4,628) | 0 | 143,359 | ||||||||
Total | $ (4,710) | $ 24,565 | $ (94,636) | $ 12,139 | $ 22,422 | $ 27,340 | $ (2,429) | $ 35,271 | $ (62,642) | $ 82,604 | $ 214,778 |
Effective Income Tax Rate Reconciliation [Abstract] | |||||||||||
U.S. federal statutory rate (percent) | 21.00% | 21.00% | 22.40% | ||||||||
State income taxes, net of U.S. federal impact (percent) | 2.80% | 1.00% | 2.20% | ||||||||
Change in valuation allowance (percent) | (9.60%) | 0.00% | (1.90%) | ||||||||
Impact of foreign operations (percent) | 4.70% | 1.50% | (3.40%) | ||||||||
Foreign-derived intangible income benefit (FDII) (percent) | 0.00% | (2.50%) | 0.00% | ||||||||
Reassessment of tax liabilities (percent) | 0.70% | (1.40%) | (2.50%) | ||||||||
Stock-based compensation (percent) | 11.80% | (3.30%) | (2.10%) | ||||||||
Other, including non-deductible expenses (percent) | (0.80%) | 1.00% | (0.40%) | ||||||||
Impact of US Tax Act (percent) | 0.024 | 0 | 0.287 | ||||||||
Total | 33.00% | 17.30% | 43.00% |
Income Taxes - Domestic and For
Income Taxes - Domestic and Foreign Income (Loss) before income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (197,718) | $ 120,692 | $ 151,229 |
Foreign | 7,935 | 356,892 | 348,793 |
Total Income before Income Taxes | $ (189,783) | $ 477,584 | $ 500,022 |
Income Taxes - Current and Defe
Income Taxes - Current and Deferred Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 29, 2020 | Aug. 23, 2020 | May 24, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 26, 2019 | Feb. 24, 2019 | Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||
U.S. Federal Current | $ 8,396 | $ 13,182 | $ 12,468 | ||||||||
U.S. Federal Deferred | (79,676) | (22,319) | 126,210 | ||||||||
U.S. Federal Total | (71,280) | (9,137) | 138,678 | ||||||||
U.S. State Current | 978 | (2,939) | 6,447 | ||||||||
U.S. State Deferred | (6,435) | 1,002 | 4,655 | ||||||||
U.S. State Total | (5,457) | (1,937) | 11,102 | ||||||||
Foreign Current | 23,228 | 87,324 | 61,605 | ||||||||
Foreign Deferred | (9,133) | 6,354 | 3,393 | ||||||||
Foreign Total | 14,095 | 93,678 | 64,998 | ||||||||
Consolidated Current | 32,602 | 97,567 | 80,520 | ||||||||
Deferred income taxes | (95,244) | (14,963) | 134,258 | ||||||||
Total | $ (4,710) | $ 24,565 | $ (94,636) | $ 12,139 | $ 22,422 | $ 27,340 | $ (2,429) | $ 35,271 | $ (62,642) | $ 82,604 | $ 214,778 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Nov. 29, 2020 | Nov. 24, 2019 |
Income Tax Disclosure [Abstract] | ||
Foreign tax credit carryforwards | $ 232,164 | $ 157,379 |
State net operating loss carryforwards | 16,054 | 10,070 |
Foreign net operating loss carryforwards | 58,644 | 45,047 |
Employee compensation and benefit plans | 102,846 | 141,489 |
Advance royalties | 10,021 | 15,213 |
Accrued liabilities | 32,304 | 24,648 |
Sales returns and allowances | 30,740 | 22,494 |
Inventory | 25,380 | 11,635 |
Property, plant and equipment | 0 | 12,266 |
Unrealized foreign exchange gains or losses | 18,665 | 5,527 |
Deferred Tax Assets, Lease Liability | 251,285 | 0 |
Other | 17,898 | 9,557 |
Total gross deferred tax assets | 796,001 | 455,325 |
Less: Valuation allowance | (38,543) | (19,611) |
Deferred tax assets, net of valuation allowance | 757,458 | 435,714 |
U.S. Branches | (25,330) | (27,134) |
Residual tax liability on unremitted foreign earnings | (7,940) | (5,672) |
Property, plant and equipment | (4,531) | 0 |
Right of use asset | (227,054) | 0 |
Total deferred tax liabilities | (264,855) | (32,806) |
Total net deferred tax assets | $ 492,603 | $ 402,908 |
Income Taxes - Summary of Opera
