þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE | 94-0905160 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer ¨ | Accelerated filer ¨ | Non-accelerated filer þ | Smaller reporting company ¨ | |||
(Do not check if a smaller reporting company) |
Page Number | |||
Item 1. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 1. | |||
Item 1A. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 5. | |||
Item 6. | |||
Item 1. | CONSOLIDATED FINANCIAL STATEMENTS |
(Unaudited) | |||||||
February 28, 2016 | November 29, 2015 | ||||||
(Dollars in thousands) | |||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 271,101 | $ | 318,571 | |||
Trade receivables, net of allowance for doubtful accounts of $11,043 and $11,025 | 388,620 | 498,196 | |||||
Inventories: | |||||||
Raw materials | 3,382 | 3,368 | |||||
Work-in-process | 3,696 | 3,031 | |||||
Finished goods | 733,213 | 600,460 | |||||
Total inventories | 740,291 | 606,859 | |||||
Other current assets | 109,410 | 104,523 | |||||
Total current assets | 1,509,422 | 1,528,149 | |||||
Property, plant and equipment, net of accumulated depreciation of $825,536 and $811,013 | 386,272 | 390,829 | |||||
Goodwill | 235,541 | 235,041 | |||||
Other intangible assets, net | 43,170 | 43,350 | |||||
Non-current deferred tax assets, net | 569,936 | 580,640 | |||||
Other non-current assets | 93,890 | 106,386 | |||||
Total assets | $ | 2,838,231 | $ | 2,884,395 | |||
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Short-term debt | $ | 40,779 | $ | 114,978 | |||
Current maturities of long-term debt | 35,394 | 32,625 | |||||
Accounts payable | 267,033 | 238,309 | |||||
Accrued salaries, wages and employee benefits | 133,269 | 182,430 | |||||
Restructuring liabilities | 15,736 | 20,141 | |||||
Accrued interest payable | 21,004 | 5,510 | |||||
Accrued income taxes | 17,190 | 6,567 | |||||
Other accrued liabilities | 296,516 | 245,607 | |||||
Total current liabilities | 826,921 | 846,167 | |||||
Long-term debt | 1,005,243 | 1,004,938 | |||||
Long-term capital leases | 12,466 | 12,320 | |||||
Postretirement medical benefits | 102,071 | 105,240 | |||||
Pension liability | 348,921 | 358,443 | |||||
Long-term employee related benefits | 59,938 | 73,342 | |||||
Long-term income tax liabilities | 27,359 | 26,312 | |||||
Other long-term liabilities | 57,140 | 56,987 | |||||
Total liabilities | 2,440,059 | 2,483,749 | |||||
Commitments and contingencies | |||||||
Temporary equity | 76,538 | 68,783 | |||||
Stockholders’ Equity: | |||||||
Levi Strauss & Co. stockholders’ equity | |||||||
Common stock — $.01 par value; 270,000,000 shares authorized; 37,460,145 shares and 37,460,145 shares issued and outstanding | 375 | 375 | |||||
Additional paid-in capital | — | 3,291 | |||||
Retained earnings | 705,985 | 705,668 | |||||
Accumulated other comprehensive loss | (386,995 | ) | (379,066 | ) | |||
Total Levi Strauss & Co. stockholders’ equity | 319,365 | 330,268 | |||||
Noncontrolling interest | 2,269 | 1,595 | |||||
Total stockholders’ equity | 321,634 | 331,863 | |||||
Total liabilities, temporary equity and stockholders’ equity | $ | 2,838,231 | $ | 2,884,395 |
Three Months Ended | |||||||
February 28, 2016 | March 1, 2015 | ||||||
(Dollars in thousands) (Unaudited) | |||||||
Net revenues | $ | 1,056,500 | $ | 1,055,075 | |||
Cost of goods sold | 496,902 | 518,010 | |||||
Gross profit | 559,598 | 537,065 | |||||
Selling, general and administrative expenses | 441,163 | 425,282 | |||||
Restructuring, net | 1,848 | 4,338 | |||||
Operating income | 116,587 | 107,445 | |||||
Interest expense | (14,902 | ) | (23,312 | ) | |||
Other expense, net | (2,219 | ) | (26,028 | ) | |||
Income before income taxes | 99,466 | 58,105 | |||||
Income tax expense | 33,175 | 19,822 | |||||
Net income | 66,291 | 38,283 | |||||
Net (income) loss attributable to noncontrolling interest | (455 | ) | 109 | ||||
Net income attributable to Levi Strauss & Co. | $ | 65,836 | $ | 38,392 |
Three Months Ended | |||||||
February 28, 2016 | March 1, 2015 | ||||||
(Dollars in thousands) (Unaudited) | |||||||
Net income | $ | 66,291 | $ | 38,283 | |||
Other comprehensive income (loss), before related income taxes: | |||||||
Pension and postretirement benefits | 3,582 | 4,607 | |||||
Net investment hedge (losses) gains | (664 | ) | 141 | ||||
Foreign currency translation losses | (7,575 | ) | (10,532 | ) | |||
Unrealized (losses) gains on marketable securities | (1,829 | ) | 113 | ||||
Total other comprehensive loss, before related income taxes | (6,486 | ) | (5,671 | ) | |||
Income tax expense related to items of other comprehensive income | (1,224 | ) | (1,549 | ) | |||
Comprehensive income, net of income taxes | 58,581 | 31,063 | |||||
Comprehensive (income) loss attributable to noncontrolling interest | (674 | ) | 132 | ||||
Comprehensive income attributable to Levi Strauss & Co. | $ | 57,907 | $ | 31,195 |
Three Months Ended | |||||||
February 28, 2016 | March 1, 2015 | ||||||
(Dollars in thousands) (Unaudited) | |||||||
Cash Flows from Operating Activities: | |||||||
Net income | $ | 66,291 | $ | 38,283 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 25,111 | 26,475 | |||||
Asset impairments | 459 | 184 | |||||
(Gain) loss on disposal of assets | (12 | ) | 26 | ||||
Unrealized foreign exchange losses | 8,348 | 7,489 | |||||
Realized (gain) loss on settlement of forward foreign exchange contracts not designated for hedge accounting | (12,967 | ) | 3,960 | ||||
Employee benefit plans’ amortization from accumulated other comprehensive loss | 3,734 | 4,272 | |||||
Noncash restructuring charges | — | 335 | |||||
Amortization of premium, discount and debt issuance costs | 620 | 557 | |||||
Stock-based compensation | (1,053 | ) | 3,600 | ||||
Allowance for doubtful accounts | 498 | 519 | |||||
Change in operating assets and liabilities: | |||||||
Trade receivables | 104,777 | 129,587 | |||||
Inventories | (134,923 | ) | 30,939 | ||||
Other current assets | (2,758 | ) | (12,647 | ) | |||
Other non-current assets | (1,425 | ) | 746 | ||||
Accounts payable and other accrued liabilities | 49,462 | (106,432 | ) | ||||
Restructuring liabilities | (5,614 | ) | (16,009 | ) | |||
Income tax liabilities | 23,654 | 409 | |||||
Accrued salaries, wages and employee benefits and long-term employee related benefits | (78,302 | ) | (74,484 | ) | |||
Other long-term liabilities | 178 | (201 | ) | ||||
Other, net | — | 21 | |||||
Net cash provided by operating activities | 46,078 | 37,629 | |||||
Cash Flows from Investing Activities: | |||||||
Purchases of property, plant and equipment | (30,746 | ) | (21,152 | ) | |||
Proceeds from sales of assets | 21 | 11 | |||||
Proceeds (payments) on settlement of forward foreign exchange contracts not designated for hedge accounting | 12,967 | (3,960 | ) | ||||
Net cash used for investing activities | (17,758 | ) | (25,101 | ) | |||
Cash Flows from Financing Activities: | |||||||
Repayments of capital leases | (781 | ) | (741 | ) | |||
Proceeds from senior revolving credit facility | 75,000 | 35,000 | |||||
Repayments of senior revolving credit facility | (154,000 | ) | (135,000 | ) | |||
Proceeds from short-term credit facilities | 9,208 | 7,753 | |||||
Repayments of short-term credit facilities | (6,763 | ) | (5,045 | ) | |||
Other short-term borrowings, net | 3,102 | 689 | |||||
Change in restricted cash, net | 663 | 736 | |||||
Excess tax benefits from stock-based compensation | — | 75 | |||||
Net cash used for financing activities | (73,571 | ) | (96,533 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (2,219 | ) | (11,520 | ) | |||
Net decrease in cash and cash equivalents | (47,470 | ) | (95,525 | ) | |||
Beginning cash and cash equivalents | 318,571 | 298,255 | |||||
Ending cash and cash equivalents | $ | 271,101 | $ | 202,730 | |||
Noncash Investing Activity: | |||||||
Purchases of property, plant and equipment not yet paid at end of period | $ | 14,244 | $ | 9,993 | |||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest during the period | $ | 1,176 | $ | 2,020 | |||
Cash paid for income taxes during the period, net of refunds | 11,164 | 18,049 |
• | In March 2016, the FASB issued Accounting Standards Update No. 2016-06, Derivatives and Hedging (Topic 815) – Contingent Put and Call Options in Debt Instruments (“ASU 2016-06”), which will reduce diversity of practice in identifying embedded derivatives in debt instruments. ASU 2016-06 clarifies that the nature of an exercise contingency is not subject to the “clearly and closely” criteria for purposes of assessing whether the call or put option must be separated from the debt instrument and accounted for separately as a derivative. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements and footnote disclosures. |
• | In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation – Stock Compensation (Topic 718) (“ASU 2016-09”). ASU 2016-09 identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements and footnote disclosures. |
• | In March 2016, the FASB issued Accounting Standards Update No. 2016-04, Liabilities – Extinguishment of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products (“ASU 2016-04”). ASU 2016-04 aligns recognition of the financial liabilities related to prepaid stored-value products (for example, prepaid gift cards), with Topic 606, Revenues from Contracts with Customers, for non-financial liabilities. In general, certain or these liabilities may be extinguished proportionally in earnings as redemptions occur, or when redemption is remote if issuers are not entitled to the unredeemed stored value. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements and footnote disclosures. |
• | In March 2016, the FASB issued Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”). ASU 2016-08 clarifies the implementation guidance on principal versus agent considerations. The guidance includes indicators to assist an entity in determining whether it controls a specified good or service before it is transferred to the customers. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements and footnote disclosures. |
• | In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 requires the identification of arrangements that should be accounted for as leases by lessees. In general, for lease arrangements exceeding a twelve month term, these arrangements must now be recognized as assets and liabilities on the balance sheet of the lessee. Under ASU 2016-02, a right-of-use asset and lease obligation will be recorded for all leases, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing leases. The balance sheet amount recorded for existing leases at the date of adoption of ASU 2016-02 must be calculated using the applicable incremental borrowing rate at the date of adoption. In addition, ASU 2016-02 requires the use of the modified retrospective method, which will require adjustment to all comparative periods presented in the consolidated financial statements. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements and footnote disclosures. |
February 28, 2016 | November 29, 2015 | ||||||||||||||||||||||
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 thousands) | |||||||||||||||||||||||
Financial assets carried at fair value | |||||||||||||||||||||||
Rabbi trust assets | $ | 24,892 | $ | 24,892 | $ | — | $ | 26,013 | $ | 26,013 | $ | — | |||||||||||
Forward foreign exchange contracts, net(3) | 19,741 | — | 19,741 | 27,131 | — | 27,131 | |||||||||||||||||
Total | $ | 44,633 | $ | 24,892 | $ | 19,741 | $ | 53,144 | $ | 26,013 | $ | 27,131 | |||||||||||
Financial liabilities carried at fair value | |||||||||||||||||||||||
Forward foreign exchange contracts, net(3) | $ | 9,373 | $ | — | $ | 9,373 | $ | 7,809 | $ | — | $ | 7,809 |
(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. |
(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 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. |
February 28, 2016 | November 29, 2015 | ||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Financial liabilities carried at adjusted historical cost | |||||||||||||||
Senior revolving credit facility | $ | 20,031 | $ | 20,031 | $ | 99,020 | $ | 99,020 | |||||||
4.25% Yen-denominated Eurobonds due 2016(1) | 35,861 | 36,480 | 32,736 | 33,593 | |||||||||||
6.875% senior notes due 2022(1) | 536,519 | 575,871 | 527,715 | 570,355 | |||||||||||
5.00% senior notes due 2025(1) | 488,749 | 486,347 | 482,145 | 480,945 | |||||||||||
Short-term borrowings | 20,806 | 20,806 | 15,996 | 15,996 | |||||||||||
Total | $ | 1,101,966 | $ | 1,139,535 | $ | 1,157,612 | $ | 1,199,909 |
(1) | Fair values are estimated using Level 1 inputs and incorporate mid-market price quotes. 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. |
February 28, 2016 | November 29, 2015 | ||||||||||||||||||||||
Assets | (Liabilities) | Derivative Net Carrying Value | Assets | (Liabilities) | Derivative Net Carrying Value | ||||||||||||||||||
Carrying Value | Carrying Value | Carrying Value | Carrying Value | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Forward foreign exchange contracts(1) | $ | 25,123 | $ | (5,382 | ) | $ | 19,741 | $ | 31,808 | $ | (4,677 | ) | $ | 27,131 | |||||||||
Forward foreign exchange contracts(2) | 1,668 | (11,041 | ) | (9,373 | ) | 253 | (8,062 | ) | (7,809 | ) | |||||||||||||
Total | $ | 26,791 | $ | (16,423 | ) | $ | 32,061 | $ | (12,739 | ) | |||||||||||||
Non-derivatives designated as hedging instruments | |||||||||||||||||||||||
Yen-denominated Eurobonds | $ | — | $ | (8,496 | ) | $ | — | $ | (7,832 | ) |
(1) | Included in “Other current assets” or “Other non-current assets” on the Company’s consolidated balance sheets. |
(2) | Included in “Other accrued liabilities” on the Company’s consolidated balance sheets. |
February 28, 2016 | November 29, 2015 | ||||||||||||||||||||||
Gross Amounts of Recognized Assets / (Liabilities) | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets / (Liabilities) Presented in the Statement of Financial Position | Gross Amounts of Recognized Assets / (Liabilities) | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets / (Liabilities) Presented in the Statement of Financial Position | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Over-the-counter forward foreign exchange contracts | |||||||||||||||||||||||
Financial assets | $ | 26,211 | $ | (7,050 | ) | $ | 19,161 | $ | 30,837 | $ | (4,930 | ) | $ | 25,907 | |||||||||
Financial liabilities | (9,690 | ) | 7,050 | (2,640 | ) | (7,599 | ) | 4,930 | (2,669 | ) | |||||||||||||
Total | $ | 16,521 | $ | 23,238 | |||||||||||||||||||
Embedded derivative contracts | |||||||||||||||||||||||
Financial assets | $ | 580 | $ | — | $ | 580 | $ | 1,224 | $ | — | $ | 1,224 | |||||||||||
Financial liabilities | (6,733 | ) | — | (6,733 | ) | (5,140 | ) | — | (5,140 | ) | |||||||||||||
Total | $ | (6,153 | ) | $ | (3,916 | ) |
Gain or (Loss) Recognized in AOCI (Effective Portion) | Gain or (Loss) Recognized in Other expense, net (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||||||||
As of | As of | Three Months Ended | |||||||||||||
February 28, 2016 | November 29, 2015 | February 28, 2016 | March 1, 2015 | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Forward foreign exchange contracts | $ | 4,637 | $ | 4,637 | |||||||||||
Yen-denominated Eurobonds | (19,646 | ) | (18,982 | ) | $ | (2,103 | ) | $ | 346 | ||||||
Euro senior notes | (15,751 | ) | (15,751 | ) | — | — | |||||||||
Cumulative income taxes | 12,104 | 11,849 | |||||||||||||
Total | $ | (18,656 | ) | $ | (18,247 | ) |
Gain or (Loss) | |||||||
Three Months Ended | |||||||
February 28, 2016 | March 1, 2015 | ||||||
(Dollars in thousands) | |||||||
Forward foreign exchange contracts: | |||||||
Realized | $ | 12,967 | $ | (3,960 | ) | ||
Unrealized | (9,231 | ) | 11,868 | ||||
Total | $ | 3,736 | $ | 7,908 |
February 28, 2016 | November 29, 2015 | ||||||
(Dollars in thousands) | |||||||
Long-term debt | |||||||
Unsecured: | |||||||
6.875% senior notes due 2022 | 524,689 | 524,807 | |||||
5.00% senior notes due 2025 | 480,554 | 480,131 | |||||
Total unsecured long-term debt | $ | 1,005,243 | $ | 1,004,938 | |||
Short-term debt and current maturities of long-term debt | |||||||
Secured: | |||||||
Senior revolving credit facility | $ | 20,000 | $ | 99,000 | |||
Unsecured: | |||||||
Current maturities of 4.25% Yen-denominated Eurobonds due 2016 | 35,394 | 32,625 | |||||
Short-term borrowings | 20,779 | 15,978 | |||||
Total short-term debt and current maturities of long-term debt | $ | 76,173 | $ | 147,603 | |||
Total debt | $ | 1,081,416 | $ | 1,152,541 |
Pension Benefits | Postretirement Benefits | ||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||
February 28, 2016 | March 1, 2015 | February 28, 2016 | March 1, 2015 | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Net periodic benefit cost: | |||||||||||||||
Service cost | $ | 2,058 | $ | 2,128 | $ | 50 | $ | 63 | |||||||
Interest cost(1) | 9,472 | 11,840 | 806 | 1,147 | |||||||||||
Expected return on plan assets | (12,134 | ) | (12,717 | ) | — | — | |||||||||
Amortization of prior service benefit | (15 | ) | (16 | ) | — | — | |||||||||
Amortization of actuarial loss | 3,007 | 3,160 | 742 | 1,128 | |||||||||||
Curtailment loss | — | 335 | — | — | |||||||||||
Net periodic benefit cost | 2,388 | 4,730 | 1,598 | 2,338 | |||||||||||
Changes in accumulated other comprehensive loss: | |||||||||||||||
Actuarial loss | 152 | — | — | — | |||||||||||
Amortization of prior service benefit | 15 | 16 | — | — | |||||||||||
Amortization of actuarial loss | (3,007 | ) | (3,160 | ) | (742 | ) | (1,128 | ) | |||||||
Curtailment loss | — | (335 | ) | — | — | ||||||||||
Total recognized in accumulated other comprehensive loss | (2,840 | ) | (3,479 | ) | (742 | ) | (1,128 | ) | |||||||
Total recognized in net periodic benefit cost and accumulated other comprehensive loss | $ | (452 | ) | $ | 1,251 | $ | 856 | $ | 1,210 |
(1) | The decrease in interest cost is primarily due to the election made at the end of 2015 to adopt the spot-rate approach to determine the interest cost component of pension and postretirement expense. |
Three Months Ended | |||||||
February 28, 2016 | March 1, 2015 | ||||||
(Dollars in thousands) | |||||||
Restructuring, net: | |||||||
Severance and employee-related benefits(1) | $ | 1,445 | $ | 5,320 | |||
Adjustments to severance and employee-related benefits | 279 | (1,249 | ) | ||||
Lease and other contract termination costs | — | — | |||||
Other(2) | 124 | 414 | |||||
Adjustments to other | — | (482 | ) | ||||
Noncash pension and postretirement curtailment losses, net(3) | — | 335 | |||||
Total | $ | 1,848 | $ | 4,338 |
(1) | Severance and employee-related benefits relate to items such as severance, based on separation benefits provided by Company policy or statutory benefit plans, out-placement services and career counseling for employees affected by the global productivity initiative. |
(2) | Other restructuring costs are expensed as incurred and primarily relate to consulting fees and legal expenses associated with the execution of the restructuring initiative. |
(3) | Noncash pension and postretirement curtailment gains or losses resulting from the global productivity initiative are included in restructuring charges, with the associated liabilities included in "Pension liability" and "Postretirement medical benefits" on the Company's consolidated balance sheets. |
Three Months Ended February 28, 2016 | |||||||||||||||||||||||
Liabilities | Adjustments | Foreign Currency Fluctuation | Liabilities | ||||||||||||||||||||
November 29, 2015 | Charges | Payments | February 28, 2016 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Severance and employee-related benefits | $ | 20,774 | $ | 1,445 | $ | 279 | $ | (7,339 | ) | $ | 515 | $ | 15,674 | ||||||||||
Lease and other contract termination costs | — | — | — | — | — | — | |||||||||||||||||
Other | 964 | 124 | — | (124 | ) | — | 964 | ||||||||||||||||
Total | $ | 21,738 | $ | 1,569 | $ | 279 | $ | (7,463 | ) | $ | 515 | $ | 16,638 | ||||||||||
Current portion | $ | 20,141 | $ | 15,736 | |||||||||||||||||||
Long-term portion | 1,597 | 902 | |||||||||||||||||||||
Total | $ | 21,738 | $ | 16,638 | |||||||||||||||||||
Three Months Ended March 1, 2015 | |||||||||||||||||||||||
Liabilities | Adjustments | Foreign Currency Fluctuation | Liabilities | ||||||||||||||||||||
November 30, 2014 | Charges | Payments | March 1, 2015 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Severance and employee-related benefits | $ | 56,963 | $ | 5,320 | $ | (1,249 | ) | $ | (13,681 | ) | $ | (3,738 | ) | $ | 43,615 | ||||||||
Lease and other contract termination costs | — | — | — | — | — | — | |||||||||||||||||
Other | 6,400 | 414 | (482 | ) | (6,331 | ) | — | 1 | |||||||||||||||
Total | $ | 63,363 | $ | 5,734 | $ | (1,731 | ) | $ | (20,012 | ) | $ | (3,738 | ) | $ | 43,616 | ||||||||
Current portion | $ | 57,817 | $ | 42,596 | |||||||||||||||||||
Long-term portion | 5,546 | 1,020 | |||||||||||||||||||||
Total | $ | 63,363 | $ | 43,616 |
February 28, 2016 | November 29, 2015 | ||||||
(Dollars in thousands) | |||||||
Pension and postretirement benefits | $ | (234,166 | ) | $ | (236,340 | ) | |
Net investment hedge losses | (18,656 | ) | (18,247 | ) | |||
Foreign currency translation losses | (125,743 | ) | (117,394 | ) | |||
Unrealized gains on marketable securities | 754 | 1,880 | |||||
Accumulated other comprehensive loss | (377,811 | ) | (370,101 | ) | |||
Accumulated other comprehensive income attributable to noncontrolling interest | 9,184 | 8,965 | |||||
Accumulated other comprehensive loss attributable to Levi Strauss & Co. | $ | (386,995 | ) | $ | (379,066 | ) |
Three Months Ended | |||||||
February 28, 2016 | March 1, 2015 | ||||||
(Dollars in thousands) | |||||||
Foreign exchange management gains(1) | $ | 3,736 | $ | 7,908 | |||
Foreign currency transaction losses(2) | (8,203 | ) | (35,959 | ) | |||
Interest income | 209 | 460 | |||||
Investment income | 708 | 439 | |||||
Other | 1,331 | 1,124 | |||||
Total other expense, net | $ | (2,219 | ) | $ | (26,028 | ) |
(1) | Gains and losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. Gains in 2016 and 2015 were primarily due to favorable currency fluctuations relative to negotiated contract rates on positions to sell the Mexican Peso, partially offset in 2016 by unfavorable currency fluctuations relative to negotiated contract rates on positions to sell the Euro. |
(2) | Foreign currency transaction gains and losses reflect the impact of foreign currency fluctuation on the Company's foreign currency denominated balances. Losses in 2016 were primarily due to the weakening of various currencies against the Euro. Losses in 2015 were primarily due to the weakening of various foreign currencies, particularly the Euro, against the U.S. Dollar. |
Three Months Ended | |||||||
February 28, 2016 | March 1, 2015 | ||||||
(Dollars in thousands) | |||||||
Net revenues: | |||||||
Americas | $ | 571,185 | $ | 574,087 | |||
Europe | 276,486 | 277,488 | |||||
Asia | 208,829 | 203,500 | |||||
Total net revenues | $ | 1,056,500 | $ | 1,055,075 | |||
Operating income: | |||||||
Americas | $ | 81,749 | $ | 102,292 | |||
Europe | 61,709 | 58,189 | |||||
Asia | 46,605 | 47,340 | |||||
Regional operating income | 190,063 | 207,821 | |||||
Corporate: | |||||||
Restructuring, net | 1,848 | 4,338 | |||||
Restructuring-related charges | 1,497 | 8,007 | |||||
Other corporate staff costs and expenses | 70,131 | 88,031 | |||||
Corporate expenses | 73,476 | 100,376 | |||||
Total operating income | 116,587 | 107,445 | |||||
Interest expense | (14,902 | ) | (23,312 | ) | |||
Other expense, net | (2,219 | ) | (26,028 | ) | |||
Income before income taxes | $ | 99,466 | $ | 58,105 |
Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | Net revenues. Compared to the first quarter of 2015, consolidated net revenues was flat on a reported basis but increased on a constant-currency basis by 5%, primarily reflecting higher retail revenues due to improved performance and expansion of our retail network in Europe and Asia. |
• | Operating income. Compared to the first quarter of 2015, consolidated operating income increased by approximately 9% and operating margin improved to 11%, primarily reflecting an improvement in our gross margin and higher constant-currency revenues, partially offset by increased investments in retail and advertising and the effects of currency. |
• | Cash flows. Cash flows provided by operating activities were approximately $46 million for the three-month period in 2016 as compared to $38 million for the same period in 2015; the increase reflected higher trade receivable collections and lower payments to vendors, partially offset by higher inventory levels. |
• | Net revenues is primarily comprised of sales of products to wholesale customers, including franchised stores, and direct sales to consumers at our company-operated ecommerce sites and stores and at our company-operated shop-in-shops located within department stores. It includes discounts, allowances for estimated returns and incentives. Net revenues also includes royalties earned from the use of our trademarks by third-party licensees in connection with the manufacturing, advertising and distribution of trademarked products. |
• | Cost of goods sold is primarily comprised of product costs, labor and related overhead, sourcing costs, inbound freight, internal transfers, and the cost of operating our remaining manufacturing facilities, including the related depreciation expense. |
• | Selling costs include, among other things, all occupancy costs and depreciation associated with our company-operated stores and commissions associated with our company-operated shop-in-shops, as well as costs associated with our ecommerce operations. |
• | We reflect substantially all distribution costs in selling, general and administrative expenses, including costs related to receiving and inspection at distribution centers, warehousing, shipping to our customers, handling, and certain other activities associated with our distribution network. |
Three Months Ended | ||||||||||||||||
February 28, 2016 | March 1, 2015 | % Increase (Decrease) | February 28, 2016 | March 1, 2015 | ||||||||||||
% of Net Revenues | % of Net Revenues | |||||||||||||||
(Dollars in millions) | ||||||||||||||||
Net revenues | $ | 1,056.5 | $ | 1,055.1 | 0.1 | % | 100.0 | % | 100.0 | % | ||||||
Cost of goods sold | 496.9 | 518.0 | (4.1 | )% | 47.0 | % | 49.1 | % | ||||||||
Gross profit | 559.6 | 537.1 | 4.2 | % | 53.0 | % | 50.9 | % | ||||||||
Selling, general and administrative expenses | 441.2 | 425.4 | 3.7 | % | 41.8 | % | 40.3 | % | ||||||||
Restructuring, net | 1.8 | 4.3 | (57.4 | )% | 0.2 | % | 0.4 | % | ||||||||
Operating income | 116.6 | 107.4 | 8.5 | % | 11.0 | % | 10.2 | % | ||||||||
Interest expense | (14.9 | ) | (23.3 | ) | (36.1 | )% | (1.4 | )% | (2.2 | )% | ||||||
Other expense, net | (2.2 | ) | (26.0 | ) | (91.5 | )% | (0.2 | )% | (2.5 | )% | ||||||
Income before income taxes | 99.5 | 58.1 | 71.2 | % | 9.4 | % | 5.5 | % | ||||||||
Income tax expense | 33.2 | 19.8 | 67.4 | % | 3.1 | % | 1.9 | % | ||||||||
Net income | 66.3 | 38.3 | 73.2 | % | 6.3 | % | 3.6 | % | ||||||||
Net (income) loss attributable to noncontrolling interest | (0.5 | ) | 0.1 | (517.4 | )% | — | — | |||||||||
Net income attributable to Levi Strauss & Co. | $ | 65.8 | $ | 38.4 | 71.5 | % | 6.2 | % | 3.6 | % |
Three Months Ended | |||||||||||||
% Increase (Decrease) | |||||||||||||
February 28, 2016 | March 1, 2015 | As Reported | Constant Currency | ||||||||||
(Dollars in millions) | |||||||||||||
Net revenues: | |||||||||||||
Americas | $ | 571.2 | $ | 574.1 | (0.5 | )% | 1.5 | % | |||||
Europe | 276.5 | 277.5 | (0.4 | )% | 8.1 | % | |||||||
Asia | 208.8 | 203.5 | 2.6 | % | 9.7 | % | |||||||
Total net revenues | $ | 1,056.5 | $ | 1,055.1 | 0.1 | % | 4.7 | % |
Three Months Ended | ||||||||||
February 28, 2016 | March 1, 2015 | % Increase (Decrease) | ||||||||
(Dollars in millions) | ||||||||||
Net revenues | $ | 1,056.5 | $ | 1,055.1 | 0.1 | % | ||||
Cost of goods sold | 496.9 | 518.0 | (4.1 | )% | ||||||
Gross profit | $ | 559.6 | $ | 537.1 | 4.2 | % | ||||
