| ACCUMULATED OTHER COMPREHENSIVE LOSS |
NOTE 7: COMPREHENSIVE INCOME (LOSS)
The following is a summary of the components of total comprehensive income (loss), net of related income taxes:
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
February 26,
2012 |
|
|
February 27,
2011 |
|
| |
|
(Dollars in thousands) |
|
|
Net income
|
|
$ |
49,297 |
|
|
$ |
39,168 |
|
| |
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
Pension and postretirement benefits
|
|
|
296 |
|
|
|
515 |
|
|
Net investment hedge gains (losses)
|
|
|
525 |
|
|
|
(8,890 |
) |
|
Foreign currency translation gains
|
|
|
7,424 |
|
|
|
8,527 |
|
|
Unrealized gain on marketable securities
|
|
|
1,268 |
|
|
|
574 |
|
| |
|
|
|
|
|
|
|
|
|
Total other comprehensive income
|
|
|
9,513 |
|
|
|
726 |
|
| |
|
|
|
|
|
|
|
|
|
Comprehensive income
|
|
|
58,810 |
|
|
|
39,894 |
|
|
Comprehensive loss attributable to noncontrolling interest
|
|
|
(254 |
) |
|
|
(1,291 |
) |
| |
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to Levi Strauss & Co.
|
|
$ |
59,064 |
|
|
$ |
41,185 |
|
| |
|
|
|
|
|
|
|
|
The following is a summary of the components of “Accumulated other comprehensive loss,” net of
related income taxes:
| |
|
|
|
|
|
|
|
|
| |
|
February 26,
2012 |
|
|
November 27,
2011 |
|
| |
|
(Dollars in thousands) |
|
|
Pension and postretirement benefits
|
|
$ |
(255,388 |
) |
|
$ |
(255,684 |
) |
|
Net investment hedge losses
|
|
|
(28,168 |
) |
|
|
(28,693 |
) |
|
Foreign currency translation losses
|
|
|
(42,785 |
) |
|
|
(50,209 |
) |
|
Unrealized gain (loss) on marketable securities
|
|
|
721 |
|
|
|
(547 |
) |
| |
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive loss
|
|
|
(325,620 |
) |
|
|
(335,133 |
) |
|
Accumulated other comprehensive income attributable to noncontrolling interest
|
|
|
10,536 |
|
|
|
10,869 |
|
| |
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive loss attributable to Levi Strauss & Co.
|
|
$ |
(336,156 |
) |
|
$ |
(346,002 |
) |
| |
|
|
|
|
|
|
|
|
|
NOTE 15: ACCUMULATED OTHER COMPREHENSIVE LOSS
Accumulated other comprehensive income (loss) is summarized below:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Levi Strauss & Co. |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Translation
Adjustments |
|
|
Unrealized
Gain
(Loss) on
Marketable
Securities |
|
|
|
|
|
|
|
|
|
|
| |
|
Pension
and
Postretirement
Benefits(1) |
|
|
Net
Investment
Hedges |
|
|
Foreign
Currency
Translation |
|
|
|
Total |
|
|
Noncontrolling
Interest |
|
|
Totals |
|
| |
|
(Dollars in thousands) |
|
|
Accumulated other comprehensive income (loss) at November 30, 2008
|
|
$ |
(68,161 |
) |
|
$ |
(12,297 |
) |
|
$ |
(43,476 |
) |
|
$ |
(3,981 |
) |
|
$ |
(127,915 |
) |
|
$ |
8,051 |
|
|
$ |
(119,864 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross changes
|
|
|
(178,577 |
) |
|
|
(59,429 |
) |
|
|
21,550 |
|
|
|
3,178 |
|
|
|
(213,278 |
) |
|
|
1,894 |
|
|
|
(211,384 |
) |
|
Tax
|
|
|
69,858 |
|
|
|
22,409 |
|
|
|
331 |
|
|
|
(1,272 |
) |
|
|
91,326 |
|
|
|
— |
|
|
|
91,326 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax
|
|
|
(108,719 |
) |
|
|
(37,020 |
) |
|
|
21,881 |
|
|
|
1,906 |
|
|
|
(121,952 |
) |
|
|
1,894 |
|
|
|
(120,058 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive income (loss) at November 29, 2009
|
|
|
(176,880 |
) |
|
|
(49,317 |
) |
|
|
(21,595 |
) |
|
|
(2,075 |
) |
|
|
(249,867 |
) |
|
|
9,945 |
|
|
|
(239,922 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross changes
|
|
|
(34,625 |
) |
|
|
37,143 |
|
|
|
(20,833 |
) |
|
|
3,615 |
|
|
|
(14,700 |
) |
|
|
130 |
|
|
|
(14,570 |
) |
|
Tax
|
|
|
12,698 |
|
|
|
(14,215 |
) |
|
|
(4,701 |
) |
|
|
(1,383 |
) |
|
|
(7,601 |
) |
|
|
— |
|
|
|
(7,601 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax
|
|
|
(21,927 |
) |
|
|
22,928 |
|
|
|
(25,534 |
) |
|
|
2,232 |
|
|
|
(22,301 |
) |
|
|
130 |
|
|
|
(22,171 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive income (loss) at November 28, 2010
|
|
|
(198,807 |
) |
|
|
(26,389 |
) |
|
|
(47,129 |
) |
|
|
157 |
|
|
|
(272,168 |
) |
|
|
10,075 |
|
|
|
(262,093 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross changes
|
|
|
(92,480 |
) |
|
|
(3,758 |
) |
|
|
(10,881 |
) |
|
|
(1,149 |
) |
|
|
(108,268 |
) |
|
|
794 |
|
|
|
(107,474 |
) |
|
Tax
|
|
|
35,603 |
|
|
|
1,454 |
|
|
|
(3,068 |
) |
|
|
445 |
|
|
|
34,434 |
|
|
|
— |
|
|
|
34,434 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax
|
|
|
(56,877 |
) |
|
|
(2,304 |
) |
|
|
(13,949 |
) |
|
|
(704 |
) |
|
|
(73,834 |
) |
|
|
794 |
|
|
|
(73,040 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive income (loss) at November 27, 2011
|
|
$ |
(255,684 |
) |
|
$ |
(28,693 |
) |
|
$ |
(61,078 |
) |
|
$ |
(547 |
) |
|
$ |
(346,002 |
) |
|
$ |
10,869 |
|
|
$ |
(335,133 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Pension and postretirement benefit amounts primarily resulted from the actuarial losses recorded in conjunction with the year-end remeasurements of pension obligations,
and were principally due to a decline in discount rates caused by changes in the financial markets, including a decrease in corporate bond yield indices. |
|