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Income Taxes (Tables)

12 Months Ended

Nov. 30, 2020

Income Tax Disclosure [Abstract]

Provision For Income Taxes

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

(millions)			2020			2019			2018
Income taxes
Current
Federal			$	98.3		$	52.3		$	92.9
State			14.8			10.7			11.0
International			73.0			73.5			78.7
			186.1			136.5			182.6
Deferred
Federal			4.6			26.4			(340.3)
State			0.5			3.6			1.5
International			(16.3)			(9.1)			(1.1)
			(11.2)			20.9			(339.9)
Total income tax expense (benefit)			$	174.9		$	157.4		$	(157.3)

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)			2020			2019			2018
Pretax income
United States			$	624.3		$	569.0		$	492.2
International			257.2			250.2			249.1
			$	881.5		$	819.2		$	741.3

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:

			2020			2019			2018
Federal statutory tax rate			21.0		%	21.0		%	22.2		%
State income taxes, net of federal benefits			1.5			1.6			1.5
International tax at different effective rates			1.3			1.6			0.4
U.S. tax on remitted and unremitted earnings			0.8			0.5			0.6
Stock compensation expense			(1.5)			(2.8)			(2.9)
U.S. manufacturing deduction			—			—			(0.8)
Changes in prior year tax contingencies			(0.3)			(0.3)			(0.8)
Non-recurring benefit of U.S. Tax Act			—			(0.2)			(40.7)
Valuation allowance release			(1.4)			—			—
Intra-entity asset transfer			(1.1)			(1.8)			—
Other, net			(0.5)			(0.4)			(0.7)
Total			19.8		%	19.2		%	(21.2)		%

Schedule Of Deferred Tax Assets And Liabilities

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

(millions)			2020			2019
Deferred tax assets
Employee benefit liabilities			$	121.9		$	103.3
Other accrued liabilities			40.3			32.3
Inventory			10.6			7.5
Tax loss and credit carryforwards			59.7			46.8
Operating lease liabilities			33.0			—
Other			47.9			48.1
Valuation allowance			(31.5)			(32.4)
			281.9			205.6
Deferred tax liabilities
Depreciation			89.1			82.6
Intangible assets			815.1			770.5
Lease ROU assets			32.2			—
Other			4.5			5.5
			940.9			858.6
Net deferred tax liability			$	(659.0)		$	(653.0)

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)			2020			2019			2018
Balance at beginning of year			$	32.0		$	27.9		$	39.1
Additions for current year tax positions			7.8			6.6			6.5
Additions for prior year tax positions			2.5			0.6			0.3
Reductions for prior year tax positions			—			(0.3)			(6.9)
Settlements			—			—			—
Statute expirations			(4.2)			(2.5)			(9.1)
Foreign currency translation			1.2			(0.3)			(2.0)
Balance at November 30			$	39.3		$	32.0		$	27.9

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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