v3.3.1.900

Income Taxes | 12 Months Ended
--- | ---
Nov. 28, 2015
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES The following is a reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions, including positions which impact only the timing of tax benefits for the years ended November 30, 2015, 2014 and 2013.
| 2015 |  | 2014 |  | 2013
Unrecognized tax benefits at December 1, | $ | 2,487 |  |  | $ | 2,155 |  |  | $ | 2,209 |
Additions for current period tax positions | 388 |  |  | 465 |  |  | 668 |
Additions related to acquired tax positions | 1,052 |  |  | — |  |  | — |
Additions for prior period tax positions | 321 |  |  | 40 |  |  | — |
Reductions for prior period tax positions | — |  |  | — |  |  | (40 | )
Reductions for lapse of statute of limitations/settlements | (401 | ) |  | (240 | ) |  | (431 | )
Changes in interest and penalties | 12 |  |  | 67 |  |  | (251 | )
Unrecognized tax benefits at November 30, | $ | 3,859 |  |  | $ | 2,487 |  |  | $ | 2,155 |
At November 30, 2015 and 2014, the amount of unrecognized tax benefit, that would impact the effective tax rate if recognized, was $2,797 and $1,555, respectively. As of November 30, 2015 and 2014, the Company had $281 and $273, respectively, accrued for the payment of interest and penalties. The Company believes it is reasonably possible that the total amount of unrecognized tax benefits as of November 30, 2015, will decrease by $282 over the next twelve months as a result of expected settlements with taxing authorities or the lapse of the statute of limitations in certain jurisdictions. Due to the various jurisdictions in which the Company files tax returns and the uncertainty regarding the timing of settlements it is possible that there could be other significant changes in the amount of unrecognized tax benefits in fiscal year 2016; however, the amount cannot be estimated. The Company is regularly audited by federal, state and foreign tax authorities. The Company's Federal tax returns for fiscal years 2011 and later remain open to examination by the Internal Revenue Service. With few exceptions, the Company is no longer subject to income tax examinations by state or foreign tax jurisdictions for fiscal years 2010 and earlier. The provision for income taxes consisted of:
| 2015 |  | 2014 |  | 2013
Current: |  |  |  |  |
Federal | $ | 51,116 |  |  | $ | 56,764 |  |  | $ | 34,414 |
State | 5,515 |  |  | 4,760 |  |  | 2,918 |
Foreign | 10,209 |  |  | 10,112 |  |  | 9,096 |
Deferred: |  |  |  |  |  |  |  |
Federal | (1,923 | ) |  | (4,102 | ) |  | 8,676 |
State | (1,051 | ) |  | (359 | ) |  | (165 | )
Foreign | (814 | ) |  | 205 |  |  | 1,011 |
| $ | 63,052 |  |  | $ | 67,380 |  |  | $ | 55,950 |
Earnings before income taxes and noncontrolling interests included the following components:
| 2015 |  | 2014 |  | 2013
Domestic income | $ | 160,287 |  |  | $ | 166,101 |  |  | $ | 141,224 |
Foreign income | 37,678 |  |  | 45,462 |  |  | 33,076 |
| $ | 197,965 |  |  | $ | 211,563 |  |  | $ | 174,300 |
The provision for income taxes resulted in effective tax rates that differ from the statutory federal income tax rates. The reasons for these differences are as follows:
| Percent of Pre-Tax Earnings
| 2015 |  | 2014 |  | 2013
Statutory U.S. tax rates | 35.0 | % |  | 35.0 | % |  | 35.0 | %
State income taxes, net of federal benefit | 1.3 |  |  | 1.3 |  |  | 1.0 |
Tax credits | (0.7 | ) |  | (0.2 | ) |  | (0.6 | )
Foreign taxes at different rates, net of credits | (1.9 | ) |  | (2.3 | ) |  | (1.6 | )
Domestic production activities deduction | (2.8 | ) |  | (2.7 | ) |  | (2.2 | )
Other, net | 1.0 |  |  | 0.7 |  |  | 0.5 |
| 31.9 | % |  | 31.8 | % |  | 32.1 | %
The components of the net deferred tax liability as of November 30, 2015 and 2014 were as follows:
| 2015 |  | 2014
Deferred tax assets: |  |  |
Deferred compensation | $ | 11,294 |  |  | $ | 9,074 |
Loss carryforward and tax credit items | 30,507 |  |  | 19,620 |