Income Taxes - Summary of Operating Loss Carryforwards (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | ||
Valuation Allowance [Line Items] | ||||
Balance at Beginning of Period | $ 19,611 | $ 21,970 | $ 38,692 | |
Changes in Related Gross Deferred Tax Asset | [1] | 661 | (2,278) | (480) |
Change / (Release) | 18,271 | (81) | (16,242) | |
Balance at End of Period | 38,543 | 19,611 | $ 21,970 | |
Domestic Tax Authority [Member] | ||||
Valuation Allowance [Line Items] | ||||
Balance at Beginning of Period | 2,540 | |||
Changes in Related Gross Deferred Tax Asset | 5,508 | |||
Change / (Release) | 0 | |||
Balance at End of Period | 8,048 | 2,540 | ||
Foreign Tax Authority [Member] | ||||
Valuation Allowance [Line Items] | ||||
Balance at Beginning of Period | 17,071 | |||
Changes in Related Gross Deferred Tax Asset | (4,847) | |||
Change / (Release) | 18,271 | |||
Balance at End of Period | $ 30,495 | $ 17,071 | ||
[1] | The charges to the accounts are for the purposes for which the allowances were created. |
Income Taxes - Unrecognized tax
Income Taxes - Unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 29, 2020 | Nov. 24, 2019 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ||
Gross unrecognized tax benefits, beginning of period | $ 36,559 | $ 26,594 |
Increases related to current year tax positions | 1,575 | 2,432 |
Increases related to tax positions from prior years | 262 | 3,696 |
Decreases related to tax positions from prior years | (889) | (3,222) |
Settlement with tax authorities | (4,322) | 7,119 |
Lapses of statutes of limitation | (446) | (45) |
Other, including foreign currency translation | (453) | (15) |
Gross unrecognized tax benefits, end of period | $ 32,286 | $ 36,559 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 29, 2020 | Aug. 23, 2020 | May 24, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 26, 2019 | Feb. 24, 2019 | Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Income Taxes [Line Items] | |||||||||||
Income tax (benefit) expense | $ (4,710) | $ 24,565 | $ (94,636) | $ 12,139 | $ 22,422 | $ 27,340 | $ (2,429) | $ 35,271 | $ (62,642) | $ 82,604 | $ 214,778 |
Effective income tax rate | 33.00% | 17.30% | 43.00% | ||||||||
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | $ 26,100 | ||||||||||
CARES Act, Income Tax Expense (Benefit), Net Operating Loss Carryback Provision | 4,600 | ||||||||||
Deferred Tax Assets, Valuation Allowance | 38,543 | 19,611 | $ 38,543 | $ 19,611 | |||||||
One-time tax charge related to enactment of Tax Act | $ 143,400 | ||||||||||
U.S. federal statutory rate (percent) | 21.00% | 21.00% | 22.40% | ||||||||
Foreign and state tax costs associated with undistributed earnings from foreign subsidiaries | $ 10,300 | ||||||||||
Change in valuation allowance | $ (18,271) | 81 | $ 9,239 | ||||||||
Reassessment of tax liabilities | 6,480 | 12,552 | |||||||||
Change in tax law | (4,628) | 0 | 143,359 | ||||||||
Tax benefit related to provisional amount on re-measurement of deferred tax assets and liabilities | 95,600 | ||||||||||
Foreign net operating loss carryforwards | 58,644 | 45,047 | 58,644 | 45,047 | |||||||
Foreign operating loss | 227,800 | 227,800 | |||||||||
Deferred tax assets, subject to expiration | 103,800 | 103,800 | |||||||||
Deferred tax assets, not subject to expiration | 124,000 | 124,000 | |||||||||
Undistributed earnings of foreign subsidiaries | 8,200 | 8,200 | 10,300 | ||||||||
One-time U.S. transition tax on undistributed foreign earnings | 37,500 | 37,500 | 37,500 | ||||||||
