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Business Segment Information | 12 Months Ended
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Nov. 28, 2021
Segment Reporting [Abstract] |
BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION In the fourth quarter of 2021, the Company changed its segment reporting as a result of operational changes in support of the ongoing efforts to globally integrate the Levi's Brands business, which includes Levi's, Signature by Levi Strauss & Co.™ and Denizen® brands, and separate the Dockers® business. The Levi's business is defined geographically in three operating segments: Americas, Europe and Asia. The Dockers® business, which is managed separately, will no longer be reported in the three geographical regions of Americas, Europe and Asia. Therefore, there are three reportable segments: Americas, Europe, and Asia, collectively comprising the Company's Levi's Brands business, and Other Brands, which includes Dockers® and the newly acquired Beyond Yoga® business, which do not meet the quantitative thresholds for reportable segments and therefore are presented under the caption of Other Brands. While this reporting change did not impact consolidated results, the segment data has been recast to be consistent for all periods presented throughout the financial statements and accompanying footnotes. 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 segments’ net revenues and operating income. The Company reports inventories by segment as that information is used by the chief operating decision maker in assessing segment performance. The Company does not report its other assets by segment as that information is not used by the chief operating decision maker in assessing segment performance. Business segment information for the Company is as follows:
| Year Ended
| November 28, 2021 |  | November 29, 2020(1) |  | November 24, 2019
| (Dollars in thousands)
Net revenues: |  |  |  |  |
Americas | $ | 2,934,826 |  |  | $ | 2,187,899 |  |  | $ | 2,771,083 |
Europe | 1,704,018 |  |  | 1,391,764 |  |  | 1,707,469 |
Asia | 834,649 |  |  | 663,391 |  |  | 926,120 |
Other Brands | 290,443 |  |  | 209,555 |  |  | 358,415 |
Total net revenues | $ | 5,763,936 |  |  | $ | 4,452,609 |  |  | $ | 5,763,087 |
Operating income (loss): |  |  |  |  |
Americas | $ | 660,230 |  |  | $ | 318,738 |  |  | $ | 519,686 |
Europe | 396,386 |  |  | 207,866 |  |  | 350,067 |
Asia | 35,097 |  |  | (21,392) |  |  | 87,490 |
Other Brands | 10,431 |  |  | (3,338) |  |  | 7,172 |
Restructuring charges, net | (8,287) |  |  | (90,415) |  |  | — |
Corporate expenses(2) | (407,646) |  |  | (496,578) |  |  | (397,740) |
Total operating income (loss) | 686,211 |  |  | (85,119) |  |  | 566,675 |
Interest expense | (72,902) |  |  | (82,190) |  |  | (66,248) |
Underwriter commission paid on behalf of selling stockholders | — |  |  | — |  |  | (24,860) |
Loss on early extinguishment of debt | (36,521) |  |  | — |  |  | — |
Other income (expense), net(3) | 3,452 |  |  | (22,474) |  |  | 2,017 |
Income (loss) before income taxes | $ | 580,240 |  |  | $ | (189,783) |  |  | $ | 477,584 |
___________ (1)For the year ended November 29, 2020, the Company's business and results of operations were 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 as most company-operated and wholesale customer doors were temporarily closed. Refer to Note 1 for more information. (2)Corporate expenses for the year ended November 29, 2020 includes incremental COVID-19 related charges that management does not attribute to any of the operating segments in order to provide increased transparency and comparability of segment performance. These charges include $42.3 million of incremental inventory reserves of which $26.3 million, $9.1 million and $6.9 million were related to the Americas, Europe and Asia segments, respectively, and charges for adverse fabric purchase commitments of $1.2 million related to the Asia segment. Net charges related to incremental allowance for doubtful accounts of $5.2 million were recognized, of which $5.0 million and $0.2 million were related to the Americas and Europe segments, respectively. Additionally, the Company recognized $58.7 million in impairment of long-lived assets related to certain retail locations, of which $50.0 million, $6.3 million and $2.4 million, were related to the Americas, Europe and Asia segments, respectively. Refer to Note 1 for additional information. (3)Includes $14.7 million in pension settlement losses in fiscal year 2020 related to the voluntary lump-sum, cash-out program offered to vested deferred U.S. pension plan participants. See Note 10 for further information.
| Year Ended
| November 28, 2021 |  | November 29, 2020 |  | November 24, 2019
| (Dollars in thousands)
Depreciation and amortization expense: |  |  |  |  |
Americas | $ | 39,137 |  |  | $ | 49,689 |  |  | $ | 41,288 |
Europe | 23,325 |  |  | 22,877 |  |  | 22,897 |
Asia | 13,259 |  |  | 12,656 |  |  | 11,875 |
Other Brands and Corporate | 67,446 |  |  | 56,573 |  |  | 47,882 |
Total depreciation and amortization expense | $ | 143,167 |  |  | $ | 141,795 |  |  | $ | 123,942 |
| November 28, 2021
| Americas |  | Europe |  | Asia |  |  |  |  |  |  |  | Unallocated |  | Consolidated Total
| (Dollars in thousands)
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Inventories | $ | 429,527 |  |  | $ | 175,732 |  |  | $ | 154,864 |  |  |  |  |  |  |  |  | $ | 137,827 |  |  | $ | 897,950 |
All other assets | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 5,002,119 |  |  | 5,002,119 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,900,069 |
| November 29, 2020
| Americas |  | Europe |  | Asia |  |  |  |  |  |  |  | Unallocated |  | Consolidated Total
| (Dollars in thousands)
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Inventories | $ | 352,648 |  |  | $ | 165,516 |  |  | $ | 162,244 |  |  |  |  |  |  |  |  | $ | 137,284 |  |  | $ | 817,692 |
All other assets | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 4,823,549 |  |  | 4,823,549 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,641,241 |
Geographic information for the Company was as follows:
| Year Ended
| November 28, 2021 |  | November 29, 2020 |  | November 24, 2019
| (Dollars in thousands)
Net revenues: |  |  |  |  |
United States | $ | 2,594,482 |  |  | $ | 1,943,522 |  |  | $ | 2,525,325 |
Foreign countries | 3,169,454 |  |  | 2,509,087 |  |  | 3,237,762 |
Total net revenues | $ | 5,763,936 |  |  | $ | 4,452,609 |  |  | $ | 5,763,087 |
Net deferred tax assets: |  |  |  |  |
United States | $ | 422,013 |  |  | $ | 404,800 |  |  | $ | 327,980 |
Foreign countries | 151,101 |  |  | 92,756 |  |  | 79,925 |
Total net deferred tax assets | $ | 573,114 |  |  | $ | 497,556 |  |  | $ | 407,905 |
Long-lived assets: |  |  |  |  |
United States | $ | 358,497 |  |  | $ | 317,102 |  |  | $ | 376,883 |
Foreign countries | 174,097 |  |  | 168,437 |  |  | 194,762 |
Total long-lived assets | $ | 532,594 |  |  | $ | 485,539 |  |  | $ | 571,645 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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