Income Taxes (Tables)

12 Months Ended

Nov. 30, 2025

The components of pretax income are as follows:


	Fiscal Years Ended November 30,
	2025		2024		2023
	(currency in thousands)
United States	$	557,284	$	263,321	$	283,233
Foreign	499,970		602,714		506,275
	$	1,057,254	$	866,035	$	789,508

Schedule of Provisions for Income Taxes

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


	Fiscal Years Ended November 30,
	2025		2024		2023
	(currency in thousands)
Current tax provision:
Federal	$	91,572	$	12,163	$	78,239
State	38,365		24,501		40,436
Foreign	146,466		169,093		135,494
	$	276,403	$	205,757	$	254,169
Deferred tax provision (benefit):
Federal	$	(36,748)	$	18,006	$	(30,499)
State	(2,052)		(12,836)		(24,771)
Foreign	(8,009)		(33,983)		(36,302)
	$	(46,809)	$	(28,813)	$	(91,572)
Total tax provision	$	229,594	$	176,944	$	162,597

Schedules of Deferred Tax Assets and Liabilities

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


	As of November 30,
	2025		2024
	(currency in thousands)
Deferred tax assets	$	33,193	$	36,059
Deferred tax liabilities	(799,518)		(812,763)
Total net deferred tax assets (liabilities)	$	(766,325)	$	(776,704)

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


	As of November 30,
	2025		2024
	(currency in thousands)
Assets:
Loss carryforwards	$	80,110	$	87,043
Lease liabilities	108,092		110,166
Accrued liabilities	76,633		118,272
Foreign tax credit carryforwards	5,484		36,290
Disallowed interest expense	26,267		21,976
Allowance for doubtful accounts and sales return reserves	17,397		19,713
Capitalized inventory costs	15,337		11,974
Unrealized losses on hedges	18,868		11,971
Acquisition and transaction related costs	12,483		5,255
Share-based compensation expense	12,326		15,575
Deferred revenue	45,809		12,129
Long-lived assets	2,139		4,665
Other, net	6,995		3,251
	427,940		458,280
Less: valuation allowance	(67,713)		(80,640)
Total deferred tax assets	$	360,227	$	377,640
Liabilities:
Long-lived assets	$	(992,783)	$	(1,017,777)
Lease right-of-use assets	(102,964)		(106,821)
Deferred costs	(9,752)		(12,279)
Deferred taxes on unremitted earnings	(15,000)		(5,116)

Other, net	(6,053)		(12,351)
Total deferred tax liabilities	$	(1,126,552)	$	(1,154,344)
Net deferred tax liability	$	(766,325)	$	(776,704)

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,
	2025		2024		2023

United States federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal income tax benefit	2.8		1.0		1.1
Global intangible low taxed income	0.3		0.4		0.7
Tax on foreign earnings different than US federal rate	(0.4)		(2.5)		(3.0)
Net changes in deferred tax valuation allowances	(0.8)		(1.4)		(0.2)
Foreign-derived intangible income	(1.6)		(0.7)		(0.5)
Interest not subject to tax, net	(0.6)		0.1		0.1
Foreign withholding taxes	0.8		2.4		0.6

Net changes in reserves for uncertain tax positions	0.1		(0.3)		—
Stock compensation related to Tech Data equity awards	—		—		0.9
Other, net	0.1		0.4		(0.1)
Effective income tax rate	21.7	%	20.4	%	20.6	%

Schedule of Unrecognized Tax Benefits Roll Forward

The aggregate changes in the balances of gross unrecognized tax benefits, excluding accrued interest and penalties, during fiscal years 2025, 2024 and 2023 were as follows (currency in thousands):



For the year ended November 30:	2025		2024		2023
Gross unrecognized tax benefits at beginning of period	$	16,797	$	18,940	$	20,695
Increases in tax positions for prior years and acquisitions	812		1,068		859
Decreases in tax positions for prior years	(632)		(1,219)		(3,093)
Increases in tax positions for current year	1,265		1,390		3,101
Expiration of statutes of limitation	(1,592)		(3,167)		(2,874)
Settlements	—		—		—
Changes due to translation of foreign currencies	427		(215)		252
Gross unrecognized tax benefits at end of period	$	17,077	$	16,797	$	18,940