Accounts receivable | 7,842 |  |  | 6,538 |
Inventories | 6,390 |  |  | 5,484 |
Pensions | 9,619 |  |  | 10,019 |
Accrued liabilities and other | 7,427 |  |  | 6,999 |
Valuation allowance | (10,855 | ) |  | (1,268 | )
Total deferred tax assets, net | 62,224 |  |  | 56,466 |
Deferred tax liabilities: |  |  |  |  |
Percentage of completion | (1,866 | ) |  | (740 | )
Plant assets | (22,615 | ) |  | (24,818 | )
Goodwill and acquired intangible assets | (98,713 | ) |  | (97,179 | )
Other deferred tax liabilities | (287 | ) |  | (230 | )
Total deferred tax liabilities | (123,481 | ) |  | (122,967 | )
Deferred tax liability, net | $ | (61,257 | ) |  | $ | (66,501 | )
The Company acquired approximately $70,220 of federal net operating loss carryforwards and $2,365 of general business credit carryforwards with the acquisition of the Stanadyne Business on May 1, 2014. These acquired tax attributes were finalized in the current year upon completion of the pre-acquisition tax return filings of Stanadyne Corporation. The utilization of the acquired federal loss carryforwards are subject to annual limitations of approximately $21,000 based on restrictions under Section 382 of the Internal Revenue Code. As such, the Company has approximately $35,967 of federal loss carryforwards and all of the federal credit carryforwards remaining as of November 30, 2015, which will expire in 2031 through 2033. The Company also acquired approximately $26,685 of capital loss carryforwards which are subject to a full valuation allowance as the Company does not anticipate that such carryforwards will be utilized prior to their expiration in 2018. The remaining balance of deferred tax asset for loss carryforwards and tax credits available as of November 30, 2015 consists of foreign and state amounts, of which $1,190 expires in 2016 through 2029 and $5,023 may be carried over indefinitely. The Company increased the valuation allowance by $9,587 in 2015 and by $166 in 2014. The valuation allowance increase in 2015 was primarily generated by the capital loss carryforwards acquired and finalized from the pre-acquisition filings of the Stanadyne Business. The increase in 2014 related to the generation and utilization of foreign and state net operating losses and tax credit carryovers. The valuation allowance reflects the estimated amount of deferred tax assets due to federal capital loss carryforwards, foreign net operating losses and other foreign and state temporary differences that may not be realized. The Company expects to realize the remaining deferred tax assets through the reversal of taxable temporary differences and future earnings. The Company repatriated $26, $17, and $54, respectively, of accumulated foreign earnings in 2015, 2014, and 2013 related to one foreign subsidiary paying a dividend to another foreign subsidiary in those years. For the Company’s other foreign subsidiaries, the Company has not provided deferred taxes on unremitted foreign earnings from certain foreign affiliates of approximately $192,741 that are intended to be indefinitely reinvested to finance operations and expansion outside the United States. If such earnings were distributed beyond the amount for which taxes have been provided, foreign tax credits could offset in part any incremental U.S. tax liability. Determination of the unrecognized deferred taxes related to these undistributed earnings is not practicable. On December 18, 2015, the Protecting Americans from Tax Hikes (PATH) Act of 2015 was enacted. This legislation retroactively extended various temporary tax provisions which expired on December 31, 2014, including the permanent extension of the U.S. federal research credit. The Company expects to recognize a non-recurring benefit in the first quarter of 2016 attributable to the retroactive impact of this extension of the research credit and other business tax provisions.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration