LEVI STRAUSS & CO [LEVI] Filings

10-Q 1 lvis-20240825.htm 10-Q lvis-20240825

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

Form 10-Q

(Mark One)


☑						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended August 25, 2024


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-06631

_________________

LEVI STRAUSS & CO.

(Exact Name of Registrant as Specified in Its Charter)


Delaware						94-0905160
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

1155 Battery Street, San Francisco, California 94111

(Address of Principal Executive Offices) (Zip Code)

(415) 501-6000

(Registrant’s Telephone Number, Including Area Code)

None

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

_________________

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.001 par value per share

LEVI

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "Large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer þ	Accelerated filer ¨	Emerging growth company ☐
Non-accelerated filer ¨		Smaller reporting company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ¨ No þ

As of September 25, 2024, the registrant had 104,724,812 shares of Class A common stock, $0.001 par value per share and 292,002,695 shares of Class B common stock, $0.001 par value per share, outstanding.

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LEVI STRAUSS & CO. AND SUBSIDIARIES

INDEX TO FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED AUGUST 25, 2024


		Page Number

PART I — FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements (unaudited):
	Consolidated Balance Sheets as of August 25, 2024 and November 26, 2023	3
	Consolidated Statements of Income for the Three and Nine Months Ended August 25, 2024 and August 27, 2023	4
	Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months Ended August 25, 2024 and August 27, 2023	5
	Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended August 25, 2024 and August 27, 2023	6
	Consolidated Statements of Cash Flows for the Nine Months Ended August 25, 2024 and August 27, 2023	8
	Notes to Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	61
Item 4.	Controls and Procedures	61

PART II — OTHER INFORMATION
Item 1.	Legal Proceedings	62
Item 1A.	Risk Factors	62
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63
Item 3.	Defaults Upon Senior Securities	63
Item 4.	Mine Safety Disclosures	63
Item 5.	Other Information	63
Item 6.	Exhibits	64
SIGNATURE		65

WHERE YOU CAN FIND MORE INFORMATION

Investors and others should note that we announce material financial information to our investors using our corporate website, press releases, SEC filings and public conference calls and webcasts. We also use these channels and social media channels as a means of disclosing information about our company, products, planned financial and other announcements, attendance at upcoming investor and industry conferences and other matters, as well as for complying with our disclosure obligations under Regulation FD promulgated under the Securities Exchange Act of 1934, as amended. Our corporate website and social media channels can be found at:

•our Investor Relations page (http://investors.levistrauss.com);

•our Twitter account (https://twitter.com/LeviStraussCo);

•our company blog (https://www.levistrauss.com/unzipped-blog/);

•our Facebook page (https://www.facebook.com/levistraussco/);

•our LinkedIn page (https://www.linkedin.com/company/levi-strauss-&-co-);

•our Instagram page (https://www.instagram.com/levistraussco/); and

•our YouTube channel (https://www.youtube.com/user/levistraussvideo).

The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels in addition to following our press releases, SEC filings and public conference calls and webcasts. This list may be updated from time to time. The information we post through these channels is not a part of this Quarterly Report.

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PART I — FINANCIAL INFORMATION


Item 1.			CONSOLIDATED FINANCIAL STATEMENTS

LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


	(Unaudited)
	August 25, 2024		November 26, 2023

	(Dollars in millions)
ASSETS
Current Assets:
Cash and cash equivalents	$	577.1	$	398.8

Trade receivables, net	679.5		752.7
Inventories	1,275.2		1,290.1
Other current assets	213.7		196.0
Total current assets	2,745.5		2,637.6
Property, plant and equipment, net	699.1		680.7
Goodwill	280.8		303.7
Other intangible assets, net	198.4		267.6
Deferred tax assets, net	777.8		729.5
Operating lease right-of-use assets, net	1,103.0		1,033.9
Other non-current assets	448.9		400.6
Total assets	$	6,253.5	$	6,053.6

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:


Accounts payable	667.8		567.9
Accrued salaries, wages and employee benefits	209.6		214.9
Accrued sales returns and allowances	181.3		189.8
Short-term operating lease liabilities	254.2		245.5
Other accrued liabilities	633.2		569.4
Total current liabilities	1,946.1		1,787.5
Long-term debt	1,020.5		1,009.4



Long-term operating lease liabilities	969.9		913.1
Long-term employee related benefits and other liabilities	443.9		297.2
Total liabilities	4,380.4		4,007.2

Commitments and contingencies



Stockholders’ Equity:

Common stock — $0.001 par value; 1,200,000,000 Class A shares authorized, 104,374,812 shares and 102,104,670 shares issued and outstanding as of August 25, 2024 and November 26, 2023, respectively; and 422,000,000 Class B shares authorized, 292,352,695 shares and 295,243,353 shares issued and outstanding, as of August 25, 2024 and November 26, 2023, respectively	0.4		0.4
Additional paid-in capital	720.0		686.7
Retained earnings	1,571.2		1,750.2
Accumulated other comprehensive loss	(418.5)		(390.9)


Total stockholders’ equity	1,873.1		2,046.4
Total liabilities and stockholders’ equity	$	6,253.5	$	6,053.6

The accompanying notes are an integral part of these consolidated financial statements.