Gross margin | 53.0 | % | 50.9 | % |
Three Months Ended | ||||||||||||||||
February 28, 2016 | March 1, 2015 | % Increase (Decrease) | February 28, 2016 | March 1, 2015 | ||||||||||||
% of Net Revenues | % of Net Revenues | |||||||||||||||
(Dollars in millions) | ||||||||||||||||
Selling | $ | 189.4 | $ | 181.0 | 4.7 | % | 17.9 | % | 17.2 | % | ||||||
Advertising and promotion | 57.5 | 50.2 | 14.5 | % | 5.4 | % | 4.8 | % | ||||||||
Administration | 84.4 | 83.7 | 1.0 | % | 8.0 | % | 7.9 | % | ||||||||
Other | 108.4 | 102.5 | 5.7 | % | 10.3 | % | 9.7 | % | ||||||||
Restructuring-related charges | 1.5 | 8.0 | (81.3 | )% | 0.1 | % | 0.8 | % | ||||||||
Total SG&A | $ | 441.2 | $ | 425.4 | 3.7 | % | 41.8 | % | 40.3 | % |
Three Months Ended | |||||||||||||||||
February 28, 2016 | March 1, 2015 | % Increase (Decrease) | February 28, 2016 | March 1, 2015 | |||||||||||||
% of Net Revenues | % of Net Revenues | ||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Operating income: | |||||||||||||||||
Americas | $ | 81.8 | $ | 102.3 | (20.1 | )% | 14.3 | % | 17.8 | % | |||||||
Europe | 61.7 | 58.2 | 6.0 | % | 22.3 | % | 21.0 | % | |||||||||
Asia | 46.6 | 47.3 | (1.6 | )% | 22.3 | % | 23.3 | % | |||||||||
Total regional operating income | 190.1 | 207.8 | (8.5 | )% | 18.0 | % | * | 19.7 | % | * | |||||||
Corporate: | |||||||||||||||||
Restructuring, net | 1.8 | 4.3 | (57.4 | )% | 0.2 | % | * | 0.4 | % | * | |||||||
Restructuring-related charges | 1.5 | 8.0 | (81.3 | )% | 0.1 | % | * | 0.8 | % | * | |||||||
Other corporate staff costs and expenses | 70.2 | 88.1 | (20.3 | )% | 6.6 | % | * | 8.3 | % | * | |||||||
Corporate expenses | 73.5 | 100.4 | (26.8 | )% | 7.0 | % | * | 9.5 | % | * | |||||||
Total operating income | $ | 116.6 | $ | 107.4 | 8.5 | % | 11.0 | % | * | 10.2 | % | * | |||||
Operating margin | 11.0 | % | 10.2 | % |
• | Americas. Currency translation unfavorably affected operating income in the region by approximately $2 million for the three-month period ended February 28, 2016. Lower operating income primarily reflected higher SG&A in the region, primarily advertising. |
• | Europe. Currency translation unfavorably affected operating income in the region by approximately $4 million for the three-month period ended February 28, 2016. Excluding the effect of currency, operating income and operating margin increased due to the region's higher net revenues and an improvement in the region's gross margin. |
• | Asia. Currency translation unfavorably affected operating income in the region by approximately $4 million for the three-month period ended February 28, 2016. Excluding the effect of currency, operating income increased due to the region's higher net revenues. |
Three Months Ended | |||||||||
February 28, 2016 | March 1, 2015 | ||||||||
(Dollars in millions) | |||||||||
Cash provided by operating activities | $ | 46.1 | $ | 37.6 | |||||
Cash used for investing activities | (17.8 | ) | (25.1 | ) | |||||
Cash used for financing activities | (73.6 | ) | (96.5 | ) | |||||
Cash and cash equivalents | 271.1 | 202.7 |
• | changes in general economic and financial conditions, and the resulting impact on the level of discretionary consumer spending for apparel and pricing trends fluctuations, and our ability to plan for and respond to the impact of those changes; |
• | our ability to timely and effectively implement our global productivity initiative as planned, which is intended to increase productivity and efficiency in our global operations, take advantage of lower-cost service-delivery models in our distribution network and streamline our procurement practices to maximize efficiency in our global operations, without business disruption or mitigation to such disruptions; |
• | consequences of impacts to the businesses of our wholesale customers, including a significant decline in a wholesale customer's financial condition, leading to restructuring actions, bankruptcies, liquidations or other unfavorable events for our wholesale customers, caused by factors such as inability to secure financing, decreased discretionary consumer spending, inconsistent traffic patterns and an increase in promotional activity as a result of decreased traffic, pricing fluctuations, general economic and financial conditions and changing consumer preferences; |
• | our and our wholesale customers' decisions to modify strategies and adjust product mix and pricing, and our ability to manage any resulting product transition costs, including liquidating inventory or increasing promotional activity; |
• | our ability to purchase products through our independent contract manufacturers that are made with quality raw materials and our ability to mitigate the variability of costs related to manufacturing, sourcing, and raw materials supply and to manage consumer response to such mitigating actions; |
• | our ability to gauge and adapt to changing U.S. and international retail environments and fashion trends and changing consumer preferences in product, price-points, as well as in-store and digital shopping experiences; |
• | our ability to respond to price, innovation and other competitive pressures in the global apparel industry, on and from our key customers and in our key markets; |
• | our ability to increase the number of dedicated stores for our products, including through opening and profitably operating company-operated stores; |
• | consequences of foreign currency exchange and interest rate fluctuations; |
• | our ability to successfully prevent or mitigate the impacts of data security breaches; |
• | our ability to attract and retain key executives and other key employees; |
• | our ability to protect our trademarks and other intellectual property; |
• | the impact of the variables that affect the net periodic benefit cost and future funding requirements of our postretirement benefits and pension plans; |
• | our dependence on key distribution channels, customers and suppliers; |
• | our ability to utilize our tax credits and net operating loss carryforwards; |
• | ongoing or future litigation matters and disputes and regulatory developments; |
• | changes in or application of trade and tax laws; and |
• | political, social and economic instability, or natural disasters, in countries where we or our customers do business. |
Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Item 4. | CONTROLS AND PROCEDURES |
Item 1. | LEGAL PROCEEDINGS |
Item 1A. | RISK FACTORS |
Item 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
• | 522,694 of the SARs, referred to as service-vested SARs, were granted with the following vesting schedule: 25% percent of the SAR grant vests on the one-year anniversary of the date of grant, with the remaining 75% balance vesting monthly over 36 months commencing on the month following such anniversary; and |
• | 348,459 of the SARs, referred to as performance-based SARs, were granted with the following vesting schedule: 50% of the performance-based SARs will vest to the extent that the Company has achieved certain goals based on the Company's (i) average earnings before interest and taxes margin percentage and (ii) the compound annual growth rate of the Company's net revenues, each over fiscal years 2016, 2017 and 2018 and the remaining 50% of the performance-based SARs will vest based on the Company's performance against a three-year market-related relative total shareholder return goal. Our Board will determine the extent to which the goals under the performance-based SARs have been satisfied on or before March 1, 2019. |
Item 3. | DEFAULTS UPON SENIOR SECURITIES |
Item 4. | MINE SAFETY DISCLOSURES |
Item 5. | OTHER INFORMATION |
Item 6. | EXHIBITS |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. | |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. | |
32 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. | |
101.INS | XBRL Instance Document. Filed herewith. | |
101.SCH | XBRL Taxonomy Extension Schema Document. Filed herewith. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. Filed herewith. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. Filed herewith. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. Filed herewith. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. Filed herewith. |
Date: | April 12, 2016 | LEVI STRAUSS & Co. | |
(Registrant) | |||
By: | /s/ WADE W. WEBSTER | ||
Wade W. Webster Senior Vice President and Controller (Principal Accounting Officer) |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. | |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. | |
32 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. | |
101.INS | XBRL Instance Document. Filed herewith. | |
101.SCH | XBRL Taxonomy Extension Schema Document. Filed herewith. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. Filed herewith. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. Filed herewith. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. Filed herewith. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. Filed herewith. |
/S/ CHARLES V. BERGH | ||
Charles V. Bergh | ||
President and Chief Executive Officer |
/S/ HARMIT SINGH | ||
Harmit Singh | ||
Executive Vice President and Chief Financial Officer |
/S/ CHARLES V. BERGH | ||
Charles V. Bergh | ||
President and Chief Executive Officer | ||
April 12, 2016 |
/S/ HARMIT SINGH | ||
Harmit Singh | ||
Executive Vice President and Chief Financial Officer | ||
