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Note 9 - Income Taxes
 9 Months Ended
Aug. 30, 2025
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

Note 9: Income Taxes

 

Income tax expense for the three and nine months ended August 30, 2025 includes $3,742 of discrete tax benefit and $11,210 of discrete tax expense, respectively. The discrete tax benefit for the three months ended  August 30, 2025 relates to various U.S. and foreign tax matters. The discrete tax expense for the nine months ended  August 30, 2025 relates to the impact of withholding tax recorded on earnings that are no longer permanently reinvested, offset by various U.S. and foreign tax matters. Excluding the discrete tax benefit and expense, the overall effective tax rate was 24.4 percent and 25.2 percent for the three and nine months ended August 30, 2025, respectively.

 

Income tax expense for the three and nine months ended August 31, 2024 includes $2,937 and $4,147 of discrete tax benefit, respectively, relating to an excess tax benefit on U.S. stock compensation, as well as other various U.S. and foreign tax matters. Excluding the discrete tax benefit, the overall effective tax rate was 29.3 percent and 28.7 percent for the three and nine months ended August 31, 2024, respectively.

 

As of  August 30, 2025, we had a liability of $18,012 recorded for gross unrecognized tax benefits (excluding interest) compared to $15,590 as of November 30, 2024. As of August 30, 2025 and November 30, 2024, we had accrued $3,495 and $4,558 of gross interest relating to unrecognized tax benefits, respectively.