Income Taxes (Tables)

12 Months Ended

Nov. 30, 2023

Income Tax Disclosure [Abstract]

Provision For Income Taxes

The provision for income taxes for the years ended November 30 consists of the following:

(millions)	2023		2022		2021
Income taxes
Current
Federal	$	82.4	$	62.8	$	71.7
State	15.1		14.8		14.0
International	82.4		69.2		71.0
	179.9		146.8		156.7
Deferred
Federal	(2.2)		37.1		23.5
State	2.7		(3.2)		16.8
International	(5.9)		(12.1)		(4.3)
	(5.4)		21.8		36.0
Total income tax expense (benefit)	$	174.5	$	168.6	$	192.7

Components Of Income From Consolidated Operations Before Income Taxes

The components of income from consolidated operations before income taxes for the years ended November 30 follow:

(millions)	2023		2022		2021
Pretax income
United States	$	569.6	$	600.7	$	588.1
International	229.1		212.1		307.7
	$	798.7	$	812.8	$	895.8

Reconciliation Of The U.S. Federal Statutory Rate With The Effective Tax Rate

A reconciliation of the U.S. federal statutory rate with the effective tax rate for the years ended November 30 follows:

	2023		2022		2021
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefits	1.9		1.2		1.6
International tax at different effective rates	0.3		(0.1)		0.8
U.S. tax on remitted and unremitted earnings	0.9		0.6		0.1
Stock compensation expense	—		(1.1)		(0.4)
Changes in prior year tax contingencies	(0.8)		(0.8)		(2.5)
Acquisition-related state tax rate change, net of federal benefits	—		—		1.2
Valuation allowance release	(0.4)		(0.6)		(0.5)
U.S. research credits	(1.5)		(1.0)		(0.8)
Other, net	0.4		1.5		1.0
Total	21.8	%	20.7	%	21.5	%

Schedule Of Deferred Tax Assets And Liabilities

Deferred tax assets and liabilities are comprised of the following as of November 30:

(millions)	2023		2022
Deferred tax assets
Employee benefit liabilities	$	46.6	$	49.9
Other accrued liabilities	38.8		36.1
Inventory	18.9		17.4
Tax loss and credit carryforwards	63.8		59.7
Lease liabilities	13.6		18.1
Research expenditures	31.4		—
Other	27.7		22.7
Valuation allowance	(25.9)		(26.4)
	214.9		177.5
Deferred tax liabilities
Depreciation	99.5		93.0
Intangible assets	866.8		847.4
Lease ROU assets	13.2		12.3
Other	12.7		18.6
	992.2		971.3
Net deferred tax liability	$	(777.3)	$	(793.8)

Activity Related To Our Gross Unrecognized Tax Benefits

The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended November 30:

(millions)	2023		2022		2021
Balance at beginning of year	$	25.1	$	26.8	$	39.3
Additions for current year tax positions	3.9		4.7		4.8
Additions for prior year tax positions	1.3		0.1		0.1
Reductions of prior year tax positions	(3.6)		(0.8)		(11.6)
Statute expirations	(1.3)		(5.0)		(6.0)
Settlements	(1.3)		—		(0.2)
Foreign currency translation	(0.1)		(0.7)		0.4
Balance at November 30	$	24.0	$	25.1	$	26.8