Note 11 - Income Taxes (Tables)

12 Months Ended

Dec. 02, 2023

Notes Tables

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

Income before income taxes and income from equity method investments	2023		2022		2021
United States	$	15,276	$	63,718	$	14,989
Non-U.S.		218,885		188,210		201,862
Total	$	234,161	$	251,928	$	216,851

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

Components of the provision for income tax expense (benefit)	2023			2022			2021
Current:
U.S. federal	$	18,347		$	12,181		$	10,310
State		5,529			3,389			2,265
Non-U.S.		87,449			63,750			57,801
		111,325			79,320			70,376
Deferred:
U.S. federal		(100	)		8,150			(6,891	)
State		(4,111	)		(1,767	)		(350	)
Non-U.S.		(13,585	)		(8,517	)		(102	)
		(17,796	)		(2,134	)		(7,343	)
Total	$	93,529		$	77,186		$	63,033

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

Reconciliation of effective income tax	2023			2022			2021
Tax at statutory U.S. federal income tax rate	$	49,174		$	52,760		$	45,539
State income taxes, net of federal benefit		1,137			1,252			1,444
Foreign dividend repatriation1		21,730			2,596			1,104
Foreign operations		12,558			1,868			19,673
Executive compensation over $1.0 million		784			2,847			2,507
Non-U.S. stock option expense		730			525			575
Change in valuation allowance		725			3,187			(9,572	)
Research and development tax credit		(1,400	)		(927	)		(993	)
Foreign-derived intangible income		(2,665	)		(2,786	)		(2,617	)
Global intangible low-taxed income		2,345			1,890			2,334
Provision to return		1,336			840			1,122
Cross currency swap		-			7,020			3,931
Contingency reserve		5,951			5,909			(2,139	)
Other		1,124			205			125
Total income tax expense	$	93,529		$	77,186		$	63,033

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

Deferred income tax balances at each year-end related to:	2023			2022
Deferred tax assets:
Pension and other post-retirement benefit plans	$	5,306		$	6,752
Employee benefit costs		27,672			25,196
Foreign tax credit carryforward		6,538			7,884
Tax loss carryforwards		25,894			22,948
Leases		12,716			8,538
Hedging activity		18,638			13,299
Interest deduction limitation		37,519			17,736
Other		33,022			28,840
Gross deferred tax assets		167,305			131,193
Less: valuation allowance		(15,595	)		(14,424	)
Total net deferred tax assets		151,710			116,769
Deferred tax liability:
Depreciation and amortization		(209,266	)		(215,219	)
Pension and other post-retirement benefit plans		(41,444	)		(37,362	)
Undistributed earnings of non-U.S. subsidiaries		(21,926	)		-
Leases		(12,510	)		(8,329	)
Total deferred tax liability		(285,146	)		(260,910	)
Net deferred tax liability	$	(133,436	)	$	(144,141	)

Summary of Income Tax Contingencies [Table Text Block]

	2023			2022
Balance at beginning of year	$	17,582		$	13,281
Tax positions related to the current year:
Additions		723			469
Tax positions related to prior years:
Additions		5,658			5,885
Reductions		(965	)		(1,019	)
Settlements		(8,156	)		-
Lapses in applicable statutes of limitation		(588	)		(1,034	)
Balance at end of year	$	14,254		$	17,582