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LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME


	Three Months Ended				Nine Months Ended
	August 25, 2024		August 27, 2023		August 25, 2024		August 27, 2023

	(Dollars in millions, except per share amounts) (Unaudited)
Net revenues	$	1,516.8	$	1,511.0	$	4,515.6	$	4,536.7
Cost of goods sold	606.1		671.5		1,826.7		1,970.7
Gross profit	910.7		839.5		2,688.9		2,566.0
Selling, general and administrative expenses	765.6		713.0		2,345.5		2,254.4
Restructuring charges, net	3.4		1.5		174.7		19.3
Goodwill and other intangible asset impairment charges	111.4		90.2		116.9		90.2
Operating income	30.3		34.8		51.8		202.1
Interest expense	(10.1)		(11.5)		(30.4)		(35.4)

Other expense, net	(0.4)		(26.7)		(2.3)		(38.1)
Income (loss) before income taxes	19.8		(3.4)		19.1		128.6
Income tax (benefit) expense	(0.9)		(13.0)		(8.9)		5.9
Net income	$	20.7	$	9.6	$	28.0	$	122.7


Earnings per common share:
Basic	$	0.05	$	0.02	$	0.07	$	0.31
Diluted	$	0.05	$	0.02	$	0.07	$	0.31
Weighted-average common shares outstanding:
Basic	398,187,049		397,767,394		398,642,455		396,969,596
Diluted	402,398,064		400,992,735		402,848,679		401,454,820

The accompanying notes are an integral part of these consolidated financial statements.

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LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME


	Three Months Ended				Nine Months Ended
	August 25, 2024		August 27, 2023		August 25, 2024		August 27, 2023

	(Dollars in millions) (Unaudited)
Net income	$	20.7	$	9.6	$	28.0	$	122.7
Other comprehensive (loss) income, before related income taxes:
Pension and postretirement benefits	2.3		18.6		6.3		23.2
Derivative instruments	(12.7)		(14.6)		5.1		(66.1)
Foreign currency translation (losses) gains	(34.3)		14.5		(36.1)		61.9
Unrealized gains on marketable securities	—		0.1		—		0.8
Total other comprehensive (loss) income, before related income taxes	(44.7)		18.6		(24.7)		19.8
Income tax benefit (expense) related to items of other comprehensive (loss) income	0.9		5.0		(2.9)		3.8
Comprehensive (loss) income, net of taxes	$	(23.1)	$	33.2	$	0.4	$	146.3

The accompanying notes are an integral part of these consolidated financial statements.

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LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY


	Three Months Ended August 25, 2024

	Class A & Class B Common Stock (In Shares)	Class A & Class B Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity

	(Shares & Dollars in millions) (Unaudited)
Balance at May 26, 2024	397.4	$	0.4	$	708.0	$	1,620.0	$	(374.7)	$	1,953.7
Net income	—	—		—		20.7		—		20.7
Other comprehensive loss, net of tax	—	—		—		—		(43.8)		(43.8)
Stock-based compensation and dividends, net	0.1	—		12.7		(0.2)		—		12.5
Employee stock purchase plan	0.1	—		2.0		—		—		2.0
Repurchase of common stock	(0.9)	—		—		(17.8)		—		(17.8)
Tax withholdings on equity awards	—	—		(2.7)		—		—		(2.7)
Cash dividends declared ($0.13 per share)	—	—		—		(51.5)		—		(51.5)
Balance at August 25, 2024	396.7	$	0.4	$	720.0	$	1,571.2	$	(418.5)	$	1,873.1


	Nine Months Ended August 25, 2024

	Class A & Class B Common Stock (In Shares)	Class A & Class B Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity

	(Shares & Dollars in millions) (Unaudited)
Balance at November 26, 2023	397.3	$	0.4	$	686.7	$	1,750.2	$	(390.9)	$	2,046.4
Net income	—	—		—		28.0		—		28.0
Other comprehensive loss, net of tax	—	—		—		—		(27.6)		(27.6)
Stock-based compensation and dividends, net	2.3	—		48.2		(0.2)		—		48.0
Employee stock purchase plan	0.3	—		6.2		—		—		6.2
Repurchase of common stock	(3.2)	—		—		(59.7)		—		(59.7)
Tax withholdings on equity awards	—	—		(21.1)		—		—		(21.1)
Cash dividends declared ($0.37 per share)	—	—		—		(147.1)		—		(147.1)
Balance at August 25, 2024	396.7	$	0.4	$	720.0	$	1,571.2	$	(418.5)	$	1,873.1

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LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY — (continued)


	Three Months Ended August 27, 2023

	Class A & Class B Common Stock (In Shares)	Class A & Class B Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity

	(Shares & Dollars in millions) (Unaudited)
Balance at May 28, 2023	396.7	$	0.4	$	649.9	$	1,709.1	$	(421.7)	$	1,937.7
Net income	—	—		—		9.6		—		9.6
Other comprehensive income, net of tax	—	—		—		—		23.6		23.6
Stock-based compensation and dividends, net	0.2	—		18.0		—		—		18.0
Employee stock purchase plan	0.2	—		2.4		—		—		2.4

Tax withholdings on equity awards	—	—		(2.2)		—		—		(2.2)
Cash dividends declared ($0.12 per share)	—	—		—		(47.7)		—		(47.7)
Balance at August 27, 2023	397.1	$	0.4	$	668.1	$	1,671.0	$	(398.1)	$	1,941.4


	Nine Months Ended August 27, 2023

	Class A & Class B Common Stock (In Shares)	Class A & Class B Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity

	(Shares & Dollars in millions) (Unaudited)
Balance at November 27, 2022	393.7	$	0.4	$	625.6	$	1,699.4	$	(421.7)	$	1,903.7
Net income	—	—		—		122.7		—		122.7
Other comprehensive income, net of tax	—	—		—		—		23.6		23.6
Stock-based compensation and dividends, net	3.4	—		56.5		(0.1)		—		56.4
Employee stock purchase plan	0.5	—		7.2		—		—		7.2
Repurchase of common stock	(0.5)	—		—		(8.1)		—		(8.1)
Tax withholdings on equity awards	—	—		(21.2)		—		—		(21.2)
Cash dividends declared ($0.36 per share)	—	—		—		(142.9)		—		(142.9)
Balance at August 27, 2023	397.1	$	0.4	$	668.1	$	1,671.0	$	(398.1)	$	1,941.4

The accompanying notes are an integral part of these consolidated financial statements.

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LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS


	Nine Months Ended
	August 25, 2024		August 27, 2023

	(Dollars in millions) (Unaudited)
Cash Flows from Operating Activities:
Net income	$	28.0	$	122.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	138.8		122.2
Goodwill and intangible asset impairment	116.9		90.2
Property, plant, and equipment impairment, and early lease terminations, net	12.1		25.0









Stock-based compensation	48.2		56.4

Deferred income taxes	(68.6)		(77.0)
Other, net	12.6		4.5
Net change in operating assets and liabilities	313.1		(167.4)











Net cash provided by operating activities	601.1		176.6
Cash Flows from Investing Activities:
Purchases of property, plant and equipment	(161.8)		(250.4)
Payment for business acquisition	(34.4)		(8.6)
Proceeds on settlement of forward foreign exchange contracts not designated for hedge accounting, net	5.3		27.3

Proceeds from sale, maturity and collection of short-term investments	—		70.8
Other investing activities, net	(1.3)		—
Net cash used for investing activities	(192.2)		(160.9)
Cash Flows from Financing Activities:



Proceeds from senior revolving credit facility	—		200.0
Repayments of senior revolving credit facility	—		(175.0)








Repurchase of common stock	(59.7)		(8.1)
Tax withholdings on equity awards	(21.1)		(21.2)

Dividends to stockholders	(147.1)		(142.9)

Other financing activities, net	(1.2)		8.1
Net cash used for financing activities	(229.1)		(139.1)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(1.5)		(11.8)
Net increase (decrease) in cash and cash equivalents and restricted cash	178.3		(135.2)
Beginning cash and cash equivalents	398.8		429.7
Ending cash and cash equivalents	$	577.1	$	294.5



Noncash Investing Activity:
Property, plant and equipment acquired and not yet paid at end of period	$	61.4	$	38.4
Right-of-use assets acquired in exchange for operating lease liabilities	30.6		—
Right-of-use assets acquired in exchange for finance lease obligation	14.0		—



Supplemental disclosure of cash flow information:

Cash paid for income taxes during the period, net of refunds	75.7		66.8

The accompanying notes are an integral part of these consolidated financial statements.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE QUARTERLY PERIOD ENDED AUGUST 25, 2024

NOTE 1: SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

Levi Strauss & Co. (the “Company”) is one of the world’s largest brand-name apparel companies. The Company designs, markets and sells – directly or through third parties and licensees – products that include jeans, casual and dress pants, tops, shorts, skirts, dresses, jackets, activewear, footwear and related accessories for men, women and children around the world under the Levi’s®, Levi Strauss Signature™, Denizen®, Dockers® and Beyond Yoga® brands.

Basis of Presentation and Principles of Consolidation

The interim consolidated financial statements of the Company and its wholly-owned and majority-owned foreign and domestic subsidiaries, including the notes, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim period financial statements and do not include all of the information and disclosures required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments necessary for a fair statement of the financial position and the results of operations for the periods presented have been included. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended November 26, 2023, included in the Company’s 2023 Annual Report on Form 10-K.

The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany transactions have been eliminated. The results of operations for the three and nine months ended August 25, 2024 may not be indicative of the results to be expected for any other interim period or the year ending December 1, 2024.

The Company’s fiscal year ends on the Sunday that is closest to November 30 of that year, although the fiscal years of certain foreign subsidiaries end on November 30. Each quarter of both fiscal years 2024 and 2023 consists of 13 weeks, with the exception of the fourth quarter of 2024, which will consist of 14 weeks. All references to years and quarters relate to fiscal years and quarters rather than calendar years and quarters.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes to the consolidated financial statements. Estimates are based upon historical factors, current circumstances and the experience and judgment of the Company’s management. Management evaluates its estimates and assumptions on an ongoing basis and may employ outside experts to assist in its evaluations. Changes in such estimates, based on more accurate future information, or different assumptions or conditions, may affect amounts reported in future periods.

Expofaro S.A.S Distributor Acquisition

In December 2023, the Company signed a purchase agreement to acquire all operating assets related to Levi’s® brands from Expofaro S.A.S, the Company’s former distributor in Colombia, for $31.9 million in cash. This includes 40 Levi’s® retail stores and one e-commerce site, distribution with the country’s multi-brand retailers, and the logistical operations within these markets. The total fair value of assets acquired was $31.9 million and include goodwill, inventory, intangible and fixed assets. The goodwill and definite-lived intangible assets recognized as a result of the acquisition were $15.9 million and $10.3 million, respectively. The transaction closed in the second quarter of 2024.

Distribution Center Conversion

On May 24, 2024, the Company entered into an agreement with a third party logistics provider to manage all aspects of the Company’s Dorsten, Germany distribution center. As of the second quarter of 2024, the Company received the first payment of $77.9 million from the provider for use of the Company’s warehouse equipment and technologies over the term of the agreement. The Company will maintain certain rights over the warehouse equipment and technologies and will retain the related equipment on the consolidated balance sheets. The upfront payment will be amortized as a reduction in the related distribution expenses over the expected term of the arrangement, which commenced in the second half of the year. The upfront

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 25, 2024

payment is recognized on the consolidated balance sheets in “Other accrued liabilities” and “Long-term employee related benefits and other liabilities” and the proceeds are recorded as an operating activity in “Net change in operating assets and liabilities” on the consolidated statements of cash flows.

