Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Nov. 27, 2016 | Feb. 06, 2017 | May 29, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | LEVI STRAUSS & CO | ||
Entity Central Index Key | 94,845 | ||
Current Fiscal Year End Date | --11-27 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Nov. 27, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 37,470,158 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | No | ||
Entity Public Float | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 27, 2016 | Nov. 29, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 375,563 | $ 318,571 |
Trade receivables, net of allowance for doubtful accounts of $11,974 and $11,025 | 479,018 | 498,196 |
Inventories: | ||
Raw materials | 2,454 | 3,368 |
Work-in-process | 3,074 | 3,031 |
Finished goods | 710,653 | 600,460 |
Total inventories | 716,181 | 606,859 |
Other current assets | 115,385 | 104,523 |
Total current assets | 1,686,147 | 1,528,149 |
Property, plant and equipment, net of accumulated depreciation of $856,588 and $811,013 | 393,605 | 390,829 |
Goodwill | 234,280 | 235,041 |
Other intangible assets, net | 42,946 | 43,350 |
Deferred tax assets, net | 523,101 | 580,640 |
Other non-current assets | 107,017 | 106,386 |
Total assets | 2,987,096 | 2,884,395 |
Current Liabilities: | ||
Short-term debt | 38,922 | 114,978 |
Current maturities of long-term debt | 0 | 32,625 |
Accounts payable | 270,293 | 238,309 |
Accrued salaries, wages and employee benefits | 180,740 | 182,430 |
Restructuring liabilities | 4,878 | 20,141 |
Accrued interest payable | 5,098 | 5,510 |
Accrued income taxes | 9,652 | 6,567 |
Other accrued liabilities | 252,160 | 245,607 |
Total current liabilities | 761,743 | 846,167 |
Long-term debt | 1,006,256 | 1,004,938 |
Long-term capital leases | 15,360 | 12,320 |
Postretirement medical benefits | 100,966 | 105,240 |
Pension liability | 354,461 | 358,443 |
Long-term employee related benefits | 73,243 | 73,342 |
Long-term income tax liabilities | 20,150 | 26,312 |
Other long-term liabilities | 63,796 | 56,987 |
Total liabilities | 2,395,975 | 2,483,749 |
Commitments and contingencies | ||
Temporary equity | 79,346 | 68,783 |
Levi Strauss & Co. stockholders’ equity | ||
Common stock — $.01 par value; 270,000,000 shares authorized; 37,470,158 shares and 37,460,145 shares issued and outstanding | 375 | 375 |
Additional paid-in capital | 1,445 | 3,291 |
Retained earnings | 935,049 | 705,668 |
Accumulated other comprehensive loss | (427,314) | (379,066) |
Total Levi Strauss & Co. stockholders’ equity | 509,555 | 330,268 |
Noncontrolling interest | 2,220 | 1,595 |
Total stockholders’ equity | 511,775 | 331,863 |
Total liabilities, temporary equity and stockholders’ equity | $ 2,987,096 | $ 2,884,395 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Nov. 27, 2016 | Nov. 29, 2015 |
Current Assets: | ||
Allowance for doubtful accounts | $ 11,974 | $ 11,025 |
Accumulated depreciation | $ 856,588 | $ 811,013 |
Levi Strauss & Co. stockholders’ equity | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 270,000,000 | 270,000,000 |
Common stock, shares issued (shares) | 37,470,158 | 37,460,145 |
Common stock, shares outstanding (shares) | 37,470,158 | 37,460,145 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 27, 2016 | Aug. 28, 2016 | May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Mar. 01, 2015 | Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Income Statement [Abstract] | |||||||||||
Net revenues | $ 1,299,541 | $ 1,185,111 | $ 1,011,587 | $ 1,056,500 | $ 1,285,226 | $ 1,142,012 | $ 1,012,180 | $ 1,055,075 | $ 4,552,739 | $ 4,494,493 | $ 4,753,992 |
Cost of goods sold | 640,131 | 592,305 | 494,389 | 496,902 | 626,898 | 568,655 | 511,949 | 518,010 | 2,223,727 | 2,225,512 | 2,405,552 |
Gross profit | 659,410 | 592,806 | 517,198 | 559,598 | 658,328 | 573,357 | 500,231 | 537,065 | 2,329,012 | 2,268,981 | 2,348,440 |
Selling, general and administrative expenses | 517,454 | 448,525 | 459,351 | 441,163 | 494,389 | 454,530 | 449,662 | 425,282 | 1,866,493 | 1,823,863 | 1,906,164 |
Restructuring, net | (718) | (627) | (191) | 1,848 | 2,725 | 4,054 | 2,954 | 4,338 | 312 | 14,071 | 128,425 |
Operating income | 142,674 | 144,908 | 58,038 | 116,587 | 161,214 | 114,773 | 47,615 | 107,445 | 462,207 | 431,047 | 313,851 |
Interest expense | (18,687) | (19,170) | (20,411) | (14,902) | (18,851) | (17,138) | (21,913) | (23,312) | (73,170) | (81,214) | (117,597) |
Loss on early extinguishment of debt | 0 | 0 | (14,002) | 0 | 0 | (14,002) | (20,343) | ||||
Other income (expense), net | 11,468 | 4,679 | 4,295 | (2,219) | 1,272 | (8,316) | 7,639 | (26,028) | 18,223 | (25,433) | (22,057) |
Income before income taxes | 135,455 | 130,417 | 41,922 | 99,466 | 143,635 | 89,319 | 19,339 | 58,105 | 407,260 | 310,398 | 153,854 |
Income tax expense | 39,301 | 32,713 | 10,862 | 33,175 | 41,940 | 30,858 | 7,887 | 19,822 | 116,051 | 100,507 | 49,545 |
Net income | 96,154 | 97,704 | 31,060 | 66,291 | 101,695 | 58,461 | 11,452 | 38,283 | 291,209 | 209,891 | 104,309 |
Net (income) loss attributable to noncontrolling interest | 19 | 614 | (335) | (455) | (517) | (286) | 239 | 109 | (157) | (455) | 1,769 |
Net income attributable to Levi Strauss & Co. | $ 96,173 | $ 98,318 | $ 30,725 | $ 65,836 | $ 101,178 | $ 58,175 | $ 11,691 | $ 38,392 | $ 291,052 | $ 209,436 | $ 106,078 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income | $ 291,209 | $ 209,891 | $ 104,309 |
Pension and postretirement benefits | (22,925) | 38,785 | (53,323) |
Net investment hedge (losses) gains | (829) | 385 | 13,404 |
Foreign currency translation (losses) gains | (30,380) | (28,791) | (36,201) |
Unrealized gains (losses) on marketable securities | 143 | (575) | 1,577 |
Total other comprehensive (loss) income, before related income taxes | (53,991) | 9,804 | (74,543) |
Income tax benefit (expense) related to items of other comprehensive (loss) income | 6,211 | (13,602) | 10,903 |
Comprehensive income, net of income taxes | 243,429 | 206,093 | 40,669 |
Comprehensive (income) loss attributable to noncontrolling interest | (625) | (383) | 2,098 |
Comprehensive income attributable to Levi Strauss & Co. | $ 242,804 | $ 205,710 | $ 42,767 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficit and Comprehensive Income - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Earnings (Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Beginning balance at Nov. 24, 2013 | $ 174,976 | $ 374 | $ 7,361 | $ 475,960 | $ (312,029) | $ 3,310 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 104,309 | 0 | 0 | 106,078 | 0 | (1,769) |
Other comprehensive (loss) income, net of tax | (63,640) | 0 | 0 | 0 | (63,311) | (329) |
Stock-based compensation and dividends, net | 13,267 | 0 | 13,290 | (23) | 0 | 0 |
Reclassification to temporary equity | (39,140) | 0 | (19,298) | (19,842) | 0 | 0 |
Repurchase of common stock | (5,314) | 0 | (1,353) | (3,961) | 0 | 0 |
Cash dividends paid | (30,003) | 0 | 0 | (30,003) | 0 | 0 |
Ending balance at Nov. 30, 2014 | 154,455 | 374 | 0 | 528,209 | (375,340) | 1,212 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 209,891 | 0 | 0 | 209,436 | 0 | 455 |
Other comprehensive (loss) income, net of tax | (3,798) | 0 | 0 | 0 | (3,726) | (72) |
Stock-based compensation and dividends, net | 16,609 | 1 | 16,674 | (66) | 0 | 0 |
Reclassification to temporary equity | 8,881 | 0 | (10,961) | 19,842 | 0 | 0 |
Repurchase of common stock | (4,175) | 0 | (2,422) | (1,753) | 0 | 0 |
Cash dividends paid | (50,000) | 0 | 0 | (50,000) | 0 | 0 |
Ending balance at Nov. 29, 2015 | 331,863 | 375 | 3,291 | 705,668 | (379,066) | 1,595 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 291,209 | 0 | 0 | 291,052 | 0 | 157 |
Other comprehensive (loss) income, net of tax | (47,780) | 0 | 0 | 0 | (48,248) | 468 |
Stock-based compensation and dividends, net | 9,609 | 0 | 9,649 | (40) | 0 | 0 |
Reclassification to temporary equity | (10,563) | 0 | (10,563) | 0 | 0 | 0 |
Repurchase of common stock | (2,563) | 0 | (932) | (1,631) | 0 | 0 |
Cash dividends paid | (60,000) | 0 | 0 | 0 | 0 | |
Ending balance at Nov. 27, 2016 | $ 511,775 | $ 375 | $ 1,445 | $ 935,049 | $ (427,314) | $ 2,220 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Cash Flows from Operating Activities: | |||
Net income | $ 291,209 | $ 209,891 | $ 104,309 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 103,878 | 102,044 | 109,474 |
Asset impairments | 4,100 | 2,616 | 6,531 |
Gain on disposal of assets | (6,058) | (8,626) | (197) |
Unrealized foreign exchange (gains) losses | (5,853) | (371) | 5,392 |
Realized (gain) loss on settlement of forward foreign exchange contracts not designated for hedge accounting | (17,175) | (14,720) | 6,184 |
Employee benefit plans’ amortization from accumulated other comprehensive loss and settlement losses | 14,991 | 16,983 | 45,787 |
Noncash loss on extinguishment of debt, net of write-off of unamortized debt issuance costs | 0 | 3,448 | 5,103 |
Noncash restructuring charges | 0 | 658 | 3,347 |
Amortization of deferred debt issuance costs | 2,576 | 2,150 | 2,331 |
Stock-based compensation | 9,333 | 15,137 | 12,441 |
Allowance for doubtful accounts | 2,195 | 1,875 | 662 |
Deferred income taxes | 66,078 | 58,386 | (28,177) |
Change in operating assets and liabilities: | |||
Trade receivables | 6,150 | 4,060 | (51,367) |
Inventories | (121,379) | 28,566 | (6,184) |
Other current assets | (22,944) | (3,061) | 5,377 |
Other non-current assets | (9,103) | (21,375) | 1,509 |
Accounts payable and other accrued liabilities | 43,040 | (80,224) | (28,871) |
Restructuring liabilities | (17,290) | (36,711) | 66,574 |
Income tax liabilities | 7,653 | (9,680) | 19,224 |
Accrued salaries, wages and employee benefits and long-term employee related benefits | (49,880) | (44,714) | (42,878) |
Other long-term liabilities | 5,029 | (10,902) | (3,740) |
Other, net | 0 | 2,902 | 78 |
Net cash provided by operating activities | 306,550 | 218,332 | 232,909 |
Cash Flows from Investing Activities: | |||
Purchases of property, plant and equipment | (102,950) | (102,308) | (73,396) |
Proceeds from sale of assets | 17,427 | 9,026 | 8,049 |
Proceeds (payments) on settlement of forward foreign exchange contracts not designated for hedge accounting | 17,175 | 14,720 | (6,184) |
Acquisitions, net of cash acquired | 0 | (2,271) | (318) |
Net cash used for investing activities | (68,348) | (80,833) | (71,849) |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of long-term debt | 0 | 500,000 | 0 |
Repayments of long-term debt and capital leases | (39,641) | (528,104) | (395,853) |
Proceeds from senior revolving credit facility | 180,000 | 345,000 | 265,000 |
Repayments of senior revolving credit facility | (279,000) | (346,000) | (165,000) |
Proceeds from short-term credit facilities | 29,154 | 23,936 | 24,372 |
Repayments of short-term credit facilities | (18,219) | (21,114) | (24,000) |
Other short-term borrowings, net | 13,475 | (12,919) | (10,080) |
Debt issuance costs | 0 | (4,605) | (2,684) |
Change in restricted cash, net | 2,967 | 1,615 | 1,060 |
Repurchase of common stock | (2,563) | (4,175) | (5,314) |
Excess tax benefits from stock-based compensation | 278 | 1,471 | 826 |
Dividend to stockholders | (60,000) | (50,000) | (30,003) |
Net cash (used for) provided by financing activities | (173,549) | (94,895) | (341,676) |
Effect of exchange rate changes on cash and cash equivalents | (7,661) | (22,288) | (10,387) |
Net increase (decrease) in cash and cash equivalents | 56,992 | 20,316 | (191,003) |
Beginning cash and cash equivalents | 318,571 | 298,255 | 489,258 |
Ending cash and cash equivalents | 375,563 | 318,571 | 298,255 |
Noncash Investing Activity: | |||
Purchases of property, plant and equipment not yet paid at end of period | 19,903 | 23,958 | 19,728 |
Supplemental disclosure of cash flow information: | |||
Interest | 67,052 | 77,907 | 110,029 |
Income taxes | $ 57,148 | $ 61,456 | $ 60,525 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Nov. 27, 2016 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Levi Strauss & Co. (the “Company”) is one of the world’s largest brand-name apparel companies. The Company designs, markets and sells – directly or through third parties and licensees – products that include jeans, casual and dress pants, tops, shorts, skirts, jackets, footwear and related accessories, for men, women and children around the world under the Levi’s ® , Dockers ® , Signature by Levi Strauss & Co.™ and Denizen ® brands. The Company operates its business through three geographic regions: Americas, Europe and Asia. Basis of Presentation and Principles of Consolidation The consolidated financial statements of the Company and its wholly-owned and majority-owned foreign and domestic subsidiaries are prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”). All significant intercompany balances and transactions have been eliminated. The Company is privately held primarily by descendants of the family of its founder, Levi Strauss, and their relatives. The Company’s fiscal year ends on the last Sunday of November in each year, although the fiscal years of certain foreign subsidiaries end on November 30. Fiscal 2016 and 2015 were 52 -week years, ending on November 27, 2016 , and November 29, 2015, respectively. Fiscal 2014 was a 53-week year ending on November 30, 2014. Each quarter of fiscal years 2016 , 2015 and 2014 consists of 13 weeks, with the exception of the fourth quarter of 2014, which consisted of 14 weeks. All references to years relate to fiscal years rather than calendar years. Subsequent events have been evaluated through the issuance date of these financial statements. Out-of-period Adjustments The Company's results for the year ended November 30, 2014, include out-of-period adjustments which decreased income before income taxes and net income by $1.3 million and $6.9 million , respectively. These adjustments were comprised of $1.3 million of pre-tax items, principally related to duty accruals, and $5.6 million of additional tax expense, all associated with prior years. Management has evaluated these items in relation to year ended November 30, 2014, as well as the periods in which they originated, and believes these items are immaterial to both the consolidated quarterly and annual financial statements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes to the consolidated financial statements. Estimates are based upon historical factors, current circumstances and the experience and judgment of the Company’s management. Management evaluates its estimates and assumptions on an ongoing basis and may employ outside experts to assist in its evaluations. Changes in such estimates, based on more accurate future information, or different assumptions or conditions, may affect amounts reported in future periods. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents are stated at fair value. Restricted Cash Restricted cash primarily relates to required cash deposits for customs and rental guarantees to support the Company's international operations. As restricted cash is not material in any period presented, it is included in “Other current assets” and “Other non-current assets” on the consolidated balance sheets. Accounts Receivable, Net The Company extends credit to its customers that satisfy pre-defined credit criteria. Accounts receivable are recorded net of an allowance for doubtful accounts. The Company estimates the allowance for doubtful accounts based upon an analysis of the aging of accounts receivable at the date of the consolidated financial statements, assessments of collectability based on historic trends, customer-specific circumstances, and an evaluation of economic conditions. Actual write-off of receivables may differ from estimates due to changes in customer and economic circumstances. Inventory Valuation The Company values inventories at the lower of cost or market value. Inventory cost is determined using the first-in first-out method. The Company includes product costs, labor and related overhead, inbound freight, internal transfers, and the cost of operating its remaining manufacturing facilities, including the related depreciation expense, in the cost of inventories. The Company estimates quantities of slow-moving and obsolete inventory, by reviewing on-hand quantities, outstanding purchase obligations and forecasted sales. The Company determines inventory market values by estimating expected selling prices based on the Company's historical recovery rates for slow-moving and obsolete inventory and other factors, such as market conditions, expected channel of distribution and current consumer preferences. Income Tax Assets and Liabilities The future effective tax rate will ultimately depend on the mix of earnings between domestic and foreign operations, the impact of certain undistributed foreign earnings for which no U.S. taxes have been provided because such earnings are planned to be indefinitely reinvested outside of the United States, changes in tax laws and regulations and potential resolutions on tax examinations, refund claims and litigation. Remittances of foreign earnings to the United States are planned based on projected cash flow, working capital and investment needs of our foreign and domestic operations. Based on these assumptions, the Company estimates the amount that will be distributed to the United States and provides U.S. federal taxes on these amounts. Material changes in the Company's estimates as to how much of the Company's foreign earnings will be distributed to the United States or tax legislation that limits or restricts the amount of undistributed foreign earnings that the Company considers indefinitely reinvested outside the United States could materially impact the Company's income tax provision and effective tax rate. Significant judgment is required in determining the Company's worldwide income tax provision. In the ordinary course of a global business, there are many transactions and calculations where the ultimate tax outcome is uncertain. Some of these uncertainties arise from examinations in various jurisdictions and assumptions and estimates used in evaluating the need for valuation allowance. The Company is subject to income taxes in both the United States and numerous foreign jurisdictions. The Company computes its provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating loss and tax credit carryforwards. All deferred income taxes are classified as non-current on the Company's consolidated balance sheets. Deferred tax assets and liabilities are measured using the currently enacted tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. Significant judgments are required in order to determine the realizability of these deferred tax assets. In assessing the need for a valuation allowance, the Company's management evaluates all significant available positive and negative evidence, including historical operating results, estimates of future taxable income and the existence of prudent and feasible tax planning strategies. The Company continuously reviews issues raised in connection with all ongoing examinations and open tax years to evaluate the adequacy of its tax liabilities. The Company evaluates uncertain tax positions under a two-step approach. The first step is to evaluate the uncertain tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon examination based on its technical merits. The second step, for those positions that meet the recognition criteria, is to measure the tax benefit as the largest amount that is more than fifty percent likely to be realized. The Company believes that its recorded tax liabilities are adequate to cover all open tax years based on its assessment. This assessment relies on estimates and assumptions and involves significant judgments about future events. To the extent that the Company's view as to the outcome of these matters change, the Company will adjust income tax expense in the period in which such determination is made. The Company classifies interest and penalties related to income taxes as income tax expense. Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation. The cost is depreciated on a straight-line basis over the estimated useful lives of the related assets. Costs relating to internal-use software development are capitalized when incurred during the application development phase. Buildings are depreciated over 20 to 40 years, and leasehold improvements are depreciated over the lesser of the life of the improvement or the initial lease term. Machinery and equipment includes furniture and fixtures, automobiles and trucks, and networking communication equipment, and is depreciated over a range from three to 20 years. Capitalized internal-use software is depreciated over periods ranging from three to seven years. Goodwill and Other Intangible Assets Goodwill resulted primarily from a 1985 acquisition of the Company by Levi Strauss Associates Inc., a former parent company that was subsequently merged into the Company in 1996, and the Company's 2009 acquisitions. Goodwill is not amortized. Intangible assets are comprised of owned trademarks with indefinite useful lives which are not being amortized and acquired contractual rights. The amortization of these intangible assets is included in "Selling, general, and administrative expenses" in the Company's consolidated statements of income. Impairment The Company reviews its goodwill and other non-amortized intangible assets for impairment annually in the fourth quarter of its fiscal year, or more frequently as warranted by events or changes in circumstances which indicate that the carrying amount may not be recoverable. The Company qualitatively assesses goodwill and non-amortized intangible assets to determine whether it is more likely than not that the fair value of a reporting unit or other non-amortized intangible asset is less than its carrying amount. During fiscal 2016, the Company performed this analysis examining key events and circumstances affecting fair value and determined it is more likely than not that the reporting unit’s fair value is greater than its carrying amount. As such, no further analysis was required for purposes of testing of the Company’s goodwill or other non-amortized intangible asset for impairment. If goodwill is not qualitatively assessed or if goodwill is qualitatively assessed and it is determined it is not more likely than not that the reporting unit’s fair value is greater than its carrying amount, a two-step quantitative approach is utilized. In the first step, the Company compares the carrying value of the reporting unit or applicable asset to its fair value, which the Company estimates using a discounted cash flow analysis or by comparison with the market values of similar assets. If the carrying amount of the reporting unit or asset exceeds its estimated fair value, the Company performs the second step, and determines the impairment loss, if any, as the excess of the carrying value of the goodwill or intangible asset over its fair value. The Company reviews its other long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If the carrying amount of an asset exceeds the expected future undiscounted cash flows, the Company measures and records an impairment loss for the excess of the carrying value of the asset over its fair value. To determine the fair value of impaired assets, the Company utilizes the valuation technique or techniques deemed most appropriate based on the nature of the impaired asset and the data available, which may include the use of quoted market prices, prices for similar assets or other valuation techniques such as discounted future cash flows or earnings. Debt Issuance Costs The Company capitalizes debt issuance costs on its senior revolving credit facility, which are included in "Other non-current assets" on the Company's consolidated balance sheets. Capitalized debt issuance costs on the Company's unsecured long-term debt are presented as a reduction to the debt outstanding on the Company's consolidated balance sheets. The unsecured long-term debt issuance costs are generally amortized utilizing the effective interest method whereas the senior revolving credit facility issuance costs are amortized utilizing the straight-line method. Amortization of debt issuance costs is included in "Interest expense" in the consolidated statements of income. Restructuring Liabilities Upon approval of a restructuring plan, the Company records restructuring liabilities for employee severance and related termination benefits when they become probable and estimable for formal and pre-existing severance arrangements. The Company records other costs associated with exit activities as they are incurred. The long-term portion of restructuring liabilities is included in “Other long-term liabilities” on the Company’s consolidated balance sheets. Deferred Rent The Company is obligated under operating leases of property for manufacturing, finishing and distribution facilities, office space, retail stores and equipment. Rental expense relating to operating leases are recognized on a straight-line basis over the lease term after consideration of lease incentives and scheduled rent escalations beginning as of the date the Company takes physical possession or control of the property. Differences between rental expense and actual rental payments are recorded as deferred rent liabilities included in "Other accrued liabilities" and "Other long-term liabilities" on the consolidated balance sheets. Fair Value of Financial Instruments The fair values of the Company's financial instruments reflect the amounts that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value estimates presented in this report are based on information available to the Company as of November 27, 2016 and November 29, 2015 . The carrying values of cash and cash equivalents, trade receivables and short-term borrowings approximate fair value since they are short term in nature. The Company has estimated the fair value of its other financial instruments using the market and income approaches. Rabbi trust assets and forward foreign exchange contracts are carried at their fair values. The Company's debt instruments are carried at historical cost and adjusted for amortization of premiums, discounts, or deferred financing costs, foreign currency fluctuations and principal payments. Pension and Postretirement Benefits The Company has several non-contributory defined benefit retirement plans covering eligible employees. The Company also provides certain health care benefits for U.S. employees who meet age, participation and length of service requirements at retirement. In addition, the Company sponsors other retirement or post-employment plans for its foreign employees in accordance with local government programs and requirements. The Company retains the right to amend, curtail or discontinue any aspect of the plans, subject to local regulations. The Company recognizes either an asset or a liability for any plan's funded status in its consolidated balance sheets. The Company measures changes in funded status using actuarial models which utilize an attribution approach that generally spreads individual events over the estimated service lives of the remaining employees in the plan. For plans where participants will not earn additional benefits by rendering future service, which includes the Company's U.S. plans, individual events are spread over the plan participants' estimated remaining lives. The Company's policy is to fund its retirement plans based upon actuarial recommendations and in accordance with applicable laws, income tax regulations and credit agreements. Net pension and postretirement benefit income or expense is generally determined using assumptions which include expected long-term rates of return on plan assets, discount rates, compensation rate increases and medical and mortality trend rates. The Company considers several factors including historical rates, expected rates and external data to determine the assumptions used in the actuarial models. At the end of 2015, the Company elected to adopt the spot-rate approach to determine the interest cost component of pension and postretirement expense. Under the spot-rate approach, the interest cost is calculated by applying interest to the discounted cash flow expected at each payment date. The interest is determined using the same spot rate along the yield curve that was used to determine the present value of the associated payment. This approach was used to recognize the 2016 expense. Prior to 2016, all plans with a yield curve available for discount rate setting purposes used a single weighted-average rate. Employee Incentive Compensation The Company maintains short-term and long-term employee incentive compensation plans. Provisions for employee incentive compensation are recorded in "Accrued salaries, wages and employee benefits" and "Long-term employee related benefits" on the Company's consolidated balance sheets. The Company accrues the related compensation expense over the period of the plan and changes in the liabilities for these incentive plans generally correlate with the Company's financial results and projected future financial performance. Stock-Based Compensation The Company has stock-based incentive plans which reward certain employees and directors with cash or equity. Compensation cost for these awards is based on the fair value of the Company's common stock and generally reflects the number of awards that vest or are expected to vest. Compensation cost is recognized over the period that an employee provides service for that award, which generally is the vesting period. The Company's common stock is not listed on any established stock exchange. Accordingly, the stock's fair value is based upon a valuation performed by an independent third-party, Evercore Group LLC (“Evercore”) and approved by the Company's board of directors (the "Board"). Determining the fair value of the Company's stock requires complex judgments. The valuation process includes comparison of the Company's historical and estimated future financial results with selected publicly-traded companies and application of a discount for the illiquidity of the stock to derive at the fair value of the stock. The Company uses this valuation for, among other things, making determinations under its stock-based compensation plans, such as the grant date fair value of awards. The fair value of equity awards granted to directors is based on the fair value of the common stock at the date of grant. The fair value of equity awards granted to employees is estimated on the date of grant based on the Black-Scholes option pricing model, unless the awards are subject to market conditions, in which case the Company utilizes the Monte Carlo simulation model. The fair value of liability awards granted to employees is based on the fair value of the Company's common stock at each quarter end. The Black-Scholes option pricing model and the Monte Carlo simulation model require the input of highly subjective assumptions including volatility. Due to the fact that the Company's common stock is not publicly traded, the computation of expected volatility is based on the average of the historical and implied volatilities over the expected life of the awards, of a representative peer group of publicly-traded entities. Other assumptions include expected life, risk-free rate of interest and dividend yield. For equity awards with a service condition, the expected life is derived based on historical experience and expected future post-vesting termination and exercise patterns. For equity awards with a performance condition, the expected life is computed using the simplified method until historical experience is available. The risk-free interest rate is based on zero coupon U.S. Treasury bond rates corresponding to the expected life of the awards. Dividend assumptions are based on historical experience. Due to the job function of the award recipients, the Company has included stock-based compensation cost in "Selling, general and administrative expenses" in the consolidated statements of income. Self-Insurance Up to certain limits, the Company self-insures various loss exposures primarily relating to workers' compensation risk and employee and eligible retiree medical health benefits. The Company carries insurance policies covering claim exposures which exceed predefined amounts, per occurrence and/or in the aggregate. Accruals for losses are made based on the Company's claims experience and actuarial assumptions followed in the insurance industry, including provisions for incurred but not reported losses. Derivative Financial Instruments and Hedging Activities The Company recognizes all derivatives as assets and liabilities at their fair values, which are included in "Other current assets", "Other non-current assets" or "Other accrued liabilities" on the Company's consolidated balance sheets. The Company uses derivatives to manage exposures that are sensitive to changes in market conditions, such as foreign currency risk. Additionally, some of the Company's contracts contain provisions that are accounted for as embedded derivative instruments. The Company does not designate its derivative instruments for hedge accounting; changes in the fair values of these