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Income Taxes (Tables)

12 Months Ended

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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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 of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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