April 12, 2016 |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Feb. 28, 2016 |
Apr. 07, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | LEVI STRAUSS & CO | |
Entity Central Index Key | 0000094845 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --11-27 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 37,452,319 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Feb. 28, 2016 |
Nov. 29, 2015 |
---|---|---|
ASSETS | ||
Accumulated depreciation | $ 825,536 | $ 811,013 |
Current Assets: | ||
Allowance for doubtful accounts | $ 11,043 | $ 11,025 |
Levi Strauss & Co. stockholders’ equity | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 270,000,000 | 270,000,000 |
Common stock, shares issued | 37,460,145 | 37,460,145 |
Common stock, shares outstanding | 37,460,145 | 37,460,145 |
Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 28, 2016 |
Mar. 01, 2015 |
|
Income Statement [Abstract] | ||
Net revenues | $ 1,056,500 | $ 1,055,075 |
Cost of goods sold | 496,902 | 518,010 |
Gross profit | 559,598 | 537,065 |
Selling, general and administrative expenses | 441,163 | 425,282 |
Restructuring, net | 1,848 | 4,338 |
Operating income | 116,587 | 107,445 |
Interest expense | (14,902) | (23,312) |
Other expense, net | (2,219) | (26,028) |
Income before income taxes | 99,466 | 58,105 |
Income tax expense | 33,175 | 19,822 |
Net income | 66,291 | 38,283 |
Net (income) loss attributable to noncontrolling interest | (455) | 109 |
Net income attributable to Levi Strauss & Co. | $ 65,836 | $ 38,392 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 28, 2016 |
Mar. 01, 2015 |
|
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net income | $ 66,291 | $ 38,283 |
Pension and postretirement benefits | 3,582 | 4,607 |
Net investment hedge (losses) gains | (664) | 141 |
Foreign currency translation losses | (7,575) | (10,532) |
Unrealized (losses) gains on marketable securities | (1,829) | 113 |
Total other comprehensive loss, before related income taxes | (6,486) | (5,671) |
Income tax expense related to items of other comprehensive income | (1,224) | (1,549) |
Comprehensive income, net of income taxes | 58,581 | 31,063 |
Comprehensive (income) loss attributable to noncontrolling interest | (674) | 132 |
Comprehensive income attributable to Levi Strauss & Co. | $ 57,907 | $ 31,195 |
Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2016 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Levi Strauss & Co. (the “Company”) is one of the world’s largest brand-name apparel companies. The Company designs, markets and sells – directly or through third parties and licensees – products that include jeans, casual and dress pants, tops, shorts, skirts, 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 unaudited 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”) for interim financial information. 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. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended November 29, 2015, included in the Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission (“SEC”) on February 11, 2016. The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany transactions have been eliminated. Management believes the disclosures are adequate to make the information presented herein not misleading. The results of operations for the three months ended February 28, 2016, may not be indicative of the results to be expected for any other interim period or the year ending November 27, 2016. 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. Each quarter of both fiscal years 2016 and 2015 consists of 13 weeks. All references to years relate to fiscal years rather than calendar years. Subsequent events have been evaluated through the issuance date of these financial statements. The Company's consolidated statements of comprehensive income has been reclassified to present the components of other comprehensive income before related income tax effects with one amount shown for aggregate income tax expense related to the total of other comprehensive income items. Amounts were previously presented net of related income tax effects. There was no change to total comprehensive income, net of income taxes, and the change was immaterial to the financial statements taken as a whole. 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. 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 Company’s 2015 Annual Report on Form 10-K, except for the following, which have been grouped by their effective dates for the Company: First Quarter of 2018
First Quarter of 2019
First Quarter of 2020
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Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the Company’s financial instruments that are carried at fair value:
_____________
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:
_____________
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES As of February 28, 2016, the Company had forward foreign exchange contracts to buy $725.7 million and to sell $271.0 million against various foreign currencies. These contracts are at various exchange rates and expire at various dates through November 2017. The table below provides data about the carrying values of derivative instruments and non-derivative instruments:
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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. The table below presents, by type of financial instrument, the gross amounts of the Company's derivative instruments, amounts offset due to master netting arrangements with the Company's various counterparties, and the net amounts recognized on the Company's consolidated balance sheets:
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 expense, net” in the Company’s consolidated statements of income:
The table below provides data about the amount of gains and losses related to derivatives not designated as hedging instruments included in “Other expense, net” in the Company’s consolidated statements of income:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT
Senior Revolving Credit Facility The Company’s unused availability under its senior secured revolving credit facility was $739.7 million at February 28, 2016, as the Company’s total availability of $798.2 million was reduced by $58.5 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 months ended February 28, 2016, was 6.26% as compared to 7.65% in the same period of 2015. |
Employee Benefit Plans |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS The following table summarizes the components of net periodic benefit cost and the changes recognized in “Accumulated other comprehensive loss” for the Company’s defined benefit pension plans and postretirement benefit plans:
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Restructuring |
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Restructuring Liabilities Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | RESTRUCTURING In 2014, the Company announced and began to implement a global productivity initiative designed to streamline operations and fuel long-term profitable growth. The Company expects that the majority of the actions related to the global productivity initiative will be implemented through the end of 2016, with a focus on redesigning business processes and identifying opportunities to reduce costs, increase efficiencies and further streamline processes in supporting functions, supply chain and planning. For the three months ended February 28, 2016, the Company recognized restructuring charges, net, of $1.8 million, as compared to $4.3 million for the same period in 2015. These restructuring charges were recorded in "Restructuring, net" in the Company's consolidated statements of income. Related charges of $1.5 million for the three months ended February 28, 2016, as compared to $8.0 million for the same period in 2015, consist primarily of consulting fees for the Company's centrally-led cost-savings and productivity projects, as well as transition costs associated with the Company's decision to outsource certain global business service activities. These related charges represent costs incurred associated with ongoing operations which are expected to benefit future periods and thus were recorded in "Selling, general and administrative expenses" in the Company's consolidated statements of income. Cash payments for charges recognized to date are expected to continue through 2017. The table below summarizes the components of charges included in “Restructuring, net” in the Company’s consolidated statements of income:
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The Company is unable at this time to make a good faith determination of cost estimates, or ranges of cost estimates, for additional actions associated with the global productivity initiative. The following table summarizes the activities associated with restructuring liabilities for the three months ended February 28, 2016, and March 1, 2015. In the table below, "Charges" represents the initial charge related to the restructuring activity. "Adjustments" includes revisions of estimates related to severance, employee-related benefits, lease and other contract termination costs, and other restructuring costs. "Payments" consists of cash payments for severance, employee-related benefits, lease and other contract termination costs, and other restructuring costs.