On June 6, 2024, the Company entered into an agreement with a third party logistics provider to replace the Company’s Canton, Mississippi distribution center with a new distribution center. The Company will maintain certain rights over the warehouse, and warehouse equipment and technologies resulting in an Operating lease right-of-use asset and lease liability of $30.6 million in “Operating lease right-of-use assets, net” and “Operating lease liabilities” balances and a Financing lease right-of-use asset and lease liability of $14.0 million in “Other non-current assets” and “Long-term employee related benefits and other liabilities” balances on the consolidated balance sheets.

Long-Lived Assets

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may be impaired. Impairment losses are measured and recorded for the excess of carrying value over its fair value, estimated based on expected future cash flows and other quantitative and qualitative factors. Property, plant and equipment, net includes accumulated depreciation of $1.4 billion and $1.3 billion as of August 25, 2024 and November 26, 2023, respectively.

In the third quarter of 2024, the Company recorded $11.1 million of asset impairment charges related to technology projects discontinued in connection with Project Fuel, which were recorded in “Selling, general and administrative expenses” in the accompanying consolidated statements of income. The Company also recorded an impairment charge of $9.1 million related to the Beyond Yoga® customer relationship intangible assets, which is included in “Goodwill and other intangible asset impairment charges” in the Company’s consolidated statements of income. See Note 2 for additional information.

In the third quarter of 2023, the Company recorded $6.1 million of impairment charges related to capitalized internal-use software as a result of the decision to discontinue certain technology projects, as well as $3.7 million of impairment related to other discontinued projects.

Supplier Finance Program

The Company adopted Accounting Standards Update No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations in the first quarter of 2024.

The Company offers a supplier financing program which enables the Company’s suppliers, at their sole discretion, to sell their receivables (i.e., the Company’s payment obligations to suppliers) to a financial institution on a non-recourse basis in order to be paid earlier than current payment terms provide.

The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by the supplier’s participation in these arrangements. The Company’s payment terms to the financial institutions, including the timing and amount of payments, are based on the original supplier invoices. Our current payment terms with a majority of our suppliers are typically 90 days. The Company has not pledged any assets and does not provide guarantees under the supplier finance program. As such, the outstanding payment obligations under the Company’s supplier finance program are included within Accounts Payable in the Consolidated Balance Sheets.

The Company’s outstanding payment obligations under this program were $139.9 million as of August 25, 2024 and $113.4 million as of November 26, 2023.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 25, 2024

Share Repurchases

During the three and nine months ended August 25, 2024, the Company repurchased 1.0 million and 3.3 million shares for $17.8 million and $59.7 million, plus broker’s commissions, respectively, in the open market. This equates to an average repurchase price of approximately $18.35 per share for the nine months ended August 25, 2024. During the nine months ended August 27, 2023, the Company repurchased 0.5 million shares for $8.1 million, plus broker's commissions, in the open market during the first quarter. This equates to an average repurchase price of approximately $17.97 per share. There were no shares repurchased in either the second or third quarters of 2023.

The Company accounts for share repurchases by charging entirely to retained earnings the excess of the repurchase price over the repurchased Class A common stock’s par value. All repurchased shares are retired and become authorized but unissued shares. The Company accrues for the shares purchased under the share repurchase plan based on the trade date. The Company may terminate or limit the share repurchase program at any time.

Reclassification

Certain amounts on the consolidated balance sheets, consolidated statements of income and statements of cash flows have been conformed to the August 25, 2024 presentation.

Recently Issued Accounting Standards

There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s consolidated financial statements and footnote disclosures, from those disclosed in the 2023 Annual Report on Form 10-K.

NOTE 2: GOODWILL AND OTHER INTANGIBLE ASSETS

The changes in the carrying amount of goodwill by business segment for the nine months ended August 25, 2024 and August 27, 2023 were as follows:


	Nine Months Ended August 25, 2024
	Americas		Europe		Asia		Other Brands(1)		Total

	(Dollars in millions)
Balance, November 26, 2023
Goodwill	$	231.7	$	32.6	$	2.8	$	123.6	390.7
Accumulated impairment losses	—		(11.6)		—		(75.4)		(87.0)
	231.7		21.0		2.8		48.2		303.7
Impairment losses(2)	—		(5.5)		—		(36.3)		(41.8)
Goodwill acquired during the year(3)	15.9		5.0		—		—		20.9
Foreign currency fluctuation	(2.7)		0.6		0.1		—		(2.0)
Balance, August 25, 2024
Goodwill	244.9		38.2		2.9		123.6		409.6
Accumulated impairment losses	—		(17.1)		—		(111.7)		(128.8)
	$	244.9	$	21.1	$	2.9	$	11.9	$	280.8

_____________

(1)Comprised of the Beyond Yoga® reporting unit goodwill only.

(2)For the nine months ended August 25, 2024 the Company recorded a Beyond Yoga® goodwill noncash impairment charge of $36.3 million.

(3)For the nine months ended August 25, 2024 the Company recorded goodwill of $15.9 million in connection with the acquisition of all operating assets related to Levi’s® brands from Expofaro S.A.S, the Company’s former distributor in Colombia.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 25, 2024


	Nine Months Ended August 27, 2023
	Americas		Europe		Asia		Other Brands(1)		Total

	(Dollars in millions)
Balance, November 27, 2022
Goodwill	$	229.5	$	21.3	$	2.9	$	123.6	$	377.3
Accumulated impairment losses	—		(11.6)		—		—		(11.6)
	229.5		9.7		2.9		123.6		365.7
Impairment losses(2)	—		—		—		(75.4)		(75.4)
Goodwill acquired during the year	1.1		7.3		—		—		8.4
Foreign currency fluctuation	1.7		0.4		(0.1)		—		2.0
Balance, August 27, 2023
Goodwill	232.3		29.0		2.8		123.6		387.7
Accumulated impairment losses	—		(11.6)		—		(75.4)		(87.0)
	$	232.3	$	17.4	$	2.8	$	48.2	$	300.7

_____________

(1)Comprised of the Beyond Yoga® reporting unit goodwill only.

