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Income Taxes (Tables) | 12 Months Ended
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Nov. 29, 2020
Income Tax Disclosure [Abstract] |
Schedule of effective income tax rate reconciliation | The Company's income tax (benefit) expense differed from the amount computed by applying the U.S. federal statutory income tax rate to income before income taxes as follows:
| Year Ended
| November 29, 2020 |  | November 24, 2019 |  | November 25, 2018
| (Dollars in thousands)
Income tax expense at U.S. federal statutory rate | $ | (39,855) |  | 21.0 | % |  | $ | 100,293 |  | 21.0 | % |  | $ | 111,755 |  | 22.4 | %
State income taxes, net of U.S. federal impact | (5,246) |  | 2.8 | % |  | 4,496 |  | 1.0 | % |  | 11,102 |  | 2.2 | %
Change in valuation allowance | 18,271 |  | (9.6) | % |  | (81) |  | — | % |  | (9,239) |  | (1.9) | %
Impact of foreign operations(1) | (8,868) |  | 4.7 | % |  | 7,132 |  | 1.5 | % |  | (17,149) |  | (3.4) | %
Foreign-derived intangible income benefit ("FDII") | — |  | — | % |  | (11,918) |  | (2.5) | % |  | — |  | — | %
Reassessment of tax liabilities | (1,531) |  | 0.7 | % |  | (6,480) |  | (1.4) | % |  | (12,552) |  | (2.5) | %
Stock-based compensation | (22,332) |  | 11.8 | % |  | (15,730) |  | (3.3) | % |  | (10,715) |  | (2.1) | %
Other, including non-deductible expenses | 1,547 |  | (0.8) | % |  | 4,892 |  | 1.0 | % |  | (1,783) |  | (0.4) | %
Change in tax law | (4,628) |  | 2.4 | % |  | — |  | — | % |  | 143,359 |  | 28.7 | %
Total | $ | (62,642) |  | 33.0 | % |  | $ | 82,604 |  | 17.3 | % |  | $ | 214,778 |  | 43.0 | %
___________ (1)Included in the Impact of foreign operations are foreign rates differential, GILTI and tax impact on actual and deemed repatriation of foreign earnings.
Schedule of income before income tax, domestic and foreign | The U.S. and foreign components of income before income taxes were as follows:
| Year Ended
| November 29, 2020 |  | November 24, 2019 |  | November 25, 2018
| (Dollars in thousands)
Domestic | $ | (197,718) |  |  | $ | 120,692 |  |  | $ | 151,229 |
Foreign | 7,935 |  |  | 356,892 |  |  | 348,793 |
Total income before income taxes | $ | (189,783) |  |  | $ | 477,584 |  |  | $ | 500,022 |
Schedule of components of income tax expense (benefit) | Income tax expense consisted of the following:
| Year Ended
| November 29, 2020 |  | November 24, 2019 |  | November 25, 2018
| (Dollars in thousands)
U.S. Federal |  |  |  |  |
Current | $ | 8,396 |  |  | $ | 13,182 |  |  | $ | 12,468 |
Deferred | (79,676) |  |  | (22,319) |  |  | 126,210 |
| $ | (71,280) |  |  | $ | (9,137) |  |  | $ | 138,678 |
U.S. State |  |  |  |  |
Current | $ | 978 |  |  | $ | (2,939) |  |  | $ | 6,447 |
Deferred | (6,435) |  |  | 1,002 |  |  | 4,655 |
| $ | (5,457) |  |  | $ | (1,937) |  |  | $ | 11,102 |
Foreign |  |  |  |  |
Current | $ | 23,228 |  |  | $ | 87,324 |  |  | $ | 61,605 |
Deferred | (9,133) |  |  | 6,354 |  |  | 3,393 |
| $ | 14,095 |  |  | $ | 93,678 |  |  | $ | 64,998 |
Consolidated |  |  |  |  |
Current | $ | 32,602 |  |  | $ | 97,567 |  |  | $ | 80,520 |
Deferred | (95,244) |  |  | (14,963) |  |  | 134,258 |
Total income tax expense | $ | (62,642) |  |  | $ | 82,604 |  |  | $ | 214,778 |
Schedule of deferred tax assets and liabilities | The Company's deferred tax assets and deferred tax liabilities were as follows:
| November 29, 2020 |  | November 24, 2019
| (Dollars in thousands)
Deferred tax assets |  |  |
Foreign tax credit carryforwards | $ | 232,164 |  |  | $ | 157,379 |
State net operating loss carryforwards | 16,054 |  |  | 10,070 |
Foreign net operating loss carryforwards | 58,644 |  |  | 45,047 |
Employee compensation and benefit plans | 102,846 |  |  | 141,489 |
Advance royalties | 10,021 |  |  | 15,213 |
Accrued liabilities | 32,304 |  |  | 24,648 |
Sales returns and allowances | 30,740 |  |  | 22,494 |
Inventory | 25,380 |  |  | 11,635 |
Property, plant and equipment | — |  |  | 12,266 |
Unrealized foreign exchange gains or losses | 18,665 |  |  | 5,527 |
Lease liability | 251,285 |  |  | — |
Other | 17,898 |  |  | 9,557 |
Total gross deferred tax assets | 796,001 |  |  | 455,325 |
Less: Valuation allowance | (38,543) |  |  | (19,611) |
Deferred tax assets, net of valuation allowance | 757,458 |  |  | 435,714 |
Deferred tax liabilities |  |  |
U.S. Branches | (25,330) |  |  | (27,134) |
Residual tax liability on unremitted foreign earnings | (7,940) |  |  | (5,672) |
Property, plant and equipment | (4,531) |  |  | — |
Right of use asset | (227,054) |  |  | — |
Total deferred tax liabilities | (264,855) |  |  | (32,806) |
Total net deferred tax assets | $ | 492,603 |  |  | $ | 402,908 |
Summary of valuation allowance | The following table details the changes in valuation allowance during the year ended November 29, 2020:
| Valuation Allowance at November 24, 2019 |  | Changes in Related Gross Deferred Tax Asset |  | Change / (Release) |  | Valuation Allowance at November 29, 2020
| (Dollars in thousands)
Foreign tax credit and U.S. state net operating loss carryforwards | $ | 2,540 |  |  | $ | 5,508 |  |  | $ | — |  |  | $ | 8,048 |
Foreign net operating loss carryforwards and other foreign deferred tax assets | 17,071 |  |  | (4,847) |  |  | 18,271 |  |  | 30,495 |
| $ | 19,611 |  |  | $ | 661 |  |  | $ | 18,271 |  |  | $ | 38,543 |
Schedule of unrecognized tax benefits roll forward | The following table reflects the changes to the Company's unrecognized tax benefits for the year ended November 29, 2020 and November 24, 2019:
| November 29, 2020 |  | November 24, 2019
| (Dollars in thousands)
Unrecognized tax benefits beginning balance | $ | 36,559 |  |  | $ | 26,594 |
Increases related to current year tax positions | 1,575 |  |  | 2,432 |
Increases related to tax positions from prior years | 262 |  |  | 3,696 |
Decreases related to tax positions from prior years | (889) |  |  | (3,222) |
Settlement with tax authorities | (4,322) |  |  | 7,119 |
Lapses of statutes of limitation | (446) |  |  | (45) |
Other, including foreign currency translation | (453) |  |  | (15) |
Unrecognized tax benefits ending balance | $ | 32,286 |  |  | $ | 36,559 |

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