Note 8 - Income Taxes

6 Months Ended

May 29, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 8: Income Taxes

As of  May 29, 2021, we had a liability of $14,962 recorded for gross unrecognized tax benefits (excluding interest) compared to $14,569 as of November 28, 2020. As of May 29, 2021 and November 28, 2020, we had accrued $3,575 and $2,881 of gross interest relating to unrecognized tax benefits, respectively.

Income tax expense for the three and six months ended May 29, 2021 includes $600 and $558 of discrete tax benefit. Excluding the discrete tax benefit, the overall effective tax rate was 27.1 percent and 27.2 percent for the three and six months ended May 29, 2021, respectively.  

Income tax expense for the three and six months ended May 30, 2020 includes $45 of discrete tax benefit and $1,959 of discrete tax expense, respectively. Excluding the discrete tax benefit and expense, the overall effective tax rate was 28.0 percent and 27.5 percent for the three and six months ended May 30, 2020, respectively.