Income Taxes (Tables)

12 Months Ended

Nov. 26, 2017

Income Tax Disclosure [Abstract]

Schedule of effective income tax rate reconciliation

The Company's income tax expense differed from the amount computed by applying the U.S. federal statutory income tax rate of 35% to income before income taxes as follows:

	Year Ended
	November 26, 2017					November 27, 2016					November 29, 2015
	(Dollars in thousands)
Income tax expense at U.S. federal statutory rate	$	122,073		35.0	%	$	142,541		35.0	%	$	108,639		35.0	%
State income taxes, net of U.S. federal impact	7,598			2.2	%	6,943			1.7	%	8,938			2.9	%
Change in valuation allowance	(9,624		)	(2.8	)%	—			—		—			—
Impact of foreign operations	(50,650		)	(14.5	)%	(28,727		)	(7.1	)%	(7,286		)	(2.3	)%
Reassessment of tax liabilities	(5,553		)	(1.6	)%	(2,387		)	(0.6	)%	(7,577		)	(2.4	)%
Deduction related to subsidiaries	—			—		(6,788		)	(1.7	)%	(8,060		)	(2.6	)%
Other, including non-deductible expenses	381			0.1	%	4,469			1.2	%	5,853			1.8	%
Total	$	64,225		18.4	%	$	116,051		28.5	%	$	100,507		32.4	%

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 26, 2017		November 27, 2016		November 29, 2015
	(Dollars in thousands)
Domestic	$	67,407	$	189,478	$	194,540
Foreign	281,374		217,782		115,858
Total income before income taxes	$	348,781	$	407,260	$	310,398

Schedule of components of income tax expense (benefit)

Income tax expense consisted of the following:

	Year Ended
	November 26, 2017			November 27, 2016			November 29, 2015
	(Dollars in thousands)
U.S. Federal
Current	$	7,936		$	7,122		$	3,299
Deferred	1,240			66,840			56,155
	$	9,176		$	73,962		$	59,454
U.S. State
Current	$	3,441		$	2,097		$	1,334
Deferred	4,157			4,846			7,604
	$	7,598		$	6,943		$	8,938
Foreign
Current	$	53,334		$	40,754		$	37,488
Deferred	(5,883		)	(5,608		)	(5,373		)
	$	47,451		$	35,146		$	32,115
Consolidated
Current	$	64,711		$	49,973		$	42,121
Deferred	(486		)	66,078			58,386
Total income tax expense	$	64,225		$	116,051		$	100,507

Schedule of deferred tax assets and liabilities

The Company's deferred tax assets and deferred tax liabilities were as follows:

	November 26, 2017			November 27, 2016
	(Dollars in thousands)
Deferred tax assets
Foreign tax credit carryforwards	$	123,593		$	92,845
State net operating loss carryforwards	8,302			8,721
Foreign net operating loss carryforwards	59,157			85,095
Employee compensation and benefit plans	214,798			247,235
Advance royalties	46,757			58,633
Accrued liabilities	29,169			28,680
Sales returns and allowances	39,030			29,338
Inventory	19,553			14,272
Property, plant and equipment	8,826			6,971
Unrealized foreign exchange gains or losses	23,058			—
Other	1,069			14,472
Total gross deferred tax assets	573,312			586,262
Less: Valuation allowance	(38,692		)	(68,212		)
Deferred tax assets, net of valuation allowance	534,620			518,050
Total net deferred tax assets	$	534,620		$	518,050

Summary of valuation allowance

Valuation Allowance. The following table details the changes in valuation allowance during the year ended November 26, 2017:

	Valuation Allowance at November 27, 2016		Changes in Related Gross Deferred Tax Asset			Change / (Release)			Valuation Allowance at November 26, 2017
	(Dollars in thousands)
U.S. state net operating loss carryforwards	$	1,720	$	(200	)	$	—		$	1,520
Foreign net operating loss carryforwards and other foreign deferred tax assets	66,492		(10,019		)	(19,301		)	37,172
	$	68,212	$	(10,219	)	$	(19,301	)	$	38,692

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 26, 2017 and November 27, 2016:

	November 26, 2017			November 27, 2016
	(Dollars in thousands)
Unrecognized tax benefits beginning balance	$	29,053		$	32,704
Increases related to current year tax positions	4,779			1,970
Increases related to tax positions from prior years	5,625			45
Decreases related to tax positions from prior years	(4,050		)	(584		)
Settlement with tax authorities	—			—
Lapses of statutes of limitation	(1,956		)	(4,266		)
Other, including foreign currency translation	335			(816		)
Unrecognized tax benefits ending balance	$	33,786		$	29,053