(2)For the nine months ended August 27, 2023 the company recorded a Beyond Yoga® goodwill noncash impairment charge of $75.4 million.

During the third quarter of 2024, as part of the Company’s annual review of the Beyond Yoga® reporting unit, the Company elected to perform a single step quantitative impairment test on the goodwill and indefinite lived trademark intangible assigned to the Beyond Yoga® reporting unit and performed impairment tests on the related customer relationship intangible assets. The Company engaged third-party valuation specialists and used industry accepted valuation models and criteria that were reviewed and approved by various levels of management.

The Company assessed the fair value of the Beyond Yoga® reporting unit as of the test date, May 27, 2024, using the discounted cash flow method under the income approach, utilizing estimated cash flows and a terminal value, discounted at a rate of return that reflects the relative risk of the cash flows. As a result of this assessment, we concluded that the carrying value of the Beyond Yoga® reporting unit exceeded the estimated fair value by $36.3 million, which was recorded as a noncash impairment charge to goodwill.

Prior to the assessment of the reporting unit, we concluded that the carrying values of the trademark and customer relationship intangible assets exceeded their estimated fair values. The trademark fair value was determined using the relief-from-royalty method to utilize the discounted projected future cash flows. Based on this assessment, we recorded a $66.0 million noncash impairment charge related to the Beyond Yoga® trademark. The customer relationship intangible assets fair values were determined using the multi-period excess earnings and distributor methods under the income approach. Based on these assessments, we recorded a $9.1 million noncash impairment charge related to the customer relationship intangible assets.

The significant assumptions used in the assessment of the fair value of the reporting unit included revenue growth rates, profit margins, operating expenses, capital expenditures, terminal value and a discount rate. The significant assumptions used in the assessment of the fair value of the trademark intangible asset included revenue growth rates, a discount rate and a royalty rate. The significant assumptions used in the assessment of the customer relationship intangible assets included revenues from existing customers and discount rates.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 25, 2024

Total impairment charges for the nine months ended August 25, 2024 were $111.4 million and were recorded within “Goodwill and other intangible asset impairment charges” on the accompanying consolidated statements of income. During 2024, the Company appointed new Beyond Yoga® executive management and implemented a new strategic plan for growth and expansion, resulting in an adverse impact on expected cash flows.

During the first quarter of 2024, the Company recognized $5.5 million in goodwill impairment charges related to the footwear business in its Europe segment as a result of the decision to discontinue the category in connection with Project Fuel.

For the nine months ended August 27, 2023, the Company recognized impairment charges of $90.2 million related to the Beyond Yoga® acquisition including a $75.4 million impairment in goodwill and a $14.8 million impairment in the trademark intangible asset. The impairment resulted from incremental investments in the brand and team, and disciplined expansion in response to the current macroeconomic conditions, resulting in an adverse impact on expected cash flows, as well as an increase in discount rates.

Other intangible assets, net, were as follows:


	August 25, 2024						November 26, 2023
	Gross Carrying Value		Accumulated Amortization		Total		Gross Carrying Value		Accumulated Amortization		Total

	(Dollars in millions)
Non-amortized intangible assets:
Trademarks(1)	$	177.9	$	—	$	177.9	$	243.9	$	—	$	243.9
Amortized intangible assets:
Customer relationships and other(2)	38.8		(18.3)		20.5		38.3		(14.6)		23.7
Total	$	216.7	$	(18.3)	$	198.4	$	282.2	$	(14.6)	$	267.6

_____________

(1)For the nine months ended August 25, 2024 the Company recorded a Beyond Yoga® trademark noncash impairment charge of $66.0 million based on a Level 3 fair value of $135.1 million.

For the nine months ended August 27, 2023 the Company recorded a Beyond Yoga® trademark noncash impairment charge of $14.8 million based on a Level 3 fair value of $201.1 million.

(2)For the nine months ended August 25, 2024 the Company recorded a Beyond Yoga® customer relationship intangible assets noncash impairment charge of $9.1 million based on a Level 3 fair value of $9.7 million.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 25, 2024

NOTE 3: FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents the Company’s financial instruments that are carried at fair value:


	August 25, 2024						November 26, 2023
			Fair Value Estimated Using						Fair Value Estimated Using
	Fair Value		Level 1 Inputs(1)		Level 2 Inputs(2)		Fair Value		Level 1 Inputs(1)		Level 2 Inputs(2)

	(Dollars in millions)
Financial assets carried at fair value
Rabbi trust assets	$	92.5	$	92.5	$	—	$	78.7	$	78.7	$	—

Derivative instruments(3)	11.4		—		11.4		13.8		—		13.8
Total	$	103.9	$	92.5	$	11.4	$	92.5	$	78.7	$	13.8
Financial liabilities carried at fair value

Derivative instruments(3)	13.2		—		13.2		9.1		—		9.1
Total	$	13.2	$	—	$	13.2	$	9.1	$	—	$	9.1

_____________

(1)Fair values estimated using Level 1 inputs are inputs that consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Rabbi trust assets consist of marketable equity securities.

(2)Fair values estimated using Level 2 inputs are inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly, and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. For forward foreign exchange contracts, inputs include foreign currency exchange and interest rates and, where applicable, credit default swap prices.

