Note 11 - Income Taxes (Tables)

12 Months Ended

Nov. 28, 2020

Notes Tables

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

Income before income taxes and income from equity method investments	2020		2019		2018
United States	$	20,328	$	31,796	$	19,388
Non-U.S.		138,028		141,032		137,338
Total	$	158,356	$	172,828	$	156,726

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Components of the provision for income tax expense (benefit)	2020			2019			2018
Current:
U.S. federal	$	5,243		$	9,122		$	9,652
State		1,320			3,294			1,597
Non-U.S.		56,542			47,848			37,980
		63,105			60,264			49,229
Deferred:
U.S. federal		(4,709	)		(432	)		(50,115	)
State		(4,111	)		125			(197	)
Non-U.S.		(12,364	)		(10,549	)		(5,273	)
		(21,184	)		(10,856	)		(55,585	)
Total	$	41,921		$	49,408		$	(6,356	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Reconciliation of effective income tax	2020			2019			2018
Statutory U.S. federal income tax rate	$	33,255		$	36,294		$	34,605
State income taxes, net of federal benefit		(2,104	)		2,785			1,148
Foreign dividend repatriation		900			825			1,258
Foreign operations		(563	)		8,712			(3,253	)
Impact of option valuation		-			-			330
Executive compensation over $1.0 million		1,420			1,661			611
Change in valuation allowance		5,925			1,097			5,213
Research and development tax credit		(906	)		(802	)		(982	)
Section 199 manufacturing deduction		-			-			(319	)
Foreign-derived intangible income		(1,396	)		(2,240	)		-
Global intangible low-taxed income		1,932			2,029			-
Provision to return		1,704			(3,271	)		(1,921	)
Cross currency swap		(6,748	)		2,677			-
Contingency reserve		8,287			(957	)		1,943
Transition tax		-			-			42,007
Dividends received deduction		-			-			(8,484	)
Deferred tax rate change		-			-			(79,488	)
Other		215			598			976
Total income tax expense (benefit)	$	41,921		$	49,408		$	(6,356	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred income tax balances at each year-end related to:	2020			2019
Deferred tax assets:
Pension and other post-retirement benefit plans	$	1,417		$	6,847
Employee benefit costs		24,538			21,468
Foreign tax credit carryforward		6,905			2,175
Tax loss carryforwards		31,495			26,427
Leases		7,133			-
Hedging activity		12,906			1,198
Other		36,521			32,626
Gross deferred tax assets		120,915			90,741
Less: valuation allowance		(21,843	)		(14,986	)
Total net deferred tax assets		99,072			75,755
Deferred tax liability:
Depreciation and amortization		(220,379	)		(224,248	)
Leases		(7,194	)		-
Total deferred tax liability		(227,573	)		(224,248	)
Net deferred tax liability	$	(128,501	)	$	(148,493	)

Summary of Income Tax Contingencies [Table Text Block]

	2020			2019
Balance at beginning of year	$	8,946		$	8,420
Tax positions related to the current year:
Additions		579			684
Tax positions related to prior years:
Additions		7,400			3,077
Reductions		(283	)		(1,484	)
Settlements		(747	)		(105	)
Lapses in applicable statutes of limitation		(1,326	)		(1,646	)
Balance at end of year	$	14,569		$	8,946