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Income Taxes (Tables)

12 Months Ended

Nov. 30, 2021

Income Tax Disclosure [Abstract]

Provision For Income Taxes

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

(millions)			2021			2020			2019
Income taxes
Current
Federal			$	71.7		$	98.3		$	52.3
State			14.0			14.8			10.7
International			71.0			73.0			73.5
			156.7			186.1			136.5
Deferred
Federal			23.5			4.6			26.4
State			16.8			0.5			3.6
International			(4.3)			(16.3)			(9.1)
			36.0			(11.2)			20.9
Total income tax expense (benefit)			$	192.7		$	174.9		$	157.4

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)			2021			2020			2019
Pretax income
United States			$	588.1		$	624.3		$	569.0
International			307.7			257.2			250.2
			$	895.8		$	881.5		$	819.2

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:

			2021			2020			2019
Federal statutory tax rate			21.0		%	21.0		%	21.0		%
State income taxes, net of federal benefits			1.6			1.5			1.6
International tax at different effective rates			0.8			1.3			1.6
U.S. tax on remitted and unremitted earnings			0.1			0.8			0.5
Stock compensation expense			(0.4)			(1.5)			(2.8)
Changes in prior year tax contingencies			(2.5)			(0.3)			(0.3)
Acquisition-related state tax rate change, net of federal benefits			1.2			—			—
Valuation allowance release			(0.5)			(1.4)			—
Intra-entity asset transfer			—			(1.1)			(1.8)
Non-recurring benefit of U.S. Tax Act			—			—			(0.2)
Other, net			0.2			(0.5)			(0.4)
Total			21.5		%	19.8		%	19.2		%

Schedule Of Deferred Tax Assets And Liabilities

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

(millions)			2021			2020
Deferred tax assets
Employee benefit liabilities			$	91.2		$	121.9
Other accrued liabilities			39.8			40.3
Inventory			12.9			10.6
Tax loss and credit carryforwards			56.6			59.7
Operating lease liabilities			4.0			33.0
Other			51.0			47.9
Valuation allowance			(32.7)			(31.5)
			222.8			281.9
Deferred tax liabilities
Depreciation			97.5			89.1
Intangible assets			841.3			815.1
Lease ROU assets			3.3			32.2
Other			5.9			4.5
			948.0			940.9
Net deferred tax liability			$	(725.2)		$	(659.0)

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)			2021			2020			2019
Balance at beginning of year			$	39.3		$	32.0		$	27.9
Additions for current year tax positions			4.8			7.8			6.6
Additions for prior year tax positions			0.1			2.5			0.6
Reductions of prior year tax positions			(11.6)			—			(0.3)
Statute expirations			(6.0)			(4.2)			(2.5)
Settlements			(0.2)			—			—
Foreign currency translation			0.4			1.2			(0.3)
Balance at November 30			$	26.8		$	39.3		$	32.0

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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 components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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