(3)The Company’s cash flow hedges are subject to International Swaps and Derivatives Association, Inc. master agreements. These agreements permit the net settlement of these contracts on a per-institution basis. Refer to Note 4 for more information.

The following table presents the carrying value, including related accrued interest, and estimated fair value of the Company’s financial instruments that are carried at adjusted historical cost:


	August 25, 2024				November 26, 2023
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value

	(Dollars in millions)
Financial liabilities carried at adjusted historical cost



3.375% senior notes due 2027(1)	$	533.2	$	527.9	$	518.3	$	500.2
3.50% senior notes due 2031(1)	503.5		449.1		498.7		407.2
Short-term borrowings	6.8		6.8		12.6		12.6
Total	$	1,043.5	$	983.8	$	1,029.6	$	920.0

_____________

(1)Fair values are estimated using Level 2 inputs and incorporate mid-market price quotes. Level 2 inputs are inputs other than quoted prices, that are observable for the liability, either directly or indirectly and include among other things, quoted prices for similar liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 25, 2024

NOTE 4: DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

As of August 25, 2024, the Company had forward foreign exchange contracts derivatives to buy $595.4 million and to sell $570.5 million in various foreign currencies. These contracts are at various exchange rates and expire at various dates through February 2026.

The table below provides data about the carrying values of derivative and non-derivative instruments:


	August 25, 2024						November 26, 2023
	Assets		(Liabilities)		Derivative Net Carrying Value		Assets		(Liabilities)		Derivative Net Carrying Value
	Carrying Value		Carrying Value				Carrying Value		Carrying Value

	(Dollars in millions)
Derivatives designated as hedging instruments
Foreign exchange risk cash flow hedges(1)	$	7.9	$	—	$	7.9	$	6.0	$	—	$	6.0
Foreign exchange risk cash flow hedges(2)	—		(8.8)		(8.8)		—		(7.1)		(7.1)
Total	$	7.9	$	(8.8)			$	6.0	$	(7.1)
Derivatives not designated as hedging instruments
Forward foreign exchange contracts(1)	$	11.4	$	(7.9)	$	3.5	$	13.8	$	(6.0)	$	7.8
Forward foreign exchange contracts(2)	8.8		(13.2)		(4.4)		7.1		(9.1)		(2.0)
Total	$	20.2	$	(21.1)			$	20.9	$	(15.1)
Non-derivatives designated as hedging instruments
Euro senior notes	$	—	$	(527.8)			$	—	$	(517.8)

_____________

(1)Included in "Other current assets" or "Other non-current assets" on the Company’s consolidated balance sheets.

(2)Included in "Other accrued liabilities" or "Long-term employee related benefits and other liabilities" on the Company’s consolidated balance sheets.

The Company’s over-the-counter forward foreign exchange contracts are subject to International Swaps and Derivatives Association, Inc. master agreements. These agreements permit the net settlement of these contracts on a per-institution basis; however, the Company records the fair value on a gross basis on its consolidated balance sheets based on maturity dates, including those subject to master netting arrangements. The table below presents the gross and net amounts of these contracts recognized on the Company’s consolidated balance sheets by type of financial instrument:


	August 25, 2024							November 26, 2023
	Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet		Net Amounts of Assets / (Liabilities)		Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet	Gross Amounts Not Offset in the Balance Sheet		Net Amounts of Assets / (Liabilities)


	(Dollars in millions)
Foreign exchange risk contracts and forward foreign exchange contracts
Financial assets	$	28.1	$	(13.4)	$	14.7		$	26.9	$	(13.1)	$	13.8
Financial liabilities	(29.9)		13.4		(16.5)			(22.2)		13.1		(9.1)
Total					$	(1.8)						$	4.7

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 25, 2024

The table below provides data about the amount of gains and losses related to derivative instruments and non-derivative instruments designated as cash flow and net investment hedges included in “Accumulated other comprehensive loss” (“AOCL”) on the Company’s consolidated balance sheets, and in “Other expense, net” in the Company’s consolidated statements of income:


	Amount of (Loss) Gain Recognized in AOCL (Effective Portion)				Amount of (Loss) Gain Reclassified from AOCL into Net Income(1)
	As of August 25, 2024		As of November 26, 2023		Three Months Ended				Nine Months Ended
					August 25, 2024		August 27, 2023		August 25, 2024		August 27, 2023

	(Dollars in millions)
Foreign exchange risk contracts	$	(0.1)	$	(15.0)	$	(0.2)	$	3.4	$	(18.2)	$	28.1
Realized forward foreign exchange swaps(2)	4.6		4.6		—		—		—		—
Yen-denominated Eurobonds	(19.8)		(19.8)		—		—		—		—
Euro-denominated senior notes	(40.6)		(30.8)		—		—		—		—
Cumulative income taxes	17.9		19.0		—		—		—		—
Total	$	(38.0)	$	(42.0)

_____________

(1)Amounts reclassified from AOCL were classified as net revenues or costs of goods sold on the consolidated statements of income.

(2)Prior to 2006, the Company used foreign exchange currency swaps to hedge the net investment in its foreign operations. For hedges that qualified for hedge accounting, the net gains were included in AOCL and are not reclassified to earnings until the related net investment position has been liquidated.

There was no hedge ineffectiveness for the nine months ended August 25, 2024. Within the next 12 months, a $0.5 million loss from cash flow hedges is expected to be reclassified from AOCL into net income.

