Subsequent Event

12 Months Ended

Nov. 30, 2017

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On December 22, 2017, the TCJA was enacted into law. While we are assessing the TCJA, and believe that its impact on our business may not be fully known for some time, its reduction of the federal corporate income tax rate from 35% to 21%, effective January 1, 2018, will result in our recording a one-time, non-cash charge of approximately $115 million to our provision for income taxes in the 2018 first quarter. The charge is solely due to the accounting re-measurement of our deferred tax assets based on the lower income tax rate. We expect our effective tax rate for 2018, excluding the impact of the non-cash charge, to be approximately 27%. We believe the TCJA will not impact the ability of our deferred tax assets, as re-measured, to reduce the amount of cash federal income taxes payable in 2018 and beyond.