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Commitments and Contingencies |
3 Months Ended |
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Feb. 28, 2016 | |
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. Please see Note 3 for additional information. Other Contingencies Litigation. There have been no material developments with respect to the information previously reported in the Company’s 2015 Annual Report on Form 10-K related to legal proceedings. In the ordinary course of business, the Company has various pending cases involving contractual matters, facility and employee-related matters, distribution matters, product liability claims, trademark infringement and other matters. 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. |
Dividend |
3 Months Ended |
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Feb. 28, 2016 | |
Dividends [Abstract] | |
DIVIDEND | DIVIDEND The Company's Board of Directors (the “Board”) declared a cash dividend of $60.0 million in the first quarter of 2016, payable in the second quarter of 2016 to stockholders of record at the close of business on February 19, 2016. Dividend payable is included in "Other accrued liabilities" on the Company's consolidated balance sheets. Subsequent to the Company's quarter-end, on April 7, 2016, the Company paid the cash dividend. The Company does not have an established annual dividend policy. The Company will continue to review its ability to pay cash dividends at least annually, and dividends may be declared at the discretion of the Board depending upon, among other factors, the Company's financial condition and compliance with the terms of the Company's debt agreements. |
Accumulated Other Comprehensive Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The following is a summary of the components of “Accumulated other comprehensive loss,” net of related income taxes:
No material amounts were reclassified out of "Accumulated other comprehensive loss" into net income other than those that pertain to the Company's pension and postretirement benefit plans. Please see Note 5 for additional information. These amounts are included in "Selling, general and administrative expenses" in the Company's consolidated statements of income. |
Other Expense, Net |
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OTHER EXPENSE, NET | OTHER EXPENSE, NET The following table summarizes significant components of “Other expense, net”:
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Income Taxes |
3 Months Ended |
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Feb. 28, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The effective income tax rate was 33.4% for the three months ended February 28, 2016, compared to 34.1% for the same period ended March 1, 2015. |
Related Parties |
3 Months Ended |
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Feb. 28, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | RELATED PARTIES Robert D. Haas, Chairman Emeritus of the Company, Charles V. Bergh, President and Chief Executive Officer, Peter E. Haas Jr., a director of the Company, and Kelly McGinnis, Senior Vice President of Corporate Affairs and Chief Communications Officer, are board members of the Levi Strauss Foundation, which is not a consolidated entity of the Company. Seth R. Jaffe, Senior Vice President and General Counsel, is Vice President of the Levi Strauss Foundation. During the three-month period ended February 28, 2016, the Company donated $0.3 million to the Levi Strauss Foundation as compared to $5.9 million for the same prior-year period. |
Business Segment Information |
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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. Business segment information for the Company is as follows:
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Significant Accounting Policies (Policies) |
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Feb. 28, 2016 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Basis of Accounting, Policy [Policy Text Block] | The unaudited 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”) for interim financial information. |
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Consolidated entities policy | The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany transactions have been eliminated. |
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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. Each quarter of both fiscal years 2016 and 2015 consists of 13 weeks. All references to years relate to fiscal years rather than calendar years. |
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Subsequent events | Subsequent events have been evaluated through the issuance date of these financial statements. |
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Reclassifications [Text Block] | The Company's consolidated statements of comprehensive income has been reclassified to present the components of other comprehensive income before related income tax effects with one amount shown for aggregate income tax expense related to the total of other comprehensive income items. Amounts were previously presented net of related income tax effects. There was no change to total comprehensive income, net of income taxes, and the change was immaterial to the financial statements taken as a whole. |
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Use of estimates | The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes to the consolidated financial statements. Estimates are based upon historical factors, current circumstances and the experience and judgment of the Company’s management. Management evaluates its estimates and assumptions on an ongoing basis and may employ outside experts to assist in its evaluations. Changes in such estimates, based on more accurate future information, or different assumptions or conditions, may affect amounts reported in future periods. |
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New accounting pronouncements | 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 Company’s 2015 Annual Report on Form 10-K, except for the following, which have been grouped by their effective dates for the Company: First Quarter of 2018
First Quarter of 2019
First Quarter of 2020
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Fair Value of Financial Instruments (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets and liabilities carried at fair value | The following table presents the Company’s financial instruments that are carried at fair value:
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Financial liabilities carried at adjusted historical cost | The following table presents the carrying value – including related accrued interest – and estimated fair value of the Company’s financial instruments that are carried at adjusted historical cost:
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Derivative Instruments and Hedging Activities (Tables) |
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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:
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Offsetting assets and liabilities | The Company's over-the-counter forward foreign exchange contracts are subject to International Swaps and Derivatives Association, Inc. master agreements. These agreements permit the net settlement of these contracts on a per-institution basis. The table below presents, by type of financial instrument, the gross amounts of the Company's derivative instruments, amounts offset due to master netting arrangements with the Company's various counterparties, and the net amounts recognized on the Company's consolidated balance sheets:
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Gains and losses included in AOCI | The table below provides data about the amount of gains and losses related to derivative instruments and non-derivative instruments designated as net investment hedges included in “Accumulated other comprehensive loss” (“AOCI”) on the Company’s consolidated balance sheets, and in “Other expense, net” in the Company’s consolidated statements of income:
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Gains and losses included in statements of income | The table below provides data about the amount of gains and losses related to derivatives not designated as hedging instruments included in “Other expense, net” in the Company’s consolidated statements of income:
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term and short-term debt instruments |
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Employee Benefit Plans (Tables) |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of defined benefit plans disclosures | The following table summarizes the components of net periodic benefit cost and the changes recognized in “Accumulated other comprehensive loss” for the Company’s defined benefit pension plans and postretirement benefit plans:
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Restructuring (Tables) |
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Restructuring Liabilities Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Charges Included in Restructuring, net | The table below summarizes the components of charges included in “Restructuring, net” in the Company’s consolidated statements of income:
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Restructuring Liability Rollforward | The following table summarizes the activities associated with restructuring liabilities for the three months ended February 28, 2016, and March 1, 2015. In the table below, "Charges" represents the initial charge related to the restructuring activity. "Adjustments" includes revisions of estimates related to severance, employee-related benefits, lease and other contract termination costs, and other restructuring costs. "Payments" consists of cash payments for severance, employee-related benefits, lease and other contract termination costs, and other restructuring costs.