The table below presents the effects of the Company’s cash flow hedges of foreign exchange risk contracts on the consolidated statements of income:


	Three Months Ended				Nine Months Ended
	August 25, 2024		August 27, 2023		August 25, 2024		August 27, 2023

	(Dollars in millions)
Amount of (Loss) Gain on Cash Flow Hedge Activity
Net revenues	$	(1.2)	$	(0.5)	$	(4.0)	$	1.9
Cost of goods sold	$	1.0	$	3.9	$	(14.2)	$	26.3

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 25, 2024

The table below provides data about the amount of gains and losses related to derivatives instruments included in “Other expense, net” in the Company’s consolidated statements of income:


	Three Months Ended				Nine Months Ended
	August 25, 2024		August 27, 2023		August 25, 2024		August 27, 2023

	(Dollars in millions)
Realized (loss) gain(1)	$	(1.0)	$	1.7	$	8.3	$	24.3
Unrealized (loss) gain	(0.1)		3.1		(6.5)		(3.7)
Total	$	(1.1)	$	4.8	$	1.8	$	20.6

_____________

(1)Realized (losses) gains related to derivatives instruments were classified as Other, net on the Company’s consolidated statements of cash flows.

NOTE 5: OTHER ACCRUED LIABILITIES

The following table presents the Company’s other accrued liabilities:


	August 25, 2024		November 26, 2023

	(Dollars in millions)
Other accrued liabilities
Accrued non-trade payables	$	147.7	$	177.7
Restructuring liabilities	76.1		16.6
Taxes other than income taxes payable	64.3		63.3
Accrued property, plant and equipment	61.4		59.6
Accrued advertising and promotion	59.4		44.7
Accrued income taxes	44.0		41.8
Accrued interest payable	16.8		8.2
Fair value derivatives	11.9		9.1
Accrued rent	8.5		9.9
Short-term debt	6.8		12.5
Other	136.3		126.0
Total other accrued liabilities	$	633.2	$	569.4

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 25, 2024

NOTE 6: DEBT

The following table presents the Company’s debt:


	August 25, 2024		November 26, 2023

	(Dollars in millions)
Long-term debt


3.375% senior notes due 2027	$	525.4	$	514.9
3.50% senior notes due 2031	495.1		494.5
Total long-term debt	$	1,020.5	$	1,009.4
Short-term debt




Short-term borrowings	6.8		12.5


Total debt	$	1,027.3	$	1,021.9

Senior Revolving Credit Facility

As of August 25, 2024, the Company had no borrowings under the Credit Facility. The Company’s unused availability under the Credit Facility was $705.8 million at August 25, 2024, as the total availability of $726.8 million was reduced by $21.0 million of letters of credit and other credit usage allocated under the Credit Facility.

Interest Rates on Borrowings

The Company’s weighted-average interest rate on average borrowings outstanding during the three and nine months ended August 25, 2024 was 3.97% and 3.98%, respectively, as compared to 4.35% and 4.24%, respectively, during the same periods of 2023.

NOTE 7: RESTRUCTURING ACTIVITIES

In the first quarter of 2024, our Board of Directors (the "Board") approved a multi-year global productivity initiative, “Project Fuel”, designed to accelerate the execution of our Brand Led and DTC First strategies while fueling long-term profitable growth. The first phase of the global productivity initiative was completed primarily in the first half of 2024. The two-year initiative is expected to continue through the end of 2025. As this initiative progresses, the Company may incur additional restructuring charges, which could be significant to a future fiscal quarter or year.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 25, 2024

During the three and nine months ended August 25, 2024, we recognized restructuring charges of $3.4 million and $174.7 million, respectively, related to Project Fuel, consisting primarily of severance and other post-employment benefits, based on separation benefits provided by Company policy or statutory benefit plans as well as contract termination costs. These charges were recorded in “Restructuring charges, net” in the accompanying consolidated statements of income. As of August 25, 2024, the restructuring liability was $124.7 million, with $76.1 million and $48.6 million classified as “Other accrued liabilities” and “Long-term employee related benefits and other liabilities”, respectively, within the Company’s consolidated balance sheet.

During the three and nine months ended August 25, 2024, the Company also recognized $19.0 million and $34.3 million, respectively, of restructuring related charges primarily consisting of consulting fees, which were recorded in “Selling, general and administrative expenses” in the accompanying consolidated statements of income. Additionally, the Company recognized an impairment charge of $11.1 million in the third quarter of 2024 related to capitalized internal-use software as a result of the decision to discontinue certain technology projects in connection with Project Fuel, which was recorded in “Selling, general and administrative expenses” in the accompanying consolidated statements of income.

For the three and nine months ended August 27, 2023, the Company recognized net restructuring charges of $1.5 million and $19.3 million, respectively, which primarily related to severance benefits, based on separation benefits provided by Company policy or statutory benefit plans as well as contract termination costs. These charges were recorded in “Restructuring charges, net” in the accompanying consolidated statements of income.

The following tables summarize the activities associated with restructuring liabilities for the three and nine months ended August 25, 2024. "Net Charges (Reversals)" represents the initial charge related to the restructuring activity as well as revisions of estimates related to severance and employee-related benefits and other, "Payments" consists of cash payments for severance and employee-related benefits and other, and "Foreign Currency Fluctuations" includes foreign currency fluctuations.


	Three Months Ended August 25, 2024
	Liabilities		Net Charges (Reversals)			Payments		Foreign Currency Fluctuations		Liabilities
	May 26, 2024				August 25, 2024

	(Dollars in millions)
Severance and employee-related benefits	$	133.6	$	2.5		$	(35.2)	$	1.3	$	102.2
Contract termination costs and other	20.4		0.9			(0.3)		1.5		22.5
Total	$	154.0	$	3.4		$	(35.5)	$	2.8	$	124.7


	Nine Months Ended August 25, 2024
	Liabilities		Net Charges (Reversals)(1)			Payments		Foreign Currency Fluctuations		Liabilities
	November 26, 2023				August 25, 2024

	(Dollars in millions)
Severance and employee-related benefits	$	17.8	$	148.5		$	(66.2)	$	2.1	$	102.2
Contract termination costs and other	0.2		23.4			(2.5)		1.4		22.5
Total	$	18.0	$	171.9		$	(68.7)	$	3.5	$	124.7

_____________

(1)Excludes $2.0 million in stock compensation related charges recorded in Additional paid-in capital and $0.8 million in operating lease termination for the nine-month period ended August 25, 2024.

