LEVI STRAUSS & CO Fair Value Disclosure
| November 30, 2025 | December 1, 2024 | ||||||||||||||||||||||||||||||||||
| 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 millions) | |||||||||||||||||||||||||||||||||||
| Financial assets carried at fair value | |||||||||||||||||||||||||||||||||||
| Rabbi trust assets | $ | 107.7 | $ | 107.7 | $ | — | $ | 95.4 | $ | 95.4 | $ | — | |||||||||||||||||||||||
| Short-term investments in marketable securities | 90.9 | — | 90.9 | — | — | — | |||||||||||||||||||||||||||||
Derivative instruments(3) | 6.8 | — | 6.8 | 17.6 | — | 17.6 | |||||||||||||||||||||||||||||
| Total | $ | 205.4 | $ | 107.7 | $ | 97.7 | $ | 113.0 | $ | 95.4 | $ | 17.6 | |||||||||||||||||||||||
| Financial liabilities carried at fair value | |||||||||||||||||||||||||||||||||||
Derivative instruments(3) | 13.4 | — | 13.4 | 9.5 | — | 9.5 | |||||||||||||||||||||||||||||
| November 30, 2025 | December 1, 2024 | ||||||||||||||||||||||
| Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
| Financial liabilities carried at adjusted historical cost | |||||||||||||||||||||||
4.000% senior notes due 2030(1) | $ | 550.8 | $ | 559.7 | $ | — | $ | — | |||||||||||||||
3.375% senior notes due 2027(1) | — | — | 502.5 | 498.1 | |||||||||||||||||||
3.50% senior notes due 2031(1) | 500.3 | 467.8 | 499.6 | 440.8 | |||||||||||||||||||
| Short-term borrowings | — | — | 5.5 | 5.5 | |||||||||||||||||||
| Total | $ | 1,051.1 | $ | 1,027.5 | $ | 1,007.6 | $ | 944.4 | |||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jan 28, 2026 | Showing above |
| 2024 | Jan 29, 2025 | |
| 2023 | Jan 25, 2024 | |
| 2022 | Jan 25, 2023 | |
| 2021 | Jan 26, 2022 | |
| 2020 | Jan 27, 2021 | |
| 2019 | Jan 30, 2020 | |
| 2018 | Feb 5, 2019 | |
| 2017 | Feb 7, 2018 | |
| 2016 | Feb 9, 2017 | |
| 2015 | Feb 11, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.