10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

Form 10-Q

(Mark One)

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

For the Quarterly Period Ended February 28, 2016

or

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

Commission file number: 002-90139

_________________

LEVI STRAUSS & CO.

(Exact Name of Registrant as Specified in Its Charter)

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

1155 Battery Street, San Francisco, California 94111

(Address of Principal Executive Offices) (Zip Code)

(415) 501-6000

(Registrant’s Telephone Number, Including Area Code)

None

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

_________________

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

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

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

Large accelerated filer ¨		Accelerated filer ¨	Non-accelerated filer þ	Smaller reporting company ¨
	(Do not check if a smaller reporting company)

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

The Company is privately held. Nearly all of its common equity is owned by descendants of the family of the Company’s founder, Levi Strauss, and their relatives. There is no trading in the common equity and therefore an aggregate market value based on sales or bid and asked prices is not determinable.

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock $.01 par value — 37,452,319 shares outstanding on April 7, 2016

LEVI STRAUSS & CO. AND SUBSIDIARIES

INDEX TO FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 2016

		Page Number
PART I — FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements (unaudited):
	Consolidated Balance Sheets as of February 28, 2016, and November 29, 2015	3
	Consolidated Statements of Income for the Three Months Ended February 28, 2016, and March 1, 2015	4
	Consolidated Statements of Comprehensive Income for the Three Months Ended February 28, 2016, and March 1, 2015	5
	Consolidated Statements of Cash Flows for the Three Months Ended February 28, 2016, and March 1, 2015	6
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.	Controls and Procedures	27
PART II — OTHER INFORMATION
Item 1.	Legal Proceedings	28
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28
Item 3.	Defaults Upon Senior Securities	28
Item 4.	Mine Safety Disclosures	28
Item 5.	Other Information	28
Item 6.	Exhibits	29
SIGNATURE		30

PART I — FINANCIAL INFORMATION

Item 1. CONSOLIDATED FINANCIAL STATEMENTS

LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	(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

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

3

LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

	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

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

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LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	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

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

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LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

	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

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

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LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 2016

NOTE 1: SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

Levi Strauss & Co. (the “Company”) is one of the world’s largest brand-name apparel companies. The Company designs, markets and sells – directly or through third parties and licensees – products that include jeans, casual and dress pants, tops, shorts, skirts, 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 endedFebruary 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.

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LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 2016

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

• 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.

First Quarter of 2019

• 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.

First Quarter of 2020

• 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.

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LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 2016

NOTE 2: FAIR VALUE OF FINANCIAL INSTRUMENTS

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

	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.

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:

	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.

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LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 2016

NOTE 3: 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:

	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.

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:

	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	)

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LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 2016

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:

	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	)

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:

	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

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LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 2016

NOTE 4: DEBT

	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

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 endedFebruary 28, 2016, was 6.26% as compared to 7.65% in the same period of 2015.

12

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 2016

NOTE 5: 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:

	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.

13

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 2016

NOTE 6: 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 endedFebruary 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 endedFebruary 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:

	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.

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.

14

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 2016

The following table summarizes the activities associated with restructuring liabilities for the three months endedFebruary 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.

	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

15

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 2016

NOTE 7: 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.

NOTE 8: 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.

NOTE 9: ACCUMULATED OTHER COMPREHENSIVE LOSS

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

	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	)

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.

16

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 2016

NOTE 10: OTHER EXPENSE, NET

The following table summarizes significant components of “Other expense, net”:

	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.

NOTE 11: INCOME TAXES

The effective income tax rate was 33.4% for the three months endedFebruary 28, 2016, compared to 34.1% for the same period ended March 1, 2015.

NOTE 12: 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.

17

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 2016

NOTE 13: 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:

	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

18

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS

Overview

We design, market and sell – 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 our Levi’s^®, Dockers^®, Signature by Levi Strauss & Co.™ (“Signature”) and Denizen^® brands.

