Note 9 - Income Taxes

6 Months Ended

May 31, 2025

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 9: Income Taxes

Income tax expense for the three and six months ended May 31, 2025 includes $13,961 of discrete tax expense and $14,952 of discrete tax expense, respectively, relating to the impact of withholding tax recorded on earnings that are no longer permanently reinvested as well as other various U.S. and foreign tax matters. Excluding the discrete tax expense, the overall effective tax rate was 25.7 percent and 25.8 percent for the three and six months ended May 31, 2025, respectively.

Income tax expense for the three and six months ended June 1, 2024 includes $1,317 of discrete tax expense and $1,210 of discrete tax benefit, respectively, relating to various foreign tax matters, as well as an excess tax benefit related to U.S. stock compensation. Excluding the discrete tax expense and benefit, the overall effective tax rate was 28.9 percent and 28.4 percent for the three and six months ended June 1, 2024, respectively.

As of  May 31, 2025, we had a liability of $19,415 recorded for gross unrecognized tax benefits (excluding interest) compared to $15,590 as of November 30, 2024. As of May 31, 2025 and November 30, 2024, we had accrued $3,204 and $4,558 of gross interest relating to unrecognized tax benefits, respectively.