Income Taxes (Tables)

12 Months Ended

Nov. 30, 2017

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefit (Expense)

Income tax expense consists of the following: 

	Year Ended						Eleven Months Ended
(in thousands)	November 30, 2017			November 30, 2016			November 30, 2015
Income (loss) before income taxes	$	2,453		$	12,813		$	(20,563	)
Income tax expense:
Current tax expense
Federal	—			—			—
State	(2		)	(2		)	(12		)
Total current tax expense	$	(2	)	$	(2	)	$	(12	)
Deferred tax expense
Federal	$	(5,703	)	$	(18,242	)	$	(10,929	)
State	(882		)	—			(1,562		)
Total deferred tax expense	(6,585		)	(18,242		)	(12,491		)
Income tax expense	$	(6,587	)	$	(18,244	)	$	(12,503	)

Income Tax Expense Differs from Amounts Obtained by Applying Statutory U.S. Federal Tax Rate to Income Before Taxes

The income tax expense differs from the amounts obtained by applying the statutory U.S. federal tax rate to income before taxes as shown below: 

	Year Ended						Eleven Months Ended
(in thousands)	November 30, 2017			November 30, 2016			November 30, 2015
Statutory rate (1)	35		%	35		%	35		%
Tax benefit (expense) at U.S. statutory rate	$	(858	)	$	(4,484	)	$	7,197
Noncontrolling interest	(48		)	(9,495		)	(10,201		)
Equity in earnings	(5,392		)	(1,892		)	(893		)
State income taxes	(921		)	(2,331		)	(1,574		)
Return to provision adjustments	132			—			—
Deferred adjustment	462			—			—
Other	38			(42		)	(3		)
Deferred taxes not benefited	—			—			(7,029		)
Total	$	(6,587	)	$	(18,244	)	$	(12,503	)
Effective tax rate	268.5		%	142.4		%	(60.8		)%

(1) On December 22, 2017, the 2017 Tax Act was signed into law, which enacted major changes to the U.S. federal income tax laws, including a permanent reduction in the U.S. federal corporate income tax rate. Please read “—Note 17—Subsequent Events” for further details.

Deferred Income Tax Liabilities and Assets

The income tax effects of temporary differences giving rise to the Partnership's deferred income tax liabilities and assets are as follows: 

	Year Ended						Eleven Months Ended
(in thousands)	November 30, 2017			November 30, 2016			November 30, 2015
Deferred tax assets:
Net operating loss carryforwards	$	17,241		$	3,948		$	41
Tax Credits	621			—			—
Total deferred tax assets	17,862			3,948			41
Deferred tax liabilities:
Outside basis difference in partnership	(55,180		)	(34,681		)	(12,544		)
Total deferred tax liabilities	(55,180		)	(34,681		)	(12,544		)
Net deferred tax asset (liability)	$	(37,318	)	$	(30,733	)	$	(12,503	)