Our business is operated through three geographic regions: Americas, Europe and Asia. Our products are sold in approximately 50,000 retail locations in more than 110 countries. We support our brands through a global infrastructure, developing, sourcing and marketing our products around the world. We distribute our Levi’s^® and Dockers^® products primarily through chain retailers and department stores in the United States and primarily through department stores, specialty retailers and approximately 2,100 franchised or other brand-dedicated stores and shop-in-shops outside of the United States. We also distribute our Levi’s^® and Dockers^® products through 655 company-operated stores located in 31 countries, including the United States, and through the ecommerce sites we operate. Our company-operated stores and ecommerce sites generated approximately 31% of our net revenues in the first three months of 2016, as compared to 28% in the same period in 2015, with our ecommerce sites representing approximately 15% of this revenue in 2016, as compared to 14% in the same period in 2015. In addition, we distribute our Levi’s^® and Dockers^® products through ecommerce sites operated by certain of our key wholesale customers and other third parties. We distribute products under our Signature and Denizen^® brands primarily through mass channel retailers in the Americas.

Our Europe and Asia businesses, collectively, contributed approximately 46% of our net revenues and 57% of our regional operating income in the first three months of 2016, as compared to 46% of our net revenues and 51% of our regional operating income in the same period in 2015. Sales of Levi’s^® brand products represented approximately 87% of our total net sales in each of the first three-month periods in 2016 and in 2015.

Trends Affecting Our Business

Our key long-term objectives are to strengthen our brands globally in order to deliver sustainable profitable growth, generate strong cash flow and reduce our debt. Critical strategies to achieve these objectives include driving our profitable core business; expanding the reach of our global brands and building a more balanced product portfolio; elevating the performance of our retail channel, including ecommerce; and leveraging our global scale to improve our cost structure.

Consumer discretionary spending, which remains mixed globally, continues to result in a challenging retail environment for us and our customers, characterized by declining traffic patterns and contributing to a generally promotional environment.  Slow real wage growth in developed economies and a shift in consumer spending to interest-rate sensitive durable goods and other non-apparel categories also continue to pressure global discretionary spending.  Given consumers’ increasing focus on value pricing amid the slowly recovering economy, the off-price retail channel remains strong, partially to the detriment of traditional broadline retailers, particularly at the mid-tier.  Both our wholesale and retail channels continue to face competition from ecommerce shopping enabled by the proliferation of online technologies, which constitutes an increasing proportion of global apparel sales, particularly around key selling seasons.  Our domestic and multi-national competitors also continue to expand their global footprints in both brick-and-mortar retail and online.  While currency values are in constant flux, the appreciation of the U.S. Dollar against various foreign currencies, particularly the Euro, will continue to impact our financial results, affecting translation, margins, as well as traffic in stores located in or near major domestic tourist attractions.

Our First Quarter 2016 Results

• 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.

19

Financial Information Presentation

Fiscal year.    Our 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 fiscal years 2016 and 2015 consists of 13 weeks.

Segments.    We manage our business according to three regional segments: the Americas, Europe and Asia.

Classification.    Our classification of certain significant revenues and expenses reflects the following:

• 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.

Gross margins may not be comparable to those of other companies in our industry since some companies may include costs related to their distribution network and occupancy costs associated with company-operated stores in cost of goods sold.

Constant currency.    Constant-currency comparisons are based on translating local currency amounts in the prior-year period at actual foreign exchange rates for the current year. We routinely evaluate our financial performance on a constant-currency basis in order to facilitate period-to-period comparisons without regard to the impact of changing foreign currency exchange rates.

Results of Operations for Three Months EndedFebruary 28, 2016, as Compared to Same Period in 2015

The following table summarizes, for the periods indicated, our consolidated statements of income, the changes in these items from period to period and these items expressed as a percentage of net revenues:

	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	%

20

Net revenues

The following table presents net revenues by reporting segment for the periods indicated and the changes in net revenues by reporting segment on both reported and constant-currency bases from period to period.

	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	%

Total net revenues increased on both reported and constant-currency bases for the three-month period ended February 28, 2016, as compared to the same prior-year period.

Americas.    Net revenues in our Americas region decreased on a reported basis and increased on a constant-currency basis for the three-month period ended February 28, 2016, with currency affecting net revenues unfavorably by approximately $11 million.

Constant-currency net revenues increased at wholesale and retail, primarily due to our performance in Mexico. In the United States, net revenues declined slightly, primarily at wholesale due to a decline in the Dockers^® brand in anticipation of product transitions.

Europe.    Net revenues in Europe decreased on a reported basis and increased on a constant-currency basis for the three-month period ended February 28, 2016, with currency affecting net revenues unfavorably by approximately $22 million.

Constant-currency net revenues increased as a result of the improved performance and expansion of our company-operated retail network, including ecommerce.

Asia.    Net revenues in Asia increased on both reported and constant-currency bases for the three-month period ended February 28, 2016, with currency affecting net revenues unfavorably by approximately $13 million.

The increase in net revenues was primarily due to the expansion of our company-operated retail network, particularly in China, and improved wholesale performance in Japan.

21

Gross profit

The following table shows consolidated gross profit and gross margin for the periods indicated and the changes in these items from period to period:

	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		%

Currency translation unfavorably impacted gross profit by approximately $24 million for the three-month period ended February 28, 2016. Gross margin improved primarily due to lower negotiated product costs and streamlined supply chain operations, partially offset by the unfavorable transactional impact of currency. Gross margin also benefited from our international retail growth.

Selling, general and administrative expenses

The following table shows our selling, general and administrative expenses (“SG&A”) for the periods indicated, the changes in these items from period to period and these items expressed as a percentage of net revenues:

	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	%

Currency impacted SG&A favorably by approximately $15 million for the three-month period ended February 28, 2016.

Selling.  Currency impacted selling expenses favorably by approximately $9 million for the three-month period ended February 28, 2016. Higher selling expenses primarily reflected costs associated with the expansion of our company-operated store network and investment in our ecommerce business. We had 86 more company-operated stores at the end of the first quarter of 2016 than we did at the end of the first quarter of 2015.

Advertising and promotion.   Currency did not have a significant impact on advertising and promotion expenses for the three-month period ended February 28, 2016. The increase in advertising and promotion expenses primarily reflected a difference in the timing of our campaigns as well as increased investment in strengthening our brands through advertising.

Administration.    Administration expenses include functional administrative and organization costs. Currency impacted administration expenses favorably by approximately $2 million for the three-month period ended February 28, 2016.

Other.   Other SG&A includes distribution, information resources, and marketing organization costs.  Currency impacted other SG&A expenses favorably by approximately $3 million for the three-month period ended February 28, 2016. Higher other SG&A costs primarily reflected increased distribution expenses.

Restructuring-related charges.  Restructuring-related charges consist primarily of consulting fees incurred for our centrally-led cost-savings and productivity projects, as well as transition costs associated with our 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 SG&A in the Company's consolidated statements of income.

22

Operating income

The following table shows operating income by reporting segment and corporate expenses for the periods indicated, the changes in these items from period to period and these items expressed as a percentage of net revenues:

	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		%

______________

 * Percentage of consolidated net revenues

Currency translation unfavorably affected total operating income by approximately $9 million for the three-month period ended February 28, 2016.

Regional operating income.    

• 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.

Corporate.    Corporate expenses represent costs that are not attributed to any of our regional operating segments. Included in corporate expenses are restructuring charges, the consulting fees incurred for our centrally-led cost-savings and productivity projects, and other corporate staff costs. Currency translation did not have a significant impact on corporate expenses for the three-month period ended February 28, 2016. As compared to the same prior-year period, corporate expenses primarily reflected lower global sourcing organization costs as well as lower restructuring and restructuring-related charges.

