Note 11 - Income Taxes (Tables)

12 Months Ended

Nov. 27, 2021

Notes Tables

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

Income before income taxes and income from equity method investments	2021		2020		2019
United States	$	14,989	$	20,328	$	31,796
Non-U.S.		201,861		138,028		141,032
Total	$	216,850	$	158,356	$	172,828

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

Components of the provision for income tax expense (benefit)	2021			2020			2019
Current:
U.S. federal	$	10,310		$	5,243		$	9,122
State		2,265			1,320			3,294
Non-U.S.		57,801			56,542			47,848
		70,376			63,105			60,264
Deferred:
U.S. federal		(6,891	)		(4,709	)		(432	)
State		(350	)		(4,111	)		125
Non-U.S.		(102	)		(12,364	)		(10,549	)
		(7,343	)		(21,184	)		(10,856	)
Total	$	63,033		$	41,921		$	49,408

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

Reconciliation of effective income tax	2021			2020			2019
Tax at statutory U.S. federal income tax rate	$	45,539		$	33,255		$	36,294
State income taxes, net of federal benefit		1,444			(2,104	)		2,785
Foreign dividend repatriation		1,104			900			825
Foreign operations		19,673			(563	)		8,712
Executive compensation over $1.0 million		2,507			1,420			1,661
Non-U.S. stock option expense		575			358			425
Change in valuation allowance		(9,572	)		5,925			1,097
Research and development tax credit		(993	)		(906	)		(802	)
Foreign-derived intangible income		(2,617	)		(1,396	)		(2,240	)
Global intangible low-taxed income		2,334			1,932			2,029
Provision to return		1,122			1,704			(3,271	)
Cross currency swap		3,931			(6,748	)		2,677
Contingency reserve		(2,139	)		8,287			(957	)
Other		125			(143	)		173
Total income tax expense	$	63,033		$	41,921		$	49,408

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

Deferred income tax balances at each year-end related to:	2021			2020
Deferred tax assets:
Pension and other post-retirement benefit plans	$	12,118		$	16,385
Employee benefit costs		26,799			24,538
Foreign tax credit carryforward		7,309			6,905
Tax loss carryforwards		24,071			31,495
Leases		8,590			7,133
Hedging activity		2,623			12,906
Interest deduction limitation		12,428			6,343
Other		27,410			30,178
Gross deferred tax assets		121,348			135,883
Less: valuation allowance		(11,341	)		(21,843	)
Total net deferred tax assets		110,007			114,040
Deferred tax liability:
Depreciation and amortization		(207,726	)		(220,379	)
Pension and other post-retirement benefit plans		(36,042	)		(14,968	)
Leases		(8,524	)		(7,194	)
Total deferred tax liability		(252,292	)		(242,541	)
Net deferred tax liability	$	(142,285	)	$	(128,501	)

Summary of Income Tax Contingencies [Table Text Block]

	2021			2020
Balance at beginning of year	$	14,569		$	8,946
Tax positions related to the current year:
Additions		401			579
Tax positions related to prior years:
Additions		1,323			7,400
Reductions		(950	)		(283	)
Settlements		(161	)		(747	)
Lapses in applicable statutes of limitation		(1,901	)		(1,326	)
Balance at end of year	$	13,281		$	14,569