Unrecognized tax benefits | 32,286 | 36,559 | 32,286 | 36,559 | 26,594 | ||||||
Unrecognized tax benefits that would impact effective tax rate | 28,800 | 33,100 | 28,800 | 33,100 | |||||||
Significant change in unrecognized tax benefits is reasonably possible, maximum | 1,100 | 1,100 | |||||||||
Penalties and interest accrued | 1,200 | 1,700 | 1,200 | 1,700 | |||||||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 38,500 | 38,500 | |||||||||
Foreign tax credit carryforwards | 232,164 | $ 157,379 | 232,164 | 157,379 | |||||||
Foreign Tax Credits Expired in Period | 6,300 | ||||||||||
Tax Cuts and Jobs Act, Change in Tax Rate, Deferred Tax Asset, Income Tax Expense | 95,600 | ||||||||||
Previously Used Foreign Tax Credits Written Off | 27,600 | 27,600 | |||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign, Net of Notional Interest Deduction | 57,700 | 57,700 | |||||||||
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Change / (Release) | 18,271 | $ (81) | $ (16,242) | ||||||||
Domestic Tax Authority [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Deferred Tax Assets, Valuation Allowance | $ 18,300 | 18,300 | |||||||||
Domestic Tax Authority [Member] | SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Change / (Release) | 0 | ||||||||||
Foreign Tax Authority [Member] | SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Change / (Release) | $ 18,271 |
Earnings Per Share Attributab_3
Earnings Per Share Attributable to Common Stockholders Earnings Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 29, 2020 | Aug. 23, 2020 | May 24, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 26, 2019 | Feb. 24, 2019 | Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 56,670 | $ 27,049 | $ (363,549) | $ 152,689 | $ 95,296 | $ 124,509 | $ 28,230 | $ 146,577 | $ (127,141) | $ 394,612 | $ 283,142 |
Weighted-average common shares outstanding - basic (in shares) | 398,383,193 | 397,711,322 | 397,484,849 | 396,216,057 | 394,670,867 | 394,169,688 | 389,518,461 | 377,077,111 | 397,315,117 | 389,082,277 | 377,139,847 |
Dilutive effect of stock awards (in shares) | 0 | 19,283,625 | 11,467,514 | ||||||||
Weighted-average common shares outstanding - diluted (in shares) | 408,784,914 | 407,677,385 | 397,484,849 | 410,068,373 | 411,984,817 | 413,639,749 | 409,332,997 | 393,234,825 | 397,315,117 | 408,365,902 | 388,607,361 |
Basic (usd per share) | $ 0.14 | $ 0.07 | $ (0.91) | $ 0.39 | $ 0.24 | $ 0.32 | $ 0.07 | $ 0.39 | $ (0.32) | $ 1.01 | $ 0.75 |
Diluted (usd per share) | $ 0.14 | $ 0.07 | $ (0.91) | $ 0.37 | $ 0.23 | $ 0.30 | $ 0.07 | $ 0.37 | $ (0.32) | $ 0.97 | $ 0.73 |
Anti-dilutive securities excluded from calculation of diluted earnings per share attributable to common stockholders | 0 | 174,923 | 755,550 | ||||||||
Potentially Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 23,200,000 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Levi Strauss Foundation [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Donation | $ 9.9 | $ 9.7 | $ 7.5 |
Business Segment Information (D
Business Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 29, 2020USD ($) | Aug. 23, 2020USD ($) | May 24, 2020USD ($) | Feb. 23, 2020USD ($) | Nov. 24, 2019USD ($) | Aug. 25, 2019USD ($) | May 26, 2019USD ($) | Feb. 24, 2019USD ($) | Nov. 29, 2020USD ($)Regional_Segments | Nov. 24, 2019USD ($) | Nov. 25, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of operating segments | Regional_Segments | 3 | ||||||||||
Net revenues | $ 1,385,856 | $ 1,063,085 | $ 497,542 | $ 1,506,126 | $ 1,568,608 | $ 1,447,081 | $ 1,312,940 | $ 1,434,458 | $ 4,452,609 | $ 5,763,087 | $ 5,575,440 |
