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Business Segment Information | 9 Months Ended
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Aug. 25, 2024
Segment Reporting [Abstract] |
BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION The Company manages its business according to three reportable segments: Americas, Europe, and Asia, collectively comprising the Company’s Levi’s Brands business, which includes Levi’s®, Levi Strauss Signature™ and Denizen® brands. The Dockers® and Beyond Yoga® businesses do not separately meet the quantitative thresholds for reportable segments and therefore are presented under the caption of “Other Brands.” Effective in the second quarter of 2024, Dockers® and Beyond Yoga® businesses are disclosed as separate lines under the caption “Other Brands” to increase transparency of performance. Prior periods were adjusted to reflect the change. Corporate expenses are comprised of selling, general and administrative expenses that management does not attribute to any of our operating segments and these expenses primarily relate to corporate administration, information and technology resources, finance and human resources functional and organizational costs. 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. Business segment information for the Company is as follows:
| Three Months Ended |  | Nine Months Ended
| August 25, 2024 |  | August 27, 2023 |  | August 25, 2024 |  | August 27, 2023
| (Dollars in millions)
Net revenues: |  |  |  |  |  |  |
Americas | $ | 757.2 |  |  | $ | 766.7 |  |  | $ | 2,205.2 |  |  | $ | 2,198.6 |
Europe | 406.6 |  |  | 384.1 |  |  | 1,183.8 |  |  | 1,200.5 |
Asia | 247.1 |  |  | 246.5 |  |  | 795.9 |  |  | 797.7 |
Total segment net revenues | 1,410.9 |  |  | 1,397.3 |  |  | 4,184.9 |  |  | 4,196.8 |
Other Brands: |  |  |  |  |  |  |
Dockers | 73.7 |  |  | 86.7 |  |  | 233.5 |  |  | 254.8 |
Beyond Yoga® | 32.2 |  |  | 27.0 |  |  | 97.2 |  |  | 85.1 |
Total Other Brands | 105.9 |  |  | 113.7 |  |  | 330.7 |  |  | 339.9 |
Total net revenues | $ | 1,516.8 |  |  | $ | 1,511.0 |  |  | $ | 4,515.6 |  |  | $ | 4,536.7 |
Income (loss) before income taxes: |  |  |  |  |  |  |
Americas | $ | 173.9 |  |  | $ | 135.6 |  |  | $ | 432.8 |  |  | $ | 323.4 |
Europe | 83.2 |  |  | 68.1 |  |  | 239.9 |  |  | 240.4 |
Asia | 28.5 |  |  | 30.2 |  |  | 111.0 |  |  | 116.0 |
Total segment operating income | 285.6 |  |  | 233.9 |  |  | 783.7 |  |  | 679.8 |
Dockers operating loss | (2.4) |  |  | (2.3) |  |  | (2.4) |  |  | (2.9) |
Beyond Yoga operating (loss) income | (5.8) |  |  | 0.5 |  |  | (9.6) |  |  | 2.5 |
Restructuring charges, net(1) | (3.4) |  |  | (1.5) |  |  | (174.7) |  |  | (19.3) |
Goodwill and other intangible asset impairment charges(2) | (111.4) |  |  | (90.2) |  |  | (116.9) |  |  | (90.2) |
Corporate expenses | (132.3) |  |  | (105.6) |  |  | (428.3) |  |  | (367.8) |
Interest expense | (10.1) |  |  | (11.5) |  |  | (30.4) |  |  | (35.4) |
Other expense, net(3) | (0.4) |  |  | (26.7) |  |  | (2.3) |  |  | (38.1) |
Income (loss) before income taxes | $ | 19.8 |  |  | $ | (3.4) |  |  | $ | 19.1 |  |  | $ | 128.6 |
____________ (1)Restructuring charges, net for the three and nine months ended August 25, 2024 related to Project Fuel, consisting primarily of severance and other post-employment benefit charges. (2)For the three and nine months ended August 25, 2024, goodwill and other intangible asset impairment charges includes $36.3 million related to Beyond Yoga reporting unit goodwill, $66.0 million related to the Beyond Yoga® trademark and $9.1 million related to the Beyond Yoga® customer relationship intangible assets. Additionally, the nine months ended August 25, 2024 includes a $5.5 million goodwill impairment charge related to the footwear business. For the three and nine months ended August 27, 2023, goodwill and other intangible asset impairment charges includes $75.4 million related to Beyond Yoga reporting unit goodwill and $14.8 million related to the Beyond Yoga® trademark. (3)Other expense, net for the three and nine months ended August 25, 2024 includes an insurance recovery of $2.7 million and a government subsidy gain of $1.4 million. Other expense, net for the three and nine months ended August 27, 2023 primarily consists of a noncash pension settlement charge.

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- Definition The entire disclosure for reporting segments including data and tables. 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