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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Nov. 29, 2020
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY FINANCIAL DATA (UNAUDITED) | QUARTERLY FINANCIAL DATA (UNAUDITED) Set forth below are the consolidated statements of operations for the first, second, third and fourth quarters of 2020 and 2019.
Year Ended November 29, 2020 | First Quarter |  | Second Quarter (2) |  | Third Quarter |  | Fourth Quarter
| (Dollars in thousands, except per share amounts)
Net revenues(1) | $ | 1,506,126 |  |  | $ | 497,542 |  |  | $ | 1,063,085 |  |  | $ | 1,385,856 |
Cost of goods sold | 666,799 |  |  | 327,890 |  |  | 485,687 |  |  | 619,309 |
Gross profit | 839,327 |  |  | 169,652 |  |  | 577,398 |  |  | 766,547 |
Selling, general and administrative expenses | 660,545 |  |  | 550,525 |  |  | 484,002 |  |  | 652,556 |
Restructuring charges, net | — |  |  | 67,371 |  |  | 1,071 |  |  | 21,973 |
Operating income (loss) | 178,782 |  |  | (448,244) |  |  | 92,325 |  |  | 92,018 |
Interest expense | (16,654) |  |  | (11,246) |  |  | (28,437) |  |  | (25,853) |
Other income (expense), net | 2,700 |  |  | 1,305 |  |  | (12,274) |  |  | (14,205) |
Income before income taxes | 164,828 |  |  | (458,185) |  |  | 51,614 |  |  | 51,960 |
Income tax expense (benefit) | 12,139 |  |  | (94,636) |  |  | 24,565 |  |  | (4,710) |
Net income (loss) attributable to Levi Strauss & Co. | $ | 152,689 |  |  | $ | (363,549) |  |  | $ | 27,049 |  |  | $ | 56,670 |
Earnings (loss) per common share attributable to common stockholders(3): |  |  |  |  |  |  |
Basic | $ | 0.39 |  |  | $ | (0.91) |  |  | $ | 0.07 |  |  | $ | 0.14 |
Diluted | $ | 0.37 |  |  | $ | (0.91) |  |  | $ | 0.07 |  |  | $ | 0.14 |
Weighted-average common shares outstanding - diluted |  |  |  |  |  |  |
Basic | 396,216,057 |  |  | 397,484,849 |  |  | 397,711,322 |  |  | 398,383,193 |
Diluted | 410,068,373 |  |  | 397,484,849 |  |  | 407,677,385 |  |  | 408,784,914 |
Cash dividends declared per share | $ | 0.08 |  |  | $ | 0.08 |  |  | $ | — |  |  | $ | — |
_____________ (1)For the year ended November 29, 2020, net revenues from both channels were adversely impacted by temporary store closures and reduced traffic and consumer demand as a result of the COVID-19 pandemic, with the majority of the impact occurring in the second quarter when most company-operated and wholesale customer doors were temporarily closed. See Note 1 for more information. (2)During the second quarter, $242.0 million in incremental charges were recognized in connection with the adverse impacts of the COVID-19 pandemic on the Company's business. The $242.0 million comprised of $67.4 million of restructuring charges, COVID-19 related inventory costs of $86.6 million and other charges for customer receivables and asset impairments of $88.0 million. These estimates were subsequently updated based on changes in underlying facts and circumstances. For further information refer to Note 1. (3)The sum of the quarterly earnings per share may not equal the full-year amount, as the computations of the weighted-average number of common basic and diluted shares outstanding for each quarter and the full year are performed independently.
Year Ended November 24, 2019 | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
| (Dollars in thousands, except per share amounts)
Net revenues | $ | 1,434,458 |  |  | $ | 1,312,940 |  |  | $ | 1,447,081 |  |  | $ | 1,568,608 |
Cost of goods sold | 651,650 |  |  | 612,517 |  |  | 680,335 |  |  | 717,212 |
Gross profit | 782,808 |  |  | 700,423 |  |  | 766,746 |  |  | 851,396 |
Selling, general and administrative expenses | 581,896 |  |  | 637,525 |  |  | 595,528 |  |  | 719,749 |
Operating income | 200,912 |  |  | 62,898 |  |  | 171,218 |  |  | 131,647 |
Interest expense | (17,544) |  |  | (15,126) |  |  | (15,292) |  |  | (18,286) |
Underwriter commission paid on behalf of selling | — |  |  | (24,860) |  |  | — |  |  | — |
Other (expense) income, net | (1,646) |  |  | 3,166 |  |  | (4,369) |  |  | 4,866 |
Income before income taxes | 181,722 |  |  | 26,078 |  |  | 151,557 |  |  | 118,227 |
Income tax expense (benefit)(1) | 35,271 |  |  | (2,429) |  |  | 27,340 |  |  | 22,422 |
Net (loss) income | 146,451 |  |  | 28,507 |  |  | 124,217 |  |  | 95,805 |
Net (income) loss attributable to noncontrolling interest | 126 |  |  | (277) |  |  | 292 |  |  | (509) |
Net (loss) income attributable to Levi Strauss & Co. | $ | 146,577 |  |  | $ | 28,230 |  |  | $ | 124,509 |  |  | $ | 95,296 |
Earnings per common share attributable to common stockholders(2): |  |  |  |  |  |  |
Basic | $ | 0.39 |  |  | $ | 0.07 |  |  | $ | 0.32 |  |  | $ | 0.24 |
Diluted | $ | 0.37 |  |  | $ | 0.07 |  |  | $ | 0.30 |  |  | $ | 0.23 |
Weighted-average common shares outstanding - diluted |  |  |  |  |  |  |
Basic | 377,077,111 |  |  | 389,518,461 |  |  | 394,169,688 |  |  | 394,670,867 |
Diluted | 393,234,825 |  |  | 409,332,997 |  |  | 413,639,749 |  |  | 411,984,817 |
Cash dividends declared per share | $ | 0.29 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.01 |
_____________ (1)The Income tax benefit in the second quarter is due to lower income taxes from less operating income and an excess tax benefit recognized related to the exercise of employee stock-based compensation. (2)The sum of the quarterly earnings per share may not equal the full-year amount, as the computations of the weighted-average number of common basic and diluted shares outstanding for each quarter and the full year are performed independently.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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