Operating income (loss) | 92,018 | 92,325 | (448,244) | 178,782 | 131,647 | 171,218 | 62,898 | 200,912 | (85,119) | 566,675 | 540,411 |
Restructuring charges, net | 21,973 | 1,071 | 67,371 | 0 | 86,783 | ||||||
Interest expense | (25,853) | (28,437) | (11,246) | (16,654) | (18,286) | (15,126) | (15,292) | (17,544) | (82,190) | (66,248) | (55,296) |
Underwriter commission paid on behalf of selling stockholders | 0 | 0 | (24,860) | 0 | 0 | 24,860 | 0 | ||||
Other income (expense), net | (14,205) | (12,274) | 1,305 | 2,700 | 4,866 | (4,369) | 3,166 | (1,646) | (22,474) | 2,017 | 14,907 |
(Loss) income before income taxes | 51,960 | $ 51,614 | $ (458,185) | $ 164,828 | $ 118,227 | $ 151,557 | $ 26,078 | $ 181,722 | (189,783) | 477,584 | 500,022 |
Reduction to inventory valuation | (42,300) | (42,300) | |||||||||
Incremental allowance for doubtful accounts | 5,200 | ||||||||||
Impairment of long-lived assets related to certain retail locations | 58,700 | ||||||||||
Pension Settlement Losses | 14,737 | 0 | 0 | ||||||||
Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 2,345,378 | 3,057,024 | 3,042,664 | ||||||||
Operating income (loss) | 332,213 | 545,084 | 551,380 | ||||||||
Reduction to inventory valuation | 26,300 | 26,300 | |||||||||
Incremental allowance for doubtful accounts | 5,000 | ||||||||||
Impairment of long-lived assets related to certain retail locations | 50,000 | ||||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 1,435,576 | 1,768,056 | 1,646,236 | ||||||||
Operating income (loss) | 206,360 | 353,082 | 292,903 | ||||||||
Reduction to inventory valuation | 9,100 | 9,100 | |||||||||
Incremental allowance for doubtful accounts | 200 | ||||||||||
Impairment of long-lived assets related to certain retail locations | 6,300 | ||||||||||
Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 671,655 | 938,007 | 886,540 | ||||||||
Operating income (loss) | (21,813) | 85,824 | 86,573 | ||||||||
Reduction to inventory valuation | 6,900 | 6,900 | |||||||||
Adverse purchase commitment | $ 1,200 | 1,200 | |||||||||
Impairment of long-lived assets related to certain retail locations | 2,400 | ||||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | 516,760 | 983,990 | 930,856 | ||||||||
Corporate Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring charges, net | 90,415 | 0 | 0 | ||||||||
Other corporate staff costs and expenses | 511,464 | 417,315 | 390,445 | ||||||||
Corporate expenses | $ 601,879 | $ 417,315 | $ 390,445 |
Business Segment Information -
Business Segment Information - Schedule of Depreciation and Amortization by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Segment Reporting Information [Line Items] | |||
Total depreciation and amortization expense | $ 141,795 | $ 123,942 | $ 120,205 |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total depreciation and amortization expense | 51,892 | 42,353 | 43,319 |
Americas | |||
Segment Reporting Information [Line Items] | |||
Total depreciation and amortization expense | 53,294 | 45,884 | 43,478 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Total depreciation and amortization expense | 23,677 | 23,595 | 22,658 |
Asia | |||
Segment Reporting Information [Line Items] | |||
Total depreciation and amortization expense | $ 12,932 | $ 12,110 | $ 10,750 |
Business Segment Information _2
Business Segment Information - Schedule of Assets by Geographical Segment (Details) - USD ($) $ in Thousands | Nov. 29, 2020 | Nov. 24, 2019 |
Segment Reporting Information [Line Items] | ||
Inventories | $ 817,692 | $ 884,192 |
