Income Taxes (Tables)

12 Months Ended

Nov. 30, 2019

Income Tax Disclosure [Abstract]

Provision For Income Taxes

The provision for income taxes for the years ended November 30 consists of the following:

(millions)	2019			2018			2017
Income taxes
Current
Federal	$	52.3		$	92.9		$	67.1
State	10.7			11.0			6.2
International	73.5			78.7			53.9
	136.5			182.6			127.2
Deferred
Federal	26.4			(340.3		)	23.8
State	3.6			1.5			0.9
International	(9.1		)	(1.1		)	(0.6		)
	20.9			(339.9		)	24.1
Total income tax expense (benefit)	$	157.4		$	(157.3	)	$	151.3

Components Of Income From Consolidated Operations Before Income Taxes

The components of income from consolidated operations before income taxes for the years ended November 30 follow:

(millions)	2019		2018		2017
Pretax income
United States	$	569.0	$	492.2	$	382.1
International	250.2		249.1		212.7
	$	819.2	$	741.3	$	594.8

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 for the years ended November 30 follows:

	2019		2018		2017
Federal statutory tax rate	21.0	%	22.2	%	35.0	%
State income taxes, net of federal benefits	1.6		1.5		0.8
International tax at different effective rates	1.6		0.4		(4.8	)
U.S. tax on remitted and unremitted earnings	0.5		0.6		0.4
Stock compensation expense	(2.8	)	(2.9	)	(1.6	)
U.S. manufacturing deduction	—		(0.8	)	(1.8	)
Changes in prior year tax contingencies	(0.3	)	(0.8	)	(2.1	)
Non-recurring benefit of U.S. Tax Act	(0.2	)	(40.7	)	—
Intra-entity asset transfer	(1.8	)	—		—
Other, net	(0.4	)	(0.7	)	(0.5	)
Total	19.2	%	(21.2	)%	25.4	%

Schedule Of Deferred Tax Assets And Liabilities

Deferred tax assets and liabilities are comprised of the following as of November 30:

(millions)	2019			2018
Deferred tax assets
Employee benefit liabilities	$	103.3		$	82.7
Other accrued liabilities	32.3			40.0
Inventory	7.5			8.0
Tax loss and credit carryforwards	46.8			57.2
Other	48.1			44.2
Valuation allowance	(32.4		)	(32.9		)
	205.6			199.2
Deferred tax liabilities
Depreciation	82.6			77.8
Intangible assets	770.5			782.8
Other	5.5			5.3
	858.6			865.9
Net deferred tax liability	$	(653.0	)	$	(666.7	)

Activity Related To Our Gross Unrecognized Tax Benefits

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

(millions)	2019			2018			2017
Balance at beginning of year	$	27.9		$	39.1		$	58.3
Additions for current year tax positions	6.6			6.5			7.3
Additions for prior year tax positions	0.6			0.3			0.9
Reductions for prior year tax positions	(0.3		)	(6.9		)	(8.4		)
Settlements	—			—			(18.1		)
Statute expirations	(2.5		)	(9.1		)	(2.1		)
Foreign currency translation	(0.3		)	(2.0		)	1.2
Balance at November 30	$	32.0		$	27.9		$	39.1