instruments are recorded in "Other income (expense), net" in the Company's consolidated statements of income. The non-derivative instruments the Company designates and that qualify for hedge accounting treatment hedge the Company's net investment position in certain of its foreign subsidiaries. For these instruments, the Company documents the hedge designation by identifying the hedging instrument, the nature of the risk being hedged and the approach for measuring hedge effectiveness. The ineffective portions of these hedges are recorded in "Other income (expense), net" in the Company's consolidated statements of income. The effective portions of these hedges are recorded in "Accumulated other comprehensive loss" on the Company's consolidated balance sheets and are not reclassified to earnings until the related net investment position has been liquidated. Foreign Currency The functional currency for most of the Company's foreign operations is the applicable local currency. For those operations, assets and liabilities are translated into U.S. Dollars using period-end exchange rates; income and expenses are translated at average monthly exchange rates; and equity accounts are translated at historical rates. Net changes resulting from such translations are recorded as a component of translation adjustments in "Accumulated other comprehensive loss" on the Company's consolidated balance sheets. Foreign currency transactions are transactions denominated in a currency other than the entity's functional currency. At each balance sheet date, each entity remeasures the recorded balances related to foreign-currency transactions using the period-end exchange rate. Unrealized gains or losses arising from the remeasurement of these balances are recorded in "Other income (expense), net" in the Company's consolidated statements of income. In addition, at the settlement date of foreign currency transactions, the realized foreign currency gains or losses are recorded in "Other income (expense), net" in the Company's consolidated statements of income to reflect the difference between the rate effective at the settlement date and the historical rate at which the transaction was originally recorded. Noncontrolling Interest Noncontrolling interest includes a 16.4% minority interest of third parties in Levi Strauss Japan K.K., the Company's Japanese subsidiary. Revenue Recognition Net sales is primarily comprised of sales of products to wholesale customers, including franchised stores, and direct sales to consumers at the Company's company-operated and online stores and at the Company's company-operated shop-in-shops located within department stores. The Company recognizes revenue on sale of product when the goods are shipped or delivered and title to the goods passes to the customer provided that: there are no uncertainties regarding customer acceptance; persuasive evidence of an arrangement exists; the sales price is fixed or determinable; and collectability is reasonably assured. The revenue is recorded net of an allowance for estimated returns, discounts and retailer promotions and other similar incentives. Licensing revenues from the use of the Company's trademarks in connection with the manufacturing, advertising, and distribution of trademarked products by third-party licensees are earned and recognized as products are sold by licensees based on royalty rates set forth in the licensing agreements. The Company recognizes allowances for estimated returns in the period in which the related sale is recorded. The Company recognizes allowances for estimated discounts, retailer promotions and other similar incentives at the later of the period in which the related sale is recorded or the period in which the sales incentive is offered to the customer. The Company estimates non-volume based allowances based on historical rates as well as customer and product-specific circumstances. Sales and value-added taxes collected from customers and remitted to governmental authorities are presented on a net basis in the Company's consolidated statements of income. Net sales to the Company's ten largest customers totaled approximately 30% of net revenues for 2016 , and 31% of net revenues for both 2015 and 2014 . No customer represented 10% or more of net revenues in any of these years. Cost of Goods Sold Cost of goods sold includes the expenses incurred to acquire and produce inventory for sale, including product costs, labor and related overhead, inbound freight, internal transfers, and the cost of operating the Company's remaining manufacturing facilities, including the related depreciation expense. Selling, General and Administrative Expenses Selling, general and administrative expenses ("SG&A") are primarily comprised of costs relating to advertising, marketing, selling, distribution, information technology and other corporate functions. Selling costs include, among other things, all occupancy costs associated with company-operated stores and with the Company's company-operated shop-in-shops located within department stores. The Company expenses advertising costs as incurred. For 2016 , 2015 and 2014 , total advertising expense was $284.0 million , $276.4 million and $272.8 million , respectively. Distribution costs include costs related to receiving and inspection at distribution centers, warehousing, shipping to the Company's customers, handling and certain other activities associated with the Company's distribution network. These expenses totaled $168.3 million , $159.7 million , and $168.7 million for 2016 , 2015 and 2014 , respectively. Recently Issued Accounting Standards The following recently issued accounting standards, all of which are FASB Accounting Standards Updates (“ASU”), have been grouped by their required effective dates for the Company: First Quarter of 2018 • ASU No. 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory," clarifies that, for inventories measured at the lower of cost and net realizable value, net realizable value should be determined based on the estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. The Company does not anticipate that the adoption of this new accounting standard will have a material impact on its consolidated financial statements. • ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718)" simplifies accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements. First Quarter of 2019 • ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," ("ASU 2015-14" ). The amendment in this update defers the effective date of ASU 2014-09 for all entities by one year. Additional ASUs have been issued that are part of the overall new revenue guidance including: ASU No. 2016-08: " Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ", ASU No. 2016-10: " Identifying Performance Obligations and Licensing" and ASU 2016-12: " Narrow Scope Improvements and Practical Expedients". The Company is currently assessing the impact that adopting these new revenue accounting standards will have on its consolidated financial statements. • ASU No. 2016-04, " Liabilities - Extinguishment of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products " aligns recognition of prepaid stored-value product financial liabilities (for example, prepaid gift cards), with Topic 606, Revenues from Contracts with Customers, for non-financial liabilities. In general, certain of these liabilities may be extinguished proportionally in earnings as redemptions occur, or when redemption is remote if issuers are not entitled to the unredeemed stored value. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements. • ASU No. 2016-15, " Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments " designates the appropriate cash flow classification for debt prepayment or extinguishment costs, the maturing of a zero coupon bond, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements, distributions from certain equity method investees and beneficial interests obtained in a financial asset securitization. In certain circumstances, transactions may require bifurcation to appropriately allocate components among operating, investing and financing activities. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements. • ASU No. 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory," requires that the income tax consequences of an intra-entity transfer of an asset other than inventory be recorded when the transfer occurs. Under this guidance, current income taxes and deferred income taxes will move when assets (such as intellectual property and property, plant and equipment) are transferred between consolidated subsidiari |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Nov. 27, 2016 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The components of property, plant and equipment (“PP&E”) were as follows: November 27, 2016 November 29, 2015 (Dollars in thousands) Land $ 8,178 $ 13,180 Buildings and leasehold improvements 379,217 384,228 Machinery and equipment 407,527 393,806 Capitalized internal-use software 418,493 378,643 Construction in progress 36,778 31,985 Subtotal 1,250,193 1,201,842 Accumulated depreciation (856,588 ) (811,013 ) PP&E, net $ 393,605 $ 390,829 Depreciation expense for the years ended November 27, 2016 , November 29, 2015 , and November 30, 2014 , was $103.7 million , $99.8 million and $106.5 million , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Nov. 27, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amount of goodwill by business segment for the years ended November 27, 2016 , and November 29, 2015 , were as follows: Americas Europe Asia Total (Dollars in thousands) Balance, November 30, 2014 $ 207,419 $ 29,937 $ 1,565 $ 238,921 Additions 424 137 — 561 Foreign currency fluctuation (27 ) (4,050 ) (364 ) (4,441 ) Balance, November 29, 2015 207,816 26,024 1,201 235,041 Additions — — — — Foreign currency fluctuation (93 ) (683 ) 15 (761 ) Balance, November 27, 2016 $ 207,723 $ 25,341 $ 1,216 $ 234,280 Other intangible assets, net, were as follows: November 27, 2016 November 29, 2015 Gross Carrying Value Accumulated Amortization Total Gross Carrying Value Accumulated Amortization Total (Dollars in thousands) Non-amortized intangible assets: Trademarks $ 42,743 $ — $ 42,743 $ 42,743 $ — $ 42,743 Amortized intangible assets: Acquired contractual rights 2,843 (2,640 ) 203 6,954 (6,347 ) 607 Customer lists — — — 15,915 (15,915 ) — Total $ 45,586 $ (2,640 ) $ 42,946 $ 65,612 $ (22,262 ) $ 43,350 For the years ended November 27, 2016 , November 29, 2015 , and November 30, 2014 , amortization of these intangible assets was $0.2 million , $2.1 million and $2.8 million , respectively. The amortization of these intangible assets in the succeeding fiscal years is immaterial. As of November 27, 2016 , there was no impairment to the carrying value of the Company's goodwill or non-amortized intangible assets. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Nov. 27, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the Company’s financial instruments that are carried at fair value: November 27, 2016 November 29, 2015 Fair Value Estimated Using Fair Value Estimated Using Fair Value Level 1 Inputs (1) Level 2 Inputs (2) Fair Value Level 1 Inputs (1) Level 2 Inputs (2) (Dollars in thousands) Financial assets carried at fair value Rabbi trust assets $ 27,131 $ 27,131 $ — $ 26,013 $ 26,013 $ — Forward foreign exchange contracts, net (3) 23,267 — 23,267 27,131 — 27,131 Total $ 50,398 $ 27,131 $ 23,267 $ 53,144 $ 26,013 $ 27,131 Financial liabilities carried at fair value Forward foreign exchange contracts, net (3) $ 5,533 $ — $ 5,533 $ 7,809 $ — $ 7,809 _____________ (1) Fair values estimated using Level 1 inputs are inputs which consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Rabbi trust assets consist of a diversified portfolio of equity, fixed income and other securities. See Note 12 for more information on rabbi trust assets. (2) Fair values estimated using Level 2 inputs are inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. For forward foreign exchange contracts, inputs include foreign currency exchange and interest rates and, where applicable, credit default swap prices. (3) 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. The following table presents the carrying value, including related accrued interest, and estimated fair value of the Company’s financial instruments that are carried at adjusted historical cost: November 27, 2016 November 29, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (Dollars in thousands) Financial liabilities carried at adjusted historical cost Senior revolving credit facility $ — $ — $ 99,020 $ 99,020 4.25% Yen-denominated Eurobonds due 2016 (1) — — 32,736 33,593 6.875% senior notes due 2022 (1) 527,102 550,700 527,715 570,355 5.00% senior notes due 2025 (1) 483,735 480,121 482,145 480,945 Short-term borrowings 39,009 39,009 15,996 15,996 Total $ 1,049,846 $ 1,069,830 $ 1,157,612 $ 1,199,909 _____________ (1) Fair values are estimated using Level 1 inputs and incorporate mid-market price quotes. Level 1 inputs are inputs which consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Nov. 27, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company's foreign currency management objective is to minimize the effect of fluctuations in foreign exchange rates on nonfunctional currency cash flows and selected assets or liabilities without exposing the Company to additional risk associated with transactions that could be regarded as speculative. Forward exchange contracts on various currencies are entered into to manage foreign currency exposures associated with certain product sourcing activities, some intercompany sales, foreign subsidiaries' royalty payments, interest payments, earnings repatriations, net investment in foreign operations and funding activities. The Company manages certain forecasted foreign currency exposures and uses a centralized currency management operation to take advantage of potential opportunities to naturally offset foreign currency exposures against each other. The Company had designated a portion of its outstanding Yen-denominated Eurobonds as a net investment hedge to manage foreign currency exposures in its foreign operations. The Company does not apply hedge accounting to its derivative transactions. As of November 27, 2016 , the Company had forward foreign exchange contracts to buy $674.9 million and to sell $364.9 million against various foreign currencies. These contracts are at various exchange rates and expire at various dates through February 2018 . The table below provides data about the carrying values of derivative instruments and non-derivative instruments: November 27, 2016 November 29, 2015 Assets (Liabilities) Derivative Net Carrying Value Assets (Liabilities) Derivative Net Carrying Value Carrying Value Carrying Value Carrying Value Carrying Value (Dollars in thousands) Derivatives not designated as hedging instruments Forward foreign exchange contracts (1) $ 30,160 $ (6,893 ) $ 23,267 $ 31,808 $ (4,677 ) $ 27,131 Forward foreign exchange contracts (2) 1,481 (7,014 ) (5,533 ) 253 (8,062 ) (7,809 ) Total $ 31,641 $ (13,907 ) $ 32,061 $ (12,739 ) Non-derivatives designated as hedging instruments Yen-denominated Eurobonds $ — $ — $ — $ (7,832 ) _____________ (1) Included in "Other current assets" or "Other non-current assets" on the Company’s consolidated balance sheets. (2) Included in "Other accrued liabilities" on the Company’s consolidated balance sheets. 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 and are offset accordingly. 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: November 27, 2016 November 29, 2015 Gross Amounts of Recognized Assets / (Liabilities) Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets / (Liabilities) Presented in the Statement of Financial Position Gross Amounts of Recognized Assets / (Liabilities) Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets / (Liabilities) Presented in the Statement of Financial Position (Dollars in thousands) Over-the-counter forward foreign exchange contracts Financial assets $ 29,240 $ (8,374 ) $ 20,866 $ 30,837 $ (4,930 ) $ 25,907 Financial liabilities (10,365 ) 8,374 (1,991 ) (7,599 ) 4,930 (2,669 ) Total $ 18,875 $ 23,238 Embedded derivative contracts Financial assets $ 2,401 $ — $ 2,401 $ 1,224 $ — $ 1,224 Financial liabilities (3,542 ) — (3,542 ) (5,140 ) — (5,140 ) Total $ (1,141 ) $ (3,916 ) The table below provides data about the amount of gains and losses related to derivative instruments and non-derivative instruments designated as net investment hedges included in "Accumulated other comprehensive loss" ("AOCI") on the Company’s consolidated balance sheets, and in "Other income (expense), net" in the Company’s consolidated statements of income: Gain or (Loss) Recognized in AOCI (Effective Portion) Gain or (Loss) Recognized in Other Income (Expense), net (Ineffective Portion and Amount Excluded from Effectiveness Testing) As of As of Year Ended November 27, November 29, November 27, November 29, November 30, (Dollars in thousands) Forward foreign exchange contracts $ 4,637 $ 4,637 Yen-denominated Eurobonds (19,811 ) (18,982 ) $ 2,627 $ 965 $ 3,767 Euro senior notes (15,751 ) (15,751 ) — — — Cumulative income taxes 12,168 11,849 Total $ (18,757 ) $ (18,247 ) The table below provides data about the amount of gains and losses related to derivatives not designated as hedging instruments included in “Other income (expense), net” in the Company’s consolidated statements of income: Year Ended November 27, November 29, November 30, (Dollars in thousands) Forward foreign exchange contracts: Realized $ 17,175 $ 14,720 $ (6,184 ) Unrealized (1,315 ) 19,386 (4,920 ) Total $ 15,860 $ 34,106 $ (11,104 ) |
Debt
Debt | 12 Months Ended |
Nov. 27, 2016 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT November 27, November 29, (Dollars in thousands) Long-term debt Unsecured: 6.875% senior notes due 2022 $ 524,396 524,807 5.00% senior notes due 2025 481,860 480,131 Total unsecured 1,006,256 1,004,938 Total long-term debt $ 1,006,256 $ 1,004,938 Short-term debt and current maturities of long-term debt Secured: Senior revolving credit facility $ — $ 99,000 Unsecured: Current maturities of 4.25% Yen-denominated Eurobonds due 2016 — 32,625 Short-term borrowings 38,922 15,978 Total short-term debt and current maturities of long-term debt $ 38,922 $ 147,603 Total debt $ 1,045,178 $ 1,152,541 Senior Revolving Credit Facility The Company is a party to a credit agreement for a senior secured revolving credit facility. The credit facility provides for an asset-based facility, in which the borrowing availability is primarily based on the value of the U.S. Levi's ® trademarks and the levels of accounts receivable and inventory in the United States and Canada, as further described below. Availability, interest and maturity. The maximum availability under the credit facility is $850.0 million , of which $800.0 million is available to the Company for revolving loans in U.S. Dollars and $50.0 million is available to the Company for revolving loans either in U.S. Dollars or Canadian Dollars. Subject to the availability under the borrowing base, the Company may make and repay borrowings from time to time until the maturity of the credit facility. The Company may make voluntary prepayments of borrowings at any time and must make mandatory prepayments if certain events occur. The current maturity date of the credit facility is March 21, 2019. Of the maximum availability of $850.0 million , $350.0 million is secured by the U.S. Levi’s ® trademarks. The interest rate for borrowing under the credit facility is LIBOR plus 125 to 200 basis points, depending on borrowing base availability, and the range of the rate for undrawn availability is 25 to 30 basis points (depending on the Company’s credit ratings). Upon the maturity date, all of the obligations outstanding under the credit agreement become due. The Company’s unused availability under its amended and restated senior secured revolving credit facility was $784.3 million at November 27, 2016 , as the Company’s total availability of $838.0 million , based on the collateral levels discussed above, was reduced by $53.7 million of letters of credit and other credit usage allocated under the facility. The $53.7 million was comprised of $2.4 million of other credit usage and $51.3 million of stand-by letters of credit with various international banks which serve as guarantees to cover U.S. workers' compensation claims and the working capital requirements for certain subsidiaries, primarily India. Guarantees and security. The Company's obligations under the credit agreement are guaranteed by its domestic subsidiaries. The obligations under the agreement are secured by specified domestic assets, including certain U.S. trademarks associated with the Levi's ® brand and accounts receivable, goods and inventory in the United States. Additionally, the obligations of Levi Strauss & Co. (Canada) Inc. under the credit agreement are secured by Canadian accounts receivable, goods, inventory and other Canadian assets. The lien on the U.S. Levi's ® trademarks and related intellectual property may be released at the Company's discretion so long as it meets certain conditions; such release would reduce the borrowing base. Covenants. The credit agreement contains customary covenants restricting the Company's activities as well as those of the Company's subsidiaries, including limitations on the ability to sell assets; engage in mergers; enter into transactions involving related parties or derivatives; incur or prepay indebtedness or grant liens or negative pledges on the Company's assets; make loans or other investments; pay dividends or repurchase stock or other securities; guaranty third-party obligations; and make changes in the Company's corporate structure. There are exceptions to these covenants, and some are only applicable when unused availability falls below specified thresholds. In addition, the credit agreement includes, as a financial covenant, a springing fixed charge coverage ratio of 1.0 :1.0, which arises when availability falls below a specified threshold. Events of default. The credit agreement contains customary events of default, including payment failures; failure to comply with covenants; failure to satisfy other obligations under the credit agreements or related documents; defaults in respect of other indebtedness; bankruptcy, insolvency and inability to pay debts when due; material judgments; pension plan terminations or specified underfunding; substantial stock ownership changes; and specified changes in the composition of the Board. The cross-default provisions in the agreement apply if a default occurs on other indebtedness in excess of $50.0 million and the applicable grace period in respect of the indebtedness has expired, such that the lenders of or trustee for the defaulted indebtedness have the right to accelerate. If an event of default occurs under the credit agreement, the lenders may terminate their commitments, declare immediately payable all borrowings under the agreement and foreclose on the collateral. Yen-denominated Eurobonds due 2016 In 1996, the Company issued ¥20 billion principal amount Eurobonds (equivalent to approximately $180.0 million at the time of issuance) due in November 2016, with interest payable at 4.25% per annum. The Company repurchased a portion of the Yen-denominated Eurobonds due 2016 in May 2010, and again in May 2012. The remaining balance was repaid at maturity in November 2016. Senior Notes due 2020 The Company issued $525.0 million in aggregate principal amount of 7.625% senior notes due 2020 (the “Senior Notes due 2020”) to qualified institutional buyers in May 2010 which were later exchanged for notes in an exchange offer registered under the Securities Act of 1933, as amended (the "Securities Act"). The notes were unsecured obligations that ranked equally with all of the Company's other existing and future unsecured and unsubordinated debt. On April 20, 2015, the company commenced a cash tender offer for the outstanding amount of its Senior Notes due 2020. The tender offer expired April 24, 2015, and the Company redeemed all the remaining notes that were not tendered in the offer on May 28, 2015. Senior Notes due 2022 Principal, interest and maturity . On May 8, 2012, the Company issued $385.0 million in aggregate principal amount of 6.875% senior notes due 2022 (the "Original Senior Notes due 2022") to qualified institutional buyers and to purchasers outside the United States, which were later exchanged for new notes in the same principal amount with substantially identical terms, except that the new notes were registered under the Securities Act. On March 14, 2013, the Company issued an additional $140.0 million in 6.875% senior notes due 2022 (the "Additional Senior Notes due 2022") to qualified institutional buyers in compliance with the Securities Act, which were later exchanged for new notes in the same principal amount with substantially identical terms, except that the new notes were registered under the Securities Act (the Additional Senior Notes due 2022 along with the Original Senior Notes due 2022, hereinafter referred to as the "Senior Notes due 2022"). The Additional Senior Notes due 2022 were offered at a premium of $11.2 million , which will be amortized as a reduction to interest expense over the term of the notes. Costs of approximately $2.6 million associated with the issuance of the Additional Senior Notes due 2022, representing underwriting fees and other expenses, are also amortized to interest expense over the term of the notes. The notes are unsecured obligations that rank equally with all of the Company's other existing and future unsecured and unsubordinated debt. The Senior Notes due 2022 mature on May 1, 2022. Interest on the notes is payable semi-annually in arrears on May 1 and November 1. The Company may redeem some or all of the Senior Notes due 2022 prior to May 1, 2017, at a price equal to 100% of the principal amount plus accrued and unpaid interest and a "make-whole" premium. On or after May 1, 2017, the Company may redeem all or any portion of the notes, at once or over time, at redemption prices specified in the indenture governing the notes, plus accrued and unpaid interest, if any, to the date of redemption. Costs of approximately $7.4 million associated with the issuance of the notes, representing underwriting fees and other expenses, are amortized to interest expense over the term of the notes. Covenants and other terms . The Additional Senior Notes due 2022 and the Original Senior Notes due 2022 are treated as a single class for all purposes under the indenture governing the Company's Senior Notes due 2022. The indenture governing the notes contains covenants that limit, among other things, the Company's and certain of the Company's subsidiaries' ability to incur additional debt; make certain restricted payments; consummate specified asset sales; enter into transactions with affiliates; incur liens; impose restrictions on the ability of its subsidiaries to pay dividends or make payments to the Company and its restricted subsidiaries; enter into sale and leaseback transactions; merge or consolidate with another person; and dispose of all or substantially all of the Company's assets. The indenture provides for customary events of default (subject in certain cases to customary grace and cure periods), which include nonpayment, breach of covenants in the indenture, payment defaults or acceleration of other indebtedness, a failure to pay certain judgments and certain events of bankruptcy and insolvency. Generally, if an event of default occurs, the trustee under the indenture or holders of at le ast 25% in principal amount of the then outstanding notes may declare all notes to be due and payable immediately. Upon the occurrence of a change in control (as defined in the indenture), each holder of notes may require the Company to repurchase all or a portion of the notes in cash at a price equal to 101% of the principal amount of notes to be repurchased, plus accrued and unpaid interest, if any, thereon to the date of purchase. Issuance of Senior Notes due 2025 Principal, interest, and maturity. On April 27, 2015, the Company issued $500.0 million in aggregate principal amount of 5.00% senior notes due 2025 (the "Senior Notes due 2025") to qualified institutional buyers and to purchasers outside the United States, which were later exchanged for new notes in the same principal amount with substantially identical terms, except that the new notes were registered under the Securities Act. The notes are unsecured obligations that rank equally with all of the Company’s other existing and future unsecured and unsubordinated debt. The Senior Notes due 2025 will mature on May 1, 2025. Interest on the notes is payable semi-annually in arrears on May 1 and November 1, commencing on November 1, 2015. The Company may redeem some or all of the Senior Notes due 2025 prior to May 1, 2020, at a price equal to 100% of the principal amount, plus accrued and unpaid interest, if any, to the date of redemption, and a “make-whole” premium; on or after this date, the Company may redeem all or any portion of the notes, at once or over time, at redemption prices specified in the indenture governing the notes, plus accrued and unpaid interest, if any, to the date of redemption. In addition, at any time prior to May 1, 2018, the Company may redeem up to a maximum of 40% of the original aggregate principal amount of the Senior Notes due 2025 with the proceeds of certain equity offerings at a redemption price of 105% of the principal amount of the Senior Notes due 2025, plus accrued and unpaid interest, if any, to the date of redemption. The Company recorded a discount of $13.9 million in conjunction with the issuance of the Senior Notes due 2025, related to tender and redemption premiums paid to certain holders of the Senior Notes due 2020 who participated in the issuance of the Senior Notes due 2025, which will be amortized to interest expense over the term of the notes. Costs of approximately $6.9 million associated with the issuance of the notes, representing underwriting fees and other expenses, were capitalized and will be amortized to interest expense over the term of the notes. Covenants. The indenture contains covenants that limit, among other things, the Company’s and certain of the Company’s subsidiaries’ ability to incur additional debt, make certain restricted payments, consummate specified asset sales, enter into transactions with affiliates, incur liens, impose restrictions on the ability of its subsidiaries to pay dividends or make payments to the Company and its restricted subsidiaries, merge or consolidate with another person, and dispose of all or substantially all of the Company’s assets. The indenture provides for customary events of default (subject in certain cases to customary grace and cure periods), which include nonpayment, breach of covenants in the indenture, payment defaults or acceleration of other indebtedness, a failure to pay certain judgments and certain events of bankruptcy and insolvency. Generally, if an event of default occurs, the trustee under the indenture or holders of at least 25% in principal amount of the then outstanding Senior Notes due 2025 may declare all the Senior Notes due 2025 to be due and payable immediately. Upon the occurrence of a change in control (as defined in the indenture), each holder of notes may require the Company to repurchase all or a portion of the notes in cash at a price equal to 101% of the principal amount of notes to be repurchased, plus accrued and unpaid interest, if any, thereon to the date of purchase. Short-term Borrowings Short-term borrowings consist of term loans and revolving credit facilities at various foreign subsidiaries which the Company expects to either pay over the next twelve months or refinance at the end of their applicable terms. Certain of these borrowings are guaranteed by stand-by letters of credit allocated under the Company's amended and restated senior secured revolving credit facility. Loss on Early Extinguishment of Debt For the year ended November 29, 2015 , the Company recorded a loss of $14.0 million on early extinguishment of debt, comprised of tender and redemption premiums of $7.5 million , and the write-off of $3.5 million of unamortized debt issuance costs, and $3.0 million of other costs. For the year ended November 30, 2014, the Company recorded a loss of $20.3 million on early extinguishment of debt as a result of our debt refinancing activities during 2014. The loss was comprised of redemption premiums of $15.2 million and the write-off of $5.1 million of unamortized debt issuance costs. Principal Payments on Short-term and Long-term Debt The table below sets forth, as of November 27, 2016 , the Company's required aggregate short-term and long-term debt principal payments (inclusive of premium and discount) for the next five fiscal years and thereafter. (Dollars in thousands) 2017 $ 38,922 2018 — 2019 — 2020 — 2021 — Thereafter 1,018,591 Total future debt principal payments $ 1,057,513 Interest Rates on Borrowings The Company’s weighted-average interest rate on average borrowings outstanding during 2016 , 2015 and 2014 was 6.37% , 6.72% and 7.58% , respectively. The weighted-average interest rate on average borrowings outstanding includes the amortization of capitalized bank fees and underwriting fees, and excludes interest on obligations to participants under deferred compensation plans. Dividends and Restrictions The terms of the indentures relating to the Company's unsecured notes and its amended and restated senior secured revolving credit facility agreement contain covenants that restrict the Company's ability to pay dividends to its stockholders. For information about the Company's dividend payments, see Note 15 . As of November 27, 2016 , and at the time the dividends were paid, the Company met the requirements of its debt instruments. Subsidiaries of the Company that are not wholly-owned subsidiaries and that are "restricted subsidiaries" under the Company’s indentures are permitted under the indentures to pay dividends to all stockholders either on a pro rata basis or on a basis that results in the receipt by the Company or a restricted subsidiary that is the parent of the restricted subsidiary of dividends or distributions of greater value than it would receive on a pro rata basis. The terms of the indentures relating to the Company's unsecured notes and its amended and restated senior secured revolving credit facility agreement contain covenants that restrict (in each case subject to certain exceptions) the Company or any restricted subsidiary from entering into any arrangements that would restrict the payment of dividends or of any obligation owed by the restricted subsidiary to the Company or any other restricted subsidiary, the making of any loans or advances to the Company or any other restricted subsidiary, or transferring any of its property to the Company or any other restricted subsidiary. |