All other assets | 4,823,549 | 3,348,226 |
Total assets | 5,641,241 | 4,232,418 |
Americas | ||
Segment Reporting Information [Line Items] | ||
Inventories | 409,028 | 456,611 |
All other assets | 0 | 0 |
Europe | ||
Segment Reporting Information [Line Items] | ||
Inventories | 174,737 | 180,949 |
All other assets | 0 | 0 |
Asia | ||
Segment Reporting Information [Line Items] | ||
Inventories | 167,797 | 157,892 |
All other assets | 0 | 0 |
Corporate Segment | ||
Segment Reporting Information [Line Items] | ||
Inventories | 66,130 | 88,740 |
All other assets | $ 4,823,549 | $ 3,348,226 |
Business Segment Information _3
Business Segment Information - Revenue, Deferred Tax Assets, and Long Lived Assets by Geographical Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 29, 2020 | Aug. 23, 2020 | May 24, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 26, 2019 | Feb. 24, 2019 | Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 1,385,856 | $ 1,063,085 | $ 497,542 | $ 1,506,126 | $ 1,568,608 | $ 1,447,081 | $ 1,312,940 | $ 1,434,458 | $ 4,452,609 | $ 5,763,087 | $ 5,575,440 |
Total net deferred tax assets | 497,556 | 407,905 | 497,556 | 407,905 | 397,791 | ||||||
Long-Lived Assets | 485,539 | 571,645 | 485,539 | 571,645 | 490,472 | ||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 1,943,522 | 2,525,325 | 2,546,907 | ||||||||
Total net deferred tax assets | 404,800 | 327,980 | 404,800 | 327,980 | 313,644 | ||||||
Long-Lived Assets | 317,102 | 376,883 | 317,102 | 376,883 | 335,705 | ||||||
Foreign countries | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 2,509,087 | 3,237,762 | 3,028,533 | ||||||||
Total net deferred tax assets | 92,756 | 79,925 | 92,756 | 79,925 | 84,147 | ||||||
Long-Lived Assets | $ 168,437 | $ 194,762 | $ 168,437 | $ 194,762 | $ 154,767 |
Long-Term Employee Related Bene
Long-Term Employee Related Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Compensation Related Costs [Abstract] | |||
Deferred compensation plan, interest cost | $ 13.8 | $ 9.4 | $ 0.7 |
Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent, Excluded from the rabbi trust [Line Items] | |||
Funds held in grantor's rabbi trust | 71.2 | 49.2 | |
Deferred compensation plan for executives and outside directors, established January 1, 2003 [Member] | |||
Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent, Excluded from the rabbi trust [Line Items] | |||
Total deferred compensation plan liabilities | 67.9 | 52.8 | |
Deferred compensation plan for executives, prior to January 1, 2003 [Member] | |||
Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent, Excluded from the rabbi trust [Line Items] | |||
Total deferred compensation plan liabilities | $ 30.8 | $ 29 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 29, 2020 | Aug. 23, 2020 | May 24, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 26, 2019 | Feb. 24, 2019 | Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $ 1,385,856 | $ 1,063,085 | $ 497,542 | $ 1,506,126 | $ 1,568,608 | $ 1,447,081 | $ 1,312,940 | $ 1,434,458 | $ 4,452,609 | $ 5,763,087 | $ 5,575,440 |
Cost of goods sold | 619,309 | 485,687 | 327,890 | 666,799 | 717,212 | 680,335 | 612,517 | 651,650 | 2,099,685 | 2,661,714 | 2,577,465 |
Gross profit | 766,547 | 577,398 | 169,652 | 839,327 | 851,396 | 766,746 | 700,423 | 782,808 | 2,352,924 | 3,101,373 | 2,997,975 |
Selling, general and administrative expenses | 652,556 | 484,002 | 550,525 | 660,545 | 719,749 | 595,528 | 637,525 | 581,896 | 2,347,628 | 2,534,698 | 2,457,564 |
Restructuring charges, net | 21,973 | 1,071 | 67,371 | 0 | 86,783 | ||||||
