Income Taxes

9 Months Ended

Aug. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The provision for income taxes and effective tax rate were as follows:

	Three Months Ended					Nine Months Ended
	August 31,					August 31,
(Dollars in thousands)	2016			2015		2016		2015
Provision for income taxes	$	(106,427	)	(95,621	)	(266,469	)	(250,573	)
Effective tax rate (1)	31.09		%	29.98	%	30.81	%	32.46	%

(1) For the three months ended August 31, 2016, the effective tax rate included tax benefits for the domestic production activities deduction and energy tax credits, offset primarily by state income tax expense. For the nine months ended August 31, 2016, the effective tax rate included tax benefits for (1) a settlement with the IRS, (2) the domestic production activities deduction, and (3) energy tax credits, offset primarily by state income tax expense. For both the three and nine months ended August 31, 2015, the effective tax rate included tax benefits for the domestic production activities deduction and energy tax credits, offset primarily by state income tax expense and interest accrued on uncertain tax positions.

As of August 31, 2016 and November 30, 2015, the Company's deferred tax assets, net included in the condensed consolidated balance sheets were $320.1 million and $340.7 million, respectively.

At both August 31, 2016 and November 30, 2015, the Company had $12.3 million of gross unrecognized tax benefits.

At August 31, 2016, the Company had $45.2 million accrued for interest and penalties, of which $2.4 million was accrued during the nine months ended August 31, 2016. In addition, during the nine months ended August 31, 2016, the Company's accrual for interest and penalties was reduced by $22.3 million due primarily to a settlement with the IRS. At November 30, 2015, the Company had $65.1 million accrued for interest and penalties.