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Income Taxes (Tables) | 12 Months Ended
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Nov. 30, 2023
Income Tax Disclosure [Abstract] |
Schedule of Pretax Income | The components of pretax income are as follows:
| Fiscal Years Ended November 30,
| 2023 |  | 2022 |  | 2021
| (currency in thousands)
United States | $ | 283,233 |  |  | $ | 334,994 |  |  | $ | 246,331 |
Foreign | 506,275 |  |  | 492,136 |  |  | 220,154 |
| $ | 789,508 |  |  | $ | 827,130 |  |  | $ | 466,485 |
Schedule of Provisions for Income Taxes | Significant components of the provision for income taxes are as follows:
| Fiscal Years Ended November 30,
| 2023 |  | 2022 |  | 2021
| (currency in thousands)
Current tax provision: |  |  |  |  |
Federal | $ | 78,239 |  |  | $ | 88,745 |  |  | $ | (8,838) |
State | 40,436 |  |  | 35,320 |  |  | 13,916 |
Foreign | 135,494 |  |  | 144,139 |  |  | 66,660 |
| $ | 254,169 |  |  | $ | 268,204 |  |  | $ | 71,738 |
Deferred tax provision (benefit): |  |  |  |  |
Federal | $ | (30,499) |  |  | $ | (31,143) |  |  | $ | 13,597 |
State | (24,771) |  |  | (9,471) |  |  | (675) |
Foreign | (36,302) |  |  | (51,767) |  |  | (13,244) |
| $ | (91,572) |  |  | $ | (92,381) |  |  | $ | (322) |
Total tax provision | $ | 162,597 |  |  | $ | 175,823 |  |  | $ | 71,416 |
Schedules of Deferred Tax Assets and Liabilities | The breakdown of net deferred tax assets and liabilities are as follows:
| As of November 30,
| 2023 |  | 2022
| (currency in thousands)
Deferred tax assets | $ | 79,512 |  |  | $ | 46,523 |
Deferred tax liabilities | (893,021) |  |  | (942,250) |
Total net deferred tax assets (liabilities) | $ | (813,509) |  |  | $ | (895,727) |
The significant components of the Company’s deferred tax assets and liabilities are as follows:
| As of November 30,
| 2023 |  | 2022
| (currency in thousands)
Assets: |  |  |
Loss carryforwards | $ | 82,014 |  |  | $ | 82,192 |
Lease liabilities | 103,013 |  |  | 96,236 |
Accrued liabilities | 127,399 |  |  | 104,370 |
Foreign tax credit carryforwards | 45,732 |  |  | 50,090 |
Disallowed interest expense | 23,368 |  |  | 21,271 |
Allowance for doubtful accounts and sales return reserves | 34,476 |  |  | 29,046 |
Capitalized inventory costs | 12,106 |  |  | 6,541 |
Unrealized losses on cash flow hedges | 13,806 |  |  | 3,820 |
Acquisition and transaction related costs | 7,617 |  |  | 10,024 |
Share-based compensation expense | 16,548 |  |  | 15,530 |
Deferred revenue | 7,016 |  |  | 6,958 |
Long-lived assets | 6,188 |  |  | 7,461 |
Other, net | 688 |  |  | 2,385 |
| 479,971 |  |  | 435,924 |
Less: valuation allowance | (92,371) |  |  | (102,891) |
Total deferred tax assets | $ | 387,600 |  |  | $ | 333,033 |
Liabilities: |  |  |
Long-lived assets | $ | (1,090,615) |  |  | $ | (1,112,041) |
Lease right-of-use assets | (99,831) |  |  | (96,738) |
Deferred costs | (3,905) |  |  | (8,214) |
Capitalized marketing program costs | (404) |  |  | (2,949) |
Other, net | (6,354) |  |  | (8,818) |
Total deferred tax liabilities | $ | (1,201,109) |  |  | $ | (1,228,760) |
Net deferred tax (liability) asset | $ | (813,509) |  |  | $ | (895,727) |
Schedule of Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Income Tax Rate | The reconciliation of the statutory United States federal income tax rate to the Company’s effective income tax rate is as follows:
| Fiscal Years Ended November 30,
| 2023 |  | 2022 |  | 2021
United States federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal income tax benefit | 1.1 |  |  | 1.8 |  |  | 2.5 |
Global intangible low taxed income | 0.7 |  |  | 0.2 |  |  | 0.6 |
Tax on foreign earnings different than US federal rate | (3.0) |  |  | (2.5) |  |  | 1.6 |
Net changes in deferred tax valuation allowances | (0.2) |  |  | (0.9) |  |  | (0.4) |
Interest not subject to tax, net | 0.1 |  |  | 0.3 |  |  | 0.2 |
Capital loss carryback | — |  |  | (1.0) |  |  | (9.6) |
Net changes in reserves for uncertain tax positions | — |  |  | (0.1) |  |  | (0.7) |
Stock compensation related to Tech Data equity awards | 0.9 |  |  | 1.4 |  |  | — |
Other, net | — |  |  | 1.1 |  |  | 0.1 |
Effective income tax rate | 20.6 | % |  | 21.3 | % |  | 15.3 | %
Summary of Aggregate Changes in Balances of Gross Unrecognized Tax Benefits | The aggregate changes in the balances of gross unrecognized tax benefits, excluding accrued interest and penalties, during fiscal years 2023, 2022 and 2021 were as follows (currency in thousands):
For the year ended November 30: |  | 2023 |  | 2022 |  | 2021
Gross unrecognized tax benefits at beginning of period |  | $ | 20,695 |  |  | $ | 26,330 |  |  | $ | 12,513 |
Increases in tax positions for prior years and acquisitions |  | 859 |  |  | 1,069 |  |  | 17,579 |
Decreases in tax positions for prior years |  | (3,093) |  |  | (189) |  |  | — |
Increases in tax positions for current year |  | 3,101 |  |  | 955 |  |  | 827 |
Expiration of statutes of limitation |  | (2,874) |  |  | (3,074) |  |  | (3,768) |
Settlements |  | — |  |  | (3,375) |  |  | — |
Changes due to translation of foreign currencies |  | 252 |  |  | (1,021) |  |  | (821) |
Gross unrecognized tax benefits at end of period |  | $ | 18,940 |  |  | $ | 20,695 |  |  | $ | 26,330 |

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