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Income Taxes (Tables)
12 Months Ended
Nov. 24, 2019
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 to income before income taxes as follows:
 
Year Ended
 
November 24, 2019
 
November 25, 2018
 
November 26, 2017
 
(Dollars in thousands)
Income tax expense at U.S. federal statutory rate
$
100,293

21.0
 %
 
$
111,755

22.4
 %
 
$
122,073

35.0
 %
State income taxes, net of U.S. federal impact
4,496

1.0
 %
 
11,102

2.2
 %
 
7,598

2.2
 %
Change in valuation allowance
(81
)
 %
 
(9,239
)
(1.9
)%
 
(9,624
)
(2.8
)%
Impact of foreign operations(1)(2)
7,132

1.5
 %
 
(17,149
)
(3.4
)%
 
(43,806
)
(12.6
)%
Foreign-derived intangible income benefit ("FDII")
(11,918
)
(2.5
)%
 

 %
 

 %
Reassessment of tax liabilities
(6,480
)
(1.4
)%
 
(12,552
)
(2.5
)%
 
(5,553
)
(1.6
)%
Stock-based compensation(3)
(15,730
)
(3.3
)%
 
(10,715
)
(2.1
)%
 
(5,602
)
(1.6
)%
Other, including non-deductible expenses(1)
4,892

1.0
 %
 
(1,783
)
(0.4
)%
 
(861
)
(0.2
)%
Impact of US Tax Act

 %
 
143,359

28.7
 %
 

 %
Total
$
82,604

17.3
 %
 
$
214,778

43.0
 %
 
$
64,225

18.4
 %

_____________
(1)
Foreign branches are included in the Impact of foreign operations. 2017 and 2018 have been conformed to the November 24, 2019 presentation.
(2) Included in the Impact of foreign operations are foreign rates differential, GILTI and tax impact on actual and deemed repatriation of foreign earnings.
(3)
Classification of stock-based compensation for 2017 has been conformed to the November 25, 2018 and November 24, 2019 presentation.
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 24, 2019
 
November 25, 2018
 
November 26, 2017
 
(Dollars in thousands)
Domestic
$
120,692

 
$
151,229

 
$
67,407

Foreign
356,892

 
348,793

 
281,374

Total income before income taxes
$
477,584

 
$
500,022

 
$
348,781

Schedule of components of income tax expense (benefit)
Income tax expense consisted of the following:
 
Year Ended
 
November 24, 2019
 
November 25, 2018
 
November 26, 2017
 
(Dollars in thousands)
U.S. Federal
 
 
 
 
 
Current
$
13,182

 
$
12,468

 
$
7,936

Deferred
(22,319
)
 
126,210

 
1,240

 
$
(9,137
)
 
$
138,678

 
$
9,176

U.S. State
 
 
 
 
 
Current
$
(2,939
)
 
$
6,447

 
$
3,441

Deferred
1,002

 
4,655

 
4,157

 
$
(1,937
)
 
$
11,102

 
$
7,598

Foreign
 
 
 
 
 
Current
$
87,324

 
$
61,605

 
$
53,334

Deferred
6,354

 
3,393

 
(5,883
)
 
$
93,678

 
$
64,998

 
$
47,451

Consolidated
 
 
 
 
 
Current
$
97,567

 
$
80,520

 
$
64,711

Deferred
(14,963
)
 
134,258

 
(486
)
Total income tax expense
$
82,604

 
$
214,778

 
$
64,225

Schedule of deferred tax assets and liabilities
The Company's deferred tax assets and deferred tax liabilities were as follows:
 
November 24, 2019
 
November 25, 2018
 
(Dollars in thousands)
Deferred tax assets
 
 
 
Foreign tax credit carryforwards
$
157,379

 
$
133,620

State net operating loss carryforwards
10,070

 
9,708

Foreign net operating loss carryforwards
45,047

 
52,327

Employee compensation and benefit plans(1)
141,489

 
147,347

Advance royalties
15,213

 
22,366

Accrued liabilities(1)
24,648

 
26,167

Sales returns and allowances(1)
22,494

 
25,715

Inventory(1)
11,635

 
13,030

Property, plant and equipment(1)
12,266

 
11,823

Unrealized foreign exchange gains or losses
5,527

 
5,467

Other(1)
9,557

 
8,718

Total gross deferred tax assets
455,325

 
456,288

Less: Valuation allowance
(19,611
)
 
(21,970
)
Deferred tax assets, net of valuation allowance
435,714

 
434,318

Deferred tax liabilities
 
 
 
U.S. Branches(1)
(27,134
)
 
(33,735
)
Residual tax liability on unremitted foreign earnings
(5,672
)
 
(5,737
)
Total deferred tax liabilities
(32,806
)
 
(39,472
)
Total net deferred tax assets
$
402,908

 
$
394,846


Summary of valuation allowance
The following table details the changes in valuation allowance during the year ended November 24, 2019:
 
Valuation Allowance at November 25, 2018
 
Changes in Related Gross Deferred Tax Asset
 
Change / (Release)
 
Valuation Allowance at November 24, 2019
 
(Dollars in thousands)
U.S. state net operating loss carryforwards
$
2,096

 
$
(494
)
 
$
938

 
$
2,540

Foreign net operating loss carryforwards and other foreign deferred tax assets
19,874

 
(1,784
)
 
(1,019
)
 
17,071

 
$
21,970

 
$
(2,278
)
 
$
(81
)
 
$
19,611

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 24, 2019 and November 25, 2018:
 
November 24,
2019
 
November 25,
2018
 
(Dollars in thousands)
Unrecognized tax benefits beginning balance
$
26,594

 
$
33,786

Increases related to current year tax positions
2,432

 
3,657

Increases related to tax positions from prior years
3,696

 
5,686

Decreases related to tax positions from prior years
(3,222
)
 
(13,731
)
Settlement with tax authorities
7,119

 

Lapses of statutes of limitation
(45
)
 
(1,811
)
Other, including foreign currency translation
(15
)
 
(993
)
Unrecognized tax benefits ending balance
$
36,559

 
$
26,594