Guarantees
Guarantees | 12 Months Ended |
Nov. 27, 2016 | |
Guarantees [Abstract] | |
GUARANTEES | GUARANTEES Indemnification agreements. In the ordinary course of business, the Company enters into agreements containing indemnification provisions under which the Company agrees to indemnify the other party for specified claims and losses. For example, the Company's trademark license agreements, real estate leases, consulting agreements, logistics outsourcing agreements, securities purchase agreements and credit agreements typically contain such provisions. This type of indemnification provision obligates the Company to pay certain amounts associated with claims brought against the other party as the result of trademark infringement, negligence or willful misconduct of Company employees, breach of contract by the Company including inaccuracy of representations and warranties, specified lawsuits in which the Company and the other party are co-defendants, product claims and other matters. These amounts generally are not readily quantifiable; the maximum possible liability or amount of potential payments that could arise out of an indemnification claim depends entirely on the specific facts and circumstances associated with the claim. The Company has insurance coverage that minimizes the potential exposure to certain of such claims. The Company also believes that the likelihood of material payment obligations under these agreements to third parties is low. Covenants. The Company's long-term debt agreements contain customary covenants restricting its activities as well as those of its subsidiaries, including limitations on its, and its subsidiaries', ability to sell assets; engage in mergers; enter into capital leases or certain leases not in the ordinary course of business; enter into transactions involving related parties or derivatives; incur or prepay indebtedness or grant liens or negative pledges on its assets; make loans or other investments; pay dividends or repurchase stock or other securities; guaranty third-party obligations; make capital expenditures; and make changes in its corporate structure. For additional information, see Note 6 . As of November 27, 2016 , the Company was in compliance with all of these covenants. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Nov. 27, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Pension plans. The Company has several non-contributory defined benefit retirement plans covering eligible employees. Plan assets are invested in a diversified portfolio of securities including stocks, bonds, cash equivalents and other alternative investments including real estate investment trust funds. Benefits payable under the plans are based on years of service, final average compensation, or both. The Company retains the right to amend, curtail or discontinue any aspect of the plans, subject to local regulations. Postretirement plans. The Company maintains plans that provide postretirement benefits to eligible employees, principally health care, to substantially all U.S. retirees and their qualified dependents. These plans were established with the intention that they would continue indefinitely. However, the Company retains the right to amend, curtail or discontinue any aspect of the plans at any time. The plans are contributory and contain certain cost-sharing features, such as deductibles and coinsurance. The Company's policy is to fund postretirement benefits as claims and premiums are paid. The following tables summarize activity of the Company's defined benefit pension plans and postretirement benefit plans: Pension Benefits Postretirement Benefits 2016 2015 2016 2015 (Dollars in thousands) Change in benefit obligation: Benefit obligation at beginning of year $ 1,194,365 $ 1,289,337 $ 117,740 $ 134,084 Service cost 8,234 8,352 200 251 Interest cost (1) 37,819 47,179 3,223 4,588 Plan participants' contribution 484 534 4,172 4,512 Actuarial loss (gain) (2) 33,948 (56,352 ) 5,556 (5,918 ) Net curtailment loss 119 300 — — Impact of foreign currency changes (15,435 ) (21,306 ) — — Plan settlements (3) (417 ) (4,145 ) — — Special termination benefits — — — — Net benefits paid (67,183 ) (69,534 ) (18,440 ) (19,777 ) Benefit obligation at end of year $ 1,191,934 $ 1,194,365 $ 112,451 $ 117,740 Change in plan assets: Fair value of plan assets at beginning of year 838,551 878,823 — — Actual return on plan assets (4) 49,986 10,185 — — Employer contribution 31,147 36,151 14,268 15,265 Plan participants' contributions 484 534 4,172 4,512 Plan settlements (3) (417 ) (4,145 ) — — Impact of foreign currency changes (15,246 ) (13,463 ) — — Net benefits paid (67,183 ) (69,534 ) (18,440 ) (19,777 ) Fair value of plan assets at end of year 837,322 838,551 — — Unfunded status at end of year $ (354,612 ) $ (355,814 ) $ (112,451 ) $ (117,740 ) _____________ (1) The decrease in interest cost is primarily due to the election made at the end of 2015 to adopt the spot-rate approach to determine the interest cost component of pension and postretirement expense. (2) Actuarial losses in 2016 in the Company's pension benefit plans resulted from changes in discount rate assumptions. Actuarial gains in 2015 in the Company's pension benefit plans resulted from changes in mortality and discount rate assumptions, primarily for the Company's U.S. plans. Changes in financial markets during 2016 and 2015 , including a decrease and increase, respectively, in corporate bond yield indices, resulted in an increase and decrease in benefit obligations, respectively. (3) The decrease in pension plan settlements in 2016 was primarily due to 2015 settlement activity that continued to reflect impacts from restructuring. (4) The increase in return on plan assets in 2016 was primarily due to better-than-expected asset performance, as compared to the poor investment performance in 2015, of U.S. and international equity securities. Amounts recognized in the Company's consolidated balance sheets as of November 27, 2016 , and November 29, 2015 , consist of the following: Pension Benefits Postretirement Benefits 2016 2015 2016 2015 (Dollars in thousands) Unfunded status recognized on the balance sheet: Prepaid benefit cost $ 5,555 $ 8,842 $ — $ — Accrued benefit liability – current portion (9,142 ) (9,044 ) (11,485 ) (12,500 ) Accrued benefit liability – long-term portion (351,025 ) (355,612 ) (100,966 ) (105,240 ) $ (354,612 ) $ (355,814 ) $ (112,451 ) $ (117,740 ) Accumulated other comprehensive loss: Net actuarial loss $ (385,942 ) $ (365,657 ) $ (28,665 ) $ (26,076 ) Net prior service benefit 420 471 — — $ (385,522 ) $ (365,186 ) $ (28,665 ) $ (26,076 ) The accumulated benefit obligation for all defined benefit plans was $1.2 billion and $1.2 billion at November 27, 2016 , and November 29, 2015 , respectively. Information for the Company's defined benefit plans with an accumulated or projected benefit obligation in excess of plan assets is as follows: Pension Benefits 2016 2015 (Dollars in thousands) Accumulated benefit obligations in excess of plan assets: Aggregate accumulated benefit obligation $ 1,079,316 $ 1,053,493 Aggregate fair value of plan assets 725,830 694,440 Projected benefit obligations in excess of plan assets: Aggregate projected benefit obligation $ 1,086,842 $ 1,087,588 Aggregate fair value of plan assets 726,675 722,931 The components of the Company's net periodic benefit cost were as follows: Pension Benefits Postretirement Benefits 2016 2015 2014 2016 2015 2014 (Dollars in thousands) Net periodic benefit cost: Service cost $ 8,234 $ 8,352 $ 8,397 $ 200 $ 251 $ 255 Interest cost (1) 37,819 47,179 54,958 3,223 4,588 5,199 Expected return on plan assets (48,422 ) (50,825 ) (55,521 ) — — — Amortization of prior service benefit (61 ) (61 ) (53 ) — — (5 ) Amortization of actuarial loss 12,036 12,578 10,932 2,967 4,511 4,201 Curtailment (gain) loss (140 ) 656 2,614 — — 733 Special termination benefit — — 35 — — — Net settlement loss (gain) 49 (45 ) 30,558 — — — Net periodic benefit cost 9,515 17,834 51,920 6,390 9,350 10,383 Changes in accumulated other comprehensive loss: Actuarial loss (gain) 32,187 (15,228 ) 92,544 5,556 (5,918 ) 6,453 Amortization of prior service benefit 61 61 53 — — 5 Amortization of actuarial loss (12,036 ) (12,578 ) (10,932 ) (2,967 ) (4,511 ) (4,201 ) Curtailment gain (loss) 173 (656 ) 113 — — — Net settlement (loss) gain (49 ) 45 (30,712 ) — — — Total recognized in accumulated other comprehensive loss 20,336 (28,356 ) 51,066 2,589 (10,429 ) 2,257 Total recognized in net periodic benefit cost and accumulated other comprehensive loss $ 29,851 $ (10,522 ) $ 102,986 $ 8,979 $ (1,079 ) $ 12,640 _____________ (1) The decrease in interest cost is primarily due to the election made at the end of 2015 to adopt the spot-rate approach to determine the interest cost component of pension and postretirement expense. The amounts that will be amortized from "Accumulated other comprehensive loss" into net periodic benefit cost in 2017 for the Company's defined benefit pension and postretirement benefit plans are expected to be $13.4 million and $1.3 million , respectively. Assumptions used in accounting for the Company's benefit plans were as follows: Pension Benefits Postretirement Benefits 2016 2015 2014 2016 2015 2014 Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 4.0% 3.8% 4.6% 3.8% 3.6% 4.2% Expected long-term rate of return on plan assets 5.9% 5.9% 6.3% Rate of compensation increase 3.4% 3.4% 3.7% Weighted-average assumptions used to determine benefit obligations: Discount rate 3.8% 4.0% 3.8% 3.7% 3.8% 3.6% Rate of compensation increase 3.4% 3.4% 3.4% Assumed health care cost trend rates were as follows: Health care trend rate assumed for next year 6.4% 6.4% 7.0% Rate trend to which the cost trend is assumed to decline 4.4% 4.4% 4.5% Year that rate reaches the ultimate trend rate 2038 2038 2028 For the Company's U.S. benefit plans, the discount rate used to determine the present value of the future pension and postretirement plan obligations was based on a yield curve constructed from a portfolio of high quality corporate bonds with various maturities. Each year's expected future benefit payments are discounted to their present value at the appropriate yield curve rate, thereby generating the overall discount rate. The Company utilized a variety of country-specific third-party bond indices to determine the appropriate discount rates to use for the benefit plans of its foreign subsidiaries. The Company bases the overall expected long-term rate of return on assets on anticipated long-term returns of individual asset classes and each pension plans' target asset allocation strategy based on current economic conditions. For the U.S. pension plan, the expected long-term returns for each asset class are determined through a mean-variance model to estimate 20 -year returns for the plan. Health care cost trend rate assumptions are not a significant input in the calculation of the amounts reported for the Company's postretirement benefits plans. A one percentage-point change in assumed health care cost trend rates would have no significant effect on the total service and interest cost components or on the postretirement benefit obligation. Consolidated pension plan assets relate primarily to the U.S. pension plan. The Company utilizes the services of independent third-party investment managers to oversee the management of U.S. pension plan assets. The Company's investment strategy is to invest plan assets in a diversified portfolio of domestic and international equity securities, fixed income securities and real estate and other alternative investments with the objective of generating long-term growth in plan assets at a reasonable level of risk. Prohibited investments for the U.S. pension plan include certain privately placed or other non-marketable debt instruments, letter stock, commodities or commodity contracts and derivatives of mortgage-backed securities, such as interest-only, principal-only or inverse floaters. The current target allocation percentages for the Company's U.S. pension plan assets are 40-44% for equity securities, 48-52% for fixed income securities and 6-10% for other alternative investments, including real estate. The fair value of the Company's pension plan assets by asset class are as follows: Year Ended November 27, 2016 Asset Class Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Cash and cash equivalents $ 2,676 $ 2,676 $ — $ — Equity securities (1) U.S. large cap 190,811 — 190,811 — U.S. small cap 37,434 — 37,434 — International 144,241 — 144,241 — Fixed income securities (2) 395,995 — 395,995 — Other alternative investments Real estate (3) 53,783 — 53,783 — Private equity (4) 1,344 — — 1,344 Hedge fund (5) 7,337 — 7,337 — Other (6) 3,701 — 3,701 — Total investments at fair value $ 837,322 $ 2,676 $ 833,302 $ 1,344 Year Ended November 29, 2015 Asset Class Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Cash and cash equivalents $ 1,706 $ 1,706 $ — $ — Equity securities (1) U.S. large cap 185,526 — 185,526 — U.S. small cap 31,935 — 31,935 — International 133,298 — 133,298 — Fixed income securities (2) 415,228 — 415,228 — Other alternative investments Real estate (3) 58,364 — 58,364 — Private equity (4) 1,720 — — 1,720 Hedge fund (5) 7,488 — 7,488 — Other (6) 3,286 — 3,286 — Total investments at fair value $ 838,551 $ 1,706 $ 835,125 $ 1,720 _____________ (1) Primarily comprised of equity index funds that track various market indices. (2) Predominantly includes bond index funds that invest in long-term U.S. government and investment grade corporate bonds. (3) Primarily comprised of investments in U.S. Real Estate Investment Trusts. (4) Represents holdings in a diversified portfolio of private equity funds and direct investments in companies located primarily in North America. Fair values are determined by investment fund managers using primarily unobservable market data. (5) Primarily invested in a diversified portfolio of equities, bonds, alternatives and cash with a low tolerance for capital loss. (6) Primarily relates to accounts held and managed by a third-party insurance company for employee-participants in Belgium. Fair values are based on accumulated plan contributions plus a contractually-guaranteed return plus a share of any incremental investment fund profits. The fair value of plan assets are composed of U.S. plan assets of $697.4 million and non-U.S. plan assets of $139.9 million . The fair values of the substantial majority of the equity, fixed income and real estate investments are based on the net asset value of commingled trust funds that passively track various market indices. The Company's estimated future benefit payments to participants, which reflect expected future service, as appropriate are anticipated to be paid as follows: Fiscal year Pension Benefits Postretirement Benefits Total (Dollars in thousands) 2017 $ 65,722 $ 14,237 $ 79,959 2018 66,084 13,338 79,422 2019 65,849 12,799 78,648 2020 66,539 12,282 78,821 2021 67,646 11,528 79,174 2022-2024 350,466 46,026 396,492 At November 27, 2016 , the Company's contributions to its pension plans in 2017 were estimated to be approximately $53.2 million . |
Employee Investment Plans
Employee Investment Plans | 12 Months Ended |
Nov. 27, 2016 | |
Disclosure of Employee Investment Plans [Abstract] | |
EMPLOYEE INVESTMENT PLANS | EMPLOYEE INVESTMENT PLANS The Company's Employee Savings and Investment Plan ("ESIP") is a qualified plan that covers eligible home office employees. The Company matches 125% of ESIP participant's contributions to all funds maintained under the qualified plan up to the first 6.0% of eligible compensation. Total amounts charged to expense for the Company's employee investment plans for the years ended November 27, 2016 , November 29, 2015 , and November 30, 2014 , were $12.0 million , $11.5 million and $12.1 million , respectively. |
Employee Incentive Compensation
Employee Incentive Compensation Plans | 12 Months Ended |
Nov. 27, 2016 | |
Schedule of Employee Incentive Compensation Plan [Abstract] | |
EMPLOYEE INCENTIVE COMPENSATION PLANS | EMPLOYEE INCENTIVE COMPENSATION PLANS Annual Incentive Plan The Annual Incentive Plan ("AIP") provides a cash bonus that is earned based upon the Company's business unit and consolidated financial results as measured against pre-established internal targets and upon the performance and job level of the individual. Total amounts charged to expense for this plan for the years ended November 27, 2016 , November 29, 2015 , and November 30, 2014 were $68.3 million , $65.7 million and $68.3 million , respectively. Total amounts accrued for this plan as of November 27, 2016 , and November 29, 2015 were $68.5 million and $69.9 million , respectively. Long-Term Incentive Plans 2016 Equity Incentive Plan (“EIP”). In July 2006, the Board adopted, and the stockholders approved, the EIP. The EIP was subsequently amended in 2011 and 2014 and then amended and restated by the Board of Directors and approved by the stockholders in April 2016. For more information on this plan, see Note 11. Cash Long-Term Incentive Plan (“LTIP”). The Company established a long-term cash incentive plan effective at the beginning of 2005. Executive officers are not participants in this plan. Performance will be measured at the end of a three -year period based on the Company's performance against the following pre-established targets: (i) the target compound annual growth rate in the Company's net revenues over the three -year period; and (ii) the Company's average margin of net earnings over the three -year period adjusted for certain items such as interest and taxes. Beginning in 2015, the Company introduced an additional target: total shareholder return over the three -year period relative to an expanded peer group. Awards will be paid out in the quarter following the end of the three -year period based on Company performance against the pre-established targets. The Company recorded expense for the LTIP of $4.9 million , $4.3 million , and $2.3 million for the years ended November 27, 2016 , November 29, 2015 , and November 30, 2014 , respectively. As of November 27, 2016 , and November 29, 2015 , the Company had accrued a total of $10.2 million and $8.8 million , respectively, for the LTIP. |
Stock-Based Incentive Compensat
Stock-Based Incentive Compensation Plans | 12 Months Ended |
Nov. 27, 2016 | |
Share-based Compensation [Abstract] | |
STOCK-BASED INCENTIVE COMPENSATION PLANS | STOCK-BASED INCENTIVE COMPENSATION PLANS The Company recognized stock-based compensation expense of $20.3 million , $25.6 million and $24.8 million , and related income tax benefits of $7.8 million , $9.8 million and $9.6 million , respectively, for the years ended November 27, 2016 , November 29, 2015 and November 30, 2014 , respectively. As of November 27, 2016 , there was $37.6 million of total unrecognized compensation cost related to unvested equity and liability awards, which cost is expected to be recognized over a weighted-average period of 2.14 years. No stock-based compensation cost has been capitalized in the accompanying consolidated financial statements. 2016 Equity Incentive Plan In April 2016, the Company amended, restated and renamed the 2006 Equity Incentive Plan to the 2016 Equity Incentive Plan ("EIP"). Under the Company's EIP, a variety of stock awards, including stock options, restricted stock, restricted stock units ("RSUs"), stock appreciation rights ("SARs") and cash or equity settled performance awards may be granted. The aggregate number of shares of common stock authorized for issuance under the EIP is 8,000,000 shares. At November 27, 2016 , 2,906,683 shares remained available for issuance. Under the EIP, stock awards have a maximum contractual term of ten years and generally must have an exercise price at least equal to the fair market value of the Company's common stock on the grant date. Awards generally vest according to terms determined at the time of grant, or as otherwise determined by the Board in its discretion. Upon the exercise of a SAR, the participant will receive shares of common stock. The number of shares of common stock issued per SAR unit exercised is equal to (i) the excess of the per-share fair market value of the Company's common stock on the date of exercise over the exercise price of the SAR, divided by (ii) the per-share fair market value of the Company's common stock on the date of exercise. Only non-employee members of the Board have received RSUs. Each recipient's vested RSUs are converted to a share of common stock six months after their discontinuation of service with the Company. The RSUs additionally have “dividend equivalent rights,” of which dividends paid by the Company on its common stock are credited by the equivalent addition of RSUs. Shares of common stock will be issued from the Company's authorized but unissued shares and are subject to the Stockholders Agreement that governs all shares. Shares of common stock issued under the EIP contain certain repurchase rights, which may be exercised only with respect to shares of the Company's common stock that have been held by a participant for at least six months following their issuance date. The holder is exposed to the risk and rewards of ownership for a reasonable period of time. Accordingly, the SARs and RSUs are classified as equity awards, and are reported in "Stockholders' equity" in the accompanying consolidated balance sheets. Temporary equity. Equity-classified stock-based awards that may be settled in cash at the option of the holder are presented on the balance sheet outside permanent equity. Accordingly, "Temporary equity" on the face of the accompanying consolidated balance sheets includes the portion of the intrinsic value of these awards generally relating to the elapsed service period since the grant date as well as the fair value of common stock issued pursuant to the EIP. The increase in temporary equity from the year ended November 29, 2015 to November 27, 2016 , was primarily due additional vesting of performance awards and service awards. Equity Awards SARs. The Company grants SARs, which include service or performance conditions, to a small group of the Company's senior executives. Beginning in 2013, the Company issued cliff vesting performance awards ("performance-based SARs") to align with the achievement of three -year financial performance goals. SARs activity during the year ended November 27, 2016 was as follows: Service SARs Performance-based SARs Units Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Units Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) (Units in thousands) Outstanding at November 29, 2015 2,669 $ 47.02 4.3 1,228 $ 54.96 5.0 Granted 629 62.27 419 62.27 Exercised (71 ) 46.80 (45 ) 42.44 Forfeited (106 ) 64.88 (92 ) 68.32 Expired (19 ) 74.05 — — Canceled/Performance adjusted — — (308 ) 40.43 Outstanding at November 27, 2016 3,102 $ 49.35 3.9 1,202 $ 60.68 5.0 Vested and expected to vest at November 27, 2016 3,028 $ 48.96 3.8 1,040 $ 59.96 4.9 Exercisable at November 27, 2016 1,902 $ 38.63 2.8 263 $ 40.09 3.3 SARs with service conditions ("service SARs") vest from three-and-a-half to four years, and have maximum contractual lives ranging from seven to ten years. The performance-based SARs vest at varying unit amounts, up to 150% of those awarded, based on the attainment of certain three -year cumulative performance goals and have maximum contractual lives of seven years. The total intrinsic value of service SARs exercised during the year ended November 27, 2016 , and November 29, 2015 , was $1.4 million and $4.7 million , respectively. The total intrinsic value of performance SARs exercised during the year ended November 27, 2016 was $1.0 million . The total fair value of service SARs vested as of November 27, 2016 , and November 29, 2015 , was $54.0 million and $51.8 million , respectively. The total fair value of performance SARs vested as of November 27, 2016 was $7.1 million . Unrecognized future compensation costs as of November 27, 2016 of $12.9 million for service SARs and $6.0 million for performance-based SARs are expected to be recognized over weighted-average periods of 2.69 years and 1.99 years, respectively. The Company believes it is probable that the performance-based SARs will vest. The weighted-average grant date fair value of SARs was estimated using the Black-Scholes option valuation model, unless the awards were subject to market conditions, in which case the Company utilized the Monte Carlo simulation model. The weighted-average grant date fair values and corresponding weighted-average assumptions used in the Black-Scholes option valuation model were as follows: Service SARs Granted Performance-based SARs Granted 2016 2015 2014 2016 2015 2014 Weighted-average grant date fair value $ 15.74 $ 18.24 $ 14.62 $ 15.94 $ 18.73 $ 15.75 Weighted-average assumptions: Expected life (in years) 4.8 4.7 4.7 5.0 5.0 5.0 Expected volatility 36.4 % 31.8 % 31.8 % 36.3 % 31.8 % 33.1 % Risk-free interest rate 1.1 % 1.2 % 1.5 % 1.1 % 1.3 % 1.6 % Expected dividend 2.5 % 1.6 % 1.2 % 2.5 % 1.6 % 1.2 % The weighted-average grant date fair value of SARs subject to market conditions was estimated using a Monte Carlo simulation model. The weighted-average grant date fair values and corresponding weighted-average assumptions used in the model were as follows: Performance-based SARs Granted 2016 2015 2014 Weighted-average grant date fair value $ 20.56 $ 21.41 $ 22.63 Weighted-average assumptions: Expected life (in years) 4.8 4.8 4.8 Expected volatility 36.5 % 30.1 % 33.0 % Risk-free interest rate 1.5 % 1.6 % 2.2 % Expected dividend 2.6 % 1.8 % 1.0 % RSUs . The Company grants RSUs to certain members of its Board. RSU activity during the year ended November 27, 2016 was as follows: Units Weighted-Average Fair Value (Units in thousands) Outstanding at November 29, 2015 66 $ 58.51 Granted 23 67.95 Converted (13 ) 61.47 Outstanding, vested and expected to vest at November 27, 2016 76 $ 60.90 The weighted-average grant date fair value of RSUs was estimated using the Evercore stock valuation. The total fair value of RSUs outstanding, vested and expected to vest as of November 27, 2016 , and November 29, 2015 , was $5.1 million and $4.5 million , respectively. RSUs vest in a series of three equal installments at thirteen months, twenty-four months and thirty-six months following the date of grant. However, if the recipient's continuous service terminates for a reason other than cause after the first vesting installment, but prior to full vesting, then the remaining unvested portion of the award becomes fully vested as of the date of such termination. Liability Awards Cash settled liability awards provide long-term incentive compensation for select levels of the Company’s management. The common stock values used in the determination of the cash settled awards and payouts are approved by the Board based on the Evercore stock valuation. Unvested awards are subject to forfeiture upon termination of employment, but are subject in some cases to early vesting upon specified events, as defined in the agreement. From 2008 through 2012, the Company's Total Shareholder Return Plan (“TSRP”) provided grants of units that vest over a three -year performance period. Upon vesting of a TSRP unit, the participant would receive a cash payout in an amount equal to the excess of the per-share value of the Company's common stock at the end of the three -year performance period over the per-share value at the date of grant. In 2013, the Company replaced the TSRP with the Phantom Restricted Stock Unit Plan (“PRSU”). The PRSU provides for grants of units, with actual number of units vesting subject to a minimum and maximum, based on the fair value of the common stock at the end of a three -year performance period. Upon vesting of a PRSU unit, the participant will receive a cash payout in an amount equal to the vested units multiplied by the fair value of the Company’s common stock at the end of the three -year performance period. Unrecognized future compensation cost as of November 27, 2016 , for PRSUs is $18.7 million and is expected to be recognized over a weighted-average period of 1.81 years. The Company believes it is probable that the liability awards will vest. Liability award activity during the year ended November 27, 2016 was as follows: PRSUs Units Weighted-Average Exercise Price Weighted-Average Fair Value At Period End Outstanding at November 29, 2015 626 $ 57.92 $ 68.00 Granted 334 61.94 Vested (245 ) 38.40 Performance adjustment of PRSU (6 ) 111.34 Forfeited (70 ) 67.58 Outstanding at November 27, 2016 639 $ 65.92 $ 67.00 Expected to vest at November 27, 2016 560 $ 66.09 $ 67.00 Exercisable at November 27, 2016 — $ — $ — The total intrinsic value of PRSU awards exercised during the year ended November 27, 2016 was $15.8 million . The weighted-average fair value of PRSUs at the grant date was estimated using the Evercore stock valuation while the PRSUs fair value at November 27, 2016 , was estimated using an internally derived calculation consistent with Evercore’s calculation methodology. As of November 29, 2015 , there were no TSRP awards outstanding, vested or expected to vest, due to the replacement of the TSRP with the PRSU. The total intrinsic value of TSRPs exercised during the years ended November 29, 2015 and November 30, 2014 was $5.6 million and $3.5 million , respectively. The total fair value of TSRPs vested as of November 30, 2014 was $6.9 million . The weighted-average fair value of TSRPs at November 30, 2014 , was estimated using the Black-Scholes option valuation model. The weighted-average assumptions used in the TSRPs Black-Scholes model were as follows: November 30, 2014 Weighted-average assumptions: Expected life (in years) 0.1 Expected volatility 27.3 % Risk-free interest rate — Expected dividend 1.2 % |
Long-Term Employee Related Bene
Long-Term Employee Related Benefits | 12 Months Ended |
Nov. 27, 2016 | |
Compensation Related Costs [Abstract] | |
LONG-TERM EMPLOYEE RELATED BENEFITS | LONG-TERM EMPLOYEE RELATED BENEFITS Long-term employee-related benefit liabilities primarily consist of the Company's liabilities for its deferred compensation plans. Deferred compensation plan for executives and outside directors, established January 1, 2003. The Company has a non-qualified deferred compensation plan for executives and outside directors that was established on January 1, 2003 and amended thereafter. The deferred compensation plan obligations are payable in cash upon retirement, termination of employment and/or certain other times in a lump-sum distribution or in installments, as elected by the participant in accordance with the plan. As of November 27, 2016 , and November 29, 2015 , these plan liabilities totaled $23.6 million and $24.2 million , respectively, of which $0.9 million and $1.5 million was included in "Accrued salaries, wages and employee benefits" as of November 27, 2016 , and November 29, 2015 , respectively. The Company held funds of approximately $27.1 million and $26.0 million in an irrevocable grantor's rabbi trust as of November 27, 2016 , and November 29, 2015 , respectively, related to this plan. Rabbi trust assets are classified as available-for-sale marketable securities and are included in "Other current assets" or "Other non-current assets" on the Company's consolidated balance sheets. Unrealized gains and losses on these marketable securities are reported as a separate component of stockholders' equity and included in AOCI on the Company's consolidated balance sheets. Deferred compensation plan for executives, prior to January 1, 2003. The Company also maintains a non-qualified deferred compensation plan for certain management employees relating to compensation deferrals for the period prior to January 1, 2003. The rabbi trust is not a feature of this plan. As of November 27, 2016 , and November 29, 2015 , liabilities for this plan totaled $32.2 million and $35.1 million , respectively, of which $4.5 million and $3.8 million , respectively, was included in “Accrued salaries, wages and employee benefits” on the Company's consolidated balance sheets. Interest earned by the participants in deferred compensation plans was $2.5 million , $1.9 million and $5.3 million for the years ended November 27, 2016 , November 29, 2015 , and November 30, 2014 , respectively. The charges were included in "nterest expense" in the Company's consolidated statements of income. |