Operating (loss) income | 92,018 | 92,325 | (448,244) | 178,782 | 131,647 | 171,218 | 62,898 | 200,912 | (85,119) | 566,675 | 540,411 |
Interest expense | (25,853) | (28,437) | (11,246) | (16,654) | (18,286) | (15,126) | (15,292) | (17,544) | (82,190) | (66,248) | (55,296) |
Underwriter commission paid on behalf of selling stockholders | 0 | 0 | 24,860 | 0 | 0 | (24,860) | 0 | ||||
Other (expense) income, net | (14,205) | (12,274) | 1,305 | 2,700 | 4,866 | (4,369) | 3,166 | (1,646) | (22,474) | 2,017 | 14,907 |
(Loss) income before income taxes | 51,960 | 51,614 | (458,185) | 164,828 | 118,227 | 151,557 | 26,078 | 181,722 | (189,783) | 477,584 | 500,022 |
Income tax expense (benefit) | (4,710) | 24,565 | (94,636) | 12,139 | 22,422 | 27,340 | (2,429) | 35,271 | (62,642) | 82,604 | 214,778 |
Net (loss) income | 95,805 | 124,217 | 28,507 | 146,451 | (127,141) | 394,980 | 285,244 | ||||
Net loss (income) attributable to noncontrolling interest | (509) | 292 | (277) | 126 | 0 | 368 | 2,102 | ||||
Net (loss) income attributable to Levi Strauss & Co. | $ 56,670 | $ 27,049 | $ (363,549) | $ 152,689 | $ 95,296 | $ 124,509 | $ 28,230 | $ 146,577 | $ (127,141) | $ 394,612 | $ 283,142 |
Basic (usd per share) | $ 0.14 | $ 0.07 | $ (0.91) | $ 0.39 | $ 0.24 | $ 0.32 | $ 0.07 | $ 0.39 | $ (0.32) | $ 1.01 | $ 0.75 |
Diluted (usd per share) | $ 0.14 | $ 0.07 | $ (0.91) | $ 0.37 | $ 0.23 | $ 0.30 | $ 0.07 | $ 0.37 | $ (0.32) | $ 0.97 | $ 0.73 |
Basic (in shares) | 398,383,193 | 397,711,322 | 397,484,849 | 396,216,057 | 394,670,867 | 394,169,688 | 389,518,461 | 377,077,111 | 397,315,117 | 389,082,277 | 377,139,847 |
Diluted (in shares) | 408,784,914 | 407,677,385 | 397,484,849 | 410,068,373 | 411,984,817 | 413,639,749 | 409,332,997 | 393,234,825 | 397,315,117 | 408,365,902 | 388,607,361 |
Cash dividends declared per share (usd per share) | $ 0 | $ 0 | $ 0.08 | $ 0.08 | $ 0.01 | $ 0 | $ 0 | $ 0.29 | |||
Incremental Charges Recognized Due to Unusual or Infrequent Item | $ 242,000 | ||||||||||
Asset Impairment Charges | 88,000 | $ 66,987 | $ 2,388 | $ 1,552 | |||||||
Inventory and Other Charges | $ 86,600 |
Schedule II_ Valuation and Qu_2
Schedule II: Valuation and Qualifying Acounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 29, 2020 | Nov. 24, 2019 | Nov. 25, 2018 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 6,172 | $ 10,037 | $ 11,726 | |
Additions Charged to Expenses/Net Sales/(Releases) to Tax Expense | 7,858 | (978) | 2,284 | |
Release | [1] | (658) | 2,887 | 3,973 |
Balance at End of Period | 14,688 | 6,172 | 10,037 | |
Sales Returns [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | 0 | 53,684 | 47,401 | |
Additions Charged to Expenses/Net Sales/(Releases) to Tax Expense | 295,356 | 259,866 | 245,665 | |
Release | [1] | 295,356 | 313,550 | 239,382 |
Balance at End of Period | 0 | 0 | 53,684 | |
Sales Discounts and Incentives [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | 1,756 | 120,704 | 135,139 | |
Additions Charged to Expenses/Net Sales/(Releases) to Tax Expense | 304,590 | 351,686 | 357,929 | |
Release | [1] | 304,863 | 470,634 | 372,364 |
Balance at End of Period | 1,483 | 1,756 | 120,704 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | 19,611 | 21,970 | 38,692 | |
Additions Charged to Expenses/Net Sales/(Releases) to Tax Expense | 18,271 | (81) | (16,242) | |
Release | [1] | (661) | 2,278 | 480 |
Balance at End of Period | $ 38,543 | $ 19,611 | $ 21,970 | |
[1] | The charges to the accounts are for the purposes for which the allowances were created. |