Note 8 - Income Taxes

3 Months Ended

Mar. 01, 2025

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 8: Income Taxes

Income tax expense for the three months ended March 1, 2025 includes $992 of discrete tax expense relating to various U.S. and foreign tax matters. Excluding the discrete tax expense, the overall effective tax rate was 26.5 percent for the three months ended March 1, 2025. 

Income tax expense for the three months ended March 2, 2024 includes $2,527 of discrete tax benefit relating to various foreign tax matters, as well as an excess tax benefit related to U.S. stock compensation. Excluding the discrete tax benefit, the overall effective tax rate was 27.4 percent for the three months ended March 2, 2024.

As of  March 1, 2025, we had a liability of $15,807 recorded for gross unrecognized tax benefits (excluding interest) compared to $15,590 as of November 30, 2024. As of March 1, 2025 and November 30, 2024, we had accrued $4,769 and $4,558 of gross interest relating to unrecognized tax benefits, respectively.