Restructuring
Restructuring | 12 Months Ended |
Nov. 27, 2016 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING | RESTRUCTURING In 2014, the Company announced and began to implement a global productivity initiative designed to streamline operations and fuel long-term profitable growth. The majority of the actions related to the global productivity initiative were implemented through the end of 2016. The Company does not anticipate any significant additional costs associated with the global productivity initiative. The Company recognized restructuring charges, net, of $0.3 million , $14.1 million and $128.4 million for the years ended November 27, 2016 , November 29, 2015 and November 30, 2014 , respectively. These restructuring charges were recorded in "Restructuring, net" in the Company's consolidated statements of income. Related charges of $7.2 million , $30.7 million , and $27.6 million for the years ended November 27, 2016 , November 29, 2015 and November 30, 2014 , respectively, consist primarily of consulting fees for the Company's centrally-led cost-savings and productivity projects, as well as transition costs associated with the Company's decision to outsource certain global business service activities. These related charges represent costs incurred associated with ongoing operations which will benefit future periods and thus were recorded in "Selling, general and administrative expenses" in the Company's consolidated statements of income. The table below summarizes the components of charges included in “Restructuring, net” in the Company’s consolidated statements of income: Year Ended November 27, November 29, November 30, (Dollars in thousands) Restructuring, net: Severance and employee-related benefits (1) $ 1,963 $ 14,819 $ 104,398 Adjustments to severance and employee-related benefits (1,789 ) (4,182 ) (5,697 ) Other (2) 311 2,776 26,377 Noncash pension and postretirement curtailment (gains) losses, net (3) (173 ) 658 3,347 Total $ 312 $ 14,071 $ 128,425 _____________ (1) Severance and employee-related benefits relate to items such as severance, based on separation benefits provided by Company policy or statutory benefit plans, out-placement services and career counseling for employees affected by the global productivity initiative. (2) Other restructuring costs are expensed as incurred and primarily relate to consulting fees and legal expenses associated with the execution of the restructuring initiative. (3) Noncash pension and postretirement curtailment gains or losses resulting from the global productivity initiative are included in restructuring charges, with the associated liabilities included in "Pension liability" and "Postretirement medical benefits" on the Company's consolidated balance sheets. The following table summarizes the activities associated with restructuring liabilities for the years ended November 27, 2016 , November 29, 2015 and November 30, 2014 . In the table below, "Charges" represents the initial charge related to the restructuring activity. "Adjustments" includes revisions of estimates related to severance, employee-related benefits, lease and other contract termination costs, and other restructuring costs. "Payments" consists of cash payments for severance, employee-related benefits, lease and other contract termination costs, and other restructuring costs. Year Ended November 27, 2016 Liabilities Adjustments Foreign Currency Fluctuation Liabilities November 29, 2015 Charges Payments November 27, 2016 (Dollars in thousands) Severance and employee-related benefits $ 20,774 $ 1,963 $ (1,789 ) $ (16,500 ) $ 430 $ 4,878 Other 964 311 — (1,275 ) — — Total $ 21,738 $ 2,274 $ (1,789 ) $ (17,775 ) $ 430 $ 4,878 Current portion $ 20,141 $ 4,878 Long-term portion 1,597 — Total $ 21,738 $ 4,878 Year Ended November 29, 2015 Liabilities Adjustments Foreign Currency Fluctuation Liabilities November 30, 2014 Charges Payments November 29, 2015 (Dollars in thousands) Severance and employee-related benefits $ 56,963 $ 14,819 $ (4,182 ) $ (41,907 ) $ (4,919 ) $ 20,774 Other 6,400 3,243 (467 ) (8,217 ) 5 964 Total $ 63,363 $ 18,062 $ (4,649 ) $ (50,124 ) $ (4,914 ) $ 21,738 Current portion $ 57,817 $ 20,141 Long-term portion 5,546 1,597 Total $ 63,363 $ 21,738 Year Ended November 30, 2014 Liabilities Adjustments Foreign Currency Fluctuation Liabilities November 24, 2013 Charges Payments November 30, 2014 (Dollars in thousands) Severance and employee-related benefits $ — $ 104,398 $ (5,697 ) $ (38,527 ) $ (3,211 ) $ 56,963 Other — 25,027 1,350 (19,977 ) — 6,400 Total $ — $ 129,425 $ (4,347 ) $ (58,504 ) $ (3,211 ) $ 63,363 Current portion $ — $ 57,817 Long-term portion — 5,546 Total $ — $ 63,363 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Nov. 27, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Operating Lease Commitments The Company is obligated under operating leases for manufacturing, finishing and distribution facilities, office space, retail stores and equipment. At November 27, 2016 , obligations for future minimum payments under operating leases were as follows: (Dollars in thousands) 2017 $ 159,101 2018 121,638 2019 99,499 2020 79,074 2021 61,368 Thereafter 148,500 Total future minimum lease payments $ 669,180 In general, leases relating to real estate may include renewal options of various length. The San Francisco headquarters office lease contains multiple renewal options of up to 57 years . Rental expense for the years ended November 27, 2016 , November 29, 2015 , and November 30, 2014 , was $204.6 million , $192.5 million and $193.0 million , respectively. Forward Foreign Exchange Contracts The Company uses over-the-counter derivative instruments to manage its exposure to foreign currencies. The Company is exposed to credit loss in the event of nonperformance by the counterparties to the forward foreign exchange contracts. However, the Company believes that its exposures are appropriately diversified across counterparties and that these counterparties are creditworthy financial institutions. See Note 5 for additional information. Other Contingencies Litigation. In the ordinary course of business, the Company has various pending cases involving contractual matters, facility and employee-related matters, distribution matters, product liability claims, trademark infringement and other matters. The Company does not believe any of these pending legal proceedings will have a material impact on its financial condition, results of operations or cash flows. |
Dividend
Dividend | 12 Months Ended |
Nov. 27, 2016 | |
Dividends [Abstract] | |
DIVIDEND | DIVIDEND The Company paid a cash dividend of $60.0 million on our common stock in the second quarter of 2016 , and cash dividends of $50.0 million and $30.0 million in the first half of each of 2015 and 2014 , respectively. Subsequent to the Company's year end, the Company's Board of Directors declared a cash dividend of $70.0 million , payable in two $35 million installments. The Company expects to pay the first installment in the first quarter of 2017 and the second installment in the fourth quarter of 2017. The Company does not have an established annual dividend policy. The Company will continue to review its ability to pay cash dividends at least annually, and dividends may be declared at the discretion of the Board depending upon, among other factors, the Company's financial condition and compliance with the terms of the Company's debt agreements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Nov. 27, 2016 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive income (loss) is summarized below: Levi Strauss & Co. Noncontrolling Interest Pension and Postretirement Benefits Translation Adjustments Unrealized Gain (Loss) on Marketable Securities Net Investment Hedges Foreign Currency Translation Total Foreign Currency Translation Totals (Dollars in thousands) Accumulated other comprehensive income (loss) at November 24, 2013 $ (226,772 ) $ (26,699 ) $ (59,824 ) $ 1,266 $ (312,029 ) $ 9,366 $ (302,663 ) Gross changes (53,323 ) 13,404 (35,872 ) 1,577 (74,214 ) (329 ) (74,543 ) Tax 18,641 (8,426 ) 1,297 (609 ) 10,903 — 10,903 Other comprehensive income (loss), net of tax (34,682 ) 4,978 (34,575 ) 968 (63,311 ) (329 ) (63,640 ) Accumulated other comprehensive income (loss) at November 30, 2014 (261,454 ) (21,721 ) (94,399 ) 2,234 (375,340 ) 9,037 (366,303 ) Gross changes 38,785 385 (28,719 ) (575 ) 9,876 (72 ) 9,804 Tax (13,671 ) 3,089 (3,241 ) 221 (13,602 ) — (13,602 ) Other comprehensive income (loss), net of tax 25,114 3,474 (31,960 ) (354 ) (3,726 ) (72 ) (3,798 ) Accumulated other comprehensive income (loss) at November 29, 2015 (236,340 ) (18,247 ) (126,359 ) 1,880 (379,066 ) 8,965 (370,101 ) Gross changes (22,925 ) (829 ) (30,848 ) 143 (54,459 ) 468 (53,991 ) Tax 7,238 319 (1,291 ) (55 ) 6,211 — 6,211 Other comprehensive income (loss), net of tax (15,687 ) (510 ) (32,139 ) 88 (48,248 ) 468 (47,780 ) Accumulated other comprehensive income (loss) at November 27, 2016 $ (252,027 ) $ (18,757 ) $ (158,498 ) $ 1,968 $ (427,314 ) $ 9,433 $ (417,881 ) No material amounts were reclassified out of "Accumulated other comprehensive loss" into net income other than those that pertain to the Company's pension and postretirement benefit plans. Please see Note 8 for additional information. These amounts are included in "Selling, general and administrative expenses" in the Company's consolidated statements of income. |
Other Income (Expense), Net
Other Income (Expense), Net | 12 Months Ended |
Nov. 27, 2016 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME (EXPENSE), NET | OTHER INCOME (EXPENSE), NET The following table summarizes significant components of “Other income (expense), net”: Year Ended November 27, November 29, November 30, (Dollars in thousands) Foreign exchange management gains (losses) (1) $ 15,860 $ 34,106 $ (11,104 ) Foreign currency transaction (losses) gains (2) (7,166 ) (64,161 ) (15,331 ) Interest income 1,376 1,253 1,930 Investment income 976 697 562 Other (3) 7,177 2,672 1,886 Total other income (expense), net $ 18,223 $ (25,433 ) $ (22,057 ) _____________ (1) Gains and losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. Gains in 2016 and 2015 were primarily due to favorable currency fluctuations relative to negotiated contract rates on positions to sell the Mexican Peso. Losses in 2014 were primarily due to unfavorable currency fluctuations on embedded foreign currency derivatives in certain of the Company's operating leases in Russia. (2) Foreign currency transaction gains and losses reflect the impact of foreign currency fluctuation on the Company's foreign currency denominated balances. Losses in 2016 , 2015 and 2014 were primarily due to the weakening of various currencies against the U.S. Dollar. (3) Income in 2016 principally relates to business insurance recoveries. |
Income Taxes
Income Taxes | 12 Months Ended |
Nov. 27, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company's income tax expense was $116.1 million , $100.5 million and $49.5 million for the years 2016 , 2015 and 2014 , respectively. The Company's effective income tax rate was 28.5% , 32.4% , and 32.2% for 2016 , 2015 and 2014 , respectively. The decrease in effective income tax rate in 2016 as compared to 2015 is primarily due to a favorable impact of foreign operations as compared to 2015. The effective tax rate increased in 2015 as compared to 2014 primarily due to a one-time, incremental annual tax benefit associated with multi-year California Enterprise Zone credits recognized in 2014, partially offset by a $8.0 million discrete tax benefit recognized in 2015 attributable to deductions taken for losses on the investments in a consolidated subsidiary. The Company's income tax expense differed from the amount computed by applying the U.S. federal statutory income tax rate of 35% to income before income taxes as follows: Year Ended November 27, 2016 November 29, 2015 November 30, 2014 (Dollars in thousands) Income tax expense at U.S. federal statutory rate $ 142,541 35.0 % $ 108,639 35.0 % $ 53,849 35.0 % State income taxes, net of U.S. federal impact 6,943 1.7 % 8,938 2.9 % 7 — Impact of foreign operations (28,727 ) (7.1 )% (7,286 ) (2.3 )% (5,296 ) (3.4 )% Reassessment of tax liabilities (2,387 ) (0.6 )% (7,577 ) (2.4 )% (3,466 ) (2.3 )% Deduction related to subsidiaries (6,788 ) (1.7 )% (8,060 ) (2.6 )% — — Write-off of deferred tax assets — — 1,718 0.6 % 4,899 3.2 % Other, including non-deductible expenses 4,469 1.2 % 4,135 1.2 % (448 ) (0.3 )% Total $ 116,051 28.5 % $ 100,507 32.4 % $ 49,545 32.2 % Impact of foreign operations. The increase of tax rate benefit in 2016 as compared to 2015 is primarily due to a favorable change in the mix of earnings in jurisdictions with lower effective tax rate and lower amount of foreign losses with no tax benefit in 2016 as compared to 2015. Reassessment of tax liabilities. In 2016, the $2.4 million tax benefit is primarily attributable to the lapse of statutes of limitations in various jurisdictions. In 2015, the $7.6 million tax benefit primarily related to remeasurement of a tax position and the lapse of statutes of limitations in various jurisdictions. Deduction related to subsidiaries. In 2016, the $6.8 million benefit is primarily related to a discrete tax benefit attributable to deductions for worthless debts in a consolidated subsidiary. In 2015 the $8.1 million discrete tax benefit is primarily attributable to the deductions for losses on the investments in a consolidated subsidiary. The U.S. and foreign components of income before income taxes were as follows: Year Ended November 27, 2016 November 29, 2015 November 30, 2014 (Dollars in thousands) Domestic $ 189,478 $ 194,540 $ 31,733 Foreign 217,782 115,858 122,121 Total income before income taxes $ 407,260 $ 310,398 $ 153,854 Income tax expense consisted of the following: Year Ended November 27, 2016 November 29, 2015 November 30, 2014 (Dollars in thousands) U.S. Federal Current $ 7,122 $ 3,299 $ 15,470 Deferred 66,840 56,155 (1,983 ) $ 73,962 $ 59,454 $ 13,487 U.S. State Current $ 2,097 $ 1,334 $ 4,096 Deferred 4,846 7,604 (4,089 ) $ 6,943 $ 8,938 $ 7 Foreign Current $ 40,754 $ 37,488 $ 58,156 Deferred (5,608 ) (5,373 ) (22,105 ) $ 35,146 $ 32,115 $ 36,051 Consolidated Current $ 49,973 $ 42,121 $ 77,722 Deferred 66,078 58,386 (28,177 ) Total income tax expense $ 116,051 $ 100,507 $ 49,545 Deferred Tax Assets and Liabilities The Company's deferred tax assets and deferred tax liabilities were as follows: November 27, 2016 November 29, 2015 (Dollars in thousands) Deferred tax assets Foreign tax credit carryforwards $ 92,845 $ 116,862 State net operating loss carryforwards 8,721 12,412 Foreign net operating loss carryforwards 85,095 91,235 Employee compensation and benefit plans 247,235 255,458 Advance royalties 58,633 69,881 Accrued liabilities 28,680 31,915 Sales returns and allowances 29,338 26,461 Inventory 14,272 17,196 Property, plant and equipment 6,971 16,459 Other 14,472 17,528 Total gross deferred tax assets 586,262 655,407 Less: Valuation allowance (68,212 ) (75,753 ) Deferred tax assets, net of valuation allowance 518,050 579,654 Deferred tax liabilities Unrealized gains or losses on investments — (344 ) Total net deferred tax assets $ 518,050 $ 579,310 Net deferred tax assets $ 586,262 $ 655,063 Valuation allowance (68,212 ) (75,753 ) Total net deferred tax assets $ 518,050 $ 579,310 Foreign tax credit carryforwards . The foreign tax credit carryforwards at November 27, 2016 , are subject to expiration through 2022 if not utilized. Foreign net operating loss carryforwards. As of November 27, 2016 , the Company had a deferred tax asset of $85.1 million for foreign net operating loss carryforwards of $300.3 million . Approximately $142.2 million of these operating losses are subject to expiration through 2026. The remaining $158.1 million are available as indefinite carryforwards under applicable tax law. Valuation Allowance. The following table details the changes in valuation allowance during the year ended November 27, 2016 : Valuation Allowance at November 29, 2015 Changes in Related Gross Deferred Tax Asset Release Valuation Allowance at November 27, 2016 (Dollars in thousands) U.S. state net operating loss carryforwards $ 3,500 $ (1,780 ) $ — $ 1,720 Foreign net operating loss carryforwards and other foreign deferred tax assets 72,253 (3,247 ) (2,514 ) 66,492 $ 75,753 $ (5,027 ) $ (2,514 ) $ 68,212 At November 27, 2016 , the Company's valuation allowance primarily related to its gross deferred tax assets for state and foreign net operating loss carryforwards, which reduced such assets to the amount that will more likely than not be realized. Unremitted earnings of certain foreign subsidiaries. For the year ended November 27, 2016 , management asserted indefinite reinvestment on $100.0 million of undistributed foreign earnings, as management determined that this amount is required to meet ongoing working capital needs in certain foreign subsidiaries; no U.S. income taxes have been provided for such earnings. If the Company were to repatriate such foreign earnings to the United States, the deferred tax liability associated with such earnings would have been approximately $26.6 million . Uncertain Income Tax Positions As of November 27, 2016 , the Company’s total gross amount of unrecognized tax benefits was $29.1 million , of which $21.7 million could impact the effective tax rate, if recognized, as compared to November 29, 2015 , when the Company’s total gross amount of unrecognized tax benefits was $32.7 million , of which $20.6 million could have impacted the effective tax rate, if recognized. The following table reflects the changes to the Company's unrecognized tax benefits for the year ended November 27, 2016 and November 29, 2015 : November 27, November 29, (Dollars in thousands) Unrecognized tax benefits beginning balance $ 32,704 $ 41,571 Increases related to current year tax positions 1,970 3,687 Increases related to tax positions from prior years 45 — Decreases related to tax positions from prior years (584 ) (4,723 ) Settlement with tax authorities — — Lapses of statutes of limitation (4,266 ) (7,576 ) Other, including foreign currency translation (816 ) (255 ) Unrecognized tax benefits ending balance $ 29,053 $ 32,704 The Company believes that it is reasonably possible that unrecognized tax benefits could decrease within the next twelve months by as much as $2.0 million due to the lapse of statutes of limitations. As of November 27, 2016 , and November 29, 2015 , accrued interest and penalties primarily relating to non-U.S. jurisdictions were $4.1 million and $6.7 million , respectively. The Company's income tax returns are subject to examination in the U.S. federal and state jurisdictions and numerous foreign jurisdictions. The following table summarizes the tax years that are either currently under audit or remain open and subject to examination by the tax authorities in the major jurisdictions in which the Company operates: Jurisdiction Open Tax Years U.S. federal 2009 – 2016 California 2006 – 2016 Belgium 2012 – 2016 United Kingdom 2014 – 2016 Spain 2012 – 2016 Mexico 2010 – 2016 Canada 2012 – 2016 China 2011 – 2016 Hong Kong 2011 – 2016 India 2008 – 2016 Italy 2007 – 2016 France 2014 – 2016 Japan 2011 – 2016 Russia 2014 – 2016 Germany 2011 – 2016 |
Related Parties
Related Parties | 12 Months Ended |
Nov. 27, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | RELATED PARTIES Charles V. Bergh, President and Chief Executive Officer, Peter E. Haas Jr., a director of the Company, Kelly McGinnis, Senior Vice President of Corporate Affairs and Chief Communications Officer, and Liz O'Neil, Senior Vice President and Chief Supply Chain Officer, are board members of the Levi Strauss Foundation, which is not a consolidated entity of the Company. Seth R. Jaffe, Senior Vice President and General Counsel, is Vice President of the Levi Strauss Foundation. During 2016 , 2015 , and 2014 , the Company donated $6.9 million , $7.0 million , and $6.3 million , respectively, to the Levi Strauss Foundation. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Nov. 27, 2016 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION The Company manages its business according to three regional segments: the Americas, Europe and Asia. 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 regional segments’ net revenues and operating income. The Company reports net trade receivables and 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. Effective as of the beginning of 2015, the Company's regional licensing revenue, previously recorded centrally in the Company's Americas region, was revised to be recorded in the Company's respective regions. Regional licensing revenue are not significant to any of the Company's regional segments individually in any of the periods presented herein, and accordingly, business segment information for the prior periods have not been revised. Business segment information for the Company is as follows: Year Ended November 27, November 29, November 30, (Dollars in thousands) Net revenues: Americas $ 2,683,008 $ 2,726,461 $ 2,862,867 Europe 1,091,362 1,016,418 1,143,313 Asia 778,369 751,614 747,812 Total net revenues $ 4,552,739 $ 4,494,493 $ 4,753,992 Operating income: Americas $ 482,226 $ 523,705 $ 531,064 Europe (1) 197,136 184,362 181,036 Asia 105,073 121,645 108,511 Regional operating income 784,435 829,712 820,611 Corporate: Restructuring, net 313 14,071 128,425 Restructuring-related charges 7,195 30,736 27,621 Lump-sum pension settlement loss — — 30,666 Other corporate staff costs and expenses 314,720 353,858 320,048 Corporate expenses 322,228 398,665 506,760 Total operating income 462,207 431,047 313,851 Interest expense (73,170 ) (81,214 ) (117,597 ) Loss on early extinguishment of debt — (14,002 ) (20,343 ) Other income (expense), net 18,223 (25,433 ) (22,057 ) Income before income taxes $ 407,260 $ 310,398 $ 153,854 _____________ (1) Europe's operating income for the year ended November 27, 2016 includes a gain of $6.1 million related to the sale-leaseback of the Company's distribution center in the United Kingdom in the second quarter of 2016. Included in Europe's operating income for the year ended November 29, 2015 is a gain of $7.5 million related to the sale of the Company's finishing and distribution facility in Turkey in the second quarter of 2015. Year Ended November 27, 2016 November 29, 2015 November 30, 2014 (Dollars in thousands) Depreciation and amortization expense: Americas $ 30,322 $ 27,558 $ 29,508 Europe 12,574 14,985 20,564 Asia 8,210 7,455 8,501 Corporate 52,772 52,046 50,901 Total depreciation and amortization expense $ 103,878 $ 102,044 $ 109,474 November 27, 2016 Americas Europe Asia Unallocated Consolidated Total (Dollars in thousands) Assets: Trade receivables, net $ 326,211 $ 94,106 $ 46,510 $ 12,191 $ 479,018 Inventories 391,713 125,029 121,544 77,895 716,181 All other assets — — — 1,791,897 1,791,897 Total assets $ 2,987,096 November 29, 2015 Americas Europe Asia Unallocated Consolidated Total (Dollars in thousands) Assets: Trade receivables, net $ 343,808 $ 81,079 $ 53,613 $ 19,696 $ 498,196 Inventories 359,879 109,604 91,390 45,986 606,859 All other assets — — — 1,779,340 1,779,340 Total assets $ 2,884,395 Geographic information for the Company was as follows: Year Ended November 27, 2016 November 29, 2015 November 30, 2014 (Dollars in thousands) Net revenues: United States $ 2,302,668 $ 2,380,820 $ 2,490,994 Foreign countries 2,250,071 2,113,673 2,262,998 Total net revenues $ 4,552,739 $ 4,494,493 $ 4,753,992 Net deferred tax assets: United States $ 444,295 $ 506,675 $ 580,122 Foreign countries 78,806 73,965 80,742 Total net deferred tax assets $ 523,101 $ 580,640 $ 660,864 Long-lived assets: United States $ 311,358 $ 322,758 $ 322,329 Foreign countries 108,332 89,062 84,507 Total long-lived assets $ 419,690 $ 411,820 $ 406,836 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Nov. 27, 2016 | |
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 2016 and 2015 . Year Ended November 27, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter (Dollars in thousands) Net revenues $ 1,056,500 $ 1,011,587 $ 1,185,111 $ 1,299,541 Cost of goods sold 496,902 494,389 592,305 640,131 Gross profit 559,598 517,198 592,806 659,410 Selling, general and administrative expenses 441,163 459,351 448,525 517,454 Restructuring, net 1,848 (191 ) (627 ) (718 ) Operating income 116,587 58,038 144,908 142,674 Interest expense (14,902 ) (20,411 ) (19,170 ) (18,687 ) Other (expense) income, net (2,219 ) 4,295 4,679 11,468 Income before income taxes 99,466 41,922 130,417 135,455 Income tax expense 33,175 10,862 32,713 39,301 Net income 66,291 31,060 97,704 96,154 Net (income) loss attributable to noncontrolling interest (455 ) (335 ) 614 19 Net income attributable to Levi Strauss & Co. $ 65,836 $ 30,725 $ 98,318 $ 96,173 Year Ended November 29, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter (Dollars in thousands) Net revenues $ 1,055,075 $ 1,012,180 $ 1,142,012 $ 1,285,226 Cost of goods sold 518,010 511,949 568,655 626,898 Gross profit 537,065 500,231 573,357 658,328 Selling, general and administrative expenses 425,282 449,662 454,530 494,389 Restructuring, net 4,338 2,954 4,054 2,725 Operating income 107,445 47,615 114,773 161,214 Interest expense (23,312 ) (21,913 ) (17,138 ) (18,851 ) Loss on early extinguishment of debt — (14,002 ) — — Other (expense) income, net (26,028 ) 7,639 (8,316 ) 1,272 Income before income taxes 58,105 19,339 89,319 143,635 Income tax expense 19,822 7,887 30,858 41,940 Net income 38,283 11,452 58,461 101,695 Net loss (income) attributable to noncontrolling interest 109 239 (286 ) (517 ) Net income attributable to Levi Strauss & Co. $ 38,392 $ 11,691 $ 58,175 $ 101,178 |
Schedule II_ Valuation and Qua
Schedule II: Valuation and Qualifying Acounts | 12 Months Ended |
Nov. 27, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | SCHEDULE II LEVI STRAUSS & CO. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS Allowance for Doubtful Accounts Balance at Beginning of Period Additions Charged to Expenses Deductions (1) Balance at End of Period (Dollars in thousands) November 27, 2016 $ 11,025 $ 2,195 $ 1,246 $ 11,974 November 29, 2015 $ 12,704 $ 1,875 $ 3,554 $ 11,025 November 30, 2014 $ 18,264 $ 662 $ 6,222 $ 12,704 Sales Returns Balance at Beginning of Period Additions Charged to Net Sales Deductions (1) Balance at End of Period (Dollars in thousands) November 27, 2016 $ 34,021 $ 195,718 $ 193,282 $ 36,457 November 29, 2015 $ 32,191 $ 152,471 $ 150,641 $ 34,021 November 30, 2014 $ 32,675 $ 138,577 $ 139,061 $ 32,191 Sales Discounts and Incentives Balance at Beginning of Period Additions Charged to Net Sales Deductions (1) Balance at End of Period (Dollars in thousands) November 27, 2016 $ 86,274 $ 325,843 $ 306,640 $ 105,477 November 29, 2015 $ 98,416 $ 306,497 $ 318,639 $ 86,274 November 30, 2014 $ 110,572 $ 322,164 $ 334,320 $ 98,416 Valuation Allowance Against Deferred Tax Assets Balance at Beginning of Period Charges/(Releases) to Tax Expense (Additions) / Deductions Balance at End of Period (Dollars in thousands) November 27, 2016 $ 75,753 $ (2,514 ) $ 5,027 $ 68,212 November 29, 2015 $ 89,814 $ — $ 14,061 $ 75,753 November 30, 2014 $ 96,026 $ — $ 6,212 $ 89,814 _____________ (1) The charges to the accounts are for the purposes for which the allowances were created. |
Significant Accounting Polici30
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 27, 2016 | |
Accounting Policies [Abstract] | |
Basis of accounting | The consolidated financial statements of the Company and its wholly-owned and majority-owned foreign and domestic subsidiaries are prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”). All significant intercompany balances and transactions have been eliminated. The Company is privately held primarily by descendants of the family of its founder, Levi Strauss, and their relatives. |
Fiscal period | The Company’s fiscal year ends on the last Sunday of November in each year, although the fiscal years of certain foreign subsidiaries end on November 30. Fiscal 2016 and 2015 were 52 -week years, ending on November 27, 2016 , and November 29, 2015, respectively. Fiscal 2014 was a 53-week year ending on November 30, 2014. Each quarter of fiscal years 2016 , 2015 and 2014 consists of 13 weeks, with the exception of the fourth quarter of 2014, which consisted of 14 weeks. All references to years relate to fiscal years rather than calendar years. |
Subsequent events | Subsequent events have been evaluated through the issuance date of these financial statements. |
Use of estimates | The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes to the consolidated financial statements. Estimates are based upon historical factors, current circumstances and the experience and judgment of the Company’s management. Management evaluates its estimates and assumptions on an ongoing basis and may employ outside experts to assist in its evaluations. Changes in such estimates, based on more accurate future information, or different assumptions or conditions, may affect amounts reported in future periods. |
Cash and cash equivalents | The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents are stated at fair value. |
Restricted cash | Restricted cash primarily relates to required cash deposits for customs and rental guarantees to support the Company's international operations. As restricted cash is not material in any period presented, it is included in “Other current assets” and “Other non-current assets” on the consolidated balance sheets. |
Accounts receivable, net | The Company extends credit to its customers that satisfy pre-defined credit criteria. Accounts receivable are recorded net of an allowance for doubtful accounts. The Company estimates the allowance for doubtful accounts based upon an analysis of the aging of accounts receivable at the date of the consolidated financial statements, assessments of collectability based on historic trends, customer-specific circumstances, and an evaluation of economic conditions. Actual write-off of receivables may differ from estimates due to changes in customer and economic circumstances. |
Inventory valuation | The Company values inventories at the lower of cost or market value. Inventory cost is determined using the first-in first-out method. The Company includes product costs, labor and related overhead, inbound freight, internal transfers, and the cost of operating its remaining manufacturing facilities, including the related depreciation expense, in the cost of inventories. The Company estimates quantities of slow-moving and obsolete inventory, by reviewing on-hand quantities, outstanding purchase obligations and forecasted sales. The Company determines inventory market values by estimating expected selling prices based on the Company's historical recovery rates for slow-moving and obsolete inventory and other factors, such as market conditions, expected channel of distribution and current consumer preferences. |
