Income Taxes (Tables)

12 Months Ended

Nov. 30, 2021

The components of pretax income from continuing operations are as follows:

	Fiscal Years Ended November 30,
	2021		2020		2019
United States	$	246,331	$	276,237	$	326,535
Foreign		220,154		159,910		146,752
	$	466,485	$	436,146	$	473,287

Schedule of Provisions for Income Taxes

Significant components of the provision for income taxes are as follows:

	Fiscal Years Ended November 30,
	2021			2020			2019
Current tax provision:
Federal	$	(8,838	)	$	56,355		$	63,580
State		13,916			19,537			20,681
Foreign		66,660			42,252			33,666
	$	71,738		$	118,144		$	117,927
Deferred tax provision (benefit):
Federal	$	13,597		$	(13,449	)	$	(10,647	)
State		(675	)		(3,990	)		(1,751	)
Foreign		(13,244	)		904			5,583
	$	(322	)	$	(16,535	)	$	(6,815	)
Total tax provision	$	71,416		$	101,609		$	111,113

Schedules of Deferred Tax Assets and Liabilities

The breakdown of net deferred tax assets and liabilities are as follows:

	As of November 30,
	2021			2020
Deferred tax assets	$	27,287		$	39,636
Deferred tax liabilities		(1,015,640	)		(5,836	)
Total net deferred tax assets (liabilities)	$	(988,353	)	$	33,800

The significant components of the Company’s deferred tax assets and liabilities are as follows:

	As of November 30,
	2021			2020
Assets:
Loss carryforwards	$	98,472		$	166
Lease liabilities		92,803			12,889
Accrued liabilities		60,897			8,905
Foreign tax credit carryforwards		54,807			3,485
Disallowed interest expense		34,472			-
Allowance for doubtful accounts and sales return reserves		28,463			27,518
Capitalized inventory costs		20,527			13,852
Unrealized losses on cash flow hedges		17,668			31,810
Acquisition and transaction related costs		17,808			-
Share-based compensation expense		10,855			5,752
Deferred revenue		5,742			2,997
Long-lived assets		4,891			(7,576	)
Other, net		6,303			12,526
		453,708			112,324
Less: valuation allowance		(123,435	)		(5,492	)
Total deferred tax assets	$	330,273		$	106,832
Liabilities:
Long-lived assets	$	(1,165,400	)	$	(61,146	)
Lease right-of-use assets		(99,033	)		(11,862	)
Deferred costs		(39,672	)		—
Capitalized marketing program costs		(4,977	)		—
Other, net		(9,544	)		(24	)
Total deferred tax liabilities	$	(1,318,626	)	$	(73,032	)
Net deferred tax (liability) asset	$	(988,353	)	$	33,800

Schedule of Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Income Tax Rate

The reconciliation of the statutory United States federal income tax rate to the Company’s effective income tax rate is as follows:

	Fiscal Years Ended November 30,
	2021			2020			2019
United States federal statutory income tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal income tax benefit		2.5			2.4			3.0
Global intangible low taxed income		0.6			0.3			0.5
Tax on foreign earnings different than US federal rate		1.6			1.7			1.8
Net changes in deferred tax valuation allowances		(0.4	)		—			—
Adjustments related to the Tax Cuts and Jobs Act	—				—			(3.1	)
Interest not subject to tax, net		0.2			(1.8	)		1.0
Capital loss carryback		(9.6	)		—			—
Net changes in reserves for uncertain tax positions		(0.7	)		—			—
Other, net		0.1			(0.4	)		(0.8	)
Effective income tax rate		15.3	%		23.3	%		23.5	%

Summary of Aggregate Changes in Balances of Gross Unrecognized Tax Benefits

The aggregate changes in the balances of gross unrecognized tax benefits, excluding accrued interest and penalties, during fiscal years 2021, 2020 and 2019 were as follows:

For the year ended November 30:	2021			2020			2019
Gross unrecognized tax benefits at beginning of period	$	12,513		$	22,445		$	17,812
Increases (decreases) in tax positions for prior years and acquisitions		17,579			(880	)		2,367
Decreases in tax positions for prior years		-			(3,097	)	-
Increases in tax positions for current year		827			1,999			4,816
Expiration of statutes of limitation		(3,768	)		(7,486	)		(2,535	)
Changes due to translation of foreign currencies		(821	)		(468	)		(15	)
Gross unrecognized tax benefits at end of period	$	26,330		$	12,513		$	22,445