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Accumulated Other Comprehensive Loss (Tables) |
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Feb. 28, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accumulated other comprehensive income (Loss) | The following is a summary of the components of “Accumulated other comprehensive loss,” net of related income taxes:
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Other Expense, Net (Tables) |
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Feb. 28, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other nonoperating income (expense) | The following table summarizes significant components of “Other expense, net”:
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Business Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Business segment information for the Company is as follows:
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Fair Value of Financial Instruments-Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands |
Feb. 28, 2016 |
Nov. 29, 2015 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Financial assets carried at fair value | |||||||||
Rabbi trust assets | $ 24,892 | $ 26,013 | |||||||
Forward foreign exchange contracts, net | [1] | 19,741 | 27,131 | ||||||
Total | 44,633 | 53,144 | |||||||
Financial liabilities carried at fair value | |||||||||
Forward foreign exchange contracts, net | [1] | 9,373 | 7,809 | ||||||
Level 1 Inputs [Member] | |||||||||
Financial assets carried at fair value | |||||||||
Rabbi trust assets | [2] | 24,892 | 26,013 | ||||||
Forward foreign exchange contracts, net | [1],[2] | 0 | 0 | ||||||
Total | [2] | 24,892 | 26,013 | ||||||
Financial liabilities carried at fair value | |||||||||
Forward foreign exchange contracts, net | [1],[2] | 0 | 0 | ||||||
Level 2 Inputs [Member] | |||||||||
Financial assets carried at fair value | |||||||||
Rabbi trust assets | [3] | 0 | 0 | ||||||
Forward foreign exchange contracts, net | [1],[3] | 19,741 | 27,131 | ||||||
Total | [3] | 19,741 | 27,131 | ||||||
Financial liabilities carried at fair value | |||||||||
Forward foreign exchange contracts, net | [1],[3] | $ 9,373 | $ 7,809 | ||||||
|
Fair Value of Financial Instruments-Adjusted Historical Cost (Details) - USD ($) $ in Thousands |
Feb. 28, 2016 |
Nov. 29, 2015 |
|||
---|---|---|---|---|---|
Senior notes [Member] | 6.875% senior notes due 2022 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Stated interest rate | 6.875% | ||||
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% | ||||
Bonds [Member] | 4.25% Yen-denominated Eurobonds, due 2016 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Stated interest rate | 4.25% | ||||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Short-term debt carried at adjusted historical cost | $ 20,806 | $ 15,996 | |||
Total financial liabilities carried at adjusted historical cost | 1,101,966 | 1,157,612 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Senior notes [Member] | 6.875% senior notes due 2022 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term Debt, Fair Value | 536,519 | 527,715 | |||
Fair Value, Measurements, 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, Fair Value | 488,749 | 482,145 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Bonds [Member] | 4.25% Yen-denominated Eurobonds, due 2016 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term Debt, Fair Value | 35,861 | 32,736 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Short-term debt carried at adjusted historical cost | 20,806 | 15,996 | |||
Total financial liabilities carried at adjusted historical cost | 1,139,535 | 1,199,909 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Senior notes [Member] | 6.875% senior notes due 2022 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term Debt, Fair Value | [1] | 575,871 | 570,355 | ||
Fair Value, Measurements, 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, Fair Value | [1] | 486,347 | 480,945 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Bonds [Member] | 4.25% Yen-denominated Eurobonds, due 2016 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term Debt, Fair Value | [1] | 36,480 | 33,593 | ||
Senior revolving credit facility [Member] | Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Short-term debt carried at adjusted historical cost | 20,031 | 99,020 | |||
Senior revolving credit facility [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Short-term debt carried at adjusted historical cost | $ 20,031 | $ 99,020 | |||
|
Derivative Instruments and Hedging Activities-Balance Sheet (Details) - USD ($) $ in Thousands |
Feb. 28, 2016 |
Nov. 29, 2015 |
|||||
---|---|---|---|---|---|---|---|
Forward foreign exchange contracts [Member] | |||||||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | |||||||
Derivative asset, gross asset | $ 26,211 | $ 30,837 | |||||
Derivative asset, gross liability | (7,050) | (4,930) | |||||
Derivative asset, net | 19,161 | 25,907 | |||||
Derivative liability, gross asset | 7,050 | 4,930 | |||||
Derivative Liability, gross liability | (9,690) | (7,599) | |||||
Derivative Liability, net | (2,640) | (2,669) | |||||
Derivative, Fair Value, Net | 16,521 | 23,238 | |||||
Embedded Derivative Financial Instruments [Member] | |||||||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | |||||||
Derivative asset, gross asset | 580 | 1,224 | |||||
Derivative asset, gross liability | 0 | 0 | |||||
Derivative asset, net | 580 | 1,224 | |||||
Derivative liability, gross asset | 0 | 0 | |||||
Derivative Liability, gross liability | (6,733) | (5,140) | |||||
Derivative Liability, net | (6,733) | (5,140) | |||||
Derivative, Fair Value, Net | (6,153) | (3,916) | |||||
Carrying Value [Member] | Forward foreign exchange contracts [Member] | |||||||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | |||||||
Derivative asset, net | 26,791 | 32,061 | |||||
Derivative Liability, net | (16,423) | (12,739) | |||||
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] | 25,123 | 31,808 | ||||
Derivative asset, gross liability | [1] | (5,382) | (4,677) | ||||
Derivative asset, Net Carrying Value | [1] | 19,741 | 27,131 | ||||
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 liability, gross asset | [2] | 1,668 | 253 | ||||
Derivative Liability, gross liability | [2] | (11,041) | (8,062) | ||||
Derivative liability, Net Carrying Value | [2] | (9,373) | (7,809) | ||||
Bonds [Member] | 4.25% Yen-denominated Eurobonds, due 2016 [Member] | Carrying Value [Member] | |||||||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | |||||||
Hedging assets | 0 | 0 | |||||
Hedging liabilities | (8,496) | $ (7,832) | |||||
Long [Member] | |||||||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | |||||||
Forward foreign exchange contracts | 725,700 | ||||||
Short [Member] | |||||||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | |||||||
Forward foreign exchange contracts | $ 271,000 | ||||||
|
Derivative Instruments and Hedging Activities-Income Statement (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Feb. 28, 2016 |
Mar. 01, 2015 |
Nov. 29, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cumulative income taxes, gain or (loss) recognized in AOCI | $ 12,104 | $ 11,849 | |
Total, gain or (loss) recognized in AOCI | (18,656) | (18,247) | |
Forward foreign exchange contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Forward foreign exchange contracts, gain of (loss) recognized in AOCI | 4,637 | 4,637 | |
4.25% Yen-denominated Eurobonds, due 2016 [Member] | Bonds [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-derivative hedging instruments-gain or (loss) recognized in AOCI | (19,646) | (18,982) | |
Non-derivative hedging instruments-gain or (loss) recognized in other income | (2,103) | $ 346 | |
Euro Senior Notes [Member] | Senior notes [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-derivative hedging instruments-gain or (loss) recognized in AOCI | (15,751) | $ (15,751) | |
Non-derivative hedging instruments-gain or (loss) recognized in other income | $ 0 | $ 0 |
Derivative Instruments and Hedging Activities-Realized & Unrealized (Details) - Forward foreign exchange contracts [Member] - Other Income [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 28, 2016 |
Mar. 01, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized | $ 12,967 | $ (3,960) |
Unrealized | (9,231) | 11,868 |
Total | $ 3,736 | $ 7,908 |
Debt-Table (Details) - USD ($) $ in Thousands |
Feb. 28, 2016 |
Nov. 29, 2015 |
Mar. 01, 2015 |
---|---|---|---|
Schedule of Long-term and Short-term Debt Instruments [Line Items] | |||
Long-term Debt, Excluding Current Maturities | $ 1,005,243 | $ 1,004,938 | |
Short-term debt | 40,779 | 114,978 | |
Long-term Debt, Current Maturities | 35,394 | 32,625 | |
Short-term debt and current maturities of long-term debt | 76,173 | 147,603 | |
Long-term and short-term debt | 1,081,416 | 1,152,541 | |
4.25% Yen-denominated Eurobonds, due 2016 [Member] | Bonds [Member] | |||
Schedule of Long-term and Short-term Debt Instruments [Line Items] | |||
Long-term Debt, Current Maturities | $ 35,394 | $ 32,625 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||
6.875% senior notes due 2022 [Member] | Senior notes [Member] | |||
Schedule of Long-term and Short-term Debt Instruments [Line Items] | |||
Long-term Debt, Excluding Current Maturities | $ 524,689 | 524,807 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | ||
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 | $ 480,554 | 480,131 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||
Senior revolving credit facility [Member] | |||
Schedule of Long-term and Short-term Debt Instruments [Line Items] | |||
Short-term debt | $ 20,000 | 99,000 | |
Short-term borrowings [Member] | |||
Schedule of Long-term and Short-term Debt Instruments [Line Items] | |||
Short-term debt | $ 20,779 | $ 15,978 |
Debt-Textuals (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Feb. 28, 2016 |
Mar. 01, 2015 |
|
Debt Instruments [Line Items] | ||
Weighted-average interest rate | 6.26% | 7.65% |
Senior revolving credit facility [Member] | ||
Debt Instruments [Line Items] | ||
Unused availability | $ 739.7 | |
Line of Credit Facility, Current Borrowing Capacity | 798.2 | |
Letters of credit and other credit usage | $ (58.5) | |
6.875% senior notes due 2022 [Member] | Senior notes [Member] | ||
Debt Instruments [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | |
5.00% Senior Notes, Due 2025 [Member] | Senior notes [Member] | ||
Debt Instruments [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% |
Employee Benefit Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Feb. 28, 2016 |
Mar. 01, 2015 |
||||
Pension Benefits [Member] | |||||
Net periodic benefit cost (income): | |||||
Service cost | $ 2,058 | $ 2,128 | |||
Interest cost | [1] | 9,472 | 11,840 | ||
Expected return on plan assets | (12,134) | (12,717) | |||
Amortization of prior service benefit | (15) | (16) | |||
Amortization of actuarial loss | 3,007 | 3,160 | |||
Curtailment loss | 0 | 335 | |||
Net periodic benefit cost | 2,388 | 4,730 | |||
Changes in accumulated other comprehensive loss: | |||||
Actuarial gain (loss) | 152 | 0 | |||
Amortization of prior service benefit | 15 | 16 | |||
Amortization of actuarial loss | (3,007) | (3,160) | |||
Curtailment loss | 0 | (335) | |||
Total recognized in accumulated other comprehensive loss | (2,840) | (3,479) | |||
Total recognized in net periodic benefit cost and accumulated other comprehensive loss | (452) | 1,251 | |||
Postretirement Benefits [Member] | |||||
Net periodic benefit cost (income): | |||||
Service cost | 50 | 63 | |||
Interest cost | [1] | 806 | 1,147 | ||
Expected return on plan assets | 0 | 0 | |||
Amortization of prior service benefit | 0 | 0 | |||
Amortization of actuarial loss | 742 | 1,128 | |||
Curtailment loss | 0 | 0 | |||
Net periodic benefit cost | 1,598 | 2,338 | |||
Changes in accumulated other comprehensive loss: | |||||
Actuarial gain (loss) | 0 | 0 | |||
Amortization of prior service benefit | 0 | 0 | |||
Amortization of actuarial loss | (742) | (1,128) | |||
Curtailment loss | 0 | 0 | |||
Total recognized in accumulated other comprehensive loss | (742) | (1,128) | |||
Total recognized in net periodic benefit cost and accumulated other comprehensive loss | $ 856 | $ 1,210 | |||
|
Restructuring-Liabilities Textuals (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 28, 2016 |
Mar. 01, 2015 |
|
Restructuring and Related Activities [Abstract] | ||
Restructuring Charges | $ 1,848 | $ 4,338 |
Corporate and Other [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Other General and Administrative Expense | $ 1,497 | $ 8,007 |
Restructuring-Charges Table (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2016 |
Mar. 01, 2015 |
||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Initial Restructuring Charge | $ 1,569 | $ 5,734 | |||||||
Restructuring Reserve, Accrual Adjustment | 279 | (1,731) | |||||||
Noncash restructuring charges | [1] | 0 | 335 | ||||||
Restructuring Charges | 1,848 | 4,338 | |||||||
Employee Severance [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Initial Restructuring Charge | [2] | 1,445 | 5,320 | ||||||
Restructuring Reserve, Accrual Adjustment | 279 | (1,249) | |||||||
Contract Termination [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Initial Restructuring Charge | 0 | 0 | |||||||
Restructuring Reserve, Accrual Adjustment | 0 | 0 | |||||||
Other Restructuring [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Initial Restructuring Charge | [3] | 124 | 414 | ||||||
Restructuring Reserve, Accrual Adjustment | $ 0 | $ (482) | |||||||
|
Restructuring-Liabilities Table (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2016 |
Mar. 01, 2015 |
Nov. 29, 2015 |
Nov. 30, 2014 |
||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Reserve, Current | $ 15,736 | $ 42,596 | $ 20,141 | $ 57,817 | |||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring Reserve | 21,738 | 63,363 | |||||||
Initial Restructuring Charge | 1,569 | 5,734 | |||||||
Restructuring Reserve, Accrual Adjustment | 279 | (1,731) | |||||||
Payments for Restructuring | (7,463) | (20,012) | |||||||
Restructuring Reserve, Translation Adjustment | 515 | (3,738) | |||||||
Restructuring Reserve | 16,638 | 43,616 | |||||||
Restructuring Reserve, Noncurrent | 902 | 1,020 | $ 1,597 | $ 5,546 | |||||
Employee Severance [Member] | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring Reserve | 20,774 | 56,963 | |||||||
Initial Restructuring Charge | [1] | 1,445 | 5,320 | ||||||
Restructuring Reserve, Accrual Adjustment | 279 | (1,249) | |||||||
Payments for Restructuring | (7,339) | (13,681) | |||||||
Restructuring Reserve, Translation Adjustment | 515 | (3,738) | |||||||
Restructuring Reserve | 15,674 | 43,615 | |||||||
Contract Termination [Member] | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring Reserve | 0 | 0 | |||||||
Initial Restructuring Charge | 0 | 0 | |||||||
Restructuring Reserve, Accrual Adjustment | 0 | 0 | |||||||
Payments for Restructuring | 0 | 0 | |||||||
Restructuring Reserve, Translation Adjustment | 0 | 0 | |||||||
Restructuring Reserve | 0 | 0 | |||||||
Other Restructuring [Member] | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring Reserve | 964 | 6,400 | |||||||
Initial Restructuring Charge | [2] | 124 | 414 | ||||||
Restructuring Reserve, Accrual Adjustment | 0 | (482) | |||||||
Payments for Restructuring | (124) | (6,331) | |||||||
Restructuring Reserve, Translation Adjustment | 0 | 0 | |||||||
Restructuring Reserve | $ 964 | $ 1 | |||||||
|
Dividend (Details) $ in Thousands |
3 Months Ended |
---|---|
Feb. 28, 2016
USD ($)
| |
Dividends [Abstract] | |
Dividend declared | $ 60,000 |
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
Feb. 28, 2016 |
Nov. 29, 2015 |
---|---|---|
Equity [Abstract] | ||
Pension and postretirement benefits | $ (234,166) | $ (236,340) |
Net investment hedge losses | (18,656) | (18,247) |
Foreign currency translation losses | (125,743) | (117,394) |
Unrealized gains on marketable securities | 754 | 1,880 |
Accumulated other comprehensive loss | (377,811) | (370,101) |
Accumulated other comprehensive income attributable to noncontrolling interest | 9,184 | 8,965 |
Accumulated other comprehensive loss attributable to Levi Strauss & Co. | $ (386,995) | $ (379,066) |
Other Expense, Net (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Feb. 28, 2016 |
Mar. 01, 2015 |
||||||
Other Income and Expenses [Abstract] | |||||||
Foreign exchange management gains (losses) | [1] | $ 3,736 | $ 7,908 | ||||
Foreign currency transaction (losses) gains | [2] | (8,203) | (35,959) | ||||
Interest income | 209 | 460 | |||||
Investment income | 708 | 439 | |||||
Other | 1,331 | 1,124 | |||||
Total other expense, net | $ (2,219) | $ (26,028) | |||||
|
Income Taxes (Details) |
3 Months Ended | |
---|---|---|
Feb. 28, 2016 |
Mar. 01, 2015 |
|
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 33.40% | 34.10% |
Related Parties (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Feb. 28, 2016 |
Mar. 01, 2015 |
|
Levi Strauss Foundation [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Donations | $ 0.3 | $ 5.9 |
Business Segment Information (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 28, 2016
USD ($)
Regional_Segments
|
Mar. 01, 2015
USD ($)
|
|
Segment Reporting Information [Line Items] | ||
Gain on disposal of assets | $ 12 | $ (26) |
Number of operating segments | Regional_Segments | 3 | |
Net revenues | $ 1,056,500 | 1,055,075 |
Operating income | 116,587 | 107,445 |
Restructuring Charges | 1,848 | 4,338 |
Interest expense | (14,902) | (23,312) |
Other expense, net | (2,219) | (26,028) |
Income before income taxes | 99,466 | 58,105 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Other General and Administrative Expense | 1,497 | 8,007 |
Other Selling, General and Administrative Expense | 70,131 | 88,031 |
Corporate Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income | 73,476 | 100,376 |
Regional operating income [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income | 190,063 | 207,821 |
AMEA [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 208,829 | 203,500 |
Operating income | 46,605 | 47,340 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 276,486 | 277,488 |
Operating income | 61,709 | 58,189 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 571,185 | 574,087 |
Operating income | $ 81,749 | $ 102,292 |