Income tax assets and liabilities | The future effective tax rate will ultimately depend on the mix of earnings between domestic and foreign operations, the impact of certain undistributed foreign earnings for which no U.S. taxes have been provided because such earnings are planned to be indefinitely reinvested outside of the United States, changes in tax laws and regulations and potential resolutions on tax examinations, refund claims and litigation. Remittances of foreign earnings to the United States are planned based on projected cash flow, working capital and investment needs of our foreign and domestic operations. Based on these assumptions, the Company estimates the amount that will be distributed to the United States and provides U.S. federal taxes on these amounts. Material changes in the Company's estimates as to how much of the Company's foreign earnings will be distributed to the United States or tax legislation that limits or restricts the amount of undistributed foreign earnings that the Company considers indefinitely reinvested outside the United States could materially impact the Company's income tax provision and effective tax rate. Significant judgment is required in determining the Company's worldwide income tax provision. In the ordinary course of a global business, there are many transactions and calculations where the ultimate tax outcome is uncertain. Some of these uncertainties arise from examinations in various jurisdictions and assumptions and estimates used in evaluating the need for valuation allowance. The Company is subject to income taxes in both the United States and numerous foreign jurisdictions. The Company computes its provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating loss and tax credit carryforwards. All deferred income taxes are classified as non-current on the Company's consolidated balance sheets. Deferred tax assets and liabilities are measured using the currently enacted tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. Significant judgments are required in order to determine the realizability of these deferred tax assets. In assessing the need for a valuation allowance, the Company's management evaluates all significant available positive and negative evidence, including historical operating results, estimates of future taxable income and the existence of prudent and feasible tax planning strategies. The Company continuously reviews issues raised in connection with all ongoing examinations and open tax years to evaluate the adequacy of its tax liabilities. The Company evaluates uncertain tax positions under a two-step approach. The first step is to evaluate the uncertain tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon examination based on its technical merits. The second step, for those positions that meet the recognition criteria, is to measure the tax benefit as the largest amount that is more than fifty percent likely to be realized. The Company believes that its recorded tax liabilities are adequate to cover all open tax years based on its assessment. This assessment relies on estimates and assumptions and involves significant judgments about future events. To the extent that the Company's view as to the outcome of these matters change, the Company will adjust income tax expense in the period in which such determination is made. The Company classifies interest and penalties related to income taxes as income tax expense. |
Property, plant and equipment | Property, plant and equipment are carried at cost, less accumulated depreciation. The cost is depreciated on a straight-line basis over the estimated useful lives of the related assets. Costs relating to internal-use software development are capitalized when incurred during the application development phase. Buildings are depreciated over 20 to 40 years, and leasehold improvements are depreciated over the lesser of the life of the improvement or the initial lease term. Machinery and equipment includes furniture and fixtures, automobiles and trucks, and networking communication equipment, and is depreciated over a range from three to 20 years. Capitalized internal-use software is depreciated over periods ranging from three to seven years. |
Goodwill and Intangible Assets | Goodwill resulted primarily from a 1985 acquisition of the Company by Levi Strauss Associates Inc., a former parent company that was subsequently merged into the Company in 1996, and the Company's 2009 acquisitions. Goodwill is not amortized. Intangible assets are comprised of owned trademarks with indefinite useful lives which are not being amortized and acquired contractual rights. The amortization of these intangible assets is included in "Selling, general, and administrative expenses" in the Company's consolidated statements of income. Impairment The Company reviews its goodwill and other non-amortized intangible assets for impairment annually in the fourth quarter of its fiscal year, or more frequently as warranted by events or changes in circumstances which indicate that the carrying amount may not be recoverable. The Company qualitatively assesses goodwill and non-amortized intangible assets to determine whether it is more likely than not that the fair value of a reporting unit or other non-amortized intangible asset is less than its carrying amount. During fiscal 2016, the Company performed this analysis examining key events and circumstances affecting fair value and determined it is more likely than not that the reporting unit’s fair value is greater than its carrying amount. As such, no further analysis was required for purposes of testing of the Company’s goodwill or other non-amortized intangible asset for impairment. If goodwill is not qualitatively assessed or if goodwill is qualitatively assessed and it is determined it is not more likely than not that the reporting unit’s fair value is greater than its carrying amount, a two-step quantitative approach is utilized. In the first step, the Company compares the carrying value of the reporting unit or applicable asset to its fair value, which the Company estimates using a discounted cash flow analysis or by comparison with the market values of similar assets. If the carrying amount of the reporting unit or asset exceeds its estimated fair value, the Company performs the second step, and determines the impairment loss, if any, as the excess of the carrying value of the goodwill or intangible asset over its fair value. The Company reviews its other long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If the carrying amount of an asset exceeds the expected future undiscounted cash flows, the Company measures and records an impairment loss for the excess of the carrying value of the asset over its fair value. To determine the fair value of impaired assets, the Company utilizes the valuation technique or techniques deemed most appropriate based on the nature of the impaired asset and the data available, which may include the use of quoted market prices, prices for similar assets or other valuation techniques such as discounted future cash flows or earnings. |
Debt issuance costs | The Company capitalizes debt issuance costs on its senior revolving credit facility, which are included in "Other non-current assets" on the Company's consolidated balance sheets. Capitalized debt issuance costs on the Company's unsecured long-term debt are presented as a reduction to the debt outstanding on the Company's consolidated balance sheets. The unsecured long-term debt issuance costs are generally amortized utilizing the effective interest method whereas the senior revolving credit facility issuance costs are amortized utilizing the straight-line method. Amortization of debt issuance costs is included in "Interest expense" in the consolidated statements of income. |
Restructuring Liabilities | Upon approval of a restructuring plan, the Company records restructuring liabilities for employee severance and related termination benefits when they become probable and estimable for formal and pre-existing severance arrangements. The Company records other costs associated with exit activities as they are incurred. The long-term portion of restructuring liabilities is included in “Other long-term liabilities” on the Company’s consolidated balance sheets. |
Deferred rent | The Company is obligated under operating leases of property for manufacturing, finishing and distribution facilities, office space, retail stores and equipment. Rental expense relating to operating leases are recognized on a straight-line basis over the lease term after consideration of lease incentives and scheduled rent escalations beginning as of the date the Company takes physical possession or control of the property. Differences between rental expense and actual rental payments are recorded as deferred rent liabilities included in "Other accrued liabilities" and "Other long-term liabilities" on the consolidated balance sheets. |
Fair value of financial instruments | The fair values of the Company's financial instruments reflect the amounts that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value estimates presented in this report are based on information available to the Company as of November 27, 2016 and November 29, 2015 . The carrying values of cash and cash equivalents, trade receivables and short-term borrowings approximate fair value since they are short term in nature. The Company has estimated the fair value of its other financial instruments using the market and income approaches. Rabbi trust assets and forward foreign exchange contracts are carried at their fair values. The Company's debt instruments are carried at historical cost and adjusted for amortization of premiums, discounts, or deferred financing costs, foreign currency fluctuations and principal payments. |
Pension and postretirement benefits | The Company has several non-contributory defined benefit retirement plans covering eligible employees. The Company also provides certain health care benefits for U.S. employees who meet age, participation and length of service requirements at retirement. In addition, the Company sponsors other retirement or post-employment plans for its foreign employees in accordance with local government programs and requirements. The Company retains the right to amend, curtail or discontinue any aspect of the plans, subject to local regulations. The Company recognizes either an asset or a liability for any plan's funded status in its consolidated balance sheets. The Company measures changes in funded status using actuarial models which utilize an attribution approach that generally spreads individual events over the estimated service lives of the remaining employees in the plan. For plans where participants will not earn additional benefits by rendering future service, which includes the Company's U.S. plans, individual events are spread over the plan participants' estimated remaining lives. The Company's policy is to fund its retirement plans based upon actuarial recommendations and in accordance with applicable laws, income tax regulations and credit agreements. Net pension and postretirement benefit income or expense is generally determined using assumptions which include expected long-term rates of return on plan assets, discount rates, compensation rate increases and medical and mortality trend rates. The Company considers several factors including historical rates, expected rates and external data to determine the assumptions used in the actuarial models. At the end of 2015, the Company elected to adopt the spot-rate approach to determine the interest cost component of pension and postretirement expense. Under the spot-rate approach, the interest cost is calculated by applying interest to the discounted cash flow expected at each payment date. The interest is determined using the same spot rate along the yield curve that was used to determine the present value of the associated payment. This approach was used to recognize the 2016 expense. Prior to 2016, all plans with a yield curve available for discount rate setting purposes used a single weighted-average rate. |
Employee incentive compensation | The Company maintains short-term and long-term employee incentive compensation plans. Provisions for employee incentive compensation are recorded in "Accrued salaries, wages and employee benefits" and "Long-term employee related benefits" on the Company's consolidated balance sheets. The Company accrues the related compensation expense over the period of the plan and changes in the liabilities for these incentive plans generally correlate with the Company's financial results and projected future financial performance. |
Stock-based compensation | The Company has stock-based incentive plans which reward certain employees and directors with cash or equity. Compensation cost for these awards is based on the fair value of the Company's common stock and generally reflects the number of awards that vest or are expected to vest. Compensation cost is recognized over the period that an employee provides service for that award, which generally is the vesting period. The Company's common stock is not listed on any established stock exchange. Accordingly, the stock's fair value is based upon a valuation performed by an independent third-party, Evercore Group LLC (“Evercore”) and approved by the Company's board of directors (the "Board"). Determining the fair value of the Company's stock requires complex judgments. The valuation process includes comparison of the Company's historical and estimated future financial results with selected publicly-traded companies and application of a discount for the illiquidity of the stock to derive at the fair value of the stock. The Company uses this valuation for, among other things, making determinations under its stock-based compensation plans, such as the grant date fair value of awards. The fair value of equity awards granted to directors is based on the fair value of the common stock at the date of grant. The fair value of equity awards granted to employees is estimated on the date of grant based on the Black-Scholes option pricing model, unless the awards are subject to market conditions, in which case the Company utilizes the Monte Carlo simulation model. The fair value of liability awards granted to employees is based on the fair value of the Company's common stock at each quarter end. The Black-Scholes option pricing model and the Monte Carlo simulation model require the input of highly subjective assumptions including volatility. Due to the fact that the Company's common stock is not publicly traded, the computation of expected volatility is based on the average of the historical and implied volatilities over the expected life of the awards, of a representative peer group of publicly-traded entities. Other assumptions include expected life, risk-free rate of interest and dividend yield. For equity awards with a service condition, the expected life is derived based on historical experience and expected future post-vesting termination and exercise patterns. For equity awards with a performance condition, the expected life is computed using the simplified method until historical experience is available. The risk-free interest rate is based on zero coupon U.S. Treasury bond rates corresponding to the expected life of the awards. Dividend assumptions are based on historical experience. Due to the job function of the award recipients, the Company has included stock-based compensation cost in "Selling, general and administrative expenses" in the consolidated statements of income. |
Self-insurance | Up to certain limits, the Company self-insures various loss exposures primarily relating to workers' compensation risk and employee and eligible retiree medical health benefits. The Company carries insurance policies covering claim exposures which exceed predefined amounts, per occurrence and/or in the aggregate. Accruals for losses are made based on the Company's claims experience and actuarial assumptions followed in the insurance industry, including provisions for incurred but not reported losses. |
Derivative financial instruments and hedging activities | The Company recognizes all derivatives as assets and liabilities at their fair values, which are included in "Other current assets", "Other non-current assets" or "Other accrued liabilities" on the Company's consolidated balance sheets. The Company uses derivatives to manage exposures that are sensitive to changes in market conditions, such as foreign currency risk. Additionally, some of the Company's contracts contain provisions that are accounted for as embedded derivative instruments. The Company does not designate its derivative instruments for hedge accounting; changes in the fair values of these instruments are recorded in "Other income (expense), net" in the Company's consolidated statements of income. The non-derivative instruments the Company designates and that qualify for hedge accounting treatment hedge the Company's net investment position in certain of its foreign subsidiaries. For these instruments, the Company documents the hedge designation by identifying the hedging instrument, the nature of the risk being hedged and the approach for measuring hedge effectiveness. The ineffective portions of these hedges are recorded in "Other income (expense), net" in the Company's consolidated statements of income. The effective portions of these hedges are recorded in "Accumulated other comprehensive loss" on the Company's consolidated balance sheets and are not reclassified to earnings until the related net investment position has been liquidated. |
Foreign currency | The functional currency for most of the Company's foreign operations is the applicable local currency. For those operations, assets and liabilities are translated into U.S. Dollars using period-end exchange rates; income and expenses are translated at average monthly exchange rates; and equity accounts are translated at historical rates. Net changes resulting from such translations are recorded as a component of translation adjustments in "Accumulated other comprehensive loss" on the Company's consolidated balance sheets. Foreign currency transactions are transactions denominated in a currency other than the entity's functional currency. At each balance sheet date, each entity remeasures the recorded balances related to foreign-currency transactions using the period-end exchange rate. Unrealized gains or losses arising from the remeasurement of these balances are recorded in "Other income (expense), net" in the Company's consolidated statements of income. In addition, at the settlement date of foreign currency transactions, the realized foreign currency gains or losses are recorded in "Other income (expense), net" in the Company's consolidated statements of income to reflect the difference between the rate effective at the settlement date and the historical rate at which the transaction was originally recorded. |
Revenue recognition | Net sales is primarily comprised of sales of products to wholesale customers, including franchised stores, and direct sales to consumers at the Company's company-operated and online stores and at the Company's company-operated shop-in-shops located within department stores. The Company recognizes revenue on sale of product when the goods are shipped or delivered and title to the goods passes to the customer provided that: there are no uncertainties regarding customer acceptance; persuasive evidence of an arrangement exists; the sales price is fixed or determinable; and collectability is reasonably assured. The revenue is recorded net of an allowance for estimated returns, discounts and retailer promotions and other similar incentives. Licensing revenues from the use of the Company's trademarks in connection with the manufacturing, advertising, and distribution of trademarked products by third-party licensees are earned and recognized as products are sold by licensees based on royalty rates set forth in the licensing agreements. The Company recognizes allowances for estimated returns in the period in which the related sale is recorded. The Company recognizes allowances for estimated discounts, retailer promotions and other similar incentives at the later of the period in which the related sale is recorded or the period in which the sales incentive is offered to the customer. The Company estimates non-volume based allowances based on historical rates as well as customer and product-specific circumstances. Sales and value-added taxes collected from customers and remitted to governmental authorities are presented on a net basis in the Company's consolidated statements of income. Net sales to the Company's ten largest customers totaled approximately 30% of net revenues for 2016 , and 31% of net revenues for both 2015 and 2014 . No customer represented 10% or more of net revenues in any of these years. |
Cost goods sold | Cost of goods sold includes the expenses incurred to acquire and produce inventory for sale, including product costs, labor and related overhead, inbound freight, internal transfers, and the cost of operating the Company's remaining manufacturing facilities, including the related depreciation expense. |
Selling, general and administrative expenses | Selling, general and administrative expenses ("SG&A") are primarily comprised of costs relating to advertising, marketing, selling, distribution, information technology and other corporate functions. Selling costs include, among other things, all occupancy costs associated with company-operated stores and with the Company's company-operated shop-in-shops located within department stores. The Company expenses advertising costs as incurred. For 2016 , 2015 and 2014 , total advertising expense was $284.0 million , $276.4 million and $272.8 million , respectively. Distribution costs include costs related to receiving and inspection at distribution centers, warehousing, shipping to the Company's customers, handling and certain other activities associated with the Company's distribution network. These expenses totaled $168.3 million , $159.7 million , and $168.7 million for 2016 , 2015 and 2014 , respectively. |
Recently issued accounting standards | First Quarter of 2018 • ASU No. 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory," clarifies that, for inventories measured at the lower of cost and net realizable value, net realizable value should be determined based on the estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. The Company does not anticipate that the adoption of this new accounting standard will have a material impact on its consolidated financial statements. • ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718)" simplifies accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements. First Quarter of 2019 • ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," ("ASU 2015-14" ). The amendment in this update defers the effective date of ASU 2014-09 for all entities by one year. Additional ASUs have been issued that are part of the overall new revenue guidance including: ASU No. 2016-08: " Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ", ASU No. 2016-10: " Identifying Performance Obligations and Licensing" and ASU 2016-12: " Narrow Scope Improvements and Practical Expedients". The Company is currently assessing the impact that adopting these new revenue accounting standards will have on its consolidated financial statements. • ASU No. 2016-04, " Liabilities - Extinguishment of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products " aligns recognition of prepaid stored-value product financial liabilities (for example, prepaid gift cards), with Topic 606, Revenues from Contracts with Customers, for non-financial liabilities. In general, certain of these liabilities may be extinguished proportionally in earnings as redemptions occur, or when redemption is remote if issuers are not entitled to the unredeemed stored value. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements. • ASU No. 2016-15, " Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments " designates the appropriate cash flow classification for debt prepayment or extinguishment costs, the maturing of a zero coupon bond, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements, distributions from certain equity method investees and beneficial interests obtained in a financial asset securitization. In certain circumstances, transactions may require bifurcation to appropriately allocate components among operating, investing and financing activities. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements. • ASU No. 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory," requires that the income tax consequences of an intra-entity transfer of an asset other than inventory be recorded when the transfer occurs. Under this guidance, current income taxes and deferred income taxes will move when assets (such as intellectual property and property, plant and equipment) are transferred between consolidated subsidiaries. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements. • ASU No. 2016-18, " Statement of Cash Flows (Topic 230): Restricted Cash" , requires that restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the statement of cash flows. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements. First Quarter of 2020 • ASU No. 2016-02, " Leases (Topic 842 )" requires the identification of arrangements that should be accounted for as leases by lessees. In general, for operating or financing lease arrangements exceeding a twelve month term, a right-of-use asset and a lease obligation will be recognized on the balance sheet of the lessee while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing leases. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements. First Quarter of 2021 • ASU No. 2016-13, " Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology. This will result in the more timely recognition of losses. ASU No. 2016-13 also applies to employee benefit plan accounting, with an effective date of the first quarter of fiscal 2022. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements and employee benefit plans’ accounting. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Nov. 27, 2016 | |
Property, Plant and Equipment [Abstract] | |
Components of property, plant and equipment | The components of property, plant and equipment (“PP&E”) were as follows: November 27, 2016 November 29, 2015 (Dollars in thousands) Land $ 8,178 $ 13,180 Buildings and leasehold improvements 379,217 384,228 Machinery and equipment 407,527 393,806 Capitalized internal-use software 418,493 378,643 Construction in progress 36,778 31,985 Subtotal 1,250,193 1,201,842 Accumulated depreciation (856,588 ) (811,013 ) PP&E, net $ 393,605 $ 390,829 |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Nov. 27, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying amount of goodwill | The changes in the carrying amount of goodwill by business segment for the years ended November 27, 2016 , and November 29, 2015 , were as follows: Americas Europe Asia Total (Dollars in thousands) Balance, November 30, 2014 $ 207,419 $ 29,937 $ 1,565 $ 238,921 Additions 424 137 — 561 Foreign currency fluctuation (27 ) (4,050 ) (364 ) (4,441 ) Balance, November 29, 2015 207,816 26,024 1,201 235,041 Additions — — — — Foreign currency fluctuation (93 ) (683 ) 15 (761 ) Balance, November 27, 2016 $ 207,723 $ 25,341 $ 1,216 $ 234,280 |
Other intangible assets | Other intangible assets, net, were as follows: November 27, 2016 November 29, 2015 Gross Carrying Value Accumulated Amortization Total Gross Carrying Value Accumulated Amortization Total (Dollars in thousands) Non-amortized intangible assets: Trademarks $ 42,743 $ — $ 42,743 $ 42,743 $ — $ 42,743 Amortized intangible assets: Acquired contractual rights 2,843 (2,640 ) 203 6,954 (6,347 ) 607 Customer lists — — — 15,915 (15,915 ) — Total $ 45,586 $ (2,640 ) $ 42,946 $ 65,612 $ (22,262 ) $ 43,350 |
Fair Value of Financial Instr33
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Nov. 27, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities carried at fair value | The following table presents the Company’s financial instruments that are carried at fair value: November 27, 2016 November 29, 2015 Fair Value Estimated Using Fair Value Estimated Using Fair Value Level 1 Inputs (1) Level 2 Inputs (2) Fair Value Level 1 Inputs (1) Level 2 Inputs (2) (Dollars in thousands) Financial assets carried at fair value Rabbi trust assets $ 27,131 $ 27,131 $ — $ 26,013 $ 26,013 $ — Forward foreign exchange contracts, net (3) 23,267 — 23,267 27,131 — 27,131 Total $ 50,398 $ 27,131 $ 23,267 $ 53,144 $ 26,013 $ 27,131 Financial liabilities carried at fair value Forward foreign exchange contracts, net (3) $ 5,533 $ — $ 5,533 $ 7,809 $ — $ 7,809 _____________ (1) Fair values estimated using Level 1 inputs are inputs which consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Rabbi trust assets consist of a diversified portfolio of equity, fixed income and other securities. See Note 12 for more information on rabbi trust assets. (2) Fair values estimated using Level 2 inputs are inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. For forward foreign exchange contracts, inputs include foreign currency exchange and interest rates and, where applicable, credit default swap prices. (3) 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. |
Financial liabilities carried at adjusted historical cost | The following table presents the carrying value, including related accrued interest, and estimated fair value of the Company’s financial instruments that are carried at adjusted historical cost: November 27, 2016 November 29, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (Dollars in thousands) Financial liabilities carried at adjusted historical cost Senior revolving credit facility $ — $ — $ 99,020 $ 99,020 4.25% Yen-denominated Eurobonds due 2016 (1) — — 32,736 33,593 6.875% senior notes due 2022 (1) 527,102 550,700 527,715 570,355 5.00% senior notes due 2025 (1) 483,735 480,121 482,145 480,945 Short-term borrowings 39,009 39,009 15,996 15,996 Total $ 1,049,846 $ 1,069,830 $ 1,157,612 $ 1,199,909 _____________ (1) Fair values are estimated using Level 1 inputs and incorporate mid-market price quotes. Level 1 inputs are inputs which consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. |
Derivative Instruments and He34
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Nov. 27, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Carrying values of derivative instruments and non-derivative instruments | 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: November 27, 2016 November 29, 2015 Gross Amounts of Recognized Assets / (Liabilities) Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets / (Liabilities) Presented in the Statement of Financial Position Gross Amounts of Recognized Assets / (Liabilities) Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets / (Liabilities) Presented in the Statement of Financial Position (Dollars in thousands) Over-the-counter forward foreign exchange contracts Financial assets $ 29,240 $ (8,374 ) $ 20,866 $ 30,837 $ (4,930 ) $ 25,907 Financial liabilities (10,365 ) 8,374 (1,991 ) (7,599 ) 4,930 (2,669 ) Total $ 18,875 $ 23,238 Embedded derivative contracts Financial assets $ 2,401 $ — $ 2,401 $ 1,224 $ — $ 1,224 Financial liabilities (3,542 ) — (3,542 ) (5,140 ) — (5,140 ) Total $ (1,141 ) $ (3,916 ) The table below provides data about the carrying values of derivative instruments and non-derivative instruments: November 27, 2016 November 29, 2015 Assets (Liabilities) Derivative Net Carrying Value Assets (Liabilities) Derivative Net Carrying Value Carrying Value Carrying Value Carrying Value Carrying Value (Dollars in thousands) Derivatives not designated as hedging instruments Forward foreign exchange contracts (1) $ 30,160 $ (6,893 ) $ 23,267 $ 31,808 $ (4,677 ) $ 27,131 Forward foreign exchange contracts (2) 1,481 (7,014 ) (5,533 ) 253 (8,062 ) (7,809 ) Total $ 31,641 $ (13,907 ) $ 32,061 $ (12,739 ) Non-derivatives designated as hedging instruments Yen-denominated Eurobonds $ — $ — $ — $ (7,832 ) _____________ (1) Included in "Other current assets" or "Other non-current assets" on the Company’s consolidated balance sheets. (2) Included in "Other accrued liabilities" on the Company’s consolidated balance sheets. |
Gains and losses included in AOCI | The table below provides data about the amount of gains and losses related to derivative instruments and non-derivative instruments designated as net investment hedges included in "Accumulated other comprehensive loss" ("AOCI") on the Company’s consolidated balance sheets, and in "Other income (expense), net" in the Company’s consolidated statements of income: Gain or (Loss) Recognized in AOCI (Effective Portion) Gain or (Loss) Recognized in Other Income (Expense), net (Ineffective Portion and Amount Excluded from Effectiveness Testing) As of As of Year Ended November 27, November 29, November 27, November 29, November 30, (Dollars in thousands) Forward foreign exchange contracts $ 4,637 $ 4,637 Yen-denominated Eurobonds (19,811 ) (18,982 ) $ 2,627 $ 965 $ 3,767 Euro senior notes (15,751 ) (15,751 ) — — — Cumulative income taxes 12,168 11,849 Total $ (18,757 ) $ (18,247 ) |
Gains and losses included in statements of income | The table below provides data about the amount of gains and losses related to derivatives not designated as hedging instruments included in “Other income (expense), net” in the Company’s consolidated statements of income: Year Ended November 27, November 29, November 30, (Dollars in thousands) Forward foreign exchange contracts: Realized $ 17,175 $ 14,720 $ (6,184 ) Unrealized (1,315 ) 19,386 (4,920 ) Total $ 15,860 $ 34,106 $ (11,104 ) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Nov. 27, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of long-term and short-term debt instruments | November 27, November 29, (Dollars in thousands) Long-term debt Unsecured: 6.875% senior notes due 2022 $ 524,396 524,807 5.00% senior notes due 2025 481,860 480,131 Total unsecured 1,006,256 1,004,938 Total long-term debt $ 1,006,256 $ 1,004,938 Short-term debt and current maturities of long-term debt Secured: Senior revolving credit facility $ — $ 99,000 Unsecured: Current maturities of 4.25% Yen-denominated Eurobonds due 2016 — 32,625 Short-term borrowings 38,922 15,978 Total short-term debt and current maturities of long-term debt $ 38,922 $ 147,603 Total debt $ 1,045,178 $ 1,152,541 |
