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Income Taxes (Tables)

12 Months Ended

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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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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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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