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Income Taxes (Tables) | 12 Months Ended
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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 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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