Income Taxes (Tables)

12 Months Ended

Nov. 30, 2024

Income Tax Disclosure [Abstract]

Provision For Income Taxes

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

(millions)	2024		2023		2022
Income taxes
Current
Federal	$	103.0	$	82.4	$	62.8
State	16.6		15.1		14.8
International	94.7		82.4		69.2
	214.3		179.9		146.8
Deferred
Federal	(15.2)		(2.2)		37.1
State	(6.3)		2.7		(3.2)
International	(8.8)		(5.9)		(12.1)
	(30.3)		(5.4)		21.8
Total income tax expense (benefit)	$	184.0	$	174.5	$	168.6

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)	2024		2023		2022
Pretax income
United States	$	634.8	$	569.6	$	600.7
International	263.5		229.1		212.1
	$	898.3	$	798.7	$	812.8

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:

	2024		2023		2022
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefits	0.9		1.9		1.2
International tax at different effective rates	0.6		0.3		(0.1)
U.S. tax on remitted and unremitted earnings	1.8		0.9		0.6
Stock compensation expense	—		—		(1.1)
Changes in prior year tax contingencies	(1.4)		(0.8)		(0.8)
Legal entity reorganization	(2.3)		—		—
Valuation allowances	0.7		(0.4)		(0.6)
U.S. research credits	(1.3)		(1.5)		(1.0)
Other, net	0.5		0.4		1.5
Total	20.5	%	21.8	%	20.7	%

Schedule Of Deferred Tax Assets And Liabilities

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

(millions)	2024		2023
Deferred tax assets
Employee benefit liabilities	$	48.9	$	46.6
Other accrued liabilities	36.0		38.8
Inventory	18.3		18.9
Tax loss and credit carryforwards	69.0		63.8
Lease liabilities	10.6		13.6
Research expenditures	64.0		31.4
Other	28.0		27.7
Valuation allowance	(33.5)		(25.9)
	241.3		214.9
Deferred tax liabilities
Depreciation	96.8		99.5
Intangible assets	849.5		866.8
Lease ROU assets	16.1		13.2
Other	19.7		12.7
	982.1		992.2
Net deferred tax liability	$	(740.8)	$	(777.3)

Schedule of Unrecognized Tax Benefits Roll Forward

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

(millions)	2024		2023		2022
Balance at beginning of year	$	24.0	$	25.1	$	26.8
Additions for current year tax positions	4.4		3.9		4.7
Additions for prior year tax positions	—		1.3		0.1
Reductions of prior year tax positions	—		(3.6)		(0.8)
Statute expirations	(10.5)		(1.3)		(5.0)
Settlements	—		(1.3)		—
Foreign currency translation	(0.1)		(0.1)		(0.7)
Balance at November 30	$	17.8	$	24.0	$	25.1