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Income Taxes (Tables)

12 Months Ended

Nov. 30, 2013

The provision for income taxes consists of the following:



(millions)	2013			2012			2011
Income taxes
Current
Federal	$	96.4		$	79.4		$	76.5
State	10.3			10.1			10.5
International	42.2			26.0			17.6
	148.9			115.5			104.6
Deferred
Federal	(0.1		)	21.3			32.0
State	(0.4		)	4.0			4.1
International	(14.8		)	(1.0		)	1.9
	(15.3		)	24.3			38.0
Total income taxes	$	133.6		$	139.8		$	142.6

Components Of Income From Consolidated Operations Before Income Taxes

The components of income from consolidated operations before income taxes follow:



(millions)	2013		2012		2011
Pretax income
United States	$	351.2	$	366.2	$	338.7
International	148.2		159.9		152.7
	$	499.4	$	526.1	$	491.4

Reconciliation Of The U.S. Federal Statutory Rate With The Effective Tax Rate

A reconciliation of the U.S. federal statutory rate with the effective tax rate follows:



	2013		2012		2011
Federal statutory tax rate	35.0	%	35.0	%	35.0	%
State income taxes, net of federal benefits	1.2		1.7		1.9
International tax at different effective rates	(6.9	)	(6.5	)	(7.0	)
U.S. tax on remitted and unremitted earnings	—		(2.0	)	0.2
U.S. manufacturing deduction	(1.8	)	(1.6	)	(1.6	)
Changes in prior year tax contingencies	0.3		(0.1	)	(0.1	)
Other, net	(1.0	)	0.1		0.6
Total	26.8	%	26.6	%	29.0	%

Schedule Of Deferred Tax Assets And Liabilities

Deferred tax assets and liabilities are comprised of the following:



(millions)	2013			2012
Deferred tax assets
Employee benefit liabilities	$	110.3		$	165.2
Other accrued liabilities	23.5			16.3
Inventory	11.1			14.9
Tax loss and credit carryforwards	42.1			49.7
Other	9.5			11.8
Valuation allowance	(21.2		)	(27.5		)
	175.3			230.4
Deferred tax liabilities
Depreciation	45.3			48.3
Intangible assets	178.9			158.8
Other	7.4			5.9
	231.6			213.0
Net deferred tax (liability) asset	$	(56.3	)	$	17.4

The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended November 30:



(millions)	2013			2012			2011
Balance at beginning of year	$	46.7		$	33.2		$	20.7
Additions for current year tax positions	10.3			10.6			10.3
Additions for prior year tax positions	2.2			3.9			6.5
Reductions for prior year tax positions	—			—			(3.1		)
Statute expirations	(0.1		)	(1.2		)	(1.2		)
Foreign currency translation	(1.1		)	0.2			—
Balance at November 30	$	58.0		$	46.7		$	33.2

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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