NOTE 8: COMMITMENTS AND CONTINGENCIES

Forward Foreign Exchange Contracts

The Company uses cash flow hedge derivative instruments to manage its exposure to foreign currencies. The Company is exposed to credit loss in the event of nonperformance by the counterparties to the forward foreign exchange contracts. However, the Company believes that its exposures are appropriately diversified across counterparties and that these

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 25, 2024

counterparties are creditworthy financial institutions. See Note 4 for additional information.

Other Contingencies

Litigation. In the ordinary course of business, the Company has various claims, complaints and pending cases, including contractual matters, facility and employee-related matters, distribution matters, product liability matters, intellectual property matters, bankruptcy preference matters, and tax and administrative matters. The Company establishes loss provisions for these ordinary course claims as well as other matters in which losses are probable and can be reasonably estimated. The Company does not believe any of these pending claims, complaints and legal proceedings will have a material impact on its financial condition, results of operations or cash flows.

Customs Duty Audits. The Company imports both raw materials and finished garments into all of its geographic regions and, as such, is subject to numerous countries’ complex customs laws and regulations with respect to its import and export activity. The Company has various pending audit assessments in connection with these activities. As of August 25, 2024, the Company has recorded certain reserves for these matters which are not material. The Company does not believe any of the claims for customs duty and related charges will have a material impact on its financial condition, results of operations or cash flows.

NOTE 9: DIVIDENDS

Dividends are declared at the discretion of the Board. In January, April and July 2024, the Company declared cash dividends of $0.12, $0.12 and $0.13 per share, respectively, to holders of record of its Class A and Class B common stock. In January, April and July 2023, the Company declared cash dividends of $0.12 per share. During the three and nine months ended August 25, 2024, dividends were paid in the amount of $51.5 million and $147.1 million, respectively, compared to $47.7 million and $142.9 million, respectively, for the same prior-year periods.

The Company does not have an established dividend policy. The Board reviews the Company’s ability to pay dividends on an ongoing basis and establishes the dividend amount based on the Company’s financial condition, results of operations, capital requirements, current and projected cash flows and other factors, and any restrictions related to the terms of the Company’s debt agreements.

Subsequent to the Company’s quarter end, a cash dividend of $0.13 per share was declared to holders of record of its Class A and Class B common stock at the close of business on October 29, 2024. The cash dividend will be payable on November 14, 2024, for a total quarterly dividend of approximately $52 million.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 25, 2024

NOTE 10: ACCUMULATED OTHER COMPREHENSIVE LOSS

The following is a summary of the components of "Accumulated other comprehensive loss," net of related income taxes:


	Three Months Ended August 25, 2024
	Pension and Postretirement Benefits(1)		Translation Adjustments
			Derivative Instruments(2)		Foreign Currency Translation		Total

	(Dollars in millions)
Accumulated other comprehensive loss at May 26, 2024	$	(150.2)	$	(27.2)	$	(197.3)		$	(374.7)
Other comprehensive (loss) income before reclassifications	(0.4)		(11.0)		(34.9)			(46.3)
Amounts reclassified from accumulated other comprehensive loss	2.3		0.2		—			2.5
Net increase (decrease) in other comprehensive (loss) income	1.9		(10.8)		(34.9)			(43.8)

Accumulated other comprehensive loss at August 25, 2024	$	(148.3)	$	(38.0)	$	(232.2)		$	(418.5)


	Nine Months Ended August 25, 2024
	Pension and Postretirement Benefits(1)		Translation Adjustments
			Derivative Instruments(2)		Foreign Currency Translation		Total

	(Dollars in millions)
Accumulated other comprehensive loss at November 26, 2023	$	(153.2)	$	(42.0)	$	(195.7)		$	(390.9)
Other comprehensive (loss) income before reclassifications	(1.8)		(14.2)		(36.5)			(52.5)
Amounts reclassified from accumulated other comprehensive loss	6.7		18.2		—			24.9
Net increase (decrease) in other comprehensive (loss) income	4.9		4.0		(36.5)

LEVI STRAUSS & CO [LEVI] Filings
10-Q	[2024-10-02]
10-Q	[2024-06-26]
10-Q	[2024-04-03]
10-K	[2024-01-25]
10-Q	[2023-10-05]
10-Q	[2023-07-06]
10-Q	[2023-04-06]
10-K	[2023-01-25]
10-Q	[2022-10-06]
10-Q	[2022-07-07]
10-Q	[2022-04-06]
10-K	[2022-01-26]
10-Q	[2021-10-06]
10-Q	[2021-07-08]
10-Q	[2021-04-08]
10-K	[2021-01-27]
10-Q	[2020-10-06]
10-Q	[2020-07-07]
10-Q	[2020-04-07]
10-K	[2020-01-30]
10-Q	[2019-10-08]
10-Q	[2019-07-09]
10-Q	[2019-04-09]
S-1	[2019-02-13]
10-K	[2019-02-05]
10-Q	[2018-10-09]
10-Q	[2018-07-10]
10-Q	[2018-04-10]
10-K	[2018-02-07]
10-Q	[2017-10-10]
10-Q	[2017-07-11]
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