Principal payments on short-term and long-term debt | The table below sets forth, as of November 27, 2016 , the Company's required aggregate short-term and long-term debt principal payments (inclusive of premium and discount) for the next five fiscal years and thereafter. (Dollars in thousands) 2017 $ 38,922 2018 — 2019 — 2020 — 2021 — Thereafter 1,018,591 Total future debt principal payments $ 1,057,513 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Nov. 27, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of benefit obligations in excess of fair value of plan assets | The following tables summarize activity of the Company's defined benefit pension plans and postretirement benefit plans: Pension Benefits Postretirement Benefits 2016 2015 2016 2015 (Dollars in thousands) Change in benefit obligation: Benefit obligation at beginning of year $ 1,194,365 $ 1,289,337 $ 117,740 $ 134,084 Service cost 8,234 8,352 200 251 Interest cost (1) 37,819 47,179 3,223 4,588 Plan participants' contribution 484 534 4,172 4,512 Actuarial loss (gain) (2) 33,948 (56,352 ) 5,556 (5,918 ) Net curtailment loss 119 300 — — Impact of foreign currency changes (15,435 ) (21,306 ) — — Plan settlements (3) (417 ) (4,145 ) — — Special termination benefits — — — — Net benefits paid (67,183 ) (69,534 ) (18,440 ) (19,777 ) Benefit obligation at end of year $ 1,191,934 $ 1,194,365 $ 112,451 $ 117,740 Change in plan assets: Fair value of plan assets at beginning of year 838,551 878,823 — — Actual return on plan assets (4) 49,986 10,185 — — Employer contribution 31,147 36,151 14,268 15,265 Plan participants' contributions 484 534 4,172 4,512 Plan settlements (3) (417 ) (4,145 ) — — Impact of foreign currency changes (15,246 ) (13,463 ) — — Net benefits paid (67,183 ) (69,534 ) (18,440 ) (19,777 ) Fair value of plan assets at end of year 837,322 838,551 — — Unfunded status at end of year $ (354,612 ) $ (355,814 ) $ (112,451 ) $ (117,740 ) _____________ (1) The decrease in interest cost is primarily due to the election made at the end of 2015 to adopt the spot-rate approach to determine the interest cost component of pension and postretirement expense. (2) Actuarial losses in 2016 in the Company's pension benefit plans resulted from changes in discount rate assumptions. Actuarial gains in 2015 in the Company's pension benefit plans resulted from changes in mortality and discount rate assumptions, primarily for the Company's U.S. plans. Changes in financial markets during 2016 and 2015 , including a decrease and increase, respectively, in corporate bond yield indices, resulted in an increase and decrease in benefit obligations, respectively. (3) The decrease in pension plan settlements in 2016 was primarily due to 2015 settlement activity that continued to reflect impacts from restructuring. (4) The increase in return on plan assets in 2016 was primarily due to better-than-expected asset performance, as compared to the poor investment performance in 2015, of U.S. and international equity securities. |
Schedule of amounts recognized in balance sheet | Amounts recognized in the Company's consolidated balance sheets as of November 27, 2016 , and November 29, 2015 , consist of the following: Pension Benefits Postretirement Benefits 2016 2015 2016 2015 (Dollars in thousands) Unfunded status recognized on the balance sheet: Prepaid benefit cost $ 5,555 $ 8,842 $ — $ — Accrued benefit liability – current portion (9,142 ) (9,044 ) (11,485 ) (12,500 ) Accrued benefit liability – long-term portion (351,025 ) (355,612 ) (100,966 ) (105,240 ) $ (354,612 ) $ (355,814 ) $ (112,451 ) $ (117,740 ) Accumulated other comprehensive loss: Net actuarial loss $ (385,942 ) $ (365,657 ) $ (28,665 ) $ (26,076 ) Net prior service benefit 420 471 — — $ (385,522 ) $ (365,186 ) $ (28,665 ) $ (26,076 ) |
Schedule of accumulated benefit obligations in excess of fair value of plan assets | Information for the Company's defined benefit plans with an accumulated or projected benefit obligation in excess of plan assets is as follows: Pension Benefits 2016 2015 (Dollars in thousands) Accumulated benefit obligations in excess of plan assets: Aggregate accumulated benefit obligation $ 1,079,316 $ 1,053,493 Aggregate fair value of plan assets 725,830 694,440 Projected benefit obligations in excess of plan assets: Aggregate projected benefit obligation $ 1,086,842 $ 1,087,588 Aggregate fair value of plan assets 726,675 722,931 |
Schedule of defined benefit plans disclosures | The components of the Company's net periodic benefit cost were as follows: Pension Benefits Postretirement Benefits 2016 2015 2014 2016 2015 2014 (Dollars in thousands) Net periodic benefit cost: Service cost $ 8,234 $ 8,352 $ 8,397 $ 200 $ 251 $ 255 Interest cost (1) 37,819 47,179 54,958 3,223 4,588 5,199 Expected return on plan assets (48,422 ) (50,825 ) (55,521 ) — — — Amortization of prior service benefit (61 ) (61 ) (53 ) — — (5 ) Amortization of actuarial loss 12,036 12,578 10,932 2,967 4,511 4,201 Curtailment (gain) loss (140 ) 656 2,614 — — 733 Special termination benefit — — 35 — — — Net settlement loss (gain) 49 (45 ) 30,558 — — — Net periodic benefit cost 9,515 17,834 51,920 6,390 9,350 10,383 Changes in accumulated other comprehensive loss: Actuarial loss (gain) 32,187 (15,228 ) 92,544 5,556 (5,918 ) 6,453 Amortization of prior service benefit 61 61 53 — — 5 Amortization of actuarial loss (12,036 ) (12,578 ) (10,932 ) (2,967 ) (4,511 ) (4,201 ) Curtailment gain (loss) 173 (656 ) 113 — — — Net settlement (loss) gain (49 ) 45 (30,712 ) — — — Total recognized in accumulated other comprehensive loss 20,336 (28,356 ) 51,066 2,589 (10,429 ) 2,257 Total recognized in net periodic benefit cost and accumulated other comprehensive loss $ 29,851 $ (10,522 ) $ 102,986 $ 8,979 $ (1,079 ) $ 12,640 _____________ (1) The decrease in interest cost is primarily due to the election made at the end of 2015 to adopt the spot-rate approach to determine the interest cost component of pension and postretirement expense. |
Schedule of assumptions used | Assumptions used in accounting for the Company's benefit plans were as follows: Pension Benefits Postretirement Benefits 2016 2015 2014 2016 2015 2014 Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 4.0% 3.8% 4.6% 3.8% 3.6% 4.2% Expected long-term rate of return on plan assets 5.9% 5.9% 6.3% Rate of compensation increase 3.4% 3.4% 3.7% Weighted-average assumptions used to determine benefit obligations: Discount rate 3.8% 4.0% 3.8% 3.7% 3.8% 3.6% Rate of compensation increase 3.4% 3.4% 3.4% Assumed health care cost trend rates were as follows: Health care trend rate assumed for next year 6.4% 6.4% 7.0% Rate trend to which the cost trend is assumed to decline 4.4% 4.4% 4.5% Year that rate reaches the ultimate trend rate 2038 2038 2028 |
Fair values of pension plan assets | The fair value of the Company's pension plan assets by asset class are as follows: Year Ended November 27, 2016 Asset Class Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Cash and cash equivalents $ 2,676 $ 2,676 $ — $ — Equity securities (1) U.S. large cap 190,811 — 190,811 — U.S. small cap 37,434 — 37,434 — International 144,241 — 144,241 — Fixed income securities (2) 395,995 — 395,995 — Other alternative investments Real estate (3) 53,783 — 53,783 — Private equity (4) 1,344 — — 1,344 Hedge fund (5) 7,337 — 7,337 — Other (6) 3,701 — 3,701 — Total investments at fair value $ 837,322 $ 2,676 $ 833,302 $ 1,344 Year Ended November 29, 2015 Asset Class Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Cash and cash equivalents $ 1,706 $ 1,706 $ — $ — Equity securities (1) U.S. large cap 185,526 — 185,526 — U.S. small cap 31,935 — 31,935 — International 133,298 — 133,298 — Fixed income securities (2) 415,228 — 415,228 — Other alternative investments Real estate (3) 58,364 — 58,364 — Private equity (4) 1,720 — — 1,720 Hedge fund (5) 7,488 — 7,488 — Other (6) 3,286 — 3,286 — Total investments at fair value $ 838,551 $ 1,706 $ 835,125 $ 1,720 _____________ (1) Primarily comprised of equity index funds that track various market indices. (2) Predominantly includes bond index funds that invest in long-term U.S. government and investment grade corporate bonds. (3) Primarily comprised of investments in U.S. Real Estate Investment Trusts. (4) Represents holdings in a diversified portfolio of private equity funds and direct investments in companies located primarily in North America. Fair values are determined by investment fund managers using primarily unobservable market data. (5) Primarily invested in a diversified portfolio of equities, bonds, alternatives and cash with a low tolerance for capital loss. (6) Primarily relates to accounts held and managed by a third-party insurance company for employee-participants in Belgium. Fair values are based on accumulated plan contributions plus a contractually-guaranteed return plus a share of any incremental investment fund profits. |
Schedule of expected benefit payments | The Company's estimated future benefit payments to participants, which reflect expected future service, as appropriate are anticipated to be paid as follows: Fiscal year Pension Benefits Postretirement Benefits Total (Dollars in thousands) 2017 $ 65,722 $ 14,237 $ 79,959 2018 66,084 13,338 79,422 2019 65,849 12,799 78,648 2020 66,539 12,282 78,821 2021 67,646 11,528 79,174 2022-2024 350,466 46,026 396,492 |
Stock-Based Incentive Compens37
Stock-Based Incentive Compensation Plans (Tables) | 12 Months Ended |
Nov. 27, 2016 | |
Share-based Compensation [Abstract] | |
Stock appreciation rights award activity | SARs activity during the year ended November 27, 2016 was as follows: Service SARs Performance-based SARs Units Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Units Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) (Units in thousands) Outstanding at November 29, 2015 2,669 $ 47.02 4.3 1,228 $ 54.96 5.0 Granted 629 62.27 419 62.27 Exercised (71 ) 46.80 (45 ) 42.44 Forfeited (106 ) 64.88 (92 ) 68.32 Expired (19 ) 74.05 — — Canceled/Performance adjusted — — (308 ) 40.43 Outstanding at November 27, 2016 3,102 $ 49.35 3.9 1,202 $ 60.68 5.0 Vested and expected to vest at November 27, 2016 3,028 $ 48.96 3.8 1,040 $ 59.96 4.9 Exercisable at November 27, 2016 1,902 $ 38.63 2.8 263 $ 40.09 3.3 |
Stock appreciation rights, valuation assumptions | The weighted-average grant date fair values and corresponding weighted-average assumptions used in the Black-Scholes option valuation model were as follows: Service SARs Granted Performance-based SARs Granted 2016 2015 2014 2016 2015 2014 Weighted-average grant date fair value $ 15.74 $ 18.24 $ 14.62 $ 15.94 $ 18.73 $ 15.75 Weighted-average assumptions: Expected life (in years) 4.8 4.7 4.7 5.0 5.0 5.0 Expected volatility 36.4 % 31.8 % 31.8 % 36.3 % 31.8 % 33.1 % Risk-free interest rate 1.1 % 1.2 % 1.5 % 1.1 % 1.3 % 1.6 % Expected dividend 2.5 % 1.6 % 1.2 % 2.5 % 1.6 % 1.2 % The weighted-average grant date fair value of SARs subject to market conditions was estimated using a Monte Carlo simulation model. The weighted-average grant date fair values and corresponding weighted-average assumptions used in the model were as follows: Performance-based SARs Granted 2016 2015 2014 Weighted-average grant date fair value $ 20.56 $ 21.41 $ 22.63 Weighted-average assumptions: Expected life (in years) 4.8 4.8 4.8 Expected volatility 36.5 % 30.1 % 33.0 % Risk-free interest rate 1.5 % 1.6 % 2.2 % Expected dividend 2.6 % 1.8 % 1.0 % |
Restricted stock units award activity | RSU activity during the year ended November 27, 2016 was as follows: Units Weighted-Average Fair Value (Units in thousands) Outstanding at November 29, 2015 66 $ 58.51 Granted 23 67.95 Converted (13 ) 61.47 Outstanding, vested and expected to vest at November 27, 2016 76 $ 60.90 |
Total shareholder return plan activity | Liability award activity during the year ended November 27, 2016 was as follows: PRSUs Units Weighted-Average Exercise Price Weighted-Average Fair Value At Period End Outstanding at November 29, 2015 626 $ 57.92 $ 68.00 Granted 334 61.94 Vested (245 ) 38.40 Performance adjustment of PRSU (6 ) 111.34 Forfeited (70 ) 67.58 Outstanding at November 27, 2016 639 $ 65.92 $ 67.00 Expected to vest at November 27, 2016 560 $ 66.09 $ 67.00 Exercisable at November 27, 2016 — $ — $ — |
Total shareholder return plan, valuation assumptions | The weighted-average assumptions used in the TSRPs Black-Scholes model were as follows: November 30, 2014 Weighted-average assumptions: Expected life (in years) 0.1 Expected volatility 27.3 % Risk-free interest rate — Expected dividend 1.2 % |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Nov. 27, 2016 | |
Restructuring and Related Activities [Abstract] | |
Components of Charges Included in Restructuring, net | The table below summarizes the components of charges included in “Restructuring, net” in the Company’s consolidated statements of income: Year Ended November 27, November 29, November 30, (Dollars in thousands) Restructuring, net: Severance and employee-related benefits (1) $ 1,963 $ 14,819 $ 104,398 Adjustments to severance and employee-related benefits (1,789 ) (4,182 ) (5,697 ) Other (2) 311 2,776 26,377 Noncash pension and postretirement curtailment (gains) losses, net (3) (173 ) 658 3,347 Total $ 312 $ 14,071 $ 128,425 _____________ (1) Severance and employee-related benefits relate to items such as severance, based on separation benefits provided by Company policy or statutory benefit plans, out-placement services and career counseling for employees affected by the global productivity initiative. (2) Other restructuring costs are expensed as incurred and primarily relate to consulting fees and legal expenses associated with the execution of the restructuring initiative. (3) Noncash pension and postretirement curtailment gains or losses resulting from the global productivity initiative are included in restructuring charges, with the associated liabilities included in "Pension liability" and "Postretirement medical benefits" on the Company's consolidated balance sheets. |
Restructuring liability rollforward | The following table summarizes the activities associated with restructuring liabilities for the years ended November 27, 2016 , November 29, 2015 and November 30, 2014 . In the table below, "Charges" represents the initial charge related to the restructuring activity. "Adjustments" includes revisions of estimates related to severance, employee-related benefits, lease and other contract termination costs, and other restructuring costs. "Payments" consists of cash payments for severance, employee-related benefits, lease and other contract termination costs, and other restructuring costs. Year Ended November 27, 2016 Liabilities Adjustments Foreign Currency Fluctuation Liabilities November 29, 2015 Charges Payments November 27, 2016 (Dollars in thousands) Severance and employee-related benefits $ 20,774 $ 1,963 $ (1,789 ) $ (16,500 ) $ 430 $ 4,878 Other 964 311 — (1,275 ) — — Total $ 21,738 $ 2,274 $ (1,789 ) $ (17,775 ) $ 430 $ 4,878 Current portion $ 20,141 $ 4,878 Long-term portion 1,597 — Total $ 21,738 $ 4,878 Year Ended November 29, 2015 Liabilities Adjustments Foreign Currency Fluctuation Liabilities November 30, 2014 Charges Payments November 29, 2015 (Dollars in thousands) Severance and employee-related benefits $ 56,963 $ 14,819 $ (4,182 ) $ (41,907 ) $ (4,919 ) $ 20,774 Other 6,400 3,243 (467 ) (8,217 ) 5 964 Total $ 63,363 $ 18,062 $ (4,649 ) $ (50,124 ) $ (4,914 ) $ 21,738 Current portion $ 57,817 $ 20,141 Long-term portion 5,546 1,597 Total $ 63,363 $ 21,738 Year Ended November 30, 2014 Liabilities Adjustments Foreign Currency Fluctuation Liabilities November 24, 2013 Charges Payments November 30, 2014 (Dollars in thousands) Severance and employee-related benefits $ — $ 104,398 $ (5,697 ) $ (38,527 ) $ (3,211 ) $ 56,963 Other — 25,027 1,350 (19,977 ) — 6,400 Total $ — $ 129,425 $ (4,347 ) $ (58,504 ) $ (3,211 ) $ 63,363 Current portion $ — $ 57,817 Long-term portion — 5,546 Total $ — $ 63,363 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended |
Nov. 27, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum rental payments for operating leases | At November 27, 2016 , obligations for future minimum payments under operating leases were as follows: (Dollars in thousands) 2017 $ 159,101 2018 121,638 2019 99,499 2020 79,074 2021 61,368 Thereafter 148,500 Total future minimum lease payments $ 669,180 |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Nov. 27, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive income (loss) is summarized below: Levi Strauss & Co. Noncontrolling Interest Pension and Postretirement Benefits Translation Adjustments Unrealized Gain (Loss) on Marketable Securities Net Investment Hedges Foreign Currency Translation Total Foreign Currency Translation Totals (Dollars in thousands) Accumulated other comprehensive income (loss) at November 24, 2013 $ (226,772 ) $ (26,699 ) $ (59,824 ) $ 1,266 $ (312,029 ) $ 9,366 $ (302,663 ) Gross changes (53,323 ) 13,404 (35,872 ) 1,577 (74,214 ) (329 ) (74,543 ) Tax 18,641 (8,426 ) 1,297 (609 ) 10,903 — 10,903 Other comprehensive income (loss), net of tax (34,682 ) 4,978 (34,575 ) 968 (63,311 ) (329 ) (63,640 ) Accumulated other comprehensive income (loss) at November 30, 2014 (261,454 ) (21,721 ) (94,399 ) 2,234 (375,340 ) 9,037 (366,303 ) Gross changes 38,785 385 (28,719 ) (575 ) 9,876 (72 ) 9,804 Tax (13,671 ) 3,089 (3,241 ) 221 (13,602 ) — (13,602 ) Other comprehensive income (loss), net of tax 25,114 3,474 (31,960 ) (354 ) (3,726 ) (72 ) (3,798 ) Accumulated other comprehensive income (loss) at November 29, 2015 (236,340 ) (18,247 ) (126,359 ) 1,880 (379,066 ) 8,965 (370,101 ) Gross changes (22,925 ) (829 ) (30,848 ) 143 (54,459 ) 468 (53,991 ) Tax 7,238 319 (1,291 ) (55 ) 6,211 — 6,211 Other comprehensive income (loss), net of tax (15,687 ) (510 ) (32,139 ) 88 (48,248 ) 468 (47,780 ) Accumulated other comprehensive income (loss) at November 27, 2016 $ (252,027 ) $ (18,757 ) $ (158,498 ) $ 1,968 $ (427,314 ) $ 9,433 $ (417,881 ) |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 12 Months Ended |
Nov. 27, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of other nonoperating income (expense) | The following table summarizes significant components of “Other income (expense), net”: Year Ended November 27, November 29, November 30, (Dollars in thousands) Foreign exchange management gains (losses) (1) $ 15,860 $ 34,106 $ (11,104 ) Foreign currency transaction (losses) gains (2) (7,166 ) (64,161 ) (15,331 ) Interest income 1,376 1,253 1,930 Investment income 976 697 562 Other (3) 7,177 2,672 1,886 Total other income (expense), net $ 18,223 $ (25,433 ) $ (22,057 ) _____________ (1) Gains and losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. Gains in 2016 and 2015 were primarily due to favorable currency fluctuations relative to negotiated contract rates on positions to sell the Mexican Peso. Losses in 2014 were primarily due to unfavorable currency fluctuations on embedded foreign currency derivatives in certain of the Company's operating leases in Russia. (2) Foreign currency transaction gains and losses reflect the impact of foreign currency fluctuation on the Company's foreign currency denominated balances. Losses in 2016 , 2015 and 2014 were primarily due to the weakening of various currencies against the U.S. Dollar. (3) Income in 2016 principally relates to business insurance recoveries. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Nov. 27, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of effective income tax rate reconciliation | The Company's income tax expense differed from the amount computed by applying the U.S. federal statutory income tax rate of 35% to income before income taxes as follows: Year Ended November 27, 2016 November 29, 2015 November 30, 2014 (Dollars in thousands) Income tax expense at U.S. federal statutory rate $ 142,541 35.0 % $ 108,639 35.0 % $ 53,849 35.0 % State income taxes, net of U.S. federal impact 6,943 1.7 % 8,938 2.9 % 7 — Impact of foreign operations (28,727 ) (7.1 )% (7,286 ) (2.3 )% (5,296 ) (3.4 )% Reassessment of tax liabilities (2,387 ) (0.6 )% (7,577 ) (2.4 )% (3,466 ) (2.3 )% Deduction related to subsidiaries (6,788 ) (1.7 )% (8,060 ) (2.6 )% — — Write-off of deferred tax assets — — 1,718 0.6 % 4,899 3.2 % Other, including non-deductible expenses 4,469 1.2 % 4,135 1.2 % (448 ) (0.3 )% Total $ 116,051 28.5 % $ 100,507 32.4 % $ 49,545 32.2 % |
Schedule of income before income tax, domestic and foreign | The U.S. and foreign components of income before income taxes were as follows: Year Ended November 27, 2016 November 29, 2015 November 30, 2014 (Dollars in thousands) Domestic $ 189,478 $ 194,540 $ 31,733 Foreign 217,782 115,858 122,121 Total income before income taxes $ 407,260 $ 310,398 $ 153,854 |
Schedule of components of income tax expense (benefit) | Income tax expense consisted of the following: Year Ended November 27, 2016 November 29, 2015 November 30, 2014 (Dollars in thousands) U.S. Federal Current $ 7,122 $ 3,299 $ 15,470 Deferred 66,840 56,155 (1,983 ) $ 73,962 $ 59,454 $ 13,487 U.S. State Current $ 2,097 $ 1,334 $ 4,096 Deferred 4,846 7,604 (4,089 ) $ 6,943 $ 8,938 $ 7 Foreign Current $ 40,754 $ 37,488 $ 58,156 Deferred (5,608 ) (5,373 ) (22,105 ) $ 35,146 $ 32,115 $ 36,051 Consolidated Current $ 49,973 $ 42,121 $ 77,722 Deferred 66,078 58,386 (28,177 ) Total income tax expense $ 116,051 $ 100,507 $ 49,545 |
Schedule of deferred tax assets and liabilities | The Company's deferred tax assets and deferred tax liabilities were as follows: November 27, 2016 November 29, 2015 (Dollars in thousands) Deferred tax assets Foreign tax credit carryforwards $ 92,845 $ 116,862 State net operating loss carryforwards 8,721 12,412 Foreign net operating loss carryforwards 85,095 91,235 Employee compensation and benefit plans 247,235 255,458 Advance royalties 58,633 69,881 Accrued liabilities 28,680 31,915 Sales returns and allowances 29,338 26,461 Inventory 14,272 17,196 Property, plant and equipment 6,971 16,459 Other 14,472 17,528 Total gross deferred tax assets 586,262 655,407 Less: Valuation allowance (68,212 ) (75,753 ) Deferred tax assets, net of valuation allowance 518,050 579,654 Deferred tax liabilities Unrealized gains or losses on investments — (344 ) Total net deferred tax assets $ 518,050 $ 579,310 Net deferred tax assets $ 586,262 $ 655,063 Valuation allowance (68,212 ) (75,753 ) Total net deferred tax assets $ 518,050 $ 579,310 |
Summary of valuation allowance | Valuation Allowance. The following table details the changes in valuation allowance during the year ended November 27, 2016 : Valuation Allowance at November 29, 2015 Changes in Related Gross Deferred Tax Asset Release Valuation Allowance at November 27, 2016 (Dollars in thousands) U.S. state net operating loss carryforwards $ 3,500 $ (1,780 ) $ — $ 1,720 Foreign net operating loss carryforwards and other foreign deferred tax assets 72,253 (3,247 ) (2,514 ) 66,492 $ 75,753 $ (5,027 ) $ (2,514 ) $ 68,212 |
Schedule of unrecognized tax benefits roll forward | The following table reflects the changes to the Company's unrecognized tax benefits for the year ended November 27, 2016 and November 29, 2015 : November 27, November 29, (Dollars in thousands) Unrecognized tax benefits beginning balance $ 32,704 $ 41,571 Increases related to current year tax positions 1,970 3,687 Increases related to tax positions from prior years 45 — Decreases related to tax positions from prior years (584 ) (4,723 ) Settlement with tax authorities — — Lapses of statutes of limitation (4,266 ) (7,576 ) Other, including foreign currency translation (816 ) (255 ) Unrecognized tax benefits ending balance $ 29,053 $ 32,704 |
Summary of tax years under audit or open and subject to audit | The following table summarizes the tax years that are either currently under audit or remain open and subject to examination by the tax authorities in the major jurisdictions in which the Company operates: Jurisdiction Open Tax Years U.S. federal 2009 – 2016 California 2006 – 2016 Belgium 2012 – 2016 United Kingdom 2014 – 2016 Spain 2012 – 2016 Mexico 2010 – 2016 Canada 2012 – 2016 China 2011 – 2016 Hong Kong 2011 – 2016 India 2008 – 2016 Italy 2007 – 2016 France 2014 – 2016 Japan 2011 – 2016 Russia 2014 – 2016 Germany 2011 – 2016 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Nov. 27, 2016 | |
Segment Reporting [Abstract] | |
Reconciliation of operating profit (loss) | Business segment information for the Company is as follows: Year Ended November 27, November 29, November 30, (Dollars in thousands) Net revenues: Americas $ 2,683,008 $ 2,726,461 $ 2,862,867 Europe 1,091,362 1,016,418 1,143,313 Asia 778,369 751,614 747,812 Total net revenues $ 4,552,739 $ 4,494,493 $ 4,753,992 Operating income: Americas $ 482,226 $ 523,705 $ 531,064 Europe (1) 197,136 184,362 181,036 Asia 105,073 121,645 108,511 Regional operating income 784,435 829,712 820,611 Corporate: Restructuring, net 313 14,071 128,425 Restructuring-related charges 7,195 30,736 27,621 Lump-sum pension settlement loss — — 30,666 Other corporate staff costs and expenses 314,720 353,858 320,048 Corporate expenses 322,228 398,665 506,760 Total operating income 462,207 431,047 313,851 Interest expense (73,170 ) (81,214 ) (117,597 ) Loss on early extinguishment of debt — (14,002 ) (20,343 ) Other income (expense), net 18,223 (25,433 ) (22,057 ) Income before income taxes $ 407,260 $ 310,398 $ 153,854 _____________ (1) Europe's operating income for the year ended November 27, 2016 includes a gain of $6.1 million related to the sale-leaseback of the Company's distribution center in the United Kingdom in the second quarter of 2016. Included in Europe's operating income for the year ended November 29, 2015 is a gain of $7.5 million related to the sale of the Company's finishing and distribution facility in Turkey in the second quarter of 2015. Year Ended November 27, 2016 November 29, 2015 November 30, 2014 (Dollars in thousands) Depreciation and amortization expense: Americas $ 30,322 $ 27,558 $ 29,508 Europe 12,574 14,985 20,564 Asia 8,210 7,455 8,501 Corporate 52,772 52,046 50,901 Total depreciation and amortization expense $ 103,878 $ 102,044 $ 109,474 |
Reconciliation of other significant reconciling items | Net deferred tax assets: United States $ 444,295 $ 506,675 $ 580,122 Foreign countries 78,806 73,965 80,742 Total net deferred tax assets $ 523,101 $ 580,640 $ 660,864 Long-lived assets: United States $ 311,358 $ 322,758 $ 322,329 Foreign countries 108,332 89,062 84,507 Total long-lived assets $ 419,690 $ 411,820 $ 406,836 Year Ended November 27, 2016 November 29, 2015 November 30, 2014 (Dollars in thousands) Depreciation and amortization expense: Americas $ 30,322 $ 27,558 $ 29,508 Europe 12,574 14,985 20,564 Asia 8,210 7,455 8,501 Corporate 52,772 52,046 50,901 Total depreciation and amortization expense $ 103,878 $ 102,044 $ 109,474 |
Reconciliation of assets | November 27, 2016 Americas Europe Asia Unallocated Consolidated Total (Dollars in thousands) Assets: Trade receivables, net $ 326,211 $ 94,106 $ 46,510 $ 12,191 $ 479,018 Inventories 391,713 125,029 121,544 77,895 716,181 All other assets — — — 1,791,897 1,791,897 Total assets $ 2,987,096 November 29, 2015 Americas Europe Asia Unallocated Consolidated Total (Dollars in thousands) Assets: Trade receivables, net $ 343,808 $ 81,079 $ 53,613 $ 19,696 $ 498,196 Inventories 359,879 109,604 91,390 45,986 606,859 All other assets — — — 1,779,340 1,779,340 Total assets $ 2,884,395 |
Reconciliation of revenue | Geographic information for the Company was as follows: Year Ended November 27, 2016 November 29, 2015 November 30, 2014 (Dollars in thousands) Net revenues: United States $ 2,302,668 $ 2,380,820 $ 2,490,994 Foreign countries 2,250,071 2,113,673 2,262,998 Total net revenues $ 4,552,739 $ 4,494,493 $ 4,753,992 |
Quarterly Financial Data (Una44
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Nov. 27, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | Set forth below are the consolidated statements of operations for the first, second, third and fourth quarters of 2016 and 2015 . Year Ended November 27, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter (Dollars in thousands) Net revenues $ 1,056,500 $ 1,011,587 $ 1,185,111 $ 1,299,541 Cost of goods sold 496,902 494,389 592,305 640,131 Gross profit 559,598 517,198 592,806 659,410 Selling, general and administrative expenses 441,163 459,351 448,525 517,454 Restructuring, net 1,848 (191 ) (627 ) (718 ) Operating income 116,587 58,038 144,908 142,674 Interest expense (14,902 ) (20,411 ) (19,170 ) (18,687 ) Other (expense) income, net (2,219 ) 4,295 4,679 11,468 Income before income taxes 99,466 41,922 130,417 135,455 Income tax expense 33,175 10,862 32,713 39,301 Net income 66,291 31,060 97,704 96,154 Net (income) loss attributable to noncontrolling interest (455 ) (335 ) 614 19 Net income attributable to Levi Strauss & Co. $ 65,836 $ 30,725 $ 98,318 $ 96,173 Year Ended November 29, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter (Dollars in thousands) Net revenues $ 1,055,075 $ 1,012,180 $ 1,142,012 $ 1,285,226 Cost of goods sold 518,010 511,949 568,655 626,898 Gross profit 537,065 500,231 573,357 658,328 Selling, general and administrative expenses 425,282 449,662 454,530 494,389 Restructuring, net 4,338 2,954 4,054 2,725 Operating income 107,445 47,615 114,773 161,214 Interest expense (23,312 ) (21,913 ) (17,138 ) (18,851 ) Loss on early extinguishment of debt — (14,002 ) — — Other (expense) income, net (26,028 ) 7,639 (8,316 ) 1,272 Income before income taxes 58,105 19,339 89,319 143,635 Income tax expense 19,822 7,887 30,858 41,940 Net income 38,283 11,452 58,461 101,695 Net loss (income) attributable to noncontrolling interest 109 239 (286 ) (517 ) Net income attributable to Levi Strauss & Co. $ 38,392 $ 11,691 $ 58,175 $ 101,178 |
Significant Accounting Polici45
Significant Accounting Policies - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Nov. 27, 2016region | Aug. 28, 2016 | May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Mar. 01, 2015 | Nov. 30, 2014 | Aug. 24, 2014 | May 25, 2014 | Feb. 23, 2014 | Nov. 27, 2016USD ($)region | Nov. 29, 2015USD ($) | Nov. 30, 2014USD ($) | |
Accounting Policies [Abstract] | |||||||||||||||
Number of geographical regions | region | 3 | 3 | |||||||||||||
Number of weeks in a year | 364 days | 364 days | 371 days | ||||||||||||
Number of weeks in a quarter | 91 days | 91 days | 91 days | 91 days | 91 days | 91 days | 91 days | 91 days | 98 days | 91 days | 91 days | 91 days | |||
Minority interest (percent) | 16.40% | 16.40% | |||||||||||||
Advertising expense | $ 284 | $ 276.4 | $ 272.8 | ||||||||||||
Distribution costs | $ 168.3 | $ 159.7 | $ 168.7 |
Significant Accounting Polici46
Significant Accounting Policies - Out-of-period Adjustments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 27, 2016 | Aug. 28, 2016 | May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Mar. 01, 2015 | Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 135,455 | $ 130,417 | $ 41,922 | $ 99,466 | $ 143,635 | $ 89,319 | $ 19,339 | $ 58,105 | $ 407,260 | $ 310,398 | $ 153,854 |
Net income | 96,154 | 97,704 | 31,060 | 66,291 | 101,695 | 58,461 | 11,452 | 38,283 | 291,209 | 209,891 | 104,309 |
Income tax expense | $ 39,301 | $ 32,713 | $ 10,862 | $ 33,175 | $ 41,940 | $ 30,858 | $ 7,887 | $ 19,822 | $ 116,051 | $ 100,507 | 49,545 |
Duty accruals adjustment [Member] | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 1,300 | ||||||||||
Out-of-period adjustment [Member] | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net income | 6,900 | ||||||||||
Tax expense adjustment [Member] | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Income tax expense | $ 5,600 |
Significant Accounting Polici47
Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Nov. 27, 2016 | |
Building [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 20 years |
Building [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Machinery and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Machinery and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 20 years |
Software Development [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Software Development [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Significant Accounting Polici48
Significant Accounting Policies - Revenue Recognition (Details) - customer | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Revenue, Major Customer [Line Items] | |||
Number of largest customers | 10 | ||
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 30.00% | 31.00% | 31.00% |
Property, Plant and Equipment49
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,250,193 | $ 1,201,842 | |
Accumulated depreciation | (856,588) | (811,013) | |
PP&E, net | 393,605 | 390,829 | |
Depreciation expense | 103,700 | 99,800 | $ 106,500 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 8,178 | 13,180 | |
Buildings and leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 379,217 | 384,228 | |
Machinery and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 407,527 | 393,806 | |
Capitalized internal-use software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 418,493 | 378,643 | |
Construction in progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 36,778 | $ 31,985 |
