XML 42 R30.htm IDEA: XBRL DOCUMENT
v3.21.2

Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
--- | ---
Aug. 29, 2021
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 and non-derivative instruments:
| August 29, 2021 |  | November 29, 2020
| Assets |  | (Liabilities) |  | Derivative Net Carrying Value |  | Assets |  | (Liabilities) |  | Derivative Net Carrying Value
| Carrying Value |  | Carrying Value |  |  | Carrying Value |  | Carrying Value |
| (Dollars in thousands)
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Foreign exchange risk cash flow hedges(1) | $ | 7,777 |  |  | $ | — |  |  | $ | 7,777 |  |  | $ | 1,489 |  |  | $ | — |  |  | $ | 1,489 |
Foreign exchange risk cash flow hedges(2) | — |  |  | (4,433) |  |  | (4,433) |  |  | — |  |  | (5,036) |  |  | (5,036) |
Total | $ | 7,777 |  |  | $ | (4,433) |  |  |  |  | $ | 1,489 |  |  | $ | (5,036) |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Forward foreign exchange contracts(1) | $ | 12,937 |  |  | $ | (7,779) |  |  | $ | 5,158 |  |  | $ | 4,902 |  |  | $ | (1,487) |  |  | $ | 3,415 |
Forward foreign exchange contracts(2) | 4,438 |  |  | (6,377) |  |  | (1,939) |  |  | 5,035 |  |  | (10,734) |  |  | (5,699) |
Total | $ | 17,375 |  |  | $ | (14,156) |  |  |  |  | $ | 9,937 |  |  | $ | (12,221) |  |  |
Non-derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Euro senior notes | $ | — |  |  | $ | (558,173) |  |  |  |  | $ | — |  |  | $ | (565,820) |  |  |
_____________ (1)Included in "Other current assets" or "Other non-current assets" on the Company’s consolidated balance sheets. (2)Included in "Other accrued liabilities" or "Other long-term 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; however, the Company records the fair value on a gross basis on its consolidated balance sheets based on maturity dates, including those subject to master netting arrangements. The table below presents the gross and net amounts of these contracts recognized on the Company's consolidated balance sheets by type of financial instrument:
| August 29, 2021 |  |  |  |  |  |  | November 29, 2020
| Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet |  | Gross Amounts Not Offset in the Balance Sheet |  | Net Amounts of Assets / (Liabilities) |  |  |  |  | Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet |  | Gross Amounts Not Offset in the Balance Sheet |  | Net Amounts of Assets / (Liabilities)
| (Dollars in thousands)
Foreign exchange risk contracts and forward foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets | $ | 25,151 |  |  | $ | (7,735) |  |  | $ | 17,416 |  |  |  |  |  |  |  | $ | 11,426 |  |  | $ | (6,578) |  |  | $ | 4,848 |
Financial liabilities | (18,588) |  |  | 7,735 |  |  | (10,853) |  |  |  |  |  |  |  | (17,257) |  |  | 6,578 |  |  | (10,679) |
Total |  |  |  |  | $ | 6,563 |  |  |  |  |  |  |  |  |  |  |  | $ | (5,831) |
Gains and losses included in AOCI | The table below provides data about the amount of gains and losses related to derivative instruments designated as cash flow hedges and non-derivative instruments designated as net investment hedges included in "Accumulated other comprehensive loss" ("AOCI") on the Company’s consolidated balance sheets:
| Amount of Gain (Loss) Recognized in AOCI (Effective Portion) |  | Amount of Gain (Loss) Reclassified from AOCI into Net Income(1)
| As of August 29, 2021 |  | As of November 29, 2020 |  | Three Months Ended |  | Nine Months Ended
August 29, 2021 |  | August 23, 2020 |  | August 29, 2021 |  | August 23, 2020
| (Dollars in thousands)
Foreign exchange risk contracts | $ | 2,334 |  |  | $ | (11,896) |  |  | $ | (5,322) |  |  | $ | 4,446 |  |  | $ | (16,415) |  |  | $ | 9,869 |
Realized forward foreign exchange swaps (2) | 4,637 |  |  | 4,637 |  |  | — |  |  | — |  |  | — |  |  | — |
Yen-denominated Eurobonds | (19,811) |  |  | (19,811) |  |  | — |  |  | — |  |  | — |  |  | — |
Euro-denominated senior notes | (71,089) |  |  | (78,736) |  |  | — |  |  | — |  |  | — |  |  | — |
Cumulative income taxes | 25,500 |  |  | 31,350 |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | (58,429) |  |  | $ | (74,456) |  |  |  |  |  |  |  |  |
_____________ (1)Amounts reclassified from AOCI were classified as net revenues and cost of goods sold on the consolidated statements of operations. (2)Prior to and during 2005, the Company used foreign exchange currency swaps to hedge the net investment in its foreign operations. For hedges that qualified for hedge accounting, the net gains were included in AOCI and are not reclassified to earnings until the related net investment position has been liquidated.
Gains and losses included in statements of income | The table below presents the effects of the Company's cash flow hedges of foreign exchange risk contracts on the consolidated statements of operations:
| Three Months Ended |  | Nine Months Ended
| August 29, 2021 |  | August 23, 2020 |  | August 29, 2021 |  | August 23, 2020
| (Dollars in thousands)
Amount of Gain (Loss) on Cash Flow Hedge Activity |  |  |  |  |  |  |
Net revenues | $ | (2,093) |  |  | $ | 1,325 |  |  | $ | (2,678) |  |  | $ | (270) |
Cost of goods sold | $ | (3,229) |  |  | $ | 3,121 |  |  | $ | (13,737) |  |  | $ | 10,139 |
The table below provides data about the amount of gains and losses related to derivatives instruments included in "Other (expense) income, net" in the Company's consolidated statements of operations:
| Three Months Ended |  | Nine Months Ended
| August 29, 2021 |  | August 23, 2020 |  | August 29, 2021 |  | August 23, 2020
| (Dollars in thousands)
Realized (loss) gain | $ | (11,059) |  |  | $ | 979 |  |  | $ | (10,362) |  |  | $ | 12,068 |
Unrealized (loss) gain | 8,658 |  |  | (11,692) |  |  | 6,234 |  |  | (1,954) |
Total | $ | (2,401) |  |  | $ | (10,713) |  |  | $ | (4,128) |  |  | $ | 10,114 |

X
- Definition Offsetting Assets and Liabilities + References No definition available. + Details
Name: | lvis_OffsettingAssetsandLiabilitiesTableTextBlock
Namespace Prefix: | lvis_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration