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Income Taxes (Tables) | 12 Months Ended
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Nov. 30, 2024
Income Tax Disclosure [Abstract] |
Schedule of Pretax Income | The components of pretax income are as follows:
| Fiscal Years Ended November 30,
| 2024 |  | 2023 |  | 2022
| (currency in thousands)
United States | $ | 263,321 |  |  | $ | 283,233 |  |  | $ | 334,994 |
Foreign | 602,714 |  |  | 506,275 |  |  | 492,136 |
| $ | 866,035 |  |  | $ | 789,508 |  |  | $ | 827,130 |
Schedule of Provisions for Income Taxes | Significant components of the provision for income taxes are as follows:
| Fiscal Years Ended November 30,
| 2024 |  | 2023 |  | 2022
| (currency in thousands)
Current tax provision: |  |  |  |  |
Federal | $ | 12,163 |  |  | $ | 78,239 |  |  | $ | 88,745 |
State | 24,501 |  |  | 40,436 |  |  | 35,320 |
Foreign | 169,093 |  |  | 135,494 |  |  | 144,139 |
| $ | 205,757 |  |  | $ | 254,169 |  |  | $ | 268,204 |
Deferred tax provision (benefit): |  |  |  |  |
Federal | $ | 18,006 |  |  | $ | (30,499) |  |  | $ | (31,143) |
State | (12,836) |  |  | (24,771) |  |  | (9,471) |
Foreign | (33,983) |  |  | (36,302) |  |  | (51,767) |
| $ | (28,813) |  |  | $ | (91,572) |  |  | $ | (92,381) |
Total tax provision | $ | 176,944 |  |  | $ | 162,597 |  |  | $ | 175,823 |
Schedules of Deferred Tax Assets and Liabilities | The breakdown of net deferred tax assets and liabilities are as follows:
| As of November 30,
| 2024 |  | 2023
| (currency in thousands)
Deferred tax assets | $ | 36,059 |  |  | $ | 79,512 |
Deferred tax liabilities | (812,763) |  |  | (893,021) |
Total net deferred tax assets (liabilities) | $ | (776,704) |  |  | $ | (813,509) |
The significant components of the Company’s deferred tax assets and liabilities are as follows:
| As of November 30,
| 2024 |  | 2023
| (currency in thousands)
Assets: |  |  |
Loss carryforwards | $ | 87,043 |  |  | $ | 82,014 |
Lease liabilities | 110,166 |  |  | 103,013 |
Accrued liabilities | 118,272 |  |  | 127,399 |
Foreign tax credit carryforwards | 36,290 |  |  | 45,732 |
Disallowed interest expense | 21,976 |  |  | 23,368 |
Allowance for doubtful accounts and sales return reserves | 19,713 |  |  | 34,476 |
Capitalized inventory costs | 11,974 |  |  | 12,106 |
Unrealized losses on hedges | 11,971 |  |  | 13,806 |
Acquisition and transaction related costs | 5,255 |  |  | 7,617 |
Share-based compensation expense | 15,575 |  |  | 16,548 |
Deferred revenue | 12,129 |  |  | 7,016 |
Long-lived assets | 4,665 |  |  | 6,188 |
Other, net | 3,251 |  |  | 688 |
| 458,280 |  |  | 479,971 |
Less: valuation allowance | (80,640) |  |  | (92,371) |
Total deferred tax assets | $ | 377,640 |  |  | $ | 387,600 |
Liabilities: |  |  |
Long-lived assets | $ | (1,017,777) |  |  | $ | (1,090,615) |
Lease right-of-use assets | (106,821) |  |  | (99,831) |
Deferred costs | (12,279) |  |  | (3,905) |
Deferred taxes on unremitted earnings | (5,116) |  |  | — |
Other, net | (12,351) |  |  | (6,758) |
Total deferred tax liabilities | $ | (1,154,344) |  |  | $ | (1,201,109) |
Net deferred tax liability | $ | (776,704) |  |  | $ | (813,509) |
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,
| 2024 |  | 2023 |  | 2022
United States federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal income tax benefit | 1.0 |  |  | 1.1 |  |  | 1.8 |
Global intangible low taxed income | 0.4 |  |  | 0.7 |  |  | 0.2 |
Tax on foreign earnings different than US federal rate | (2.5) |  |  | (3.0) |  |  | (2.5) |
Net changes in deferred tax valuation allowances | (1.4) |  |  | (0.2) |  |  | (0.9) |
Interest not subject to tax, net | 0.1 |  |  | 0.1 |  |  | 0.3 |
Foreign withholding taxes | 2.4 |  |  | 0.6 |  |  | — |
Capital loss carryback | — |  |  | — |  |  | (1.0) |
Net changes in reserves for uncertain tax positions | (0.3) |  |  | — |  |  | (0.1) |
Stock compensation related to Tech Data equity awards | — |  |  | 0.9 |  |  | 1.4 |
Other, net | (0.3) |  |  | (0.6) |  |  | 1.1 |
Effective income tax rate | 20.4 | % |  | 20.6 | % |  | 21.3 | %
Schedule of Unrecognized Tax Benefits Roll Forward | The aggregate changes in the balances of gross unrecognized tax benefits, excluding accrued interest and penalties, during fiscal years 2024, 2023 and 2022 were as follows (currency in thousands):
For the year ended November 30: |  | 2024 |  | 2023 |  | 2022
Gross unrecognized tax benefits at beginning of period |  | $ | 18,940 |  |  | $ | 20,695 |  |  | $ | 26,330 |
Increases in tax positions for prior years |  | 1,068 |  |  | 859 |  |  | 1,069 |
Decreases in tax positions for prior years |  | (1,219) |  |  | (3,093) |  |  | (189) |
Increases in tax positions for current year |  | 1,390 |  |  | 3,101 |  |  | 955 |
Expiration of statutes of limitation |  | (3,167) |  |  | (2,874) |  |  | (3,074) |
Settlements |  | — |  |  | — |  |  | (3,375) |
Changes due to translation of foreign currencies |  | (215) |  |  | 252 |  |  | (1,021) |
Gross unrecognized tax benefits at end of period |  | $ | 16,797 |  |  | $ | 18,940 |  |  | $ | 20,695 |

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