Note 8 - Income Taxes

3 Months Ended

Feb. 26, 2022

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 8: Income Taxes

Income tax expense for the three months ended February 26, 2022 includes $2,901 of discrete tax benefit, relating to legal entity mergers offset by various foreign tax matters. Excluding the discrete tax benefit, the overall effective tax rate was 27.8 percent for the three months ended February 26, 2022.  

Income tax expense for the three months ended February 27, 2021 includes $42 of discrete tax expense, relating to the revaluation of cross-currency swap agreements due to appreciation of the Euro versus the U.S. Dollar and various foreign tax matters. Excluding the discrete tax expense, the overall effective tax rate was 27.4 percent for the three months ended February 27, 2021.

As of  February 26, 2022, we had a liability of $14,703 recorded for gross unrecognized tax benefits (excluding interest) compared to $13,281 as of November 27, 2021. As of February 26, 2022 and November 27, 2021, we had accrued $3,131 and $2,881 of gross interest relating to unrecognized tax benefits, respectively.