Interest expense

Interest expense was $14.9 million for the three-month period ended February 28, 2016, as compared to $23.3 million for the same period in 2015. The decrease in interest expense was due to lower average borrowing rates in 2016, resulting from our debt refinancing activities in 2015, and lower interest expense on our deferred compensation plans.

The weighted-average interest rate on average borrowings outstanding for the three-month period ended February 28, 2016, was 6.26% as compared to 7.65% for the same period in 2015.

23

Other expense, net

Other expense, net, primarily consists of foreign exchange management activities and transactions. For the three-month period ended February 28, 2016, we recorded net expense of $2.2 million, as compared to $26.0 million for the same prior-year period. The net expense in 2016 primarily reflected net losses on our foreign currency denominated balances, partially offset by net gains on our foreign exchange derivatives. The net expense in 2015 primarily reflected net losses on our foreign currency denominated balances due to the weakening of various foreign currencies, particularly the Euro, against the U.S. Dollar.

Income tax expense

The effective income tax rate was 33.4% for the three months endedFebruary 28, 2016, compared to 34.1% for the same period ended March 1, 2015.

Liquidity and Capital Resources

Liquidity outlook

We believe we will have adequate liquidity over the next twelve months to operate our business and to meet our cash requirements.

Cash sources

We are a privately-held corporation. We have historically relied primarily on cash flows from operations, borrowings under credit facilities, issuances of notes and other forms of debt financing. We regularly explore financing and debt reduction alternatives, including new credit agreements, unsecured and secured note issuances, equity financing, equipment and real estate financing, securitizations and asset sales.

We are borrowers under a senior secured revolving credit facility. The facility is an asset-based facility, in which the borrowing availability is primarily based on the value of our U.S. Levi’s^® trademarks and the levels of accounts receivable and inventory in the United States and Canada. The maximum availability under the facility is $850 million, of which $800 million is available to us for revolving loans in U.S. Dollars and $50 million is available to us for revolving loans either in U.S. Dollars or Canadian Dollars.

As of February 28, 2016, we had borrowings of $20.0 million under the credit facility, all of which is classified as short-term debt. Unused availability under the credit facility was $739.7 million, as our total availability of $798.2 million, based on collateral levels as defined by the agreement, was reduced by $58.5 million of other credit-related instruments.

As of February 28, 2016, we had cash and cash equivalents totaling approximately $271.1 million, resulting in a total liquidity position (unused availability and cash and cash equivalents) of approximately $1.0 billion.

Cash uses

Our principal cash requirements include working capital, capital expenditures, payments of principal and interest on our debt, payments of taxes, contributions to our pension plans and payments for postretirement health benefit plans, settlement of shares issued under our 2006 Equity Incentive Plan, as amended to date ("EIP"), and, if market conditions warrant, occasional investments in, or acquisitions of, business ventures in our line of business. In addition, we regularly evaluate our ability to pay dividends or repurchase stock, all consistent with the terms of our debt agreements.

There have been no material changes to our estimated cash requirements for 2016 from those disclosed in our 2015 Annual Report on Form 10-K, except that potential payments in 2016 under the terms of the EIP are now estimated to be insignificant.

24

Cash flows

The following table summarizes, for the periods indicated, selected items in our consolidated statements of cash flows:

	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

Cash flows from operating activities

Cash provided by operating activities was $46.1 million for the three-month period in 2016, as compared to $37.6 million for the same period in 2015. Cash provided by operating activities increased compared to the prior year primarily due to an increase in cash received from customers, reflecting our higher beginning accounts receivable balance and higher constant-currency revenues, as well as lower payments to vendors due to timing and lower cash payments for our global productivity initiative. The increase in cash provided by operating activities was partially offset by an increase in cash used for inventory, reflecting our higher inventory levels due to earlier timing of inventory receipts and lower-than-anticipated sales, particularly in the Americas.

Cash flows from investing activities

Cash used for investing activities was $17.8 million for the three-month period in 2016, as compared to $25.1 million for the same period in 2015. The decrease in cash used for investing activities as compared to the prior year primarily reflected realized gains on the settlement of our forward foreign exchange contracts, partially offset by increased investment in information technology systems and distribution.

Cash flows from financing activities

Cash used for financing activities was $73.6 million for the three-month period in 2016, as compared to $96.5 million for the same period in 2015. Cash used in 2016 and 2015 primarily reflected the utilization of our senior revolving credit facility.

Indebtedness

The borrower of substantially all of our debt is Levi Strauss & Co., the parent and U.S. operating company. Of our total debt of $1.1 billion as of February 28, 2016, we had fixed-rate debt of $1.1 billion (98% of total debt), net of capitalized debt issuance costs, and variable-rate debt of $26.4 million (2% of total debt). As of February 28, 2016, our required aggregate debt principal payments on our unsecured long-term debt were $1.0 billion in years after 2021. Current maturities of our 4.25% Yen-denominated Eurobonds due 2016 will be paid in 2016. Short-term debt of $20.0 million borrowed under our senior secured revolving credit facility was expected to be repaid over the next twelve months, and short-term borrowings of $20.8 million at various foreign subsidiaries were expected to be either paid over the next twelve months or refinanced at the end of their applicable terms.

Our long-term debt agreements contain customary covenants restricting our activities as well as those of our subsidiaries. We were in compliance with all of these covenants as of February 28, 2016.

Off-Balance Sheet Arrangements, Guarantees and Other Contingent Obligations

There have been no significant changes to our off-balance sheet arrangements or contractual commitments from those disclosed in our 2015 Annual Report on Form 10-K.

Critical Accounting Policies and 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. There have been no significant changes to our critical accounting policies from those disclosed in our 2015 Annual Report on Form 10-K.

Recently Issued Accounting Standards

See Note 1 to our unaudited consolidated financial statements included in this report for recently issued accounting standards, including the expected dates of adoption and estimated effects on our consolidated financial statements.

25

FORWARD-LOOKING STATEMENTS

Certain matters discussed in this report, including (without limitation) statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contain forward-looking statements. Although we believe that, in making any such statements, our expectations are based on reasonable assumptions, any such statement may be influenced by factors that could cause actual outcomes and results to be materially different from those projected.

These forward-looking statements include statements relating to our anticipated financial performance and business prospects, including profitable growth, strong cash flow, debt reduction, currency values and financial impact, the benefits and timing of our global productivity initiative, the impact of pending legal proceedings, and/or statements preceded by, followed by or that include the words “believe”, "will", "so we can", "when", “anticipate”, “intend”, “estimate”, “expect”, “project”, “could”, “plans”, “seeks” and similar expressions. These forward-looking statements speak only as of the date stated, and we do not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, even if experience or future events make it clear that any expected results expressed or implied by these forward-looking statements will not be realized. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these expectations may not prove to be correct or we may not achieve the financial results, savings or other benefits anticipated in the forward-looking statements. These forward-looking statements are necessarily estimates reflecting the best judgment of our senior management and involve a number of risks and uncertainties, some of which may be beyond our control. These risks and uncertainties, including those disclosed under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended November 29, 2015, and our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from those suggested by the forward-looking statements and include, without limitation:

• 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;

26

• 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.

Our actual results might differ materially from historical performance or current expectations. We do not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in our primary market risk exposures or how those exposures are managed from the information disclosed in our 2015 Annual Report on Form 10-K.