Goodwill and Other Intangible50
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 27, 2016 | Nov. 29, 2015 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 235,041 | $ 238,921 |
Additions | 0 | 561 |
Foreign currency fluctuation | (761) | (4,441) |
Ending balance | 234,280 | 235,041 |
Americas [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 207,816 | 207,419 |
Additions | 0 | 424 |
Foreign currency fluctuation | (93) | (27) |
Ending balance | 207,723 | 207,816 |
Europe [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 26,024 | 29,937 |
Additions | 0 | 137 |
Foreign currency fluctuation | (683) | (4,050) |
Ending balance | 25,341 | 26,024 |
Asia Pacific [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 1,201 | 1,565 |
Additions | 0 | 0 |
Foreign currency fluctuation | 15 | (364) |
Ending balance | $ 1,216 | $ 1,201 |
Goodwill and Other Intangible51
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Amortized intangible assets | |||
Gross Carrying Value | $ 45,586 | $ 65,612 | |
Accumulated Amortization | (2,640) | (22,262) | |
Total | 42,946 | 43,350 | |
Amortization expense | 200 | 2,100 | $ 2,800 |
Acquired contractual rights [Member] | |||
Amortized intangible assets | |||
Gross Carrying Value | 2,843 | 6,954 | |
Accumulated Amortization | (2,640) | (6,347) | |
Total | 203 | 607 | |
Customer lists [Member] | |||
Amortized intangible assets | |||
Gross Carrying Value | 0 | 15,915 | |
Accumulated Amortization | 0 | (15,915) | |
Total | 0 | 0 | |
Trademarks [Member] | |||
Schedule of Acquired Finite and Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Non-amortized intangible assets | $ 42,743 | $ 42,743 |
Fair Value of Financial Instr52
Fair Value of Financial Instruments - Fair Value (Details) - Recurring [Member] - USD ($) $ in Thousands | Nov. 27, 2016 | Nov. 29, 2015 |
Level 1 Inputs [Member] | ||
Financial assets carried at fair value | ||
Rabbi trust assets | $ 27,131 | $ 26,013 |
Forward foreign exchange contracts, net | 0 | 0 |
Total | 27,131 | 26,013 |
Financial liabilities carried at fair value | ||
Forward foreign exchange contracts, net | 0 | 0 |
Level 2 Inputs [Member] | ||
Financial assets carried at fair value | ||
Rabbi trust assets | 0 | 0 |
Forward foreign exchange contracts, net | 23,267 | 27,131 |
Total | 23,267 | 27,131 |
Financial liabilities carried at fair value | ||
Forward foreign exchange contracts, net | 5,533 | 7,809 |
Fair Value [Member] | ||
Financial assets carried at fair value | ||
Rabbi trust assets | 27,131 | 26,013 |
Forward foreign exchange contracts, net | 23,267 | 27,131 |
Total | 50,398 | 53,144 |
Financial liabilities carried at fair value | ||
Forward foreign exchange contracts, net | $ 5,533 | $ 7,809 |
Fair Value of Financial Instr53
Fair Value of Financial Instruments - Adjusted Historical Cost (Details) - USD ($) $ in Thousands | Nov. 27, 2016 | Nov. 29, 2015 | Apr. 27, 2015 | Mar. 14, 2013 | May 08, 2012 | Nov. 30, 1996 |
Senior notes [Member] | 6.875% senior notes due 2022 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Stated interest rate | 6.875% | 6.875% | 6.875% | |||
Senior notes [Member] | 5.00% Senior Notes, Due 2025 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Stated interest rate | 5.00% | 5.00% | ||||
Bonds [Member] | 4.25% Yen-denominated Eurobonds due 2016 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Stated interest rate | 4.25% | 4.25% | ||||
Recurring [Member] | Carrying Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Short-term debt carried at adjusted historical cost | $ 39,009 | $ 15,996 | ||||
Total financial liabilities carried at adjusted historical cost | 1,049,846 | 1,157,612 | ||||
Recurring [Member] | Carrying Value [Member] | Senior revolving credit facility [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt carried at adjusted historical cost | 0 | 99,020 | ||||
Recurring [Member] | Carrying Value [Member] | Senior notes [Member] | 6.875% senior notes due 2022 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt carried at adjusted historical cost | 527,102 | 527,715 | ||||
Recurring [Member] | Carrying Value [Member] | Senior notes [Member] | 5.00% Senior Notes, Due 2025 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt carried at adjusted historical cost | 483,735 | 482,145 | ||||
Recurring [Member] | Carrying Value [Member] | Bonds [Member] | 4.25% Yen-denominated Eurobonds due 2016 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt carried at adjusted historical cost | 0 | 32,736 | ||||
Recurring [Member] | Fair Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Short-term debt carried at adjusted historical cost | 39,009 | 15,996 | ||||
Total financial liabilities carried at adjusted historical cost | 1,069,830 | 1,199,909 | ||||
Recurring [Member] | Fair Value [Member] | Senior revolving credit facility [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt carried at adjusted historical cost | 0 | 99,020 | ||||
Recurring [Member] | Fair Value [Member] | Senior notes [Member] | 6.875% senior notes due 2022 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt carried at adjusted historical cost | 550,700 | 570,355 | ||||
Recurring [Member] | Fair Value [Member] | Senior notes [Member] | 5.00% Senior Notes, Due 2025 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt carried at adjusted historical cost | 480,121 | 480,945 | ||||
Recurring [Member] | Fair Value [Member] | Bonds [Member] | 4.25% Yen-denominated Eurobonds due 2016 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt carried at adjusted historical cost | $ 0 | $ 33,593 |
Derivative Instruments and He54
Derivative Instruments and Hedging Activities - Balance Sheet (Details) - USD ($) $ in Thousands | Nov. 27, 2016 | Nov. 29, 2015 |
Forward foreign exchange contracts [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Derivative asset, gross asset | $ 29,240 | $ 30,837 |
Derivative asset, gross liability | (8,374) | (4,930) |
Derivative asset, net | 20,866 | 25,907 |
Derivative liability, gross asset | 8,374 | 4,930 |
Derivative Liability, gross liability | (10,365) | (7,599) |
Derivative Liability, net | (1,991) | (2,669) |
Derivative, Fair Value, Net | 18,875 | 23,238 |
Embedded Derivative Financial Instruments [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Derivative asset, gross asset | 2,401 | 1,224 |
Derivative asset, gross liability | 0 | 0 |
Derivative asset, net | 2,401 | 1,224 |
Derivative liability, gross asset | 0 | 0 |
Derivative Liability, gross liability | (3,542) | (5,140) |
Derivative Liability, net | (3,542) | (5,140) |
Derivative, Fair Value, Net | (1,141) | (3,916) |
Carrying Value [Member] | Forward foreign exchange contracts [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Derivative asset, net | 31,641 | 32,061 |
Derivative Liability, net | (13,907) | (12,739) |
Carrying Value [Member] | Other assets [Member] | Forward foreign exchange contracts [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Derivative asset, gross asset | 30,160 | 31,808 |
Derivative liability, gross asset | (6,893) | (4,677) |
Derivative asset, Net Carrying Value | 23,267 | 27,131 |
Carrying Value [Member] | Other accrued liabilities [Member] | Forward foreign exchange contracts [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Derivative asset, gross liability | 1,481 | 253 |
Derivative Liability, gross liability | (7,014) | (8,062) |
Derivative liability, Net Carrying Value | (5,533) | (7,809) |
Carrying Value [Member] | Bonds [Member] | Yen-denominated Eurobonds due 2016 [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Hedging assets | 0 | 0 |
Hedging liabilities | 0 | $ (7,832) |
Long [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Forward foreign exchange contracts to buy | 674,900 | |
Short [Member] | ||
Carrying Value, Balance Sheet Location By Contract Type, By Hedging Designation [Line Items] | ||
Forward foreign exchange contracts to buy | $ 364,900 |
Derivative Instruments and He55
Derivative Instruments and Hedging Activities - Income Statement (Details) - USD ($) | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cumulative income taxes, gain or (loss) recognized in AOCI | $ 12,168,000 | $ 11,849,000 | |
Total, gain or (loss) recognized in AOCI | (18,757,000) | (18,247,000) | |
Yen-denominated Eurobonds due 2016 [Member] | Bonds [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-derivative hedging instruments-gain or (loss) recognized in AOCI | (19,811,000) | (18,982,000) | |
Non-derivative hedging instruments-gain or (loss) recognized in other income | 2,627,000 | 965,000 | $ 3,767,000 |
Euro Senior Notes [Member] | Senior notes [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-derivative hedging instruments-gain or (loss) recognized in AOCI | (15,751,000) | (15,751,000) | |
Non-derivative hedging instruments-gain or (loss) recognized in other income | 0 | 0 | $ 0 |
Forward foreign exchange contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Forward foreign exchange contracts, gain of (loss) recognized in AOCI | $ 4,637,000 | $ 4,637,000 |
Derivative Instruments and He56
Derivative Instruments and Hedging Activities - Realized & Unrealized (Details) - Forward foreign exchange contracts [Member] - Other Income [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized | $ 17,175 | $ 14,720 | $ (6,184) |
Unrealized | (1,315) | 19,386 | (4,920) |
Total | $ 15,860 | $ 34,106 | $ (11,104) |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Nov. 27, 2016 | Nov. 29, 2015 | Apr. 27, 2015 | Mar. 14, 2013 | May 08, 2012 | Nov. 30, 1996 |
Schedule of Long-term and Short-term Debt Instruments [Line Items] | ||||||
Long-term debt, excluding current maturities | $ 1,006,256 | $ 1,004,938 | ||||
Short-term debt | 38,922 | 114,978 | ||||
Long-term debt, current maturities | 0 | 32,625 | ||||
Short-term debt and current maturities of long-term debt | 38,922 | 147,603 | ||||
Long-term and short-term debt | 1,045,178 | 1,152,541 | ||||
Senior revolving credit facility [Member] | ||||||
Schedule of Long-term and Short-term Debt Instruments [Line Items] | ||||||
Short-term debt | 0 | 99,000 | ||||
Short-term borrowings [Member] | ||||||
Schedule of Long-term and Short-term Debt Instruments [Line Items] | ||||||
Short-term debt | 38,922 | 15,978 | ||||
Unsecured: [Member] | ||||||
Schedule of Long-term and Short-term Debt Instruments [Line Items] | ||||||
Long-term debt, excluding current maturities | 1,006,256 | 1,004,938 | ||||
6.875% senior notes due 2022 [Member] | Senior notes [Member] | ||||||
Schedule of Long-term and Short-term Debt Instruments [Line Items] | ||||||
Long-term debt, excluding current maturities | $ 524,396 | 524,807 | ||||
Stated interest rate | 6.875% | 6.875% | 6.875% | |||
5.00% Senior Notes, Due 2025 [Member] | Senior notes [Member] | ||||||
Schedule of Long-term and Short-term Debt Instruments [Line Items] | ||||||
Long-term debt, excluding current maturities | $ 481,860 | 480,131 | ||||
Stated interest rate | 5.00% | 5.00% | ||||
4.25% Yen-denominated Eurobonds due 2016 [Member] | Bonds [Member] | ||||||
Schedule of Long-term and Short-term Debt Instruments [Line Items] | ||||||
Long-term debt, current maturities | $ 0 | $ 32,625 | ||||
Stated interest rate | 4.25% | 4.25% |
Debt - Principal Payments on Sh
Debt - Principal Payments on Short-term and Long-Term Debt (Details) $ in Thousands | Nov. 27, 2016USD ($) |
Maturities of Long-term and Short-term Debt [Abstract] | |
2,017 | $ 38,922 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
Thereafter | 1,018,591 |
Long-term and short-term debt | $ 1,057,513 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 3 Months Ended | 12 Months Ended | |||||||||||||
Aug. 28, 2016USD ($) | Nov. 29, 2015USD ($) | Aug. 30, 2015USD ($) | May 31, 2015USD ($) | Mar. 01, 2015USD ($) | Nov. 27, 2016USD ($) | Nov. 29, 2015USD ($) | Nov. 30, 2014USD ($) | Apr. 27, 2015USD ($) | Mar. 21, 2014 | Mar. 14, 2013USD ($) | May 08, 2012USD ($) | May 06, 2010USD ($) | Nov. 30, 1996USD ($) | Nov. 30, 1996JPY (¥) | |
Debt Instruments [Line Items] | |||||||||||||||
Remaining borrowing capacity | $ 784,300,000 | ||||||||||||||
Debt outstanding | 838,000,000 | ||||||||||||||
Letters of credit amount outstanding | 53,700,000 | ||||||||||||||
Losses on extinguishment of debt | $ 0 | $ 0 | $ 14,002,000 | $ 0 | $ 0 | $ 14,002,000 | $ 20,343,000 | ||||||||
Extinguisment of debt, gains (losses), tender premium | 7,500,000 | 15,200,000 | |||||||||||||
Extinguishment of debt, gain (loss), write off of unamortized debt issuance costs | 3,500,000 | $ 5,100,000 | |||||||||||||
Extinguishment of debt, gains (losses), other costs | $ 3,000,000 | ||||||||||||||
Interest rate during period | 6.37% | 6.72% | 7.58% | ||||||||||||
Other Credit Usage [Member] | |||||||||||||||
Debt Instruments [Line Items] | |||||||||||||||
Letters of credit amount outstanding | $ 2,400,000 | ||||||||||||||
Standby Letters of Credit [Member] | |||||||||||||||
Debt Instruments [Line Items] | |||||||||||||||
Letters of credit amount outstanding | 51,300,000 | ||||||||||||||
Senior revolving credit facility [Member] | |||||||||||||||
Debt Instruments [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 850,000,000 | ||||||||||||||
Letter of credit facility, coverage ratio | 1 | ||||||||||||||
Letter of credit facility, default in other indebtedness, minimum | $ 50,000,000 | ||||||||||||||
Senior revolving credit facility [Member] | Minimum [Member] | |||||||||||||||
Debt Instruments [Line Items] | |||||||||||||||
Basis spread on variable rate | 1.25% | ||||||||||||||
Unused borrowing capacity, percent fee | 0.25% | ||||||||||||||
Senior revolving credit facility [Member] | Maximum [Member] | |||||||||||||||
Debt Instruments [Line Items] | |||||||||||||||
Basis spread on variable rate | 2.00% | ||||||||||||||
Unused borrowing capacity, percent fee | 0.30% | ||||||||||||||
Senior revolving credit facility [Member] | Secured Debt [Member] | |||||||||||||||
Debt Instruments [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 350,000,000 | ||||||||||||||
Senior revolving credit facility [Member] | United States of America, Dollars | |||||||||||||||
Debt Instruments [Line Items] | |||||||||||||||
Maximum borrowing capacity | 800,000,000 | ||||||||||||||
Senior revolving credit facility [Member] | United States of America, Dollars or Canada, Dollars [Member] | |||||||||||||||
Debt Instruments [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 50,000,000 | ||||||||||||||
Bonds [Member] | 4.25% Yen-denominated Eurobonds due 2016 [Member] | |||||||||||||||
Debt Instruments [Line Items] | |||||||||||||||
Face amount | $ 180,000,000 | ¥ 20,000,000,000 | |||||||||||||
Stated interest rate | 4.25% | 4.25% | 4.25% | ||||||||||||
Notes payable to banks [Member] | 7.625% senior notes due 2020 [Member] | |||||||||||||||
Debt Instruments [Line Items] | |||||||||||||||
Face amount | $ 525,000,000 | ||||||||||||||
Stated interest rate | 7.625% | ||||||||||||||
Senior notes [Member] | 6.875% senior notes due 2022 [Member] | |||||||||||||||
Debt Instruments [Line Items] | |||||||||||||||
Face amount | $ 140,000,000 | $ 385,000,000 | |||||||||||||
Stated interest rate | 6.875% | 6.875% | 6.875% | ||||||||||||
Unamortized premium | $ 11,200,000 | ||||||||||||||
Debt issuance cost | $ 2,600,000 | $ 7,400,000 | |||||||||||||
Debt default, holder percent to declare all notes due, minimum | 25.00% | ||||||||||||||
Prepayment percent of principal plus accrued interest | 101.00% | ||||||||||||||
Senior notes [Member] | 6.875% senior notes due 2022 [Member] | Redemption Prior To May 1, 2017 [Member] | |||||||||||||||
Debt Instruments [Line Items] | |||||||||||||||
Principal amount redemption rate | 100.00% | ||||||||||||||
Senior notes [Member] | 5.00% Senior Notes, Due 2025 [Member] | |||||||||||||||
Debt Instruments [Line Items] | |||||||||||||||
Face amount | $ 500,000,000 | ||||||||||||||
Stated interest rate | 5.00% | 5.00% | |||||||||||||
Debt issuance cost | $ 6,900,000 | ||||||||||||||
Unamortized discount | $ 13,900,000 | ||||||||||||||
Senior notes [Member] | 5.00% Senior Notes, Due 2025 [Member] | Redemption Prior to May 1, 2018 [Member] | |||||||||||||||
Debt Instruments [Line Items] | |||||||||||||||
Debt Instrument, Redemption Price, Percentage | 105.00% | ||||||||||||||
Senior notes [Member] | 5.00% Senior Notes, Due 2025 [Member] | Redemption Prior to May 1, 2020 [Member] | |||||||||||||||
Debt Instruments [Line Items] | |||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||
Senior notes [Member] | Maximum [Member] | 5.00% Senior Notes, Due 2025 [Member] | Redemption Prior to May 1, 2018 [Member] | |||||||||||||||
Debt Instruments [Line Items] | |||||||||||||||
Early retirement original aggregate principal amount redeemable | 40.00% |
Employee Benefit Plans - Benefi
Employee Benefit Plans - Benefit obligations in excess of fair value of plan assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Pension plans, defined benefit [Member] | |||
Change in benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 1,194,365 | $ 1,289,337 | |
Service cost | 8,234 | 8,352 | $ 8,397 |
Interest cost | 37,819 | 47,179 | 54,958 |
Plan participants' contribution | 484 | 534 | |
Actuarial loss (gain) | 33,948 | (56,352) | |
Net curtailment loss | 119 | 300 | |
Impact of foreign currency changes | (15,435) | (21,306) | |
Plan settlements | (417) | (4,145) | |
Special termination benefits | 0 | 0 | |
Net benefits paid | (67,183) | (69,534) | |
Benefit obligation at end of year | 1,191,934 | 1,194,365 | 1,289,337 |
Change in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 838,551 | 878,823 | |
Actual return on plan assets | 49,986 | 10,185 | |
Employer contribution | 31,147 | 36,151 | |
Plan participants' contributions | 484 | 534 | |
Plan settlements | (417) | (4,145) | |
Impact of foreign currency changes | (15,246) | (13,463) | |
Net benefits paid | (67,183) | (69,534) | |
Fair value of plan assets at end of year | 837,322 | 838,551 | 878,823 |
Unfunded status at end of year | (354,612) | (355,814) | |
Other postretirement benefit plans, defined benefit [Member] | |||
Change in benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 117,740 | 134,084 | |
Service cost | 200 | 251 | 255 |
Interest cost | 3,223 | 4,588 | 5,199 |
Plan participants' contribution | 4,172 | 4,512 | |
Actuarial loss (gain) | 5,556 | (5,918) | |
Net curtailment loss | 0 | 0 | |
Impact of foreign currency changes | 0 | 0 | |
Plan settlements | 0 | 0 | |
Special termination benefits | 0 | 0 | |
Net benefits paid | (18,440) | (19,777) | |
Benefit obligation at end of year | 112,451 | 117,740 | 134,084 |
Change in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contribution | 14,268 | 15,265 | |
Plan participants' contributions | 4,172 | 4,512 | |
Plan settlements | 0 | 0 | |
Impact of foreign currency changes | 0 | 0 | |
Net benefits paid | (18,440) | (19,777) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Unfunded status at end of year | $ (112,451) | $ (117,740) |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts recognized in balance sheet (Details) - USD ($) | Nov. 27, 2016 | Nov. 29, 2015 |
Pension plans, defined benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | $ 5,555,000 | $ 8,842,000 |
Accrued benefit liability – current portion | (9,142,000) | (9,044,000) |
Accrued benefit liability – long-term portion | (351,025,000) | (355,612,000) |
Amount recognized in balance sheet | (354,612,000) | (355,814,000) |
Accumulated other comprehensive loss: | ||
Net actuarial loss | (385,942,000) | (365,657,000) |
Net prior service benefit | 420,000 | 471,000 |
Other comprehensive income (loss) | (385,522,000) | (365,186,000) |
Other postretirement benefit plans, defined benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 0 | 0 |
Accrued benefit liability – current portion | (11,485,000) | (12,500,000) |
Accrued benefit liability – long-term portion | (100,966,000) | (105,240,000) |
Amount recognized in balance sheet | (112,451,000) | (117,740,000) |
Accumulated other comprehensive loss: | ||
Net actuarial loss | (28,665,000) | (26,076,000) |
Net prior service benefit | 0 | 0 |
Other comprehensive income (loss) | $ (28,665,000) | $ (26,076,000) |
Employee Benefit Plans - Accumu
Employee Benefit Plans - Accumulated benefit obligations in excess of fair value of plan assets (Details) - USD ($) $ in Thousands | Nov. 27, 2016 | Nov. 29, 2015 |
Accumulated benefit obligations in excess of plan assets [Abstract] | ||
Aggregate accumulated benefit obligation | $ 1,079,316 | $ 1,053,493 |
Aggregate fair value of plan assets | 725,830 | 694,440 |
Projected benefit obligations in excess of plan assets [Abstract] | ||
Aggregate projected benefit obligation | 1,086,842 | 1,087,588 |
Aggregate fair value of plan assets | $ 726,675 | $ 722,931 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined benefit plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Pension plans, defined benefit [Member] | |||
Net periodic benefit cost: | |||
Service cost | $ 8,234 | $ 8,352 | $ 8,397 |
Interest cost | 37,819 | 47,179 | 54,958 |
Expected return on plan assets | (48,422) | (50,825) | (55,521) |
Amortization of prior service benefit | (61) | (61) | (53) |
Amortization of actuarial loss | 12,036 | 12,578 | 10,932 |
Curtailment (gain) loss | (140) | 656 | 2,614 |
Special termination benefit | 0 | 0 | 35 |
Net settlement loss (gain) | 49 | (45) | 30,558 |
Net periodic benefit cost | 9,515 | 17,834 | 51,920 |
Changes in accumulated other comprehensive loss: | |||
Actuarial loss (gain) | 32,187 | (15,228) | 92,544 |
Amortization of prior service benefit (cost) | 61 | 61 | 53 |
Amortization of actuarial loss | (12,036) | (12,578) | (10,932) |
Curtailment gain (loss) | 173 | (656) | 113 |
Net settlement (loss) gain | (49) | 45 | (30,712) |
Total recognized in accumulated other comprehensive loss | 20,336 | (28,356) | 51,066 |
Total recognized in net periodic benefit cost and accumulated other comprehensive loss | 29,851 | (10,522) | 102,986 |
Other postretirement benefit plans, defined benefit [Member] | |||
Net periodic benefit cost: | |||
Service cost | 200 | 251 | 255 |
Interest cost | 3,223 | 4,588 | 5,199 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service benefit | 0 | 0 | (5) |
Amortization of actuarial loss | 2,967 | 4,511 | 4,201 |
Curtailment (gain) loss | 0 | 0 | 733 |
Special termination benefit | 0 | 0 | 0 |
Net settlement loss (gain) | 0 | 0 | 0 |
Net periodic benefit cost | 6,390 | 9,350 | 10,383 |
Changes in accumulated other comprehensive loss: | |||
Actuarial loss (gain) | 5,556 | (5,918) | 6,453 |
Amortization of prior service benefit (cost) | 0 | 0 | 5 |
Amortization of actuarial loss | (2,967) | (4,511) | (4,201) |
Curtailment gain (loss) | 0 | 0 | 0 |
Net settlement (loss) gain | 0 | 0 | 0 |
Total recognized in accumulated other comprehensive loss | 2,589 | (10,429) | 2,257 |
Total recognized in net periodic benefit cost and accumulated other comprehensive loss | $ 8,979 | $ (1,079) | $ 12,640 |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions used (Details) | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Pension plans, defined benefit [Member] | |||
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 4.00% | 3.80% | 4.60% |
Expected long-term rate of return on plan assets | 5.90% | 5.90% | 6.30% |
Rate of compensation increase | 3.40% | 3.40% | 3.70% |
Weighted-average assumptions used to determine benefit obligations: | |||
Discount rate | 3.80% | 4.00% | 3.80% |
Rate of compensation increase | 3.40% | 3.40% | 3.40% |
Other postretirement benefit plans, defined benefit [Member] | |||
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 3.80% | 3.60% | 4.20% |
Weighted-average assumptions used to determine benefit obligations: | |||
Discount rate | 3.70% | 3.80% | 3.60% |
Assumed health care cost trend rates were as follows: | |||
Health care trend rate assumed for next year | 6.40% | 6.40% | 7.00% |
Rate trend to which the cost trend is assumed to decline | 4.40% | 4.40% | 4.50% |
Year that rate reaches the ultimate trend rate | 2,038 | 2,038 | 2,028 |
Employee Benefit Plans - Fair v
Employee Benefit Plans - Fair values of pension plan assets (Details) - USD ($) $ in Thousands | Nov. 27, 2016 | Nov. 29, 2015 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 2,676 | $ 1,706 |
Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 833,302 | 835,125 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,344 | 1,720 |
Cash and cash equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,676 | 1,706 |
Cash and cash equivalents [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash and cash equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. large cap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. large cap [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 190,811 | 185,526 |
U.S. large cap [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. small cap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. small cap [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 37,434 | 31,935 |
U.S. small cap [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
International [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
International [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 144,241 | 133,298 |
International [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed income securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed income securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 395,995 | 415,228 |
Fixed income securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Real estate [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Real estate [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 53,783 | 58,364 |
Real estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Private equity [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Private equity [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Private equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,344 | 1,720 |
Hedge funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Hedge funds [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7,337 | 7,488 |
Hedge funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Other [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Other [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3,701 | 3,286 |
Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Total [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 837,322 | 838,551 |
Total [Member] | Cash and cash equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,676 | 1,706 |
Total [Member] | U.S. large cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 190,811 | 185,526 |
Total [Member] | U.S. small cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 37,434 | 31,935 |
Total [Member] | International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 144,241 | 133,298 |
Total [Member] | Fixed income securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 395,995 | 415,228 |
Total [Member] | Real estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 53,783 | 58,364 |
Total [Member] | Private equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,344 | 1,720 |
Total [Member] | Hedge funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7,337 | 7,488 |
Total [Member] | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 3,701 | $ 3,286 |
Employee Benefit Plans - Expect
Employee Benefit Plans - Expected benefit payments (Details) $ in Thousands | Nov. 27, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 79,959 |
2,018 | 79,422 |
2,019 | 78,648 |
2,020 | 78,821 |
2,021 | 79,174 |
2022-2024 | 396,492 |
Pension plans, defined benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 65,722 |
2,018 | 66,084 |
2,019 | 65,849 |
2,020 | 66,539 |
2,021 | 67,646 |
2022-2024 | 350,466 |
Other postretirement benefit plans, defined benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 14,237 |
2,018 | 13,338 |
2,019 | 12,799 |
2,020 | 12,282 |
2,021 | 11,528 |
2022-2024 | $ 46,026 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 1,200,000 | $ 1,200,000 | |
Expected duration of returns for the plan | 20 years | ||
Estimated future employer contributions in next fiscal year | $ 53,200 | ||
Pension plans, defined benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amounts amortized | 13,400 | ||
Fair value of plan assets | 837,322 | 838,551 | $ 878,823 |
Other postretirement benefit plans, defined benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amounts amortized | 1,300 | ||
Fair value of plan assets | 0 | $ 0 | $ 0 |
United States postretirement benefit plans of US entity, defined benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 697,400 | ||
United States postretirement benefit plans of US entity, defined benefit [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations range minimum | 40.00% | ||
Target plan asset allocations range maximum | 44.00% | ||
United States postretirement benefit plans of US entity, defined benefit [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations range minimum | 48.00% | ||
Target plan asset allocations range maximum | 52.00% | ||
United States postretirement benefit plans of US entity, defined benefit [Member] | Other Alternative Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations range minimum | 6.00% | ||
Target plan asset allocations range maximum | 10.00% | ||
Foreign pension plans, defined benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 139,900 |
Employee Investment Plans (Deta
Employee Investment Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Disclosure of Employee Investment Plans [Abstract] | |||
ESIP Employer contributions match (percent) | 125.00% | ||
ESIP Employer contribution match, percent of employee's eligible compensation, maximum (percent) | 6.00% | ||
ESIP Compensation expense | $ 12 | $ 11.5 | $ 12.1 |
Employee Incentive Compensati69
Employee Incentive Compensation Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Annual Incentive Plan (AIP) [Member] | |||
Schedule of Employee Incentive Compensation Plans Disclosures [Line Items] | |||
EICP Compensation expense (benefit) | $ 68.3 | $ 65.7 | $ 68.3 |
EICP Accrued liabilities | 68.5 | 69.9 | |
2005 Long-Term Incentive Plan (LTIP) [Member] | |||
Schedule of Employee Incentive Compensation Plans Disclosures [Line Items] | |||
EICP Compensation expense (benefit) | 4.9 | 4.3 | $ 2.3 |
EICP Accrued liabilities | $ 10.2 | $ 8.8 | |
ECIP Duration of performace prior to performance measurement | 3 years |
Stock-Based Incentive Compens70
Stock-Based Incentive Compensation Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | Apr. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 20.3 | $ 25.6 | $ 24.8 | |
Tax benefit (expense) realized from exercise of stock options | 7.8 | 9.8 | 9.6 | |
Total compensation cost not yet recognized | $ 37.6 | |||
Total compensation cost not yet recognized, period for recognition | 2 years 1 month 21 days | |||
Phantom Restricted Stock Unit Plan (PRSU) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation cost not yet recognized | $ 18.7 | |||
Total compensation cost not yet recognized, period for recognition | 1 year 9 months 22 days | |||
Exercises in period, intrinsic value | $ 15.8 | |||
Total Shareholder Return Plan (TSRP) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercises in period, intrinsic value | 5.6 | 3.5 | ||
Fair value of awards vested in period | $ 6.9 | |||
2006 Equity Incentive Plan (EIP) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (shares) | 8,000,000 | |||
Number of shares available for grant (shares) | 2,906,683 | |||
Contractual term, maximum | 10 years | |||
2006 Equity Incentive Plan (EIP) [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 6 months | |||
Fair value of awards vested in period | $ 5.1 | 4.5 | ||
2006 Equity Incentive Plan (EIP) [Member] | Put rights [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 6 months | |||
2006 Equity Incentive Plan (EIP) [Member] | Performance-Based Stock Appreciation Rights SARs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation cost not yet recognized | $ 6 | |||
Total compensation cost not yet recognized, period for recognition | 1 year 11 months 27 days | |||
Award performance goal period | 3 years | |||
Maximum contractual term | 7 years | |||
Exercises in period, intrinsic value | $ 1 | |||
Fair value of awards vested in period | $ 7.1 | |||
2006 Equity Incentive Plan (EIP) [Member] | Performance-Based Stock Appreciation Rights SARs [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 150.00% | |||
2006 Equity Incentive Plan (EIP) [Member] | Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation cost not yet recognized | $ 12.9 | |||
Total compensation cost not yet recognized, period for recognition | 2 years 8 months 9 days | |||
Minimum contractual term | 7 years | |||
Maximum contractual term | 10 years | |||
Exercises in period, intrinsic value | $ 1.4 | 4.7 | ||
Fair value of awards vested in period | $ 54 | $ 51.8 | ||
2006 Equity Incentive Plan (EIP) [Member] | Stock Appreciation Rights (SARs) [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years 6 months | |||
2006 Equity Incentive Plan (EIP) [Member] | Stock Appreciation Rights (SARs) [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Total Shareholder Return Plan (TSRP) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Requisite service period | 3 years | |||
