Levi Strauss Investor Day Presentation Deck
ADJUSTED NET INCOME AND ADJUSTED
DILUTED EARNINGS PER SHARE (CONT.)
(1)
(2)
Includes the impact of changes in fair value of Class B
common stock following the grant date on awards that were
granted as cash-settled and subsequently replaced with
stock-settled awards concurrent with the IPO.
For the twelve-month period ended November 28, 2021, the
net reduction in COVID-19 related inventory costs and other
charges recognized mainly represents reductions in COVID-
19 related inventory charges, as a result of reductions in our
estimate of adverse fabric purchase commitments and
allowances related to customer receivables partially offset
with impairment charges of certain retail store related
assets. For the year ended November 29, 2020, COVID-19
related inventory costs and other charges primarily include
$42.3 million of incremental inventory reserves, $26.2 million
of adverse fabric purchase commitments, $44.3 million and
$21.7 million in impairment of operating lease right-of-use
assets and property and equipment related to certain retail
locations and other corporate assets, respectively, and
$17.7 million of charges related to customer receivables.
The remainder relates to other incremental costs incurred in
response to the global pandemic.
LEVI STRAUSS & CO.
(3)
(4)
(5)
(6)
Acquisition and integration related charges includes the
inventory markup above historical carrying value as well as
SG&A expenses associated with the Beyond YogaⓇ
acquisition.
Other charges included in Restructuring and restructuring
related charges, severance and other, net include charges
related to an international customs audit and transaction and
deal related costs.
Pension settlement losses relate to the voluntary lump-sum,
cash-out program offered to vested deferred US pension
plan participants.
Tax impact calculated using the annual effective tax rate,
excluding discrete costs and benefits.
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