Item 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934) that are designed to provide reasonable assurance that information required to be disclosed in the reports we file or submit to the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

We have evaluated, under the supervision and with the participation of management, including our chief executive officer and our chief financial officer, the effectiveness of the design and operation of our disclosure controls and procedures as of February 28, 2016. Based on that evaluation, our chief executive officer and our chief financial officer concluded that as of February 28, 2016, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Controls

We maintain a system of internal control over financial reporting that is designed to provide reasonable assurance that our books and records accurately reflect our transactions and that our established policies and procedures are followed. We continued the transition of certain global business service activities to our outsourced service provider during our last fiscal quarter, and this resulted in a change to our processes and control environment. There were no other changes to our internal control over financial reporting during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

27

PART II — OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

Litigation.    There have been no material developments with respect to the information previously reported in our 2015 Annual Report on Form 10-K related to legal proceedings.

In the ordinary course of business, we have various pending cases involving contractual matters, facility and employee-related matters, distribution matters, product liability claims, trademark infringement and other matters. We do not believe any of these pending legal proceedings will have a material impact on our financial condition, results of operations or cash flows.

Item 1A. RISK FACTORS

There have been no material changes in our risk factors from those disclosed in our 2015 Annual Report on Form 10-K.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On February 9, 2016, our Board approved the award of stock appreciation rights (“SARs”) representing an aggregate of 871,153 shares of our common stock to certain of our executives. These awards were made under our 2006 Equity Incentive Plan (the “Plan”).

SARs are granted with an exercise price equal to the fair market value of our common stock, as determined under the Plan, on the date of grant. The SARs were granted in two groups and are identical except as described below:

• 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.

Upon the exercise of a SAR, the recipient will be entitled to receive common stock with an aggregate fair market value equal to the excess of the per share fair market value of the Company's common stock on the date of exercise over the exercise price, multiplied by the number of SARs exercised.

We will not receive any proceeds from the issuance or vesting of SARs. The SARs were granted under Section 4(a)(2) of the Securities Act of 1933, as amended. Section 4(a)(2) generally provides an exemption from registration for transactions by an issuer not involving any public offering.

We are a privately-held corporation; there is no public trading of our common stock. As of April 7, 2016, we had 37,452,319 shares outstanding.

Item 3. DEFAULTS UPON SENIOR SECURITIES

None.

Item 4. MINE SAFETY DISCLOSURES

Not applicable.

Item 5. OTHER INFORMATION

None.

28

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.

29

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:	April 12, 2016		LEVI STRAUSS & Co.
			(Registrant)
		By:	/s/    WADE W. WEBSTER
			Wade W. Webster Senior Vice President and Controller (Principal Accounting Officer)

30

EXHIBIT INDEX

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.

31

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Charles V. Bergh, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Levi Strauss & Co.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)  Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)  Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a)  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/S/    CHARLES V. BERGH

Charles V. Bergh

President and Chief Executive Officer

Date: April 12, 2016

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Harmit Singh, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Levi Strauss & Co.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)  Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)  Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a)  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/S/    HARMIT SINGH

Harmit Singh

Executive Vice President and Chief Financial Officer

Date: April 12, 2016

EX-32

Exhibit 32

CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

This certification is not to be deemed filed pursuant to the Securities Exchange Act of 1934, as amended, and does not constitute a part of the Quarterly Report of Levi Strauss & Co., a Delaware corporation (the "Company"), on Form 10-Q for the period ended February 28, 2016, as filed with the Securities and Exchange Commission on the date hereof (the "Report").

In connection with the Report, each of the undersigned officers of the Company does hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of, and for, the periods presented in the Report.

/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

XML

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

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 28, 2016	Nov. 29, 2015
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
Current Liabilities:
Short-term debt	40,779	114,978
Long-term Debt, Current Maturities	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
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	0	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

XML

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

XML

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

XML

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

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended
		Feb. 28, 2016	Mar. 01, 2015
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	[1]	0	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		0	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		0	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
Noncash Investing and Financing Items [Abstract]
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

[1] 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.

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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 endedFebruary 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

• 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.

First Quarter of 2019

• 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.

First Quarter of 2020

• 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.