Phantom Restricted Stock Unit Plan (PRSU) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Requisite service period | 3 years |
Stock-Based Incentive Compens71
Stock-Based Incentive Compensation Plans - Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Nov. 27, 2016 | Nov. 29, 2015 | |
2006 Equity Incentive Plan (EIP) [Member] | Stock Appreciation Rights (SARs) [Member] | ||
Units [Roll Forward] | ||
Beginning balance, Units | 2,669 | |
Granted, Units | 629 | |
Exercised, Units | (71) | |
Forfeited, Units | (106) | |
Expired, Units | (19) | |
Ending balance, Units | 3,102 | 2,669 |
Vested and expected to vest, Units | 3,028 | |
Exercisable, Units | 1,902 | |
Weighted-Average Exercise Price [Roll Forward] | ||
Beginning balance, Weighted-Average Exercise Price (in dollars per unit) | $ 47.02 | |
Granted, Weighted-Average Exercise Price (in dollars per unit) | 62.27 | |
Exercised, Weighted-Average Exercise Price (in dollars per unit) | 46.80 | |
Forfeited, Weighted-Average Exercise Price (in dollars per unit) | 64.88 | |
Expired, Weighted-Average Exercise Price (in dollars per unit) | 74.05 | |
Ending balance, Weighted-Average Exercise Price (in dollars per unit) | 49.35 | $ 47.02 |
Vested and expected to vest, Weighted-Average Exercise Price (in dollars per unit) | 48.96 | |
Exercisable, Weighted-Average Exercise Price (in dollars per unit) | $ 38.63 | |
Weighted-Average Remaining Contractual Life (Years) [Abstract] | ||
Weighted Average Remaining Contractual Life (Years) | 3 years 10 months 24 days | 4 years 3 months 18 days |
Vested and expected to vest, Weighted Average Remaining Contractual Life (Years) | 3 years 9 months 18 days | |
Exercisable, Weighted-Average Remaining Contractual Life (Years) | 2 years 9 months 18 days | |
2006 Equity Incentive Plan (EIP) [Member] | Performance-Based Stock Appreciation Rights SARs [Member] | ||
Units [Roll Forward] | ||
Beginning balance, Units | 1,228 | |
Granted, Units | 419 | |
Exercised, Units | (45) | |
Forfeited, Units | (92) | |
Expired, Units | 0 | |
Performance Adjustment, Units | (308) | |
Ending balance, Units | 1,202 | 1,228 |
Vested and expected to vest, Units | 1,040 | |
Exercisable, Units | 263 | |
Weighted-Average Exercise Price [Roll Forward] | ||
Beginning balance, Weighted-Average Exercise Price (in dollars per unit) | $ 54.96 | |
Granted, Weighted-Average Exercise Price (in dollars per unit) | 62.27 | |
Exercised, Weighted-Average Exercise Price (in dollars per unit) | 42.44 | |
Performance adjustment, Weighted-Average Exercise Price (in dollars per unit) | 40.43 | |
Forfeited, Weighted-Average Exercise Price (in dollars per unit) | 68.32 | |
Expired, Weighted-Average Exercise Price (in dollars per unit) | 0 | |
Ending balance, Weighted-Average Exercise Price (in dollars per unit) | 60.68 | $ 54.96 |
Vested and expected to vest, Weighted-Average Exercise Price (in dollars per unit) | 59.96 | |
Exercisable, Weighted-Average Exercise Price (in dollars per unit) | $ 40.09 | |
Weighted-Average Remaining Contractual Life (Years) [Abstract] | ||
Weighted Average Remaining Contractual Life (Years) | 5 years | 5 years |
Vested and expected to vest, Weighted Average Remaining Contractual Life (Years) | 4 years 10 months 24 days | |
Exercisable, Weighted-Average Remaining Contractual Life (Years) | 3 years 3 months 18 days | |
Phantom Restricted Stock Unit Plan (PRSU) [Member] | ||
Units [Roll Forward] | ||
Beginning balance, Units | 626 | |
Granted, Units | 334 | |
Exercised, Units | (245) | |
Forfeited, Units | (70) | |
Performance Adjustment, Units | (6) | |
Ending balance, Units | 639 | 626 |
Vested and expected to vest, Units | 560 | |
Exercisable, Units | 0 | |
Weighted-Average Exercise Price [Roll Forward] | ||
Beginning balance, Weighted-Average Exercise Price (in dollars per unit) | $ 57.92 | |
Granted, Weighted-Average Exercise Price (in dollars per unit) | 61.94 | |
Exercised, Weighted-Average Exercise Price (in dollars per unit) | 38.40 | |
Performance adjustment, Weighted-Average Exercise Price (in dollars per unit) | 111.34 | |
Forfeited, Weighted-Average Exercise Price (in dollars per unit) | 67.58 | |
Ending balance, Weighted-Average Exercise Price (in dollars per unit) | 65.92 | $ 57.92 |
Vested and expected to vest, Weighted-Average Exercise Price (in dollars per unit) | 66.09 | |
Exercisable, Weighted-Average Exercise Price (in dollars per unit) | 0 | |
Weighted Average Fair Value At Period End [Roll Forward] | ||
Ending balance, Weighted-Average Exercise Price (in dollars per unit) | 67 | $ 68 |
Vested and expected to vest, Weighted-Average Exercise Price (in dollars per unit) | 67 | |
Exercisable, Weighted-Average Exercise Price (in dollars per unit) | $ 0 |
Stock-Based Incentive Compens72
Stock-Based Incentive Compensation Plans - Fair Value Assumptions (Details) - $ / shares | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Total Shareholder Return Plan (TSRP) [Member] | |||
Fair Value Assumptions [Abstract] | |||
Expected life (in years) | 1 month 6 days | ||
Expected volatility (percent) | 27.30% | ||
Risk-free interest rate (percent) | 0.00% | ||
Expected dividend (percent) | 1.20% | ||
Black-Scholes Model [Member] | 2006 Equity Incentive Plan (EIP) [Member] | Stock Appreciation Rights (SARs) [Member] | |||
Fair Value Assumptions [Abstract] | |||
Weighted-average grant date fair value (in dollars per unit) | $ 15.74 | $ 18.24 | $ 14.62 |
Expected life (in years) | 4 years 9 months 18 days | 4 years 8 months 12 days | 4 years 8 months 12 days |
Expected volatility (percent) | 36.40% | 31.80% | 31.80% |
Risk-free interest rate (percent) | 1.10% | 1.20% | 1.50% |
Expected dividend (percent) | 2.50% | 1.60% | 1.20% |
Black-Scholes Model [Member] | 2006 Equity Incentive Plan (EIP) [Member] | Performance-Based Stock Appreciation Rights SARs [Member] | |||
Fair Value Assumptions [Abstract] | |||
Weighted-average grant date fair value (in dollars per unit) | $ 15.94 | $ 18.73 | $ 15.75 |
Expected life (in years) | 5 years | 5 years | 5 years |
Expected volatility (percent) | 36.30% | 31.80% | 33.10% |
Risk-free interest rate (percent) | 1.10% | 1.30% | 1.60% |
Expected dividend (percent) | 2.50% | 1.60% | 1.20% |
Monte Carlo Model [Member] | 2006 Equity Incentive Plan (EIP) [Member] | Performance-Based Stock Appreciation Rights SARs [Member] | |||
Fair Value Assumptions [Abstract] | |||
Weighted-average grant date fair value (in dollars per unit) | $ 20.56 | $ 21.41 | $ 22.63 |
Expected life (in years) | 4 years 9 months 18 days | 4 years 9 months 18 days | 4 years 9 months 18 days |
Expected volatility (percent) | 36.50% | 30.10% | 33.00% |
Risk-free interest rate (percent) | 1.50% | 1.60% | 2.20% |
Expected dividend (percent) | 2.60% | 1.80% | 1.00% |
Stock-Based Incentive Compens73
Stock-Based Incentive Compensation Plans Stock-Based Incentive Compensation Plans - RSU (Details) - 2006 Equity Incentive Plan (EIP) [Member] - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |
Nov. 27, 2016 | Nov. 29, 2015 | |
Units [Roll Forward] | ||
Beginning balance, Units | 66 | |
Granted, Units | 23 | |
Converted, Units | (13) | |
Ending balance, Units | 76 | 66 |
Weighted Average Fair Value At Period End [Roll Forward] | ||
Beginning balance, Weighted-Average Fair Value (in dollars per unit) | $ 58.51 | |
Granted, Weighted-Average Fair Value (in dollars per unit) | 67.95 | |
Converted, Weighted-Average Fair Value (in dollars per unit) | 61.47 | |
Ending balance, Weighted-Average Fair Value (in dollars per unit) | $ 60.90 | $ 58.51 |
Fair value of awards vested in period | $ 5.1 | $ 4.5 |
Long-Term Employee Related Be74
Long-Term Employee Related Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Compensation Related Costs [Abstract] | |||
Deferred compensation plan, interest cost | $ 2.5 | $ 1.9 | $ 5.3 |
Deferred compensation plan for executives and outside directors, established January 1, 2003 [Member] | |||
Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent, Excluded from the rabbi trust [Line Items] | |||
Total deferred compensation plan liabilities | 23.6 | 24.2 | |
EICP Accrued salaries, wages and employee benefits | 0.9 | 1.5 | |
Funds held in grantor's rabbi trust | 27.1 | 26 | |
Deferred compensation plan for executives, prior to January 1, 2003 [Member] | |||
Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent, Excluded from the rabbi trust [Line Items] | |||
Total deferred compensation plan liabilities | 32.2 | 35.1 | |
EICP Accrued salaries, wages and employee benefits | $ 4.5 | $ 3.8 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 27, 2016 | Aug. 28, 2016 | May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Mar. 01, 2015 | Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Restructuring and Related Activities [Abstract] | |||||||||||
Restructuring, net | $ (718) | $ (627) | $ (191) | $ 1,848 | $ 2,725 | $ 4,054 | $ 2,954 | $ 4,338 | $ 312 | $ 14,071 | $ 128,425 |
Corporate and Other [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Other general and administrative expense | $ 7,200 | $ 30,700 | $ 27,600 |
Restructuring - Charges (Detail
Restructuring - Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 27, 2016 | Aug. 28, 2016 | May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Mar. 01, 2015 | Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | $ 2,274 | $ 18,062 | $ 129,425 | ||||||||
Adjustments to severance and employee-related benefits | (1,789) | (4,649) | (4,347) | ||||||||
Noncash pension and postretirement curtailment (gains) losses, net | 0 | 658 | 3,347 | ||||||||
Total | $ (718) | $ (627) | $ (191) | $ 1,848 | $ 2,725 | $ 4,054 | $ 2,954 | $ 4,338 | 312 | 14,071 | 128,425 |
Employee Severance [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | 1,963 | 14,819 | 104,398 | ||||||||
Adjustments to severance and employee-related benefits | (1,789) | (4,182) | (5,697) | ||||||||
Noncash pension and postretirement curtailment (gains) losses, net | (173) | 658 | 3,347 | ||||||||
Other Restructuring [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | 311 | 3,243 | 25,027 | ||||||||
Adjustments to severance and employee-related benefits | 0 | (467) | 1,350 | ||||||||
Other | $ 311 | $ 2,776 | $ 26,377 |
Restructuring - Liabilities (De
Restructuring - Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | Nov. 24, 2013 | |
Restructuring Reserve [Roll Forward] | |||||||
Restructuring Reserve, beginning balance | $ 21,738 | $ 63,363 | $ 0 | ||||
Charges | 2,274 | 18,062 | 129,425 | ||||
Adjustments | (1,789) | (4,649) | (4,347) | ||||
Payments | (17,775) | (50,124) | (58,504) | ||||
Foreign Currency Fluctuation | 430 | (4,914) | (3,211) | ||||
Restructuring Reserve, ending balance | 4,878 | 21,738 | 63,363 | ||||
Current portion | $ 4,878 | $ 20,141 | $ 57,817 | $ 0 | |||
Long-term portion | 0 | 1,597 | 5,546 | 0 | |||
Total | 21,738 | 63,363 | 0 | 4,878 | 21,738 | 63,363 | 0 |
Employee Severance [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring Reserve, beginning balance | 20,774 | 56,963 | 0 | ||||
Charges | 1,963 | 14,819 | 104,398 | ||||
Adjustments | (1,789) | (4,182) | (5,697) | ||||
Payments | (16,500) | (41,907) | (38,527) | ||||
Foreign Currency Fluctuation | 430 | (4,919) | (3,211) | ||||
Restructuring Reserve, ending balance | 4,878 | 20,774 | 56,963 | ||||
Total | 20,774 | 56,963 | 0 | 4,878 | 20,774 | 56,963 | 0 |
Other Restructuring [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring Reserve, beginning balance | 964 | 6,400 | 0 | ||||
Charges | 311 | 3,243 | 25,027 | ||||
Adjustments | 0 | (467) | 1,350 | ||||
Payments | (1,275) | (8,217) | (19,977) | ||||
Foreign Currency Fluctuation | 0 | 5 | 0 | ||||
Restructuring Reserve, ending balance | 0 | 964 | 6,400 | ||||
Total | $ 964 | $ 6,400 | $ 0 | $ 0 | $ 964 | $ 6,400 | $ 0 |
Commitments and Contingencies78
Commitments and Contingencies Commitments and Contingencies - Operating Lease Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,017 | $ 159,101 | ||
2,018 | 121,638 | ||
2,019 | 99,499 | ||
2,020 | 79,074 | ||
2,021 | 61,368 | ||
Thereafter | 148,500 | ||
Total future minimum lease payments | 669,180 | ||
Rental expense | $ 204,600 | $ 192,500 | $ 193,000 |
Maximum [Member] | |||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Duration of renew option | 57 years |
Dividend (Details)
Dividend (Details) $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Feb. 07, 2017USD ($)installment | May 29, 2016USD ($) | May 31, 2015USD ($) | May 25, 2014USD ($) | Nov. 27, 2016USD ($) | Nov. 29, 2015USD ($) | Nov. 30, 2014USD ($) | Nov. 26, 2017USD ($) | Feb. 26, 2017USD ($) | |
Subsequent Event [Line Items] | |||||||||
Cash dividend paid | $ (60,000) | $ (50,000) | $ (30,000) | $ (60,000) | $ (50,000) | $ (30,003) | |||
Scenario, Forecast [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividends payable | $ 35,000 | $ 35,000 | |||||||
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividend declared | $ 70,000 | ||||||||
Number of installments | installment | 2,000 |
Accumulated Other Comprehensi80
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Gross Changes | $ (53,991) | $ 9,804 | $ (74,543) |
Income tax benefit (expense) related to items of other comprehensive (loss) income | 6,211 | (13,602) | 10,903 |
Total other comprehensive (loss) income, before related income taxes | (47,780) | (3,798) | (63,640) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (379,066) | (375,340) | (312,029) |
Gross Changes | (54,459) | 9,876 | (74,214) |
Income tax benefit (expense) related to items of other comprehensive (loss) income | 6,211 | (13,602) | 10,903 |
Total other comprehensive (loss) income, before related income taxes | (48,248) | (3,726) | (63,311) |
Ending Balance | (427,314) | (379,066) | (375,340) |
Pension and Postretirement Benefits Liability Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (236,340) | (261,454) | (226,772) |
Gross Changes | (22,925) | 38,785 | (53,323) |
Income tax benefit (expense) related to items of other comprehensive (loss) income | 7,238 | (13,671) | 18,641 |
Total other comprehensive (loss) income, before related income taxes | (15,687) | 25,114 | (34,682) |
Ending Balance | (252,027) | (236,340) | (261,454) |
Net Investment Hedges Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (18,247) | (21,721) | (26,699) |
Gross Changes | (829) | 385 | 13,404 |
Income tax benefit (expense) related to items of other comprehensive (loss) income | 319 | 3,089 | (8,426) |
Total other comprehensive (loss) income, before related income taxes | (510) | 3,474 | 4,978 |
Ending Balance | (18,757) | (18,247) | (21,721) |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (126,359) | (94,399) | (59,824) |
Gross Changes | (30,848) | (28,719) | (35,872) |
Income tax benefit (expense) related to items of other comprehensive (loss) income | (1,291) | (3,241) | 1,297 |
Total other comprehensive (loss) income, before related income taxes | (32,139) | (31,960) | (34,575) |
Ending Balance | (158,498) | (126,359) | (94,399) |
Unrealized Gain (Loss) on Marketable Securities Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | 1,880 | 2,234 | 1,266 |
Gross Changes | 143 | (575) | 1,577 |
Income tax benefit (expense) related to items of other comprehensive (loss) income | (55) | 221 | (609) |
Total other comprehensive (loss) income, before related income taxes | 88 | (354) | 968 |
Ending Balance | 1,968 | 1,880 | 2,234 |
Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | 8,965 | 9,037 | 9,366 |
Gross Changes | 468 | (72) | (329) |
Income tax benefit (expense) related to items of other comprehensive (loss) income | 0 | 0 | 0 |
Total other comprehensive (loss) income, before related income taxes | 468 | (72) | (329) |
Ending Balance | 9,433 | 8,965 | 9,037 |
Accumulated Other Comprehensive Income Loss Including Portion Attributable To Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (370,101) | (366,303) | (302,663) |
Gross Changes | (53,991) | 9,804 | (74,543) |
Income tax benefit (expense) related to items of other comprehensive (loss) income | 6,211 | (13,602) | 10,903 |
Total other comprehensive (loss) income, before related income taxes | (47,780) | (3,798) | (63,640) |
Ending Balance | $ (417,881) | $ (370,101) | $ (366,303) |
Other Income (Expense), Net (De
Other Income (Expense), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 27, 2016 | Aug. 28, 2016 | May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Mar. 01, 2015 | Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Other Income and Expenses [Abstract] | |||||||||||
Foreign Exchange Management Gains (Losses) | $ 15,860 | $ 34,106 | $ (11,104) | ||||||||
Foreign Currency Transaction Gains (Losses) | (7,166) | (64,161) | (15,331) | ||||||||
Interest Income (Expense), Nonoperating, Net | 1,376 | 1,253 | 1,930 | ||||||||
Investment Income, Interest | 976 | 697 | 562 | ||||||||
Other Other Income (Expense) | 7,177 | 2,672 | 1,886 | ||||||||
Other income (expense), net | $ 11,468 | $ 4,679 | $ 4,295 | $ (2,219) | $ 1,272 | $ (8,316) | $ 7,639 | $ (26,028) | $ 18,223 | $ (25,433) | $ (22,057) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 27, 2016 | Aug. 28, 2016 | May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Mar. 01, 2015 | Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Income Tax Expense Reconciliation [Abstract] | |||||||||||
Income tax expense at U.S. federal statutory rate | $ 142,541 | $ 108,639 | $ 53,849 | ||||||||
State income taxes, net of U.S. federal impact | 6,943 | 8,938 | 7 | ||||||||
Impact of foreign operations | (28,727) | (7,286) | (5,296) | ||||||||
Reassessment of tax liabilities | (2,387) | (7,577) | (3,466) | ||||||||
Deduction related to subsidiaries | (6,788) | (8,060) | 0 | ||||||||
Write-off of deferred tax assets | 0 | 1,718 | 4,899 | ||||||||
Other, including non-deductible expenses | 4,469 | 4,135 | (448) | ||||||||
Total | $ 39,301 | $ 32,713 | $ 10,862 | $ 33,175 | $ 41,940 | $ 30,858 | $ 7,887 | $ 19,822 | $ 116,051 | $ 100,507 | $ 49,545 |
Effective Income Tax Rate Reconciliation [Abstract] | |||||||||||
U.S. federal statutory rate (percent) | 35.00% | 35.00% | 35.00% | ||||||||
State income taxes, net of U.S. federal impact (percent) | 1.70% | 2.90% | 0.00% | ||||||||
Impact of foreign operations (percent) | (7.10%) | (2.30%) | (3.40%) | ||||||||
Reassessment of tax liabilities due to change in estimate (percent) | (0.60%) | (2.40%) | (2.30%) | ||||||||
Effective Income Tax Rate Reconciliation, Deduction for Investment in Affiliate | (1.70%) | (2.60%) | 0.00% | ||||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost | 0.00% | 0.60% | 3.20% | ||||||||
Other, including non-deductible expenses (percent) | 1.20% | 1.20% | (0.30%) | ||||||||
Total | 28.50% | 32.40% | 32.20% |
Income Taxes - Domestic and For
Income Taxes - Domestic and Foreign Income (Loss) before income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 189,478 | $ 194,540 | $ 31,733 |
Foreign | 217,782 | 115,858 | 122,121 |
Total Income before Income Taxes | $ 407,260 | $ 310,398 | $ 153,854 |
Income Taxes - Current and Defe
Income Taxes - Current and Deferred Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 27, 2016 | Aug. 28, 2016 | May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Mar. 01, 2015 | Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
U.S. Federal Current | $ 7,122 | $ 3,299 | $ 15,470 | ||||||||
U.S. Federal Deferred | 66,840 | 56,155 | (1,983) | ||||||||
U.S. Federal Total | 73,962 | 59,454 | 13,487 | ||||||||
U.S. State Current | 2,097 | 1,334 | 4,096 | ||||||||
U.S. State Deferred | 4,846 | 7,604 | (4,089) | ||||||||
U.S. State Total | 6,943 | 8,938 | 7 | ||||||||
Foreign Current | 40,754 | 37,488 | 58,156 | ||||||||
Foreign Deferred | (5,608) | (5,373) | (22,105) | ||||||||
Foreign Total | 35,146 | 32,115 | 36,051 | ||||||||
Consolidated Current | 49,973 | 42,121 | 77,722 | ||||||||
Deferred income taxes | 66,078 | 58,386 | (28,177) | ||||||||
Total | $ 39,301 | $ 32,713 | $ 10,862 | $ 33,175 | $ 41,940 | $ 30,858 | $ 7,887 | $ 19,822 | $ 116,051 | $ 100,507 | $ 49,545 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Nov. 27, 2016 | Nov. 29, 2015 |
Income Tax Disclosure [Abstract] | ||
Foreign tax credit carryforwards | $ 92,845 | $ 116,862 |
State net operating loss carryforwards | 8,721 | 12,412 |
Foreign net operating loss carryforwards | 85,095 | 91,235 |
Employee compensation and benefit plans | 247,235 | 255,458 |
Advance royalties | 58,633 | 69,881 |
Accrued liabilities | 28,680 | 31,915 |
Sales returns and allowances | 29,338 | 26,461 |
Inventory | 14,272 | 17,196 |
Property, plant and equipment | 6,971 | 16,459 |
Other | 14,472 | 17,528 |
Total gross deferred tax assets | 586,262 | 655,407 |
Less: Valuation allowance | (68,212) | (75,753) |
Deferred tax assets, net of valuation allowance | 518,050 | 579,654 |
Unrealized gains or losses on investments | 0 | (344) |
Total net deferred tax assets | 518,050 | 579,310 |
Long-term | ||
Net deferred tax assets | 586,262 | 655,063 |
Valuation allowance | (68,212) | (75,753) |
Total net deferred tax assets | $ 518,050 | $ 579,310 |
Income Taxes - Summary of Opera
Income Taxes - Summary of Operating Loss Carryforwards (Details) - Valuation Allowance of Deferred Tax Assets [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | ||
Valuation Allowance [Line Items] | ||||
Balance at Beginning of Period | $ 75,753 | $ 89,814 | $ 96,026 | |
Changes in Related Gross Deferred Tax Asset | [1] | (5,027) | (14,061) | (6,212) |
Release | (2,514) | 0 | 0 | |
Balance at End of Period | 68,212 | 75,753 | $ 89,814 | |
Domestic Tax Authority [Member] | ||||
Valuation Allowance [Line Items] | ||||
Balance at Beginning of Period | 3,500 | |||
Changes in Related Gross Deferred Tax Asset | (1,780) | |||
Release | 0 | |||
Balance at End of Period | 1,720 | 3,500 | ||
Foreign Tax Authority [Member] | ||||
Valuation Allowance [Line Items] | ||||
Balance at Beginning of Period | 72,253 | |||
Changes in Related Gross Deferred Tax Asset | (3,247) | |||
Release | (2,514) | |||
Balance at End of Period | $ 66,492 | $ 72,253 | ||
[1] | The charges to the accounts are for the purposes for which the allowances were created. |
Income Taxes - Unrecognized tax
Income Taxes - Unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 27, 2016 | Nov. 29, 2015 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ||
Gross unrecognized tax benefits, beginning of period | $ 32,704 | $ 41,571 |
Increases related to current year tax positions | 1,970 | 3,687 |
Increases related to tax positions from prior years | 45 | 0 |
Decreases related to tax positions from prior years | (584) | (4,723) |
Settlement with tax authorities | 0 | 0 |
Lapses of statutes of limitation | (4,266) | (7,576) |
Other, including foreign currency translation | (816) | (255) |
Gross unrecognized tax benefits, end of period | $ 29,053 | $ 32,704 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 27, 2016 | Aug. 28, 2016 | May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Mar. 01, 2015 | Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Income Taxes [Line Items] | |||||||||||
Income tax expense | $ 39,301 | $ 32,713 | $ 10,862 | $ 33,175 | $ 41,940 | $ 30,858 | $ 7,887 | $ 19,822 | $ 116,051 | $ 100,507 | $ 49,545 |
Effective income tax rate | 28.50% | 32.40% | 32.20% | ||||||||
U.S. federal statutory rate (percent) | 35.00% | 35.00% | 35.00% | ||||||||
Reassessment of tax liabilities | $ 2,387 | $ 7,577 | $ 3,466 | ||||||||
Deduction related to subsidiaries | 6,788 | 8,060 | 0 | ||||||||
Foreign net operating loss carryforwards | 85,095 | 91,235 | 85,095 | 91,235 | |||||||
Undistributed earnings of foreign subsidiaries | 100,000 | 100,000 | |||||||||
Undistributed earnings of foreign subsidiaries | 26,600 | 26,600 | |||||||||
Unrecognized tax benefits | 29,053 | 32,704 | 29,053 | 32,704 | $ 41,571 | ||||||
Unrecognized tax benefits that would impact effective tax rate | 21,700 | 20,600 | 21,700 | 20,600 | |||||||
Significant change in unrecognized tax benefits is reasonably possible, maximum | 2,000 | 2,000 | |||||||||
Domestic Tax Authority [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Income tax expense | 8,000 | ||||||||||
Foreign Tax Authority [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Foreign operating loss | 300,300 | 300,300 | |||||||||
State net operating loss carryforwards | 142,200 | 142,200 | |||||||||
Deferred tax assets, not subject to expiration | 158,100 | 158,100 | |||||||||
Penalties and interest accrued | $ 4,100 | $ 6,700 | $ 4,100 | $ 6,700 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Levi Strauss Foundation [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Donation | $ 6.9 | $ 7 | $ 6.3 |
Business Segment Information (D
Business Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 27, 2016USD ($) | Aug. 28, 2016USD ($) | May 29, 2016USD ($) | Feb. 28, 2016USD ($) | Nov. 29, 2015USD ($) | Aug. 30, 2015USD ($) | May 31, 2015USD ($) | Mar. 01, 2015USD ($) | Nov. 27, 2016USD ($)Regional_Segments | Nov. 29, 2015USD ($) | Nov. 30, 2014USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of operating segments | Regional_Segments | 3 | ||||||||||
Income before income taxes [Abstract] | |||||||||||
Net revenues | $ 1,299,541 | $ 1,185,111 | $ 1,011,587 | $ 1,056,500 | $ 1,285,226 | $ 1,142,012 | $ 1,012,180 | $ 1,055,075 | $ 4,552,739 | $ 4,494,493 | $ 4,753,992 |
Total operating income | 142,674 | 144,908 | 58,038 | 116,587 | 161,214 | 114,773 | 47,615 | 107,445 | 462,207 | 431,047 | 313,851 |
Restructuring, net | (718) | (627) | (191) | 1,848 | 2,725 | 4,054 | 2,954 | 4,338 | 312 | 14,071 | 128,425 |
Interest expense | (18,687) | (19,170) | (20,411) | (14,902) | (18,851) | (17,138) | (21,913) | (23,312) | (73,170) | (81,214) | (117,597) |
Loss on early extinguishment of debt | 0 | 0 | (14,002) | 0 | 0 | (14,002) | (20,343) | ||||
Other income (expense), net | 11,468 | 4,679 | 4,295 | (2,219) | 1,272 | (8,316) | 7,639 | (26,028) | 18,223 | (25,433) | (22,057) |
Income before income taxes | 135,455 | $ 130,417 | $ 41,922 | $ 99,466 | 143,635 | $ 89,319 | $ 19,339 | $ 58,105 | 407,260 | 310,398 | 153,854 |
Total depreciation and amortization expense | 103,878 | 102,044 | 109,474 | ||||||||
Trade receivables, net | 479,018 | 498,196 | 479,018 | 498,196 | |||||||
Inventories | 716,181 | 606,859 | 716,181 | 606,859 | |||||||
All other assets | 1,791,897 | 1,779,340 | 1,791,897 | 1,779,340 | |||||||
Total assets | 2,987,096 | 2,884,395 | 2,987,096 | 2,884,395 | |||||||
Total net deferred tax assets | 523,101 | 580,640 | 523,101 | 580,640 | 660,864 | ||||||
Total long-lived assets | 419,690 | 411,820 | 419,690 | 411,820 | 406,836 | ||||||
United States | |||||||||||
Income before income taxes [Abstract] | |||||||||||
Net revenues | 2,302,668 | 2,380,820 | 2,490,994 | ||||||||
Total net deferred tax assets | 444,295 | 506,675 | 444,295 | 506,675 | 580,122 | ||||||
Total long-lived assets | 311,358 | 322,758 | 311,358 | 322,758 | 322,329 | ||||||
Foreign countries | |||||||||||
Income before income taxes [Abstract] | |||||||||||
Net revenues | 2,250,071 | 2,113,673 | 2,262,998 | ||||||||
Total net deferred tax assets | 78,806 | 73,965 | 78,806 | 73,965 | 80,742 | ||||||
Total long-lived assets | 108,332 | 89,062 | 108,332 | 89,062 | 84,507 | ||||||
Operating Segments [Member] | |||||||||||
Income before income taxes [Abstract] | |||||||||||
Total operating income | 784,435 | 829,712 | 820,611 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Income before income taxes [Abstract] | |||||||||||
Total operating income | 322,228 | 398,665 | 506,760 | ||||||||
Restructuring, net | 313 | 14,071 | 128,425 | ||||||||
Restructuring-related charges | 7,195 | 30,736 | 27,621 | ||||||||
Lump-sum pension settlement loss | 0 | 0 | 30,666 | ||||||||
Other corporate staff costs and expenses | 314,720 | 353,858 | 320,048 | ||||||||
Total depreciation and amortization expense | 52,772 | 52,046 | 50,901 | ||||||||
Trade receivables, net | 12,191 | 19,696 | 12,191 | 19,696 | |||||||
Inventories | 77,895 | 45,986 | 77,895 | 45,986 | |||||||
All other assets | 1,791,897 | 1,779,340 | 1,791,897 | 1,779,340 | |||||||
Americas [Member] | |||||||||||
Income before income taxes [Abstract] | |||||||||||
Total depreciation and amortization expense | 30,322 | 27,558 | 29,508 | ||||||||
Trade receivables, net | 326,211 | 343,808 | 326,211 | 343,808 | |||||||
Inventories | 391,713 | 359,879 | 391,713 | 359,879 | |||||||
All other assets | 0 | 0 | 0 | 0 | |||||||
Americas [Member] | Operating Segments [Member] | |||||||||||
Income before income taxes [Abstract] | |||||||||||
Net revenues | 2,683,008 | 2,726,461 | 2,862,867 | ||||||||
Total operating income | 482,226 | 523,705 | 531,064 | ||||||||
Europe [Member] | |||||||||||
Income before income taxes [Abstract] | |||||||||||
Gain on disposal of assets | 6,100 | 7,500 | |||||||||
Total depreciation and amortization expense | 12,574 | 14,985 | 20,564 | ||||||||
Trade receivables, net | 94,106 | 81,079 | 94,106 | 81,079 | |||||||
Inventories | 125,029 | 109,604 | 125,029 | 109,604 | |||||||
All other assets | 0 | 0 | 0 | 0 | |||||||
Europe [Member] | Operating Segments [Member] | |||||||||||
Income before income taxes [Abstract] | |||||||||||
Net revenues | 1,091,362 | 1,016,418 | 1,143,313 | ||||||||
Total operating income | 197,136 | 184,362 | 181,036 | ||||||||
Asia Pacific [Member] | |||||||||||
Income before income taxes [Abstract] | |||||||||||
Total depreciation and amortization expense | 8,210 | 7,455 | 8,501 | ||||||||
Trade receivables, net | 46,510 | 53,613 | 46,510 | 53,613 | |||||||
Inventories | 121,544 | 91,390 | 121,544 | 91,390 | |||||||
All other assets | $ 0 | $ 0 | 0 | 0 | |||||||
Asia Pacific [Member] | Operating Segments [Member] | |||||||||||
Income before income taxes [Abstract] | |||||||||||
Net revenues | 778,369 | 751,614 | 747,812 | ||||||||
Total operating income | $ 105,073 | $ 121,645 | $ 108,511 |
Quarterly Financial Data (Una91
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 27, 2016 | Aug. 28, 2016 | May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Mar. 01, 2015 | Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $ 1,299,541 | $ 1,185,111 | $ 1,011,587 | $ 1,056,500 | $ 1,285,226 | $ 1,142,012 | $ 1,012,180 | $ 1,055,075 | $ 4,552,739 | $ 4,494,493 | $ 4,753,992 |
Cost of goods sold | 640,131 | 592,305 | 494,389 | 496,902 | 626,898 | 568,655 | 511,949 | 518,010 | 2,223,727 | 2,225,512 | 2,405,552 |
Gross profit | 659,410 | 592,806 | 517,198 | 559,598 | 658,328 | 573,357 | 500,231 | 537,065 | 2,329,012 | 2,268,981 | 2,348,440 |
Selling, general and administrative expenses | 517,454 | 448,525 | 459,351 | 441,163 | 494,389 | 454,530 | 449,662 | 425,282 | 1,866,493 | 1,823,863 | 1,906,164 |
Restructuring, net | (718) | (627) | (191) | 1,848 | 2,725 | 4,054 | 2,954 | 4,338 | 312 | 14,071 | 128,425 |
Operating income | 142,674 | 144,908 | 58,038 | 116,587 | 161,214 | 114,773 | 47,615 | 107,445 | 462,207 | 431,047 | 313,851 |
Interest expense | (18,687) | (19,170) | (20,411) | (14,902) | (18,851) | (17,138) | (21,913) | (23,312) | (73,170) | (81,214) | (117,597) |
Loss on early extinguishment of debt | 0 | 0 | (14,002) | 0 | 0 | (14,002) | (20,343) | ||||
Other income (expense), net | 11,468 | 4,679 | 4,295 | (2,219) | 1,272 | (8,316) | 7,639 | (26,028) | 18,223 | (25,433) | (22,057) |
Income before income taxes | 135,455 | 130,417 | 41,922 | 99,466 | 143,635 | 89,319 | 19,339 | 58,105 | 407,260 | 310,398 | 153,854 |
Income tax expense | 39,301 | 32,713 | 10,862 | 33,175 | 41,940 | 30,858 | 7,887 | 19,822 | 116,051 | 100,507 | 49,545 |
Net income | 96,154 | 97,704 | 31,060 | 66,291 | 101,695 | 58,461 | 11,452 | 38,283 | 291,209 | 209,891 | 104,309 |
Net (income) loss attributable to noncontrolling interest | 19 | 614 | (335) | (455) | (517) | (286) | 239 | 109 | (157) | (455) | 1,769 |
Net income attributable to Levi Strauss & Co. | $ 96,173 | $ 98,318 | $ 30,725 | $ 65,836 | $ 101,178 | $ 58,175 | $ 11,691 | $ 38,392 | $ 291,052 | $ 209,436 | $ 106,078 |
Schedule II_ Valuation and Q92
Schedule II: Valuation and Qualifying Acounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 27, 2016 | Nov. 29, 2015 | Nov. 30, 2014 | ||
Allowance for Doubtful Accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 11,025 | $ 12,704 | $ 18,264 | |
Additions Charged to Expenses | 2,195 | 1,875 | 662 | |
Release | [1] | 1,246 | 3,554 | 6,222 |
Balance at End of Period | 11,974 | 11,025 | 12,704 | |
Sales Returns [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | 34,021 | 32,191 | 32,675 | |
Additions Charged to Expenses | 195,718 | 152,471 | 138,577 | |
Release | [1] | 193,282 | 150,641 | 139,061 |
Balance at End of Period | 36,457 | 34,021 | 32,191 | |
Sales Discounts and Incentives [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | 86,274 | 98,416 | 110,572 | |
Additions Charged to Expenses | 325,843 | 306,497 | 322,164 | |
Release | [1] | 306,640 | 318,639 | 334,320 |
Balance at End of Period | 105,477 | 86,274 | 98,416 | |
Valuation Allowance of Deferred Tax Assets [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | 75,753 | 89,814 | 96,026 | |
Additions Charged to Expenses | (2,514) | 0 | 0 | |
Release | [1] | 5,027 | 14,061 | 6,212 |
Balance at End of Period | $ 68,212 | $ 75,753 | $ 89,814 | |
[1] | The charges to the accounts are for the purposes for which the allowances were created. |