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Fair Value of Financial Instruments

3 Months Ended

Feb. 28, 2016

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:

	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.

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:

	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.

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Derivative Instruments and Hedging Activities

3 Months Ended

Feb. 28, 2016

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:

	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.

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:

	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	)

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:

	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	)

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:

	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

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Debt

3 Months Ended

Feb. 28, 2016

Debt Disclosure [Abstract]

DEBT

DEBT

	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

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 endedFebruary 28, 2016, was 6.26% as compared to 7.65% in the same period of 2015.

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Employee Benefit Plans

3 Months Ended

Feb. 28, 2016

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:

	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.

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Restructuring

3 Months Ended

Feb. 28, 2016

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 endedFebruary 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 endedFebruary 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:

	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.

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 endedFebruary 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.

	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

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Commitments and Contingencies

3 Months Ended

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.

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Dividend

3 Months Ended

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.

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Accumulated Other Comprehensive Loss

3 Months Ended

Feb. 28, 2016

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:

	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	)

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.

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Other Expense, Net

3 Months Ended

Feb. 28, 2016

Other Income and Expenses [Abstract]

OTHER EXPENSE, NET

OTHER EXPENSE, NET

The following table summarizes significant components of “Other expense, net”:

	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.

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Income Taxes

3 Months Ended

Feb. 28, 2016

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The effective income tax rate was 33.4% for the three months endedFebruary 28, 2016, compared to 34.1% for the same period ended March 1, 2015.

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Related Parties

3 Months Ended

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.

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Business Segment Information

3 Months Ended

Feb. 28, 2016

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:

	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

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Significant Accounting Policies (Policies)

3 Months Ended

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.

Consolidated entities policy

The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany transactions have been eliminated.

Fiscal period

The Company’s fiscal year ends on the 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

Subsequent events have been evaluated through the issuance date of these financial statements.

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.

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.

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

• 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.

First Quarter of 2019

• 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.

First Quarter of 2020

• 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.

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Fair Value of Financial Instruments (Tables)

3 Months Ended

Feb. 28, 2016

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:

	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.

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:

	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.

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Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Feb. 28, 2016

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:

	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.

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:

	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	)

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:

	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	)

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:

	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

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Debt (Tables)

3 Months Ended

Feb. 28, 2016

Debt Disclosure [Abstract]

Schedule of long-term and short-term debt instruments

	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

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Employee Benefit Plans (Tables)

3 Months Ended

Feb. 28, 2016

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:

	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.

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Restructuring (Tables)

3 Months Ended

Feb. 28, 2016

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:

	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.

Restructuring Liability Rollforward

The following table summarizes the activities associated with restructuring liabilities for the three months endedFebruary 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.

	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

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Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

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:

	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	)

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Other Expense, Net (Tables)

3 Months Ended

Feb. 28, 2016

Other Income and Expenses [Abstract]

Schedule of other nonoperating income (expense)

The following table summarizes significant components of “Other expense, net”:

	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.

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Business Segment Information (Tables)

3 Months Ended

Feb. 28, 2016

Segment Reporting [Abstract]

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

Business segment information for the Company is as follows:

	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

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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

[1] 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.

[2] 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.

[3] 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.

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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

[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.

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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

[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.

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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

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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

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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

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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%

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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

[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.

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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

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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)

[1] 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.

[2] 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.

[3] Other restructuring costs are expensed as incurred and primarily relate to consulting fees and legal expenses associated with the execution of the restructuring initiative.

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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

[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.

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Dividend (Details) $ in Thousands	3 Months Ended
	Feb. 28, 2016 USD ($)
Dividends [Abstract]
Dividend declared	$ 60,000

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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)

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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)

[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.

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Income Taxes (Details)	3 Months Ended
	Feb. 28, 2016	Mar. 01, 2015
Income Tax Disclosure [Abstract]
Effective income tax rate	33.40%	34.10%

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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

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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